N-CSR: Certified Shareholder Report
Published on August 27, 2026
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: June 30, 2026
Item 1. Reports to Stockholders.
(b) Not applicable.
Item 2. Code of Ethics.
As
of the end of the period, June 30, 2026, the Registrant has adopted a code of
ethics, as defined in Item 2 of Form N-CSR that applies to its principal
executive officer, principal financial officer, principal accounting officer or
controller or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party (the “Code of
Ethics”). During the period covered by this report, no substantive amendments
were made to the Code of Ethics. During the period covered by this report,
there have been no waivers granted under the Code of Ethics. A copy of such
Code of Ethics is available at www.palmersquarefunds.com. A copy of such Code
of Ethics is available without charge by calling 816-994-3200.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of
Trustees has determined that the Registrant has at least one “audit committee
financial expert” (as defined in Item 3 of Form N-CSR), serving on its
audit committee. Megan Webber is the “audit committee financial expert” and is
“independent” (as each term is defined in Item 3 of Form N-CSR).
Under applicable securities
laws and regulations, a person who is determined to be an audit committee
financial expert will not be deemed an “expert” for any purpose, including
without limitation for purposes of Section 11 of the Securities Act of 1933, as
amended, as a result of being designated or identified as an audit committee
financial expert. The designation or identification of a person as an audit
committee financial expert does not impose on such person any duties,
obligations, or liability that are greater than the duties, obligations, and
liability imposed on such person as a member of the Registrant’s Audit
Committee and Board of Trustees in the absence of such designation or
identification. The designation or identification of a person as an audit
committee financial expert does not affect the duties, obligations, or
liability of any other member of the Registrant’s Audit Committee or Board of
Trustees.
Item 4. Principal Accountant Fees and Services.
Aggregate fees for professional
services rendered for Palmer Square Funds Trust by Tait,
Weller & Baker LLP (“Tait Weller”) for the fiscal year ended June
30, 2025 and June 30, 2026 were:
|
|
2025
|
2026
|
|
Audit Fees(a)
|
$30,400
|
$85,700
|
|
Audit Related Fees(b)
|
$0
|
$0
|
|
Tax Fees(c)
|
$5,600
|
$11,400
|
|
All Other Fees(d)
|
$0
|
$0
|
|
Total:
|
$36,000
|
$97,100
|
(a) Audit
Fees: These fees relate to professional services rendered by Tait Weller for the audit of the Registrant’s annual
financial statements or services normally provided by the independent
registered public accounting firm in connection with statutory and regulatory
filing or engagements. These services include the audits of the financial
statements of the Registrant and issuance of consents.
(b) Audit
Related Fees: These fees relate to assurance and related services by Tait Weller related to audit services in connection
with the June 30, 2025 and June 30, 2026 annual financial statements.
(c) Tax Fees: These fees relate to professional services rendered by Tait Weller for tax compliance, tax advice and tax planning.
(d) All
Other Fees: These fees relate to products and services provided by Tait Weller other than those reported under “Audit
Fees,” “Audit-Related Fees,” and “Tax Fees” above.
(e)(1) Per Rule 2-01(c)(7)(A) and the charter of the
Registrant’s Audit Committee, the Audit Committee approves and recommends the
principal accountant for the Registrant, pre-approves (i) the principal
accountant’s provision of all audit and permissible non-audit services to the
Registrant (including the fees and other compensation to be paid to the
principal accountant), and (ii) the principal accountant’s provision of any
permissible non-audit services to the Registrant’s investment adviser (the
“Adviser”), sub-adviser or any entity controlling, controlled by, or under
common control with any investment adviser or sub-adviser, if the engagement
relates directly to the operations of the financial
reporting of the Trust.
(e)(2) 100% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not Applicable. (g) Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal year ended June 30, 2025 and June 30, 2026 were $5,600 and $11,400. (h) Not applicable. (i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a)
The Registrant is an issuer as defined in Section 10A-3 of the
Securities Exchange Act of 1934 and has a separately designated standing Audit
Committee in accordance with Section 3(a)(58)(A) of such Act. All of the
Board’s independent Trustees, Christopher C. Nelson, James Neville Jr. and Megan
Webber, are members of the Audit Committee.
(b) Not
Applicable.
Item 6. Investments.
(a) The
registrant’s Schedule of Investments is included as part of the Financial
Statements filed under Item 7(a) of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for
Open-End Management Investment Companies.
(a) The Registrant’s Financial
Statements are filed herewith.
(b) The Registrant’s Financial Highlights are included as
part of the Financial Statements filed under Item 7(a) of this Form.
Palmer
Square
Funds
Trust
Palmer
Square
CLO
Senior
Debt
ETF
(Ticker:
PSQA)
Palmer
Square
Credit
Opportunities
ETF
(Ticker:
PSQO)
ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
JUNE
30,
2026
Palmer
Square
Funds
Trust
Table
of
Contents
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
5
Statements
of
Assets
and
Liabilities
25
Statements
of
Operations
26
Statements
of
Changes
in
Net
Assets
27
Financial
Highlights
Palmer
Square
CLO
Senior
Debt
ETF
28
Palmer
Square
Credit
Opportunities
ETF
29
Notes
to
Financial
Statements
30
Report
of
Independent
Registered
Public
Accounting
Firm
38
Federal
Tax
Information
39
Additional
Information
-
Items
8-11
40
This
report
and
the
financial
statements
contained
herein
are
provided
for
the
general
information
of
the
shareholders
of
the
Palmer
Square
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Funds
unless
preceded
or
accompanied
by
an
effective
shareholder
report
and
prospectus.
www.palmersquarefunds.com
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
As
of
June
30,
2026
1
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
—
104
.4
%
AGL
CLO
Ltd.
Series
2021-13A-A1R
4.775%
(3-Month
Term
SOFR
+
110
basis
points),
10/20/2034
1,2,3
1,000,000
$
1,000,375
AGL
Core
CLO
Ltd.
Series
2023-27A-BR
5.222%
(3-Month
Term
SOFR
+
155
basis
points),
1/21/2039
1,2,3
2,000,000
2,007,247
Aimco
CLO
Ltd.
Series
2026-27A-A1
4.821%
(3-Month
Term
SOFR
+
114
basis
points),
4/20/2039
1,2,3
2,500,000
2,501,423
AIMCO
CLO
Ltd.
Series
2020-11A-A1R2
5.020%
(3-Month
Term
SOFR
+
134
basis
points),
7/17/2037
1,2,3
1,000,000
1,003,297
Series
2024-22A-A1R
4.825%
(3-Month
Term
SOFR
+
120
basis
points),
4/19/2039
1,2,3
1,000,000
1,000,991
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
4.994%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,3
1,000,000
1,001,773
Series
2021-35A-A1R
4.830%
(3-Month
Term
SOFR
+
119
basis
points),
7/20/2039
1,2,3
1,500,000
1,501,393
Series
2023-44A-A1R
5.027%
(3-Month
Term
SOFR
+
136
basis
points),
10/26/2037
1,2,3
1,750,000
1,753,476
Series
2024-49A-B
5.267%
(3-Month
Term
SOFR
+
160
basis
points),
10/24/2037
1,2,3
1,500,000
1,504,215
Ares
CLO
Ltd.
Series
2015-2A-A1R4
4.970%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
1,000,000
1,003,328
Series
2024-72A-B
5.373%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2036
1,2,3
1,000,000
1,003,797
Ares
Loan
Funding
Ltd.
Series
2025-ALF9A-A1
4.853%
(3-Month
Term
SOFR
+
118
basis
points),
3/31/2038
1,2,3
1,000,000
1,000,001
Bain
Capital
Credit
CLO
Ltd.
Series
2019-1A-AR3
4.655%
(3-Month
Term
SOFR
+
98
basis
points),
4/19/2034
1,2,3
1,710,000
1,712,091
Series
2019-2A-AR3
4.600%
(3-Month
Term
SOFR
+
92
basis
points),
10/17/2032
1,2,3
699,969
700,376
Series
2022-1A-A1R
4.915%
(3-Month
Term
SOFR
+
124
basis
points),
10/18/2038
1,2,3
1,500,000
1,503,723
Series
2022-2A-A1R
4.814%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2035
1,2,3
750,000
750,680
Series
2023-1A-A1R
5.080%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
1,000,000
1,002,802
Series
2023-3A-A1R
4.977%
(3-Month
Term
SOFR
+
131
basis
points),
10/24/2038
1,2,3
2,000,000
2,004,804
Barings
CLO
Ltd.
Series
2022-4A-A1R
5.035%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,001,600
Battalion
CLO
Ltd.
Series
2017-11A-AR2
4.797%
(3-Month
Term
SOFR
+
113
basis
points),
4/24/2034
1,2,3
1,975,313
1,977,354
Beechwood
Park
CLO
Ltd.
Series
2019-1A-A1RR
4.750%
(3-Month
Term
SOFR
+
107
basis
points),
1/17/2035
1,2,3
1,000,000
999,264
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
4.925%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
1,000,000
1,002,491
Series
2021-25A-A1R
4.673%
(3-Month
Term
SOFR
+
100
basis
points),
1/15/2035
1,2,3
1,000,000
998,965
Series
2024-37A-A
5.017%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2038
1,2,3
500,000
501,108
Series
2025-41A-A
4.967%
(3-Month
Term
SOFR
+
130
basis
points),
7/25/2038
1,2,3
900,000
902,109
Series
2025-42A-A
4.967%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,3
1,000,000
1,002,396
Series
2026-47A-A
4.861%
(3-Month
Term
SOFR
+
119
basis
points),
4/15/2039
1,2,3
2,000,000
2,004,000
Birch
Grove
CLO
Ltd.
Series
2024-11A-A1
5.024%
(3-Month
Term
SOFR
+
136
basis
points),
1/22/2038
1,2,3
500,000
500,666
Blueberry
Park
CLO
Ltd.
Series
2024-1A-A
5.025%
(3-Month
Term
SOFR
+
135
basis
points),
10/20/2037
1,2,3
1,000,000
1,001,004
Carlyle
US
CLO
Ltd.
Series
2017-2A-AR2
5.165%
(3-Month
Term
SOFR
+
149
basis
points),
7/20/2037
1,2,3
2,000,000
2,002,237
Series
2017-2AR-AR3
0.00%,
7/20/2037
1,3,4
2,000,000
2,000,990
Series
2020-2A-A1R2
4.747%
(3-Month
Term
SOFR
+
108
basis
points),
1/25/2035
1,2,3
1,000,000
1,000,988
CarVal
CLO
Ltd.
Series
2023-1A-A1R
5.115%
(3-Month
Term
SOFR
+
144
basis
points),
7/20/2037
1,2,3
1,000,000
1,002,476
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
2
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
CBAMR
Ltd.
Series
2017-4A-BR
5.473%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
$
1,004,644
Series
2020-13A-BR
5.320%
(3-Month
Term
SOFR
+
165
basis
points),
4/20/2039
1,2,3
1,000,000
1,003,715
Cedar
Funding
CLO
Ltd.
Series
2016-5A-AR2
4.882%
(3-Month
Term
SOFR
+
126
basis
points),
1/17/2039
1,2,3
1,000,000
1,001,500
CIFC
Funding
Ltd.
Series
2018-1A-A1R
4.995%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,3
750,000
751,897
Series
2019-1A-A1R2
5.035%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,002,993
Series
2021-4A-AR
5.026%
(3-Month
Term
SOFR
+
136
basis
points),
7/23/2037
1,2,3
2,000,000
2,005,799
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR2
4.874%
(3-Month
Term
SOFR
+
121
basis
points),
1/22/2039
1,2,3
2,000,000
2,001,919
Diameter
Capital
CLO
Ltd.
Series
2024-7A-A1A
5.155%
(3-Month
Term
SOFR
+
148
basis
points),
7/20/2037
1,2,3
2,000,000
2,002,495
Series
2024-7AR-A1R
0.00%,
7/20/2039
1,3,4
2,000,000
2,000,990
Dryden
CLO
Ltd.
Series
2019-68A-BRR
5.223%
(3-Month
Term
SOFR
+
155
basis
points),
7/15/2035
1,2,3
1,000,000
1,002,065
Series
2019-80A-ARR
4.630%
(3-Month
Term
SOFR
+
95
basis
points),
1/17/2033
1,2,3
760,939
761,404
Series
2019-80A-BRR
5.180%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
500,000
500,759
Series
2020-86A-A1R2
4.810%
(3-Month
Term
SOFR
+
113
basis
points),
7/17/2034
1,2,3
1,000,000
1,001,109
Series
2022-97A-BR
5.325%
(3-Month
Term
SOFR
+
165
basis
points),
10/20/2038
1,2,3
500,000
501,801
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
4.745%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,3
1,000,000
1,001,446
Series
2017-49A-BR
5.537%
(3-Month
Term
SOFR
+
186
basis
points),
7/18/2030
1,2,3
445,120
445,913
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.013%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,3
1,750,000
1,753,919
Elmwood
CLO
Ltd.
Series
2020-1A-ARR
4.925%
(3-Month
Term
SOFR
+
125
basis
points),
4/18/2037
1,2,3
2,000,000
2,006,115
Series
2021-1A-ARR
4.860%
(3-Month
Term
SOFR
+
122
basis
points),
4/20/2037
1,2,3
1,000,000
1,000,861
Series
2022-1A-A1R
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
1,000,000
1,002,881
Series
2025-1A-A
4.814%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2038
1,2,3
2,500,000
2,501,751
GoldenTree
Loan
Management
US
CLO
Ltd.
Series
2022-12A-B1R
5.325%
(3-Month
Term
SOFR
+
165
basis
points),
7/20/2037
1,2,3
250,000
250,690
Series
2024-19A-AR
4.825%
(3-Month
Term
SOFR
+
115
basis
points),
7/20/2039
1,2,3
1,000,000
1,000,945
Golub
Capital
Partners
CLO
Ltd.
Series
2023-68A-BR
5.367%
(3-Month
Term
SOFR
+
170
basis
points),
7/25/2038
1,2,3
1,000,000
1,004,104
HPS
Loan
Management
Ltd.
Series
2024-20A-B1
5.517%
(3-Month
Term
SOFR
+
185
basis
points),
7/25/2037
1,2,3
750,000
752,830
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.774%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,3
3,000,000
2,996,850
Juniper
Valley
Park
CLO
Ltd.
Series
2023-1A-ARR
4.755%
(3-Month
Term
SOFR
+
108
basis
points),
7/20/2036
1,2,3
1,000,000
1,000,250
KKR
CLO
Ltd.
Series
18-A1R2
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,269,898
1,270,662
Series
2022-41A-B
5.573%
(3-Month
Term
SOFR
+
190
basis
points),
4/15/2035
1,2,3
1,000,000
1,002,240
Madison
Park
Funding
Ltd.
Series
13A-BR2
4.966%
(3-Month
Term
SOFR
+
130
basis
points),
11/21/2030
1,2,3
700,000
701,163
Series
2019-35A-A1R2
4.799%
(3-Month
Term
SOFR
+
122
basis
points),
2/13/2039
1,2,3
2,000,000
2,000,600
Series
2021-59A-A1R
5.175%
(3-Month
Term
SOFR
+
150
basis
points),
4/18/2037
1,2,3
2,000,000
2,003,235
Series
2025-71A-A1
4.806%
(3-Month
Term
SOFR
+
114
basis
points),
4/23/2038
1,2,3
2,000,000
1,995,999
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
3
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2025-71A-B
5.166%
(3-Month
Term
SOFR
+
150
basis
points),
4/23/2038
1,2,3
1,000,000
$
999,500
Magnetite
Ltd.
Series
2019-23A-AR2
4.657%
(3-Month
Term
SOFR
+
99
basis
points),
1/25/2035
1,2,3
3,000,000
3,002,372
Series
2019-23A-BR2
5.017%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,3
1,000,000
1,001,623
Series
2021-29A-AR
5.023%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
250,000
250,614
Series
2022-35A-A1RR
4.867%
(3-Month
Term
SOFR
+
120
basis
points),
1/25/2039
1,2,3
2,000,000
2,002,410
Series
2023-37A-A1R
4.867%
(3-Month
Term
SOFR
+
120
basis
points),
10/25/2038
1,2,3
2,000,000
2,000,700
Series
2024-44A-A1
5.023%
(3-Month
Term
SOFR
+
135
basis
points),
10/15/2037
1,2,3
1,500,000
1,503,199
Series
2024-47A-A
4.997%
(3-Month
Term
SOFR
+
133
basis
points),
1/25/2038
1,2,3
1,325,000
1,329,664
Series
2025-45A-A1
4.823%
(3-Month
Term
SOFR
+
115
basis
points),
4/15/2038
1,2,3
2,000,000
1,998,024
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-A1R
4.956%
(3-Month
Term
SOFR
+
129
basis
points),
10/23/2037
1,2,3
1,000,000
1,000,805
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-27A-BR
5.423%
(3-Month
Term
SOFR
+
175
basis
points),
7/15/2038
1,2,3
465,000
466,763
Series
2019-31A-AR2
4.905%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2039
1,2,3
625,000
626,114
Series
2019-33A-AR2
4.900%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,3
3,000,000
3,001,500
Series
2022-47A-AR
4.759%
(3-Month
Term
SOFR
+
109
basis
points),
4/16/2035
1,2,3
1,000,000
1,000,506
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.055%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
1,000,000
1,002,251
Series
2019-4AR-AR3
0.00%,
7/20/2037
1,3,4
1,000,000
1,000,495
Octagon
Investment
Partners
Ltd.
Series
2019-1A-A1RR
4.715%
(3-Month
Term
SOFR
+
104
basis
points),
1/20/2035
1,2,3
2,300,000
2,301,538
Octagon
Ltd.
Series
2021-1A-AR
4.743%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,3
1,000,000
1,000,512
Series
2024-1A-A1R
5.175%
(3-Month
Term
SOFR
+
128
basis
points),
4/18/2037
1,2,3
1,000,000
1,002,016
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.275%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
500,000
501,382
OHA
Credit
Partners
Ltd.
Series
2012-7A-AR4
4.782%
(3-Month
Term
SOFR
+
114
basis
points),
2/20/2038
1,2,3
2,000,000
1,999,761
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
4.963%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
1,2,3,5
1,000,000
1,003,000
Series
2021-4A-BR
5.373%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
1,2,3,5
1,799,110
1,806,529
Palmer
Square
Loan
Funding
Ltd.
Series
2024-3A-A2R
4.800%
(3-Month
Term
SOFR
+
115
basis
points),
8/8/2032
1,2,3,5
1,000,000
1,001,022
Rad
CLO
Ltd.
Series
2024-23A-A1AR
4.982%
(3-Month
Term
SOFR
+
125
basis
points),
7/20/2041
1,2,3
1,000,000
1,001,250
Regatta
Funding
Ltd.
Series
2019-2A-A1R2
4.863%
(3-Month
Term
SOFR
+
119
basis
points),
4/15/2039
1,2,3
1,350,000
1,349,662
Series
2021-1A-BR
5.223%
(3-Month
Term
SOFR
+
155
basis
points),
4/15/2038
1,2,3
1,000,000
1,003,237
Series
2021-2A-AR
4.853%
(3-Month
Term
SOFR
+
118
basis
points),
1/15/2038
1,2,3
2,000,000
2,001,073
Riserva
CLO
Ltd.
Series
2016-3A-AR3
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
1/18/2034
1,2,3
915,279
915,712
RR
Ltd.
Series
2021-14A-A1
5.055%
(3-Month
Term
SOFR
+
138
basis
points),
4/15/2036
1,2,3
1,450,000
1,450,805
Signal
Peak
CLO
Ltd.
Series
2017-4A-AR2
4.787%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
1,000,000
1,000,544
Series
2017-4A-BR2
5.317%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,3
1,000,000
1,002,731
Silver
Point
CLO
Ltd.
Series
2025-15A-A
4.918%
(3-Month
Term
SOFR
+
125
basis
points),
1/15/2039
1,2,3
2,000,000
2,002,004
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
4
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Sound
Point
CLO
Ltd.
Series
2018-2A-A
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
7/26/2031
1,2,3
60,709
$
60,738
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,3
1,250,000
1,251,059
THL
Credit
Wind
River
CLO
Ltd.
Series
2019-3A-AR3
4.873%
(3-Month
Term
SOFR
+
120
basis
points),
1/15/2038
1,2,3
2,000,000
1,999,415
Thompson
Park
CLO
Ltd.
Series
2021-1A-A1R
4.723%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2034
1,2,3
1,500,000
1,500,394
Trinitas
CLO
Ltd.
Series
2017-6A-AR4
4.777%
(3-Month
Term
SOFR
+
111
basis
points),
1/25/2034
1,2,3
968,248
969,064
Series
2019-10A-AR2
4.813%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,3
1,000,000
1,000,863
Series
2019-10A-B1R2
5.373%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,3
1,500,000
1,503,380
Series
2021-15A-A1R
4.784%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,3
500,000
500,511
Series
2021-15A-B1R
5.314%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,3
250,000
250,499
Venture
CLO
Ltd.
Series
2022-45A-A1R
4.945%
(3-Month
Term
SOFR
+
127
basis
points),
7/20/2035
1,2,3
1,580,000
1,581,835
Voya
CLO
Ltd.
Series
2019-4A-BR
5.685%
(3-Month
Term
SOFR
+
201
basis
points),
1/15/2035
1,2,3
250,000
250,625
Series
2024-1AR-A1AR
0.00%,
7/15/2039
1,3,4
1,500,000
1,500,000
Series
2024-1AR-BR
0.00%,
7/15/2039
1,3,4
1,000,000
1,000,000
Wellman
Park
CLO
Ltd.
Series
2021-1A-AR
5.023%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
1,000,000
1,000,874
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.047%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,3
2,000,000
2,006,781
Wind
River
CLO
Ltd.
Series
2021-4A-AR
4.902%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,3
2,000,000
2,002,136
Series
2023-1A-BR
5.467%
(3-Month
Term
SOFR
+
180
basis
points),
7/25/2038
1,2,3
1,000,000
1,004,682
Series
2024-1A-AR
4.981%
(3-Month
Term
SOFR
+
133
basis
points),
4/20/2037
1,2,3
1,000,000
1,000,467
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$148,797,959)
149,001,625
TOTAL
INVESTMENTS
—
104.4%
(Cost
$148,797,959)
149,001,625
Liabilities
in
Excess
of
Other
Assets
—
(4.4)%
(6,232,512)
TOTAL
NET
ASSETS
—
100.0%
$
142,769,113
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
$149,001,625
which
represents
104.37%
of
total
net
assets
of
the
Fund.
