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)
Katie Elliott, 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: December 31, 2025
Item 1. Reports to Stockholders.
0002014487 false N-CSRS Palmer Square Funds Trust N-1A 2025-12-31 0002014487 psq:C000252104Member 2025-07-01 2025-12-31 0002014487 2025-07-01 2025-12-31 0002014487 psq:C000252104Member 2025-12-31 0002014487 psq:C000252104Member psq:NeubergerBermanLoanAdvisersCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:BainCapitalCreditCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:ApidosCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:BenefitStreetPartnersCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:DrydenCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:CIFCFundingLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:MagnetiteLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:TrinitasCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:WhiteboxCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:AGLCoreCLOLtdCTIMember 2025-12-31 0002014487 psq:C000252104Member psq:AAACTIMember 2025-12-31 0002014487 psq:C000252104Member psq:AACTIMember 2025-12-31 0002014487 psq:C000252104Member psq:AAPlusCTIMember 2025-12-31 0002014487 psq:C000249932Member 2025-07-01 2025-12-31 0002014487 psq:C000249932Member 2025-12-31 0002014487 psq:C000249932Member psq:ElmwoodCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:BaringsCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:PostCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:USTreasuryNotesCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:OaktreeCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:AresCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:DrydenCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:EatonVanceCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:NeubergerBermanLoanAdvisersCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:BenefitStreetPartnersCLOLtdCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:CollateralizedLoanObligationsCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:CorporateBondsCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:USGovernmentandAgencySecuritiesCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:BankLoansCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:AssetMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:ResidentialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:CommercialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000249932Member psq:AssetsOthersCTIMember 2025-12-31 0002014487 psq:C000264228Member 2025-07-01 2025-12-31 0002014487 psq:C000264228Member 2025-12-31 0002014487 psq:C000264228Member psq:USTreasuryNotesCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:PostCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:OCPCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ElmwoodCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:TrinitasCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:VoyaCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:TrestlesCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:EmpowerCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:JohnDeereOwnerTrustCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ChaseIssuanceTrustCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:BondsCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:CollateralizedLoanObligationsCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ShortTermInvestmentsCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:BankLoansCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ExchangeTradedFundsCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:AssetsOthersCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:CorporateBondsCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:AssetMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:USGovernmentCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ResidentialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:CommercialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264228Member psq:ConvertibleBondsCTIMember 2025-12-31 0002014487 psq:C000264228Member us-gaap:CollateralizedMortgageObligationsMember 2025-12-31 0002014487 psq:C000264227Member 2025-07-01 2025-12-31 0002014487 psq:C000264227Member 2025-12-31 0002014487 psq:C000264227Member psq:USTreasuryNotesCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:PostCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:OCPCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ElmwoodCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:TrinitasCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:VoyaCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:TrestlesCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:EmpowerCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:JohnDeereOwnerTrustCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ChaseIssuanceTrustCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:BondsCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:CollateralizedLoanObligationsCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ShortTermInvestmentsCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:BankLoansCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ExchangeTradedFundsCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:AssetsOthersCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:CorporateBondsCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:AssetMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:USGovernmentCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ResidentialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:CommercialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264227Member psq:ConvertibleBondsCTIMember 2025-12-31 0002014487 psq:C000264227Member us-gaap:CollateralizedMortgageObligationsMember 2025-12-31 0002014487 psq:C000264229Member 2025-07-01 2025-12-31 0002014487 psq:C000264229Member 2025-12-31 0002014487 psq:C000264229Member psq:DrydenCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:DrydenSeniorLoanFundCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:OZLMLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:OctagonLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:CarValCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:SymphonyCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:CIFCFundingLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:VoyaCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:EmpowerCLOLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:MadisonParkFundingLtdCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:CollateralizedLoanObligationsCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:BondsCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:ShortTermInvestmentsCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:BankLoansCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:ExchangeTradedFundsCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:AssetsOthersCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:CorporateBondsCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:AssetMinusBackedSecuritiesCTIMember 2025-12-31 0002014487 psq:C000264229Member psq:CommercialMortgageMinusBackedSecuritiesCTIMember 2025-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:D psq:Holding

Semi-Annual Shareholder Report December 31, 2025

Palmer Square CLO Senior Debt ETF

PSQA | NYSE Arca

This semi-annual shareholder report contains important information about the Palmer Square CLO Senior Debt ETF ("Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-us-etfs. You can also request this information by contacting us at (855) 513-9988.

# What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference*
--- | --- | ---
PSQA | $10 | 0.20%

Footnote | Description
Footnote* | Annualized.

# Key Fund Statistics

Net Assets | $71,682,321
Investment advisory fees paid | $48,974
Total Number of Portfolio Holdings | 75
Portfolio Turnover Rate | 33%

# What did the Fund invest in?

The tables below show the investment makeup of the Fund.

# Top 10 Issuers (% of net assets)

Neuberger Berman Loan Advisers CLO Ltd. | 9.7%
Bain Capital Credit CLO Ltd. | 6.4%
Apidos CLO Ltd. | 5.6%
Benefit Street Partners CLO Ltd. | 5.5%
Dryden CLO Ltd. | 3.5%
CIFC Funding Ltd. | 3.5%
Magnetite Ltd. | 3.1%
Trinitas CLO Ltd. | 3.1%
Whitebox CLO Ltd. | 2.8%
AGL Core CLO Ltd. | 2.8%

# Ratings Summary* (% of Total Investments)

AAA | 81.8%
AA | 14.7%
AA+ | 2.8%
* Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from AAA (highest) to D (lowest).

# Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Palmer Square CLO Senior Debt ETF | PSQA

For more information, please scan the QR code at right to navigate to additional hosted material at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-clo-senior-debt-etf.

# Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-clo-senior-debt-etf. You can also request this information by contacting us at (855) 513-9988.

PSQA1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Credit Opportunities ETF

PSQO | NYSE Arca

This semi-annual shareholder report contains important information about the Palmer Square Credit Opportunities ETF ("Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-us-etfs. You can also request this information by contacting us at (855) 513-9988.

# What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference*
--- | --- | ---
PSQO | $25 | 0.50%

Footnote | Description
Footnote* | Annualized.

# Key Fund Statistics

Net Assets | $118,306,266
Investment advisory fees paid | $234,773
Total Number of Portfolio Holdings | 320
Portfolio Turnover Rate | 50%

# What did the Fund invest in?

The tables below show the investment makeup of the Fund.

# Top 10 Holdings (% of net assets)

Elmwood CLO Ltd. | 5.4%
Barings CLO Ltd. | 3.0%
Post CLO Ltd. | 2.6%
U.S. Treasury Notes | 2.6%
Oaktree CLO Ltd. | 2.5%
Ares CLO Ltd. | 2.3%
Dryden CLO Ltd. | 2.1%
Eaton Vance CLO Ltd. | 1.7%
Neuberger Berman Loan Advisers CLO Ltd. | 1.7%
Benefit Street Partners CLO Ltd. | 1.7%

# Investment Type (% of net assets)

Collateralized Loan Obligations | 51.2%
Corporate Bonds | 25.2%
U.S. Government and Agency Securities | 2.6%
Bank Loans | 5.9%
Asset-Backed Securities | 4.8%
Residential Mortgage-Backed Securities | 0.8%
Commercial Mortgage-Backed Securities | 0.5%
Short term Investment | 9.0%

# Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Palmer Square Credit Opportunities ETF | PSQO

For more information, please scan the QR code at right to navigate to additional hosted material at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-credit-opportunities-etf.

# Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-credit-opportunities-etf. You can also request this information by contacting us at (855) 513-9988.

PSQO1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Income Plus Fund

Class I / PSYPX

This semi-annual shareholder report contains important information about the Palmer Square Income Plus Fund ("Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.

# What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference*
--- | --- | ---
PSYPX | $36 | 0.70%

Footnote | Description
Footnote* | Annualized.

# Key Fund Statistics

Net Assets | $1,051,712,615
Investment advisory fees paid | $2,636,812
Total Number of Portfolio Holdings | 451
Portfolio Turnover Rate | 43%

# What did the Fund invest in?

The tables below show the investment makeup of the Fund.

# Top 10 Holdings (% of net assets)

U.S. Treasury Notes | 4.0%
Post CLO Ltd. | 2.2%
OCP CLO Ltd. | 2.0%
Elmwood CLO Ltd. | 1.5%
Trinitas CLO Ltd. | 1.0%
Voya CLO Ltd. | 1.0%
Trestles CLO Ltd. | 0.9%
Empower CLO Ltd. | 0.8%
John Deere Owner Trust | 0.8%
Chase Issuance Trust | 0.8%

# Investment Type (% of net assets)

Bonds | 49.0%
Collateralized Loan Obligations | 30.0%
Short Term Investments | 14.1%
Bank Loans | 4.8%
Exchange Traded Funds | 0.8%
Other Assets in Excess of Liabilities | 1.3%

# Bond Sector Allocation

Corporate Bonds | 31.9%
Asset-Backed Securities | 9.4%
U.S. Government | 4.0%
Residential Mortgage-Backed Securities | 2.5%
Commercial Mortgage-Backed Securities | 1.0%
Convertible Bonds | 0.1%
Collateralized Mortgage Obligations | 0.1%

# Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 736-1145 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Palmer Square Income Plus Fund |

For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx.

# Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.

PSYPX1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Income Plus Fund

Class T / PSTPX

This semi-annual shareholder report contains important information about the Palmer Square Income Plus Fund ("Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.

# What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference*
--- | --- | ---
PSTPX | $31 | 0.61%

Footnote | Description
Footnote* | Annualized.

# Key Fund Statistics

Net Assets | $1,051,712,615
Investment advisory fees paid | $2,636,812
Total Number of Portfolio Holdings | 451
Portfolio Turnover Rate | 43%

# What did the Fund invest in?

The tables below show the investment makeup of the Fund.

# Top 10 Holdings (% of net assets)

U.S. Treasury Notes | 4.0%
Post CLO Ltd. | 2.2%
OCP CLO Ltd. | 2.0%
Elmwood CLO Ltd. | 1.5%
Trinitas CLO Ltd. | 1.0%
Voya CLO Ltd. | 1.0%
Trestles CLO Ltd. | 0.9%
Empower CLO Ltd. | 0.8%
John Deere Owner Trust | 0.8%
Chase Issuance Trust | 0.8%

# Investment Type (% of net assets)

Bonds | 49.0%
Collateralized Loan Obligations | 30.0%
Short Term Investments | 14.1%
Bank Loans | 4.8%
Exchange Traded Funds | 0.8%
Other Assets in Excess of Liabilities | 1.3%

# Bond Sector Allocation

Corporate Bonds | 31.9%
Asset-Backed Securities | 9.4%
U.S. Government | 4.0%
Residential Mortgage-Backed Securities | 2.5%
Commercial Mortgage-Backed Securities | 1.0%
Convertible Bonds | 0.1%
Collateralized Mortgage Obligations | 0.1%

# Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 736-1145 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Palmer Square Income Plus Fund |

For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx.

# Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.

PSTPX1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Ultra-Short Duration Investment Grade Fund

Class I / PSDSX

This semi-annual shareholder report contains important information about the Palmer Square Ultra-Short Duration Investment Grade Fund ("Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx. You can also request this information by contacting us at (800) 736-1145.

# What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference*
--- | --- | ---
PSDSX | $25 | 0.50%

Footnote | Description
Footnote* | Annualized.

# Key Fund Statistics

Net Assets | $51,388,330
Investment advisory fees paid | $83,674
Total Number of Portfolio Holdings | 120
Portfolio Turnover Rate | 42%

# What did the Fund invest in?

The tables below show the investment makeup of the Fund.

# Top 10 Holdings (% of net assets)

Dryden CLO Ltd. | 6.4%
Dryden Senior Loan Fund | 5.1%
OZLM Ltd. | 3.4%
Octagon Ltd. | 2.9%
CarVal CLO Ltd. | 2.7%
Symphony CLO Ltd. | 2.7%
CIFC Funding Ltd. | 2.1%
Voya CLO Ltd. | 2.1%
Empower CLO Ltd. | 2.0%
Madison Park Funding Ltd. | 2.0%

# Investment Type (% of net assets)

Collateralized Loan Obligations | 47.3%
Bonds | 28.0%
Short Term Investments | 22.3%
Bank Loans | 1.9%
Exchange Traded Funds | 0.8%
Other Assets in Excess of Liabilities | (0.3)%

# Bond Sector Allocation

Corporate Bonds | 18.0%
Asset-Backed Securities | 8.8%
Commercial Mortgage-Backed Securities | 1.2%

# Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 736-1145 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Palmer Square Ultra-Short Duration Investment Grade Fund Fund |

For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx

# Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx. You can also request this information by contacting us at (800) 736-1145.

