UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-23946

Palmer Square Funds Trust

(Exact name of registrant as specified in charter)

1900 Shawnee Mission Parkway

Suite 315

Mission Woods, KS 66205

(Address of principal executive offices) (Zip code)

Katie Elliott, Chief Compliance Officer

1900 Shawnee Mission Parkway

Suite 315

Mission Woods, KS 66205

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: 816-994-3200

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

Semi-Annual Shareholder Report December 31, 2025

Palmer Square CLO Senior Debt ETF

PSQA | NYSE Arca

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

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund.

Top 10 Issuers (% of net assets)

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

Ratings Summary* (% of Total Investments)

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

Householding

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

Palmer Square CLO Senior Debt ETF | PSQA

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

Availability of Additional Information

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

PSQA1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Credit Opportunities ETF

PSQO | NYSE Arca

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

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund.

Top 10 Holdings (% of net assets)

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

Investment Type (% of net assets)

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

Householding

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

Palmer Square Credit Opportunities ETF | PSQO

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

Availability of Additional Information

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

PSQO1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Income Plus Fund

Class I / PSYPX

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

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund.

Top 10 Holdings (% of net assets)

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

Investment Type (% of net assets)

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

Bond Sector Allocation 

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

Householding

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

Palmer Square Income Plus Fund |

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

Availability of Additional Information

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

PSYPX1225 

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Income Plus Fund

Class T / PSTPX

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

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund.

Top 10 Holdings (% of net assets)

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

Investment Type (% of net assets)

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

Bond Sector Allocation 

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

Householding

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

Palmer Square Income Plus Fund |

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

Availability of Additional Information

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

PSTPX1225

1

Semi-Annual Shareholder Report December 31, 2025

Palmer Square Ultra-Short Duration Investment Grade Fund

Class I / PSDSX

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

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund.

Top 10 Holdings (% of net assets)

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

Investment Type (% of net assets)

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

Bond Sector Allocation 

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

Householding

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

Palmer Square Ultra-Short Duration Investment Grade Fund Fund |

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

Availability of Additional Information

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

PSDSX1225 

1

(b)           Not applicable.

Item 2. Code of Ethics.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 3. Audit Committee Financial Expert.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 4. Principal Accountant Fees and Services.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 5. Audit Committee of Listed Registrants.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 6. Investments.

(a)           The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)           Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) The Registrant’s Financial Statements are filed herewith.

Palmer

Square

Funds

Trust

Palmer

Square

CLO

Senior

Debt

ETF

(Ticker:

PSQA)

Palmer

Square

Credit

Opportunities

ETF

(Ticker:

PSQO)

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

DECEMBER

31,

2025

Palmer

Square

Funds

Trust

Table

of

Contents

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

1

Table

of

Contents

iii

Financial

Statements

and

Financial

Highlights

Schedule

of

Investments

Palmer

Square

CLO

Senior

Debt

ETF

1

Palmer

Square

Credit

Opportunities

ETF

4

Statements

of

Assets

and

Liabilities

21

Statements

of

Operations

22

Statements

of

Changes

in

Net

Assets

23

Financial

Highlights

Palmer

Square

CLO

Senior

Debt

ETF

24

Palmer

Square

Credit

Opportunities

ETF

25

Notes

to

Financial

Statements

26

Additional

Information

-

Items

8-11

34

This

report

and

the

financial

statements

contained

herein

are

provided

for

the

general

information

of

the

shareholders

of

the

Palmer

Square

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Funds

unless

preceded

or

accompanied

by

an

effective

shareholder

report

and

prospectus.

www.palmersquarefunds.com

Palmer

Square

CLO

Senior

Debt

ETF

SCHEDULE

OF

INVESTMENTS

As

of

December

31,

2025

(Unaudited)

1

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

98

.2

%

AGL

CLO

Ltd.

Series

2021-13A-A1R

4.984%

(3-Month

Term

SOFR

+

110

basis

points),

10/20/2034

1,2,3

1,000,000

$

1,000,345

AGL

Core

CLO

Ltd.

Series

2023-27A-BR

5.389%

(3-Month

Term

SOFR

+

155

basis

points),

1/21/2039

1,2,3

2,000,000

2,005,495

AIMCO

CLO

Ltd.

Series

2024-22A-A

5.384%

(3-Month

Term

SOFR

+

150

basis

points),

4/19/2037

1,2,3

850,000

853,022

Apidos

CLO

Ltd.

Series

2018-18A-A1R2

5.187%

(3-Month

Term

SOFR

+

133

basis

points),

1/22/2038

1,2,3

1,000,000

1,002,373

Series

2023-44A-A1R

5.218%

(3-Month

Term

SOFR

+

136

basis

points),

10/26/2037

1,2,3

1,500,000

1,505,568

Series

2024-49A-B

5.465%

(3-Month

Term

SOFR

+

160

basis

points),

10/24/2037

1,2,3

1,500,000

1,503,526

Ares

CLO

Ltd.