4
Variable
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.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
June
30,
2026
5
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
4.9%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
108,979
$
108,978
American
Express
Credit
Account
Master
Trust
Series
2024-1-A
,
5.230%
,
4/15/2029
1
865,000
872,295
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
1,269,497
1,272,308
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
138,779
138,494
BofA
Auto
Trust
Series
2024-1A-A3
,
5.350%
,
11/15/2028
1,2
578,352
581,005
Chase
Auto
Owner
Trust
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
180,563
180,392
Series
2026-1A-A2
,
4.250%
,
7/25/2029
1,2
590,000
589,897
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
200,105
200,910
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
625,229
629,096
Ford
Credit
Auto
Lease
Trust
Series
2026-A-A3
,
4.000%
,
7/15/2029
1
1,080,000
1,073,038
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
20,761
20,781
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
516,218
516,236
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
300,837
301,026
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
92,682
93,079
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
29,639
29,656
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
40,628
40,677
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
1,600,000
1,603,379
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
43,855
43,900
John
Deere
Owner
Trust
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
384,344
385,870
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
22,191
22,204
Series
2025-B-A2A
,
4.280%
,
7/17/2028
1
1,518,164
1,518,784
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
114,184
114,614
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
59,809
59,880
MMAF
Equipment
Finance
LLC
Series
2024-A-A3
,
4.950%
,
7/14/2031
1,2
625,000
629,607
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
549,228
549,830
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
33,310
33,412
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
27,203
27,229
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
6
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
26,219
$
26,231
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
382,000
384,239
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
555,000
552,919
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
70,708
70,772
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$12,690,160)
12,670,738
BANK
LOANS
—
10.7%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
B
6.413%
(3-Month
Term
SOFR
+
275
basis
points),
9/9/2031
1,3,4
197,494
198,398
Acrisure
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.894%
(1-Month
Term
SOFR
+
325
basis
points),
6/21/2032
1,3,4
198,500
179,990
Acrisure
LLC,
First
Lien,
Term
Loan,
B6
6.644%
(1-Month
Term
SOFR
+
300
basis
points),
11/6/2030
1,3,4
198,990
180,501
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2026
Refinancing
Term
Loan,
B
6.142%
(1-Month
Term
SOFR
+
250
basis
points;
3-Month
Term
SOFR
+
250
basis
points),
7/31/2028
3,4
249,375
249,436
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan
6.120%
(1-Month
Term
SOFR
+
250
basis
points),
9/19/2031
1,3,4
347,001
342,783
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
Term
Loan
6.894%
(1-Month
Term
SOFR
+
325
basis
points),
8/20/2032
1,3,4
498,744
499,564
Altium
Packaging
LLC,
First
Lien,
2024
Refinancing
Term
Loan
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
6/11/2031
1,3,4
447,212
435,808
American
Airlines,
Inc.,
First
Lien,
2024
Term
Loan,
B
5.935%
(6-Month
Term
SOFR
+
225
basis
points),
2/15/2028
1,3,4
98,980
98,213
Amynta
Agency
Borrower,
Inc.,
First
Lien,
2026
Refinancing
Term
Loan
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
12/29/2031
1,3,4
149,250
147,509
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
5.909%
(1-Month
Term
SOFR
+
225
basis
points;
3-Month
Term
SOFR
+
225
basis
points),
6/23/2032
1,3,4
135,607
135,918
AthenaHealth
Group,
Inc.,
First
Lien,
Fourth
Amendment
Term
Loan
6.894%
(1-Month
Term
SOFR
+
325
basis
points),
2/16/2032
3,4
375,000
371,578
Aveanna
Healthcare
LLC,
First
Lien,
2026
Term
Loan
6.644%
(1-Month
Term
SOFR
+
300
basis
points),
9/17/2032
3,4
350,000
351,888
Barracuda
Networks,
Inc.,
First
Lien,
Initial
Term
Loan
8.163%
(3-Month
Term
SOFR
+
450
basis
points),
8/15/2029
1,3,4
324,160
222,455
BCP
VI
Summit
Holdings
LP,
First
Lien,
Initial
Term
Loan
6.370%
(1-Month
Term
SOFR
+
275
basis
points),
1/30/2032
1,3,4
375,000
376,436
Belden,
Inc.,
First
Lien,
Term
Loan
6.491%
(12-Month
Term
SOFR
+
275
basis
points),
6/10/2033
3,4
175,000
175,438
Belron
Finance
2019
LLC,
First
Lien,
Term
Loan,
B
5.657%
(3-Month
Term
SOFR
+
200
basis
points),
10/16/2031
3,4
197,508
197,610
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
7
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Boluda
Towage
Luxembourg
SARL,
First
Lien,
Term
Loan,
B
6.241%
(12-Month
Term
SOFR
+
250
basis
points),
5/27/2033
3,4
525,000
$
526,642
Brown
Group
Holding
LLC,
First
Lien,
Initial
Term
Loan
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
7/1/2031
1,3,4
498,104
499,950
Burlington
Coat
Factory
Warehouse
Corp.,
First
Lien,
Term
Loan,
B
5.394%
(1-Month
Term
SOFR
+
175
basis
points),
9/24/2031
1,3,4
197,990
197,990
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
Term
Loan
5.394%
(1-Month
Term
SOFR
+
175
basis
points),
7/31/2030
1,3,4
100,000
100,047
Citadel
Securities
LP,
First
Lien,
2026-1
Term
Loan
5.661%
(3-Month
Term
SOFR
+
200
basis
points),
6/10/2033
3,4
473,502
473,009
Citco
Funding
LLC,
First
Lien,
2026
Term
Loan
5.663%
(3-Month
Term
SOFR
+
200
basis
points),
1/31/2033
3,4
49,750
49,661
Clarios
Global
LP,
First
Lien,
2024
Dollar
Term
Loan
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
5/6/2030
1,3,4
488,016
489,085
Clover
Holdings
2
LLC,
First
Lien,
Initial
Term
Loan
7.375%
(1-Month
Term
SOFR
+
375
basis
points),
12/9/2031
3,4
299,244
286,401
Colossus
Acquireco
LLC,
First
Lien,
Initial
Term
Loan
5.386%
(1-Month
Term
SOFR
+
175
basis
points),
1/31/2033
3,4
350,000
348,178
Cotiviti,
Inc.,
First
Lien,
Initial
Fixed
Rate
Term
Loan
7.625%
,
5/1/2031
3,4
250,000
234,219
Cotiviti,
Inc.,
First
Lien,
New
Term
Loan,
B
6.370%
(1-Month
Term
SOFR
+
275
basis
points),
5/1/2031
1,3,4
98,250
90,114
CPV
Fairview
LLC,
First
Lien,
Term
Loan,
B
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
8/14/2031
1,3,4
122,173
122,474
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2026
Term
Loan
6.620%
(1-Month
Term
SOFR
+
300
basis
points),
1/30/2031
3,4
300,000
301,301
Delta
Topco,
Inc.,
Second
Lien,
Second
Amendment
Term
Loan
8.902%
(3-Month
Term
SOFR
+
525
basis
points),
12/24/2030
3,4
200,000
184,250
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan
6.241%
(12-Month
Term
SOFR
+
250
basis
points),
6/3/2033
3,4
514,904
515,687
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
Term
Loan
7.620%
(1-Month
Term
SOFR
+
400
basis
points),
11/28/2031
1,3,4
400,000
401,594
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Refinancing
Term
Loan,
B
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
10/3/2031
3,4
563,212
565,041
Ensemble
RCM
LLC,
First
Lien,
Closing
Date
Term
Loan
6.663%
(3-Month
Term
SOFR
+
300
basis
points),
2/9/2033
3,4
450,000
448,763
EVERTEC
Group
LLC,
First
Lien,
Term
Loan,
B
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
10/30/2030
3,4
250,000
250,416
EW
Scripps
Co.
(The),
First
Lien,
Term
Loan,
B2
9.504%
(1-Month
Term
SOFR
+
575
basis
points),
6/30/2028
3,4
92,596
92,770
Financiere
Mendel
SAS,
First
Lien,
New
Term
Loan,
B
6.393%
(3-Month
Term
SOFR
+
275
basis
points),
11/11/2030
3,4
197,494
198,143
Fleet
US
Bidco,
Inc.,
First
Lien,
Term
Loan,
B2
6.394%
(1-Month
Term
SOFR
+
275
basis
points),
2/21/2031
1,3,4
198,500
198,996
Fugue
Finance
BV,
First
Lien,
14th
Amendment
Term
Loan
5.916%
(3-Month
Term
SOFR
+
225
basis
points),
1/9/2032
3,4
198,005
197,774
GIH
Borrower
LLC,
First
Lien,
Term
Loan,
B
6.200%
(3-Month
Term
SOFR
+
250
basis
points),
11/26/2031
1,3,4
98,750
98,829
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
8
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Global
Medical
Response,
Inc.,
First
Lien,
Initial
Term
Loan
6.889%
(1-Month
Term
SOFR
+
325
basis
points),
10/1/2032
1,3,4
365,771
$
367,143
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
Term
Loan
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
1/26/2033
3,4
375,000
375,664
Great
Outdoors
Group
LLC,
First
Lien,
Term
Loan,
B
6.894%
(1-Month
Term
SOFR
+
325
basis
points),
1/23/2032
1,3,4
248,737
249,826
Harbor
Freight
Tools
USA,
Inc.,
First
Lien,
Initial
Term
Loan
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
6/11/2031
1,3,4
482,144
481,052
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B2
6.139%
(1-Month
Term
SOFR
+
250
basis
points),
3/18/2030
3,4
446,253
443,723
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
6.371%
(1-Month
Term
SOFR
+
275
basis
points),
11/6/2031
3,4
382,871
383,110
Inception
Finco
SARL,
First
Lien,
Term
Loan,
B9
6.950%
(3-Month
Term
SOFR
+
325
basis
points),
4/18/2031
3,4
199,000
199,539
INEOS
Finance
plc,
First
Lien,
Term
Loan,
B
8.842%
(12-Month
Term
SOFR
+
500
basis
points),
11/9/2032
3,4
425,000
400,210
Installed
Building
Products,
Inc.,
First
Lien,
Term
Loan,
B3
5.394%
(1-Month
Term
SOFR
+
175
basis
points),
3/28/2031
1,3,4
98,492
99,026
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
Term
Loan,
B
6.108%
(1-Month
Term
SOFR
+
250
basis
points),
12/16/2030
1,3,4
286,144
286,536
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
347,680
348,316
Jane
Street
Group
LLC,
First
Lien,
Extended
Term
Loan,
B
5.666%
(3-Month
Term
SOFR
+
200
basis
points),
12/15/2031
1,3,4
498,684
494,777
Jupiter
Borrower,
Inc.,
First
Lien,
Term
Loan,
B
6.217%
(12-Month
Term
SOFR
+
275
basis
points),
3/25/2033
3,4
500,000
500,210
Lackawanna
Energy
Center
LLC,
First
Lien,
Term
Loan,
B
6.374%
(1-Month
Term
SOFR
+
275
basis
points),
7/23/2032
3,4
438,062
439,568
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
2026
Refinancing
Term
Loan
6.620%
(1-Month
Term
SOFR
+
300
basis
points),
12/2/2031
3,4
90,806
91,139
Michael
Baker
International,
Inc.,
First
Lien,
Term
Loan,
B1
7.663%
(3-Month
Term
SOFR
+
400
basis
points),
12/1/2028
3,4
98,253
98,345
Mitchell
International,
Inc.,
Second
Lien,
Initial
Term
Loan
8.894%
(1-Month
Term
SOFR
+
525
basis
points),
6/7/2032
3,4
200,000
184,700
NAB
Holdings
LLC,
First
Lien,
2025
Refinancing
Term
Loan
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
11/24/2028
3,4
398,990
373,181
Nexstar
Media,
Inc.,
First
Lien,
Term
Loan,
B7
6.394%
(1-Month
Term
SOFR
+
275
basis
points),
3/18/2033
3,4
362,435
359,296
OAK-Eagle
Acquireco,
Inc.,
First
Lien,
Term
Loan,
B1
6.967%
(12-Month
Term
SOFR
+
350
basis
points),
3/23/2033
1,3,4
350,000
351,257
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.644%
(1-Month
Term
SOFR
+
300
basis
points),
7/2/2031
1,3,4
98,000
95,207
Osaic
Holdings,
Inc.,
First
Lien,
Term
Loan,
B1
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
7/30/2032
3,4
375,000
370,641
Padagis
LLC,
First
Lien,
Term
Loan,
B
8.689%
(3-Month
Term
SOFR
+
475
basis
points),
7/6/2028
1,3,4
173,185
164,526
Pegasus
Bidco
BV,
2026-1
Dollar
Term
Loan
6.241%
(12-Month
Term
SOFR
+
250
basis
points),
7/12/2032
3,4
498,744
499,577
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
9
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Penn
Entertainment,
Inc.,
First
Lien,
Term
Loan,
B
5.644%
(1-Month
Term
SOFR
+
200
basis
points),
5/30/2033
1,3,4
248,705
$
248,394
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
B6
5.644%
(1-Month
Term
SOFR
+
200
basis
points),
2/21/2031
3,4
542,573
542,179
Plastipak
Packaging,
Inc.,
First
Lien,
Term
Loan,
B
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
9/24/2032
1,3,4
398,997
399,299
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan
6.950%
(3-Month
Term
SOFR
+
325
basis
points),
10/28/2030
1,3,4
98,744
72,132
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2
5.982%
(3-Month
Term
SOFR
+
225
basis
points),
6/28/2030
3,4
197,462
165,621
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
3/19/2029
1,3,4
448,218
448,928
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
98,750
98,791
Red
Planet
Borrower
LLC,
First
Lien,
Initial
Term
Loan
7.370%
(1-Month
Term
SOFR
+
375
basis
points),
9/8/2032
1,3,4
348,492
349,001
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.620%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
447,995
447,715
Sazerac
Co.,
Inc.,
First
Lien,
Term
Loan,
B2
5.630%
(1-Month
Term
SOFR
+
200
basis
points),
7/9/2032
3,4
300,000
299,954
SCIL
USA
Holdings
LLC,
First
Lien,
Term
Loan,
B2
7.653%
(3-Month
Term
SOFR
+
400
basis
points),
11/8/2032
3,4
498,750
498,750
Select
Medical
Corp.,
First
Lien,
Term
Loan
6.474%
(12-Month
Term
SOFR
+
300
basis
points),
12/31/2031
3,4
350,000
351,750
Sophos
Holdings
LLC,
First
Lien,
Dollar
Term
Loan
7.258%
(1-Month
Term
SOFR
+
350
basis
points),
3/5/2027
1,3,4
373,017
348,889
St.
George's
University
Scholastic
Services
LLC,
First
Lien,
Term
Loan
6.370%
(1-Month
Term
SOFR
+
275
basis
points),
2/12/2029
3,4
350,000
345,378
Summer
BC
Holdco
B
SARL,
First
Lien,
Extended
Term
Loan,
B
8.992%
(3-Month
Term
SOFR
+
500
basis
points),
2/15/2029
3,4
373,096
321,536
Tecta
America
Corp.,
First
Lien,
2026
Term
Loan,
B
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
2/18/2032
3,4
375,000
375,771
Tega
MC
Australia
Holdings
Pty.
Ltd.,
First
Lien,
Term
Loan,
B
6.974%
(12-Month
Term
SOFR
+
350
basis
points),
6/1/2033
3,4
500,000
503,440
Tory
Burch
LLC,
First
Lien,
Initial
Term
Loan,
B
7.644%
(1-Month
Term
SOFR
+
400
basis
points),
4/30/2031
3,4
400,000
398,958
TransDigm,
Inc.,
First
Lien,
Term
Loan,
K
5.870%
(1-Month
Term
SOFR
+
225
basis
points),
3/22/2030
1,3,4
448,872
449,415
Traverse
Midstream
Partners
LLC,
First
Lien,
Term
Loan,
B
6.061%
(12-Month
Term
SOFR
+
225
basis
points),
4/20/2033
3,4
475,000
475,297
Trilon
Group
LLC,
First
Lien,
Delayed
Draw
Term
Loan
0.00%,
6/13/2033
3,4,5
38,776
38,824
Trilon
Group
LLC,
First
Lien,
Term
Loan
7.207%
(12-Month
Term
SOFR
+
350
basis
points),
6/13/2033
3,4
436,224
436,770
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
Term
Loan,
B
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
8/3/2028
1,3,4
422,854
422,786
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
10
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
White
Cap
Supply
Holdings
LLC,
First
Lien,
Term
Loan,
C
6.894%
(1-Month
Term
SOFR
+
325
basis
points),
10/19/2029
1,3,4
249,367
$
249,285
Worthington
Steel,
Inc.,
First
Lien,
Initial
Term
Loan
7.707%
(12-Month
Term
SOFR
+
400
basis
points),
6/1/2033
3,4
375,000
374,591
Zelis
Cost
Management
Buyer,
Inc.,
First
Lien,
Term
Loan,
B2
6.394%
(1-Month
Term
SOFR
+
275
basis
points),
9/28/2029
3,4
374,043
365,798
TOTAL
BANK
LOANS
(Cost
$27,825,278)
27,720,680
COLLATERALIZED
LOAN
OBLIGATIONS
—
50.1%
1988
CLO
Ltd.
Series
2022-1A-D1R
6.773%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2039
1,2,4
1,000,000
1,002,432
522
Funding
CLO
Ltd.
Series
2020-6A-DR
7.078%
(3-Month
Term
SOFR
+
341
basis
points),
10/23/2034
1,2,4
1,000,000
994,925
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.423%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,4
500,000
502,676
Series
2023-2A-ER
9.173%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,4
500,000
494,520
Series
2024-1A-D1R
6.572%
(3-Month
Term
SOFR
+
290
basis
points),
7/15/2039
1,2,4
1,000,000
1,004,268
Aimco
CLO
Ltd.
Series
2026-27A-A1
4.821%
(3-Month
Term
SOFR
+
114
basis
points),
4/20/2039
1,2,4
1,500,000
1,500,854
AIMCO
CLO
Ltd.
Series
2021-16A-AR
5.080%
(3-Month
Term
SOFR
+
140
basis
points),
7/17/2037
1,2,4
1,000,000
1,000,000
Anchorage
Capital
CLO
Ltd.
Series
2022-24A-A1R
5.103%
(3-Month
Term
SOFR
+
143
basis
points),
7/15/2037
1,2,4
1,000,000
1,002,878
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
4.994%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,4
500,000
500,887
Series
2025-54A-A1
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
1,001,918
Ares
CLO
Ltd.
Series
2017-43A-D1R2
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
1/15/2038
1,2,4
500,000
503,880
Series
2021-61A-ER
10.515%
(3-Month
Term
SOFR
+
684
basis
points),
4/20/2037
1,2,4
500,000
480,001
Series
2022-66A-D1R2
6.567%
(3-Month
Term
SOFR
+
290
basis
points),
10/25/2038
1,2,4
1,000,000
997,834
Series
2025-76A-E
10.833%
(3-Month
Term
SOFR
+
716
basis
points),
5/27/2038
1,2,4
250,000
255,752
Series
2026-80A-E
9.404%
(3-Month
Term
SOFR
+
575
basis
points),
5/5/2039
1,2,4
500,000
502,996
Ares
Loan
Funding
Ltd.
Series
2021-ALFA-D1R
6.523%
(3-Month
Term
SOFR
+
285
basis
points),
4/15/2039
1,2,4
1,000,000
1,002,430
Arini
US
CLO
Ltd.
Series
5A-D
6.623%
(3-Month
Term
SOFR
+
295
basis
points),
4/15/2039
1,2,4
1,000,000
1,008,727
Series
7A-E
9.082%
(3-Month
Term
SOFR
+
535
basis
points),
7/15/2039
1,2,4
1,000,000
1,000,000
Bain
Capital
Credit
CLO
Ltd.
Series
2021-3A-D
7.029%
(3-Month
Term
SOFR
+
336
basis
points),
7/24/2034
1,2,4
1,000,000
976,730
Series
2024-2A-D1R
6.494%
(3-Month
Term
SOFR
+
275
basis
points),
7/15/2039
1,2,4
1,000,000
1,000,000
Series
2024-2A-D2R
7.534%
(3-Month
Term
SOFR
+
379
basis
points),
7/15/2039
1,2,4
500,000
500,000
Ballyrock
CLO
Ltd.
Series
2021-17A-DR
9.775%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,4
250,000
246,627
Barings
CLO
Ltd.
Series
2022-1A-ER
9.923%
(3-Month
Term
SOFR
+
625
basis
points),
1/15/2039
1,2,4
500,000
496,247
Series
2023-1A-ER
10.375%
(3-Month
Term
SOFR
+
670
basis
points),
4/20/2038
1,2,4
500,000
503,629
Series
2025-3A-D1
6.475%
(3-Month
Term
SOFR
+
280
basis
points),
3/31/2038
1,2,4
1,000,000
1,001,208
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
11
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2025-7A-D1
6.373%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,4
1,000,000
$
1,004,137
Series
2025-8A-E
8.672%
(3-Month
Term
SOFR
+
500
basis
points),
1/15/2039
1,2,4
1,000,000
1,001,110
Beechwood
Park
CLO
Ltd.
Series
2019-1A-A1RR
4.750%
(3-Month
Term
SOFR
+
107
basis
points),
1/17/2035
1,2,4
1,000,000
999,264
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
4.925%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,4
1,000,000
1,002,490
Series
2025-42A-A
4.967%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,4
1,000,000
1,002,396
Birch
Grove
CLO
Ltd.
Series
2024-8A-ER
9.665%
(3-Month
Term
SOFR
+
599
basis
points),
4/20/2039
1,2,4
500,000
507,922
BlueMountain
CLO
Ltd.
Series
2020-30A-DR
6.973%
(3-Month
Term
SOFR
+
330
basis
points),
4/15/2035
1,2,4
900,000
892,834
Broad
River
BSL
Funding
CLO
Ltd.
Series
2020-1A-AR
5.107%
(3-Month
Term
SOFR
+
143
basis
points),
7/20/2034
1,2,4
2,000,000
2,000,000
Series
2020-1A-ER
10.437%
(3-Month
Term
SOFR
+
676
basis
points),
7/20/2034
1,2,4
500,000
500,000
Bryant
Park
Funding
Ltd.
Series
2021-17RA-ER
10.605%
(3-Month
Term
SOFR
+
693
basis
points),
1/20/2038
1,2,4
500,000
478,649
Series
2023-20A-DR
7.073%
(3-Month
Term
SOFR
+
340
basis
points),
4/15/2038
1,2,4
250,000
251,439
Series
2023-21A-ER
8.925%
(3-Month
Term
SOFR
+
525
basis
points),
10/18/2038
1,2,4
500,000
496,140
Series
2024-22A-ER
9.534%
(3-Month
Term
SOFR
+
590
basis
points),
3/31/2039
1,2,4
1,000,000
1,001,262
Series
2024-23A-D2R
8.301%
(3-Month
Term
SOFR
+
465
basis
points),
5/15/2037
1,2,4,6
1,000,000
999,883
Carlyle
US
CLO
Ltd.
Series
2019-4A-DR2
6.637%
(3-Month
Term
SOFR
+
300
basis
points),
6/22/2039
1,2,4
1,000,000
1,000,953
Series
2020-2A-A1R2
4.747%
(3-Month
Term
SOFR
+
108
basis
points),
1/25/2035
1,2,4
2,000,000
2,001,976
Series
2021-9A-AR
4.785%
(3-Month
Term
SOFR
+
111
basis
points),
10/20/2034
1,2,4
3,000,000
3,002,221
Series
2026-2A-D
6.813%
(3-Month
Term
SOFR
+
315
basis
points),
4/20/2039
1,2,4
375,000
377,091
CBAM
Ltd.
Series
2018-5A-D1R
6.680%
(3-Month
Term
SOFR
+
300
basis
points),
10/17/2038
1,2,4
1,000,000
1,001,258
Cedar
Funding
CLO
Ltd.
Series
2016-5A-AR2
4.882%
(3-Month
Term
SOFR
+
126
basis
points),
1/17/2039
1,2,4
1,000,000
1,001,500
Series
2023-17A-D1R
6.725%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,003,545
CIFC
Funding
Ltd.
Series
2018-1A-A1R
4.995%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,4
500,000
501,265
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.713%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
1,000,476
Series
2019-80A-DR
6.780%
(3-Month
Term
SOFR
+
310
basis
points),
1/17/2033
1,2,4
475,000
473,052
Series
2020-83A-D1R2
6.740%
(3-Month
Term
SOFR
+
310
basis
points),
4/18/2037
1,2,4
1,000,000
1,001,567
Series
2020-83A-D2R2
8.490%
(3-Month
Term
SOFR
+
485
basis
points),
4/18/2037
1,2,4
500,000
500,000
Series
2023-102A-ER
9.523%
(3-Month
Term
SOFR
+
585
basis
points),
10/15/2038
1,2,4
500,000
499,205
Series
2024-119A-D1R
6.326%
(3-Month
Term
SOFR
+
270
basis
points),
7/15/2039
1,2,4
1,000,000
1,004,977
Series
2024-119A-ER
9.376%
(3-Month
Term
SOFR
+
575
basis
points),
7/15/2039
1,2,4
1,000,000
997,558
Series
2025-120A-E
9.123%
(3-Month
Term
SOFR
+
545
basis
points),
1/15/2039
1,2,4
500,000
499,074
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.013%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,4
1,500,000
1,503,359
Series
2013-1A-D1R4
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,4
1,000,000
1,004,164
Elmwood
CLO
Ltd.