PSDSX1225

1

(b) Not applicable.
Item 2. Code of Ethics.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 3. Audit Committee Financial Expert.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 4. Principal Accountant Fees and Services.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 5. Audit Committee of Listed Registrants.
Disclosure required in Registrant’s annual Form N-CSR filing.
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)
SEMI-ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
DECEMBER
31,
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
21
Statements
of
Operations
22
Statements
of
Changes
in
Net
Assets
23
Financial
Highlights
Palmer
Square
CLO
Senior
Debt
ETF
24
Palmer
Square
Credit
Opportunities
ETF
25
Notes
to
Financial
Statements
26
Additional
Information
-
Items
8-11
34
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
December
31,
2025
(Unaudited)
1
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
—
98
.2
%
AGL
CLO
Ltd.
Series
2021-13A-A1R
4.984%
(3-Month
Term
SOFR
+
110
basis
points),
10/20/2034
1,2,3
1,000,000
$
1,000,345
AGL
Core
CLO
Ltd.
Series
2023-27A-BR
5.389%
(3-Month
Term
SOFR
+
155
basis
points),
1/21/2039
1,2,3
2,000,000
2,005,495
AIMCO
CLO
Ltd.
Series
2024-22A-A
5.384%
(3-Month
Term
SOFR
+
150
basis
points),
4/19/2037
1,2,3
850,000
853,022
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
5.187%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,3
1,000,000
1,002,373
Series
2023-44A-A1R
5.218%
(3-Month
Term
SOFR
+
136
basis
points),
10/26/2037
1,2,3
1,500,000
1,505,568
Series
2024-49A-B
5.465%
(3-Month
Term
SOFR
+
160
basis
points),
10/24/2037
1,2,3
1,500,000
1,503,526
Ares
CLO
Ltd.
Series
2015-2A-A1R4
5.172%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
1,000,000
1,002,863
Ares
Loan
Funding
Ltd.
Series
2025-ALF9A-A1
5.085%
(3-Month
Term
SOFR
+
118
basis
points),
3/31/2038
1,2,3
1,000,000
998,755
Bain
Capital
Credit
CLO
Ltd.
Series
2019-2A-AR3
4.802%
(3-Month
Term
SOFR
+
92
basis
points),
10/17/2032
1,2,3
846,684
847,294
Series
2022-2A-A1R
5.007%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2035
1,2,3
750,000
750,125
Series
2023-1A-A1R
5.294%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
1,000,000
1,000,704
Series
2023-3A-A1R
5.175%
(3-Month
Term
SOFR
+
131
basis
points),
10/24/2038
1,2,3
2,000,000
2,005,116
Barings
CLO
Ltd.
Series
2022-4A-A1R
5.244%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,003,247
Battalion
CLO
Ltd.
Series
2017-11A-AR2
4.995%
(3-Month
Term
SOFR
+
113
basis
points),
4/24/2034
1,2,3
1,000,000
1,000,289
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
5.204%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
1,000,000
1,000,576
Series
2024-37A-A
5.208%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2038
1,2,3
500,000
501,910
Series
2025-41A-A
5.617%
(3-Month
Term
SOFR
+
130
basis
points),
7/25/2038
1,2,3
900,000
901,901
Series
2025-42A-A
5.371%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,3
1,000,000
1,002,524
Series
2025-42A-B
5.771%
(3-Month
Term
SOFR
+
170
basis
points),
10/25/2038
1,2,3
500,000
503,119
Blueberry
Park
CLO
Ltd.
Series
2024-1A-A
5.234%
(3-Month
Term
SOFR
+
135
basis
points),
10/20/2037
1,2,3
1,000,000
1,003,264
CarVal
CLO
Ltd.
Series
2023-1A-A1R
5.324%
(3-Month
Term
SOFR
+
144
basis
points),
7/20/2037
1,2,3
1,000,000
1,003,500
CBAMR
Ltd.
Series
2017-4A-BR
6.081%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,007,774
CIFC
Funding
Ltd.
Series
2017-4A-A1R
5.077%
(3-Month
Term
SOFR
+
121.2
basis
points),
10/24/2030
1,2,3
217,883
218,151
Series
2018-1A-A1R
5.204%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,3
750,000
751,064
Series
2019-1A-A1R2
5.244%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,002,999
Series
2022-3A-B
5.870%
(3-Month
Term
SOFR
+
200
basis
points),
4/21/2035
1,2,3
500,000
501,376
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR
5.086%
(3-Month
Term
SOFR
+
118.2
basis
points),
10/15/2030
1,2,3
414,744
414,744
Dryden
CLO
Ltd.
Series
2019-68A-BRR
5.455%
(3-Month
Term
SOFR
+
155
basis
points),
7/15/2035
1,2,3
1,000,000
1,001,003
Series
2019-80A-BRR
5.382%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
500,000
501,392
Series
2020-86A-A1R2
5.012%
(3-Month
Term
SOFR
+
113
basis
points),
7/17/2034
1,2,3
1,000,000
1,000,191
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
4.954%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,3
1,000,000
999,962
Series
2017-49A-BR
5.746%
(3-Month
Term
SOFR
+
186.2
basis
points),
7/18/2030
1,2,3
500,000
502,075
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
2
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.245%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,3
750,000
$
751,857
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.434%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,3
800,000
804,127
Series
2022-1A-A1R
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
1,000,000
1,002,033
GoldenTree
Loan
Management
US
CLO
Ltd.
Series
2017-1A-A1R3
4.854%
(3-Month
Term
SOFR
+
97
basis
points),
4/20/2034
1,2,3
1,000,000
999,021
Series
2024-19A-A
5.384%
(3-Month
Term
SOFR
+
150
basis
points),
4/20/2037
1,2,3
500,000
501,999
Invesco
US
CLO
Ltd.
Series
2023-1A-AR
5.427%
(3-Month
Term
SOFR
+
157
basis
points),
4/22/2037
1,2,3
800,000
801,201
Juniper
Valley
Park
CLO
Ltd.
Series
2023-1A-ARR
4.964%
(3-Month
Term
SOFR
+
108
basis
points),
7/20/2036
1,2,3
1,000,000
999,823
KKR
CLO
Ltd.
Series
18-A1R2
5.191%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,000,000
1,000,953
Series
2022-41A-B
5.805%
(3-Month
Term
SOFR
+
190
basis
points),
4/15/2035
1,2,3
1,000,000
1,002,759
Madison
Park
Funding
Ltd.
Series
13A-BR2
5.160%
(3-Month
Term
SOFR
+
130
basis
points),
11/21/2030
1,2,3
700,000
701,151
Series
2019-35A-A1R
5.136%
(3-Month
Term
SOFR
+
125.2
basis
points),
4/20/2032
1,2,3
400,927
401,128
Magnetite
Ltd.
Series
2021-29A-AR
5.255%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
250,000
250,625
Series
2023-37A-A1R
5.097%
(3-Month
Term
SOFR
+
120
basis
points),
10/25/2038
1,2,3
2,000,000
2,000,316
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-A1R
5.234%
(3-Month
Term
SOFR
+
129
basis
points),
10/23/2037
1,2,3
1,000,000
1,002,013
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-27A-BR
5.655%
(3-Month
Term
SOFR
+
175
basis
points),
7/15/2038
1,2,3
465,000
466,338
Series
2019-31A-AR2
5.114%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2039
1,2,3
625,000
625,454
Series
2019-33A-AR2
5.114%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,3
3,000,000
3,002,876
Series
2020-39A-A1R
5.414%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,3
830,000
831,791
Series
2022-47A-AR
5.205%
(3-Month
Term
SOFR
+
109
basis
points),
4/16/2035
1,2,3
1,000,000
999,934
Series
2022-51A-AR
5.140%
(3-Month
Term
SOFR
+
128
basis
points),
10/23/2036
1,2,3
1,000,000
1,001,353
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
1,000,000
1,000,253
Octagon
Ltd.
Series
2021-1A-AR
4.962%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,3
1,000,000
999,872
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.484%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
500,000
501,164
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
5.195%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
1,2,3,4
1,000,000
1,001,498
Series
2021-4A-BR
5.605%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
1,2,3,4
750,000
752,306
Regatta
Funding
Ltd.
Series
2021-2A-AR
5.085%
(3-Month
Term
SOFR
+
118
basis
points),
1/15/2038
1,2,3
2,000,000
2,000,200
RR
Ltd.
Series
2024-28RA-A1R
5.455%
(3-Month
Term
SOFR
+
155
basis
points),
4/15/2037
1,2,3
1,500,000
1,503,665
Signal
Peak
CLO
Ltd.
Series
2017-4A-AR2
4.978%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
1,000,000
1,000,069
Series
2017-4A-BR2
5.508%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,3
1,000,000
1,001,824
Sound
Point
CLO
Ltd.
Series
2018-2A-A
5.220%
(3-Month
Term
SOFR
+
136.2
basis
points),
7/26/2031
1,2,3
163,714
163,801
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
3
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.874%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,3
1,000,000
$
999,962
THL
Credit
Wind
River
CLO
Ltd.
Series
2019-3A-AR3
4.992%
(3-Month
Term
SOFR
+
120
basis
points),
1/15/2038
1,2,3
1,750,000
1,754,273
Thompson
Park
CLO
Ltd.
Series
2021-1A-A1R
4.955%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2034
1,2,3
1,500,000
1,499,907
Trinitas
CLO
Ltd.
Series
2019-10A-AR2
4.948%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,3
1,000,000
1,000,017
Series
2019-10A-B1R2
5.508%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,3
500,000
500,005
Series
2021-15A-A1R
4.977%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,3
500,000
500,148
Series
2021-15A-B1R
5.507%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,3
250,000
250,457
Voya
CLO
Ltd.
Series
2015-3A-A1R4
4.844%
(3-Month
Term
SOFR
+
96
basis
points),
10/20/2031
1,2,3
326,633
327,005
Series
2019-4A-BR
5.916%
(3-Month
Term
SOFR
+
201.2
basis
points),
1/15/2035
1,2,3
250,000
250,669
Wellman
Park
CLO
Ltd.
Series
2021-1A-AR
5.255%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
1,000,000
1,003,162
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.245%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,3
2,000,000
2,005,961
Wind
River
CLO
Ltd.
Series
2021-4A-AR
5.100%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,3
1,000,000
1,000,252
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$70,359,410)
70,459,469
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
0
.7
%
Money
Market
Funds
—
0
.7
%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.66%
5
464,838
464,838
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$464,838)
464,838
TOTAL
INVESTMENTS
—
98.9%
(Cost
$70,824,248)
70,924,307
Other
Assets
in
Excess
of
Liabilities
—
1.1%
758,014
TOTAL
NET
ASSETS
—
100.0%
$
71,682,321
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
$70,459,469
which
represents
98.29%
of
total
net
assets
of
the
Fund.
4
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
5
The
rate
is
the
annualized
seven-day
yield
at
period
end.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
December
31,
2025
(Unaudited)
4
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
4.8%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
165,000
$
165,177
American
Express
Credit
Account
Master
Trust
Series
2023-1-A
,
4.870%
,
5/15/2028
1
555,000
557,087
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
362,072
364,400
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
140,000
140,311
Capital
One
Multi-Asset
Execution
Trust
Series
2023-A1-A
,
4.420%
,
5/15/2028
1
150,000
150,304
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-2-A3
,
3.660%
,
5/17/2027
1
13,796
13,791
Chase
Auto
Owner
Trust
Series
2024-5A-A2
,
4.400%
,
11/26/2027
1,2
15,014
15,026
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
240,000
240,173
Chase
Issuance
Trust
Series
2024-A1-A
,
4.600%
,
1/15/2029
1
390,000
393,610
Citizens
Auto
Receivables
Trust
Series
2024-1-A3
,
5.110%
,
4/17/2028
1,2
536,630
539,632
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
477,419
480,955
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
424,559
429,220
GM
Financial
Automobile
Leasing
Trust
Series
2024-3-A2A
,
4.290%
,
1/20/2027
1
29,331
29,347
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
45,871
46,012
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
100,000
100,240
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
22,108
22,156
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
194,771
196,159
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
62,566
62,695
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
62,847
63,092
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
80,000
80,264
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
24,217
24,278
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
580,000
585,234
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
42,840
42,924
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
214,611
216,273
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
75,000
75,411
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
77,588
78,100
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
57,832
57,977
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
5
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
59,709
$
59,934
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
64,773
64,917
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
273,686
274,379
Volvo
Financial
Equipment
LLC
Series
2025-2A-A2
,
3.960%
,
6/15/2028
1,2
145,000
145,195
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$5,705,096)
5,714,273
BANK
LOANS
—
5.9%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan
6.466%
(1-Month
Term
SOFR
+
275
basis
points),
9/9/2031
1,3,4
198,496
199,551
Acrisure
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.966%
(1-Month
Term
SOFR
+
325
basis
points),
6/21/2032
1,3,4
199,000
199,497
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan
6.216%
(1-Month
Term
SOFR
+
250
basis
points),
9/19/2031
1,3,4
98,754
99,088
Altium
Packaging
LLC,
First
Lien,
2024
Refinancing
Term
Loan
6.416%
(1-Month
Term
SOFR
+
250
basis
points),
6/11/2031
3,4
199,494
193,259
American
Airlines,
Inc.,
First
Lien,
2024
Term
Loan,
B
6.000%
(6-Month
Term
SOFR
+
225
basis
points),
2/15/2028
1,3,4
98,980
99,361
Amynta
Agency
Borrower,
Inc.,
First
Lien,
2025
Refinancing
Term
Loan
6.466%
(1-Month
Term
SOFR
+
275
basis
points),
12/29/2031
3,4
149,250
149,763
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
Initial
Term
Loan
6.986%
(1-Month
Term
SOFR
+
325
basis
points),
6/13/2030
1,3,4
199,000
200,866
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
6.463%
(1-Month
Term
SOFR
+
2.75%;
3-Month
Term
SOFR
+
2.75%
basis
points),
6/16/2032
1,3,4
142,091
143,402
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
Term
Loan
6.466%
(1-Month
Term
SOFR
+
275
basis
points),
2/15/2029
1,3,4
99,250
99,560
Belron
Finance
2019
LLC,
First
Lien,
2031
Dollar
Incremental
Term
Loan
6.120%
(3-Month
Term
SOFR
+
225
basis
points),
10/16/2031
1,3,4
198,500
199,865
Burlington
Coat
Factory
Warehouse
Corp.,
First
Lien,
Term
Loan,
B
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
9/24/2031
1,3,4
198,492
199,153
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
Term
Loan
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
7/31/2030
3,4
100,000
100,203
Citadel
Securities
LP,
First
Lien,
2024
Term
Loan,
B
5.672%
(3-Month
Term
SOFR
+
200
basis
points),
10/31/2031
1,3,4
98,751
99,381
Cotiviti,
Inc.,
First
Lien,
New
Term
Loan,
B
6.623%
(1-Month
Term
SOFR
+
275
basis
points),
5/1/2031
1,3,4
98,750
95,129
Cross
Financial
Corp.,
First
Lien,
Term
Loan,
B4
6.466%
(1-Month
Term
SOFR
+
275
basis
points),
10/31/2031
3,4
99,251
99,748
Delta
Topco,
Inc.,
Second
Lien,
Second
Amendment
Term
Loan
9.059%
(1-Month
Term
SOFR
+
5.25%;
3-Month
Term
SOFR
+
5.25%
basis
points),
12/24/2030
3,4
200,000
197,646
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Term
Loan,
B
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/3/2031
3,4
191,436
193,196
EW
Scripps
Co.
(The),
First
Lien,
Term
Loan,
B2
9.600%
(1-Month
Term
SOFR
+
575
basis
points),
6/30/2028
3,4
104,124
105,575
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
6
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Financiere
Mendel
SAS,
First
Lien,
New
Term
Loan,
B
6.593%
(3-Month
Term
SOFR
+
275
basis
points),
11/8/2030
3,4
198,496
$
200,026
Fleet
Midco
I
Ltd.,
First
Lien,
Term
Loan,
B2
6.792%
(6-Month
Term
SOFR
+
275
basis
points),
2/21/2031
3,4
199,500
200,747
Fugue
Finance
BV,
First
Lien,
Fourteenth
Amendment
Dollar
Term
Loan
6.572%
(3-Month
Term
SOFR
+
275
basis
points),
1/9/2032
1,3,4
199,000
199,945
GIH
Borrower
LLC,
First
Lien,
Term
Loan,
B
6.502%
(3-Month
Term
SOFR
+
250
basis
points),
11/26/2031
1,3,4
99,250
99,771
Global
Medical
Response,
Inc.,
First
Lien,
Initial
Term
Loan
7.384%
(3-Month
Term
SOFR
+
350
basis
points),
10/1/2032
3,4
99,919
100,661
Grinding
Media,
Inc.,
First
Lien,
Term
Loan,
B
7.335%
(3-Month
Term
SOFR
+
350
basis
points),
10/12/2028
1,3,4
98,750
98,935
HUB
International
Ltd.,
First
Lien,
2025
Incremental
Term
Loan,
B
6.120%
(3-Month
Term
SOFR
+
225
basis
points),
6/20/2030
1,3,4
84,469
85,002
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B
6.486%
(1-Month
Term
SOFR
+
275
basis
points),
3/18/2030
1,3,4
98,495
99,036
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
7.002%
(3-Month
Term
SOFR
+
300
basis
points),
11/6/2031
3,4
199,500
200,035
Inception
Holdco
SARL,
First
Lien,
Term
Loan,
B9
6.922%
(3-Month
Term
SOFR
+
325
basis
points),
4/18/2031
3,4
199,500
201,433
Installed
Building
Products,
Inc.,
First
Lien,
Term
Loan,
B3
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
3/28/2031
1,3,4
98,744
99,155
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
97,680
95,415
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
2025
Refinancing
Term
Loan
7.373%
(1-Month
Term
SOFR
+
350
basis
points),
12/2/2031
3,4
97,153
97,881
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
Term
Loan
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
10/23/2028
1,3,4
18,296
18,371
Michael
Baker
International,
Inc.,
First
Lien,
Term
Loan,
B1
7.840%
(3-Month
Term
SOFR
+
400
basis
points),
12/1/2028
3,4
98,752
99,101
MKS,
Inc.,
First
Lien,
2025-1
Dollar
Term
Loan,
B
5.716%
(1-Month
Term
SOFR
+
200
basis
points),
8/17/2029
1,3,4
173,740
174,862
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.716%
(1-Month
Term
SOFR
+
300
basis
points),
7/2/2031
1,3,4
98,500
98,871
Padagis
LLC,
First
Lien,
Term
Loan,
B
8.949%
(3-Month
Term
SOFR
+
475
basis
points),
7/6/2028
1,3,4
175,000
165,813
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
B5
6.216%
(1-Month
Term
SOFR
+
250
basis
points),
2/21/2031
3,4
248,116
249,610
Pioneer
AcquisitionCo
LLC,
First
Lien,
Initial
Term
Loan
6.939%
(3-Month
Term
SOFR
+
325
basis
points),
10/27/2032
3,4
200,000
201,125
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan
7.252%
(3-Month
Term
SOFR
+
325
basis
points),
10/28/2030
1,3,4
99,246
99,204
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2
5.922%
(3-Month
Term
SOFR
+
225
basis
points),
6/28/2030
3,4
198,477
198,477
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
99,250
99,668
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
7
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Radiology
Partners,
Inc.,
First
Lien,
Term
Loan,
B
8.502%
(3-Month
Term
SOFR
+
450
basis
points),
6/30/2032
1,3,4
149,625
$
149,543
Red
Planet
Borrower
LLC,
First
Lien,
Initial
Term
Loan
7.916%
(1-Month
Term
SOFR
+
400
basis
points),
9/8/2032
1,3,4
200,000
200,625
Rocket
Software,
Inc.,
First
Lien,
Term
Loan,
B
7.466%
(1-Month
Term
SOFR
+
375
basis
points),
11/28/2028
1,3,4
98,754
98,856
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.716%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
198,496
199,097
SCIL
IV
LLC,
First
Lien,
Term
Loan,
B2
7.759%
(12-Month
Term
SOFR
+
400
basis
points),
11/8/2032
3,4
250,000
250,860
WMG
Acquisition
Corp.,
First
Lien,
Term
Loan,
B
5.572%
(3-Month
Term
SOFR
+
175
basis
points),
1/24/2031
3,4
100,000
100,500
Zayo
Group
Holdings,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan
6.831%
(1-Month
Term
SOFR
+
300
basis
points),
3/11/2030
3,4
161,227
153,459
TOTAL
BANK
LOANS
(Cost
$6,988,016)
7,010,327
COLLATERALIZED
LOAN
OBLIGATIONS
—
51.2%
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.925%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,4
500,000
502,771
Series
2023-2A-ER
9.675%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,4
500,000
503,354
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
5.187%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,4
500,000
501,187
Series
2025-54A-A1
5.472%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
1,003,127
Ares
CLO
Ltd.
Series
2016-39A-AR3
5.304%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,4
1,000,000
1,003,587
Series
2021-61A-ER
10.724%
(3-Month
Term
SOFR
+
684
basis
points),
4/20/2037
1,2,4
500,000
502,219
Series
2022-66A-D1R2
6.958%
(3-Month
Term
SOFR
+
290
basis
points),
10/25/2038
1,2,4
1,000,000
1,006,043
Series
2025-76A-E
11.065%
(3-Month
Term
SOFR
+
716
basis
points),
5/27/2038
1,2,4
250,000
254,620
Ballyrock
CLO
Ltd.
Series
2021-17A-DR
9.984%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,4
250,000
246,425
Barings
CLO
Ltd.
Series
2023-1A-ER
10.584%
(3-Month
Term
SOFR
+
670
basis
points),
4/20/2038
1,2,4
500,000
508,934
Series
2025-3A-D1
6.862%
(3-Month
Term
SOFR
+
280
basis
points),
3/31/2038
1,2,4
1,000,000
1,005,182
Series
2025-7A-D1
6.428%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,4
1,000,000
999,960
Series
2025-8A-E
,
1/15/2039
1,2,5
1,000,000
1,000,000
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
5.204%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,4
1,000,000
1,000,576
Series
2025-42A-A
5.371%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,4
1,000,000
1,002,524
Birch
Grove
CLO
Ltd.
Series
2024-8A-E
10.984%
(3-Month
Term
SOFR
+
710
basis
points),
4/20/2037
1,2,4
500,000
510,201
Black
Diamond
CLO
Ltd.
Series
2022-1A-A1A
6.358%
(3-Month
Term
SOFR
+
250
basis
points),
10/25/2035
1,2,4
1,000,000
1,006,607
BlueMountain
CLO
Ltd.
Series
2020-30A-DR
7.205%
(3-Month
Term
SOFR
+
330
basis
points),
4/15/2035
1,2,4
900,000
902,127
Bryant
Park
Funding
Ltd.
Series
2023-20A-DR
7.305%
(3-Month
Term
SOFR
+
340
basis
points),
4/15/2038
1,2,4
250,000
251,051
Series
2023-21A-ER
9.161%
(3-Month
Term
SOFR
+
525
basis
points),
10/18/2038
1,2,4
500,000
500,055
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
8
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
CBAM
Ltd.
Series
2018-5A-D1R
7.112%
(3-Month
Term
SOFR
+
300
basis
points),
10/17/2038
1,2,4
1,000,000
$
1,002,702
Cedar
Funding
CLO
Ltd.
Series
2023-17A-D1R
6.934%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,006,636
CIFC
Funding
Ltd.
Series
2018-1A-A1R
5.204%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,4
500,000
500,709
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.913%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
999,863
Series
2019-80A-DR
6.982%
(3-Month
Term
SOFR
+
310
basis
points),
1/17/2033
1,2,4
475,000
472,281
Series
2023-102A-ER
9.755%
(3-Month
Term
SOFR
+
585
basis
points),
10/15/2038
1,2,4
500,000
501,806
Series
2025-120A-E
9.146%
(3-Month
Term
SOFR
+
545
basis
points),
1/15/2039
1,2,4
500,000
500,000
Dryden
Senior
Loan
Fund
Series
2013-30A-DR
6.713%
(3-Month
Term
SOFR
+
286.2
basis
points),
11/15/2028
1,2,4
500,000
502,815
Series
2016-45A-A1RR
4.985%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
132,140
132,298
Series
2016-45A-DRR
6.955%
(3-Month
Term
SOFR
+
305
basis
points),
10/15/2030
1,2,4
625,000
627,956
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.245%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,4
1,000,000
1,002,476
Series
2013-1A-D1R4
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,4
1,000,000
1,005,517
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.434%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,4
800,000
804,127
Series
2021-2A-D1R
6.534%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
1,002,217
Series
2021-3A-AR2
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
1,000,000
1,003,233
Series
2021-3A-DR2
6.934%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,005,429
Series
2021-5A-D1R
7.005%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,4
1,000,000
1,001,826
Series
2022-1A-A1R
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,500,000
1,503,050
Empower
CLO
Ltd.
Series
2023-1A-D1R
7.708%
(3-Month
Term
SOFR
+
385
basis
points),
4/25/2038
1,2,4
1,000,000
1,006,393
Series
2023-1A-ER
11.198%
(3-Month
Term
SOFR
+
734
basis
points),
4/25/2038
1,2,4
250,000
253,748
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-AR
5.446%
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,4
2,000,000
2,003,043
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
500,000
501,660
Invesco
US
CLO
Ltd.
Series
2023-2A-ER
11.750%
(3-Month
Term
SOFR
+
788
basis
points),
4/21/2038
1,2,4
250,000
255,985
Series
2025-2A-D
7.291%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
1,005,249
KKR
CLO
Ltd.
Series
40A-AR
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,4
1,000,000
1,001,775
Magnetite
Ltd.
Series
2020-27A-D1RR
6.584%
(3-Month
Term
SOFR
+
265
basis
points),
10/20/2038
1,2,4
750,000
754,160
Menlo
CLO
Ltd.
Series
2024-1A-A1
5.304%
(3-Month
Term
SOFR
+
142
basis
points),
1/20/2038
1,2,4
500,000
501,244
Series
2024-1A-D1
7.134%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
500,000
502,626
Series
2025-3A-D
6.894%
(3-Month
Term
SOFR
+
300
basis
points),
10/16/2038
1,2,4
750,000
752,018
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-ER
10.004%
(3-Month
Term
SOFR
+
606
basis
points),
10/23/2037
1,2,4
500,000
502,655
Series
2023-19A-D1R
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
1,006,649
Neuberger
Berman
CLO
Ltd.
Series
2016-22A-ER2
10.712%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,4
250,000
252,373
Series
2019-32RA-D1
7.279%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2039
1,2,4
1,000,000
1,005,116
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
9
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2020-36RA-A
5.552%
(3-Month
Term
SOFR
+
127
basis
points),
7/20/2039