Series

2015-2A-A1R4

5.172%

(3-Month

Term

SOFR

+

129

basis

points),

7/17/2038

1,2,3

1,000,000

1,002,863

Ares

Loan

Funding

Ltd.

Series

2025-ALF9A-A1

5.085%

(3-Month

Term

SOFR

+

118

basis

points),

3/31/2038

1,2,3

1,000,000

998,755

Bain

Capital

Credit

CLO

Ltd.

Series

2019-2A-AR3

4.802%

(3-Month

Term

SOFR

+

92

basis

points),

10/17/2032

1,2,3

846,684

847,294

Series

2022-2A-A1R

5.007%

(3-Month

Term

SOFR

+

115

basis

points),

4/22/2035

1,2,3

750,000

750,125

Series

2023-1A-A1R

5.294%

(3-Month

Term

SOFR

+

140

basis

points),

7/16/2038

1,2,3

1,000,000

1,000,704

Series

2023-3A-A1R

5.175%

(3-Month

Term

SOFR

+

131

basis

points),

10/24/2038

1,2,3

2,000,000

2,005,116

Barings

CLO

Ltd.

Series

2022-4A-A1R

5.244%

(3-Month

Term

SOFR

+

136

basis

points),

10/20/2037

1,2,3

1,000,000

1,003,247

Battalion

CLO

Ltd.

Series

2017-11A-AR2

4.995%

(3-Month

Term

SOFR

+

113

basis

points),

4/24/2034

1,2,3

1,000,000

1,000,289

Benefit

Street

Partners

CLO

Ltd.

Series

2014-IVA-AR5

5.204%

(3-Month

Term

SOFR

+

125

basis

points),

10/20/2038

1,2,3

1,000,000

1,000,576

Series

2024-37A-A

5.208%

(3-Month

Term

SOFR

+

135

basis

points),

1/25/2038

1,2,3

500,000

501,910

Series

2025-41A-A

5.617%

(3-Month

Term

SOFR

+

130

basis

points),

7/25/2038

1,2,3

900,000

901,901

Series

2025-42A-A

5.371%

(3-Month

Term

SOFR

+

130

basis

points),

10/25/2038

1,2,3

1,000,000

1,002,524

Series

2025-42A-B

5.771%

(3-Month

Term

SOFR

+

170

basis

points),

10/25/2038

1,2,3

500,000

503,119

Blueberry

Park

CLO

Ltd.

Series

2024-1A-A

5.234%

(3-Month

Term

SOFR

+

135

basis

points),

10/20/2037

1,2,3

1,000,000

1,003,264

CarVal

CLO

Ltd.

Series

2023-1A-A1R

5.324%

(3-Month

Term

SOFR

+

144

basis

points),

7/20/2037

1,2,3

1,000,000

1,003,500

CBAMR

Ltd.

Series

2017-4A-BR

6.081%

(3-Month

Term

SOFR

+

180

basis

points),

3/31/2038

1,2,3

1,000,000

1,007,774

CIFC

Funding

Ltd.

Series

2017-4A-A1R

5.077%

(3-Month

Term

SOFR

+

121.2

basis

points),

10/24/2030

1,2,3

217,883

218,151

Series

2018-1A-A1R

5.204%

(3-Month

Term

SOFR

+

132

basis

points),

1/18/2038

1,2,3

750,000

751,064

Series

2019-1A-A1R2

5.244%

(3-Month

Term

SOFR

+

136

basis

points),

10/20/2037

1,2,3

1,000,000

1,002,999

Series

2022-3A-B

5.870%

(3-Month

Term

SOFR

+

200

basis

points),

4/21/2035

1,2,3

500,000

501,376

Dewolf

Park

CLO

Ltd.

Series

2017-1A-AR

5.086%

(3-Month

Term

SOFR

+

118.2

basis

points),

10/15/2030

1,2,3

414,744

414,744

Dryden

CLO

Ltd.

Series

2019-68A-BRR

5.455%

(3-Month

Term

SOFR

+

155

basis

points),

7/15/2035

1,2,3

1,000,000

1,001,003

Series

2019-80A-BRR

5.382%

(3-Month

Term

SOFR

+

150

basis

points),

1/17/2033

1,2,3

500,000

501,392

Series

2020-86A-A1R2

5.012%

(3-Month

Term

SOFR

+

113

basis

points),

7/17/2034

1,2,3

1,000,000

1,000,191

Dryden

Senior

Loan

Fund

Series

2016-43A-AR3

4.954%

(3-Month

Term

SOFR

+

107

basis

points),

4/20/2034

1,2,3

1,000,000

999,962

Series

2017-49A-BR

5.746%

(3-Month

Term

SOFR

+

186.2

basis

points),

7/18/2030

1,2,3

500,000

502,075

Palmer

Square

CLO

Senior

Debt

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

2

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Eaton

Vance

CLO

Ltd.