Series
2020-1A-ARR
4.925%
(3-Month
Term
SOFR
+
125
basis
points),
4/18/2037
1,2,4
2,000,000
2,006,114
Series
2021-1A-ARR
4.860%
(3-Month
Term
SOFR
+
122
basis
points),
4/20/2037
1,2,4
1,000,000
1,000,861
Series
2021-1A-DRR
6.890%
(3-Month
Term
SOFR
+
325
basis
points),
4/20/2037
1,2,4
750,000
754,347
Series
2021-2A-D1R
6.325%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
1,005,177
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
12
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2021-3A-AR2
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
1,000,000
$
1,003,190
Series
2021-3A-DR2
6.725%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,005,235
Series
2021-5A-D1R
6.773%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,4
1,000,000
998,207
Series
2022-1A-A1R
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,500,000
1,504,322
Series
2023-2A-D1R2
6.331%
(3-Month
Term
SOFR
+
265
basis
points),
7/16/2039
1,2,4
1,000,000
1,002,781
Series
2025-1A-A
4.814%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2038
1,2,4
1,700,000
1,701,190
Empower
CLO
Ltd.
Series
2023-1A-D1R
7.517%
(3-Month
Term
SOFR
+
385
basis
points),
4/25/2038
1,2,4
1,000,000
1,007,742
Series
2023-1A-ER
11.007%
(3-Month
Term
SOFR
+
734
basis
points),
4/25/2038
1,2,4
250,000
251,680
Series
2023-3A-D1R
6.515%
(3-Month
Term
SOFR
+
285
basis
points),
1/20/2039
1,2,4
1,000,000
1,002,270
Series
2023-3A-ER
9.315%
(3-Month
Term
SOFR
+
565
basis
points),
1/20/2039
1,2,4
750,000
734,674
Series
2024-1A-A1R
4.934%
(3-Month
Term
SOFR
+
128
basis
points),
4/25/2037
1,2,4
1,000,000
1,002,125
Series
2024-1A-D1R
7.054%
(3-Month
Term
SOFR
+
340
basis
points),
4/25/2037
1,2,4
1,000,000
1,000,025
Golub
Capital
CLO
Ltd.
Series
2026-88A-D1
6.830%
(3-Month
Term
SOFR
+
315
basis
points),
4/17/2039
1,2,4
2,000,000
2,006,219
Series
2026-88A-E
9.710%
(3-Month
Term
SOFR
+
603
basis
points),
4/17/2039
1,2,4
1,000,000
1,021,317
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-AR
4.795%
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,4
1,470,379
1,471,665
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
500,000
501,625
Invesco
CLO
Ltd.
Series
2021-2A-D
6.835%
(3-Month
Term
SOFR
+
316
basis
points),
7/15/2034
1,2,4
750,000
737,744
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.774%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,4
1,000,000
998,950
Series
2023-2A-ER
11.552%
(3-Month
Term
SOFR
+
788
basis
points),
4/21/2038
1,2,4
250,000
250,485
Series
2025-2A-D
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
1,002,813
Series
2026-1A-D1A
6.881%
(3-Month
Term
SOFR
+
320
basis
points),
4/15/2039
1,2,4
1,000,000
1,005,523
KKR
CLO
Ltd.
Series
40A-AR
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,4
1,000,000
1,001,161
Madison
Park
Funding
Ltd.
Series
2021-59A-A1R
5.175%
(3-Month
Term
SOFR
+
150
basis
points),
4/18/2037
1,2,4
1,500,000
1,502,427
Magnetite
Ltd.
Series
2019-23A-AR2
4.657%
(3-Month
Term
SOFR
+
99
basis
points),
1/25/2035
1,2,4
1,000,000
1,000,791
Series
2019-23A-BR2
5.017%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,4
1,000,000
1,001,623
Series
2020-27A-D1RR
6.325%
(3-Month
Term
SOFR
+
265
basis
points),
10/20/2038
1,2,4
750,000
754,021
Series
2024-38A-ER
8.892%
(3-Month
Term
SOFR
+
520
basis
points),
7/15/2039
1,2,4
1,000,000
1,008,119
Series
2025-45A-A1
4.823%
(3-Month
Term
SOFR
+
115
basis
points),
4/15/2038
1,2,4
2,000,000
1,998,024
Menlo
CLO
Ltd.
Series
2024-1A-A1
5.095%
(3-Month
Term
SOFR
+
142
basis
points),
1/20/2038
1,2,4
500,000
501,528
Series
2024-1A-D1
6.925%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
500,000
503,589
Series
2025-3A-D
6.680%
(3-Month
Term
SOFR
+
300
basis
points),
10/16/2038
1,2,4
750,000
752,687
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-ER
9.726%
(3-Month
Term
SOFR
+
606
basis
points),
10/23/2037
1,2,4
500,000
476,248
Series
2023-19A-D1R
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
1,002,994
Neuberger
Berman
CLO
Ltd.
Series
2019-32RA-D1
6.625%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2039
1,2,4
1,000,000
1,003,500
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2020-36RA-A
4.945%
(3-Month
Term
SOFR
+
127
basis
points),
7/20/2039
1,2,4
1,000,000
1,001,801
Series
2021-41A-DR
6.473%
(3-Month
Term
SOFR
+
280
basis
points),
4/15/2034
1,2,4
500,000
500,293
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
13
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Neuberger
Berman
Loan
Advisers
NBLA
CLO
Ltd.
Series
2022-52A-AR
5.017%
(3-Month
Term
SOFR
+
135
basis
points),
10/24/2038
1,2,4
1,000,000
$
1,002,501
New
Mountain
CLO
Ltd.
Series
4A-ER
10.585%
(3-Month
Term
SOFR
+
691
basis
points),
3/20/2038
1,2,4
450,000
453,316
Series
CLO-3A-ER
9.025%
(3-Month
Term
SOFR
+
535
basis
points),
10/20/2038
1,2,4
500,000
473,052
Series
CLO-9A-D1
6.509%
(3-Month
Term
SOFR
+
280
basis
points),
4/22/2039
1,2,4
1,000,000
997,576
Series
CLO-9A-E
9.009%
(3-Month
Term
SOFR
+
530
basis
points),
4/22/2039
1,2,4
500,000
500,367
Northwoods
Capital
Ltd.
Series
2018-11BA-BR
5.575%
(3-Month
Term
SOFR
+
190
basis
points),
7/19/2037
1,2,4
1,000,000
1,000,000
Oaktree
CLO
Ltd.
Series
2022-1A-DR
6.773%
(3-Month
Term
SOFR
+
310
basis
points),
7/15/2038
1,2,4
1,000,000
1,001,196
Series
2022-1A-ER
9.673%
(3-Month
Term
SOFR
+
600
basis
points),
7/15/2038
1,2,4
1,000,000
995,799
Series
2023-2A-A1R
5.025%
(3-Month
Term
SOFR
+
135
basis
points),
7/20/2038
1,2,4
1,000,000
1,001,396
OCP
CLO
Ltd.
Series
2019-17A-ER2
9.925%
(3-Month
Term
SOFR
+
625
basis
points),
7/20/2037
1,2,4
500,000
497,016
Series
2021-21A-AR
4.855%
(3-Month
Term
SOFR
+
118
basis
points),
1/20/2038
1,2,4
2,000,000
1,999,312
Octagon
Investment
Partners
Ltd.
Series
2019-1A-D1R
6.523%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,4
250,000
251,044
Octagon
Ltd.
Series
2022-1A-D
7.351%
(3-Month
Term
SOFR
+
370
basis
points),
5/15/2035
1,2,4
1,000,000
991,061
Series
2022-1A-E
11.262%
(3-Month
Term
SOFR
+
759
basis
points),
7/21/2037
1,2,4
500,000
473,205
OHA
Credit
Partners
Ltd.
Series
2015-12A-ER2
9.916%
(3-Month
Term
SOFR
+
625
basis
points),
4/23/2037
1,2,4
500,000
500,000
Series
2015-12AR-D1R3
0.00%,
7/23/2039
1,2,6,7
500,000
500,000
Series
2015-12AR-D2R3
0.00%,
7/23/2039
1,2,6,7
500,000
500,500
Series
2015-12AR-ER3
0.00%,
7/23/2039
1,2,6,7
500,000
500,000
Post
CLO
Ltd.
Series
2022-1A-DR
6.775%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2035
1,2,4
1,000,000
994,796
Series
2023-1A-A1R
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
1,001,913
Series
2023-1A-BR
5.375%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,4
1,000,000
1,004,166
Series
2024-2A-E
10.175%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
500,000
507,216
Series
2025-1A-E
9.096%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,4
500,000
500,352
Series
2026-1A-D1
6.558%
(3-Month
Term
SOFR
+
265
basis
points),
7/20/2039
1,2,4
1,500,000
1,499,960
Series
2026-1A-D2
8.208%
(3-Month
Term
SOFR
+
430
basis
points),
7/20/2039
1,2,4
500,000
499,979
Rad
CLO
Ltd.
Series
2021-15A-A1AR
5.035%
(3-Month
Term
SOFR
+
136
basis
points),
7/20/2040
1,2,4
1,000,000
1,002,809
Riserva
CLO
Ltd.
Series
2016-3A-AR3
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
1/18/2034
1,2,4
1,830,558
1,831,423
Series
2016-3A-DRR
7.187%
(3-Month
Term
SOFR
+
351
basis
points),
1/18/2034
1,2,4
1,500,000
1,466,761
RR
Ltd.
Series
2022-21A-DR
9.523%
(3-Month
Term
SOFR
+
585
basis
points),
7/15/2039
1,2,4
500,000
495,681
Sculptor
CLO
Ltd.
Series
32A-D1R
6.946%
(3-Month
Term
SOFR
+
325
basis
points),
4/30/2039
1,2,4
1,000,000
1,000,904
Shackleton
CLO
Ltd.
Series
2015-7RA-ARR
4.773%
(3-Month
Term
SOFR
+
110
basis
points),
7/15/2031
1,2,4
29,069
29,084
Series
2019-14A-ERR
9.575%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,4
500,000
474,103
Signal
Peak
CLO
Ltd.
Series
2016-3A-D1R4
7.160%
(3-Month
Term
SOFR
+
350
basis
points),
4/23/2039
1,2,4
1,000,000
1,002,686
Series
2017-4A-BR2
5.317%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,4
1,500,000
1,504,095
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
14
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2018-5A-D1R2
7.631%
(3-Month
Term
SOFR
+
400
basis
points),
4/25/2037
1,2,4
1,000,000
$
1,005,078
Trinitas
CLO
Ltd.
Series
2019-10A-B1R2
5.373%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,4
2,000,000
2,004,507
Series
2024-27A-D1R
6.925%
(3-Month
Term
SOFR
+
325
basis
points),
4/18/2039
1,2,4
750,000
756,346
Series
2024-27A-ER
10.265%
(3-Month
Term
SOFR
+
659
basis
points),
4/18/2039
1,2,4
500,000
507,799
Voya
CLO
Ltd.
Series
2017-3A-CRR
6.775%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2034
1,2,4
1,250,000
1,247,055
Series
2024-1A-E
10.323%
(3-Month
Term
SOFR
+
665
basis
points),
4/15/2037
1,2,4
500,000
500,000
Wellington
Management
CLO
Ltd.
Series
2024-2A-ER
10.099%
(3-Month
Term
SOFR
+
643
basis
points),
4/20/2039
1,2,4
750,000
760,938
Whitebox
CLO
Ltd.
Series
2023-4A-ER
10.155%
(3-Month
Term
SOFR
+
648
basis
points),
4/20/2036
1,2,4
500,000
497,794
Series
2023-4AR-D1R2
6.306%
(3-Month
Term
SOFR
+
255
basis
points),
7/20/2039
1,2,4
1,000,000
1,000,000
Series
2023-4AR-ER2
8.906%
(3-Month
Term
SOFR
+
515
basis
points),
7/20/2039
1,2,4
1,000,000
1,000,000
Wind
River
CLO
Ltd.
Series
2021-4A-AR
4.902%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,4
1,000,000
1,001,068
Series
2024-1A-AR
4.981%
(3-Month
Term
SOFR
+
133
basis
points),
4/20/2037
1,2,4
1,000,000
1,000,467
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$129,389,516)
129,711,594
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
0.3%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
898,906
831,962
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$787,094)
831,962
CONVERTIBLE
BONDS
—0.1%
SOFTWARE
—
0.1%
Zscaler,
Inc.
3.890%,
7/15/2028
2,8
350,000
323,750
TOTAL
CONVERTIBLE
BONDS
(Cost
$323,662)
323,750
CORPORATE
BONDS
—19.5%
AEROSPACE
&
DEFENSE
—
0.1%
TransDigm,
Inc.
6.875%,
12/15/2030
1,2
200,000
205,675
AUTOMOBILE
COMPONENTS
—
0.3%
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
6.125%,
4/15/2031
1,2
435,000
436,069
ZF
North
America
Capital,
Inc.
7.125%,
4/14/2030
1,2
375,000
378,605
814,674
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
15
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
AUTOMOBILES
—
0.2%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
490,000
$
476,980
BEVERAGES
—
0.5%
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
130,000
114,778
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
470,000
460,311
Pernod
Ricard
International
Finance
LLC
1.250%,
4/1/2028
1,2
250,000
236,212
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
575,000
561,639
1,372,940
BIOTECHNOLOGY
—
0.2%
Amgen,
Inc.
2.200%,
2/21/2027
1
300,000
296,073
Gilead
Sciences,
Inc.
2.950%,
3/1/2027
1
250,000
247,919
543,992
BROADLINE
RETAIL
—
0.3%
eBay,
Inc.
4.250%,
3/6/2029
1
350,000
346,048
Match
Group
Holdings
II
LLC
4.125%,
8/1/2030
1,2
475,000
447,363
793,411
BUILDING
PRODUCTS
—
0.5%
Builders
FirstSource,
Inc.
5.000%,
3/1/2030
1,2
350,000
343,394
Smyrna
Ready
Mix
Concrete
LLC
8.875%,
11/15/2031
1,2
500,000
527,476
Standard
Industries,
Inc.
4.375%,
7/15/2030
1,2
400,000
380,196
1,251,066
CAPITAL
MARKETS
—
0.5%
Aretec
Group,
Inc.
10.000%,
8/15/2030
1,2
500,000
527,291
S&P
Global,
Inc.
2.450%,
3/1/2027
1
325,000
321,134
VFH
Parent
LLC
/
Valor
Co-Issuer,
Inc.
7.500%,
6/15/2031
1,2
325,000
340,105
1,188,530
CHEMICALS
—
0.3%
HB
Fuller
Co.
4.250%,
10/15/2028
1
253,000
249,105
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
16
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CHEMICALS
(Continued)
Olin
Corp.
5.625%,
8/1/2029
1
525,000
$
521,451
770,556
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.3%
GFL
Environmental,
Inc.
4.375%,
8/15/2029
1,2
575,000
559,391
VM
Consolidated,
Inc.
5.500%,
4/15/2029
1,2
305,000
269,316
828,707
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.1%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
165,000
156,777
CONTAINERS
&
PACKAGING
—
0.5%
CANPACK
Group,
Inc.
/
CANPACK
SA
6.000%,
5/15/2031
1,2
590,000
593,753
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
4.250%,
9/30/2026
1
100,000
100,042
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
575,000
540,746
1,234,541
DISTRIBUTORS
—
0.1%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
217,000
213,522
DIVERSIFIED
REITS
—
0.1%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
375,000
371,768
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.5%
AT&T,
Inc.
1.650%,
2/1/2028
1
525,000
501,834
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
5/1/2027
1,2
62,000
61,906
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
2/1/2028
1,2
400,000
395,195
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
171,000
170,506
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
250,000
245,396
Virgin
Media
Finance
plc
5.000%,
7/15/2030
1,2
175,000
133,245
1,508,082
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
17
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
—
1.2%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
125,000
$
124,468
Alpha
Generation
LLC
6.750%,
10/15/2032
1,2
575,000
585,841
Duke
Energy
Corp.
3.150%,
8/15/2027
1
275,000
271,118
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
1/15/2027
1
300,000
296,222
NRG
Energy,
Inc.
4.734%,
10/15/2030
1,2
225,000
222,375
NRG
Energy,
Inc.
3.625%,
2/15/2031
1,2
400,000
371,627
Southern
Co.
(The)
5.113%,
8/1/2027
175,000
175,881
Southern
Co.
(The)
4.850%,
6/15/2028
1
500,000
503,146
Vistra
Operations
Co.
LLC
4.300%,
7/15/2029
1,2
250,000
245,038
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
1/15/2031
1,2
575,000
613,545
3,409,261
ENERGY
EQUIPMENT
&
SERVICES
—
0.3%
Kodiak
Gas
Services
LLC
5.875%,
4/1/2031
1,2
225,000
225,697
Star
Holding
LLC
8.750%,
8/1/2031
1,2
550,000
551,959
777,656
ENTERTAINMENT
—
0.2%
Banijay
Entertainment
SAS
8.125%,
5/1/2029
1,2
225,000
230,797
Netflix,
Inc.
4.875%,
4/15/2028
1
145,000
146,097
376,894
FINANCIAL
SERVICES
—
0.6%
Block,
Inc.
6.000%,
8/15/2033
1,2
521,000
524,895
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
8/15/2032
1,2
501,000
502,308
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
400,000
397,799
1,425,002
FOOD
PRODUCTS
—
0.6%
Campbell's
Co.
(The)
2.375%,
4/24/2030
1
100,000
90,710
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
660,000
572,838
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
18
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FOOD
PRODUCTS
(Continued)
General
Mills,
Inc.
4.200%,
4/17/2028
1
275,000
$
273,343
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
110,000
98,940
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
180,000
166,155
Mars,
Inc.
4.600%,
3/1/2028
1,2
300,000
300,625
1,502,611
GROUND
TRANSPORTATION
—
0.8%
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
7.000%,
5/21/2030
1,2
400,000
414,444
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
325,000
321,774
Carriage
Purchaser,
Inc.
7.875%,
10/15/2029
1,2
350,000
348,699
CSX
Corp.
3.800%,
3/1/2028
1
700,000
693,009
PODS
LLC
8.750%,
5/15/2031
1,2
400,000
391,829
2,169,755
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.2%
Avantor
Funding,
Inc.
4.625%,
7/15/2028
1,2
400,000
396,014
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
50,000
47,766
Baxter
International,
Inc.
1.730%,
4/1/2031
1
835,000
710,949
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
575,000
571,360
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
475,000
482,013
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
575,000
558,695
Stryker
Corp.
4.850%,
12/8/2028
1
150,000
151,015
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
175,000
177,775
3,095,587
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0.3%
HAH
Group
Holding
Co.
LLC
9.750%,
10/1/2031
1,2
250,000
224,005
HCA,
Inc.
4.125%,
6/15/2029
1
125,000
123,100
Radiology
Partners,
Inc.
8.500%,
7/15/2032
1,2
375,000
391,819
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
19
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
(Continued)
Universal
Health
Services,
Inc.
2.650%,
10/15/2030
1
150,000
$
134,927
873,851
HOTELS,
RESTAURANTS
&
LEISURE
—
0.9%
Brightstar
Lottery
plc
5.250%,
1/15/2029
1,2
100,000
99,721
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.625%,
1/15/2029
1,2
425,000
413,478
Hyatt
Hotels
Corp.
5.250%,
6/30/2029
1
625,000
634,565
Light
&
Wonder
International,
Inc.
7.500%,
9/1/2031
1,2
550,000
570,360
Penn
Entertainment,
Inc.
6.750%,
4/1/2031
1,2
550,000
553,203
Starbucks
Corp.
4.000%,
11/15/2028
1
75,000
74,151
2,345,478
HOUSEHOLD
PRODUCTS
—
0.3%
Clorox
Co.
(The)
4.400%,
5/1/2029
1
700,000
695,238
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
1.0%
Atlantica
Sustainable
Infrastructure
plc
4.125%,
6/15/2028
1,2
605,000
595,954
Clearway
Energy
Operating
LLC
3.750%,
2/15/2031
1,2
550,000
510,329
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
475,000
471,065
Talen
Energy
Supply
LLC
6.125%,
5/1/2031
1,2
750,000
750,326
Vistra
Corp.
8.000%,
10/15/2026
1,2,9
200,000
202,134
2,529,808
INSURANCE
—
0.6%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4.250%,
10/15/2027
1,2
150,000
148,294
AmWINS
Group,
Inc.
6.375%,
2/15/2029
1,2
550,000
553,034
CRC
Insurance
Group
LLC
7.125%,
6/1/2031
1,2
475,000
473,768
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
8.125%,
2/15/2032
1,2
475,000
426,169
1,601,265
IT
SERVICES
—
0.9%
Ahead
DB
Holdings
LLC
6.625%,
5/1/2028
1,2
355,000
356,534
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
20
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
IT
SERVICES
(Continued)
Everforth,
Inc.
4.625%,
5/15/2028
1,2
475,000
$
440,165
Gartner,
Inc.
4.500%,
7/1/2028
1,2
100,000
98,249
Gartner,
Inc.
3.625%,
6/15/2029
1,2
345,000
326,352
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
3.500%,
3/1/2029
1,2
600,000
565,595
International
Business
Machines
Corp.
3.300%,
1/27/2027
1
325,000
323,604
Virtusa
Corp.
7.125%,
12/15/2028
1,2
175,000
138,796
2,249,295
MACHINERY
—
0.0%†
Stanley
Black
&
Decker,
Inc.
2.300%,
3/15/2030
1
75,000
68,675
MEDIA
—
0.2%
Fox
Corp.
4.709%,
1/25/2029
1
635,000
634,639
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0.4%
Blackstone
Mortgage
Trust,
Inc.
6.250%,
6/1/2031
1,2
617,000
597,279
Starwood
Property
Trust,
Inc.
5.250%,
10/15/2028
1,2
450,000
448,211
1,045,490
MULTI-UTILITIES
—
0.5%
Dominion
Energy,
Inc.
4.600%,
5/15/2028
1
250,000
250,157
Dominion
Energy,
Inc.
3.375%,
4/1/2030
1
350,000
334,236
DTE
Energy
Co.
4.950%,
7/1/2027
1
588,000
591,024
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
150,000
152,077
1,327,494
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.8%
Cheniere
Energy
Partners
LP
4.000%,
3/1/2031
1
375,000
360,905
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
375,000
374,173
Energy
Transfer
LP
4.950%,
6/15/2028
1
150,000
150,836
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
225,000
224,254
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
21
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
OIL,
GAS
&
CONSUMABLE
FUELS
(Continued)
Enterprise
Products
Operating
LLC
4.150%,
10/16/2028
1
475,000
$
471,560
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.875%,
4/15/2030
1
450,000
471,100
Hess
Midstream
Operations
LP
5.125%,
6/15/2028
1,2
375,000
374,438
Kinetik
Holdings
LP
5.875%,
6/15/2030
1,2
600,000
603,760
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%,
2/15/2029
1,2
450,000
466,034
Northriver
Midstream
Finance
LP
6.750%,
7/15/2032
1,2
600,000
607,967
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
550,000
532,410
4,637,437
PASSENGER
AIRLINES
—
0.3%
Air
Canada
3.875%,
8/15/2026
1,2
150,000
149,959
United
Airlines
Holdings,
Inc.
5.375%,
3/1/2031
1
500,000
497,034
646,993
PERSONAL
CARE
PRODUCTS
—
0.3%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
300,000
297,845
Opal
Bidco
SAS
6.500%,
3/31/2032
1,2
450,000
459,316
757,161
PHARMACEUTICALS
—
0.3%
Merck
&
Co.,
Inc.
4.195%(Term
SOFR
+
57
basis
points),
3/15/2029
4
250,000
250,827
Zoetis,
Inc.
4.150%,
8/17/2028
1
175,000
173,870
Zoetis,
Inc.
3.900%,
8/20/2028
1
300,000
296,516
721,213
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.4%
Entegris,
Inc.
4.750%,
4/15/2029
1,2
483,000
477,588
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
592,000
610,810
1,088,398
SOFTWARE
—
1.0%
AppLovin
Corp.