1,2,4
1,000,000
$
1,001,428
Series
2020-39A-A1R
5.414%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,4
500,000
501,079
Series
2021-41A-DR
6.705%
(3-Month
Term
SOFR
+
280
basis
points),
4/15/2034
1,2,4
500,000
502,533
Neuberger
Berman
Loan
Advisers
NBLA
CLO
Ltd.
Series
2022-52A-AR
5.215%
(3-Month
Term
SOFR
+
135
basis
points),
10/24/2038
1,2,4
1,000,000
1,003,248
New
Mountain
CLO
Ltd.
Series
4A-ER
10.794%
(3-Month
Term
SOFR
+
691
basis
points),
3/20/2038
1,2,4
450,000
463,923
NYACK
Park
CLO
Ltd.
Series
2021-1A-D1R
6.618%
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,4
500,000
498,818
Oaktree
CLO
Ltd.
Series
2022-1A-DR
7.005%
(3-Month
Term
SOFR
+
310
basis
points),
7/15/2038
1,2,4
1,000,000
1,005,429
Series
2022-1A-ER
9.905%
(3-Month
Term
SOFR
+
600
basis
points),
7/15/2038
1,2,4
1,000,000
994,874
Series
2023-2A-A1R
5.234%
(3-Month
Term
SOFR
+
135
basis
points),
7/20/2038
1,2,4
1,000,000
1,000,187
Octagon
Investment
Partners
Ltd.
Series
2019-1A-D1R
6.681%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,4
250,000
250,006
OHA
Credit
Partners
Ltd.
Series
2015-12A-ER2
10.110%
(3-Month
Term
SOFR
+
625
basis
points),
4/23/2037
1,2,4
500,000
504,793
Post
CLO
Ltd.
Series
2023-1A-A1R
5.160%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
1,002,558
Series
2023-1A-BR
5.560%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,4
1,000,000
1,006,287
Series
2024-2A-E
10.384%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
500,000
515,344
Series
2025-1A-E
9.110%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,4
500,000
498,084
Rad
CLO
Ltd.
Series
2021-15A-A1AR
5.244%
(3-Month
Term
SOFR
+
136
basis
points),
7/20/2040
1,2,4
1,000,000
1,002,787
Regatta
Funding
Ltd.
Series
2025-4A-A1
5.442%
(3-Month
Term
SOFR
+
134
basis
points),
7/25/2038
1,2,4
1,000,000
1,003,587
Riserva
CLO
Ltd.
Series
2016-3A-DRR
7.396%
(3-Month
Term
SOFR
+
351.2
basis
points),
1/18/2034
1,2,4
500,000
496,309
RR
Ltd.
Series
2022-21A-DR
9.755%
(3-Month
Term
SOFR
+
585
basis
points),
7/15/2039
1,2,4
500,000
503,669
Shackleton
CLO
Ltd.
Series
2015-7RA-ARR
5.005%
(3-Month
Term
SOFR
+
110
basis
points),
7/15/2031
1,2,4
272,260
272,585
Series
2019-14A-ERR
9.784%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,4
500,000
494,059
Signal
Peak
CLO
Ltd.
Series
2017-4A-BR2
5.508%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,4
1,500,000
1,502,736
Trestles
CLO
Ltd.
Series
2025-8A-D1
7.297%
(3-Month
Term
SOFR
+
300
basis
points),
6/11/2035
1,2,4
750,000
754,563
Trinitas
CLO
Ltd.
Series
2019-10A-B1R2
5.508%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,4
1,000,000
1,000,011
Voya
CLO
Ltd.
Series
2017-3A-CRR
6.984%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2034
1,2,4
1,250,000
1,253,248
Whitebox
CLO
Ltd.
Series
2023-4A-ER
10.364%
(3-Month
Term
SOFR
+
648
basis
points),
4/20/2036
1,2,4
500,000
507,938
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
10
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Wind
River
CLO
Ltd.
Series
2021-4A-AR
5.100%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,4
1,000,000
$
1,000,252
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$60,356,913)
60,630,520
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
0.5%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
711,982
627,049
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$609,864)
627,049
CORPORATE
BONDS
—25.2%
AUTOMOBILES
—
0.2%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
65,000
63,916
Volkswagen
Group
of
America
Finance
LLC
5.400%,
3/20/2026
1,2
125,000
125,337
189,253
BEVERAGES
—
0.9%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
1/23/2029
1
300,000
306,097
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
130,000
115,401
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
170,000
168,210
Pernod
Ricard
International
Finance
LLC
1.250%,
4/1/2028
1,2
250,000
235,140
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
250,000
243,520
1,068,368
BIOTECHNOLOGY
—
0.8%
AbbVie,
Inc.
4.250%,
11/14/2028
1
350,000
353,935
Amgen,
Inc.
2.200%,
2/21/2027
1
300,000
294,431
Gilead
Sciences,
Inc.
2.950%,
3/1/2027
1
250,000
247,657
Grifols
SA
4.750%,
10/15/2028
1,2
45,000
44,475
940,498
BROADLINE
RETAIL
—
0.2%
Amazon.com,
Inc.
3.900%,
11/20/2028
1
20,000
20,067
Amazon.com,
Inc.
4.100%,
11/20/2030
1
35,000
35,049
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
11
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BROADLINE
RETAIL
(Continued)
Match
Group
Holdings
II
LLC
5.000%,
12/15/2027
1,2
45,000
$
45,112
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
150,000
149,370
249,598
BUILDING
PRODUCTS
—
0.4%
Advanced
Drainage
Systems,
Inc.
5.000%,
9/30/2027
1,2
175,000
175,397
Smyrna
Ready
Mix
Concrete
LLC
8.875%,
11/15/2031
1,2
250,000
267,592
442,989
CAPITAL
MARKETS
—
0.6%
Osaic
Holdings,
Inc.
8.000%,
8/1/2033
1,2
196,000
204,914
S&P
Global,
Inc.
2.450%,
3/1/2027
1
325,000
319,958
VFH
Parent
LLC
/
Valor
Co-Issuer,
Inc.
7.500%,
6/15/2031
1,2
225,000
236,221
761,093
CHEMICALS
—
0.5%
HB
Fuller
Co.
4.250%,
10/15/2028
1
250,000
247,995
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
300,000
297,909
545,904
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.9%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL
4.625%,
6/1/2028
1,2
275,000
271,401
Clean
Harbors,
Inc.
5.125%,
7/15/2029
1,2
125,000
125,220
GFL
Environmental,
Inc.
4.000%,
8/1/2028
1,2
300,000
296,077
Reworld
Holding
Corp.
4.875%,
12/1/2029
1,2
200,000
192,420
Veralto
Corp.
5.500%,
9/18/2026
1
125,000
126,099
1,011,217
CONSTRUCTION
&
ENGINEERING
—
0.1%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
150,000
149,238
CONSUMER
FINANCE
—
0.6%
American
Honda
Finance
Corp.
4.336%(Term
SOFR
+
55
basis
points),
5/21/2026
4
295,000
295,355
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
12
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CONSUMER
FINANCE
(Continued)
Avolon
Holdings
Funding
Ltd.
5.150%,
1/15/2030
1,2
120,000
$
122,025
Ford
Motor
Credit
Co.
LLC
2.900%,
2/10/2029
1
300,000
282,047
699,427
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.1%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
165,000
155,870
CONTAINERS
&
PACKAGING
—
0.4%
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
4.250%,
9/30/2026
1
100,000
99,683
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
350,000
332,270
431,953
DISTRIBUTORS
—
0.2%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
295,000
293,202
DIVERSIFIED
REITS
—
0.5%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
375,000
373,204
Simon
Property
Group
LP
3.250%,
11/30/2026
1
275,000
273,518
646,722
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.8%
AT&T,
Inc.
1.650%,
2/1/2028
1
100,000
95,349
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
5/1/2027
1,2
200,000
199,841
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
345,000
347,909
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
125,000
124,084
Virgin
Media
Finance
plc
5.000%,
7/15/2030
1,2
175,000
154,456
921,639
ELECTRIC
UTILITIES
—
1.1%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
125,000
124,104
Alpha
Generation
LLC
6.750%,
10/15/2032
1,2
200,000
207,147
Duke
Energy
Corp.
3.150%,
8/15/2027
1
275,000
271,785
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
13
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
(Continued)
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
1/15/2027
1
300,000
$
293,786
NRG
Energy,
Inc.
3.625%,
2/15/2031
1,2
325,000
303,892
Southern
Co.
(The)
5.113%,
8/1/2027
175,000
177,929
1,378,643
ELECTRICAL
EQUIPMENT
—
0.1%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
166,000
164,058
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
—
0.2%
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/1/2031
1
310,000
288,905
ENERGY
EQUIPMENT
&
SERVICES
—
0.4%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
4/1/2028
1,2
200,000
201,336
Kodiak
Gas
Services
LLC
7.250%,
2/15/2029
1,2
150,000
156,142
Star
Holding
LLC
8.750%,
8/1/2031
1,2
125,000
120,514
477,992
ENTERTAINMENT
—
0.2%
Netflix,
Inc.
4.875%,
4/15/2028
1
250,000
255,411
FINANCIAL
SERVICES
—
0.8%
Block,
Inc.
6.000%,
8/15/2033
1,2
271,000
278,363
Global
Payments,
Inc.
2.150%,
1/15/2027
1
250,000
244,861
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
400,000
398,671
921,895
FOOD
PRODUCTS
—
1.1%
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
310,000
274,098
General
Mills,
Inc.
4.200%,
4/17/2028
1
275,000
276,133
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
110,000
99,343
J.
M.
Smucker
Co.
(The)
5.900%,
11/15/2028
1
175,000
183,412
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
14
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FOOD
PRODUCTS
(Continued)
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
180,000
$
167,425
Mars,
Inc.
4.600%,
3/1/2028
1,2
300,000
304,178
1,304,589
GROUND
TRANSPORTATION
—
0.3%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
325,000
318,743
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.1%
Avantor
Funding,
Inc.
4.625%,
7/15/2028
1,2
225,000
223,953
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
50,000
48,036
Baxter
International,
Inc.
1.730%,
4/1/2031
1
385,000
329,856
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
150,000
149,435
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
225,000
231,814
Stryker
Corp.
4.850%,
12/8/2028
1
150,000
153,573
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
175,000
180,958
1,317,625
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.3%
CVS
Health
Corp.
5.000%,
2/20/2026
1
75,000
75,029
Global
Medical
Response,
Inc.
7.375%,
10/1/2032
1,2
105,000
109,345
HAH
Group
Holding
Co.
LLC
9.750%,
10/1/2031
1,2
125,000
117,641
HCA,
Inc.
4.500%,
2/15/2027
1
200,000
200,465
HCA,
Inc.
4.125%,
6/15/2029
1
250,000
249,234
Icon
Investments
Six
DAC
5.809%,
5/8/2027
1
325,000
331,813
National
Mentor
Holdings,
Inc.
10.500%,
12/15/2030
1,2
225,000
226,401
Surgery
Center
Holdings,
Inc.
7.250%,
4/15/2032
1,2
200,000
202,544
Universal
Health
Services,
Inc.
1.650%,
9/1/2026
1
50,000
49,168
1,561,640
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
15
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
TECHNOLOGY
—
0.0%†
IQVIA,
Inc.
5.700%,
5/15/2028
1
50,000
$
51,763
HOTELS,
RESTAURANTS
&
LEISURE
—
1.3%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.375%,
1/15/2028
1,2
125,000
124,664
Boyd
Gaming
Corp.
4.750%,
6/15/2031
1,2
150,000
146,659
Brightstar
Lottery
plc
/
Brightstar
Global
Solutions
Corp.
5.750%,
1/15/2033
1,2
330,000
327,791
Light
&
Wonder
International,
Inc.
7.250%,
11/15/2029
1,2
100,000
102,759
Starbucks
Corp.
4.850%,
2/8/2027
1
280,000
282,590
Starbucks
Corp.
4.000%,
11/15/2028
1
175,000
174,857
VOC
Escrow
Ltd.
5.000%,
2/15/2028
1,2
138,000
138,060
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
225,000
222,875
1,520,255
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.6%
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
230,000
224,099
Calpine
Corp.
4.500%,
2/15/2028
1,2
56,000
56,063
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
212,000
212,317
Vistra
Corp.
8.000%,
4/15/2174
1,2
200,000
205,802
698,281
INSURANCE
—
0.8%
AmWINS
Group,
Inc.
4.875%,
6/30/2029
1,2
300,000
295,273
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
8.125%,
2/15/2032
1,2
275,000
284,106
Panther
Escrow
Issuer
LLC
7.125%,
6/1/2031
1,2
250,000
259,220
Ryan
Specialty
LLC
4.375%,
2/1/2030
1,2
75,000
73,701
912,300
IT
SERVICES
—
0.8%
ASGN,
Inc.
4.625%,
5/15/2028
1,2
225,000
221,793
Gartner,
Inc.
4.500%,
7/1/2028
1,2
100,000
99,701
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
16
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
IT
SERVICES
(Continued)
International
Business
Machines
Corp.
3.300%,
5/15/2026
1
75,000
$
74,878
International
Business
Machines
Corp.
3.300%,
1/27/2027
1
325,000
323,207
Virtusa
Corp.
7.125%,
12/15/2028
1,2
200,000
197,269
916,848
MACHINERY
—
0.2%
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
193,000
188,607
MEDIA
—
0.4%
Fox
Corp.
4.709%,
1/25/2029
1
360,000
364,695
Nexstar
Media,
Inc.
5.625%,
7/15/2027
1,2
125,000
125,757
490,452
MULTI-UTILITIES
—
0.4%
DTE
Energy
Co.
4.950%,
7/1/2027
1
300,000
304,082
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
150,000
154,229
458,311
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.2%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
275,000
274,630
Energy
Transfer
LP
4.950%,
5/15/2028
1
150,000
152,573
Energy
Transfer
LP
4.950%,
6/15/2028
1
150,000
152,514
Hess
Midstream
Operations
LP
5.125%,
6/15/2028
1,2
125,000
125,584
NGPL
PipeCo
LLC
4.875%,
8/15/2027
1,2
250,000
251,091
Northriver
Midstream
Finance
LP
6.750%,
7/15/2032
1,2
200,000
203,954
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
207,000
201,893
1,362,239
PAPER
&
FOREST
PRODUCTS
—
0.1%
Ahlstrom
Holding
3
Oy
4.875%,
2/4/2028
1,2
100,000
98,519
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
17
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
PASSENGER
AIRLINES
—
0.1%
Air
Canada
3.875%,
8/15/2026
1,2
150,000
$
149,371
PERSONAL
CARE
PRODUCTS
—
0.2%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
300,000
297,898
PHARMACEUTICALS
—
1.0%
Elanco
Animal
Health,
Inc.
6.650%,
8/28/2028
1
100,000
104,754
Eli
Lilly
&
Co.
4.200%,
8/14/2029
1
150,000
151,658
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.450%,
5/19/2028
1
475,000
481,359
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
140,000
132,925
Zoetis,
Inc.
4.150%,
8/17/2028
1
175,000
176,003
Zoetis,
Inc.
3.900%,
8/20/2028
1
125,000
124,964
1,171,663
PROFESSIONAL
SERVICES
—
0.2%
CoreLogic,
Inc.
4.500%,
5/1/2028
1,2
225,000
221,487
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.7%
Entegris,
Inc.
4.750%,
4/15/2029
1,2
333,000
334,058
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
242,000
249,196
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
210,000
206,237
789,491
SOFTWARE
—
1.1%
AppLovin
Corp.
5.125%,
12/1/2029
1
260,000
266,777
Ellucian
Holdings,
Inc.
6.500%,
12/1/2029
1,2
200,000
204,430
Oracle
Corp.
2.300%,
3/25/2028
1
300,000
286,139
Salesforce,
Inc.
3.700%,
4/11/2028
1
325,000
325,132
VMware
LLC
1.400%,
8/15/2026
1
200,000
197,097
1,279,575
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
18
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SPECIALIZED
REITS
—
0.9%
American
Tower
Corp.
1.500%,
1/31/2028
1
325,000
$
308,685
Crown
Castle,
Inc.
3.800%,
2/15/2028
1
250,000
248,106
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
60,000
60,051
Iron
Mountain,
Inc.
4.875%,
9/15/2029
1,2
225,000
222,133
SBA
Communications
Corp.
3.125%,
2/1/2029
1
280,000
268,072
1,107,047
SPECIALTY
RETAIL
—
0.4%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
425,000
420,499
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.5%
Dell
International
LLC
/
EMC
Corp.
5.250%,
2/1/2028
1
175,000
179,073
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
175,000
180,670
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
250,000
251,361
611,104
TEXTILES,
APPAREL
&
LUXURY
GOODS
—
0.1%
Beach
Acquisition
Bidco
LLC
10.000%,
7/15/2033
1,2
150,000
158,080
TRADING
COMPANIES
&
DISTRIBUTORS
—
0.2%
United
Rentals
North
America,
Inc.
4.000%,
7/15/2030
1
200,000
194,004
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.2%
T-Mobile
USA,
Inc.
2.250%,
2/15/2026
1
125,000
124,719
T-Mobile
USA,
Inc.
4.750%,
2/1/2028
1
150,000
150,063
274,782
TOTAL
CORPORATE
BONDS
(Cost
$29,676,700)
29,869,048
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
0.8%
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2
209,162
188,857
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
5.324%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,4
200,000
199,966
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
19
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
PMT
Loan
Trust
Series
2025-J5-A26
,
5.374%
(30-Day
Term
SOFR
Average
+
140
basis
points,
6.50%
Cap),
1/25/2057
1,2,4
75,000
$
74,933
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2
206,113
183,311
Series
2025-12-A26F
,
5.424%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,4
312,206
312,769
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$957,794)
959,836
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—2.6%
United
States
Treasury
Notes
—
2.6%
U.S.
Treasury
Notes
4.332%,
1/31/2028
1,600,000
1,600,531
U.S.
Treasury
Notes
4.342%,
1/31/2029
1,400,000
1,418,102
3,018,633
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$2,992,190)
3,018,633
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
9.0%
Money
Market
Funds
—
1.0%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.66%
6
1,126,539
1,126,539
Principal
Amount
United
States
Treasury
Bills
—
8.0%
U.S.
Treasury
Bills,
2.960%,
1/13/2026
7
1,000,000
998,931
U.S.
Treasury
Bills,
3.180%,
1/20/2026
7
2,000,000
1,996,471
U.S.
Treasury
Bills,
3.210%,
1/27/2026
7
1,000,000
997,553
U.S.
Treasury
Bills,
3.370%,
2/10/2026
7
2,500,000
2,490,433
U.S.
Treasury
Bills,
3.430%,
3/5/2026
7
1,000,000
993,934
U.S.
Treasury
Bills,
3.390%,
3/10/2026
7
1,000,000
993,541
U.S.
Treasury
Bills,
3.460%,
3/12/2026
7
1,000,000
993,214
9,464,077
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$10,587,599)
10,590,616
TOTAL
INVESTMENTS
—
100.0%
(Cost
$117,874,172)
118,420,302
Liabilities
in
Excess
of
Other
Assets
—
(0.0)%
†
(114,036)
TOTAL
NET
ASSETS
—
100.0%
$
118,306,266
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
20
See
accompanying
Notes
to
Financial
Statements.
†
Rounds
to
less
than
0.1%
of
net
assets.
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
$78,600,804
which
represents
66.44%
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
December
31,
2025
(Unaudited)
21
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Assets:
Investments
in
unaffiliated
issuers,
at
value*
$
69,170,503
$
118,420,302
Investments
in
affiliated
issuers,
at
value*
1,753,804
—
Cash
250
76,103
Receivables:
Investment
securities
sold
—
88,972
Interest
768,824
1,376,650
Total
assets
71,693,381
119,962,027
Liabilities:
Investment
securities
purchased
—
1,608,313
Advisory
fees
11,060
47,448
Total
Liabilities
11,060
1,655,761
Net
Assets
$
71,682,321
$
118,306,266
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
71,570,064
$
117,672,894
Total
distributable
earnings
112,257
633,372
Net
Assets
$
71,682,321
$
118,306,266
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
71,682,321
$
118,306,266
Shares
outstanding
(unlimited
number
of
shares
authorized,
no
par
value)
$
3,525,001
$
5,750,000
Net
assets
value
per
share
$
20
.34
$
20
.58
*Identified
Cost
Investments
in
unaffiliated
issuers,
at
cost
$
69,074,248
$
117,874,172
Investments
in
affiliated
issuers,
at
cost
$
1,750,000
$
—
Palmer
Square
Funds
Trust
STATEMENTS
OF
OPERATIONS
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
22
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Investment
Income
Interest
income
from
unaffiliated
securities
$
1,278,956
$
2,768,511
Interest
income
from
affiliated
securities
43,163
—
Other
Income
—
7,714
Total
investment
income
1,322,119
2,776,225
Expenses:
Advisory
fees
(see
note
3)
48,974
234,773
Net
Expenses
48,974
234,773
Net
Investment
Income
1,273,145
2,541,452
Realized
Gain
and
Unrealized
Appreciation
:
39,520
311,755
Net
realized
gain
on:
2,000
112,758
Unaffiliated
investments
2,045
112,757
Affiliated
Investments
(45
)
—
Net
realized
gain
on
investments
2,000
112,757
Net
change
in
unrealized
appreciation
on:
37,520
198,997
Unaffiliated
investments
34,605
198,998
Affiliated
investments
2,915
—
Net
change
in
unrealized
appreciation
of
investments
37,520
198,998
Net
realized
and
unrealized
gain
on
investments
39,520
311,755
Net
increase
in
net
assets
resulting
from
operations
$
1,312,665
$
2,853,207
Palmer
Square
Funds
Trust
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
23
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
period
September
11,
2024
*
through
June
30,
2025
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
period
September
11,
2024
*
through
June
30,
2025
Operations
Net
investment
income
$
1,273,145
$
1,078,567
$
2,541,452
$
1,573,040
Net
realized
gain
on
investments
2,000
1,541
112,757
48,271
Net
change
in
unrealized
appreciation
on
investments
37,520
62,539
198,998
347,132
Net
increase
in
net
assets
resulting
from
operations
1,312,665
1,142,647
2,853,207
1,968,443
Distributions
to
Shareholders:
Distributions
(
1,348,196
)
(
994,859
)
(
2,776,976
)
(
1,396,696
)
Total
distributions
to
shareholders
(
1,348,196
)
(
994,859
)
(
2,776,976
)
(
1,396,696
)
Capital
Transactions
1
Net
proceeds
from
shares
sold
36,279,129
36,816,878
42,417,057
76,870,774
Cost
of shares
redeemed
—
(
1,525,943
)
—
(
1,629,543
)
Net
increase
in
net
assets
from
capital
transactions
36,279,129
35,290,935
42,417,057
75,241,231
Total
increase
in
net
assets
36,243,598
35,438,723
42,493,288
75,812,978
Net
Assets:
Beginning
of
period
35,438,723
—
75,812,978
—
End
of
period
$
71,682,321
$
35,438,723
$
118,306,266
$
75,812,978
Capital
Share
Transactions:
Shares
sold
1,775,000
1,825,001
2,050,000
3,780,000
Shares
redeemed
—
(
75,000
)
—
(
80,000
)
Net
increase
in
capital
share
transactions
1,775,000
1,750,001
2,050,000
3,700,000
*
Date
of
commencement
of
operations.
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
24
See
accompanying
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
period
September
11,
2024
*
through
June
30,
2025
PER
COMMON
SHARE
DATA
1
Net
asset
value,
beginning
of
period
$
20.25
$
20.00
Income
from
Investment
Operations:
Net
investment
income
2
0.53
0.89
Net
realized
and
unrealized
gain
0.03
0.09
Total
from
investment
operations
0.56
0.98
Less
Distributions:
From
net
investment
income
(
0.47
)
(
0.73
)
Total
Distributions
(
0.47
)
(
0.73
)
Net
asset
value,
end
of
period
$
20.34
$
20.25
Total
return
2.80%
4.96%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
71,682
$
35,439
Ratio
of
expenses
to
average
net
assets
3
0.20%
0.20%
Ratio
of
net
investment
income
to
average
net
assets
3
5.18%
5.46%
Portfolio
Turnover
Rate
4
33%
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
25
See
accompanying
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
period
September
11,
2024
*
through
June
30,
2025
PER
COMMON
SHARE
DATA
1
Net
asset
value,
beginning
of
period
$
20.49
$
20.00
Income
from
Investment
Operations:
Net
investment
income
2
0.56
0.91
Net
realized
and
unrealized
gain
0.08
0.23
Total
from
investment
operations
0.64
1.14
Less
Distributions:
From
net
investment
income
(
0.54
)
(
0.65
)
Distributions
from
Net
Realized
Gain
(
0.01
)
—
Total
Distributions
(
0.55
)
(
0.65
)
Net
asset
value,
end
of
period
$
20.58
$
20.49
Total
return
3.16%
5.77%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
118,306
$
75,813
Ratio
of
expenses
to
average
net
assets
3
0.50%
0.50%
Ratio
of
net
investment
income
to
average
net
assets
3
5.40%
5.55%
Portfolio
Turnover
Rate
4
50%
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
December
31,
2025
(unaudited)
26
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
December
31,
2025
(unaudited)
27
(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
December
31,
2025
(unaudited)
28
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
December
31,
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
December
31,
2025
(unaudited)
29
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 December
31,
2025
can
be
found
in
a
table
located
in
the
Schedule
of
Investments.
4. Federal
Income
Taxes
At
December
31,
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
$
70,824,248
$
117,874,349
Gross
unrealized
appreciation
$
101,636
$
613,382
Gross
unrealized
depreciation
(1,577)
(67,429)
Net
unrealized
appreciation
(depreciation)
on
investments
$
100,059
$
545,953
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Undistributed
ordinary
income
$
87,778
$
210,185
Tax
accumulated
earnings
87,778
210,185
Accumulated
capital
and
other
losses
(2,529
)
—
Unrealized
appreciation
62,539
346,956
Total
accumulated
earnings
(deficit)
$
147,788
$
557,141
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(unaudited)
30
The
tax
character
of
the
distribution
paid
during
the period ended
June
30,
2025
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.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Distribution
paid
from:
2025
2025
Ordinary
income
$
994,859
$
1,396,696
Return
of
Capital
—
—
Net
long-term
capital
gains
—
—
Total
taxable
distributions
$
994,859
$
1,396,696
Total
distributions
paid
$
994,859
$
1,396,696
Not
Subject
to
Expiration
Long-Term
Short-Term
Total
Palmer
Square
CLO
Senior
Debt
ETF
$
—
$
2,529
$
2,529
Palmer
Square
Credit
Opportunities
ETF
$
—
$
—
$
—
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(unaudited)
31
6. Investment
Transactions
For
the
six
months
ended December
31,
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
$
49,891,169
$
16,275,577
$
—
$
—
Palmer
Square
Credit
Opportunities
ETF
$
74,030,046
$
42,802,861
$
1,651,078
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(unaudited)
32
9. Investments
in
Affiliated
Issuers
An
affiliated
issuer
is
an
entity
in
which
the
Fund
has
ownership
of
at
least
5%
of
the
voting
securities
or
any
investment
in
a
Palmer
Square
Fund.
Issuers
that
are
affiliates
of
the
Fund
at
period-end
are
noted
in
the
Fund’s
Schedule
of
Investments.
Additional
security
purchases
and
the
reduction
of
certain
securities
shares
outstanding
of
existing
portfolio
holdings
that
were
not
considered
affiliated