Series

2013-1A-AR4

5.245%

(3-Month

Term

SOFR

+

134

basis

points),

10/15/2038

1,2,3

750,000

$

751,857

Elmwood

CLO

Ltd.

Series

2021-1A-AR

5.434%

(3-Month

Term

SOFR

+

155

basis

points),

4/20/2037

1,2,3

800,000

804,127

Series

2022-1A-A1R

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,3

1,000,000

1,002,033

GoldenTree

Loan

Management

US

CLO

Ltd.

Series

2017-1A-A1R3

4.854%

(3-Month

Term

SOFR

+

97

basis

points),

4/20/2034

1,2,3

1,000,000

999,021

Series

2024-19A-A

5.384%

(3-Month

Term

SOFR

+

150

basis

points),

4/20/2037

1,2,3

500,000

501,999

Invesco

US

CLO

Ltd.

Series

2023-1A-AR

5.427%

(3-Month

Term

SOFR

+

157

basis

points),

4/22/2037

1,2,3

800,000

801,201

Juniper

Valley

Park

CLO

Ltd.

Series

2023-1A-ARR

4.964%

(3-Month

Term

SOFR

+

108

basis

points),

7/20/2036

1,2,3

1,000,000

999,823

KKR

CLO

Ltd.

Series

18-A1R2

5.191%

(3-Month

Term

SOFR

+

105

basis

points),

10/18/2035

1,2,3

1,000,000

1,000,953

Series

2022-41A-B

5.805%

(3-Month

Term

SOFR

+

190

basis

points),

4/15/2035

1,2,3

1,000,000

1,002,759

Madison

Park

Funding

Ltd.

Series

13A-BR2

5.160%

(3-Month

Term

SOFR

+

130

basis

points),

11/21/2030

1,2,3

700,000

701,151

Series

2019-35A-A1R

5.136%

(3-Month

Term

SOFR

+

125.2

basis

points),

4/20/2032

1,2,3

400,927

401,128

Magnetite

Ltd.

Series

2021-29A-AR

5.255%

(3-Month

Term

SOFR

+

135

basis

points),

7/15/2037

1,2,3

250,000

250,625

Series

2023-37A-A1R

5.097%

(3-Month

Term

SOFR

+

120

basis

points),

10/25/2038

1,2,3

2,000,000

2,000,316

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

Series

2021-1A-A1R

5.234%

(3-Month

Term

SOFR

+

129

basis

points),

10/23/2037

1,2,3

1,000,000

1,002,013

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

Series

2018-27A-BR

5.655%

(3-Month

Term

SOFR

+

175

basis

points),

7/15/2038

1,2,3

465,000

466,338

Series

2019-31A-AR2

5.114%

(3-Month

Term

SOFR

+

123

basis

points),

1/20/2039

1,2,3

625,000

625,454

Series

2019-33A-AR2

5.114%

(3-Month

Term

SOFR

+

122

basis

points),

4/16/2039

1,2,3

3,000,000

3,002,876

Series

2020-39A-A1R

5.414%

(3-Month

Term

SOFR

+

153

basis

points),

4/20/2038

1,2,3

830,000

831,791

Series

2022-47A-AR

5.205%

(3-Month

Term

SOFR

+

109

basis

points),

4/16/2035

1,2,3

1,000,000

999,934

Series

2022-51A-AR

5.140%

(3-Month

Term

SOFR

+

128

basis

points),

10/23/2036

1,2,3

1,000,000

1,001,353

Oaktree

CLO

Ltd.

Series

2019-3A-A1R2

5.264%

(3-Month

Term

SOFR

+

138

basis

points),

1/20/2038

1,2,3

1,000,000

1,000,253

Octagon

Ltd.

Series

2021-1A-AR

4.962%

(3-Month

Term

SOFR

+

107

basis

points),

10/15/2034

1,2,3

1,000,000

999,872

OHA

Credit

Funding

Ltd.

Series

2022-11A-B1R

5.484%

(3-Month

Term

SOFR

+

160

basis

points),

7/19/2037

1,2,3

500,000

501,164

Palmer

Square

CLO

Ltd.

Series

2021-3A-A1R

5.195%

(3-Month

Term

SOFR

+

129

basis

points),

10/15/2038

1,2,3,4

1,000,000

1,001,498

Series

2021-4A-BR

5.605%

(3-Month

Term

SOFR

+

170

basis

points),

7/15/2038

1,2,3,4

750,000

752,306

Regatta

Funding

Ltd.

Series

2021-2A-AR

5.085%

(3-Month

Term

SOFR

+

118

basis

points),

1/15/2038

1,2,3

2,000,000

2,000,200

RR

Ltd.

Series

2024-28RA-A1R

5.455%

(3-Month

Term

SOFR

+

155

basis

points),

4/15/2037

1,2,3

1,500,000

1,503,665

Signal

Peak

CLO

Ltd.