5.125%,
12/1/2029
1
335,000
337,840
Atlassian
Corp.
5.250%,
5/15/2029
1
350,000
350,934
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
22
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SOFTWARE
(Continued)
Crowdstrike
Holdings,
Inc.
3.000%,
2/15/2029
1
725,000
$
691,971
McAfee
Corp.
7.375%,
2/15/2030
1,2
300,000
255,170
UKG,
Inc.
6.875%,
2/1/2031
1,2
425,000
413,155
VMware
LLC
1.400%,
8/15/2026
1
113,000
112,574
Workday,
Inc.
3.800%,
4/1/2032
1
375,000
349,315
2,510,959
SPECIALIZED
REITS
—
0.4%
Iron
Mountain,
Inc.
4.875%,
9/15/2029
1,2
425,000
417,255
Iron
Mountain,
Inc.
5.250%,
7/15/2030
1,2
500,000
492,823
910,078
SPECIALTY
RETAIL
—
0.3%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
550,000
544,751
Lowe's
Cos.,
Inc.
1.300%,
4/15/2028
1
250,000
236,391
781,142
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.2%
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
300,000
305,064
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
250,000
249,580
554,644
TOTAL
CORPORATE
BONDS
(Cost
$50,717,660)
50,467,245
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
5.1%
BRAVO
Residential
Funding
Trust
Series
2026-NQM3-A1
,
4.985%
,
11/25/2065
1,2,7
613,712
608,424
EFMT
Series
2026-AE2-A29
,
5.428%
(30-Day
Term
SOFR
Average
+
180
basis
points,
6.00%
Cap),
4/25/2061
2,4
1,395,861
1,397,117
Series
2026-NQM4-A1
,
5.466%
,
4/25/2071
1,2,7
964,420
963,771
Series
2026-NQM6-A1
,
5.466%
,
6/25/2071
1,2,7
560,000
560,113
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2,7
197,176
176,401
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,4
171,958
172,417
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
23
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
J.P.
Morgan
Mortgage
Trust
Series
2026-NQX1-A1
,
5.500%
,
7/25/2066
1,2,7
941,709
$
938,864
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM3-A1
,
5.209%
,
3/25/2071
1,2,7
491,354
489,084
OBX
Trust
Series
2026-AHC1-AF
,
5.378%
(30-Day
Term
SOFR
Average
+
175
basis
points,
6.00%
Cap),
4/25/2056
1,2,4
1,575,987
1,583,762
Series
2026-J1-AF
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
2/25/2056
1,2,4
482,378
483,143
PMT
Loan
Trust
Series
2026-INV4-A2
,
5.500%
,
3/25/2057
1,2,7
339,919
339,496
Series
2026-INV4-A38
,
5.228%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
776,957
777,229
Series
2026-J2-A24
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
918,667
919,348
RATE
Mortgage
Trust
Series
2026-J2-A27
,
5.243%
(30-Day
Term
SOFR
Average
+
165
basis
points,
6.00%
Cap),
7/25/2056
1,2,4
1,670,000
1,669,043
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2,7
191,538
171,472
Series
2025-12-A26F
,
5.178%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,4
265,995
266,935
Series
2026-INV3-A26F
,
5.228%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
5/25/2056
1,2,4
1,660,749
1,660,908
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$13,164,597)
13,177,527
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—7.0%
United
States
Treasury
Notes
—
7.0%
U.S.
Treasury
Notes
3.875%,
12/31/2027
5,000,000
4,979,297
U.S.
Treasury
Notes
3.500%,
1/31/2028
5,475,000
5,418,967
U.S.
Treasury
Notes
4.000%,
5/31/2028
5,000,000
4,985,742
U.S.
Treasury
Notes
4.000%,
1/31/2029
2,775,000
2,763,401
18,147,407
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$18,207,405)
18,147,407
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
24
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
SHORT-TERM
INVESTMENTS
—
4.0%
United
States
Treasury
Bills
—
4.0%
U.S.
Treasury
Bills,
3.430%,
7/21/2026
10
2,000,000
$
1,996,004
U.S.
Treasury
Bills,
3.620%,
9/17/2026
10
2,000,000
1,984,225
U.S.
Treasury
Bills,
3.700%,
10/15/2026
10
1,000,000
989,134
U.S.
Treasury
Bills,
3.770%,
11/5/2026
10
3,500,000
3,453,698
U.S.
Treasury
Bills,
3.790%,
11/19/2026
10
2,000,000
1,970,527
10,393,588
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$10,396,519)
10,393,588
TOTAL
INVESTMENTS
—
101.7%
(Cost
$263,501,891)
263,444,491
Liabilities
in
Excess
of
Other
Assets
—
(1.7)%
(4,308,785)
TOTAL
NET
ASSETS
—
100.0%
$
259,135,706
†
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
$180,153,834
which
represents
69.52%
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
All
or
a
portion
of
the
loan
is
unfunded.
6
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
7
Variable
rate
security.
8
Convertible
security.
9
Perpetual
security.
Maturity
date
represents
next
call
date.
10
The
rate
shown
represents
the
yield
at
period
end.
Palmer
Square
Funds
Trust
STATEMENTS
OF
ASSETS
AND
LIABILITIES
As
of
June
30,
2026
25
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Assets:
Investments
in
unaffiliated
issuers,
at
value*
$
145,191,074
$
263,444,491
Investments
in
affiliated
issuers,
at
value*
3,810,551
—
Receivables:
Investment
securities
sold
—
1,592,055
Interest
1,422,336
2,522,748
Total
assets
150,423,961
267,559,294
Liabilities:
Payables:
Due
to
Custodian
131,549
159,803
Investment
securities
purchased
7,500,000
8,157,280
Advisory
fees
23,299
106,505
Total
Liabilities
7,654,848
8,423,588
Net
Assets
$
142,769,113
$
259,135,706
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
142,295,647
$
258,596,659
Total
accumulated
earnings
473,466
539,047
Net
Assets
$
142,769,113
$
259,135,706
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
142,769,113
$
259,135,706
Shares
outstanding
(unlimited
number
of
shares
authorized,
no
par
value)
6,975,001
12,575,000
Net
assets
value
per
share
$
20.47
$
20.61
*Identified
Cost
Investments
in
unaffiliated
issuers,
at
cost
$
144,998,849
$
263,501,891
Investments
in
affiliated
issuers,
at
cost
$
3,799,110
$
—
Palmer
Square
Funds
Trust
STATEMENTS
OF
OPERATIONS
For
the
Year
Ended
June
30,
2026
26
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Investment
Income
Interest
income
from
unaffiliated
securities
$
3,841,718
$
8,444,822
Interest
income
from
affiliated
securities
125,338
—
Other
Income
—
10,604
Total
investment
income
3,967,056
8,455,426
Expenses:
Advisory
fees
(see
note
3)
156,554
738,409
Interest
Expense
549
1,053
Net
Expenses
157,103
739,462
Net
Investment
Income
3,809,953
7,715,964
Realized
Gain
(Loss)
and
Unrealized
Appreciation
(Depreciation)
:
144,127
(321,365)
Net
realized
gain
on:
3,000
83,166
Unaffiliated
investments
3,045
83,166
Affiliated
Investments
(45
)
—
Net
realized
gain
on
investments
3,000
83,166
Net
change
in
unrealized
appreciation
(depreciation)
on:
141,127
(404,531)
Unaffiliated
investments
130,575
(404,532
)
Affiliated
investments
10,552
—
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
141,127
(404,532
)
Net
realized
and
unrealized
gain
(loss)
on
investments
144,127
(321,366
)
Net
increase
in
net
assets
resulting
from
operations
$
3,954,080
$
7,394,598
Palmer
Square
Funds
Trust
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
27
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
For
the
Year
Ended
June
30,
2026
For
the
period
September
11,
2024
*
through
June
30,
2025
For
the
Year
Ended
June
30,
2026
For
the
period
September
11,
2024
*
through
June
30,
2025
Operations
Net
investment
income
$
3,809,953
$
1,078,567
$
7,715,964
$
1,573,040
Net
realized
gain
on
investments
3,000
1,541
83,166
48,271
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
141,127
62,539
(
404,532
)
347,132
Net
increase
in
net
assets
resulting
from
operations
3,954,080
1,142,647
7,394,598
1,968,443
Distributions
to
Shareholders:
Distributions
(
3,628,402
)
(
994,859
)
(
7,412,692
)
(
1,396,696
)
Total
distributions
to
shareholders
(
3,628,402
)
(
994,859
)
(
7,412,692
)
(
1,396,696
)
Capital
Transactions
1
Net
proceeds
from
shares
sold
107,004,712
36,816,878
183,340,822
76,870,774
Cost
of shares
redeemed
—
(
1,525,943
)
—
(
1,629,543
)
Net
increase
in
net
assets
from
capital
transactions
107,004,712
35,290,935
183,340,822
75,241,231
Total
increase
in
net
assets
107,330,390
35,438,723
183,322,728
75,812,978
Net
Assets:
Beginning
of
period
35,438,723
—
75,812,978
—
End
of
period
$
142,769,113
$
35,438,723
$
259,135,706
$
75,812,978
Capital
Share
Transactions:
Shares
sold
5,225,000
1,825,001
8,875,000
3,780,000
Shares
redeemed
—
(
75,000
)
—
(
80,000
)
Net
increase
in
capital
share
transactions
5,225,000
1,750,001
8,875,000
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
28
See
accompanying
Notes
to
Financial
Statements.
For
the
Year
Ended
June
30,
2026
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
0.99
0.89
Net
realized
and
unrealized
gain
0.08
0.09
Total
from
investment
operations
1.07
0.98
Less
Distributions:
From
net
investment
income
(0.85)
(0.73)
Total
Distributions
(0.85)
(0.73)
Net
asset
value,
end
of
period
$
20.47
$
20.25
Total
return
5.36%
4.96%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
142,769
$
35,439
Ratio
of
expenses
to
average
net
assets
0.20%
3
0.20%
4
Ratio
of
net
investment
income
to
average
net
assets
4.85%
5.46%
4
Portfolio
Turnover
Rate
41%
68%
5
*
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
Includes
interest
expense
of
0.00%.
4
Annualized
for
periods
less
than
one
year.
5
Not
annualized.
Palmer
Square
Funds
Trust
Palmer
Square
Credit
Opportunities
ETF
FINANCIAL
HIGHLIGHTS
29
See
accompanying
Notes
to
Financial
Statements.
For
the
Year
Ended
June
30,
2026
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
1.07
0.91
Net
realized
and
unrealized
gain
(loss)
(0.01)
0.23
Total
from
investment
operations
1.06
1.14
Less
Distributions:
From
net
investment
income
(0.93)
(0.65)
Distributions
from
Net
Realized
Gain
(0.01)
—
Total
Distributions
(0.94)
(0.65)
Net
asset
value,
end
of
period
$
20.61
$
20.49
Total
return
5.25%
5.77%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
259,136
$
75,813
Ratio
of
expenses
to
average
net
assets
0.50%
3
0.50%
4
Ratio
of
net
investment
income
to
average
net
assets
5.20%
5.55%
4
Portfolio
Turnover
Rate
84%
100%
5
*
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
Includes
interest
expense
of
0.00%.
4
Annualized
for
periods
less
than
one
year.
5
Not
annualized.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
As
of
June
30,
2026
30
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'.
Interest
expense
on
overdrafts
is
reported
on
the
Statement
of
Operations.
(b)
Valuation
of
Investments
The
Funds
value
equity
securities
at
the
last
reported
sale
price
on
the
principal
exchange
or
in
the
principal
over
the
counter
(“OTC”)
market
in
which
such
securities
are
traded,
as
of
the
close
of
regular
trading
on
the
NYSE
on
the
day
the
securities
are
being
valued
or,
if
the
last-quoted
sales
price
is
not
readily
available,
the
securities
will
be
valued
at
the
mean
between
the
last
available
bid
and
ask
price.
Securities
traded
on
the
NASDAQ
are
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”).
Debt
securities
are
valued
by
utilizing
a
price
supplied
by
independent
pricing
service
providers.
The
independent
pricing
service
providers
may
use
various
valuation
methodologies
including
matrix
pricing
and
other
analytical
pricing
models
as
well
as
market
transactions
and
dealer
quotations.
These
models
generally
consider
such
factors
as
yields
or
prices
of
bonds
of
comparable
quality,
type
of
issue,
coupon,
maturity,
ratings
and
general
market
conditions.
Pricing
services
generally
value
debt
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
such
securities
may
be
held
or
transactions
may
be
conducted
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
often
trade
at
lower
prices
than
institutional
round
lots.
Investments
in
open-end
investment
companies
are
valued
at
the
daily
closing
net
asset
value
of
the
respective
investment
company. If
a
price
is
not
readily
available
for
a
portfolio
security,
the
security
will
be
valued
at
fair
value
(the
amount
which
the
Funds
might
reasonably
expect
to
receive
for
the
security
upon
its
current
sale).
The
Board
of
Trustees
has
designated
the
Adviser
as
the
Funds’
valuation
designee
(the
“Valuation
Designee”)
to
make
all
fair
value
determinations
with
respect
to
the
Fund’s
portfolio
investments,
subject
to
the
Board’s
oversight.
As
the
Valuation
Designee,
the
Adviser
has
adopted
and
implemented
policies
and
procedures
to
be
followed
when
the
Fund
must
utilize
fair
value
pricing.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
31
(c)
Bank
Loans
The
Funds
may
purchase
participations
in
commercial
loans.
Such
investments
may
be
secured
or
unsecured.
Loan
participations
typically
represent
direct
participation,
together
with
other
parties,
in
a
loan
to
a
corporate
borrower,
and
generally
are
offered
by
banks
or
other
financial
institutions
or
lending
syndicates.
The
Funds
may
participate
in
such
syndications,
or
can
buy
part
of
a
loan,
becoming
a
part
lender.
When
purchasing
indebtedness
and
loan
participations,
the
Funds
assume
the
credit
risk
associated
with
the
corporate
borrower
and
may
assume
the
credit
risk
associated
with
an
interposed
bank
or
other
financial
intermediary.
The
indebtedness
and
loan
participations
in
which
the
Funds
intend
to
invest
may
not
be
rated
by
any
nationally
recognized
rating
service.
Bank
loans
may
be
structured
to
include
both
term
loans,
which
are
generally
fully
funded
at
the
time
of
investment
and
unfunded
loan
commitments,
which
are
contractual
obligations
for
future
funding.
Unfunded
loan
commitments
may
include
revolving
credit
facilities,
which
may
obligate
the
Funds
to
supply
additional
cash
to
the
borrower
on
demand,
representing
a
potential
financial
obligation
by
the
Funds
in
the
future.
The
Funds
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
portion
of
a
senior
floating
rate
interest.
Commitment
fees
are
processed
as
a
reduction
in
cost.
In
addition,
the
Funds
may
enter
into,
or
acquire
participations
in,
delayed
funding
loans
and
revolving
credit
facilities.
Delayed
funding
loans
and
revolving
credit
facilities
are
borrowing
arrangements
in
which
the
lender
agrees
to
make
loans
up
to
a
maximum
amount
upon
demand
by
the
borrower
during
a
specified
term.
A
revolving
credit
facility
differs
from
a
delayed
funding
loan
in
that
as
the
borrower
repays
the
loan,
an
amount
equal
to
the
repayment
may
be
borrowed
again
during
the
term
of
the
revolving
credit
facility.
Delayed
funding
loans
and
revolving
credit
facilities
usually
provide
for
floating
or
variable
rates
of
interest.
These
commitments
may
have
the
effect
of
requiring
the
Fund
to
increase
its
investment
in
a
company
at
a
time
when
it
might
not
otherwise
decide
to
do
so
(including
at
a
time
when
the
company's
financial
condition
makes
it
unlikely
that
such
amounts
will
be
repaid).
To
the
extent
that
the
Funds
are
committed
to
advance
additional
funds,
it
will
at
all-times
segregate
or
"earmark"
liquid
assets,
in
an
amount
sufficient
to
meet
such
commitments.
(d)
Asset-Backed Securities
Asset-backed
securities
include
pools
of
mortgages,
loans,
receivables
or
other
assets.
Payment
of
principal
and
interest
may
be
largely
dependent
upon
the
cash
flows
generated
by
the
assets
backing
the
securities,
and,
in
certain
cases,
supported
by
letters
of
credit,
surety
bonds,
or
other
credit
enhancements.
The
value
of
asset-backed
securities
may
also
be
affected
by
the
creditworthiness
of
the
servicing
agent
for
the
pool,
the
originator
of
the
loans
or
receivables,
or
the
financial
institution(s)
providing
the
credit
support.
In
addition,
asset-backed
securities
are
not
backed
by
any
governmental
agency.
(e)
Collateralized Loan
Obligations
Collateralized
Debt
Obligations
(“CDOs”)
include
Collateralized
Bond
Obligations
(“CBOs”),
Collateralized
Loan
Obligations
(“CLOs”)
and
other
similarly
structured
securities.
CBOs
and
CLOs
are
types
of
asset-backed
securities.
A
CBO
is
a
trust
which
is
backed
by
a
diversified
pool
of
high
risk,
below
investment
grade
fixed
income
securities.
A
CLO
is
a
trust
typically
collateralized
by
a
pool
of
loans,
which
may
include,
among
others,
domestic
and
foreign
senior
secured
loans,
senior
unsecured
loans,
and
subordinate
corporate
loans,
including
loans
that
may
be
rated
below
investment
grade
or
equivalent
unrated
loans.
The
risks
of
an
investment
in
a
CDO
depend
largely
on
the
type
of
the
collateral
securities
and
the
class
of
the
CDO
in
which
the
Funds
invest.
CDOs
carry
additional
risks
including,
but
not
limited
to,
(i)
the
possibility
that
distributions
from
collateral
securities
will
not
be
adequate
to
make
interest
or
other
payments,
(ii)
the
collateral
may
decline
in
value
or
default,
(iii)
the
Funds
may
invest
in
CDOs
that
are
subordinate
to
other
classes,
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results.
(f)
Investment
Transactions,
Investment
Income
and
Expenses
Investment
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
on
investments
are
determined
on
the
identified
cost
basis.
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date
and
interest
income
is
recorded
on
an
accrual
basis.
Withholding
taxes
on
foreign
dividends,
if
applicable,
are
paid
(a
portion
of
which
may
be
reclaimable)
or
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates
and
are
disclosed
in
the
Statement
of
Operations.
Withholding
tax
reclaims
are
filed
in
certain
countries
to
recover
a
portion
of
the
amounts
previously
withheld.
The
Funds
record
a
reclaim
receivable
based
on
a
number
of
factors,
including
a
jurisdiction’s
legal
obligation
to
pay
reclaims
as
well
as
payment
history
and
market
convention.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
32
Discounts
on
debt
securities
are
accreted
or
amortized
to
interest
income
over
the
lives
of
the
respective
securities
using
the
effective
interest
method.
Premiums
for
callable
debt
securities
are
amortized
to
the
earliest
call
date,
if
the
call
price
was
less
than
the
purchase
price.
If
the
call
price
was
not
at
par
and
the
security
was
not
called,
the
security
is
amortized
to
the
next
call
price
and
date.
Expenses
incurred
by
the
Trust
with
respect
to
more
than
one
fund
are
allocated
in
proportion
to
the
net
assets
of
each
fund
except
where
allocation
of
direct
expenses
to
each
Fund
or
an
alternative
allocation
method
can
be
more
appropriately
made.
(g)
Federal
Income
Taxes
The
Funds
intend
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies
and
to
distribute
substantially
all
of
their
net
investment
income
and
any
net
realized
gains
to
their
shareholders.
Therefore,
no
provision
is
made
for
federal
income
or
excise
taxes.
Due
to
the
timing
of
dividend
distributions
and
the
differences
in
accounting
for
income
and
realized
gains
and
losses
for
financial
statement
and
federal
income
tax
purposes,
the
fiscal
year
in
which
amounts
are
distributed
may
differ
from
the
year
in
which
the
income
and
realized
gains
and
losses
are
recorded
by
the
Funds.
Accounting
for
Uncertainty
in
Income
Taxes
(the
“Income
Tax
Statement”)
requires
an
evaluation
of
tax
positions
taken
(or
expected
to
be
taken)
in
the
course
of
preparing
a
Fund’s
tax
returns
to
determine
whether
these
positions
meet
a
“more-likely-than-not”
standard
that,
based
on
the
technical
merits,
have
a
more
than
fifty
percent
likelihood
of
being
sustained
by
a
taxing
authority
upon
examination.
A
tax
position
that
meets
the
“more-likely-than-not”
recognition
threshold
is
measured
to
determine
the
amount
of
benefit
to
recognize
in
the
financial
statements.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
The
Income
Tax
Statement
requires
management
of
the
Funds
to
analyze
tax
positions
taken
in
the
prior
three
open
tax
years,
if
any,
and
tax
positions
expected
to
be
taken
in
the
Fund’s
current
tax
year,
as
defined
by
the
IRS
statute
of
limitations
for
all
major
jurisdictions,
including
federal
tax
authorities
and
certain
state
tax
authorities.
As
of
June
30,
2026, 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 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.
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,
2026,
no
permanent
differences
in
book
and
tax
accounting
required
reclassification
to
Capital
or
Total
accumulated
earnings
(deficit).
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.
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
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
33
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
year
ended June
30,
2026
can
be
found
in
a
table
located
in
the
Schedule
of
Investments.
4. Federal
Income
Taxes
At
June
30,
2026,
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,
2026,
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.
The
tax
character
of
the
distribution
paid
during
the fiscal
year
ended
June
30,
2026
and
period
ended June
30,
2025, were
as
follows:
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Cost
of
investments
$
148,847,710
$
263,534,098
Gross
unrealized
appreciation
$
207,689
$
776,514
Gross
unrealized
depreciation
(53,774)
(866,121)
Net
unrealized
appreciation
(depreciation)
on
investments
$
153,915
$
(89,607)
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Undistributed
ordinary
income
$
344,571
$
652,726
Tax
accumulated
earnings
344,571
652,726
Accumulated
capital
and
other
losses
(25,020
)
(24,072
)
Unrealized
appreciation
(depreciation)
153,915
(89,607
)
Total
accumulated
earnings
(deficit)
$
473,466
$
539,047
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Distribution
paid
from:
2026
2025
2026
2025
Ordinary
income
$
3,628,402
$
994,859
$
7,412,692
$
1,396,696
Net
long-term
capital
gains
$
—
$
—
$
—
$
—
Total
taxable
distributions
$
3,628,402
$
994,859
$
7,412,692
$
1,396,696
Total
distributions
paid
$
3,628,402
$
994,859
$
7,412,692
$
1,396,696
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
34
At
June
30,
2026,
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.
The
Funds
may
elect
to
have
certain
late
year
losses
incurred
after
October
31
and
within
the
taxable
year
deemed
to
arise
on
the
first
business
day
of
the
Fund's
next
taxable
year.
For
the
year
ended
June
30,
2026,
the
Funds
elected
to
defer
qualified
late
year
capital
losses,
if
any,
in
the
following
amount.
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.
6. Investment
Transactions
For
the
year
ended June
30,
2026, purchases
and
sales
of
investments,
(excluding
short-term
investments,
and
In-Kind
transactions)
were
as
follows:
N
ot
Subject
to
Expiration
Long-Term
Short-Term
Total
Palmer
Square
CLO
Senior
Debt
ETF
$
12,827
$
1
2,
193
$
25,020
Palmer
Square
Credit
Opportunities
ETF
$
—
$
—
$
—
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Late
year
capital
losses
$—
$24,072
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
$
144,847,022
$
32,748,424
$
—
$
—
Palmer
Square
Credit
Opportunities
ETF
$
274,551,323
$
112,737,669
$
16,861,879
$
—
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
June
30,
2026
35
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.