in
prior
years
may
result
in
the
Fund
owning
in
excess
of
5% of
the
outstanding
shares
at
period-end.
The
table
below
reflects
transactions
during
the
period
with
entities
that
are
affiliates
as
of
December
31,
2025
and
may
include
acquisitions
of
new
investments,
prior
year
holdings
that
became
affiliated
during
the
period
and
prior
period
affiliated
holdings
that
are
no
longer
affiliated
as
of
period-end:
Palmer
Square
CLO
Senior
Debt
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Collateralized
Loan
Obligations
$
—
$
70,459,469
$
—
$
70,459,469
Short-Term
Investments
464,838
—
—
464,838
Total
Investments
$
464,838
$
70,459,469
$
—
$
70,924,307
Palmer
Square
Credit
Opportunities
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
5,714,273
$
—
$
5,714,273
Bank
Loans
—
7,010,327
—
7,010,327
Collateralized
Loan
Obligations
—
60,630,520
—
60,630,520
Commercial
Mortgage-Backed
Securities
—
627,049
—
627,049
Corporate
Bonds
—
29,869,048
—
29,869,048
Residential
Mortgage-Backed
Securities
—
959,836
—
959,836
U.S.
Government
and
Agency
Securities
—
3,018,633
—
3,018,633
Short-Term
Investments
1,126,539
9,464,077
—
10,590,616
Total
Investments
$
1,126,539
$
117,293,763
$
—
$
118,420,302
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
5.605%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
$750,938
$—
$—
$
—
$—
$
1,368
$
752,306
750,000
$
22,171
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
5.195%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
$—
$1,000,000
$—
—
$—
1,498
1,001,498
1,000,000
20,881
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(unaudited)
33
10. 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,
tariffs,
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.
11. 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.
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
(continued)
Palmer
Square
CLO
Ltd.
Series
2021-4A-B
6.168%
(3-Month
Term
SOFR
+
191.2
basis
points),
10/15/2034
$645,000
$—
$(645,000)
$
(45)
$(4)
$
49
$
—
—
$
111
Total
Affiliated
Securities
$1,395,938
$1,000,000
$(645,000)
$(45)
$(4)
$2,915
1,753,804
1,750,000
$43,163
1
May
include
partnership
adjustments,
and/or
corporate
actions.
34
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.
PSFTETFSA1225
Palmer
Square
Funds
Trust
Palmer
Square
Income
Plus
Fund
Class
I
(Ticker:
PSYPX)
Class
T
(Ticker:
PSTPX)
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
(Ticker:
PSDSX)
SEMI-ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
DECEMBER
31,
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
Income
Plus
Fund
1
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
22
Statements
of
Assets
and
Liabilities
30
Statements
of
Operations
31
Statements
of
Changes
in
Net
Assets
32
Financial
Highlights
Palmer
Square
Income
Plus
Fund
33
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
35
Notes
to
Financial
Statements
36
Additional
Information
-
Items
8-11
51
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
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
As
of
December
31,
2025
(Unaudited)
1
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
9.4%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
1,910,000
$
1,912,051
American
Express
Credit
Account
Master
Trust
Series
2023-1-A
,
4.870%
,
5/15/2028
1
5,195,000
5,214,537
BA
Credit
Card
Trust
Series
2023-A1-A1
,
4.790%
,
5/15/2028
1
4,320,000
4,334,859
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
3,484,942
3,507,346
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
1,665,000
1,668,695
BofA
Auto
Trust
Series
2024-1A-A3
,
5.350%
,
11/15/2028
1,2
377,957
381,864
Capital
One
Multi-Asset
Execution
Trust
Series
2023-A1-A
,
4.420%
,
5/15/2028
1
5,020,000
5,030,163
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-2-A3
,
3.660%
,
5/17/2027
1
846,104
845,831
Chase
Auto
Owner
Trust
Series
2024-5A-A2
,
4.400%
,
11/26/2027
1,2
205,193
205,355
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
2,630,000
2,631,896
Chase
Issuance
Trust
Series
2023-A1-A
,
5.160%
,
9/15/2028
1
4,610,000
4,654,314
Series
2024-A1-A
,
4.600%
,
1/15/2029
1
3,605,000
3,638,370
Citizens
Auto
Receivables
Trust
Series
2024-1-A3
,
5.110%
,
4/17/2028
1,2
3,869,074
3,890,714
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
4,633,284
4,667,600
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
3,057,615
3,091,188
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
544,680
545,836
GM
Financial
Automobile
Leasing
Trust
Series
2024-3-A2A
,
4.290%
,
1/20/2027
1
703,952
704,318
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
1,087,146
1,090,485
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
1,340,000
1,343,223
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
567,432
568,662
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
1,750,000
1,754,690
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
2,688,888
2,708,048
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
1,544,895
1,548,084
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
1,490,383
1,496,177
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
1,205,000
1,208,980
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
337,937
338,783
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
5,260,000
5,307,470
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
2
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
1,143,830
$
1,146,079
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
2,835,929
2,857,895
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
1,660,000
1,669,104
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
3,100,841
3,121,316
Tesla
Auto
Lease
Trust
Series
2024-A-A4
,
5.310%
,
12/20/2027
1,2
1,750,000
1,760,599
T-Mobile
US
Trust
Series
2024-1A-A
,
5.050%
,
9/20/2029
1,2
3,310,000
3,331,005
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
1,371,454
1,374,889
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
1,914,213
1,921,426
US
Bank
C&I
Credit-Linked
Notes
Series
2025-SUP2-B1
,
4.818%
,
9/25/2032
1,2
2,756,277
2,757,138
Series
2025-SUP2-C
,
5.774%
(30-Day
Term
SOFR
Average
+
190
basis
points),
9/25/2032
1,2,3
4,134,415
4,138,291
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
941,366
943,466
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
5,920,000
6,017,064
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
1,593,520
1,597,552
Volvo
Financial
Equipment
LLC
Series
2025-2A-A2
,
3.960%
,
6/15/2028
1,2
1,790,000
1,792,402
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$98,538,265)
98,717,765
BANK
LOANS
—
4.8%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Term
Loan
6.134%
(3-Month
Term
SOFR
+
225
basis
points),
4/20/2028
1,3,4
833,967
836,990
AmWINS
Group,
Inc.,
First
Lien,
Initial
Term
Loan
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
1/30/2032
1,3,4
990,000
993,965
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
6.463%
(1-Month
Term
SOFR
+
2.75%;
3-Month
Term
SOFR
+
2.75%
basis
points),
6/16/2032
1,3,4
1,652,506
1,667,742
Avantor
Funding,
Inc.,
First
Lien,
Incremental
EUR
Term
Loan,
B6
4.401%
(1-month
EURIBOR
+
250
basis
points),
10/11/2032
3,4
1,375,000
1,622,218
Charter
Communications
Operating
LLC,
First
Lien,
Term
Loan,
B5
6.235%
(3-Month
Term
SOFR
+
225
basis
points),
12/15/2031
1,3,4
982,245
984,087
Core
&
Main
LP,
First
Lien,
Term
Loan,
D
5.690%
(3-Month
Term
SOFR
+
200
basis
points),
7/27/2028
1,3,4
1,482,515
1,489,009
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
Term
Loan,
B4
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
4/28/2028
1,3,4
1,959,911
1,964,115
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Term
Loan,
B
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/3/2031
3,4
1,301,291
1,313,257
Elanco
Animal
Health,
Inc.,
First
Lien,
2025
Refinancing
Term
Loan,
B
5.623%
(1-Month
Term
SOFR
+
175
basis
points),
10/29/2032
3,4
1,994,173
2,000,196
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
3
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
Term
Loan,
B
5.422%
(3-Month
Term
SOFR
+
175
basis
points),
12/2/2030
1,3,4
1,666,000
$
1,666,691
Froneri
International
Ltd.,
First
Lien,
Term
Loan,
B4
6.447%
(6-Month
Term
SOFR
+
225
basis
points),
9/30/2031
1,3,4
1,473,362
1,474,445
Go
Daddy
Operating
Co.
LLC,
First
Lien,
Term
Loan,
B8
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
11/9/2029
3,4
2,206,590
2,212,593
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B
6.486%
(1-Month
Term
SOFR
+
275
basis
points),
3/18/2030
1,3,4
1,954,756
1,965,478
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
7.002%
(3-Month
Term
SOFR
+
300
basis
points),
11/6/2031
3,4
1,917,184
1,922,322
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
1,346,817
1,315,585
Iron
Mountain,
Inc.,
First
Lien,
Amendment
No.
1
Incremental
Term
Loan,
B
5.716%
(1-Month
Term
SOFR
+
200
basis
points),
1/31/2031
1,3,4
989,899
991,136
Jane
Street
Group
LLC,
First
Lien,
Extended
Term
Loan,
B
5.822%
(3-Month
Term
SOFR
+
200
basis
points),
12/15/2031
1,3,4
996,896
993,467
Janus
International
Group
LLC,
First
Lien,
Term
Loan,
B
6.322%
(3-Month
Term
SOFR
+
250
basis
points),
8/5/2030
1,3,4
1,150,794
1,154,390
Koppers,
Inc.,
First
Lien,
2023
Term
Loan,
B2
6.220%
(1-Month
Term
SOFR
+
250
basis
points),
4/10/2030
3,4
989,975
987,505
Light
&
Wonder
International,
Inc.,
First
Lien,
Term
Loan,
B2
5.986%
(1-Month
Term
SOFR
+
225
basis
points),
4/16/2029
1,3,4
1,484,962
1,492,855
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
Term
Loan
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
10/23/2028
1,3,4
274,441
275,565
MIWD
Holdco
II
LLC,
First
Lien,
2024
Incremental
Term
Loan
6.466%
(1-Month
Term
SOFR
+
275
basis
points),
3/28/2031
1,3,4
1,797,716
1,801,653
PCI
Gaming
Authority,
First
Lien,
Term
Loan,
B
5.716%
(1-Month
Term
SOFR
+
200
basis
points),
7/18/2031
1,3,4
1,481,203
1,485,728
Peer
Holding
III
BV,
First
Lien,
Term
Loan,
B5
6.172%
(3-Month
Term
SOFR
+
250
basis
points),
7/1/2031
1,3,4
990,000
995,465
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
Term
Loan
6.252%
(3-Month
Term
SOFR
+
225
basis
points),
3/31/2028
1,3,4
1,492,481
1,498,459
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
1,488,750
1,495,025
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.716%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
1,732,500
1,737,741
Sazerac
Co.,
Inc.,
First
Lien,
Incremental
Term
Loan,
B1
6.280%
(1-Month
Term
SOFR
+
250
basis
points),
6/25/2032
1,3,4
1,750,000
1,755,591
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
1
Term
Loan
6.162%
(3-Month
Term
SOFR
+
225
basis
points),
4/9/2032
3,4
1,000,000
1,001,250
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B9
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
1,488,750
1,493,253
TransDigm,
Inc.,
First
Lien,
Term
Loan,
K
5.966%
(1-Month
Term
SOFR
+
225
basis
points),
3/22/2030
3,4
1,989,962
1,997,962
WEC
US
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan
5.873%
(1-Month
Term
SOFR
+
200
basis
points),
1/27/2031
1,3,4
992,462
995,261
WEX,
Inc.,
First
Lien,
Term
Loan,
B2
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
4/3/2028
1,3,4
1,989,924
1,997,078
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
4
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
WMG
Acquisition
Corp.,
First
Lien,
Term
Loan,
B
5.572%
(3-Month
Term
SOFR
+
175
basis
points),
1/24/2031
3,4
1,950,000
$
1,959,750
Zegona
Holdco
Ltd.,
First
Lien,
Additional
EUR
Term
Loan,
B2
4.829%
(6-month
EURIBOR
+
275
basis
points),
7/17/2029
3,4
750,000
888,742
TOTAL
BANK
LOANS
(Cost
$50,249,943)
50,426,569
COLLATERALIZED
LOAN
OBLIGATIONS
—
30.0%
522
Funding
CLO
Ltd.
Series
2019-5A-AR
5.235%
(3-Month
Term
SOFR
+
133
basis
points),
4/15/2035
1,2,3
6,500,000
6,506,534
Series
2019-5A-ER
10.665%
(3-Month
Term
SOFR
+
676
basis
points),
4/15/2035
1,2,3
1,500,000
1,447,158
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.925%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,3
1,250,000
1,256,928
Series
2023-2A-ER
9.675%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,3
1,125,000
1,132,545
AIMCO
CLO
Ltd.
Series
2019-10A-ARR
5.267%
(3-Month
Term
SOFR
+
141
basis
points),
7/22/2037
1,2,3
1,000,000
1,003,575
Anchorage
Credit
Funding
Ltd.
Series
2016-3A-BR
3.471%
,
1/28/2039
1,2
2,000,000
1,891,153
Annisa
CLO
Ltd.
Series
2016-2A-DRR
6.684%
(3-Month
Term
SOFR
+
280
basis
points),
7/20/2031
1,2,3
1,500,000
1,505,032
Apidos
CLO
Ltd.
Series
2015-23A-ARR
4.955%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2033
1,2,3
4,486,526
4,490,953
Series
2017-28A-C1R
7.124%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,3
1,750,000
1,764,683
Series
XXXA-CR
6.884%
(3-Month
Term
SOFR
+
300
basis
points),
10/18/2031
1,2,3
1,500,000
1,506,472
Ares
CLO
Ltd.
Series
2015-2A-A1R4
5.172%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
3,800,000
3,810,881
Series
2016-39A-AR3
5.304%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,3
3,750,000
3,763,451
Avoca
CLO
DAC
Series
32X-C
4.009%
(3-Month
EURIBOR
+
200
basis
points),
4/15/2039
1,3
1,500,000
1,766,066
Bain
Capital
Credit
CLO
Ltd.
Series
2018-2A-DR
6.834%
(3-Month
Term
SOFR
+
295
basis
points),
7/19/2031
1,2,3
1,500,000
1,505,029
Series
2023-1A-A1R
5.294%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
3,000,000
3,002,112
Series
2023-1A-D1R
7.094%
(3-Month
Term
SOFR
+
320
basis
points),
7/16/2038
1,2,3
1,250,000
1,260,522
Ballyrock
CLO
Ltd.
Series
2019-2A-C1R3
6.589%
(3-Month
Term
SOFR
+
270
basis
points),
10/25/2038
1,2,3
1,000,000
1,005,538
Series
2019-2A-C2R3
7.839%
(3-Month
Term
SOFR
+
395
basis
points),
10/25/2038
1,2,3
500,000
500,169
Series
2021-17A-C1R
6.584%
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,3
1,500,000
1,510,232
Series
2021-17A-C2R
7.834%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,3
500,000
497,543
Series
2021-17A-DR
9.984%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,3
1,000,000
985,698
Barings
CLO
Ltd.
Series
2025-7A-C
5.478%
(3-Month
Term
SOFR
+
175
basis
points),
1/15/2038
1,2,3
1,000,000
999,964
Series
2025-7A-D1
6.428%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,3
1,000,000
999,960
Barings
Euro
CLO
Series
2015-1X-DRR
5.715%
(3-Month
EURIBOR
+
365
basis
points),
7/25/2035
1,3
3,500,000
4,124,214
Barings
Loan
Partners
CLO
Ltd.
Series
LP-5A-A
5.104%
(3-Month
Term
SOFR
+
122
basis
points),
1/20/2035
1,2,3
2,500,000
2,503,040
Battalion
CLO
Ltd.
Series
2016-10A-CR2
7.577%
(3-Month
Term
SOFR
+
371.2
basis
points),
1/25/2035
1,2,3
2,000,000
1,930,486
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
5
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2020-15A-A1RR
4.862%
(3-Month
Term
SOFR
+
98
basis
points),
1/17/2033
1,2,3
1,272,023
$
1,271,867
Series
2020-15A-BR
5.382%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
1,000,000
999,750
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
5.204%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
2,500,000
2,501,440
Series
2019-17A-D1R2
7.055%
(3-Month
Term
SOFR
+
315
basis
points),
10/15/2037
1,2,3,5
1,000,000
1,008,691
Series
2022-27A-D1R
7.034%
(3-Month
Term
SOFR
+
315
basis
points),
10/20/2037
1,2,3
1,250,000
1,259,950
Series
2025-42A-B
5.771%
(3-Month
Term
SOFR
+
170
basis
points),
10/25/2038
1,2,3
1,250,000
1,257,797
BlueMountain
CLO
Ltd.
Series
2015-3A-A2R
5.646%
(3-Month
Term
SOFR
+
176.2
basis
points),
4/20/2031
1,2,3
2,000,000
2,007,218
Series
2020-29A-D2R
8.370%
(3-Month
Term
SOFR
+
451.2
basis
points),
7/25/2034
1,2,3
1,750,000
1,757,808
Bryant
Park
Funding
Ltd.
Series
2021-17RA-ER
10.814%
(3-Month
Term
SOFR
+
693
basis
points),
1/20/2038
1,2,3
1,000,000
1,001,288
Series
2024-23A-E
10.582%
(3-Month
Term
SOFR
+
673
basis
points),
5/15/2037
1,2,3
1,000,000
1,009,538
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.904%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,3
1,864,059
1,865,877
CBAMR
Ltd.
Series
2017-4A-BR
6.081%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,007,774
Cedar
Funding
CLO
Ltd.
Series
2014-4A-DR3
7.160%
(3-Month
Term
SOFR
+
330
basis
points),
1/23/2038
1,2,3
1,000,000
1,001,789
Series
2024-19A-A1
5.190%
(3-Month
Term
SOFR
+
133
basis
points),
1/23/2038
1,2,3
1,000,000
1,002,251
CIFC
European
Funding
CLO
DAC
Series
3X-D
5.609%
(3-Month
EURIBOR
+
360
basis
points),
1/15/2034
1,3
2,800,000
3,305,081
CIFC
Funding
Ltd.
Series
2013-3RA-A1R
4.865%
(3-Month
Term
SOFR
+
100
basis
points),
4/24/2031
1,2,3
1,876,081
1,875,612
Series
2019-1A-A1R2
5.244%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
3,900,000
3,911,696
CreekSource
Dunes
Creek
CLO
Ltd.
Series
2024-1A-D
7.005%
(3-Month
Term
SOFR
+
310
basis
points),
1/15/2038
1,2,3
1,250,000
1,256,596
Crestline
Denali
CLO
Ltd.
Series
2017-1A-D
7.876%
(3-Month
Term
SOFR
+
399.2
basis
points),
4/20/2030
1,2,3
800,000
804,335
CVC
Cordatus
Loan
Fund
DAC
Series
36X-B
4.063%
(3-Month
EURIBOR
+
200
basis
points),
10/20/2038
1,3
1,750,000
2,062,424
Dartry
Park
CLO
DAC
Series
1X-CRR
5.415%
(3-Month
EURIBOR
+
335
basis
points),
1/28/2034
1,3
2,250,000
2,656,511
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR
5.086%
(3-Month
Term
SOFR
+
118.2
basis
points),
10/15/2030
1,2,3
276,496
276,496
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.913%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,3
5,000,000
4,999,316
Series
2019-80A-BRR
5.382%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
2,000,000
2,005,570
Series
2020-86A-DR
7.343%
(3-Month
Term
SOFR
+
346.2
basis
points),
7/17/2034
1,2,3
1,000,000
999,775
Dryden
Euro
CLO
DAC
Series
2021-103X-B2R
5.150%
,
1/19/2038
1
2,000,000
2,359,255
Series
2024-124X-B2
5.100%
,
12/20/2037
1
2,500,000
2,949,028
Dryden
Senior
Loan
Fund
Series
2015-41A-DR
6.766%
(3-Month
Term
SOFR
+
286.2
basis
points),
4/15/2031
1,2,3
1,000,000
1,003,323
Series
2017-49A-DR
7.546%
(3-Month
Term
SOFR
+
366.2
basis
points),
7/18/2030
1,2,3
1,500,000
1,505,010
Eaton
Vance
CLO
Ltd.
Series
2013-1A-D1R4
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,3
1,000,000
1,005,517
Series
2015-1A-DR
6.646%
(3-Month
Term
SOFR
+
276.2
basis
points),
1/20/2030
1,2,3
1,500,000
1,505,033
Series
2020-2A-ER2
10.405%
(3-Month
Term
SOFR
+
650
basis
points),
10/15/2037
1,2,3
1,000,000
1,005,039
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
6
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Elevation
CLO
Ltd.
Series
2018-10A-AR
4.804%
(3-Month
Term
SOFR
+
92
basis
points),
10/20/2031
1,2,3
247,287
$
247,587
Elmwood
CLO
Ltd.
Series
2019-3A-A1RR
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,3
1,750,000
1,755,477
Series
2020-3A-ARR
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,3
5,000,000
5,015,662
Series
2021-2A-D1R
6.534%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,3
1,000,000
1,002,217
Series
2021-3A-AR2
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,3
1,000,000
1,003,233
Series
2021-3A-DR2
6.934%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,3
1,500,000
1,508,143
Series
2022-1A-A1R
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
2,000,000
2,004,066
Series
2022-1A-BR
5.584%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,3
2,000,000
2,011,353
Series
2022-6A-D1R2
6.611%
(3-Month
Term
SOFR
+
270
basis
points),
10/17/2038
1,2,3
1,500,000
1,508,314
Empower
CLO
Ltd.
Series
2022-1A-A1R
5.274%
(3-Month
Term
SOFR
+
139
basis
points),
10/20/2037
1,2,3
2,000,000
2,006,439
Series
2023-2A-AR
5.225%
(3-Month
Term
SOFR
+
132
basis
points),
10/15/2038
1,2,3
2,000,000
2,006,156
Series
2025-1A-A
5.194%
(3-Month
Term
SOFR
+
131
basis
points),
7/20/2038
1,2,3
3,750,000
3,760,090
Series
2025-1A-D1
6.834%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2038
1,2,3
1,000,000
1,005,442
Flatiron
CLO
Ltd.
Series
2020-1A-ER2
9.139%
(3-Month
Term
SOFR
+
525
basis
points),
11/20/2038
1,2,3
1,500,000
1,490,955
Series
2023-2A-E
11.735%
(3-Month
Term
SOFR
+
783
basis
points),
1/15/2037
1,2,3
1,000,000
1,022,597
Galaxy
CLO
Ltd.
Series
2023-32A-E
11.214%
(3-Month
Term
SOFR
+
733
basis
points),
10/20/2036
1,2,3
1,000,000
1,009,151
GoldenTree
Loan
Management
EUR
CLO
DAC
Series
5X-E
7.254%
(3-Month
EURIBOR
+
525
basis
points),
4/20/2034
1,3
1,000,000
1,169,231
Golub
Capital
Partners
CLO
Ltd.
Series
2024-74A-A
5.358%
(3-Month
Term
SOFR
+
150
basis
points),
7/25/2037
1,2,3
2,000,000
2,006,866
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-AR
5.446%
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,3
3,100,000
3,104,717
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,3
1,000,000
1,003,321
John
Deere
Owner
Trust
Series
2025-B-A2A
4.280%
,
7/17/2028
1
1,815,000
1,821,877
KKR
CLO
Ltd.
Series
18-A1R2
5.191%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,500,000
1,501,429
Series
40A-AR
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,3
3,000,000
3,005,325
KKR
Financial
CLO
Ltd.
Series
2013-1A-D1R3
7.085%
(3-Month
Term
SOFR
+
325
basis
points),
10/15/2038
1,2,3
1,000,000
1,007,941
Madison
Park
Funding
Ltd.
Series
2019-35A-A1R
5.136%
(3-Month
Term
SOFR
+
125.2
basis
points),
4/20/2032
1,2,3
1,603,707
1,604,511
Magnetite
Ltd.
Series
2020-25A-E
10.470%
(3-Month
Term
SOFR
+
661.2
basis
points),
1/25/2032
1,2,3
1,000,000
1,006,451
Menlo
CLO
Ltd.
Series
2024-1A-D1
7.134%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,3
1,500,000
1,507,877
Series
2025-3A-A
5.194%
(3-Month
Term
SOFR
+
130
basis
points),
10/16/2038
1,2,3
3,500,000
3,502,402
Milos
CLO
Ltd.
Series
2017-1A-AR
5.216%
(3-Month
Term
SOFR
+
133.2
basis
points),
10/20/2030
1,2,3
99,267
99,389
Mountain
View
CLO
Ltd.
Series
2019-1A-DR
8.106%
(3-Month
Term
SOFR
+
420.2
basis
points),
10/15/2034
1,2,3
1,500,000
1,506,122
Neuberger
Berman
CLO
Ltd.
Series
2016-22A-ER2
10.712%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,3
1,000,000
1,009,491
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
7
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2017-16SA-A1R2
5.085%
(3-Month
Term
SOFR
+
118
basis
points),
4/15/2039
1,2,3
5,000,000
$
4,999,501
Series
2017-16SA-D1R2
6.605%
(3-Month
Term
SOFR
+
270
basis
points),
4/15/2039
1,2,3
1,000,000
1,005,507
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-28A-D1R
7.084%
(3-Month
Term
SOFR
+
320
basis
points),
10/20/2038
1,2,3
1,000,000
1,010,073
Series
2019-33A-AR2
5.114%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,3
1,000,000
1,000,959
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC
Series
2021-1X-D
5.016%
(3-Month
EURIBOR
+
300
basis
points),
4/17/2034
1,3
1,000,000
1,184,806
New
Mountain
CLO
Ltd.
Series
CLO-4A-BR
5.934%
(3-Month
Term
SOFR
+
205
basis
points),
3/20/2038
1,2,3
1,000,000
1,004,156
Series
CLO-6A-D1
6.984%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,3
1,750,000
1,763,948
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
2,000,000
2,000,505
OCP
CLO
Ltd.
Series
2017-13A-AR2
5.210%
(3-Month
Term
SOFR
+
134
basis
points),
11/26/2037
1,2,3
3,500,000
3,510,427
Series
2017-14A-A1R
5.254%
(3-Month
Term
SOFR
+
137
basis
points),
7/20/2037
1,2,3
3,000,000
3,009,434
Series
2019-17A-BR2
5.634%
(3-Month
Term
SOFR
+
175
basis
points),
7/20/2037
1,2,3
1,500,000
1,504,305
Series
2020-18A-ER2
10.134%
(3-Month
Term
SOFR
+
625
basis
points),
7/20/2037
1,2,3
1,000,000
1,012,180
Series
2022-25A-A1R
5.304%
(3-Month
Term
SOFR
+
142
basis
points),
7/20/2037
1,2,3
4,000,000
4,014,314
Series
2023-30A-E
10.955%
(3-Month
Term
SOFR
+
709
basis
points),
1/24/2037
1,2,3
1,500,000
1,500,000
Series
2024-31A-A1
5.514%
(3-Month
Term
SOFR
+
163
basis
points),
4/20/2037
1,2,3
4,500,000
4,508,940
Series
2024-32A-D2
9.050%
,
4/23/2037
1,2
1,500,000
1,513,130
Series
2024-32A-E
10.620%
(3-Month
Term
SOFR
+
676
basis
points),
4/23/2037
1,2,3
895,000
909,839
OCP
Euro
CLO
DAC
Series
2023-8X-BR
4.028%
(3-Month
EURIBOR
+
190
basis
points),
1/20/2040
1,3
3,000,000
3,525,565
Series
2023-8X-DR
5.428%
(3-Month
EURIBOR
+
330
basis
points),
1/20/2040
1,3
1,000,000
1,175,181
OCP
Euro
DAC
Series
2025-12A-B2
4.700%
,
1/20/2038
1,2
1,500,000
1,743,697
Octagon
Investment
Partners
Ltd.
Series
2014-1A-DRR
6.869%
(3-Month
Term
SOFR
+
301.2
basis
points),
1/22/2030
1,2,3
750,000
753,011
Series
2019-1A-AR2
5.055%
(3-Month
Term
SOFR
+
115
basis
points),
10/15/2034
1,2,3
3,000,000
3,000,750
Series
2019-1A-D1R
6.681%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,3
500,000
500,011
Octagon
Ltd.
Series
2021-1A-AR
4.962%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,3
5,000,000
4,999,358
Series
2021-1A-D
7.266%
(3-Month
Term
SOFR
+
336.2
basis
points),
10/15/2034
1,2,3
1,000,000
997,944
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.484%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
1,000,000
1,002,329
OZLM
Ltd.
Series
2014-6A-CT
6.782%
(3-Month
Term
SOFR
+
290
basis
points),
4/17/2031
1,2,3
2,000,000
2,007,247
Penta
CLO
DAC
Series
2017-3X-CRR
4.016%
(3-Month
EURIBOR
+
200
basis
points),
10/17/2038
1,3
1,500,000
1,766,070
Post
CLO
Ltd.
Series
2018-1A-D1R
7.294%
(3-Month
Term
SOFR
+
340
basis
points),
10/16/2037
1,2,3
1,000,000
1,007,913
Series
2021-1A-DR
6.905%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2034
1,2,3
1,250,000
1,250,037
Series
2022-1A-A
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
4/20/2035
1,2,3
4,500,000
4,510,490
Series
2023-1A-A1R
5.160%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
4,500,000
4,511,510
Series
2023-1A-BR
5.560%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,3
1,500,000
1,509,431
Series
2023-1A-D1R
6.710%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,3
2,000,000
2,017,319
Series
2023-1A-D2R
7.810%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,3