Series

2017-4A-AR2

4.978%

(3-Month

Term

SOFR

+

112

basis

points),

10/26/2034

1,2,3

1,000,000

1,000,069

Series

2017-4A-BR2

5.508%

(3-Month

Term

SOFR

+

165

basis

points),

10/26/2034

1,2,3

1,000,000

1,001,824

Sound

Point

CLO

Ltd.

Series

2018-2A-A

5.220%

(3-Month

Term

SOFR

+

136.2

basis

points),

7/26/2031

1,2,3

163,714

163,801

Palmer

Square

CLO

Senior

Debt

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

3

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Symphony

CLO

Ltd.

Series

2021-25A-AR

4.874%

(3-Month

Term

SOFR

+

105

basis

points),

4/19/2034

1,2,3

1,000,000

$

999,962

THL

Credit

Wind

River

CLO

Ltd.

Series

2019-3A-AR3

4.992%

(3-Month

Term

SOFR

+

120

basis

points),

1/15/2038

1,2,3

1,750,000

1,754,273

Thompson

Park

CLO

Ltd.

Series

2021-1A-A1R

4.955%

(3-Month

Term

SOFR

+

105

basis

points),

4/15/2034

1,2,3

1,500,000

1,499,907

Trinitas

CLO

Ltd.

Series

2019-10A-AR2

4.948%

(3-Month

Term

SOFR

+

114

basis

points),

1/15/2035

1,2,3

1,000,000

1,000,017

Series

2019-10A-B1R2

5.508%

(3-Month

Term

SOFR

+

170

basis

points),

1/15/2035

1,2,3

500,000

500,005

Series

2021-15A-A1R

4.977%

(3-Month

Term

SOFR

+

112

basis

points),

4/22/2034

1,2,3

500,000

500,148

Series

2021-15A-B1R

5.507%

(3-Month

Term

SOFR

+

165

basis

points),

4/22/2034

1,2,3

250,000

250,457

Voya

CLO

Ltd.

Series

2015-3A-A1R4

4.844%

(3-Month

Term

SOFR

+

96

basis

points),

10/20/2031

1,2,3

326,633

327,005

Series

2019-4A-BR

5.916%

(3-Month

Term

SOFR

+

201.2

basis

points),

1/15/2035

1,2,3

250,000

250,669

Wellman

Park

CLO

Ltd.

Series

2021-1A-AR

5.255%

(3-Month

Term

SOFR

+

135

basis

points),

7/15/2037

1,2,3

1,000,000

1,003,162

Whitebox

CLO

Ltd.

Series

2020-2A-A1R2

5.245%

(3-Month

Term

SOFR

+

138

basis

points),

10/24/2037

1,2,3

2,000,000

2,005,961

Wind

River

CLO

Ltd.

Series

2021-4A-AR

5.100%

(3-Month

Term

SOFR

+

123

basis

points),

1/20/2035

1,2,3

1,000,000

1,000,252

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

(Cost

$70,359,410)

70,459,469

Number

of

Shares

SHORT-TERM

INVESTMENTS

—

0

.7

%

Money

Market

Funds

—

0

.7

%

Fidelity

Investments

Money

Market

Funds

-

Treasury

Portfolio

-

Class

I,

3.66%

5

464,838

464,838

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$464,838)

464,838

TOTAL

INVESTMENTS

—

98.9%

(Cost

$70,824,248)

70,924,307

Other

Assets

in

Excess

of

Liabilities

—

1.1%

758,014

TOTAL

NET

ASSETS

—

100.0%

$

71,682,321

1

Callable.

2

Floating

rate

security.

3

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

are

restricted

and

may

be

resold

in

transactions

exempt

from

registration

normally

to

qualified

institutional

buyers.

The

total

value

of

these

securities

is

$70,459,469

which

represents

98.29%

of

total

net

assets

of

the

Fund.

4

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

5

The

rate

is

the

annualized

seven-day

yield

at

period

end.

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

As

of

December

31,

2025

(Unaudited)