Palmer
Square
CLO
Senior
Debt
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Collateralized
Loan
Obligations
$
—
$
149,001,625
$
—
$
149,001,625
Total
Investments
$
—
$
149,001,625
$
—
$
149,001,625
Palmer
Square
Credit
Opportunities
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
12,670,738
$
—
$
12,670,738
Bank
Loans
—
27,720,680
—
27,720,680
Collateralized
Loan
Obligations
—
129,711,594
—
129,711,594
Commercial
Mortgage-Backed
Securities
—
831,962
—
831,962
Convertible
Bonds
—
323,750
—
323,750
Corporate
Bonds
—
50,467,245
—
50,467,245
Residential
Mortgage-Backed
Securities
—
13,177,527
—
13,177,527
U.S.
Government
and
Agency
Securities
—
18,147,407
—
18,147,407
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
36
9. 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 June
30,
2026,
the
total
unfunded
amount
was
0.01%
of
the
Palmer
Square
Credit
Opportunities
ETF
net
assets.
As
of
June
30,
2026,
the Funds
had
the
following
unfunded
loan
commitments
outstanding:
10. 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
June
30,
2026
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
Credit
Opportunities
ETF
Level
1
Level
2
Level
3
Total
Short-Term
Investments
$
—
$
10,393,588
$
—
$
10,393,588
Total
Investments
$
—
$
263,444,491
$
—
$
263,444,491
Loan
Principal
Cost
Value
Unrealized
Appreciation/
(Depreciation)
Palmer
Square
Credit
Opportunities
ETF
Trilon
Group,
Llc
Ddtl
commitment
$
38,776
$
38,582
$
38,824
$
242
aa
Value
at
Beginning
of
Year
Purchases
1
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Interest
Income
a
a
a
a
a
a
a
a
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
CLO
Ltd.
Series
2021-
4A-BR
5.373%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
$750,938
$1,049,110
$—
$—
$—
$6,481
$1,806,529
1,799,110
$60,347
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
4.963%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
$—
$1,000,000
$—
$—
$—
$3,000
$1,003,000
1,000,000
$45,922
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
37
11. 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.
12. 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
Year
Purchases
1
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
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
basis
points),
10/15/2034
$645,000
$—
$(645,000)
$(45)
$(4)
$49
$—
—
$111
Palmer
Square
Loan
Funding
Ltd.
Series
2024-3A-A2R
4.800%
(3-Month
Term
SOFR
+
115
basis
points),
8/8/2032
$—
$1,000,000
$—
$—
$—
$1,022
$1,001,022
1,000,000
$18,958
Total
Affiliated
Securities
$1,395,938
$3,049,110
$(645,000)
$(45)
$(4)
$10,552
$3,810,551
3,799,110
$125,338
1
May
include
partnership
adjustments,
and/or
corporate
actions.
38
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Palmer
Square
Funds
Trust
and
Shareholders
of
Palmer
Square
CLO
Senior
Debt
ETF and
Palmer
Square
Credit
Opportunities
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Palmer
Square
CLO
Senior
Debt
ETF
and
Palmer
Square
Credit
Opportunities
ETF
(the
“Funds”),
each
a
series
of
Palmer
Square
Funds
Trust,
including
the
schedules
of
investments,
as
of
June
30,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
and
financial
highlights
for
the
year
then
ended
and
for
the
period
from
September
11,
2024
(commencement
of
operations)
to
June
30,
2025,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
and
financial
highlights
referred
to
above
present
fairly,
in
all
material
respects,
the
financial
positions
of
the
Palmer
Square
CLO
Senior
Debt
ETF
and
Palmer
Square
Credit
Opportunities
ETF
as
of
June
30,
2026,
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
and
their
financial
highlights
for
the
year
then
ended
and
for
the
period
from
September
11,
2024
(commencement
of
operations)
to
June
30,
2025,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
have
served
as
the
auditor
of
one
or
more
of
the
funds
in
the
Trust
since
2014.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Funds’
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2026
by
correspondence
with
the
custodian,
agent
banks,
and
brokers
or
by
other
appropriate
auditing
procedures
where
replies
were
not
received.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
TAIT,
WELLER
&
BAKER
LLP
Philadelphia,
Pennsylvania
August
19,
2026
39
Palmer
Square
Funds
Trust
Federal
Tax
Information
For
federal
income
tax
purposes,
the
Funds
designated
the
following
for
the
year
ended
June
30,
2026:
Qualified
Interest
Income
Palmer
Square
CLO
Senior
Debt
ETF
$
3,885,075
Palmer
Square
Credit
Opportunities
ETF
$
7,748,743
40
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)
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.
PSFTAA0826
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
Class
I
(Ticker:
PSDSX)
ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
JUNE
30,
2026
Palmer
Square
Funds
Trust
Table
of
Contents
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
Report
of
Independent
Registered
Public
Accounting
Firm
52
Federal
Tax
Information
53
Additional
Information
-
Items
8-11
54
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
June
30,
2026
1
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
5.9%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
1,261,520
$
1,261,497
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
2,498,291
2,503,821
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
1,650,483
1,647,090
BofA
Auto
Trust
Series
2024-1A-A3
,
5.350%
,
11/15/2028
1,2
220,558
221,570
Chase
Auto
Owner
Trust
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
1,978,665
1,976,795
Series
2026-1A-A2
,
4.250%
,
7/25/2029
1,2
2,125,000
2,124,629
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
1,941,987
1,949,804
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
1,745,657
1,756,454
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
102,370
102,417
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
492,041
492,510
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
954,113
954,146
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
201,430
201,557
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
900,809
901,371
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
1,279,519
1,284,986
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
731,857
732,285
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
963,455
964,627
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
4,395,000
4,404,283
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
660,562
661,248
John
Deere
Owner
Trust
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
3,485,603
3,499,445
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
592,504
592,839
Series
2025-B-A2A
,
4.280%
,
7/17/2028
1
1,259,930
1,260,446
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
1,508,860
1,514,553
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
1,323,770
1,325,336
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
3,422,378
3,426,125
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
1,331,261
1,335,313
Tesla
Auto
Lease
Trust
Series
2024-A-A4
,
5.310%
,
12/20/2027
1,2
1,750,000
1,752,538
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
645,096
645,716
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
2
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
US
Bank
C&I
Credit-Linked
Notes
Series
2025-SUP2-B1
,
4.818%
,
9/25/2032
1,2
2,058,660
$
2,040,969
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
381,043
381,231
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
5,920,000
5,954,696
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
3,355,000
3,342,419
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
411,693
412,067
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$51,674,902)
51,624,783
BANK
LOANS
—
5.9%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Term
Loan
5.925%
(3-Month
Term
SOFR
+
225
basis
points),
4/20/2028
1,3,4
829,776
829,971
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
5.909%
(1-Month
Term
SOFR
+
225
basis
points;
3-Month
Term
SOFR
+
225
basis
points),
6/23/2032
1,3,4
1,551,389
1,554,941
Avantor
Funding,
Inc.,
First
Lien,
Incremental
EUR
Term
Loan,
B6
4.679%
(1-month
EURIBOR
+
250
basis
points),
10/11/2032
3,4
935,521
1,077,130
Belden,
Inc.,
First
Lien,
Term
Loan
6.491%
(12-Month
Term
SOFR
+
275
basis
points),
6/10/2033
3,4
450,000
451,125
Boluda
Towage
Luxembourg
SARL,
First
Lien,
Term
Loan,
B
6.241%
(12-Month
Term
SOFR
+
250
basis
points),
5/27/2033
3,4
1,375,000
1,379,304
Citadel
Securities
LP,
First
Lien,
2026-1
Term
Loan
5.661%
(3-Month
Term
SOFR
+
200
basis
points),
6/10/2033
3,4
1,525,000
1,523,414
Citco
Funding
LLC,
First
Lien,
2026
Term
Loan
5.663%
(3-Month
Term
SOFR
+
200
basis
points),
1/31/2033
3,4
328,350
327,764
Clarios
Global
LP,
First
Lien,
2024
Dollar
Term
Loan
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
5/6/2030
1,3,4
1,220,040
1,222,711
Colossus
Acquireco
LLC,
First
Lien,
Initial
Term
Loan
5.386%
(1-Month
Term
SOFR
+
175
basis
points),
1/31/2033
3,4
1,150,000
1,144,014
Core
&
Main
LP,
First
Lien,
Term
Loan,
D
5.656%
(3-Month
Term
SOFR
+
200
basis
points),
7/27/2028
1,3,4
1,473,773
1,475,917
CPV
Fairview
LLC,
First
Lien,
Term
Loan,
B
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
8/14/2031
1,3,4
977,381
979,790
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan
6.241%
(12-Month
Term
SOFR
+
250
basis
points),
6/3/2033
3,4
1,348,558
1,350,608
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Refinancing
Term
Loan,
B
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
10/3/2031
3,4
1,279,375
1,283,533
EVERTEC
Group
LLC,
First
Lien,
Term
Loan,
B
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
10/30/2030
3,4
1,500,000
1,502,498
GIP
Pilot
Acquisition
Partners
LP,
First
Lien,
Term
Loan,
B
5.641%
(3-Month
Term
SOFR
+
200
basis
points),
5/19/2033
3,4
1,650,000
1,652,063
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B2
6.139%
(1-Month
Term
SOFR
+
250
basis
points),
3/18/2030
3,4
1,944,970
1,933,942
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
3
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
6.371%
(1-Month
Term
SOFR
+
275
basis
points),
11/6/2031
3,4
1,814,963
$
1,816,098
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
1,346,817
1,349,282
Iron
Mountain,
Inc.,
First
Lien,
Amendment
No.
1
Incremental
Term
Loan,
B
5.644%
(1-Month
Term
SOFR
+
200
basis
points),
1/31/2031
1,3,4
984,848
984,602
Jane
Street
Group
LLC,
First
Lien,
Extended
Term
Loan,
B
5.666%
(3-Month
Term
SOFR
+
200
basis
points),
12/15/2031
1,3,4
1,496,053
1,484,331
Jupiter
Borrower,
Inc.,
First
Lien,
Term
Loan,
B
6.217%
(12-Month
Term
SOFR
+
275
basis
points),
3/25/2033
3,4
1,625,000
1,625,683
Koppers,
Inc.,
First
Lien,
2023
Term
Loan,
B2
6.150%
(1-Month
Term
SOFR
+
250
basis
points),
4/10/2030
3,4
984,962
988,656
Lackawanna
Energy
Center
LLC,
First
Lien,
Term
Loan,
B
6.374%
(1-Month
Term
SOFR
+
275
basis
points),
7/23/2032
3,4
1,508,879
1,514,069
Light
&
Wonder
International,
Inc.,
First
Lien,
Term
Loan,
B3
5.639%
(1-Month
Term
SOFR
+
200
basis
points),
4/16/2029
3,4
1,484,962
1,488,675
Nexstar
Media,
Inc.,
First
Lien,
Term
Loan,
B7
6.394%
(1-Month
Term
SOFR
+
275
basis
points),
3/18/2033
3,4
1,127,576
1,117,811
PCI
Gaming
Authority,
First
Lien,
Term
Loan,
B
5.644%
(1-Month
Term
SOFR
+
200
basis
points),
7/18/2031
1,3,4
1,473,684
1,475,622
Peer
Holding
III
BV,
First
Lien,
Term
Loan,
B5
6.232%
(3-Month
Term
SOFR
+
250
basis
points),
7/1/2031
1,3,4
985,000
988,201
Plastipak
Packaging,
Inc.,
First
Lien,
Term
Loan,
B
6.144%
(1-Month
Term
SOFR
+
250
basis
points),
9/24/2032
1,3,4
2,144,612
2,146,231
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
3/19/2029
1,3,4
497,455
498,244
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.894%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
1,481,250
1,481,865
Resideo
Funding,
Inc.,
First
Lien,
Sixth
Amendment
Term
Loan
5.670%
(3-Month
Term
SOFR
+
200
basis
points),
8/13/2032
1,3,4
1,492,481
1,494,966
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.620%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
1,728,125
1,727,045
Sazerac
Co.,
Inc.,
First
Lien,
Term
Loan,
B2
5.630%
(1-Month
Term
SOFR
+
200
basis
points),
7/9/2032
3,4
1,745,625
1,745,354
SS&C
Technologies,
Inc.,
First
Lien,
Term
Loan,
B8
5.620%
(1-Month
Term
SOFR
+
200
basis
points),
5/9/2031
1,3,4
1,575,000
1,573,693
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
Term
Loan
5.657%
(3-Month
Term
SOFR
+
200
basis
points),
4/9/2032
3,4
997,500
996,258
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B9
5.394%
(1-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
1,477,500
1,475,653
TransDigm,
Inc.,
First
Lien,
Term
Loan,
K
5.870%
(1-Month
Term
SOFR
+
225
basis
points),
3/22/2030
1,3,4
1,984,975
1,987,377
Traverse
Midstream
Partners
LLC,
First
Lien,
Term
Loan,
B
6.061%
(12-Month
Term
SOFR
+
225
basis
points),
4/20/2033
3,4
1,375,000
1,375,859
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
4
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Worthington
Steel,
Inc.,
First
Lien,
Initial
Term
Loan
7.707%
(12-Month
Term
SOFR
+
400
basis
points),
6/1/2033
3,4
1,375,000
$
1,373,501
TOTAL
BANK
LOANS
(Cost
$52,376,687)
52,397,801
COLLATERALIZED
LOAN
OBLIGATIONS
—
32.4%
522
Funding
CLO
Ltd.
Series
2019-5A-ER
10.433%
(3-Month
Term
SOFR
+
676
basis
points),
4/15/2035
1,2,4
1,500,000
1,293,681
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.423%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,4
1,250,000
1,256,691
Series
2023-2A-ER
9.173%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,4
1,125,000
1,112,670
Series
2024-1A-D1R
6.572%
(3-Month
Term
SOFR
+
290
basis
points),
7/15/2039
1,2,4
1,500,000
1,506,401
Anchorage
Credit
Funding
Ltd.
Series
2016-3A-BR
3.471%
,
1/28/2039
1,2
2,000,000
1,899,517
Annisa
CLO
Ltd.
Series
2016-2A-DRR
6.475%
(3-Month
Term
SOFR
+
280
basis
points),
7/20/2031
1,2,4
1,500,000
1,503,908
Apidos
CLO
Ltd.
Series
2017-28A-C1R
6.525%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,4
1,750,000
1,761,381
Series
XXXA-CR
6.675%
(3-Month
Term
SOFR
+
300
basis
points),
10/18/2031
1,2,4
1,500,000
1,504,500
Ares
CLO
Ltd.
Series
2015-2A-A1R4
4.970%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,4
3,800,000
3,812,647
Arini
US
CLO
Ltd.
Series
5A-D
6.623%
(3-Month
Term
SOFR
+
295
basis
points),
4/15/2039
1,2,4
1,000,000
1,008,727
Avoca
CLO
DAC
Series
32X-C
4.204%
(3-Month
EURIBOR
+
200
basis
points),
4/15/2039
1,4
1,500,000
1,719,894
Bain
Capital
Credit
CLO
Ltd.
Series
2018-2A-DR
6.625%
(3-Month
Term
SOFR
+
295
basis
points),
7/19/2031
1,2,4
1,500,000
1,508,387
Series
2019-1A-AR3
4.655%
(3-Month
Term
SOFR
+
98
basis
points),
4/19/2034
1,2,4
2,000,000
2,002,445
Series
2023-1A-D1R
6.880%
(3-Month
Term
SOFR
+
320
basis
points),
7/16/2038
1,2,4
1,250,000
1,254,427
Series
2024-1A-D1R
7.431%
(3-Month
Term
SOFR
+
375
basis
points),
4/16/2039
1,2,4
1,500,000
1,514,785
Ballyrock
CLO
Ltd.
Series
2019-2A-C1R3
6.367%
(3-Month
Term
SOFR
+
270
basis
points),
10/25/2038
1,2,4
1,000,000
1,005,351
Series
2019-2A-C2R3
7.617%
(3-Month
Term
SOFR
+
395
basis
points),
10/25/2038
1,2,4
500,000
493,111
Series
2021-17A-C1R
6.375%
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,4
1,500,000
1,506,063
Series
2021-17A-C2R
7.625%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,4
500,000
493,101
Series
2021-17A-DR
9.775%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,4
1,000,000
986,507
Barings
CLO
Ltd.
Series
2025-7A-C
5.423%
(3-Month
Term
SOFR
+
175
basis
points),
1/15/2038
1,2,4
1,000,000
1,002,793
Series
2025-7A-D1
6.373%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,4
1,000,000
1,004,137
Barings
Euro
CLO
Series
2015-1X-DRR
5.815%
(3-Month
EURIBOR
+
365
basis
points),
7/25/2035
1,4
3,500,000
4,049,606
Barings
Loan
Partners
CLO
Ltd.
Series
LP-5A-A
4.895%
(3-Month
Term
SOFR
+
122
basis
points),
1/20/2035
1,2,4
2,500,000
2,502,500
Battalion
CLO
Ltd.
Series
2016-10A-CR2
7.379%
(3-Month
Term
SOFR
+
371
basis
points),
1/24/2035
1,2,4
2,000,000
1,901,798
Series
2020-15A-A1RR
4.660%
(3-Month
Term
SOFR
+
98
basis
points),
1/17/2033
1,2,4
816,825
817,355
Benefit
Street
Partners
CLO
Ltd.
Series
2019-17A-D1R2
6.823%
(3-Month
Term
SOFR
+
315
basis
points),
10/15/2037
1,2,4
1,000,000
1,002,431
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
5
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2022-27A-D1R
6.825%
(3-Month
Term
SOFR
+
315
basis
points),
10/20/2037
1,2,4
1,250,000
$
1,248,156
Series
2026-47A-A
4.861%
(3-Month
Term
SOFR
+
119
basis
points),
4/15/2039
1,2,4
2,500,000
2,504,999
Series
2026-49A-D1
6.581%
(3-Month
Term
SOFR
+
290
basis
points),
4/25/2039
1,2,4,5
1,000,000
1,005,547
BlueMountain
CLO
Ltd.
Series
2015-3A-A2R
5.437%
(3-Month
Term
SOFR
+
176
basis
points),
4/20/2031
1,2,4
2,000,000
2,006,466
Series
2020-29A-D2R
8.178%
(3-Month
Term
SOFR
+
451
basis
points),
7/25/2034
1,2,4
1,750,000
1,720,076
Broad
River
BSL
Funding
CLO
Ltd.
Series
2020-1A-AR
5.107%
(3-Month
Term
SOFR
+
143
basis
points),
7/20/2034
1,2,4
4,000,000
4,000,000
Bryant
Park
Funding
Ltd.
Series
2021-17RA-ER
10.605%
(3-Month
Term
SOFR
+
693
basis
points),
1/20/2038
1,2,4
1,000,000
957,298
Series
2024-23A-D2R
8.301%
(3-Month
Term
SOFR
+
465
basis
points),
5/15/2037
1,2,4,5
1,000,000
999,883
Series
2024-23A-ER
9.551%
(3-Month
Term
SOFR
+
590
basis
points),
5/15/2037
1,2,4,5
1,000,000
999,888
Carlyle
US
CLO
Ltd.
Series
2018-4A-D2R
8.380%
(3-Month
Term
SOFR
+
470
basis
points),
10/17/2037
1,2,4
1,000,000
982,846
Series
2022-1A-DR
6.923%
(3-Month
Term
SOFR
+
325
basis
points),
4/15/2035
1,2,4
1,000,000
998,662
Series
2026-2A-D
6.813%
(3-Month
Term
SOFR
+
315
basis
points),
4/20/2039
1,2,4
1,000,000
1,005,576
Series
2026-2A-E
9.703%
(3-Month
Term
SOFR
+
604
basis
points),
4/20/2039
1,2,4
1,000,000
1,030,119
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.695%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,4
1,487,789
1,488,010
CBAMR
Ltd.
Series
2017-4A-BR
5.473%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,4
1,000,000
1,004,643
Cedar
Funding
CLO
Ltd.
Series
2014-4A-DR3
6.966%
(3-Month
Term
SOFR
+
330
basis
points),
1/23/2038
1,2,4
625,000
621,641
Series
2024-19A-A1
4.996%
(3-Month
Term
SOFR
+
133
basis
points),
1/23/2038
1,2,4
1,000,000
1,003,097
CIFC
Funding
Ltd.
Series
2019-1A-A1R2
5.035%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,4
3,900,000
3,911,672
Series
2020-2A-D2R2
7.580%
(3-Month
Term
SOFR
+
390
basis
points),
4/16/2039
1,2,4
1,375,000
1,371,850
CreekSource
Dunes
Creek
CLO
Ltd.
Series
2024-1A-D
6.773%
(3-Month
Term
SOFR
+
310
basis
points),
1/15/2038
1,2,4
1,250,000
1,259,676
CVC
Cordatus
Loan
Fund
DAC
Series
23X-DRR
4.936%
(3-Month
EURIBOR
+
285
basis
points),
4/25/2036
1,4
3,000,000
3,431,648
Series
36X-B
4.238%
(3-Month
EURIBOR
+
200
basis
points),
10/20/2038
1,4
1,750,000
2,011,110
Dartry
Park
CLO
DAC
Series
1X-CRR
5.513%
(3-Month
EURIBOR
+
335
basis
points),
1/28/2034
1,4
2,250,000
2,580,299
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.713%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
5,000,000
5,002,379
Series
2019-80A-BRR
5.180%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,4
2,000,000
2,003,036
Series
2020-86A-DR
7.142%
(3-Month
Term
SOFR
+
346
basis
points),
7/17/2034
1,2,4
1,000,000
991,994
Series
2024-119A-D1R
6.326%
(3-Month
Term
SOFR
+
270
basis
points),
7/15/2039
1,2,4
1,500,000
1,507,466
Series
2026-114A-D1
6.633%
(3-Month
Term
SOFR
+
300
basis
points),
4/20/2039
1,2,4
1,500,000
1,508,189
Dryden
Euro
CLO
DAC
Series
2016-48X-B2RR
4.800%
,
1/15/2040
1
1,250,000
1,438,747
Series
2021-103X-B2R
5.150%
,
1/19/2038
1
2,000,000
2,299,851
Series
2024-124X-B2
5.100%
,
12/20/2037
1
2,500,000
2,871,170
Dryden
Senior
Loan
Fund
Series
2015-41A-DR
6.535%
(3-Month
Term
SOFR
+
286
basis
points),
4/15/2031
1,2,4
1,000,000
1,005,568
Series
2017-49A-DR
7.337%
(3-Month
Term
SOFR
+
366
basis
points),
7/18/2030
1,2,4
1,500,000
1,509,543
Eaton
Vance
CLO
Ltd.
Series
2013-1A-D1R4
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,4
1,000,000
1,004,164
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
6
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2015-1A-DR
6.437%
(3-Month
Term
SOFR
+
276
basis
points),
1/20/2030
1,2,4
1,500,000
$
1,504,883
Series
2020-2A-ER2
10.173%
(3-Month
Term
SOFR
+
650
basis
points),
10/15/2037
1,2,4
1,000,000
960,810
Elmwood
CLO
Ltd.
Series
2019-3A-A1RR
5.055%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,4
1,750,000
1,751,514
Series
2020-3A-ARR
5.055%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,4
5,000,000
5,002,541
Series
2020-4A-D1RR
6.780%
(3-Month
Term
SOFR
+
310
basis
points),
10/17/2037
1,2,4
1,240,000
1,238,175
Series
2021-1A-DRR
6.890%
(3-Month
Term
SOFR
+
325
basis
points),
4/20/2037
1,2,4
1,000,000
1,005,796
Series
2021-2A-D1R
6.325%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
1,005,177
Series
2021-3A-DR2
6.725%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,500,000
1,507,853
Series
2022-1A-BR
5.375%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,4
2,000,000
2,008,361
Series
2022-6A-D1R2
6.380%
(3-Month
Term
SOFR
+
270
basis
points),
10/17/2038
1,2,4
1,500,000
1,508,036
Series
2023-2A-D1R2
6.331%
(3-Month
Term
SOFR
+
265
basis
points),
7/16/2039
1,2,4
1,000,000
1,002,781
Empower
CLO
Ltd.