200,000
200,003
Series
2024-1A-A1
5.484%
(3-Month
Term
SOFR
+
160
basis
points),
4/20/2037
1,2,3
5,000,000
5,025,862
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
8
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2024-2A-E
10.384%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,3
1,000,000
$
1,030,688
Series
2025-1A-D2
7.610%
(3-Month
Term
SOFR
+
390
basis
points),
1/20/2039
1,2,3
1,000,000
999,756
Series
2025-1A-E
9.110%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,3
1,000,000
996,167
Recette
CLO
Ltd.
Series
2015-1A-FRR
12.616%
(3-Month
Term
SOFR
+
873.2
basis
points),
4/20/2034
1,2,3
1,000,000
884,670
Regatta
Funding
Ltd.
Series
2016-1A-A1R3
4.765%
(3-Month
Term
SOFR
+
107
basis
points),
6/20/2034
1,2,3
3,000,000
3,000,143
Series
2016-1A-ER3
10.095%
(3-Month
Term
SOFR
+
640
basis
points),
6/20/2034
1,2,3
2,000,000
1,997,009
Series
2019-2A-ER
11.005%
(3-Month
Term
SOFR
+
710
basis
points),
1/15/2033
1,2,3
1,000,000
1,005,791
Romark
Ltd.
Series
2018-1A-A1
5.176%
(3-Month
Term
SOFR
+
129.2
basis
points),
4/20/2031
1,2,3
666,000
666,821
Shackleton
CLO
Ltd.
Series
2013-4RA-C
7.043%
(3-Month
Term
SOFR
+
313.2
basis
points),
4/13/2031
1,2,3
2,250,000
2,257,441
Series
2019-14A-ERR
9.784%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,3
1,000,000
988,119
Signal
Peak
CLO
Ltd.
Series
2017-4A-AR2
4.978%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
2,000,000
2,000,138
Silver
Point
CLO
Ltd.
Series
2025-12A-A1
5.288%
(3-Month
Term
SOFR
+
131
basis
points),
10/15/2038
1,2,3
2,000,000
2,006,000
Series
2025-9A-A1
5.808%
(3-Month
Term
SOFR
+
152
basis
points),
3/31/2038
1,2,3
2,000,000
2,005,501
Sixth
Street
CLO
Ltd.
Series
2023-22A-D1R
6.520%
(3-Month
Term
SOFR
+
265
basis
points),
4/21/2038
1,2,3
1,000,000
1,006,595
Sound
Point
CLO
Ltd.
Series
2019-3A-DR
7.620%
(3-Month
Term
SOFR
+
376.2
basis
points),
10/25/2034
1,2,3
1,500,000
1,434,392
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.874%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,3
2,500,000
2,499,904
TCI-Symphony
CLO
Ltd.
Series
2016-1A-AR2
5.193%
(3-Month
Term
SOFR
+
128.2
basis
points),
10/13/2032
1,2,3
1,218,302
1,218,945
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.868%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,3
3,750,000
3,748,438
THL
Credit
Wind
River
CLO
Ltd.
Series
2019-3A-AR3
4.992%
(3-Month
Term
SOFR
+
120
basis
points),
1/15/2038
1,2,3
2,000,000
2,004,883
Toyota
Lease
Owner
Trust
Series
2025-A-A2A
4.580%
,
7/20/2027
1,2
2,855,525
2,864,660
Trestles
CLO
Ltd.
Series
2017-1A-A1RR
5.318%
(3-Month
Term
SOFR
+
146
basis
points),
7/25/2037
1,2,3
4,000,000
4,016,058
Series
2018-2A-A1R
5.428%
(3-Month
Term
SOFR
+
157
basis
points),
7/25/2037
1,2,3
3,000,000
3,014,659
Series
2023-6A-A1R
5.038%
(3-Month
Term
SOFR
+
118
basis
points),
4/25/2038
1,2,3
2,000,000
1,996,942
Trinitas
CLO
Ltd.
Series
2019-10A-AR2
4.948%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,3
2,000,000
2,000,033
Series
2021-15A-A1R
4.977%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,3
3,000,000
3,000,885
Series
2021-15A-B1R
5.507%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,3
1,000,000
1,001,829
Series
2022-21A-C1R
5.834%
(3-Month
Term
SOFR
+
195
basis
points),
4/20/2038
1,2,3
1,250,000
1,257,142
Series
2024-29A-A1
5.350%
(3-Month
Term
SOFR
+
149
basis
points),
7/23/2037
1,2,3
3,000,000
3,008,943
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.838%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,3
1,111,939
1,112,955
Verdelite
Static
CLO
Ltd.
Series
2024-1A-D
6.734%
(3-Month
Term
SOFR
+
285
basis
points),
7/20/2032
1,2,3
1,250,000
1,251,290
Voya
CLO
Ltd.
Series
2013-1A-CR
7.116%
(3-Month
Term
SOFR
+
321.2
basis
points),
10/15/2030
1,2,3
1,000,000
1,003,318
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
9
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2013-2A-CR
6.870%
(3-Month
Term
SOFR
+
301.2
basis
points),
4/25/2031
1,2,3
2,000,000
$
2,006,798
Series
2015-3A-A1R4
4.844%
(3-Month
Term
SOFR
+
96
basis
points),
10/20/2031
1,2,3
1,306,532
1,308,021
Series
2017-1A-C
7.473%
(3-Month
Term
SOFR
+
359.2
basis
points),
4/17/2030
1,2,3
1,250,000
1,254,147
Series
2020-3A-ARR
5.120%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,3
1,500,000
1,501,410
Series
2021-3A-A1R
5.155%
(3-Month
Term
SOFR
+
125
basis
points),
4/15/2038
1,2,3
3,000,000
3,002,143
Voya
Euro
CLO
DAC
Series
1A-B2R
5.150%
,
10/15/2037
1,2
2,000,000
2,356,450
Series
9X-B1
3.872%
(3-Month
EURIBOR
+
195
basis
points),
10/15/2038
1,3
1,875,000
2,209,251
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.245%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,3
1,000,000
1,002,981
Series
2023-4A-D1R
7.784%
(3-Month
Term
SOFR
+
390
basis
points),
4/20/2036
1,2,3
1,000,000
1,004,624
Series
2025-5A-B
5.954%
(3-Month
Term
SOFR
+
170
basis
points),
7/20/2038
1,2,3
1,000,000
1,005,535
Wind
River
CLO
Ltd.
Series
2021-4A-AR
5.100%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,3
4,000,000
4,001,010
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$312,654,627)
315,210,662
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
0.1%
FNMA
Series
2004-T5-AB4
,
4.273%
,
5/28/2035
1
559,763
553,998
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$541,300)
553,998
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.0%
BBCMS
Mortgage
Trust
Series
2019-BWAY-A
,
4.820%
(1-Month
Term
SOFR
+
107
basis
points),
11/15/2034
2,3
2,484,359
1,576,301
Series
2019-BWAY-D
,
2.714%
(1-Month
Term
SOFR
+
227.4
basis
points),
11/15/2034
2,3
2,000,000
26,229
BPR
Trust
Series
2021-WILL-B
,
6.865%
(1-Month
Term
SOFR
+
311.4
basis
points),
6/15/2038
2,3
1,000,000
997,086
BX
Trust
Series
2022-CLS-A
,
5.760%
,
10/13/2027
2
2,000,000
2,008,157
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
3,906,410
3,440,408
NYO
Commercial
Mortgage
Trust
Series
2021-1290-A
,
4.960%
(1-Month
Term
SOFR
+
120.9
basis
points),
11/15/2038
2,3
2,880,000
2,877,847
Worldwide
Plaza
Trust
Series
2017-WWP-F
,
3.596%
,
11/10/2036
2
1,575,000
8,111
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$15,380,301)
10,934,139
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
10
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CONVERTIBLE
BONDS
—0.1%
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.1%
XPLR
Infrastructure
LP
2.500%,
6/15/2026
2,6
1,245,000
$
1,224,831
TOTAL
CONVERTIBLE
BONDS
(Cost
$1,216,882)
1,224,831
CORPORATE
BONDS
—31.9%
AUTOMOBILES
—
0.6%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
1,125,000
1,106,231
General
Motors
Co.
6.800%,
10/1/2027
1
1,950,000
2,030,879
Hyundai
Capital
America
2.750%,
9/27/2026
1,2
2,446,000
2,422,138
Volkswagen
Group
of
America
Finance
LLC
5.400%,
3/20/2026
1,2
1,050,000
1,052,831
6,612,079
BEVERAGES
—
0.7%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
1/23/2029
1
1,650,000
1,683,532
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
1,500,000
1,331,549
Keurig
Dr.
Pepper,
Inc.
4.350%,
5/15/2028
1
2,310,000
2,317,681
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
1,510,000
1,494,096
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
850,000
827,967
7,654,825
BIOTECHNOLOGY
—
0.8%
AbbVie,
Inc.
4.250%,
11/14/2028
1
4,100,000
4,146,098
Amgen,
Inc.
2.200%,
2/21/2027
1
2,750,000
2,698,950
Amgen,
Inc.
5.150%,
3/2/2028
1
2,045,000
2,093,263
8,938,311
BROADLINE
RETAIL
—
0.2%
Amazon.com,
Inc.
3.900%,
11/20/2028
1
170,000
170,566
Amazon.com,
Inc.
4.100%,
11/20/2030
1
320,000
320,445
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
1,664,000
1,657,008
2,148,019
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
11
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BUILDING
PRODUCTS
—
0.4%
Advanced
Drainage
Systems,
Inc.
5.000%,
9/30/2027
1,2
1,600,000
$
1,603,626
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/1/2028
1,2
2,710,000
2,724,612
4,328,238
CAPITAL
MARKETS
—
0.3%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
1,500,000
1,503,914
Intercontinental
Exchange,
Inc.
2.100%,
6/15/2030
1
1,500,000
1,374,447
2,878,361
CHEMICALS
—
0.6%
HB
Fuller
Co.
4.250%,
10/15/2028
1
1,645,000
1,631,804
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
4,775,000
4,741,713
6,373,517
COMMERCIAL
SERVICES
&
SUPPLIES
—
1.2%
Clean
Harbors,
Inc.
5.125%,
7/15/2029
1,2
575,000
576,011
GFL
Environmental,
Inc.
4.000%,
8/1/2028
1,2
2,675,000
2,640,022
Veralto
Corp.
5.500%,
9/18/2026
1
4,775,000
4,816,991
Waste
Management,
Inc.
4.875%,
2/15/2029
1
4,296,000
4,408,199
12,441,223
CONSTRUCTION
&
ENGINEERING
—
0.4%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
3,745,000
3,725,980
CONSUMER
FINANCE
—
2.3%
American
Honda
Finance
Corp.
4.515%(Term
SOFR
+
71
basis
points),
1/9/2026
3
4,275,000
4,275,439
American
Honda
Finance
Corp.
4.336%(Term
SOFR
+
55
basis
points),
5/21/2026
3
1,000,000
1,001,205
Avolon
Holdings
Funding
Ltd.
5.150%,
1/15/2030
1,2
1,565,000
1,591,415
Caterpillar
Financial
Services
Corp.
4.233%(Term
SOFR
+
46
basis
points),
2/27/2026
3
1,810,000
1,811,157
Caterpillar
Financial
Services
Corp.
4.176%(Term
SOFR
+
38
basis
points),
1/7/2027
3
1,525,000
1,527,507
Caterpillar
Financial
Services
Corp.
4.309%(Term
SOFR
+
52
basis
points),
5/14/2027
3
1,475,000
1,481,903
Ford
Motor
Credit
Co.
LLC
2.900%,
2/10/2029
1
1,875,000
1,762,797
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
12
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CONSUMER
FINANCE
(Continued)
General
Motors
Financial
Co.,
Inc.
4.824%(Term
SOFR
+
104
basis
points),
2/26/2027
3
2,019,000
$
2,022,532
John
Deere
Capital
Corp.
4.109%(Term
SOFR
+
44
basis
points),
3/6/2026
3
4,265,000
4,267,483
Toyota
Motor
Credit
Corp.
4.254%(SOFR
Index
+
45
basis
points),
4/10/2026
3
1,450,000
1,451,140
Toyota
Motor
Credit
Corp.
4.667%(SOFR
Index
+
89
basis
points),
5/18/2026
3
930,000
932,374
Toyota
Motor
Credit
Corp.
4.562%(Term
SOFR
+
77
basis
points),
8/7/2026
3
1,650,000
1,655,560
23,780,512
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.4%
7-Eleven,
Inc.
0.950%,
2/10/2026
1,2
2,303,000
2,294,975
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
2,300,000
2,172,727
4,467,702
CONTAINERS
&
PACKAGING
—
0.5%
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
2,225,000
2,112,287
Silgan
Holdings,
Inc.
4.250%,
2/15/2031
1,7
2,825,000
3,369,750
5,482,037
DISTRIBUTORS
—
0.3%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
2,965,000
2,946,931
DIVERSIFIED
REITS
—
0.6%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
3,505,000
3,488,210
Simon
Property
Group
LP
3.250%,
11/30/2026
1
3,200,000
3,182,753
6,670,963
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.8%
AT&T,
Inc.
1.650%,
2/1/2028
1
4,125,000
3,933,127
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
2,860,000
2,884,115
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
2,025,000
2,010,164
8,827,406
ELECTRIC
UTILITIES
—
1.7%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
1,150,000
1,141,756
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
13
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
(Continued)
Duke
Energy
Corp.
3.150%,
8/15/2027
1
3,415,000
$
3,375,073
Eversource
Energy
5.450%,
3/1/2028
1
2,200,000
2,255,984
NextEra
Energy
Capital
Holdings,
Inc.
4.556%(SOFR
Index
+
76
basis
points),
1/29/2026
3
890,000
890,363
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
3,500,000
3,480,995
NRG
Energy,
Inc.
5.750%,
7/15/2029
1,2
1,100,000
1,100,115
Southern
Co.
(The)
5.113%,
8/1/2027
2,025,000
2,058,890
Vistra
Operations
Co.
LLC
4.375%,
5/1/2029
1,2
2,725,000
2,692,136
Vistra
Operations
Co.
LLC
4.300%,
7/15/2029
1,2
754,000
749,083
17,744,395
ELECTRICAL
EQUIPMENT
—
0.3%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
2,734,000
2,702,012
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
—
0.1%
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/1/2031
1
1,515,000
1,411,908
ENERGY
EQUIPMENT
&
SERVICES
—
0.3%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
4/1/2028
1,2
2,675,000
2,692,866
ENTERTAINMENT
—
0.4%
Netflix,
Inc.
4.875%,
4/15/2028
1
4,250,000
4,341,993
FINANCIAL
SERVICES
—
0.9%
Block,
Inc.
6.000%,
8/15/2033
1,2
1,336,000
1,372,298
Fiserv,
Inc.
3.200%,
7/1/2026
1
2,150,000
2,141,112
Mastercard,
Inc.
4.206%(SOFR
Index
+
44
basis
points),
3/15/2028
1,3
1,920,000
1,928,007
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
3,950,000
3,936,872
9,378,289
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
14
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FOOD
PRODUCTS
—
1.8%
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
2,060,000
$
1,821,424
General
Mills,
Inc.
4.200%,
4/17/2028
1
3,250,000
3,263,389
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
1,190,000
1,074,710
J.
M.
Smucker
Co.
(The)
5.900%,
11/15/2028
1
1,600,000
1,676,910
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
1,900,000
1,767,267
Mars,
Inc.
4.600%,
3/1/2028
1,2
5,130,000
5,201,442
Mondelez
International
Holdings
Netherlands
BV
1.250%,
9/24/2026
1,2
1,720,000
1,687,052
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
2,500,000
2,461,627
18,953,821
GROUND
TRANSPORTATION
—
0.6%
Ashtead
Capital,
Inc.
4.375%,
8/15/2027
1,2
2,000,000
1,999,659
Ashtead
Capital,
Inc.
4.000%,
5/1/2028
1,2
1,000,000
989,451
CSX
Corp.
3.800%,
3/1/2028
1
3,750,000
3,746,762
6,735,872
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.2%
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
700,000
672,497
Baxter
International,
Inc.
1.730%,
4/1/2031
1
2,500,000
2,141,924
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
1,725,000
1,718,508
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
4,085,000
4,208,712
Stryker
Corp.
4.850%,
12/8/2028
1
1,822,000
1,865,397
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
1,700,000
1,757,873
12,364,911
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.3%
CVS
Health
Corp.
4.300%,
3/25/2028
1
1,500,000
1,505,320
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
1,950,000
1,941,654
HCA,
Inc.
4.500%,
2/15/2027
1
2,075,000
2,079,820
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
15
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
(Continued)
HCA,
Inc.
4.125%,
6/15/2029
1
2,425,000
$
2,417,574
Icon
Investments
Six
DAC
5.809%,
5/8/2027
1
3,200,000
3,267,085
McKesson
Corp.
1.300%,
8/15/2026
1
2,915,000
2,869,259
14,080,712
HEALTH
CARE
TECHNOLOGY
—
0.1%
IQVIA,
Inc.
2.250%,
3/15/2029
1,7
1,000,000
1,142,218
HOTELS,
RESTAURANTS
&
LEISURE
—
1.2%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.375%,
1/15/2028
1,2
1,275,000
1,271,577
Boyd
Gaming
Corp.
4.750%,
6/15/2031
1,2
1,025,000
1,002,171
Brightstar
Lottery
plc
5.250%,
1/15/2029
1,2
1,325,000
1,326,655
Starbucks
Corp.
4.850%,
2/8/2027
1
1,575,000
1,589,569
Starbucks
Corp.
4.000%,
11/15/2028
1
2,925,000
2,922,610
VOC
Escrow
Ltd.
5.000%,
2/15/2028
1,2
1,309,000
1,309,565
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
2,800,000
2,773,556
12,195,703
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.7%
AES
Corp.
(The)
1.375%,
1/15/2026
1
2,685,000
2,681,937
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
1,277,000
1,244,238
Calpine
Corp.
4.500%,
2/15/2028
1,2
1,301,000
1,302,473
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
1,860,000
1,862,783
7,091,431
IT
SERVICES
—
0.4%
Gartner,
Inc.
4.500%,
7/1/2028
1,2
1,450,000
1,445,665
International
Business
Machines
Corp.
3.300%,
5/15/2026
1
3,295,000
3,289,660
4,735,325
MACHINERY
—
0.3%
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
1,061,000
1,036,848
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
16
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
MACHINERY
(Continued)
Parker-Hannifin
Corp.
4.250%,
9/15/2027
1
2,050,000
$
2,063,530
3,100,378
MEDIA
—
0.6%
Comcast
Corp.
5.350%,
11/15/2027
1
4,150,000
4,249,304
Fox
Corp.
4.709%,
1/25/2029
1
1,600,000
1,620,865
5,870,169
MULTI-UTILITIES
—
0.8%
CenterPoint
Energy,
Inc.
1.450%,
6/1/2026
1
3,000,000
2,968,294
DTE
Energy
Co.
4.950%,
7/1/2027
1
3,910,000
3,963,204
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
1,625,000
1,670,813
8,602,311
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.2%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
2,490,000
2,486,652
Enbridge,
Inc.
3.700%,
7/15/2027
1
2,700,000
2,687,741
Energy
Transfer
LP
4.950%,
5/15/2028
1
1,775,000
1,805,443
Energy
Transfer
LP
4.950%,
6/15/2028
1
1,775,000
1,804,749
Hess
Midstream
Operations
LP
5.125%,
6/15/2028
1,2
1,643,000
1,650,674
NGPL
PipeCo
LLC
4.875%,
8/15/2027
1,2
1,400,000
1,406,108
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
1,225,000
1,194,780
13,036,147
PASSENGER
AIRLINES
—
0.2%
Air
Canada
3.875%,
8/15/2026
1,2
2,465,000
2,454,657
PERSONAL
CARE
PRODUCTS
—
0.3%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
2,975,000
2,954,152
PHARMACEUTICALS
—
1.7%
Eli
Lilly
&
Co.
4.200%,
8/14/2029
1
1,850,000
1,870,446
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
17
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
PHARMACEUTICALS
(Continued)
Novartis
Capital
Corp.
4.100%,
11/5/2030
1
4,400,000
$
4,396,717
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.450%,
5/19/2028
1
4,075,000
4,129,556
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
3,925,000
3,726,647
Zoetis,
Inc.
4.150%,
8/17/2028
1
2,214,000
2,226,694
Zoetis,
Inc.
3.900%,
8/20/2028
1
1,385,000
1,384,604
17,734,664
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
1.2%
Applied
Materials,
Inc.
4.800%,
6/15/2029
1
2,175,000
2,229,593
Entegris,
Inc.
4.750%,
4/15/2029
1,2
3,765,000
3,776,961
Intel
Corp.
2.600%,
5/19/2026
1
4,100,000
4,076,285
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
1,441,000
1,483,849
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
1,253,000
1,230,549
12,797,237
SOFTWARE
—
1.5%
AppLovin
Corp.
5.125%,
12/1/2029
1
1,551,000
1,591,428
Fortinet,
Inc.
1.000%,
3/15/2026
1
2,779,000
2,760,725
Oracle
Corp.
2.300%,
3/25/2028
1
3,725,000
3,552,895
Oracle
Corp.
4.544%(Term
SOFR
+
76
basis
points),
8/3/2028
1,3
1,825,000
1,801,488
Salesforce,
Inc.
3.700%,
4/11/2028
1
2,175,000
2,175,886
VMware
LLC
1.400%,
8/15/2026
1
3,498,000
3,447,219
15,329,641
SPECIALIZED
REITS
—
1.2%
American
Tower
Corp.
3.375%,
10/15/2026
1
4,235,000
4,213,819
Crown
Castle,
Inc.
5.000%,
1/11/2028
1
4,750,000
4,827,337
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
500,000
500,425
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
18
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SPECIALIZED
REITS
(Continued)
SBA
Communications
Corp.
3.125%,
2/1/2029
1
2,660,000
$
2,546,684
12,088,265
SPECIALTY
RETAIL
—
0.4%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
4,605,000
4,556,226
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.5%
Dell
International
LLC
/
EMC
Corp.
5.250%,
2/1/2028
1
1,350,000
1,381,423
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
1,350,000
1,393,743
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
2,553,000
2,566,899
5,342,065
TRADING
COMPANIES
&
DISTRIBUTORS
—
0.2%
United
Rentals
North
America,
Inc.
4.000%,
7/15/2030
1
1,650,000
1,600,530
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.7%
Matterhorn
Telecom
SA
4.500%,
1/30/2030
1,7
750,000
905,266
Matterhorn
Telecom
SA
3.875%,
10/15/2030
1,7
1,525,000
1,790,490
T-Mobile
USA,
Inc.
4.750%,
2/1/2028
1
4,200,000
4,201,774
6,897,530
TOTAL
CORPORATE
BONDS
(Cost
$332,504,764)
335,211,532
EXCHANGE
TRADED
FUNDS
—0.8%
Palmer
Square
CLO
Senior
Debt
ETF
8
40,583
826,676
Palmer
Square
Credit
Opportunities
ETF
8
30,015
619,023
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
*,7,8
111,683
6,656,337
8,102,036
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$7,910,973)
8,102,036
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
2.5%
Bear
Stearns
ARM
Trust
Series
2004-3-1A3
,
4.829%
,
7/25/2034
1
43,528
40,923
COLT
Mortgage
Loan
Trust
Series
2021-4-A1
,
1.397%
,
10/25/2066
1,2
4,383,721
3,766,935
Series
2022-1-A1
,
2.284%
,
12/27/2066
1,2
4,212,177
3,820,797
Ellington
Financial
Mortgage
Trust
Series
2021-2-A1
,
0.931%
,
6/25/2066
1,2
3,617,242
3,086,060
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
19
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
Series
2021-3-A1
,
1.241%
,
9/25/2066
1,2
3,746,611
$
3,170,193
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2
2,777,023
2,507,437
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
5.324%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,3
1,835,000
1,834,684
Mellon
Residential
Funding
Corp.
Series
1999-TBC3-A2
,
4.762%
,
10/20/2029
1
13,790
13,482
OBX
Trust
Series
2020-INV1-A11
,
4.746%
(1-Month
Term
SOFR
+
101.4
basis
points,
6.00%
Cap),
12/25/2049
1,2,3
996,709
946,955
PMT
Loan
Trust
Series
2025-J5-A26
,
5.374%
(30-Day
Term
SOFR
Average
+
140
basis
points,
6.50%
Cap),
1/25/2057
1,2,3
685,000
684,386
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2
2,736,548
2,433,800
Series
2025-12-A26F
,
5.424%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,3
3,047,730
3,053,222
Verus
Securitization
Trust
Series
2021-5-A1
,
1.013%
,
9/25/2066
1,2
1,258,988
1,100,840
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$27,881,025)
26,459,714
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—4.0%
United
States
Treasury
Notes
—
4.0%
U.S.
Treasury
Notes
4.332%,
1/31/2028
22,950,000
22,957,620
U.S.
Treasury
Notes
4.342%,
1/31/2029
19,075,000
19,321,634
42,279,254
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$41,414,848)
42,279,254
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
14.1%
Money
Market
Funds
—
0.3%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.66%
9
2,583,557
2,583,557
Principal
Amount
United
States
Treasury
Bills
—
13.8%
U.S.
Treasury
Bills,
2.960%,
1/13/2026
10
1,000,000
998,931
U.S.
Treasury
Bills,
3.180%,
1/20/2026
10
10,000,000
9,982,354
U.S.
Treasury
Bills,
3.270%,
1/27/2026
10
10,000,000
9,975,525
U.S.
Treasury
Bills,
3.310%,
2/3/2026
10
10,000,000
9,968,877
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
20
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
SHORT-TERM
INVESTMENTS
(Continued)
United
States
Treasury
Bills
(Continued)
U.S.
Treasury
Bills,
3.370%,
2/10/2026
10
20,000,000
$
19,923,465
U.S.
Treasury
Bills,
3.390%,
2/17/2026
10
15,000,000
14,932,442
U.S.
Treasury
Bills,
3.410%,
2/24/2026
10
20,000,000
19,896,261
U.S.
Treasury
Bills,
3.430%,
3/5/2026
10
15,000,000
14,909,012
U.S.
Treasury
Bills,
3.390%,
3/10/2026
10
20,000,000
19,870,816
U.S.
Treasury
Bills,
3.460%,
3/12/2026
10
15,000,000
14,898,211
U.S.
Treasury
Bills,
3.410%,
3/17/2026
10
10,000,000
9,928,433
145,284,327
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$147,822,964)
147,867,884
TOTAL
INVESTMENTS
—
98.7%
(Cost
$1,036,115,892)
1,036,988,384
Other
Assets
in
Excess
of
Liabilities
—
1.3%
14,724,231
TOTAL
NET
ASSETS
—
100.0%
$
1,051,712,615
EUR
–
Euro
ETF
–
Exchange-Traded
Fund
UCITS
–
Undertakings
for
Collective
Investment
in
Transferable
Securities
*
Non-income
producing
security.
1
Callable.
2
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$454,784,283
which
represents
43.24%
of
total
net
assets
of
the
Fund.
3
Floating
rate
security.
4
Bank
loans
generally
pay
interest
at
rates
which
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
All
loans
carry
a
variable
rate
of
interest.
These
base
lending
rates
are
generally
(i)
the
Prime
Rate
offered
by
one
or
more
major
United
States
banks,
(ii)
the
lending
rate
offered
by
one
or
more
European
banks
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
(iii)
the
Certificate
of
Deposit
rate,
or
(iv)
Secured
Overnight
Financing
Rate
("SOFR").
Bank
Loans,
while
exempt
from
registration,
under
the
Securities
Act
of
1933,
contain
certain
restrictions
on
resale
and
cannot
be
sold
publicly.
Floating
rate
bank
loans
often
require
prepayments
from
excess
cash
flow
or
permit
the
borrower
to
repay
at
its
election.
The
degree
to
which
borrowers
repay,
whether
as
a
contractual
requirement
or
at
their
election,
cannot
be
predicted
with
accuracy.
5
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
6
Convertible
security.
7
Foreign
security
denominated
in
U.S.
Dollars.
8
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.
9
The
rate
is
the
annualized
seven-day
yield
at
period
end.
10
The
rate
shown
represents
the
yield
at
period
end.
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
21
See
accompanying
Notes
to
Financial
Statements.
FUTURES
CONTRACTS
Number
of
Contracts
Long
(Short)
Description
Expiration
Date
Notional
Value
Value/Unrealized
Appreciation
(Depreciation)
(75)
U.S.
Treasury
10
Year
Notes
March
2026
$
(8,432,813
)
$
56,020
TOTAL
FUTURES
CONTRACTS
$
(8,432,813)
$
56,020
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
Purchase
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Purchased
Value
At
Settletment
Date
Value
At
December
31,
2025
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
2/6/2026
$
301,248
$
301,248
$
303,003
$
1,755
301,248
303,003
1,755
Sale
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Sold
Value
At
Settletment
Date
Value
At
December
31,
2025
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
2/17/2026
(1,500,000)
(1,766,394)
(1,603,895)
(162,499)
Euro
JP
Morgan
EUR
per
USD
3/27/2026
(1,500,000)
(1,769,553)
(1,651,731)
(117,822)
Euro
JP
Morgan
EUR
per
USD
4/22/2026
(1,500,000)
(1,771,634)
(1,734,051)
(37,583)
Euro
JP
Morgan
EUR
per
USD
7/23/2026
(4,250,000)
(5,038,918)
(5,112,657)
73,739
Euro
JP
Morgan
EUR
per
USD
3/19/2027
(1,875,000)
(2,241,354)
(2,269,886)
28,532
Euro
JP
Morgan
EUR
per
USD
1/14/2026
(16,400,000)
(19,281,583)
(19,122,412)