4

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

—

4.8%

Ally

Auto

Receivables

Trust

Series

2025-1-A2

,

4.030%

,

7/17/2028

1

165,000

$

165,177

American

Express

Credit

Account

Master

Trust

Series

2023-1-A

,

4.870%

,

5/15/2028

1

555,000

557,087

Barings

Equipment

Finance

LLC

Series

2025-A-A2

,

4.640%

,

10/13/2028

1,2

362,072

364,400

Series

2025-B-A2

,

4.020%

,

2/13/2029

1,2

140,000

140,311

Capital

One

Multi-Asset

Execution

Trust

Series

2023-A1-A

,

4.420%

,

5/15/2028

1

150,000

150,304

Capital

One

Prime

Auto

Receivables

Trust

Series

2022-2-A3

,

3.660%

,

5/17/2027

1

13,796

13,791

Chase

Auto

Owner

Trust

Series

2024-5A-A2

,

4.400%

,

11/26/2027

1,2

15,014

15,026

Series

2025-2A-A2

,

3.910%

,

12/26/2028

1,2

240,000

240,173

Chase

Issuance

Trust

Series

2024-A1-A

,

4.600%

,

1/15/2029

1

390,000

393,610

Citizens

Auto

Receivables

Trust

Series

2024-1-A3

,

5.110%

,

4/17/2028

1,2

536,630

539,632

Dell

Equipment

Finance

Trust

Series

2024-1-A3

,

5.390%

,

3/22/2030

1,2

477,419

480,955

DLLAA

LLC

Series

2023-1A-A3

,

5.640%

,

2/22/2028

1,2

424,559

429,220

GM

Financial

Automobile

Leasing

Trust

Series

2024-3-A2A

,

4.290%

,

1/20/2027

1

29,331

29,347

Series

2025-2-A2A

,

4.550%

,

7/20/2027

1

45,871

46,012

Series

2025-3-A2A

,

4.190%

,

10/20/2027

1

100,000

100,240

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2025-2-A2A

,

4.400%

,

2/16/2028

1

22,108

22,156

Honda

Auto

Receivables

Owner

Trust

Series

2023-3-A3

,

5.410%

,

2/18/2028

1

194,771

196,159

Series

2025-2-A2A

,

4.300%

,

1/18/2028

1

62,566

62,695

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B-A2A

,

4.580%

,

9/15/2027

1,2

62,847

63,092

Hyundai

Auto

Receivables

Trust

Series

2025-B-A2A

,

4.450%

,

8/15/2028

1

80,000

80,264

John

Deere

Owner

Trust

Series

2022-C-A3

,

5.090%

,

6/15/2027

1

24,217

24,278

Series

2024-A-A3

,

4.960%

,

11/15/2028

1

580,000

585,234

Series

2025-A-A2A

,

4.230%

,

3/15/2028

1

42,840

42,924

Kubota

Credit

Owner

Trust

Series

2023-2A-A3

,

5.280%

,

1/18/2028

1,2

214,611

216,273

Series

2025-2A-A2

,

4.480%

,

4/17/2028

1,2

75,000

75,411

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A-A3

,

5.470%

,

10/20/2028

1,2

77,588

78,100

Toyota

Auto

Receivables

Owner

Trust

Series

2025-B-A2A

,

4.460%

,

3/15/2028

1

57,832

57,977

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

5

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(Continued)

Toyota

Lease

Owner

Trust

Series

2024-A-A3

,

5.250%

,

4/20/2027

1,2

59,709

$

59,934

USB

Auto

Owner

Trust

Series

2025-1A-A2

,

4.510%

,

6/15/2028

1,2

64,773

64,917

Volkswagen

Auto

Loan

Enhanced

Trust

Series

2024-1-A2A

,

4.650%

,

11/22/2027

1

273,686

274,379

Volvo

Financial

Equipment

LLC

Series

2025-2A-A2

,

3.960%

,

6/15/2028

1,2

145,000

145,195

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$5,705,096)

5,714,273

BANK

LOANS

—

5.9%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan

6.466%

(1-Month

Term

SOFR

+

275

basis

points),

9/9/2031

1,3,4

198,496

199,551

Acrisure

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

B

6.966%

(1-Month

Term

SOFR

+

325

basis

points),

6/21/2032

1,3,4

199,000

199,497

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

Term

Loan

6.216%

(1-Month

Term

SOFR

+

250

basis

points),

9/19/2031

1,3,4

98,754

99,088

Altium

Packaging

LLC,

First

Lien,

2024

Refinancing

Term

Loan

6.416%

(1-Month

Term

SOFR

+

250

basis

points),

6/11/2031

3,4

199,494

193,259

American

Airlines,

Inc.,

First

Lien,

2024

Term

Loan,

B

6.000%

(6-Month

Term

SOFR

+

225

basis

points),

2/15/2028

1,3,4

98,980

99,361

Amynta

Agency

Borrower,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan

6.466%

(1-Month

Term

SOFR

+

275

basis

points),

12/29/2031

3,4

149,250

149,763

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

Term

Loan

6.986%

(1-Month

Term

SOFR

+

325

basis

points),

6/13/2030

1,3,4

199,000

200,866

Astoria

Energy

LLC,

First

Lien,

Advance

Term

Loan,

B

6.463%

(1-Month

Term

SOFR

+

2.75%;