Series
2022-1A-A1R
5.065%
(3-Month
Term
SOFR
+
139
basis
points),
10/20/2037
1,2,4
2,000,000
2,005,113
Series
2023-3A-AR
4.905%
(3-Month
Term
SOFR
+
124
basis
points),
1/20/2039
1,2,4
3,000,000
3,004,328
Series
2023-3A-D1R
6.515%
(3-Month
Term
SOFR
+
285
basis
points),
1/20/2039
1,2,4
2,000,000
2,004,539
Series
2023-3A-ER
9.315%
(3-Month
Term
SOFR
+
565
basis
points),
1/20/2039
1,2,4
1,000,000
979,565
Series
2024-1A-D1R
7.054%
(3-Month
Term
SOFR
+
340
basis
points),
4/25/2037
1,2,4
1,000,000
1,000,025
Series
2025-1A-A
4.985%
(3-Month
Term
SOFR
+
131
basis
points),
7/20/2038
1,2,4
2,750,000
2,759,006
Series
2025-1A-D1
6.625%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2038
1,2,4
1,000,000
1,005,247
Flatiron
CLO
Ltd.
Series
2020-1A-ER2
8.892%
(3-Month
Term
SOFR
+
525
basis
points),
11/20/2038
1,2,4
1,500,000
1,478,432
Galaxy
CLO
Ltd.
Series
2023-32A-ER
9.525%
(3-Month
Term
SOFR
+
585
basis
points),
1/20/2039
1,2,4
1,000,000
1,015,665
Golub
Capital
CLO
Ltd.
Series
2026-88A-D1
6.830%
(3-Month
Term
SOFR
+
315
basis
points),
4/17/2039
1,2,4
2,000,000
2,006,219
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
1,000,000
1,003,250
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.774%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,4
2,000,000
1,997,900
Series
2026-1A-D1A
6.881%
(3-Month
Term
SOFR
+
320
basis
points),
4/15/2039
1,2,4
1,500,000
1,508,285
KKR
CLO
Ltd.
Series
18-A1R2
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,4
952,424
952,997
Series
40A-AR
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,4
3,000,000
3,003,484
KKR
Financial
CLO
Ltd.
Series
2013-1A-D1R3
6.923%
(3-Month
Term
SOFR
+
325
basis
points),
10/15/2038
1,2,4
1,000,000
1,008,172
Menlo
CLO
Ltd.
Series
2024-1A-D1
6.925%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
1,500,000
1,510,766
Series
2025-3A-A
4.980%
(3-Month
Term
SOFR
+
130
basis
points),
10/16/2038
1,2,4
3,500,000
3,511,785
Mountain
View
CLO
Ltd.
Series
2019-1A-DR
7.875%
(3-Month
Term
SOFR
+
420
basis
points),
10/15/2034
1,2,4
1,500,000
1,456,333
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-28A-D1R
6.875%
(3-Month
Term
SOFR
+
320
basis
points),
10/20/2038
1,2,4
1,000,000
1,007,557
Series
2019-33A-AR2
4.900%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,4
1,000,000
1,000,500
New
Mountain
CLO
Ltd.
Series
CLO-4A-BR
5.725%
(3-Month
Term
SOFR
+
205
basis
points),
3/20/2038
1,2,4
1,000,000
1,005,649
Series
CLO-6A-D1
6.775%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,4
1,750,000
1,758,739
Series
CLO-9A-D1
6.509%
(3-Month
Term
SOFR
+
280
basis
points),
4/22/2039
1,2,4
2,000,000
1,995,150
Series
CLO-9A-E
9.009%
(3-Month
Term
SOFR
+
530
basis
points),
4/22/2039
1,2,4
1,000,000
1,000,735
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
7
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Northwoods
Capital
Ltd.
Series
2018-11BA-A1R
5.125%
(3-Month
Term
SOFR
+
145
basis
points),
7/19/2037
1,2,4
2,500,000
$
2,500,000
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.055%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,4
2,000,000
2,004,501
OCP
CLO
Ltd.
Series
2017-13A-AR2
5.012%
(3-Month
Term
SOFR
+
134
basis
points),
11/26/2037
1,2,4
3,500,000
3,506,128
Series
2017-14A-A1R
5.045%
(3-Month
Term
SOFR
+
137
basis
points),
7/20/2037
1,2,4
3,000,000
3,004,476
Series
2020-18A-ER2
9.925%
(3-Month
Term
SOFR
+
625
basis
points),
7/20/2037
1,2,4
1,000,000
1,005,546
Series
2022-25A-A1R
5.095%
(3-Month
Term
SOFR
+
142
basis
points),
7/20/2037
1,2,4
4,000,000
4,000,000
OCP
Euro
CLO
DAC
Series
2023-8X-BR
4.138%
(3-Month
EURIBOR
+
190
basis
points),
1/20/2040
1,4
3,000,000
3,440,351
Series
2023-8X-DR
5.538%
(3-Month
EURIBOR
+
330
basis
points),
1/20/2040
1,4
1,000,000
1,148,800
OCP
Euro
DAC
Series
2025-12A-B2
4.700%
,
1/20/2038
1,2
1,500,000
1,722,378
Octagon
Investment
Partners
Ltd.
Series
2019-1A-D1R
6.523%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,4
500,000
502,088
Octagon
Ltd.
Series
2021-1A-AR
4.743%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,4
5,000,000
5,002,558
Series
2021-1A-D
7.035%
(3-Month
Term
SOFR
+
336
basis
points),
10/15/2034
1,2,4
1,000,000
992,989
Series
2022-1A-D
7.351%
(3-Month
Term
SOFR
+
370
basis
points),
5/15/2035
1,2,4
1,000,000
991,061
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.275%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,4
1,000,000
1,002,763
OHA
Credit
Partners
Ltd.
Series
2015-12AR-D1R3
0.00%,
7/23/2039
1,2,5,6
1,000,000
1,000,000
OZLM
Ltd.
Series
2014-6A-CT
6.580%
(3-Month
Term
SOFR
+
290
basis
points),
4/17/2031
1,2,4
2,000,000
2,011,185
Penta
CLO
DAC
Series
2017-3X-CRR
4.240%
(3-Month
EURIBOR
+
200
basis
points),
10/17/2038
1,4
1,500,000
1,717,542
Post
CLO
Ltd.
Series
2018-1A-D1R
7.080%
(3-Month
Term
SOFR
+
340
basis
points),
10/16/2037
1,2,4
1,000,000
1,007,524
Series
2021-1A-DR
6.673%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2034
1,2,4
1,250,000
1,235,948
Series
2022-1A-AR
4.775%
(3-Month
Term
SOFR
+
110
basis
points),
4/20/2035
1,2,4
3,500,000
3,503,233
Series
2022-1A-DR
6.775%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2035
1,2,4
1,000,000
994,796
Series
2023-1A-A1R
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
4,500,000
4,508,609
Series
2023-1A-BR
5.375%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,4
1,500,000
1,506,249
Series
2023-1A-D1R
6.525%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,4
2,000,000
2,013,007
Series
2023-1A-D2R
7.625%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,4
200,000
199,603
Series
2024-1A-A1R
4.875%
(3-Month
Term
SOFR
+
127
basis
points),
3/30/2039
1,2,4
2,000,000
2,003,002
Series
2024-2A-E
10.175%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
1,000,000
1,014,433
Series
2025-1A-D2
7.596%
(3-Month
Term
SOFR
+
390
basis
points),
1/20/2039
1,2,4
1,000,000
1,004,133
Series
2025-1A-E
9.096%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,4
1,000,000
1,000,703
Series
2026-1A-D1
6.558%
(3-Month
Term
SOFR
+
265
basis
points),
7/20/2039
1,2,4
1,125,000
1,124,970
Recette
CLO
Ltd.
Series
2015-1A-FRR
12.407%
(3-Month
Term
SOFR
+
873
basis
points),
4/20/2034
1,2,4
1,000,000
539,517
Regatta
Funding
Ltd.
Series
2016-1A-A1R3
4.747%
(3-Month
Term
SOFR
+
107
basis
points),
6/20/2034
1,2,4
3,000,000
3,001,895
Series
2016-1A-D2R3
7.575%
(3-Month
Term
SOFR
+
390
basis
points),
10/20/2038
1,2,4
1,000,000
967,697
Series
2016-1A-ER3
10.077%
(3-Month
Term
SOFR
+
640
basis
points),
6/20/2034
1,2,4
2,000,000
1,853,064
Series
2019-2A-ER2
9.323%
(3-Month
Term
SOFR
+
565
basis
points),
4/15/2039
1,2,4
1,000,000
965,642
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
8
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
RR
Ltd.
Series
2020-8A-DR2
8.673%
(3-Month
Term
SOFR
+
500
basis
points),
1/15/2039
1,2,4
1,500,000
$
1,487,779
Sculptor
CLO
Ltd.
Series
32A-D1R
6.946%
(3-Month
Term
SOFR
+
325
basis
points),
4/30/2039
1,2,4
1,000,000
1,000,904
Shackleton
CLO
Ltd.
Series
2013-4RA-C
6.800%
(3-Month
Term
SOFR
+
313
basis
points),
4/13/2031
1,2,4
1,750,000
1,759,728
Series
2019-14A-ERR
9.575%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,4
1,000,000
948,206
Signal
Peak
CLO
Ltd.
Series
2016-3A-D1R4
7.160%
(3-Month
Term
SOFR
+
350
basis
points),
4/23/2039
1,2,4
1,500,000
1,504,029
Series
2017-4A-AR2
4.787%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,4
2,000,000
2,001,089
Silver
Point
CLO
Ltd.
Series
2025-12A-A1
4.983%
(3-Month
Term
SOFR
+
131
basis
points),
10/15/2038
1,2,4
2,000,000
2,006,746
Series
2025-9A-A1
5.193%
(3-Month
Term
SOFR
+
152
basis
points),
3/31/2038
1,2,4
2,000,000
2,007,402
Sixth
Street
CLO
Ltd.
Series
2023-22A-D1R
6.322%
(3-Month
Term
SOFR
+
265
basis
points),
4/21/2038
1,2,4
1,000,000
995,086
Sound
Point
CLO
Ltd.
Series
2019-3A-DR
7.428%
(3-Month
Term
SOFR
+
376
basis
points),
10/25/2034
1,2,4
1,500,000
1,431,414
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,4
2,500,000
2,502,119
TCI-Symphony
CLO
Ltd.
Series
2016-1A-AR2
4.950%
(3-Month
Term
SOFR
+
128
basis
points),
10/13/2032
1,2,4
187,228
187,260
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.675%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,4
3,750,000
3,754,583
Trestles
CLO
Ltd.
Series
2017-1A-A1RR
5.127%
(3-Month
Term
SOFR
+
146
basis
points),
7/25/2037
1,2,4
4,000,000
4,009,918
Series
2018-2A-A1RR
4.851%
(3-Month
Term
SOFR
+
125
basis
points),
7/15/2039
1,2,4
2,500,000
2,503,030
Series
2023-6A-A1R
4.847%
(3-Month
Term
SOFR
+
118
basis
points),
4/25/2038
1,2,4
2,000,000
2,000,576
Trinitas
CLO
Ltd.
Series
2019-10A-AR2
4.813%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,4
2,000,000
2,001,726
Series
2021-15A-A1R
4.784%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,4
3,000,000
3,003,068
Series
2021-15A-B1R
5.314%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,4
1,000,000
1,001,995
Series
2022-21A-C1R
5.625%
(3-Month
Term
SOFR
+
195
basis
points),
4/20/2038
1,2,4
1,250,000
1,255,110
Series
2024-29A-A1
5.156%
(3-Month
Term
SOFR
+
149
basis
points),
7/23/2037
1,2,4
3,000,000
3,004,974
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.663%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,4
742,995
743,769
Verdelite
Static
CLO
Ltd.
Series
2024-1A-D
6.525%
(3-Month
Term
SOFR
+
285
basis
points),
7/20/2032
1,2,4
1,250,000
1,254,958
Voya
CLO
Ltd.
Series
2013-1A-CR
6.885%
(3-Month
Term
SOFR
+
321
basis
points),
10/15/2030
1,2,4
1,000,000
1,004,665
Series
2013-2A-CR
6.678%
(3-Month
Term
SOFR
+
301
basis
points),
4/25/2031
1,2,4
1,750,000
1,759,843
Series
2017-1A-C
7.272%
(3-Month
Term
SOFR
+
359
basis
points),
4/17/2030
1,2,4
1,250,000
1,256,565
Series
2020-3A-ARR
4.922%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,4
1,500,000
1,503,999
Series
2021-3A-A1R
4.923%
(3-Month
Term
SOFR
+
125
basis
points),
4/15/2038
1,2,4
3,000,000
3,004,125
Voya
Euro
CLO
DAC
Series
1A-B2R
5.150%
,
10/15/2037
1,2
2,000,000
2,294,453
Series
9X-B1
4.154%
(3-Month
EURIBOR
+
195
basis
points),
10/15/2038
1,4
1,875,000
2,153,589
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.047%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,4
1,000,000
1,003,390
Series
2023-4A-D1R
7.575%
(3-Month
Term
SOFR
+
390
basis
points),
4/20/2036
1,2,4
1,000,000
1,008,480
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
9
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2025-5A-B
5.375%
(3-Month
Term
SOFR
+
170
basis
points),
7/20/2038
1,2,4
1,000,000
$
1,004,094
Wind
River
CLO
Ltd.
Series
2021-4A-AR
4.902%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,4
4,000,000
4,004,273
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$286,569,858)
286,544,787
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
0.1%
FNMA
Series
2004-T5-AB4
,
7.239%
,
5/28/2035
1,6
525,147
504,421
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$508,653)
504,421
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.0%
BBCMS
Mortgage
Trust
Series
2019-BWAY-D
,
2.714%
(1-Month
Term
SOFR
+
227.4
basis
points),
11/15/2034
2,4
2,000,000
26,208
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
3,318,763
3,071,602
NYO
Commercial
Mortgage
Trust
Series
2021-1290-A
,
4.835%
(1-Month
Term
SOFR
+
120.9
basis
points),
11/15/2038
2,4
2,880,000
2,879,783
US
Bank
C&I
Credit-Linked
Notes
Series
2025-SUP2-C
,
5.528%
(30-Day
Term
SOFR
Average
+
190
basis
points),
9/25/2032
1,2,4
3,087,990
3,101,983
Worldwide
Plaza
Trust
Series
2017-WWP-F
,
3.715%
,
11/10/2036
2,6
1,575,000
7,977
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$12,456,310)
9,087,553
CONVERTIBLE
BONDS
—0.1%
SOFTWARE
—
0.1%
Zscaler,
Inc.
3.890%,
7/15/2028
2,7
825,000
763,125
TOTAL
CONVERTIBLE
BONDS
(Cost
$762,918)
763,125
CORPORATE
BONDS
—26.6%
AEROSPACE
&
DEFENSE
—
0.1%
Spirit
AeroSystems,
Inc.
4.600%,
6/15/2028
1
1,150,000
1,146,977
AUTOMOBILE
COMPONENTS
—
0.3%
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
6.125%,
4/15/2031
1,2
1,300,000
1,303,193
IHO
Verwaltungs
GmbH
7.375%,
5/15/2033
1,2
400,000
416,142
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
10
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
AUTOMOBILE
COMPONENTS
(Continued)
ZF
North
America
Capital,
Inc.
7.125%,
4/14/2030
1,2
900,000
$
908,653
2,627,988
AUTOMOBILES
—
0.8%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
1,125,000
1,095,108
General
Motors
Co.
6.800%,
10/1/2027
1
1,950,000
1,997,435
Hyundai
Capital
America
2.750%,
9/27/2026
1,2
2,446,000
2,437,970
Hyundai
Capital
America
5.150%(Term
SOFR
+
150
basis
points),
1/8/2027
2,4
525,000
527,458
Hyundai
Capital
America
4.662%(Term
SOFR
+
104
basis
points),
6/24/2027
2,4
875,000
879,319
6,937,290
BEVERAGES
—
0.6%
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
1,500,000
1,324,358
Keurig
Dr.
Pepper,
Inc.
4.350%,
5/15/2028
1
2,310,000
2,300,337
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
1,550,000
1,513,984
5,138,679
BIOTECHNOLOGY
—
0.3%
Amgen,
Inc.
2.200%,
2/21/2027
1
2,750,000
2,713,997
BROADLINE
RETAIL
—
0.3%
eBay,
Inc.
4.250%,
3/6/2029
1
1,425,000
1,408,910
Match
Group
Holdings
II
LLC
4.125%,
8/1/2030
1,2
1,325,000
1,247,908
2,656,818
BUILDING
PRODUCTS
—
0.2%
Builders
FirstSource,
Inc.
5.000%,
3/1/2030
1,2
700,000
686,788
Standard
Industries,
Inc.
4.375%,
7/15/2030
1,2
1,050,000
998,015
1,684,803
CAPITAL
MARKETS
—
0.2%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
1,500,000
1,492,868
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
11
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CHEMICALS
—
0.6%
Axalta
Coating
Systems
LLC
3.375%,
2/15/2029
1,2
2,034,000
$
1,947,221
HB
Fuller
Co.
4.250%,
10/15/2028
1
725,000
713,839
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
3,000,000
2,973,924
5,634,984
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.8%
Veralto
Corp.
5.500%,
9/18/2026
1
3,514,000
3,520,090
Waste
Management,
Inc.
4.875%,
2/15/2029
1
3,296,000
3,330,749
6,850,839
CONSTRUCTION
&
ENGINEERING
—
0.4%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
3,745,000
3,709,773
CONSUMER
FINANCE
—
0.6%
Caterpillar
Financial
Services
Corp.
4.051%(Term
SOFR
+
38
basis
points),
1/7/2027
4
1,525,000
1,525,124
Caterpillar
Financial
Services
Corp.
4.157%(Term
SOFR
+
52
basis
points),
5/14/2027
4
1,475,000
1,477,492
General
Motors
Financial
Co.,
Inc.
4.693%(Term
SOFR
+
104
basis
points),
2/26/2027
4
2,019,000
2,023,680
5,026,296
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.3%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
2,300,000
2,185,370
CONTAINERS
&
PACKAGING
—
0.5%
CANPACK
Group,
Inc.
/
CANPACK
SA
6.000%,
5/15/2031
1,2
555,000
558,530
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
2,225,000
2,092,453
Silgan
Holdings,
Inc.
4.250%,
2/15/2031
1,8
1,575,000
1,791,993
4,442,976
DISTRIBUTORS
—
0.1%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
818,000
804,888
DIVERSIFIED
REITS
—
0.8%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
3,505,000
3,474,787
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
12
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
3,200,000
$
3,188,518
6,663,305
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.7%
AT&T,
Inc.
1.650%,
2/1/2028
1
4,125,000
3,942,978
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
922,000
919,335
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
1,675,000
1,644,158
6,506,471
ELECTRIC
UTILITIES
—
1.9%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
1,150,000
1,145,107
Duke
Energy
Corp.
3.150%,
8/15/2027
1
3,415,000
3,366,790
Eversource
Energy
5.450%,
3/1/2028
1
2,200,000
2,225,546
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
3,500,000
3,477,680
NRG
Energy,
Inc.
5.750%,
7/15/2029
1,2
1,100,000
1,101,670
NRG
Energy,
Inc.
4.734%,
10/15/2030
1,2
1,095,000
1,082,224
Southern
Co.
(The)
5.113%,
8/1/2027
2,025,000
2,035,194
Vistra
Operations
Co.
LLC
4.300%,
7/15/2029
1,2
754,000
739,034
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
1/15/2031
1,2
1,300,000
1,387,146
16,560,391
ENERGY
EQUIPMENT
&
SERVICES
—
0.1%
Kodiak
Gas
Services
LLC
5.875%,
4/1/2031
1,2
600,000
601,859
ENTERTAINMENT
—
0.3%
Netflix,
Inc.
4.875%,
4/15/2028
1
2,464,000
2,482,636
FINANCIAL
SERVICES
—
0.8%
Block,
Inc.
6.000%,
8/15/2033
1,2
1,336,000
1,345,987
Mastercard,
Inc.
4.065%(SOFR
Index
+
44
basis
points),
3/15/2028
1,4
1,920,000
1,920,144
Mastercard,
Inc.
4.325%,
6/8/2028
1
400,000
400,123
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
13
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FINANCIAL
SERVICES
(Continued)
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
8/15/2032
1,2
1,054,000
$
1,056,753
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
1,950,000
1,939,271
6,662,278
FOOD
PRODUCTS
—
1.9%
Campbell's
Co.
(The)
2.375%,
4/24/2030
1
900,000
816,391
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
2,060,000
1,787,951
General
Mills,
Inc.
4.200%,
4/17/2028
1
3,250,000
3,230,419
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
1,190,000
1,070,347
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
1,900,000
1,753,855
Mars,
Inc.
4.600%,
3/1/2028
1,2
4,130,000
4,138,604
Mondelez
International
Holdings
Netherlands
BV
1.250%,
9/24/2026
1,2
1,720,000
1,708,185
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
2,500,000
2,469,895
16,975,647
GROUND
TRANSPORTATION
—
0.6%
Ashtead
Capital,
Inc.
4.375%,
8/15/2027
1,2
2,000,000
1,992,668
CSX
Corp.
3.800%,
3/1/2028
1
3,188,000
3,156,163
5,148,831
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.6%
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
700,000
668,731
Baxter
International,
Inc.
1.730%,
4/1/2031
1
2,500,000
2,128,590
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
1,725,000
1,714,081
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
4,085,000
4,145,308
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
2,000,000
1,943,288
Stryker
Corp.
4.850%,
12/8/2028
1
1,822,000
1,834,334
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
1,700,000
1,726,959
14,161,291
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
14
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.4%
CVS
Health
Corp.
4.300%,
3/25/2028
1
1,500,000
$
1,492,468
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
1,950,000
1,927,846
HCA,
Inc.
4.500%,
2/15/2027
1
928,000
927,696
HCA,
Inc.
4.125%,
6/15/2029
1
1,225,000
1,206,383
Icon
Investments
Six
DAC
5.809%,
5/8/2027
1
3,200,000
3,225,626
McKesson
Corp.
1.300%,
8/15/2026
1
2,915,000
2,904,933
Universal
Health
Services,
Inc.
2.650%,
10/15/2030
1
1,100,000
989,465
12,674,417
HEALTH
CARE
TECHNOLOGY
—
0.1%
IQVIA,
Inc.
2.250%,
3/15/2029
1,8
1,000,000
1,110,722
HOTELS,
RESTAURANTS
&
LEISURE
—
0.6%
Brightstar
Lottery
plc
5.250%,
1/15/2029
1,2
2,050,000
2,044,279
Starbucks
Corp.
4.850%,
2/8/2027
1
615,000
616,875
Starbucks
Corp.
4.000%,
11/15/2028
1
2,925,000
2,891,895
5,553,049
HOUSEHOLD
PRODUCTS
—
0.4%
Clorox
Co.
(The)
4.400%,
5/1/2029
1
3,150,000
3,128,572
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.4%
Atlantica
Sustainable
Infrastructure
plc
4.125%,
6/15/2028
1,2
1,277,000
1,257,907
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
1,675,000
1,661,123
Talen
Energy
Supply
LLC
6.125%,
5/1/2031
1,2
1,375,000
1,375,597
4,294,627
IT
SERVICES
—
0.5%
Everforth,
Inc.
4.625%,
5/15/2028
1,2
850,000
787,663
Gartner,
Inc.
4.500%,
7/1/2028
1,2
1,450,000
1,424,610
Gartner,
Inc.
3.625%,
6/15/2029
1,2
574,000
542,974
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
15
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
IT
SERVICES
(Continued)
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
3.500%,
3/1/2029
1,2
1,450,000
$
1,366,857
4,122,104
MACHINERY
—
0.3%
Parker-Hannifin
Corp.
4.250%,
9/15/2027
1
2,050,000
2,046,875
Stanley
Black
&
Decker,
Inc.
2.300%,
3/15/2030
1
700,000
640,968
2,687,843
MEDIA
—
0.3%
Fox
Corp.
4.709%,
1/25/2029
1
2,850,000
2,848,381
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0.1%
Blackstone
Mortgage
Trust,
Inc.
6.250%,
6/1/2031
1,2
1,017,000
984,494
MULTI-UTILITIES
—
0.7%
Dominion
Energy,
Inc.