(159,171)
Euro
JP
Morgan
EUR
per
USD
2/6/2026
(5,838,750)
(6,872,383)
(6,770,982)
(101,401)
Euro
JP
Morgan
EUR
per
USD
2/27/2026
(2,000,000)
(2,356,220)
(2,333,198)
(23,022)
Euro
JP
Morgan
EUR
per
USD
3/3/2026
(2,250,000)
(2,651,210)
(2,633,051)
(18,159)
Euro
JP
Morgan
EUR
per
USD
3/23/2026
(4,655,000)
(5,490,421)
(5,491,713)
1,292
(49,239,670)
(48,723,576)
(516,094)
TOTAL
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
$
(48,938,422)
$
(48,420,573)
$
(514,339)
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
As
of
December
31,
2025
(Unaudited)
22
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
8.8%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
140,000
$
140,150
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
501,963
505,191
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
120,000
120,266
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-2-A3
,
3.660%
,
5/17/2027
1
61,668
61,648
Chase
Auto
Owner
Trust
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
190,000
190,137
Citizens
Auto
Receivables
Trust
Series
2024-1-A3
,
5.110%
,
4/17/2028
1,2
237,185
238,511
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
464,237
469,334
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
26,441
26,497
GM
Financial
Automobile
Leasing
Trust
Series
2024-3-A2A
,
4.290%
,
1/20/2027
1
55,730
55,759
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
68,807
69,018
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
85,000
85,204
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
36,846
36,926
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
115,000
115,308
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
273,732
275,682
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
96,255
96,454
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
94,271
94,638
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
75,000
75,248
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
37,426
37,520
Series
2024-A-A2A
,
5.190%
,
2/16/2027
1
564
564
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
260,000
262,347
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
59,976
60,094
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
502,036
505,925
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
65,000
65,356
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
299,650
301,628
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
86,749
86,966
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
86,052
86,376
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
56,137
56,262
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
300,000
304,919
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
23
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
74,177
$
74,364
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$4,488,642)
4,498,292
BANK
LOANS
—
1.9%
Hilton
Domestic
Operating
Co.,
Inc.,
First
Lien,
Term
Loan,
B4
5.482%
(1-Month
Term
SOFR
+
175
basis
points),
11/8/2030
1,3,4
250,000
251,879
KFC
Holding
Co.,
First
Lien,
2021
Term
Loan,
B
5.599%
(1-Month
Term
SOFR
+
175
basis
points),
3/15/2028
3,4
244,246
245,542
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B8
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
241,827
242,674
Vistra
Operations
Co.
LLC,
First
Lien,
2018
Incremental
Term
Loan
5.466%
(1-Month
Term
SOFR
+
175
basis
points),
12/20/2030
3,4
230,425
231,866
TOTAL
BANK
LOANS
(Cost
$957,419)
971,961
COLLATERALIZED
LOAN
OBLIGATIONS
—
47.3%
Apidos
CLO
Ltd.
Series
2015-23A-ARR
4.955%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2033
1,2,4
897,305
898,191
Ares
CLO
Ltd.
Series
2021-60A-AR
5.064%
(3-Month
Term
SOFR
+
118
basis
points),
7/18/2034
1,2,4
1,000,000
1,000,306
Battalion
CLO
Ltd.
Series
2015-9A-ARR
4.865%
(3-Month
Term
SOFR
+
96
basis
points),
7/15/2031
1,2,4
858,865
859,841
BlueMountain
Fuji
US
CLO
Ltd.
Series
2017-2A-A1AR
5.146%
(3-Month
Term
SOFR
+
126.2
basis
points),
10/20/2030
1,2,4
90,658
90,769
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.904%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,4
1,398,044
1,399,408
CIFC
Funding
Ltd.
Series
2013-3RA-A1R
4.865%
(3-Month
Term
SOFR
+
100
basis
points),
4/24/2031
1,2,4
1,072,046
1,071,778
Dryden
CLO
Ltd.
Series
2018-61A-A1R2
4.962%
(3-Month
Term
SOFR
+
108
basis
points),
1/17/2032
1,2,4
645,611
646,257
Series
2019-72A-ARR
4.952%
(3-Month
Term
SOFR
+
110
basis
points),
5/15/2032
1,2,4
609,251
609,921
Series
2019-75A-AR3
4.913%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
999,863
Series
2019-80A-BRR
5.382%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,4
1,000,000
1,002,785
Dryden
Senior
Loan
Fund
Series
2013-26A-BR
5.616%
(3-Month
Term
SOFR
+
171.2
basis
points),
4/15/2029
1,2,4
1,000,000
1,002,702
Series
2015-41A-AR
5.136%
(3-Month
Term
SOFR
+
123.2
basis
points),
4/15/2031
1,2,4
40,519
40,569
Series
2016-43A-AR3
4.954%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,4
1,000,000
999,962
Series
2016-45A-A1RR
4.985%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
584,630
585,328
Elevation
CLO
Ltd.
Series
2018-10A-AR
4.804%
(3-Month
Term
SOFR
+
92
basis
points),
10/20/2031
1,2,4
123,643
123,793
Elmwood
CLO
Ltd.
Series
2021-3A-AR2
5.184%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
500,000
501,617
Empower
CLO
Ltd.
Series
2023-2A-AR
5.225%
(3-Month
Term
SOFR
+
132
basis
points),
10/15/2038
1,2,4
1,000,000
1,003,078
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
24
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
John
Deere
Owner
Trust
Series
2025-B-A2A
4.280%
,
7/17/2028
1
120,000
$
120,455
LCM
LP
Series
18A-BR
5.746%
(3-Month
Term
SOFR
+
186.2
basis
points),
4/20/2031
1,2,4
928,199
930,124
Madison
Park
Funding
Ltd.
Series
2014-14A-BR4
5.357%
(3-Month
Term
SOFR
+
150
basis
points),
10/22/2030
1,2,4
1,000,000
1,002,109
Octagon
Investment
Partners
Ltd.
Series
2019-1A-AR2
5.055%
(3-Month
Term
SOFR
+
115
basis
points),
10/15/2034
1,2,4
1,000,000
1,000,250
Octagon
Ltd.
Series
2021-1A-AR
4.962%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,4
1,500,000
1,499,807
OZLM
Ltd.
Series
2014-6A-B1T
5.882%
(3-Month
Term
SOFR
+
200
basis
points),
4/17/2031
1,2,4
1,000,000
1,004,540
Series
2017-17A-A2AR
5.384%
(3-Month
Term
SOFR
+
150
basis
points),
7/20/2030
1,2,4
725,739
726,109
Rockford
Tower
CLO
Ltd.
Series
2018-1A-A
5.251%
(3-Month
Term
SOFR
+
136.2
basis
points),
5/20/2031
1,2,4
172,138
172,226
Symphony
CLO
Ltd.
Series
2019-21A-AR2
4.805%
(3-Month
Term
SOFR
+
90
basis
points),
7/15/2032
1,2,4
385,582
385,861
Series
2021-25A-AR
4.874%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,4
1,000,000
999,962
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.868%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,4
1,000,000
999,583
Trinitas
CLO
Ltd.
Series
2021-15A-A1R
4.977%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,4
1,000,000
1,000,295
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.838%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,4
555,970
556,478
Voya
CLO
Ltd.
Series
2013-2A-A1R
5.090%
(3-Month
Term
SOFR
+
123.2
basis
points),
4/25/2031
1,2,4
60,978
61,053
Series
2020-3A-ARR
5.120%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,4
1,000,000
1,000,941
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$24,246,782)
24,295,961
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.2%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
711,982
627,049
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$714,052)
627,049
CORPORATE
BONDS
—18.0%
AUTOMOBILES
—
0.5%
BMW
US
Capital
LLC
2.800%,
4/11/2026
1,2
250,000
249,191
BIOTECHNOLOGY
—
1.0%
Amgen,
Inc.
2.200%,
2/21/2027
1
250,000
245,359
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
25
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BIOTECHNOLOGY
(Continued)
Gilead
Sciences,
Inc.
3.650%,
3/1/2026
1
250,000
$
249,905
495,264
BROADLINE
RETAIL
—
0.4%
eBay,
Inc.
1.400%,
5/10/2026
1
250,000
247,698
CAPITAL
MARKETS
—
0.4%
S&P
Global,
Inc.
2.450%,
3/1/2027
1
250,000
246,122
CHEMICALS
—
0.9%
PPG
Industries,
Inc.
1.200%,
3/15/2026
1
250,000
248,575
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
200,000
198,606
447,181
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.3%
Veralto
Corp.
5.500%,
9/18/2026
1
140,000
141,231
CONSUMER
FINANCE
—
2.2%
American
Honda
Finance
Corp.
4.515%(Term
SOFR
+
71
basis
points),
1/9/2026
4
275,000
275,028
American
Honda
Finance
Corp.
4.713%(Term
SOFR
+
92
basis
points),
1/12/2026
4
150,000
150,030
Caterpillar
Financial
Services
Corp.
0.900%,
3/2/2026
1
200,000
199,030
John
Deere
Capital
Corp.
4.109%(Term
SOFR
+
44
basis
points),
3/6/2026
4
75,000
75,044
John
Deere
Capital
Corp.
4.459%(Term
SOFR
+
79
basis
points),
6/8/2026
4
340,000
340,922
Toyota
Motor
Credit
Corp.
4.667%(SOFR
Index
+
89
basis
points),
5/18/2026
4
90,000
90,230
1,130,284
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.9%
7-Eleven,
Inc.
0.950%,
2/10/2026
1,2
200,000
199,303
Kroger
Co.
(The)
3.500%,
2/1/2026
1
250,000
249,838
449,141
DIVERSIFIED
REITS
—
0.8%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
250,000
248,802
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
26
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
DIVERSIFIED
REITS
(Continued)
Simon
Property
Group
LP
3.250%,
11/30/2026
1
175,000
$
174,057
422,859
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.4%
AT&T,
Inc.
1.700%,
3/25/2026
1
200,000
199,005
ELECTRIC
UTILITIES
—
0.8%
Duke
Energy
Corp.
2.650%,
9/1/2026
1
150,000
148,763
NextEra
Energy
Capital
Holdings,
Inc.
4.556%(SOFR
Index
+
76
basis
points),
1/29/2026
4
60,000
60,024
Southern
Co.
(The)
5.113%,
8/1/2027
200,000
203,348
412,135
ENTERTAINMENT
—
0.4%
TWDC
Enterprises
18
Corp.
1.850%,
7/30/2026
1
200,000
197,833
FINANCIAL
SERVICES
—
1.0%
Fidelity
National
Information
Services,
Inc.
1.150%,
3/1/2026
1
150,000
149,283
Fiserv,
Inc.
3.200%,
7/1/2026
1
250,000
248,966
Mastercard,
Inc.
4.206%(SOFR
Index
+
44
basis
points),
3/15/2028
1,4
95,000
95,396
493,645
FOOD
PRODUCTS
—
0.4%
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
200,000
196,930
GROUND
TRANSPORTATION
—
0.5%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
250,000
245,187
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0.4%
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
200,000
199,144
IT
SERVICES
—
0.3%
International
Business
Machines
Corp.
3.300%,
5/15/2026
1
175,000
174,716
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
27
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
LIFE
SCIENCES
TOOLS
&
SERVICES
—
0.4%
Thermo
Fisher
Scientific,
Inc.
4.953%,
8/10/2026
1
200,000
$
201,174
MEDIA
—
0.4%
Comcast
Corp.
3.150%,
3/1/2026
1
200,000
199,935
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.4
%
Enbridge,
Inc.
3.700%,
7/15/2027
1
250,000
248,865
MPLX
LP
1.750%,
3/1/2026
1
200,000
199,225
Sabine
Pass
Liquefaction
LLC
5.875%,
6/30/2026
1
34,000
34,049
Williams
Cos.,
Inc.
(The)
3.750%,
6/15/2027
1
250,000
249,145
731,284
PERSONAL
CARE
PRODUCTS
—
0.5%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
250,000
248,248
PHARMACEUTICALS
—
0.3%
Astrazeneca
Finance
LLC
1.200%,
5/28/2026
1
150,000
148,490
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.5%
Advanced
Micro
Devices,
Inc.
4.212%,
9/24/2026
1
275,000
276,014
SOFTWARE
—
1.3
%
Oracle
Corp.
2.650%,
7/15/2026
1
250,000
247,997
VMware
LLC
1.400%,
8/15/2026
1
250,000
246,371
Workday,
Inc.
3.500%,
4/1/2027
1
200,000
198,910
693,278
SPECIALIZED
REITS
—
0.5%
American
Tower
Corp.
3.375%,
10/15/2026
1
250,000
248,750
SPECIALTY
RETAIL
—
0.6%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
300,000
296,823
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
28
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.5%
T-Mobile
USA,
Inc.
2.250%,
2/15/2026
1
250,000
$
249,438
TOTAL
CORPORATE
BONDS
(Cost
$9,209,320)
9,241,000
EXCHANGE
TRADED
FUNDS
—0.8%
Palmer
Square
CLO
Senior
Debt
ETF
5
21,195
431,742
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$429,805)
431,742
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
22.3%
Money
Market
Funds
—
1.5%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.66%
6
758,925
758,925
Principal
Amount
United
States
Treasury
Bills
—
20.8%
U.S.
Treasury
Bills,
2.300%,
1/6/2026
7
2,000,000
1,999,233
U.S.
Treasury
Bills,
3.180%,
1/20/2026
7
1,500,000
1,497,353
U.S.
Treasury
Bills,
3.310%,
2/3/2026
7
2,500,000
2,492,219
U.S.
Treasury
Bills,
3.390%,
2/17/2026
7
1,250,000
1,244,370
U.S.
Treasury
Bills,
3.430%,
3/5/2026
7
1,250,000
1,242,418
U.S.
Treasury
Bills,
3.390%,
3/10/2026
7
1,750,000
1,738,696
U.S.
Treasury
Bills,
3.410%,
3/17/2026
7
500,000
496,422
10,710,711
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$11,467,963)
11,469,636
TOTAL
INVESTMENTS
—
100.3%
(Cost
$51,513,983)
51,535,641
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
(147,311)
TOTAL
NET
ASSETS
—
100.0%
$
51,388,330
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
$27,884,673
which
represents
54.26%
of
total
net
assets
of
the
Fund.
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
29
See
accompanying
Notes
to
Financial
Statements.
3
Bank
loans
generally
pay
interest
at
rates
which
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
All
loans
carry
a
variable
rate
of
interest.
These
base
lending
rates
are
generally
(i)
the
Prime
Rate
offered
by
one
or
more
major
United
States
banks,
(ii)
the
lending
rate
offered
by
one
or
more
European
banks
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
(iii)
the
Certificate
of
Deposit
rate,
or
(iv)
Secured
Overnight
Financing
Rate
("SOFR").
Bank
Loans,
while
exempt
from
registration,
under
the
Securities
Act
of
1933,
contain
certain
restrictions
on
resale
and
cannot
be
sold
publicly.
Floating
rate
bank
loans
often
require
prepayments
from
excess
cash
flow
or
permit
the
borrower
to
repay
at
its
election.
The
degree
to
which
borrowers
repay,
whether
as
a
contractual
requirement
or
at
their
election,
cannot
be
predicted
with
accuracy.
4
Floating
rate
security.
5
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
6
The
rate
is
the
annualized
seven-day
yield
at
period
end.
7
The
rate
shown
represents
the
yield
at
period
end.
Palmer
Square
Funds
Trust
STATEMENTS
OF
ASSETS
AND
LIABILITIES
As
of
December
31,
2025
(Unaudited)
30
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
Income
Plus
Fund
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
Assets:
Investments
in
unaffiliated
issuers,
at
value*
$
1,028,886,348
$
51,103,899
Investments
in
affiliated
issuers,
at
value*
8,102,036
431,742
Cash
1,715,427
—
Cash
held
at
broker
for
futures
contracts
2,127,623
35,147
Cash
held
by
broker
for
securities
sold
short
and
swap
contracts
9,740,571
148,502
Receivables:
Investment
securities
sold
1,305,898
713,598
Fund
shares
sold
709,390
58,760
Interest
8,232,058
330,753
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
105,318
—
Prepaid
expenses
46,668
15,715
Total
assets
1,060,971,337
52,838,116
Liabilities:
Foreign
currency
due
to
custodian,
at
value
(proceeds
$–
and
$6,516,643
)
6,522,583
—
Payables:
Due
to
Custodian
—
122,122
Investment
securities
purchased
747,794
—
Fund
shares
redeemed
242,102
1,255,601
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
619,657
—
Advisory
fees
438,641
10,865
Shareholder
servicing
fees
(Note
6)
303,301
6,587
Fund
administration
and
accounting
fees
183,890
25,649
Transfer
agent
fees
and
expenses
18,352
5,122
Custody
fees
16,031
913
Auditing
fees
17,217
13,141
Trustees'
fees
and
expenses
4,775
2,532
Commitment
fees
payable
(Note
12)
80,690
619
Chief
Compliance
Officer
fees
2,293
4,168
Accrued
other
expenses
61,396
2,467
Total
Liabilities
9,258,722
1,449,786
Commitments
and
contingencies
(Note
3)
—
—
Net
Assets
$
1,051,712,615
$
51,388,330
Net
Assets
Consists
of:
Paid-in
capital
(par
value
of
$0.01
per
share
with
an
unlimited
number
of
shares
authorized)
$
1,060,684,733
$
51,350,726
Total
accumulated
earnings
(deficit)
(
8,972,118
)
37,604
Net
Assets
$
1,051,712,615
$
51,388,330
Class
I
Shares
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
1,018,495,869
$
51,388,330
Shares
outstanding
(unlimited
number
of
shares
authorized,
par
value
of
$0.01
per
share)
100,810,464
2,584,602
Net
assets
value
per
share
$
10.10
$
19.88
Class
T
Shares
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
33,216,746
$
—
Shares
outstanding
(unlimited
number
of
shares
authorized,
par
value
of
$0.01
per
share)
3,286,461
—
Net
assets
value
per
share
$
10.11
$
—
*Identified
Cost
Investments
in
unaffiliated
issuers,
at
cost
$
1,028,204,919
$
51,084,178
Investments
in
affiliated
issuers,
at
cost
$
7,910,973
$
429,805
Palmer
Square
Funds
Trust
STATEMENTS
OF
OPERATIONS
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
31
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
Income
Plus
Fund
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
Investment
Income
Interest
income
from
unaffiliated
investments
$
27,893,155
$
1,563,142
Dividends
from
affiliated
investments
28,235
10,265
Total
investment
income
27,921,390
1,573,407
Expenses:
Advisory
fees
(see
note
3)
2,636,812
83,674
Shareholder
servicing
fees
(Note
6
)
531,824
27,431
Fund
administration
and
accounting
fees
348,028
50,501
Transfer
agent
fees
and
expenses
40,737
9,553
Custody
fees
24,227
3,962
Registration
Fees
40,572
23,224
Auditing
fees
17,140
13,097
Trustees'
fees
and
expenses
19,675
10,204
Shareholder
reporting
fees
19,066
4,883
Legal
fees
12,695
8,354
Miscellaneous
5,801
1,577
Chief
Compliance
Officer
fees
5,598
5,523
Insurance
fees
6,527
5,252
Commitment
fees
(Note
12)
82,100
85
Total
Expenses
3,790,802
247,320
Advisory
fees
(waived)
recovered
(Note
3)
—
(79,961
)
Affiliated
fund
fees
waived
(Note
3)
(7,682
)
(384
)
Net
Expenses
3,783,120
166,975
Net
Investment
Income
24,138,270
1,406,432
Realized
Gain
(Loss)
and
Unrealized
Appreciation
(Depreciation)
:
1,458,322
43,244
Net
realized
gain
on:
1,369,415
37,116
Unaffiliated
investments
1,930,937
36,466
Affiliated
Investments
13,010
651
Futures
contracts
(121,196
)
—
Forward
contracts
27,224
—
Swap
contracts
25,029
—
Foreign
currency
transactions
(505,589
)
—
Net
realized
gain
on
investments
1,369,415
37,117
Net
change
in
unrealized
appreciation
(depreciation)
on:
88,907
6,128
Unaffiliated
investments
(1,046,141
)
4,537
Affiliated
investments
193,432
1,591
Futures
contracts
109,457
—
Securities
sold
short
(3,645
)
—
Forward
contracts
844,790
—
Foreign
currency
transactions
(8,986
)
—
Net
change
in
unrealized
appreciation
of
investments
88,907
6,128
Net
realized
and
unrealized
gain
on
investments
1,458,322
43,245
Net
increase
in
net
assets
resulting
from
operations
$
25,596,592
$
1,449,677
Palmer
Square
Funds
Trust
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
32
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
Income
Plus
Fund
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
Increase
(Decrease)
in
Net
Assets
from
:
Operations
Net
investment
income
$
24,138,270
$
52,765,800
$
1,406,432
$
2,955,820
Net
realized
gain
on
investments
1,369,415
1,417,983
37,117
88,246
Net
change
in
unrealized
appreciation
on
investments
88,907
4,270,818
6,128
21,006
Net
increase
in
net
assets
resulting
from
operations
25,596,592
58,454,601
1,449,677
3,065,072
Distributions
to
Shareholders:
Distributions
Class
I
(24,261,980)
(1,582,328)
(1,463,465)
(2,884,022)
Class
T
(774,852)
(46,293,729)
—
—
Return
of
Capital
Class
I
—
(20,642)
—
—
Class
T
—
(681,922)
—
—
Total
distributions
to
shareholders
(25,036,832)
(48,578,621)
(1,463,465)
(2,884,022)
Capital
Transactions
1
Net
proceeds
from
shares
sold
Class
I
160,337,416
4,306,994
17,894,710
60,552,062
Class
T
4,237,160
369,827,314
—
—
Reinvestment
of
distributions
Class
I
21,587,249
8,684
1,186,776
2,304,800
Class
T
6,397
41,480,782
—
—
Cost
of shares
redeemed
Class
I
(192,501,716)
(8,055,373)
(37,255,127)
(79,588,867)
Class
T
(1,029,955)
(265,910,554)
—
—
Net
increase
(decrease)
in
net
assets
from
capital
transactions
(7,363,449)
141,657,847
(18,173,641)
(16,732,005)
Total
increase
(decrease)
in
net
assets
(6,803,689)
151,533,827
(18,187,429)
(16,550,955)
Net
Assets:
Beginning
of
period
1,058,516,304
906,982,477
69,575,759
86,126,714
End
of
period
$
1,051,712,615
$
1,058,516,304
$
51,388,330
$
69,575,759
Capital
Share
Transactions:
Shares
sold
Class
I
15,788,589
425,663
895,593
3,022,401
Class
T
415,119
36,630,211
—
—
Shares
reinvested
Class
I
2,138,384
863
59,657
115,926
Class
T
633
4,124,761
—
—
Shares
redeemed
Class
I
(18,978,216)
(796,714)
(1,859,813)
(3,981,136)
Class
T
(101,433)
(26,324,401)
—
—
Net
increase
(decrease)
in
capital
share
transactions
(736,924)
14,060,383
(904,563)
(842,809)
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
Income
Plus
Fund
FINANCIAL
HIGHLIGHTS
33
See
accompanying
Notes
to
Financial
Statements.
Class
I
Per
share
operating
performance.
For
a
capital
share
outstanding
throughout
each
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
10.10
$
9.99
$
9.74
$
9.67
$
10.06
$
9.75
Income
from
Investment
Operations:
Net
investment
income
1,2
0.23
0.54
0.60
0.45
0.14
0.16
Net
realized
and
unrealized
gain
(loss)
(0.11)
0.07
0.24
0.08
(0.40)
0.30
Total
from
investment
operations
0.12
0.61
0.84
0.53
(0.26)
0.46
Less
Distributions:
From
net
investment
income
(0.12)
(0.49)
(0.59)
(0.46)
(0.13)
(0.15)
Distributions
from
Net
Realized
Gain
—
(0.01)
—
—
—
3
—
Total
Distributions
(0.12)
(0.50)
(0.59)
(0.46)
(0.13)
(0.15)
Net
asset
value,
end
of
period
$
10.10
$
10.10
$
9.99
$
9.74
$
9.67
$
10.06
Total
return
4
2.36%
5
6.17%
8.78%
5.64%
(2.63)%
4.75%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
1,018,496
$
1,028,514
$
873,594
$
812,171
$
1,025,285
$
856,244
Ratio
of
expenses
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
6,7
0.71%
8
0.74%
0.74%
0.88%
0.75%
0.90%
After
fees
waived
and
expenses
absorbed
/
recovered
6,7
0.70%
8
0.74%
0.74%
0.88%
0.75%
0.94%
Ratio
of
net
investment
income
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
2
4.40%
8
5.34%
6.04%
4.68%
1.39%
1.64%
After
fees
waived
and
expenses
absorbed
/
recovered
2
4.40%
8
5.34%
6.04%
4.68%
1.39%
1.60%
Portfolio
Turnover
Rate
43%
5
97%
109%
115%
111%
167%
1
Based
on
average
shares
outstanding
for
the
period.
2
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
the
declaration
of
dividends
by
the
underlying
investment
companies
in
which
the
Fund
invests.
The
ratio
does
not
include
net
investment
income
of
the
investment
companies
in
which
the
Fund
invests.
3
Amount
represents
less
than
$0.01
per
share.
4
Total
returns
would
have
been
higher/lower
had
expenses
not
been
recovered/waived
and
absorbed
by
the
Advisor.
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
5
Not
annualized.
6
If
commitment
fees
and
interest
on
securities
sold
short
had
been
excluded,
the
expense
ratios
would
have
been
lowered
by
0.00%,
0.00%,
0.02%,
0.03%,
and
0.01%
for
the
fiscal
years
ended
June
30,
2025,
2024,
2023,
2022,
and
2021,
respectively.
7
Does
not
include
expenses
of
the
investment
companies
in
which
the
Fund
invests.
8
Annualized
for
periods
less
than
one
year.
Palmer
Square
Funds
Trust
Palmer
Square
Income
Plus
Fund
FINANCIAL
HIGHLIGHTS
-
Continued
34
See
accompanying
Notes
to
Financial
Statements.
Class
T
Per
share
operating
performance.
For
a
capital
share
outstanding
throughout
each
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
For
the
period
February
29,
2024
*
through
June
30,
2024
Net
asset
value,
beginning
of
period
$
10.10
$
10.00
$
10.05
Income
from
Investment
Operations:
Net
investment
income
1,2
0.36
0.55
0.21
Net
realized
and
unrealized
gain
(loss)
(0.23)
0.05
0.02
Total
from
investment
operations
0.13
0.60
0.23
Less
Distributions:
From
net
investment
income
(0.12)
(0.49)
(0.28)
Distributions
from
Net
Realized
Gain
—
(0.01)
—
Total
Distributions
(0.12)
(0.50)
(0.28)
Net
asset
value,
end
of
period
$
10.11
$
10.10
$
10.00
Total
return
3
2.51%
4
6.17%
2.34%
4
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
33,217
$
30,003
$
33,388
Ratio
of
expenses
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.61%
7
0.64%
0.62%
7
After
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.61%
7
0.64%
0.62%
7
Ratio
of
net
investment
income
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
2
6.94%
7
5.44%
6.27%
7
After
fees
waived
and
expenses
absorbed
/
recovered
2
6.94%
7
5.44%
6.27%
7
Portfolio
Turnover
Rate
43%
4
97%
109%
4
*
Date
of
commencement
of
operations.
1
Based
on
average
shares
outstanding
for
the
period.
2
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
the
declaration
of
dividends
by
the
underlying
investment
companies
in
which
the
Fund
invests.
The
ratio
does
not
include
net
investment
income
of
the
investment
companies
in
which
the
Fund
invests.
3
Total
returns
would
have
been
higher/lower
had
expenses
not
been
recovered/waived
and
absorbed
by
the
Advisor.
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
4
Not
annualized.
5
If
commitment
fees
and
interest
on
securities
sold
short
had
been
excluded,
the
expense
ratios
would
have
been
lowered
by
0.00%,
0.00%,
0.02%,
0.03%,
and
0.01%
for
the
fiscal
years
ended
June
30,
2025,
2024,
2023,
2022,
and
2021,
respectively.
6
Does
not
include
expenses
of
the
investment
companies
in
which
the
Fund
invests.
7
Annualized
for
periods
less
than
one
year.
Palmer
Square
Funds
Trust
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
FINANCIAL
HIGHLIGHTS
35
See
accompanying
Notes
to
Financial
Statements.
Class
I
Per
share
operating
performance.
For
a
capital