3-Month

Term

SOFR

+

2.75%

basis

points),

6/16/2032

1,3,4

142,091

143,402

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

Term

Loan

6.466%

(1-Month

Term

SOFR

+

275

basis

points),

2/15/2029

1,3,4

99,250

99,560

Belron

Finance

2019

LLC,

First

Lien,

2031

Dollar

Incremental

Term

Loan

6.120%

(3-Month

Term

SOFR

+

225

basis

points),

10/16/2031

1,3,4

198,500

199,865

Burlington

Coat

Factory

Warehouse

Corp.,

First

Lien,

Term

Loan,

B

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

9/24/2031

1,3,4

198,492

199,153

Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

Term

Loan

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

7/31/2030

3,4

100,000

100,203

Citadel

Securities

LP,

First

Lien,

2024

Term

Loan,

B

5.672%

(3-Month

Term

SOFR

+

200

basis

points),

10/31/2031

1,3,4

98,751

99,381

Cotiviti,

Inc.,

First

Lien,

New

Term

Loan,

B

6.623%

(1-Month

Term

SOFR

+

275

basis

points),

5/1/2031

1,3,4

98,750

95,129

Cross

Financial

Corp.,

First

Lien,

Term

Loan,

B4

6.466%

(1-Month

Term

SOFR

+

275

basis

points),

10/31/2031

3,4

99,251

99,748

Delta

Topco,

Inc.,

Second

Lien,

Second

Amendment

Term

Loan

9.059%

(1-Month

Term

SOFR

+

5.25%;

3-Month

Term

SOFR

+

5.25%

basis

points),

12/24/2030

3,4

200,000

197,646

EFS

Cogen

Holdings

I

LLC,

First

Lien,

Term

Loan,

B

6.672%

(3-Month

Term

SOFR

+

300

basis

points),

10/3/2031

3,4

191,436

193,196

EW

Scripps

Co.

(The),

First

Lien,

Term

Loan,

B2

9.600%

(1-Month

Term

SOFR

+

575

basis

points),

6/30/2028

3,4

104,124

105,575

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

6

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

BANK

LOANS

(Continued)

