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),