share
outstanding
throughout
each
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
19.94
$
19.88
$
19.73
$
19.68
$
20.06
$
20.01
Income
from
Investment
Operations:
Net
investment
income
1,2
0.43
1.01
1.09
0.76
0.10
0.12
Net
realized
and
unrealized
gain
(loss)
0.01
0.03
0.11
(0.09)
(0.35)
0.05
Total
from
investment
operations
0.44
1.04
1.20
0.67
(0.25)
0.17
Less
Distributions:
From
net
investment
income
(0.48)
(0.96)
(1.05)
(0.62)
(0.13)
(0.12)
Distributions
from
Net
Realized
Gain
(0.02)
(0.02)
—
—
—
—
Total
Distributions
(0.50)
(0.98)
(1.05)
(0.62)
(0.13)
(0.12)
Net
asset
value,
end
of
period
$
19.88
$
19.94
$
19.88
$
19.73
$
19.68
$
20.06
Total
return
3
2.22%
4
5.30%
6.19%
3.48%
(1.23)%
0.87%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
51,388
$
69,576
$
86,127
$
80,915
$
42,773
$
71,362
Ratio
of
expenses
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.74%
7
0.75%
0.59%
0.70%
0.76%
0.67%
After
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.50%
7
0.50%
0.50%
0.52%
0.53%
0.51%
Ratio
of
net
investment
income
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
2
3.98%
7
4.79%
5.40%
3.67%
0.28%
0.44%
After
fees
waived
and
expenses
absorbed
/
recovered
2
4.22%
7
5.04%
5.49%
3.85%
0.51%
0.60%
Portfolio
Turnover
Rate
42%
4
124%
123%
107%
112%
117%
1
Based
on
average
shares
outstanding
for
the
period.
2
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
the
declaration
of
dividends
by
the
underlying
investment
companies
in
which
the
Fund
invests.
The
ratio
does
not
include
net
investment
income
of
the
investment
companies
in
which
the
Fund
invests.
3
Total
returns
would
have
been
lower
had
expenses
not
been
waived
and
absorbed
by
the
Advisor.
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
4
Not
annualized.
5
If
commitment
fees
and
interest
on
securities
sold
short
had
been
excluded,
the
expense
ratios
would
have
been
lowered
by
0.00%,
0.00%,
0.02%,
0.03%,
and
0.01%
for
the
fiscal
years
ended
June
30,
2025,
2024,
2023,
2022,
and
2021,
respectively.
6
Does
not
include
expenses
of
the
investment
companies
in
which
the
Fund
invests.
7
Annualized
for
periods
less
than
one
year.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
As
of
December
31,
2025
(Unaudited)
36
1. Organization
On
November
3,
2025,
Palmer
Square
Income
Plus
Fund
(“Income
Plus
Fund”)
and
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
(“Ultra-Short
Duration
Investment
Grade
Fund’’)
(each
a
“Fund”
and
collectively
the
“Funds”)
were
organized
as
a
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
Income
Plus
Fund’s
primary
investment
objective
is
to
seek
income.
A
secondary
objective
is
to
seek
capital
appreciation.
The
Income
Plus
Fund
commenced
operations
following
the
reorganization
of
an
identically
named
series
of
Investment
Managers
Series
Trust
(defined
below
as
the
“Predecessor
Fund”)
into
the
Fund
as
described
Note 15
below.
The
Income
Plus
Fund
continued
the
accounting
and
performance
history
of
the
Predecessor
Fund,
which
commenced
operation
on
June
29,
2015.
On
February
27,
2024,
the
Fund’s
outstanding
shares
were
redesignated
as
Class
I
shares.
Class
T
commenced
operations
on
February
29,
2024.
Class
T
shares
are
available
for
investment
only
by
clients
of
the
financial
intermediaries,
institutional
investors,
and
a
limited
number
of
other
investors
approved
by
the
Advisor.
Prior
to
February
28,
2014,
the
Fund’s
only
activity
was
the
receipt
of
a
$2,500
investment
from
principals
of
the
Income
Plus
Fund’s
advisor
and
a
$94,313,788
transfer
of
shares
of
the
Income
Plus
Fund
in
exchange
for
the
net
assets
of
the
Palmer
Square
Opportunistic
Investment
Grade
Plus
Trust
(“Private
Fund
I”)
and
Palmer
Square
Investment
Grade
Plus
Trust
(“Private
Fund
II”),
each
a
Delaware
statutory
trust
(each
a
“Private
Fund”
collectively,
the
“Private
Funds”).
This
exchange
was
nontaxable,
whereby
the
Income
Plus
Fund
issued
9,428,446
shares
for
the
net
assets
of
the
Private
Funds
on
February
28,
2014.
Assets
with
a
fair
market
value
of
$94,313,788
consisting
of
cash,
interest
receivable
and
securities
of
the
Private
Funds
with
a
fair
value
of
$92,629,439
(identified
cost
of
investments
transferred
$91,621,375)
were
the
primary
assets
received
by
the
Income
Plus
Fund.
For
financial
reporting
purposes,
assets
received
and
shares
issued
by
the
Income
Plus
Fund
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Private
Funds
was
carried
forward
to
align
ongoing
reporting
of
the
Income
Plus
Fund’s
realized
and
unrealized
gains
and
losses
with
amount
distributable
to
shareholders
for
tax
purposes.
The
Ultra-Short
Duration
Investment
Grade
Fund’s
primary
investment
objective
is
to
seek
income.
A
secondary
objective
is
to
seek
capital
appreciation.
The
Ultra-Short
Duration
Investment
Grade
Fund
commenced
investment
operations
on
October
7,
2016.
The
Ultra-Short
Duration
Investment
Grade
Fund
commenced
operations
following
the
reorganization
of
an
identically
named
series
of
Investment
Managers
Series
Trust
(defined
below
as
the
“Predecessor
Fund”)
into
the
Fund
as
described
Note 15
below.
The
Ultra-
Short
Duration
Investment
Grade
Fund
continued
the
accounting
and
performance
history
of
the
Predecessor
Fund,
which
commenced
operation
on
October
7,
2016.
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
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
each
Fund
is
used
by
the
Advisor
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statements
of
Operations
and
the
financial
highlights
for
each
Fund
is
the
information
utilized
for
the
day-to-day
management
of
the
Funds.
Each
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
a
Fund
based
on
performance
measurements.
The
management
of
the
Funds’
Advisor
is
deemed
to
be
the
Chief
Operating
Decision
Maker
with
respect
to
the
Funds'
investment
decisions.
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)
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
last
bid
or
the
mean
between
the
last
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
37
available
bid
and
ask
price.
Securities
traded
on
the
NASDAQ
are
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”).
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.
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.
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
Advisor
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
Advisor
has
adopted
and
implemented
policies
and
procedures
to
be
followed
when
the
Fund
must
utilize
fair
value
pricing.
(b)
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.
(c)
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.
(d)
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
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
38
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.
(e)
Mortgage-Backed
Securities
The
Funds
may
invest
in
mortgage-backed
securities
("MBS"),
representing
direct
or
indirect
interests
in
pools
of
underlying
residential
or
commercial
mortgage
loans
that
are
secured
by
real
property.
These
securities
provide
investors
with
payments
consisting
of
both
principal
and
interest
as
the
mortgages
in
the
underlying
mortgage
pools
are
paid.
The
timely
payment
of
principal
and
interest
(but
not
the
market
value)
on
MBS
issued
or
guaranteed
by
Ginnie
Mae
(formally
known
as
the
Government
National
Mortgage
Association
or
GNMA)
is
backed
by
Ginnie
Mae
and
the
full
faith
and
credit
of
the
US
government.
Obligations
issued
by
Fannie
Mae
(formally
known
as
the
Federal
National
Mortgage
Association
or
FNMA)
and
Freddie
Mac
(formally
known
as
the
Federal
Home
Loan
Mortgage
Corporation
or
FHLMC)
are
historically
supported
only
by
the
credit
of
the
issuer,
but
currently
are
guaranteed
by
the
US
government
in
connection
with
such
agencies
being
placed
temporarily
into
conservatorship
by
the
US
government.
Some
MBS
are
sponsored
or
issued
by
private
entities.
Payments
of
principal
and
interest
(but
not
the
market
value)
of
such
private
MBS
may
be
supported
by
pools
of
residential
or
commercial
mortgage
loans
or
other
MBS
that
are
guaranteed,
directly
or
indirectly,
by
the
US
government
or
one
of
its
agencies
or
instrumentalities,
or
they
may
be
issued
without
any
government
guarantee
of
the
underlying
mortgage
assets
but
may
contain
some
form
of
non-government
credit
enhancement.
Collateralized
mortgage
obligations
("CMO")
are
a
type
of
MBS.
A
CMO
is
a
debt
security
that
may
be
collateralized
by
whole
mortgage
loans
or
mortgage
pass-through
securities.
The
mortgage
loans
or
mortgage
pass-through
securities
are
divided
into
classes
or
tranches
with
each
class
having
its
own
characteristics.
Investors
typically
receive
payments
out
of
the
interest
and
principal
on
the
underlying
mortgages.
The
portions
of
these
payments
that
investors
receive,
as
well
as
the
priority
of
their
rights
to
receive
payments,
are
determined
by
the
specific
terms
of
the
CMO
class.
The
yield
characteristics
of
MBS
differ
from
those
of
traditional
debt
securities.
Among
the
major
differences
are
that
interest
and
principal
payments
are
made
more
frequently,
usually
monthly,
and
that
principal
may
be
prepaid
at
any
time
because
the
underlying
mortgage
loans
or
other
obligations
generally
may
be
prepaid
at
any
time.
Prepayments
on
a
pool
of
mortgage
loans
are
influenced
by
a
variety
of
economic,
geographic,
social
and
other
factors.
Generally,
prepayments
on
fixed-rate
mortgage
loans
will
increase
during
a
period
of
falling
interest
rates
and
decrease
during
a
period
of
rising
interest
rates.
Certain
classes
of
CMOs
and
other
MBS
are
structured
in
a
manner
that
makes
them
extremely
sensitive
to
changes
in
prepayment
rates.
(f)
Short
Sales
Short
sales
are
transactions
under
which
the
Funds
sell
a
security
they
do
not
own
in
anticipation
of
a
decline
in
the
value
of
that
security.
To
complete
such
a
transaction,
the
Funds
must
borrow
the
security
to
make
delivery
to
the
buyer.
The
Funds
then
are
obligated
to
replace
the
security
borrowed
by
purchasing
the
security
at
market
price
at
the
time
of
replacement.
The
price
at
such
time
may
be
more
or
less
than
the
price
at
which
the
security
was
sold
by
the
Funds.
When
a
security
is
sold
short
a
decrease
in
the
value
of
the
security
will
be
recognized
as
a
gain
and
an
increase
in
the
value
of
the
security
will
be
recognized
as
a
loss,
which
is
potentially
limitless.
Until
the
security
is
replaced,
the
Funds
are
required
to
pay
the
lender
amounts
equal
to
dividend
or
interest
that
accrue
during
the
period
of
the
loan
which
is
recorded
as
an
expense.
To
borrow
the
security,
the
Funds
also
may
be
required
to
pay
a
premium
or
an
interest
fee,
which
are
recorded
as
interest
expense.
Cash
or
securities
are
segregated
for
the
broker
to
meet
the
necessary
margin
requirements.
The
Funds
are
subject
to
the
risk
that
they
may
not
always
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
(g)
Futures
Contracts
The
Funds
may
enter
into
futures
contracts
(including
contracts
relating
to
foreign
currencies,
interest
rates
and
other
financial
indexes),
and
purchase
and
write
(sell)
related
options
traded
on
exchanges
designated
by
the
Commodity
Futures
Trading
Commission
(“CFTC”)
or,
consistent
with
CFTC
regulations,
on
foreign
exchanges.
Upon
entering
into
futures
contracts,
the
Funds
bear
risks
that
it
may
not
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
39
achieve
the
anticipated
benefits
of
the
futures
contracts
and
may
realize
a
loss.
Additional
risks
include
counterparty
credit
risk,
the
possibility
of
an
illiquid
market,
and
that
a
change
in
the
value
of
the
contract
or
option
may
not
correlate
with
changes
in
the
value
of
the
underlying
asset.
A
futures
contract
held
by
the
Funds
is
valued
daily
at
the
official
settlement
price
on
the
exchange
on
which
it
is
traded.
Variation
margin
does
not
represent
borrowing
or
a
loan
by
the
Funds
but
is
instead
a
settlement
between
the
Funds
and
the
broker
of
the
amount
one
would
owe
the
other
if
the
futures
contract
expired.
Upon
entering
into
a
futures
contract,
the
Funds
deposits
cash
or
securities
with
the
broker,
known
as
a
futures
commission
merchant
(FCM),
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
The
initial
margin
deposit
must
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Cash
deposited
as
initial
margin
is
recorded
in
the
Statement
of
Assets
and
Liabilities
as
cash
deposited
with
broker.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments.
During
the
period
the
futures
contracts
are
open,
changes
in
the
value
of
the
contracts
are
recognized
as
unrealized
gains
or
losses
by
“marked
to
market”
on
a
daily
basis
to
reflect
the
market
value
of
the
contracts
at
the
end
of
each
day’s
trading.
Variation
margin
payments
are
received
or
made
depending
upon
whether
unrealized
gains
or
losses
are
incurred.
The
variation
margin
payments
are
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
and
are
offset
in
unrealized
gains
or
losses.
When
the
contracts
are
closed
or
expires,
the
Funds
recognizes
a
realized
gain
or
loss
equal
to
the
difference
between
the
proceeds
from,
or
cost
of,
the
closing
transaction
and
the
Funds
basis
in
the
contract.
(h)
Swap
Agreements
and
Swaptions
The
Funds
may
enter
into
credit
default
swap
agreements
for
investment
purposes.
A
credit
default
swap
agreement
may
have
as
reference
obligations
one
or
more
securities
that
are
not
currently
held
by
the
Funds.
The
Funds
may
be
either
the
buyer
or
seller
in
the
transaction.
Credit
default
swaps
may
also
be
structured
based
on
the
debt
of
a
basket
of
issuers,
rather
than
a
single
issuer,
and
may
be
customized
with
respect
to
the
default
event
that
triggers
purchase
or
other
factors.
As
a
seller,
the
Funds
would
generally
receive
an
upfront
payment
or
a
fixed
rate
of
income
throughout
the
term
of
the
swap,
which
typically
is
between
six
months
and
three
years,
provided
that
there
is
no
credit
event.
If
a
credit
event
occurs,
generally
the
seller
must
pay
the
buyer
the
full
face
amount
of
deliverable
obligations
of
the
reference
obligations
that
may
have
little
or
no
value.
The
notional
value
will
be
used
to
segregate
liquid
assets
for
selling
protection
on
credit
default
swaps.
If
the
Funds
were
a
buyer
and
no
credit
event
occurs,
the
Funds
would
recover
nothing
if
the
swap
is
held
through
its
termination
date.
However,
if
a
credit
event
occurs,
the
buyer
may
elect
to
receive
the
full
notional
value
of
the
swap
in
exchange
for
an
equal
face
amount
of
deliverable
obligations
of
the
reference
obligation
that
may
have
little
or
no
value.
The
use
of
swap
agreements
by
the
Funds
entail
certain
risks,
which
may
be
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
securities
and
other
investments
that
are
the
referenced
asset
for
the
swap
agreement.
Swaps
are
highly
specialized
instruments
that
require
investment
techniques,
risk
analyses,
and
tax
planning
different
from
those
associated
with
stocks,
bonds,
and
other
traditional
investments.
The
use
of
a
swap
requires
an
understanding
not
only
of
the
referenced
asset,
reference
rate,
or
index,
but
also
of
the
swap
itself,
without
the
benefit
of
observing
the
performance
of
the
swap
under
all
the
possible
market
conditions.
Because
some
swap
agreements
have
a
leverage
component,
adverse
changes
in
the
value
or
level
of
the
underlying
asset,
reference
rate,
or
index
can
result
in
a
loss
substantially
greater
than
the
amount
invested
in
the
swap
itself.
Certain
swaps
have
the
potential
for
unlimited
loss,
regardless
of
the
size
of
the
initial
investment.
The
Funds
may
also
purchase
credit
default
swap
contracts
in
order
to
hedge
against
the
risk
of
default
of
the
debt
of
a
particular
issuer
or
basket
of
issuers,
in
which
case
the
Funds
would
function
as
the
counterparty
referenced
in
the
preceding
paragraph.
This
would
involve
the
risk
that
the
investment
may
expire
worthless
and
would
only
generate
income
in
the
event
of
an
actual
default
by
the
issuer(s)
of
the
underlying
obligation(s)
(or,
as
applicable,
a
credit
downgrade
or
other
indication
of
financial
instability).
It
would
also
involve
the
risk
that
the
seller
may
fail
to
satisfy
its
payment
obligations
to
the
Funds
in
the
event
of
a
default.
The
purchase
of
credit
default
swaps
involves
costs,
which
will
reduce
each
Fund's
return.
The
Funds
may
enter
into
total
return
swap
contracts
for
investment
purposes.
Total
return
swaps
are
contracts
in
which
one
party
agrees
to
make
periodic
payments
based
on
the
change
in
market
value
of
the
underlying
assets,
which
may
include
a
specified
security,
basket
of
securities
or
security
indexes
during
the
specified
period,
in
return
for
periodic
payments
based
on
a
fixed
or
variable
interest
rate
of
the
total
return
from
other
underlying
assets.
Total
return
swap
agreements
may
be
used
to
obtain
exposure
to
a
security
or
market
without
owning
or
taking
physical
custody
of
such
security
or
market,
including
in
cases
in
which
there
may
be
disadvantages
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
40
associated
with
direct
ownership
of
a
particular
security.
In
a
typical
total
return
equity
swap,
payments
made
by
the
Funds
or
the
counterparty
are
based
on
the
total
return
of
a
particular
reference
asset
or
assets
(such
as
an
equity
security,
a
combination
of
such
securities,
or
an
index).
That
is,
one
party
agrees
to
pay
another
party
the
return
on
a
stock,
basket
of
stocks,
or
stock
index
in
return
for
a
specified
interest
rate.
By
entering
into
an
equity
index
swap,
for
example,
the
index
receiver
can
gain
exposure
to
stocks
making
up
the
index
of
securities
without
actually
purchasing
those
stocks.
Total
return
swaps
involve
not
only
the
risk
associated
with
the
investment
in
the
underlying
securities,
but
also
the
risk
of
the
counterparty
not
fulfilling
its
obligations
under
the
agreement.
An
option
on
a
swap
agreement,
or
a
“swaption,”
is
a
contract
that
gives
a
counterparty
the
right
(but
not
the
obligation)
to
enter
into
a
new
swap
agreement
or
to
shorten,
extend,
cancel
or
otherwise
modify
an
existing
swap
agreement,
at
some
designated
future
time
on
specified
terms.
In
return,
the
purchaser
pays
a
“premium”
to
the
seller
of
the
contract.
The
seller
of
the
contract
receives
the
premium
and
bears
the
risk
of
unfavorable
changes
on
the
underlying
swap.
The
Funds
may
write
(sell)
and
purchase
put
and
call
swaptions.
The
Funds
may
also
enter
into
swaptions
on
either
an
asset-based
or
liability-based
basis,
depending
on
whether
the
Funds
are
hedging
its
assets
or
its
liabilities.
The
Funds
may
write
(sell)
and
purchase
put
and
call
swaptions
to
the
same
extent
it
may
make
use
of
standard
options
on
securities
or
other
instruments.
The
Funds
may
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
its
holdings,
as
a
duration
management
technique,
to
protect
against
an
increase
in
the
price
of
securities
the
Funds
anticipate
purchasing
at
a
later
date,
or
for
any
other
purposes,
such
as
for
speculation
to
increase
returns.
Swaptions
are
generally
subject
to
the
same
risks
involved
in
the
Funds’
use
of
options.
Depending
on
the
terms
of
the
particular
option
agreement,
the
Funds
will
generally
incur
a
greater
degree
of
risk
when
they
write
a
swaption
than
they
will
incur
when
it
purchases
a
swaption.
When
the
Funds
purchase
a
swaption,
they
risk
losing
only
the
amount
of
the
premium
they
have
paid
should
they
decide
to
let
the
option
expire
unexercised.
However,
when
the
Funds
write
a
swaption,
upon
exercise
of
the
option
the
Funds
will
become
obligated
according
to
the
terms
of
the
underlying
agreement.
(i)
Options
Contracts
The
Funds
may
write
or
purchase
options
contracts
primarily
to
enhance
each
Fund’s
returns
or
reduce
volatility.
In
addition,
the
Funds
may
utilize
options
in
an
attempt
to
generate
gains
from
options
premiums
or
to
reduce
overall
portfolio
risk.
When
the
Funds
write
or
purchases
an
option,
an
amount
equal
to
the
premium
received
or
paid
by
the
Funds
are
recorded
as
a
liability
or
an
asset
and
is
subsequently
adjusted
to
the
current
market
value
of
the
option
written
or
purchased.
Premiums
received
or
paid
from
writing
or
purchasing
options
which
expire
unexercised
are
treated
by
the
Funds
on
the
expiration
date
as
realized
gains
or
losses.
The
difference
between
the
premium
and
the
amount
paid
or
received
on
effecting
a
closing
purchase
or
sale
transaction,
including
brokerage
commissions,
is
also
treated
as
a
realized
gain
or
loss.
If
an
option
is
exercised,
the
premium
paid
or
received
is
added
to
the
cost
of
the
purchase
or
proceeds
from
the
sale
in
determining
whether
the
Funds
have
realized
a
gain
or
a
loss
on
investment
transactions.
The
Funds,
as
a
writer
of
an
option,
may
have
no
control
over
whether
the
underlying
securities
may
be
sold
(call)
or
purchased
(put)
and
as
a
result
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
security
underlying
the
written
option.
(j)
Forward
Foreign
Currency
Exchanges
Contracts
The
Funds
may
utilize
forward
foreign
currency
exchange
contracts
(“forward
contracts”)
under
which
they
are
obligated
to
exchange
currencies
on
specified
future
dates
at
specified
rates,
and
are
subject
to
the
translations
of
foreign
exchange
rates
fluctuations.
All
contracts
are
“marked-to-market”
daily
and
any
resulting
unrealized
gains
or
losses
are
recorded
as
unrealized
appreciation
or
depreciation
on
foreign
currency
translations.
The
Funds
record
realized
gains
or
losses
at
the
time
the
forward
contract
is
settled.
Counter
parties
to
these
forward
contracts
are
major
U.S.
financial
institutions.
(k)
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.
Discounts
on
debt
securities
are
accreted
or
amortized
to
interest
income
over
the
lives
of
the
respective
securities
using
the
effective
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
41
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.
(l)
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
December
31,
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.
(m)
Distributions
to
Shareholders
The
Funds
will
make
distributions
of
net
investment
income quarterly
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.
(n)
Illiquid
Securities
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
have
adopted
a
Liquidity
Risk
Management
Program
(“LRMP”)
that
requires,
among
other
things,
that
the
Funds
limit
their
illiquid
investments
that
are
assets
to
no
more
than
15%
of
net
assets.
An
illiquid
investment
is
any
security
which
may
not
reasonably
be
expected
to
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
If
the
Advisor,
at
any
time,
determines
that
the
value
of
illiquid
securities
held
by
a
Fund
exceeds
15%
of
its
net
asset
value,
the
Advisor
will
take
such
steps
as
it
considers
appropriate
to
reduce
them
as
soon
as
reasonably
practicable
in
accordance
with
the
Funds’
written
LRMP.
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
“Advisor”).
Under
the
terms
of
the
Agreement,
the
Income
Plus
Fund
pays
a
monthly
investment
advisory
fee
to
the
Advisor
at
the
annual
rate
of
0.49%
of
its
average
daily
net
assets
and
the
Ultra-Short
Duration
Investment
Grade
Fund
pays
a
monthly
investment
advisory
fee
to
the
Advisor
at
the
annual
rate
of
0.25%
of
its
average
daily
net
assets.
The
Advisor
has
contractually
agreed
to
waive
its
fees
and/or
pay
for
operating
expenses
of
the
Funds
to
ensure
that
total
annual
operating
expenses
(excluding
any
taxes,
leverage
interest,
brokerage
commissions,
dividend
and
interest
expenses
on
short
sales,
acquired
fund
fees
and
expenses
(as
determined
in
accordance
with
Form
N-1A),
expenses
incurred
in
connection
with
any
merger
or
reorganization,
and
extraordinary
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
42
expenses
such
as
litigation
expenses)
do
not
exceed
0.75%,
0.60%
and
0.50%
of
the
Income
Plus
Fund
Class
I
shares,
Income
Plus
Fund
Class
T
shares
and
Ultra-Short
Duration
Investment
Grade
Fund’s
average
daily
net
assets,
respectively.
This
agreement
is
in
effect
until
October
31,
2026
and
it
may
be
terminated
before
that
date
only
by
the
Trust’s
Board
of
Trustees.
For
the
six
months
ended December
31,
2025,
the
Advisor
waived
advisory
fees
totaling
$79,961
for
the
Ultra-Short
Duration
Investment
Grade
Fund.
The
Advisor
is
permitted
to
seek
reimbursement
from
the
Fund,
subject
to
certain
limitations,
of
fees
waived
or
payments
made
to
the
Fund
for
a
period
ending
three
full
fiscal
years
after
the
date
of
the
waiver
or
payment.
This
reimbursement
may
be
requested
from
the
Fund
if
the
reimbursement
will
not
cause
the
Fund’s
annual
expense
ratio
to
exceed
the
lesser
of
(a)
the
expense
limitation
in
effect
at
the
time
such
fees
were
waived
or
payments
made,
or
(b)
the
expense
limitation
in
effect
at
the
time
of
the
reimbursement.
The
potential
recoverable
amount
is
noted
as
"Commitments
and
contingencies"
as
reported
on
the
Statement
of
Assets
and
Liabilities.
The
Advisor
may
recapture
all
or
a
portion
of
this
amount
no
later
than
dates
stated
below:
In
addition,
the
Advisor
has
voluntarily
agreed
to
waive
its
advisory
fee
payable
by
the
Ultra-Short
Duration
Investment
Grade
Fund
equal
to
the
amount
of
the
advisory
fee
payable
on
the
Fund’s
assets
invested
in
the
Palmer
Square
CLO
Senior
Debt
ETF.
The
Advisor
has
also
voluntarily
agreed
to
waive
its
advisory
fee
payable
by
the
Income
Plus
Fund
equal
to
the
amount
of
the
advisory
fee
payable
on
the
Fund’s
assets
invested
in
the
Palmer
Square
CLO
Senior
Debt