Financiere

Mendel

SAS,

First

Lien,

New

Term

Loan,

B

6.593%

(3-Month

Term

SOFR

+

275

basis

points),

11/8/2030

3,4

198,496

$

200,026

Fleet

Midco

I

Ltd.,

First

Lien,

Term

Loan,

B2

6.792%

(6-Month

Term

SOFR

+

275

basis

points),

2/21/2031

3,4

199,500

200,747

Fugue

Finance

BV,

First

Lien,

Fourteenth

Amendment

Dollar

Term

Loan

6.572%

(3-Month

Term

SOFR

+

275

basis

points),

1/9/2032

1,3,4

199,000

199,945

GIH

Borrower

LLC,

First

Lien,

Term

Loan,

B

6.502%

(3-Month

Term

SOFR

+

250

basis

points),

11/26/2031

1,3,4

99,250

99,771

Global

Medical

Response,

Inc.,

First

Lien,

Initial

Term

Loan

7.384%

(3-Month

Term

SOFR

+

350

basis

points),

10/1/2032

3,4

99,919

100,661

Grinding

Media,

Inc.,

First

Lien,

Term

Loan,

B

7.335%

(3-Month

Term

SOFR

+

350

basis

points),

10/12/2028

1,3,4

98,750

98,935

HUB

International

Ltd.,

First

Lien,

2025

Incremental

Term

Loan,

B

6.120%

(3-Month

Term

SOFR

+

225

basis

points),

6/20/2030

1,3,4

84,469

85,002

Hudson

River

Trading

LLC,

First

Lien,

Term

Loan,

B

6.486%

(1-Month

Term

SOFR

+

275

basis

points),

3/18/2030

1,3,4

98,495

99,036

Hunterstown

Generation

LLC,

First

Lien,

Term

Loan

7.002%

(3-Month

Term

SOFR

+

300

basis

points),

11/6/2031

3,4

199,500

200,035

Inception

Holdco

SARL,

First

Lien,

Term

Loan,

B9

6.922%

(3-Month

Term

SOFR

+

325

basis

points),

4/18/2031

3,4

199,500

201,433

Installed

Building

Products,

Inc.,

First

Lien,

Term

Loan,

B3

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

3/28/2031

1,3,4

98,744

99,155

Iridium

Satellite

LLC,

First

Lien,

Term

Loan,

B4

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

9/20/2030

1,3,4

97,680

95,415

LSF12

Crown

US

Commercial

Bidco

LLC,

First

Lien,

2025

Refinancing

Term

Loan

7.373%

(1-Month

Term

SOFR

+

350

basis

points),

12/2/2031

3,4

97,153

97,881

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

Term

Loan

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

10/23/2028

1,3,4

18,296

18,371

Michael

Baker

International,

Inc.,

First

Lien,

Term

Loan,

B1

7.840%

(3-Month

Term

SOFR

+

400

basis

points),

12/1/2028

3,4

98,752

99,101

MKS,

Inc.,

First

Lien,

2025-1

Dollar

Term

Loan,

B

5.716%

(1-Month

Term

SOFR

+

200

basis

points),

8/17/2029

1,3,4

173,740

174,862

OneDigital

Borrower

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

B

6.716%

(1-Month

Term

SOFR

+

300

basis

points),

7/2/2031

1,3,4

98,500

98,871

Padagis

LLC,

First

Lien,

Term

Loan,

B

8.949%

(3-Month

Term

SOFR

+

475

basis

points),

7/6/2028

1,3,4

175,000

165,813

Phoenix

Guarantor,

Inc.,

First

Lien,

Term

Loan,

B5

6.216%

(1-Month

Term

SOFR

+

250

basis

points),

2/21/2031

3,4

248,116

249,610

Pioneer

AcquisitionCo

LLC,

First

Lien,

Initial

Term

Loan

6.939%

(3-Month

Term

SOFR

+

325

basis

points),

10/27/2032

3,4

200,000

201,125

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

Term

Loan

7.252%

(3-Month

Term

SOFR

+

325

basis

points),

10/28/2030

1,3,4

99,246

99,204

Quartz

AcquireCo

LLC,

First

Lien,

Term

Loan,

B2

5.922%

(3-Month

Term

SOFR

+

225

basis

points),

6/28/2030

3,4

198,477

198,477

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B3

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

2/10/2032

1,3,4

99,250

99,668

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

7

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

BANK

LOANS

(Continued)

Radiology

Partners,

Inc.,

First

Lien,

Term

Loan,

B

8.502%

(3-Month

Term

SOFR

+

450

basis

points),

6/30/2032

1,3,4

149,625

$

149,543

Red

Planet

Borrower

LLC,

First

Lien,

Initial

Term

Loan

7.916%

(1-Month

Term

SOFR

+

400

basis

points),

9/8/2032

1,3,4

200,000

200,625

Rocket

Software,

Inc.,

First

Lien,

Term

Loan,

B

7.466%

(1-Month

Term

SOFR

+

375

basis

points),

11/28/2028

1,3,4

98,754

98,856

Ryan

Specialty

LLC,

First

Lien,

Term

Loan,

B1

5.716%

(1-Month

Term

SOFR

+

200

basis

points),

9/15/2031

1,3,4

198,496

199,097

SCIL

IV

LLC,

First

Lien,

Term

Loan,

B2

7.759%

(12-Month

Term

SOFR

+

400

basis

points),

11/8/2032

3,4

250,000

250,860

WMG

Acquisition

Corp.,

First

Lien,

Term

Loan,

B

5.572%

(3-Month

Term

SOFR

+

175

basis

points),

1/24/2031

3,4

100,000

100,500

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan

6.831%

(1-Month

Term

SOFR

+

300

basis

points),

3/11/2030

3,4

161,227

153,459

TOTAL

BANK

LOANS

(Cost

$6,988,016)

7,010,327

COLLATERALIZED

LOAN

OBLIGATIONS

—

51.2%

720

East

CLO

Ltd.

Series

2023-2A-D1R

6.925%

(3-Month

Term

SOFR

+

275

basis

points),

10/15/2038

1,2,4

500,000

502,771

Series

2023-2A-ER

9.675%

(3-Month

Term

SOFR

+

550

basis

points),

10/15/2038

1,2,4

500,000

503,354

Apidos

CLO

Ltd.

Series

2018-18A-A1R2

5.187%

(3-Month

Term

SOFR

+

133

basis

points),

1/22/2038

1,2,4

500,000

501,187

Series

2025-54A-A1

5.472%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,4

1,000,000

1,003,127

Ares

CLO

Ltd.

Series

2016-39A-AR3

5.304%

(3-Month

Term

SOFR

+

142

basis

points),

7/18/2037

1,2,4

1,000,000

1,003,587

Series

2021-61A-ER

10.724%

(3-Month

Term

SOFR

+

684

basis

points),

4/20/2037

1,2,4

500,000

502,219

Series

2022-66A-D1R2

6.958%

(3-Month

Term

SOFR

+

290

basis

points),

10/25/2038

1,2,4

1,000,000

1,006,043

Series

2025-76A-E

11.065%

(3-Month

Term

SOFR

+

716

basis

points),

5/27/2038

1,2,4

250,000

254,620

Ballyrock

CLO

Ltd.

Series

2021-17A-DR

9.984%

(3-Month

Term

SOFR

+

610

basis

points),

10/20/2038

1,2,4

250,000

246,425

Barings

CLO

Ltd.

Series

2023-1A-ER

10.584%

(3-Month

Term

SOFR

+

670

basis

points),

4/20/2038

1,2,4

500,000

508,934

Series

2025-3A-D1

6.862%

(3-Month

Term

SOFR

+

280

basis

points),

3/31/2038

1,2,4

1,000,000

1,005,182

Series

2025-7A-D1

6.428%

(3-Month

Term

SOFR

+

270

basis

points),

1/15/2038

1,2,4

1,000,000

999,960

Series

2025-8A-E

,

1/15/2039

1,2,5

1,000,000

1,000,000

Benefit

Street

Partners

CLO

Ltd.