3.375%,
4/1/2030
1
1,350,000
1,289,195
DTE
Energy
Co.
4.950%,
7/1/2027
1
3,105,000
3,120,970
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
1,625,000
1,647,496
6,057,661
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.7%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
1,390,000
1,386,936
Enbridge,
Inc.
3.700%,
7/15/2027
1
2,700,000
2,682,228
Energy
Transfer
LP
4.950%,
6/15/2028
1
1,775,000
1,784,893
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
2,150,000
2,142,870
Hess
Midstream
Operations
LP
5.125%,
6/15/2028
1,2
1,425,000
1,422,864
Kinetik
Holdings
LP
5.875%,
6/15/2030
1,2
1,500,000
1,509,399
Northriver
Midstream
Finance
LP
6.750%,
7/15/2032
1,2
1,350,000
1,367,927
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
2,450,000
2,371,644
14,668,761
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
16
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
PERSONAL
CARE
PRODUCTS
—
0.3%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
2,975,000
$
2,953,633
PHARMACEUTICALS
—
1.4%
Eli
Lilly
&
Co.
4.200%,
8/14/2029
1
1,850,000
1,840,611
Merck
&
Co.,
Inc.
4.195%(Term
SOFR
+
57
basis
points),
3/15/2029
4
4,100,000
4,113,567
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
2,825,000
2,665,812
Zoetis,
Inc.
4.150%,
8/17/2028
1
2,214,000
2,199,701
Zoetis,
Inc.
3.900%,
8/20/2028
1
1,385,000
1,368,915
12,188,606
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.8%
Applied
Materials,
Inc.
4.800%,
6/15/2029
1
2,175,000
2,200,435
Entegris,
Inc.
4.750%,
4/15/2029
1,2
2,765,000
2,734,016
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
2,291,000
2,363,793
7,298,244
SOFTWARE
—
1.1%
AppLovin
Corp.
5.125%,
12/1/2029
1
1,551,000
1,564,149
Atlassian
Corp.
5.250%,
5/15/2029
1
1,750,000
1,754,670
Crowdstrike
Holdings,
Inc.
3.000%,
2/15/2029
1
750,000
715,833
Oracle
Corp.
4.401%(Term
SOFR
+
76
basis
points),
8/3/2028
1,4
1,825,000
1,809,792
ServiceNow,
Inc.
4.250%,
5/15/2028
1
1,160,000
1,156,604
VMware
LLC
2.200%,
8/15/2031
1
600,000
528,566
Workday,
Inc.
3.800%,
4/1/2032
1
2,300,000
2,142,467
9,672,081
SPECIALIZED
REITS
—
0.6%
American
Tower
Corp.
3.375%,
10/15/2026
1
2,235,000
2,228,962
Crown
Castle,
Inc.
5.000%,
1/11/2028
1
3,000,000
3,016,840
5,245,802
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
17
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SPECIALTY
RETAIL
—
0.3%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
2,605,000
$
2,580,141
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.4%
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
1,350,000
1,372,786
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
2,228,000
2,224,258
3,597,044
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.4%
Eutelsat
SA
1.500%,
10/13/2028
1,8
1,400,000
1,544,507
NJJ
Continental
SA
4.500%,
1/30/2030
1,8
750,000
872,483
NJJ
Continental
SA
3.875%,
10/15/2030
1,8
1,525,000
1,739,095
4,156,085
TOTAL
CORPORATE
BONDS
(Cost
$235,362,843)
234,639,522
EXCHANGE
TRADED
FUNDS
—0.9%
Palmer
Square
CLO
Senior
Debt
ETF
9
42,549
870,553
Palmer
Square
Credit
Opportunities
ETF
9
27,986
578,471
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
*,8,9
114,579
6,729,052
8,178,076
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$8,085,903)
8,178,076
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
7.6%
Bear
Stearns
ARM
Trust
Series
2004-3-1A3
,
4.498%
,
7/25/2034
1,6
37,779
35,260
COLT
Mortgage
Loan
Trust
Series
2021-4-A1
,
1.397%
,
10/25/2066
1,2,6
4,074,463
3,467,052
Series
2022-1-A1
,
2.284%
,
12/27/2066
1,2,6
3,774,705
3,533,236
EFMT
Series
2026-AE2-A29
,
5.428%
(30-Day
Term
SOFR
Average
+
180
basis
points,
6.00%
Cap),
4/25/2061
2,4
5,588,377
5,593,409
Series
2026-NQM4-A1
,
5.466%
,
4/25/2071
1,2,6
3,930,012
3,927,368
Series
2026-NQM6-A1
,
5.466%
,
6/25/2071
1,2,6
1,200,000
1,200,242
Ellington
Financial
Mortgage
Trust
Series
2021-2-A1
,
0.931%
,
6/25/2066
1,2,6
3,321,065
2,823,928
Series
2021-3-A1
,
1.241%
,
9/25/2066
1,2,6
3,490,547
2,902,582
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2,6
2,617,895
2,342,057
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
18
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,4
1,577,711
$
1,581,924
Mellon
Residential
Funding
Corp.
Series
1999-TBC3-A2
,
4.394%
,
10/20/2029
1,6
9,334
9,135
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM3-A1
,
5.209%
,
3/25/2071
1,2,6
2,995,828
2,981,986
OBX
Trust
Series
2020-INV1-A11
,
4.663%
(1-Month
Term
SOFR
+
101.4
basis
points,
6.00%
Cap),
12/25/2049
1,2,4
963,591
943,928
Series
2026-AHC1-AF
,
5.378%
(30-Day
Term
SOFR
Average
+
175
basis
points,
6.00%
Cap),
4/25/2056
1,2,4
6,318,679
6,349,850
Series
2026-J1-AF
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
2/25/2056
1,2,4
3,839,919
3,846,008
PMT
Loan
Trust
Series
2026-INV4-A2
,
5.500%
,
3/25/2057
1,2,6
1,374,242
1,372,536
Series
2026-INV4-A38
,
5.228%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
3,166,099
3,167,208
Series
2026-J2-A24
,
4.978%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
5,728,716
5,732,955
RATE
Mortgage
Trust
Series
2026-J2-A27
,
5.243%
(30-Day
Term
SOFR
Average
+
165
basis
points,
6.00%
Cap),
7/25/2056
1,2,4
3,385,000
3,383,061
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2,6
2,543,033
2,276,615
Series
2025-12-A26F
,
5.178%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,4
2,596,615
2,605,792
Series
2026-INV3-A26F
,
5.228%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
5/25/2056
1,2,4
5,968,781
5,969,357
Verus
Securitization
Trust
Series
2021-5-A1
,
1.013%
,
9/25/2066
1,2,6
1,187,847
1,022,265
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$68,299,196)
67,067,754
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—7.0%
United
States
Treasury
Notes
—
7.0%
U.S.
Treasury
Notes
3.875%,
12/31/2027
10,000,000
9,958,594
U.S.
Treasury
Notes
3.500%,
1/31/2028
22,950,000
22,715,122
U.S.
Treasury
Notes
4.000%,
5/31/2028
10,000,000
9,971,484
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
19
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Continued)
United
States
Treasury
Notes
(Continued)
U.S.
Treasury
Notes
4.000%,
1/31/2029
19,075,000
$
18,995,272
61,640,472
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$61,465,364)
61,640,472
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
11.1%
Money
Market
Funds
—
0.5%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
10
4,419,122
4,419,122
Principal
Amount
United
States
Treasury
Bills
—
10.6%
U.S.
Treasury
Bills,
3.050%,
7/7/2026
11
20,000,000
19,988,127
U.S.
Treasury
Bills,
3.440%,
7/23/2026
11
20,000,000
19,956,204
U.S.
Treasury
Bills,
3.560%,
8/11/2026
11
18,000,000
17,925,605
U.S.
Treasury
Bills,
3.600%,
8/18/2026
11
9,000,000
8,956,161
U.S.
Treasury
Bills,
3.620%,
9/17/2026
11
9,000,000
8,929,012
U.S.
Treasury
Bills,
3.700%,
10/15/2026
11
18,000,000
17,804,417
93,559,526
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$97,986,181)
97,978,648
TOTAL
INVESTMENTS
—
98.6%
(Cost
$875,548,815)
870,426,942
Other
Assets
in
Excess
of
Liabilities
—
1.4%
12,738,690
TOTAL
NET
ASSETS
—
100.0%
$
883,165,632
SECURITIES
SOLD
SHORT
—
(1.5)%
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—(1.5)%
United
States
Treasury
Notes
—
(1.5)%
U.S.
Treasury
Notes
4.125%,
7/31/2031
(13,500,000)
(13,445,420)
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Proceeds$(13,565,932))
(13,445,420)
TOTAL
SECURITIES
SOLD
SHORT
—
(1.5)%
(Proceeds$(13,565,932))
$
(13,445,420)
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
20
See
accompanying
Notes
to
Financial
Statements.
The
Company
has
recorded
an
asset
of
$5,344
as
of
June
30,
2026,
related
to
the
current
day’s
variation
margin
related
to
these
contracts.
Abbreviations:
EUR
Euro
ETF
Exchange-Traded
Fund
FNMA
Federal
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
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
$431,119,384
which
represents
48.82%
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
Variable
rate
security.
7
Convertible
security.
8
Foreign
security
denominated
in
U.S.
Dollars.
9
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.
10
The
rate
is
the
annualized
seven-day
yield
at
period
end.
11
The
rate
shown
represents
the
yield
at
period
end.
FUTURES
CONTRACTS
Number
of
Contracts
Long
(Short)
Description
Expiration
Date
Notional
Value
Value/Unrealized
Appreciation
(Depreciation)
(18)
U.S.
Treasury
10
Year
Notes
September
2026
$
(1,978,031)
$
(14,117
)
TOTAL
FUTURES
CONTRACTS
$
(1,978,031)
$
(14,117)
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
21
See
accompanying
Notes
to
Financial
Statements.
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
Purchase
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Purchased
Value
At
Settlement
Date
Value
At
June
30,
2026
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
07/08/2026
$
20,478,950
$
23,386,961
$
23,404,896
$
17,935
23,386,961
23,404,896
17,935
Sale
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Sold
Value
At
Settlement
Date
Value
At
June
30,
2026
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
07/08/2026
(20,478,950)
(23,940,129)
(23,404,900)
535,228
Euro
JP
Morgan
EUR
per
USD
07/14/2026
(15,000,000)
(
17,638,615)
(17,147,619)
490,996
Euro
JP
Morgan
EUR
per
USD
07/23/2026
(4,250,000)
(5,112,657)
(4,860,425)
252,232
Euro
JP
Morgan
EUR
per
USD
10/08/2026
(21,978,950)
(25,185,794)
(25,219,041)
(33,247)
Euro
JP
Morgan
EUR
per
USD
03/19/2027
(1,875,000)
(2,269,886)
(2,167,235)
102,651
Euro
JP
Morgan
EUR
per
USD
04/13/2027
(4,000,000)
(4,740,905)
(4,628,661)
112,244
Euro
JP
Morgan
EUR
per
USD
12/20/2027
(1,250,000)
(
1,495,569)
(1,462,675)
32,894
(80,383,555)
(78,890,556)
1,492,998
TOTAL
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
$
(56,996,594)
$
(55,485,660)
$
1,510,933
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
As
of
June
30,
2026
22
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
9
.2
%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
92,467
$
92,466
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
359,848
360,646
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
332,079
331,396
Chase
Auto
Owner
Trust
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
142,945
142,810
Series
2026-1A-A2
,
4.250%
,
7/25/2029
1,2
150,000
149,974
Dell
Equipment
Finance
Trust
Series
2025-1-A2
,
4.680%
,
7/22/2027
1,2
160,839
161,054
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
265,043
266,682
Ford
Credit
Auto
Lease
Trust
Series
2026-A-A3
,
4.000%
,
7/15/2029
1
275,000
273,227
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
4,969
4,972
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
31,142
31,172
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
103,244
103,247
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
13,080
13,088
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
59,196
59,233
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
295,582
296,845
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
45,599
45,625
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
60,941
61,016
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
255,000
255,538
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
41,114
41,157
John
Deere
Owner
Trust
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
31,068
31,085
Series
2025-B-A2A
,
4.280%
,
7/17/2028
1
83,301
83,335
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
267,109
268,116
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
51,834
51,896
MMAF
Equipment
Finance
LLC
Series
2024-A-A3
,
4.950%
,
7/14/2031
1,2
270,000
271,990
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
185,365
185,567
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
128,646
129,038
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
40,804
40,843
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
22,723
22,734
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
23
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
300,000
$
301,758
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
190,000
189,288
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
19,164
19,181
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$4,290,161)
4,284,979
BANK
LOANS
—
1
.5
%
Hilton
Domestic
Operating
Co.,
Inc.,
First
Lien,
Term
Loan,
B4
5.398%
(1-Month
Term
SOFR
+
175
basis
points),
11/8/2030
1,3,4
250,000
250,802
KFC
Holding
Co.,
First
Lien,
2021
Term
Loan,
B
5.502%
(1-Month
Term
SOFR
+
175
basis
points),
3/15/2028
3,4
242,327
243,665
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B8
5.394%
(1-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
239,990
239,664
TOTAL
BANK
LOANS
(Cost
$725,551)
734,131
COLLATERALIZED
LOAN
OBLIGATIONS
—
51
.2
%
Aimco
CLO
Ltd.
Series
2026-27A-A1
4.821%
(3-Month
Term
SOFR
+
114
basis
points),
4/20/2039
1,2,4
1,000,000
1,000,569
AIMCO
CLO
Ltd.
Series
2021-16A-AR
5.080%
(3-Month
Term
SOFR
+
140
basis
points),
7/17/2037
1,2,4
1,000,000
1,000,000
Anchorage
Capital
CLO
Ltd.
Series
2022-24A-A1R
5.103%
(3-Month
Term
SOFR
+
143
basis
points),
7/15/2037
1,2,4
1,000,000
1,002,878
Battalion
CLO
Ltd.
Series
2015-9A-ARR
4.633%
(3-Month
Term
SOFR
+
96
basis
points),
7/15/2031
1,2,4
246,627
246,627
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.695%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,4
1,115,842
1,116,007
Dryden
CLO
Ltd.
Series
2018-61A-A1R2
4.760%
(3-Month
Term
SOFR
+
108
basis
points),
1/17/2032
1,2,4
480,369
480,621
Series
2019-72A-ARR
4.751%
(3-Month
Term
SOFR
+
110
basis
points),
5/15/2032
1,2,4
458,725
459,092
Series
2019-75A-AR3
4.713%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
1,000,476
Series
2019-80A-BRR
5.180%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,4
1,000,000
1,001,518
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
4.745%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,4
1,000,000
1,001,445
Elmwood
CLO
Ltd.
Series
2021-3A-AR2
4.975%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
500,000
501,595
Series
2025-1A-A
4.814%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2038
1,2,4
1,000,000
1,000,701
Empower
CLO
Ltd.
Series
2023-2A-AR
4.993%
(3-Month
Term
SOFR
+
132
basis
points),
10/15/2038
1,2,4
1,000,000
1,002,004
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.774%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,4
1,000,000
998,950
KKR
CLO
Ltd.
Series
23-AR2
4.681%
(3-Month
Term
SOFR
+
105
basis
points),
4/20/2036
1,2,4
1,500,000
1,500,750
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
24
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Madison
Park
Funding
Ltd.
Series
2014-14A-BR4
5.164%
(3-Month
Term
SOFR
+
150
basis
points),
10/22/2030
1,2,4
1,000,000
$
1,001,253
Magnetite
Ltd.
Series
2019-23A-BR2
5.017%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,4
1,000,000
1,001,623
Northwoods
Capital
Ltd.
Series
2018-11BA-BR
5.575%
(3-Month
Term
SOFR
+
190
basis
points),
7/19/2037
1,2,4
500,000
500,000
Octagon
Ltd.
Series
2021-1A-AR
4.743%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,4
1,500,000
1,500,767
OZLM
Ltd.
Series
2014-6A-B1T
5.680%
(3-Month
Term
SOFR
+
200
basis
points),
4/17/2031
1,2,4
890,628
892,139
Rockford
Tower
CLO
Ltd.
Series
2018-1A-A
5.004%
(3-Month
Term
SOFR
+
136
basis
points),
5/20/2031
1,2,4
19,019
19,038
Symphony
CLO
Ltd.
Series
2019-21A-AR2
4.573%
(3-Month
Term
SOFR
+
90
basis
points),
7/15/2032
1,2,4
227,975
228,104
Series
2021-25A-AR
4.725%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,4
1,000,000
1,000,848
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.675%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,4
1,000,000
1,001,222
Trestles
CLO
Ltd.
Series
2018-2A-A1RR
4.851%
(3-Month
Term
SOFR
+
125
basis
points),
7/15/2039
1,2,4
1,000,000
1,001,212
Trinitas
CLO
Ltd.
Series
2021-15A-A1R
4.784%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,4
1,000,000
1,001,023
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.663%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,4
371,497
371,884
Voya
CLO
Ltd.
Series
2020-3A-ARR
4.922%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,4
1,000,000
1,002,666
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$23,798,633)
23,835,012
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1
.1
%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
539,344
499,177
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$539,988)
499,177
CORPORATE
BONDS
—
18
.3
%
AUTOMOBILES
—
0
.3
%
Hyundai
Capital
America
5.150%(Term
SOFR
+
150
basis
points),
1/8/2027
2,4
50,000
50,234
Hyundai
Capital
America
4.662%(Term
SOFR
+
104
basis
points),
6/24/2027
2,4
75,000
75,370
125,604
BIOTECHNOLOGY
—
0
.4
%
Amgen,
Inc.
2.200%,
2/21/2027
1
200,000
197,382
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
25
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BROADLINE
RETAIL
—
0
.4
%
Amazon.com,
Inc.
3.150%,
8/22/2027
1
200,000
$
197,658
CAPITAL
MARKETS
—
0
.8
%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
175,000
174,168
S&P
Global,
Inc.
2.450%,
3/1/2027
1
200,000
197,621
371,789
COMMERCIAL
SERVICES
&
SUPPLIES
—
0
.7
%
Veralto
Corp.
5.500%,
9/18/2026
1
140,000
140,243
Waste
Management,
Inc.
4.875%,
2/15/2029
1
200,000
202,108
342,351
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0
.5
%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
225,000
213,786
DIVERSIFIED
REITS
—
0
.7
%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
150,000
148,707
Simon
Property
Group
LP
3.250%,
11/30/2026
1
175,000
174,372
323,079
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0
.3
%
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
148,000
147,572
ELECTRIC
UTILITIES
—
1
.1
%
Duke
Energy
Corp.
2.650%,
9/1/2026
1
150,000
149,587
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
175,000
173,884
Southern
Co.
(The)
5.113%,
8/1/2027
200,000
201,007
524,478
ENTERTAINMENT
—
0
.4
%
TWDC
Enterprises
18
Corp.
1.850%,
7/30/2026
1
200,000
199,640
FINANCIAL
SERVICES
—
1
.2
%
Fiserv,
Inc.
3.200%,
7/1/2026
1
250,000
250,000
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
26
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FINANCIAL
SERVICES
(Continued)
Mastercard,
Inc.
4.065%(SOFR
Index
+
44
basis
points),
3/15/2028
1,4
95,000
$
95,007
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
225,000
223,762
568,769
FOOD
PRODUCTS
—
0
.8
%
Mars,
Inc.
4.600%,
3/1/2028
1,2
175,000
175,365
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
200,000
197,591
372,956
GROUND
TRANSPORTATION
—
0
.9
%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
200,000
198,015
CSX
Corp.
3.800%,
3/1/2028
1
200,000
198,003
396,018
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0
.5
%
Stryker
Corp.
4.850%,
12/8/2028
1
200,000
201,354
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0
.4
%
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
200,000
197,728
HOTELS,
RESTAURANTS
&
LEISURE
—
0
.8
%
McDonald's
Corp.
3.500%,
3/1/2027
1
175,000
174,217
Starbucks
Corp.
4.000%,
11/15/2028
1
175,000
173,019
347,236
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0
.5
%
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
225,000
223,136
LIFE
SCIENCES
TOOLS
&
SERVICES
—
0
.4
%
Thermo
Fisher
Scientific,
Inc.
4.953%,
8/10/2026
1
200,000
200,031
MACHINERY
—
0
.8
%
Otis
Worldwide
Corp.
5.250%,
8/16/2028
1
200,000
202,655
Parker-Hannifin
Corp.
4.250%,
9/15/2027
1
175,000
174,733
377,388
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
27
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
OIL,
GAS
&
CONSUMABLE
FUELS
—
1
.0
%
Enbridge,
Inc.
3.700%,
7/15/2027
1
150,000
$
149,013
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
25,000
24,917
Enterprise
Products
Operating
LLC
4.150%,
10/16/2028
1
150,000
148,913
Williams
Cos.,
Inc.
(The)
3.750%,
6/15/2027
1
150,000
149,050
471,893
PERSONAL
CARE
PRODUCTS
—
0
.5
%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
250,000
248,204
PHARMACEUTICALS
—
1
.1
%
Merck
&
Co.,
Inc.
4.195%(Term
SOFR
+
57
basis
points),
3/15/2029
4
200,000
200,661
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.450%,
5/19/2028
1
150,000
150,159
Zoetis,
Inc.
3.900%,
8/20/2028
1
175,000
172,968
523,788
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0
.6
%
Advanced
Micro
Devices,
Inc.
4.212%,
9/24/2026
1
275,000
275,100
SOFTWARE
—
1
.5
%
Oracle
Corp.
2.650%,
7/15/2026
1
250,000
249,814
VMware
LLC
1.400%,
8/15/2026
1
250,000
249,057
Workday,
Inc.
3.500%,
4/1/2027
1
200,000
198,585
697,456
SPECIALIZED
REITS
—
0
.5
%
American
Tower
Corp.
3.375%,
10/15/2026
1
200,000
199,460
SPECIALTY
RETAIL
—
0
.4
%
Home
Depot,
Inc.
(The)
2.800%,
9/14/2027
1
200,000
196,744
WATER
UTILITIES
—
0
.4
%
American
Water
Capital
Corp.
3.750%,
9/1/2028
1
200,000
196,866
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
28
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
WIRELESS
TELECOMMUNICATION
SERVICES
—
0
.4
%
T-Mobile
USA,
Inc.
3.750%,
4/15/2027
1
175,000
$
174,123
TOTAL
CORPORATE
BONDS
(Cost
$8,527,712)
8,511,589
EXCHANGE
TRADED
FUNDS
—
1
.2
%
Palmer
Square
CLO
Senior
Debt
ETF
5
27,274
558,026
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$558,251)
558,026
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
16
.4
%
Money
Market
Funds
—
3
.6
%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
6
1,680,481
1,680,481
Principal
Amount
United
States
Treasury
Bills
—
12
.8
%
U.S.
Treasury
Bills,
3.440%,
7/23/2026
7
500,000
498,905
U.S.
Treasury
Bills,
0.000%,
8/18/2026
7
500,000
497,565
U.S.
Treasury
Bills,
3.620%,
9/17/2026
7
500,000
496,056
U.S.
Treasury
Bills,
3.700%,
10/15/2026
7
2,000,000
1,978,269
U.S.
Treasury
Bills,
3.770%,
11/5/2026
7
500,000
493,385
U.S.
Treasury
Bills,
3.820%,
12/3/2026
7
2,000,000
1,967,440
5,931,620
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$7,613,112)
7,612,101
TOTAL
INVESTMENTS
—
98.9%
(Cost
$46,053,408)
46,035,015
Other
Assets
in
Excess
of
Liabilities
—
1.1%
490,352
TOTAL
NET
ASSETS
—
100.0%
$
46,525,367
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
$27,731,163
which
represents
59.60%
of
total
net
assets
of
the
Fund.