ETF
and
the
Palmer
Square
Credit
Opportunities
ETF.
For
the
six
months
ended December
31,
2025,
the
amount
of
advisory
fees
waived
is
reported
under
“Affiliated
fund
fee
waived”
on
the
Statement
of
Operations.
Beginning
November
3,
2025,
JP
Morgan
Chase
Bank,
N.A.
(“JP
Morgan")
serves
as
each
Fund's
Custodian
and
Administrator.
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.
UMB
Fund
Services,
Inc.
(“UMBFS”)
serves
as
the
Funds’
transfer
agent.
The
Funds’
allocated
fees
incurred
for
transfer
agency
services
for
the
period
ended
December
31,
2025,
are
reported
on
the
Statement
of
Operations.
Prior
to
November
3,
2025,
UMB
Fund
Services,
Inc.
(“UMBFS”)
served
as
the
Funds’
fund
accountant
and
co-administrator;
and
Mutual
Fund
Administration,
LLC
(“MFAC”)
served
as
the
Funds’
other
co-administrator.
UMB
Bank,
n.a.,
an
affiliate
of
UMBFS,
served
as
the
Funds’
custodian.
The
Funds’
allocated
fees
incurred
for
fund
accounting,
fund
administration,
transfer
agency
and
custody
services
for
the
period
ended
December
31,
2025,
are
reported
on
the
Statement
of
Operations.
The
Funds
had
a
fee
arrangement
with
its
custodian,
UMB
Bank,
n.a.,
which
provides
for
custody
fees
to
be
reduced
by
earning
credits
based
on
cash
balances
left
on
deposit
with
the
custodian.
For
the
period
ended
December
31,
2025,
no
credits
were
earned
to
reduce
total
fees.
Foreside
Financial
Group,
LLC
(d/b/a
ACA
Group),
serves
as
the
Funds’
distributor
(the
“Distributor”).
The
Distributor
does
not
receive
compensation
from
the
Funds
for
its
distribution
services;
the
Advisor
pays
the
Distributor
a
fee
for
its
distribution-related
services.
Prior
to
November
3,
2025,
certain
trustees
and
officers
of
the
Trust
were
employees
of
UMBFS
or
MFAC.
The
Funds
did
not
compensate
trustees
and
officers
affiliated
with
the
Funds’
co-administrators.
For
the
period
ended
December
31,
2025,
the
Funds’
allocated
fees
incurred
to
Trustees
who
are
not
affiliated
with
the
Funds’
co-administrators
are
reported
on
the
Statement
of
Operations.
UltraShort
Duration
Investment
Grade
Fund
June
30,
2026
$
112,254
June
30,
2027
67,647
June
30,
2028
146,142
June
30,
2029
79,961
Total
$
406,004
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
43
Prior
to
November
3,
2025,
the
Funds’
Board
of
Trustees
had
adopted
a
Deferred
Compensation
Plan
(the
“Plan”)
for
the
Independent
Trustees
that
enabled
Trustees
to
elect
to
receive
payment
in
cash
or
the
option
to
select
various
fund(s)
in
the
Trust
in
which
their
deferred
accounts
would
be
deemed
to
be
invested.
If
a
trustee
elected
to
defer
payment,
the
Plan
provided
for
the
creation
of
a
deferred
payment
account.
The
Funds’
liability
for
these
amounts
was
adjusted
for
market
value
changes
in
the
invested
fund(s)
and
remained
a
liability
to
the
Funds
until
distributed
in
accordance
with
the
Plan.
The
Trustees
Deferred
compensation
liability
under
the
Plan
constituted
a
general
unsecured
obligation
of
the
Funds
and
is
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Contributions
made
under
the
plan
and
the
change
in
unrealized
appreciation/depreciation
and
income
are
included
in
the
Trustees’
fees
and
expenses
in
the
Statement
of
Operations.
Prior
to
November
3,
2025,
Dziura
Compliance
Consulting,
LLC
provided
Chief
Compliance
Officer
(“CCO”)
services
to
the
Trust.
The
Funds’
allocated
fees
incurred
for
CCO
services
for
the
period
ended
December
31,
2025,
are
reported
on
the
Statement
of
Operations.
4. Federal
Income
Taxes
At
December
31,
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:
The
difference
between
cost
amounts
for
financial
statement
and
federal
income
tax
purposes
is
due
primarily
to
timing
differences
in
recognizing
certain
gains
and
losses
in
security
transactions.
As
of
June
30,
2025,
the
components
of
accumulated
earnings/(deficit)
on
tax
basis
were
as
follows:
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Cost
of
investments
$
1,036,115,892
$
51,513,983
Gross
unrealized
appreciation
$
7,853,342
$
110,009
Gross
unrealized
depreciation
(7,439,169)
(88,350)
Net
unrealized
appreciation
(depreciation)
on
investments
$
414,173
$
21,659
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Undistributed
ordinary
income
$
—
$
56,358
Tax
accumulated
earnings
—
56,358
Accumulated
capital
and
other
losses
(11,195,200
)
—
Unrealized
appreciation
1,697,659
15,168
Unrealised
appreciation/(depreciation)
on
foreign
currency
translations,
forwards,
futures
and
swaps
$
4,630
$
—
Unrealized
deferred
compensation
$
(38,967
)
$
(20,146
)
Total
accumulated
earnings
(deficit)
$
(9,531,878
)
$
51,380
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
44
The
tax
character
of
the
distribution
paid
during
the fiscal
years
ended
June
30,
2025
and
June
30,
2024,
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. Investment
Transactions
For
the
six
months
ended December
31,
2025, purchases
and
sales
of
investments,
(excluding
short-term
investments,
and
In-Kind
transactions)
were
as
follows:
6. Shareholder
Servicing
Plan
The
Trust,
on
behalf
of
the
Funds,
has
adopted
a
Shareholder
Servicing
Plan
to
pay
a
fee
at
an
annual
rate
of
up
to
0.15%
of
average
daily
net
assets
attributable
to
Class
I
shares
serviced
by
shareholder
servicing
agents
who
provide
administrative
and
support
services
to
their
customers.
Class
T
shares
do
not
participate
in
the
Shareholder
Servicing
Plan.
For
the
six
months
ended December
31,
2025,
shareholder
servicing
fees
incurred
are
disclosed
on
the
Statement
of
operations.
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.
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Distribution
paid
from:
2025
2024
2025
2024
Ordinary
income
$
47,876,057
$
51,160,166
$
2,884,022
$
4,010,790
Return
of
Capital
$
702,564
$
—
$
—
$
—
Net
long-term
capital
gains
$
—
$
—
$
—
$
—
Total
taxable
distributions
$
48,578,621
$
51,160,166
$
2,884,022
$
4,010,790
Total
distributions
paid
$
48,578,621
$
51,160,166
$
2,884,022
$
4,010,790
N
ot
Subject
to
Expiration
Long-Term
Short-Term
Total
Income
Plus
Fund
$
11,195,200
$
—
$
11,195,200
UltraShort
Duration
Investment
Grade
Fund
$
—
$
—
$
—
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Income
Plus
Fund
$
373,610,704
$
387,999,274
$
—
$
—
UltraShort
Duration
Investment
Grade
Fund
$
22,122,250
$
39,508,810
$
—
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
45
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.
Income
Plus
Fund
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
98,717,765
$
—
$
98,717,765
Bank
Loans
—
50,426,569
—
50,426,569
Collateralized
Loan
Obligations
—
315,210,662
—
315,210,662
Collateralized
Mortgage
Obligations
—
553,998
—
553,998
Commercial
Mortgage-Backed
Securities
—
10,934,139
—
10,934,139
Convertible
Bonds
—
1,224,831
—
1,224,831
Corporate
Bonds
—
335,211,532
—
335,211,532
Exchange
Traded
Funds
8,102,036
—
—
8,102,036
Residential
Mortgage-Backed
Securities
—
26,459,714
—
26,459,714
U.S.
Government
and
Agency
Securities
—
42,279,254
—
42,279,254
Short-Term
Investments
2,583,557
145,284,327
—
147,867,884
Total
Investments
$
10,685,593
$
1,026,302,791
$
—
$
1,036,988,384
Futures
Contracts
56,020
—
—
56,020
Forward
Currency
Contracts
—
105,318
—
105,318
Liabilities
Forward
Currency
Contracts
—
(619,657)
—
(619,657)
Total
Liabilities
$
—
$
(619,657)
$
—
$
(619,657)
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
46
The
following
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
value:
9. Derivatives
and
Hedging
Disclosures
Derivatives
and
Hedging
requires
enhanced
disclosures
about
each
Fund’s
derivative
and
hedging
activities,
including
how
such
activities
are
accounted
for
and
their
effects
on
each
Fund’s
financial
position,
performance
and
cash
flows.
The
effects
of
these
derivative
instruments
on
each
Fund’s
financial
position
and
financial
performance
as
reflected
in
the
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
are
presented
in
the
tables
below.
The
fair
values
of
derivative
instruments
as
of December
31,
2025
by
risk
category
are
as
follows:
UltraShort
Duration
Investment
Grade
Fund
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
4,498,292
$
—
$
4,498,292
Bank
Loans
—
971,961
—
971,961
Collateralized
Loan
Obligations
—
24,295,961
—
24,295,961
Commercial
Mortgage-Backed
Securities
—
627,049
—
627,049
Corporate
Bonds
—
9,241,000
—
9,241,000
Exchange
Traded
Funds
431,742
—
—
431,742
Short-Term
Investments
758,925
10,710,711
—
11,469,636
Total
Investments
$
1,190,667
$
50,344,974
$
—
$
51,535,641
Palmer
Square
Income
Plus
Fund
Asset-Backed
Securities
Balance
as
of
June
30,
2025
2,944,988
Transfer
into
Level
3
–
Transfers
out
of
Level
3
(2,944,988)
Total
gains
or
losses
for
the
period
Included
in
earnings
(or
changes
in
the
assets)
–
Net
Purchases
–
Net
Sales
–
Balance
as
of
December
31,
2025
–
Changes
in
unrealized
gains
or
losses
for
the
period
included
in
earnings
(or
changes
in
next
assets)
for
assets
held
at
the
end
of
the
reporting
period
–
Derivatives
not
designated
as
hedging
instruments
Credit
Contracts
Equity
Contracts
Foreign
Exchange
Contracts
Interest
Rate
Contracts
Total
Income
Plus
Fund
Asset
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
$
–
$
–
$
105,318
$
–
$
105,318
Unrealized
depreciation
on
open
future
contracts
$
–
$
–
$
–
$
56,020
$
56,020
$
–
$
–
$
105,318
$
56,020
$
161,338
Liabilities
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
$
–
$
–
$
619,657
$
–
$
619,657
$
–
$
–
$
619,657
$
–
$
619,657
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
47
The
effects
of
derivative
instruments
on
the
Statement
of
Operations
for
the
six
months
ended
December
31,
2025
are
as
follows:
The
notional
amount
and
the
number
of
contracts
are
included
on
the
Schedule
of
Investments.
The
quarterly
average
volumes
of
derivative
investments
as
of
December
31,
2025
are
as
follows:
10. Disclosures
about
Offsetting
Assets
and
Liabilities
Disclosures
about
Offsetting
Assets
and
Liabilities
requires
an
entity
to
disclose
information
about
offsetting
and
related
arrangements
to
enable
users
of
its
financial
statements
to
understand
the
effect
of
those
arrangements
on
its
financial
position.
The
guidance
requires
retrospective
application
for
all
comparative
periods
presented.
A
Fund
mitigates
credit
risk
with
respect
to
OTC
derivative
counterparties
through
credit
support
annexes
included
with
International
Swaps
and
Derivatives
Association
Master
Agreements
or
other
Master
Netting
Agreements
which
are
the standard
contracts
governing
most
derivative
transactions
between
the
Funds
and
each
of
its
counterparties.
These
agreements
allow
the
Funds
and
each
counterparty
to
offset
certain
derivative
financial
instruments'
payables
and/or
receivables
against
each
other
and/or
with
collateral,
which
is
generally
held
by
the
Funds'
custodian.
The
amount
of
collateral
moved
to/from
applicable
counterparties
is
based
upon
minimum
transfer
amounts
specified
in
the
agreement.
To
the
extent
amounts
due
to
each
Fund
from
its
counterparties
are
not
fully
collateralized
contractually
or
otherwise,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Funds
did
not
hold
swap
contracts
at
December
31,
2025.
Derivatives
not
designated
as
hedging
instruments
Credit
Contracts
Equity
Contracts
Foreign
Exchange
Contracts
Interest
Rate
Contracts
Total
Palmer
Square
Income
Plus
Fund
Realized
Gain
(Loss)
on
Derivatives
Futures
contracts
$
–
$
–
$
–
$
(121,196)
$
(121,196)
Forward
contracts
$
–
$
–
$
27,224
$
–
$
27,224
Swap
contracts
$
–
$
–
$
–
$
25,029
$
25,029
$
–
$
–
$
27,224
$
(96,167)
$
(68,943)
Palmer
Square
Income
Plus
Fund
Net
change
in
unrealized
Appreciation
(Depreciation)
on
Derivatives
Credit
Contracts
Equity
Contracts
Foreign
Exchange
Contracts
Interest
Rate
Contracts
Total
Futures
contracts
$
–
$
–
$
–
$
109,457
$
109,457
Forward
contracts
$
–
$
–
$
844,790
$
–
$
844,790
$
–
$
–
$
844,790
$
109,457
$
954,247
Income
Plus
Fund
Derivatives
not
designated
as
hedging
instruments
Futures
contracts
Interest
rate
contracts
Notional
amount
$
6,522,657
Forward
contracts
Foreign
exchange
contracts
Notional
amount
2,646,746
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
48
11. Unfunded
Commitments
The
Funds
may
enter
into
unfunded
loan
commitments.
Unfunded
loan
commitments
may
be
partially
or
wholly
unfunded.
During
the
contractual
period,
the
Fund
is
obliged
to
provide
funding
to
the
borrower
upon
demand.
Unfunded
loan
commitments
are
fair
valued
in
accordance
with
the
valuation
policy
described
in
Note
2(a)
and
unrealized
appreciation
or
depreciation,
if
any,
is
recorded
on
the
Statement
of
Assets
and
Liabilities.
As
of
December
31,
2025,
the
Income
Plus
Fund
and
the
Ultra-Short
Duration
Investment
Grade
Fund
had
no
unfunded
loan
commitments
outstanding.
12. Line
of
Credit
The
Funds,
together
with
other
funds
managed
by
the
Advisor
(together,
the
“Palmer
Square
Funds”),
had
entered
into
a
Senior
Secured
Revolving
Credit
Facility
(the
“Facility”)
with
UMB
Bank,
n.a.,
which
provided
for
a
maximum
aggregate
borrowing
capacity
of
$75,000,000.
Each
Fund
was
permitted
to
borrow
up
to
the
lesser
of
the
available
credit
line
amount
or
an
amount
equal
to
20%
of
the
adjusted
net
assets
of
each
Fund.
The
purpose
of
the
Facility
was
to
temporarily
finance
the
repurchase
or
redemption
of
shares
of
each
Fund.
Borrowings
under
the
Facility
incurred
interest
at
the
Wall
Street
Journal
Prime
rate
minus
50
basis
points,
subject
to
a
minimum
rate
of
6.00%.
As
compensation
for
holding
the
lending
commitment
available,
the
Palmer
Square
Funds
were
charged
a
commitment
fee
on
the
average
daily
unused
balance
of
the
Facility
at
an
annual
rate
of
0.25%.
Commitment
fees
incurred
during
the
period
ended
December
31,
2025
are
disclosed
in
the
Statement
of
Operations.
The
Facility
expired
in
accordance
with
its
stated
maturity
on
October
29,
2025
and
was
not
renewed.
During
the
period
ended
December
31,
2025,
the
Income
Plus
Fund
and
the
Ultra-
Short
Duration
Investment
Grade
Fund
did
not
borrow
under
the
Facility.
13. Investments
in
Affiliated
Issuers
An
affiliated
issuer
is
an
entity
in
which
the
Fund
has
ownership
of
at
least
5%
of
the
voting
securities
or
any
investment
in
a
Palmer
Square
Fund.
Issuers
that
are
affiliates
of
the
Fund
at
period-end
are
noted
in
the
Fund’s
Schedule
of
Investments.
Additional
security
purchases
and
the
reduction
of
certain
securities
shares
outstanding
of
existing
portfolio
holdings
that
were
not
considered
affiliated
in
prior
years
may
result
in
the
Fund
owning
in
excess
of
5% of
the
outstanding
shares
at
period-end.
The
table
below
reflects
transactions
during
the
period
with
entities
that
are
affiliates
as
of
December
31,
2025
and
may
include
acquisitions
of
new
investments,
prior
year
holdings
that
became
affiliated
during
the
period
and
prior
period
affiliated
holdings
that
are
no
longer
affiliated
as
of
period-end:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
Income
Plus
Fund
Palmer
Square
CLO
Senior
Debt
ETF
$459,999
$6,569,906
$(6,210,492)
$
4,315
$—
$
2,948
$
826,676
40,583
$
9,317
Palmer
Square
Credit
Opportunities
ETF
$393,429
$5,888,267
$(5,662,915)
3,706
$—
(3,464)
619,023
30,015
18,918
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
$—
$6,757,031
$(299,631)
4,989
$—
193,948
6,656,337
111,683
—
Total
Affiliated
Securities
$853,428
$19,215,204
$(12,173,038)
$13,010
$—
$193,432
8,102,036
182,281
$28,235
UltraShort
Duration
Investment
Grade
Fund
Palmer
Square
CLO
Senior
Debt
ETF
$201,649
$1,013,011
$(785,160)
651
$—
1,591
431,742
21,195
10,265
Total
Affiliated
Securities
$201,649
$1,013,011
$(785,160)
$651
$—
$1,591
431,742
21,195
$10,265
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
49
14. 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,
tariffs,
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.
15. Reorganization
of
Income
Plus
Fund
and
Ultra-Short
Duration
Investment
Grade
Fund
into
Palmer
Square
Funds
Trust
On
November
3,
2025,
as
the
result
of
a
tax-free
reorganization,
Income
Plus
Fund and Ultra-Short
Duration
Investment
Grade
Fund
(each
the
“Predecessor
Fund”),
each
a
series
in
the
Investment
Managers
Series
Trust,
were
reorganized
into
the
Income
Plus
Fund and Ultra-Short
Duration
Investment
Grade
Fund,
each
a
series
of
Palmer
Square
Funds
Trust,
by
transferring
all
of
the
Predecessor
Fund’s
assets
to
the
Fund.
The
Predecessor
Fund
was
deemed
to
be
the
accounting
survivor
for
financial
reporting
purposes.
As
a
tax-
free
reorganization,
any
unrealized
appreciation
or
depreciation
on
the
securities
on
the
date
of
reorganization
was
treated
as
a
non-
taxable
event,
thus
the
cost
basis
of
the
securities
held
reflect
the
historical
cost
basis
as
of
the
date
of
reorganization.
Immediately
prior
to
the
reorganization,
the
net
assets,
fair
value
of
investments,
and
net
unrealized
appreciation
of
the
Fund
were
as
follows:
At
the
date
of
reorganization,
fund
shares
outstanding
for
each
Predecessor
Fund
were
as
follows:
Shares
Beginning
of
Period
Purchases
Sales
Shares
End
of
Period
Income
Plus
Fund
Palmer
Square
CLO
Senior
Debt
ETF
22,716
321,698
(303,831
)
40,583
Palmer
Square
Credit
Opportunities
ETF
19,201
284,451
(273,637
)
30,015
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
—
116,775
(5,092
)
111,683
UltraShort
Duration
Investment
Grade
Fund
Palmer
Square
CLO
Senior
Debt
ETF
9,958
49,608
(38,371
)
21,195
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Net
Assets
$
1,068,073,884
$
65,827,424
Fair
Value
of
Investments
$
1,039,646,827
$
64,169,472
Net
Unrealized
Appreciation/(Depreciation)
$
(925,197
)
$
29,956
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Shares
Outstanding
$
105,302,639
$
3,290,208
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
December
31,
2025
(Unaudited)
50
16. 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.
51
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.
Disclosure
Regarding
the
Board
of
Trustees’
Approval
of
the
Investment
Advisory
Agreement
for
Palmer
Square
Income
Plus
Fund
and
Palmer
Square
Ultra-Short
Investment
Grade Fund
The
Board
of
Trustees
(the
“Board”
or
the
“Trustees”)
of
Palmer
Square
Funds
Trust
(the
“Trust”)
met
on
May
15,
2025
(the
“Meeting”)
to
consider
the
initial
approval
of
the
investment
advisory
agreement
between
Palmer
Square
Capital
Management
LLC
(“Palmer
Square”
or
the
“Adviser”)
and
the
Trust,
on
behalf
of
the
Palmer
Square
Income
Plus
Fund
and
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
(each
a
“Fund”
and
collectively
,
the
“Funds”).
In
addition,
on
May
15,
2025,
the
Trustees
who
are
not
“interested
persons”
of
the
Trust
within
the
meaning
of
the
Investment
Company
Act
of
1940
(the
“Independent
Trustees”),
and
who
constitute
a
majority
of
the
Board,
met
separately
with
the
Trust’s
legal
counsel
in
executive
session
to
consider
the
investment
advisory
agreement
(“Agreement”).
In
connection
with
its
consideration
of
the
Agreement,
the
Board
reviewed
and
discussed
various
information
that
had
been
provided
prior
to
the
Meeting,
including
the
form
of
Agreement,
a
memorandum
provided
by
the
Trust’s
legal
counsel
summarizing
the
guidelines
relevant
to
the
Board’s
consideration
of
the
approval
of
the
Agreement,
a
memorandum
and
other
information
provided
by
the
Adviser
(including
the
Adviser’s
Form
ADV
and
select
financial
information
of
the
Adviser),
information
regarding
the
expected
profitability
of
the
Funds,
the
performance
of
comparable
funds,
management
fees
and
expense
ratios
(including
comparative
fee
and
expense
information),
best
execution
and
trading
information
and
other
pertinent
information.
The
Board
noted
the
experience
of
the
Adviser
in
serving
as
the
investment
adviser
to
the
existing
series
of
the
Trust
and
as
the
investment
adviser
to
the
funds
being
reorganized
into
the
Funds.
The
Board
observed
that
the
Funds
were
established
for
the
purpose
of
acquiring
the
assets
and
assuming
the
liabilities
of
the
corresponding
series
of
Investment
Managers
Series
Trust
(the
“Target
Funds”)
and
continuing
the
Target
Funds’
business.
The
Board
noted
the
experience
of
the
Adviser’s
personnel
and
its
parent
company
in
serving
as
the
sponsor
to
the
Target
Funds.
Based
on
its
evaluation
of
this
information,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
Agreement
for
each
Fund
for
an
initial
two-year
period.
In
considering
the
Agreement
and
reaching
its
conclusions,
the
Board
reviewed
and
analyzed
various
factors
that
it
determined
were
relevant,
including
the
factors
below.
In
deciding
to
approve
the
Agreement
for
each
Fund,
the
Board
did
not
identify
any
single
factor
as
determinative
but
considered
all
factors
together.
Nature,
Extent
and
Quality
of
Services
to
be
Provided
to
the
Funds
The
Board
considered
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
the
Adviser
to
the
Funds.
It
noted
that
under
the
Agreement
the
Adviser
is
responsible
for:
(i)
managing
the
investment
operations
of
the
Funds
in
accordance
with
the
Funds’
investment
objective
and
policies,
applicable
legal
and
regulatory
requirements,
and
the
instructions
of
the
Trustees;
(ii)
providing
necessary
and
appropriate
reports
and
information
to
the
Trustees;
(iii)
maintaining
all
necessary
books
and
records
pertaining
to
the
Trust’s
securities
transactions;
and
(iv)
furnishing
the
Funds
with
the
assistance,
cooperation
and
information
necessary
for
the
Funds
to
meet
various
legal
requirements
regarding
registration
and
reporting.
The
Trustees
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management,
including
those
individuals
responsible
for
the
investment
and
compliance
operations
of
the
Trust,
and
52
Palmer
Square
Funds
Trust
Additional
Information
-
Items
8-11
-
Continued
the
responsibilities
of
the
latter
with
respect
to
the
Funds.
The
Board
also
considered
other
services
the
Adviser
would
provide
each
Fund,
such
as
overseeing
the
Funds’
other
service
providers.
The
Board
concluded
that
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
the
Adviser
to
the
Funds
were
appropriate
and
that
the
Funds
were
likely
to
benefit
from
services
provided
under
the
Agreement.
Investment
Performance
The
Board
noted
that,
because
each
Fund
had
not
commenced
operations,
it
was
not
possible
to
assess
the
Adviser’s
investment
performance
with
respect
to
each
Fund.
The
Board
discussed
with
the
representative
from
the
Adviser
the
performance
of
the
Target
Funds
and
reviewed
the
15(c)
reports
produced
by
Broadridge
in
September
2024
for
the
Target
Funds
showing
comparisons
to
a
peer
group
and
Morningstar
category
for
the
one-,
three-,
five-
and
ten-year
periods,
as
applicable.
The
Board
also
discussed
with
the
representatives
from
the
Adviser
the
performance
of
the
existing
series
of
the
Trust.
Expense
Information
The
Board
examined
the
proposed
fee
and
expense
information
for
the
Funds,
including
a
comparison
of
such
information
to
other
similar
funds
across
the
industry
and
with
other
of
the
Adviser’s
separately
managed
accounts
that
have
a
similar
investment
strategy
as
the
Funds.
Based
on
their
review
of
the
industry
data,
the
Trustees
found
that
the
proposed
management
fee
for
each
Fund
was
reasonable.
Costs
of
Services
Provided
and
Profitability
The
Board
considered
information
about
the
financial
condition
of
the
Adviser
and
its
parent
company
and
determined
that
the
Adviser’s
financial
condition
was
sound
and
that
the
Adviser
has
maintained
adequate
profit
levels
to
support
its
proposed
services
to
the
Funds
from
the
revenue
of
its
overall
investment
advisory
business.
The
Board
also
considered
information
regarding
the
Adviser’s
expected
profitability
ratio
and
concluded
that
the
Adviser’s
expected
profitability
was
reasonable.
Economies
of
Scale
and
Fee
Levels
Reflecting
Those
Economies
Because
the
Funds
had
not
yet
commenced
operations,
the
Board
did
not
consider
whether
any
alternative
fee
structures,
such
as
breakpoint
fees,
would
be
appropriate
to
reflect
any
economies
of
scale
that
may
result
from
increases
in
a
Funds’
assets.
The
Board
considered
information
discussed
at
the
Meeting
regarding
break-even
levels.
Benefits
to
be
Derived
from
the
Relationship
with
the
Funds
The
Board
considered
other
potential
benefits
to
the
Adviser
from
serving
as
adviser
to
the
Funds
(in
addition
to
the
advisory
fee),
including
greater
name
recognition.
The
Board
noted
that
the
Adviser’s
affiliated
entities
may
experience
indirect
benefits
from
the
Adviser’s
association
with
the
Funds.
The
Board
concluded
that
other
benefits
that
may
be
realized
by
the
Adviser
from
its
relationship
with
the
Funds
were
appropriate.
Conclusion
Based
on
their
evaluation
of
the
above
factors,
as
well
as
other
factors
relevant
to
their
consideration
of
the
Agreement,
the
Trustees,
including
all
of
the
Independent
Trustees,
concluded
that
the
approval
of
the
Agreement
was
in
the
best
interest
of
each
Fund
and
its
shareholders.
PSFTMFSA1225
(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)(1) Not required for this filing.
(a)(2) Not applicable.
(a)(3) The certifications pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
section302
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) The certifications required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.
section906
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
February 27, 2026
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
February 27, 2026
By:
/s/ Courtney Gengler
Courtney Gengler
Principal Financial Officer
February 27, 2026