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2026
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
June
30,
2026
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*
$
862,248,866
$
45,476,989
Investments
in
affiliated
issuers,
at
value*
8,178,076
558,026
Foreign
currency,
at
value
(proceeds
$3,641,176
and
$–)
3,620,575
—
Cash
505,154
584,265
Cash
held
at
broker
for
futures
contracts
2,283,894
35,755
Cash
held
by
broker
for
securities
sold
short
and
swap
contracts
14,869,913
150,249
Receivables:
Variation
margin
on
futures
contracts
5,344
—
Investment
securities
sold
5,400,861
3,650
Fund
shares
sold
365,824
5,768
Interest
7,002,065
321,620
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
1,544,180
—
Due
from
advisor
—
16,571
Prepaid
expenses
233,345
3,208
Total
assets
906,258,097
47,156,101
Liabilities:
Securities
sold
short,
at
value
(proceeds
$13,565,932
and
$–)
13,445,420
—
Payables:
Investment
securities
purchased
8,319,665
497,695
Fund
shares
redeemed
392,067
—
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
33,247
—
Advisory
fees
355,061
—
Shareholder
servicing
fees
(Note
6)
80,554
4,855
Fund
administration
and
accounting
fees
104,446
77,215
Transfer
agent
fees
and
expenses
25,222
5,764
Custody
fees
6,339
4,612
Auditing
fees
34,077
26,034
Trustees'
fees
and
expenses
36,149
2,226
Accrued
other
expenses
260,218
12,333
Total
Liabilities
23,092,465
630,734
Commitments
and
contingencies
(Note
3)
—
—
Net
Assets
$
883,165,632
$
46,525,367
Net
Assets
Consists
of:
Paid-in
capital
(par
value
of
$0.01
per
share
with
an
unlimited
number
of
shares
authorized)
$
893,349,678
$
46,444,363
Total
accumulated
earnings
(deficit)
(10,184,046)
81,004
Net
Assets
$
883,165,632
$
46,525,367
Class
I
Shares
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
847,403,364
$
46,525,367
Shares
outstanding
(unlimited
number
of
shares
authorized,
par
value
of
$0.01
per
share)
84,041,082
2,337,825
Net
assets
value
per
share
$
10.08
$
19.90
Class
T
Shares
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
35,762,268
$
—
Shares
outstanding
(unlimited
number
of
shares
authorized,
par
value
of
$0.01
per
share)
3,545,851
—
Net
assets
value
per
share
$
10.09
$
—
*Identified
Cost
Investments
in
unaffiliated
issuers,
at
cost
$
867,462,912
$
45,495,157
Investments
in
affiliated
issuers,
at
cost
$
8,085,903
$
558,251
Palmer
Square
Funds
Trust
STATEMENTS
OF
OPERATIONS
For
the
Year
Ended
June
30,
2026
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
$
51,927,128
$
2,754,737
Dividends
from
affiliated
investments
50,653
20,722
Total
investment
income
51,977,781
2,775,459
Expenses:
Advisory
fees
(Note
3)
4,974,609
152,163
Shareholder
servicing
fees
(Note
6)
820,802
50,524
Fund
administration
and
accounting
fees
355,279
127,125
Transfer
agent
fees
and
expenses
75,946
18,884
Custody
fees
18,032
9,360
Interest
on
securities
sold
short
131,979
—
Registration
Fees
70,325
39,093
Auditing
fees
34,000
25,990
Trustees'
fees
and
expenses
69,538
10,800
Shareholder
reporting
fees
36,967
9,843
Legal
fees
24,892
18,820
Miscellaneous
11,548
3,968
Chief
Compliance
Officer
fees
3,305
1,356
Insurance
fees
5,070
3,297
Commitment
fees
(Note
12)
1,410
—
Total
Expenses
6,633,702
471,223
Advisory
fees
(waived)
recovered
(Note
3)
—
(166,274
)
Affiliated
fund
fees
waived
(Note
3)
(18,064
)
(852
)
Net
Expenses
6,615,638
304,097
Net
Investment
Income
45,362,143
2,471,362
Realized
Gain
(Loss)
and
Unrealized
Appreciation
(Depreciation)
:
Net
realized
gain
on:
Unaffiliated
investments
1,759,268
35,226
Affiliated
Investments
43,265
5,931
Futures
contracts
75,019
—
Securities
sold
short
37,977
—
Forward
contracts
(717,279
)
—
Swap
contracts
165,871
—
Foreign
currency
transactions
(34,813
)
—
Net
realized
gain
on
investments
1,329,308
41,157
Net
change
in
unrealized
appreciation
(depreciation)
on:
Unaffiliated
investments
(6,941,616
)
(33,353
)
Affiliated
investments
94,543
(571
)
Futures
contracts
39,320
—
Securities
sold
short
116,867
—
Forward
contracts
2,870,062
—
Foreign
currency
transactions
(44,811
)
—
Net
change
in
unrealized
depreciation
of
investments
(3,865,635
)
(33,924
)
Net
realized
and
unrealized
gain
(loss)
on
investments
(2,536,327
)
7,233
Net
increase
in
net
assets
resulting
from
operations
$
42,825,816
$
2,478,595
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
Year
Ended
June
30,
For
the
Year
Ended
June
30,
2026
2025
2026
2025
Increase
(Decrease)
in
Net
Assets
from
:
Operations
Net
investment
income
$
45,362,143
$
52,765,800
$
2,471,362
$
2,955,820
Net
realized
gain
on
investments
1,329,308
1,417,983
41,157
88,246
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(3,865,635)
4,270,818
(33,924)
21,006
Net
increase
in
net
assets
resulting
from
operations
42,825,816
58,454,601
2,478,595
3,065,072
Distributions
to
Shareholders:
Distributions
Class
I
(41,972,982)
(46,293,729)
(2,448,325)
(2,884,022)
Class
T
(1,503,233)
(1,582,328)
—
—
Return
of
Capital
Class
I
—
(681,922)
—
—
Class
T
—
(
20,642)
—
—
Total
distributions
to
shareholders
(43,476,215)
(48,578,621)
(2,448,325)
(2,884,022)
Capital
Transactions
1
Net
proceeds
from
shares
sold
Class
I
281,507,380
369,827,314
55,934,153
60,552,062
Class
T
8,461,006
4,306,994
—
—
Reinvestment
of
distributions
Class
I
37,695,808
41,480,782
1,952,256
2,304,800
Class
T
13,824
8,684
—
—
Cost
of shares
redeemed
Class
I
(499,745,664)
(
265,910,554)
(80,967,071)
(79,588,867)
Class
T
(2,632,627)
(8,055,373)
—
—
Net
increase
(decrease)
in
net
assets
from
capital
transactions
(174,700,273)
141,657,847
(23,080,662)
(16,732,005)
Total
increase
(decrease)
in
net
assets
(175,350,672)
151,533,827
(23,050,392)
(16,550,955)
Net
Assets:
Beginning
of
year
1,058,516,304
906,982,477
69,575,759
86,126,714
End
of
year
$
883,165,632
$
1,058,516,304
$
46,525,367
$
69,575,759
Capital
Share
Transactions:
Shares
sold
Class
I
27,755,022
36,630,211
2,800,288
3,022,401
Class
T
833,585
425,663
—
—
Shares
reinvested
Class
I
3,740,384
4,124,761
98,160
115,926
Class
T
1,371
863
—
—
Shares
redeemed
Class
I
(49,316,031)
(26,324,401)
(4,049,788)
(3,981,136)
Class
T
(259,348)
(796,714)
—
—
Net
increase
(decrease)
in
capital
share
transactions
(17,245,017)
14,060,383
(1,151,340)
(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
Year
Ended
June
30,
2026
2025
2024
2023
2022
Net
asset
value,
beginning
of
period
$
10.10
$
9.99
$
9.74
$
9.67
$
10.06
Income
from
Investment
Operations:
Net
investment
income
1,2
0.4
5
0.54
0.60
0.45
0.14
Net
realized
and
unrealized
gain
(loss)
(0.0
3
)
0.07
0.24
0.08
(0.40)
Total
from
investment
operations
0.42
0.61
0.84
0.53
(0.26)
Less
Distributions:
From
net
investment
income
(0.44)
(0.49)
(0.59)
(0.46)
(0.13)
From
return
of
capital
—
(0.01)
—
—
—
3
Total
Distributions
(0.44)
(0.50)
(0.59)
(0.46)
(0.13)
Net
asset
value,
end
of
period
$
10.08
$
10.10
$
9.99
$
9.74
$
9.67
Total
return
4
4.26%
6.17%
8.78%
5.64%
(2.63)%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
847,403
$
1,028,514
$
873,594
$
812,171
$
1,025,285
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
0.65%
0.74%
0.74%
0.88%
0.75%
After
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.65%
0.74%
0.74%
0.88%
0.75%
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
4.43%
5.34%
6.04%
4.68%
1.39%
After
fees
waived
and
expenses
absorbed
/
recovered
2
4.43%
5.34%
6.04%
4.68%
1.39%
Portfolio
Turnover
Rate
82%
97%
109%
115%
111%
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
If
commitment
fees
and
interest
on
securities
sold
short
had
been
excluded,
the
expense
ratios
would
have
been
lowered
by
0.01%,
0.05%,
0.05%,
0.20%,
and
0.06%
for
the
fiscal
years
ended
June
30,
2026,
2025,
2024,
2023,
and
2022,
respectively.
6
Does
not
include
expenses
of
the
investment
companies
in
which
the
Fund
invests.
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
Year
Ended
June
30,
For
the
period
February
29,
2024
*
through
June
30,
2024
2026
2025
Net
asset
value,
beginning
of
period
$
10.10
$
10.00
$
10.05
Income
from
Investment
Operations:
Net
investment
income
1,2
0.58
0.55
0.21
Net
realized
and
unrealized
gain
(loss)
(0.14)
0.05
0.02
Total
from
investment
operations
0.44
0.60
0.23
Less
Distributions:
From
net
investment
income
(0.45)
(0.49)
(0.28)
From
return
of
capital
—
(0.01)
—
Total
Distributions
(0.45)
(0.50)
(0.28)
Net
asset
value,
end
of
period
$
10.09
$
10.10
$
10.00
Total
return
3
4.46%
6.17%
2.34%
4
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
35,762
$
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
0.57%
0.64%
0.62%
7
After
fees
waived
and
expenses
absorbed
/
recovered
5,6
0.57%
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
5.70%
5.44%
6.27%
7
After
fees
waived
and
expenses
absorbed
/
recovered
2
5.70%
5.44%
6.27%
7
Portfolio
Turnover
Rate
82%
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
0.01%,
0.05%
and
0.04%
for
the
fiscal
years
ended
June
30,
2026,
2025,
and
2024,
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
Year
Ended
June
30,
2026
2025
2024
2023
2022
Net
asset
value,
beginning
of
period
$
19.94
$
19.88
$
19.73
$
19.68
$
20.06
Income
from
Investment
Operations:
Net
investment
income
1,2
0.82
1.01
1.09
0.76
0.10
Net
realized
and
unrealized
gain
(loss)
(0.01)
0.03
0.11
(0.09)
(0.35)
Total
from
investment
operations
0.81
1.04
1.20
0.67
(0.25)
Less
Distributions:
From
net
investment
income
(0.83)
(0.96)
(1.05)
(0.62)
(0.13)
Distributions
from
Net
Realized
Gain
(0.02)
(0.02)
—
—
—
Total
Distributions
(0.85)
(0.98)
(1.05)
(0.62)
(0.13)
Net
asset
value,
end
of
period
$
19.90
$
19.94
$
19.88
$
19.73
$
19.68
Total
return
3
4.17%
5.30%
6.19%
3.48%
(1.23)%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
46,525
$
69,576
$
86,127
$
80,915
$
42,773
Ratio
of
expenses
to
average
net
assets
(including
commitment
fees
and
interest
on
securities
sold
short):
Before
fees
waived
and
expenses
absorbed
/
recovered
4,5
0.78%
0.75%
0.59%
0.70%
0.76%
After
fees
waived
and
expenses
absorbed
/
recovered
4,5
0.50%
0.50%
0.50%
0.52%
0.53%
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
3.80%
4.79%
5.40%
3.67%
0.28%
After
fees
waived
and
expenses
absorbed
/
recovered
2
4.08%
5.04%
5.49%
3.85%
0.51%
Portfolio
Turnover
Rate
103%
124%
123%
107%
112%
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
If
commitment
fees
and
interest
on
securities
sold
short
had
been
excluded,
the
expense
ratios
would
have
been
lowered
by
0.00%,
0.00%,
0.00%,
0.02%,
and
0.03%
for
the
fiscal
years
ended
June
30,
2026,
2025,
2024,
2023,
and
2022,
respectively.
5
Does
not
include
expenses
of
the
investment
companies
in
which
the
Fund
invests.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
As
of
June
30,
2026
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
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
available
bid
and
ask
price.
Securities
traded
on
the
NASDAQ
are
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”).
Pricing
services
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
37
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
depend
largely
on
the
type
of
the
collateral
securities
and
the
class
of
the
CDO
in
which
the
Funds
invest.
CDOs
carry
additional
risks
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
38
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
June
30,
2026
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
June
30,
2026
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
June
30,
2026
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
June
30,
2026, 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
June
30,
2026
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
year
ended June
30,
2026,
the
Advisor
waived
advisory
fees
totaling
$166,274
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
year
ended June
30,
2026,
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
June
30,
2026,
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
June
30,
2026,
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
June
30,
2026,
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
June
30,
2026,
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,
2027
$
67,647
June
30,
2028
146,142
June
30,
2029
166,274
Total
$
380,063
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
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
June
30,
2026,
are
reported
on
the
Statement
of
Operations.
4. Federal
Income
Taxes
At
June
30,
2026,
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.
GAAP
requires
certain
components
of
net
assets
to
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
per
share.
For
the
year
ended June
30,
2026,
permanent
differences
in
book
and
tax
accounting
have
been
reclassified
to
Capital
and
Total
accumulated
deficit
as
follows:
As
of June
30,
2026,
the
components
of
accumulated
earnings/(deficit)
on
tax
basis
were
as
follows:
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Cost
of
investments
$
862,198,059
$
46,068,538
Gross
unrealized
appreciation
$
3,079,644
$
52,094
Gross
unrealized
depreciation
(8,296,180)
(85,617)
Net
unrealized
appreciation
(depreciation)
on
investments
$
(5,216,536)
$
(33,523)
Distributable
Earnings
(Losses)
Paid-in
Capital
Palmer
Square
Income
Plus
Fund
$
(1,769
)
$
1,769
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
$
(646
)
$
646
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Undistributed
ordinary
income
$
3,205,844
$
95,066
Undistributed
long
term
capital
gains
$
—
$
19,461
Tax
accumulated
earnings
3,205,844
114,527
Accumulated
capital
and
other
losses
(8,133,172
)
—
Unrealized
depreciation
(5,256,718
)
(33,523
)
Total
accumulated
earnings
(deficit)
$
(10,184,046
)
$
81,004
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
44
The
tax
character
of
the
distribution
paid
during
the fiscal
years
ended
June
30,
2026
and
June
30,
2025,
were
as
follows:
At
June
30,
2026,
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.
During
the
year
ended
June
30,
2026,
the
Funds
utilized
capital
loss
carryforwards
in
the
amounts
listed
below:
5. Investment
Transactions
For
the
year
ended June
30,
2026, purchases
and
sales
of
investments,
(excluding
short-term
investments,
and
In-Kind
transactions)
were
as
follows:
For
the year
ended
June
30,
2026,
proceeds
from
securities
sold
short
and
cover
short
securities
were
as
follows:
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Distribution
paid
from:
2026
2025
2026
2025
Ordinary
income
$
43,476,215
$
47,876,057
$
2,432,932
$
2,884,022
Return
of
Capital
$
—
$
702,564
$
—
$
—
Net
long-term
capital
gains
$
—
$
—
$
15,393
$
—
Total
taxable
distributions
$
43,476,215
$
48,578,621
$
2,448,325
$
2,884,022
Total
distributions
paid
$
43,476,215
$
48,578,621
$
2,448,325
$
2,884,022
N
ot
Subject
to
Expiration
Long-Term
Short-Term
Total
Income
Plus
Fund
$
8,133,172
$
—
$
8,133,172
UltraShort
Duration
Investment
Grade
Fund
$
—
$
—
$
—
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Capital
loss
utilized
carryforwards
$3,062,028
$—
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Income
Plus
Fund
$
662,813,860
$
785,566,270
$
19,934,766
$
—
UltraShort
Duration
Investment
Grade
Fund
$
47,509,540
$
65,700,169
$
—
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Securities
Sold
Short
Cover
Short
Securities
Income
Plus
Fund
$16,817,441
$7,073,412
UltraShort
Duration
Investment
Grade
Fund
$—
$—
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
45
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
year
ended June
30,
2026,
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.
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.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
46
Income
Plus
Fund
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
51,624,783
$
—
$
51,624,783
Bank
Loans
—
52,397,801
—
52,397,801
Collateralized
Loan
Obligations
—
286,544,787
—
286,544,787
Collateralized
Mortgage
Obligations
—
504,421
—
504,421
Commercial
Mortgage-Backed
Securities
—
9,087,553
—
9,087,553
Convertible
Bonds
—
763,125
—
763,125
Corporate
Bonds
—
234,639,522
—
234,639,522
Exchange
Traded
Funds
8,178,076
—
—
8,178,076
Residential
Mortgage-Backed
Securities
—
67,067,754
—
67,067,754
U.S.
Government
and
Agency
Securities
—
61,640,472
—
61,640,472
Short-Term
Investments
4,419,122
93,559,526
—
97,978,648
Total
Investments
$
12,597,198
$
857,829,744
$
—
$
870,426,942
Forward
Currency
Contracts
—
1,544,180
—
1,544,180
Liabilities
Investments
U.S.
Government
and
Agency
Security
—
13,445,420
—
13,445,420
Total
Investments
$
—
$
13,445,420
$
—
$
13,445,420
Futures
Contracts
(a)
14,117
—
—
14,117
Forward
Currency
Contracts
—
33,247
—
33,247
Total
Liabilities
$
14,117
$
13,478,667
$
—
$
13,492,784
UltraShort
Duration
Investment
Grade
Fund
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
4,284,979
$
—
$
4,284,979
Bank
Loans
—
734,131
—
734,131
Collateralized
Loan
Obligations
—
23,835,012
—
23,835,012
Commercial
Mortgage-Backed
Securities
—
499,177
—
499,177
Corporate
Bonds
—
8,511,589
—
8,511,589
Exchange
Traded
Funds
558,026
—
—
558,026
Short-Term
Investments
1,680,481
5,931,620
—
7,612,101
Total
Investments
$
2,238,507
$
43,796,508
$
—
$
46,035,015
(a)
The
fair
value
of
the
Fund's
futures
contracts
represents
the
net
unrealized
appreciation
(depreciation)
as
of
June
30,
2026.
The
Statement
of
Assets
and
Liabilities
report
the
current
day's
variation
margin.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
47
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 June
30,
2026
by
risk
category
are
as
follows:
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
June
30,
2026
–
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
appreciation
on
forward
foreign
currency
exchange
contracts
$
–
$
–
$
1,544,180
$
–
$
1,544,180
$
–
$
–
$
1,544,180
$
–
$
1,544,180
Liabilities
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
$
–
$
–
$
33,247
$
–
$
33,247
Unrealized
depreciation
on
open
future
contracts
*
$
–
$
–
$
–
$
14,117
$
14,117
$
–
$
–
$
33,247
$
14,117
$
47,364
*
Includes
cumulative
appreciation/depreciation
on
futures
contracts
as
reported
in
the
Schedule
of
Investments.
The
Statement
of
Assets
and
Liabilities
reports
the
current
day's
variation
margin.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
48
The
effects
of
derivative
instruments
on
the
Statement
of
Operations
for
the
year
ended
June
30,
2026
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
June
30,
2026
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
June
30,
2026.
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
$
–
$
–
$
–
$
75,019
$
75,019
Forward
contracts
$
–
$
–
$
(717,279)
$
–
$
(717,279)
Swap
contracts
$
–
$
–
$
–
$
165,871
$
165,871
$
–
$
–
$
(717,279)
$
240,890
$
(476,389)
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
$
–
$
–
$
–
$
39,320
$
39,320
Forward
contracts
$
–
$
–
$
2,870,062
$
–
$
2,870,062
$
–
$
–
$
2,870,062
$
39,320
$
2,909,382
Income
Plus
Fund
Derivatives
not
designated
as
hedging
instruments
Futures
contracts
Interest
rate
contracts
Notional
amount
$
5,782,442
Forward
contracts
Foreign
exchange
contracts
Notional
amount
47,
442
,
506
Swap
contracts
Interest
rate
contracts
Notional
amount
1,250,000
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
49
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
June
30,
2026,
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
year
ended
June
30,
2026
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
year
ended
June
30,
2026,
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
June
30,
2026
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
Year
Purchases
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Dividend
Income
a
a
a
a
a
a
a
a
Income
Plus
Fund
Palmer
Square
CLO
Senior
Debt
ETF
$459,999
$14,324,061
$(13,948,872)
$36,982
$—
$(1,617)
$870,553
42,549
$22,302
Palmer
Square
Credit
Opportunities
ETF
$393,429
$7,486,540
$(7,305,578)
$1,294
$—
$2,786
$578,471
27,986
$28,351
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
$—
$6,930,320
$(299,631)
$4,989
$—
$93,374
$6,729,052
114,579
$—
Total
Affiliated
Securities
$853,428
$28,740,921
$(21,554,081)
$43,265
$—
$94,543
$8,178,076
185,114
$50,653
UltraShort
Duration
Investment
Grade
Fund
Palmer
Square
CLO
Senior
Debt
ETF
$201,649
$1,933,566
$(1,582,549)
$5,931
$—
$(571)
$558,026
27,274
$20,722
Total
Affiliated
Securities
$201,649
$1,933,566
$(1,582,549)
$5,931
$—
$(571)
$558,026
27,274
$20,722
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2026
50
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
Year
Purchases
Sales
Shares
End
of
Year
Income
Plus
Fund
Palmer
Square
CLO
Senior
Debt
ETF
22,716
699,543
(679,710
)
42,549
Palmer
Square
Credit
Opportunities
ETF
19,201
361,854
(353,069
)
27,986
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
—
119,671
(5,092
)
114,579
UltraShort
Duration
Investment
Grade
Fund
Palmer
Square
CLO
Senior
Debt
ETF
9,958
94,413
(77,097
)
27,274
Income
Plus
Fund
UltraShort
Duration
Investment
Grade
Fund
Net
Assets
$
1,068,073,884
$
65,827,424
Fair
Value
of
Investments
$
1,040,571,805
$
64,169,472
Net
Unrealized
Appreciation/(Depreciation)
$
212,434
$
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
June
30,
2026
51
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.
52
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Palmer
Square
Funds
Trust
and
Shareholders
of
Palmer
Square Income
Plus
Fund and
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Palmer
Square
Income
Plus
Fund
and
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
(the
“Funds”),
each
a
series
of
Investment
Managers
Series
Trust,
including
the
schedules
of
investments,
as
of
June
30,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
and
financial
highlights
referred
to
above
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Palmer
Square
Income
Plus
Fund
and
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
as
of
June
30,
2026,
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
their
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
have
served
as
the
auditor
of
one
or
more
of
the
funds
in
the
Trust
since
2014.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Funds’
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2026
by
correspondence
with
the
custodian,
agent
banks,
and
brokers
or
by
other
appropriate
auditing
procedures
where
replies
were
not
received.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
TAIT,
WELLER
&
BAKER
LLP
Philadelphia,
Pennsylvania
August
19,
2026
53
Palmer
Square
Funds
Trust
Federal
Tax
Information
For
federal
income
tax
purposes,
the
Funds
designated
the
following
for
the
year
ended
June
30,
2026:
Long
Term
Capital
Gain
Palmer
Square
Income
Plus
Fund
$
—
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
$
15,393
54
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)
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.
PSFTMFA0826
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 applicable because the Registrant has
posted its code of ethics (as defined in Item 2(b) of Form N-CSR) on its
website pursuant to paragraph (f)(2) or (3) of Item 2 of Form N-CSR.
(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.
(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.
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
August 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
August 27, 2026
By:
/s/ Courtney
Gengler
Courtney Gengler
Principal
Financial Officer
August 27, 2026