Series

2014-IVA-AR5

5.204%

(3-Month

Term

SOFR

+

125

basis

points),

10/20/2038

1,2,4

1,000,000

1,000,576

Series

2025-42A-A

5.371%

(3-Month

Term

SOFR

+

130

basis

points),

10/25/2038

1,2,4

1,000,000

1,002,524

Birch

Grove

CLO

Ltd.

Series

2024-8A-E

10.984%

(3-Month

Term

SOFR

+

710

basis

points),

4/20/2037

1,2,4

500,000

510,201

Black

Diamond

CLO

Ltd.

Series

2022-1A-A1A

6.358%

(3-Month

Term

SOFR

+

250

basis

points),

10/25/2035

1,2,4

1,000,000

1,006,607

BlueMountain

CLO

Ltd.

Series

2020-30A-DR

7.205%

(3-Month

Term

SOFR

+

330

basis

points),

4/15/2035

1,2,4

900,000

902,127

Bryant

Park

Funding

Ltd.

Series

2023-20A-DR

7.305%

(3-Month

Term

SOFR

+

340

basis

points),

4/15/2038

1,2,4

250,000

251,051

Series

2023-21A-ER

9.161%

(3-Month

Term

SOFR

+

525

basis

points),

10/18/2038

1,2,4

500,000

500,055

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

8

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

CBAM

Ltd.

Series

2018-5A-D1R

7.112%

(3-Month

Term

SOFR

+

300

basis

points),

10/17/2038

1,2,4

1,000,000

$

1,002,702

Cedar

Funding

CLO

Ltd.

Series

2023-17A-D1R

6.934%

(3-Month

Term

SOFR

+

305

basis

points),

7/20/2038

1,2,4

1,000,000

1,006,636

CIFC

Funding

Ltd.

Series

2018-1A-A1R

5.204%

(3-Month

Term

SOFR

+

132

basis

points),

1/18/2038

1,2,4

500,000

500,709

Dryden

CLO

Ltd.

Series

2019-75A-AR3

4.913%

(3-Month

Term

SOFR

+

104

basis

points),

4/14/2034

1,2,4

1,000,000

999,863

Series

2019-80A-DR

6.982%

(3-Month

Term

SOFR

+

310

basis

points),

1/17/2033

1,2,4

475,000

472,281

Series

2023-102A-ER

9.755%

(3-Month

Term

SOFR

+

585

basis

points),

10/15/2038

1,2,4

500,000

501,806

Series

2025-120A-E

9.146%

(3-Month

Term

SOFR

+

545

basis

points),

1/15/2039

1,2,4

500,000

500,000

Dryden

Senior

Loan

Fund

Series

2013-30A-DR

6.713%

(3-Month

Term

SOFR

+

286.2

basis

points),

11/15/2028

1,2,4

500,000

502,815

Series

2016-45A-A1RR

4.985%

(3-Month

Term

SOFR

+

108

basis

points),

10/15/2030

1,2,4

132,140

132,298

Series

2016-45A-DRR

6.955%

(3-Month

Term

SOFR

+

305

basis

points),

10/15/2030

1,2,4

625,000

627,956

Eaton

Vance

CLO

Ltd.

Series

2013-1A-AR4

5.245%

(3-Month

Term

SOFR

+

134

basis

points),

10/15/2038

1,2,4

1,000,000

1,002,476

Series

2013-1A-D1R4

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

10/15/2038

1,2,4

1,000,000

1,005,517

Elmwood

CLO

Ltd.

Series

2021-1A-AR

5.434%

(3-Month

Term

SOFR

+

155

basis

points),

4/20/2037

1,2,4

800,000

804,127

Series

2021-2A-D1R

6.534%

(3-Month

Term

SOFR

+

265

basis

points),

4/20/2038

1,2,4

1,000,000

1,002,217

Series

2021-3A-AR2

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

7/20/2038

1,2,4

1,000,000

1,003,233

Series

2021-3A-DR2

6.934%

(3-Month

Term

SOFR

+

305

basis

points),

7/20/2038

1,2,4

1,000,000

1,005,429

Series

2021-5A-D1R

7.005%

(3-Month

Term

SOFR

+

310

basis

points),

10/15/2037

1,2,4

1,000,000

1,001,826

Series

2022-1A-A1R

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,4

1,500,000

1,503,050

Empower

CLO

Ltd.

Series

2023-1A-D1R

7.708%

(3-Month

Term

SOFR

+

385

basis

points),

4/25/2038

1,2,4

1,000,000

1,006,393

Series

2023-1A-ER

11.198%

(3-Month

Term

SOFR

+

734

basis

points),

4/25/2038

1,2,4

250,000

253,748

Golub

Capital

Partners

Static

Ltd.

Series

2024-1A-AR

5.446%

(3-Month

Term

SOFR

+

112

basis

points),

7/20/2035

1,2,4

2,000,000

2,003,043

Highbridge

Loan

Management

Ltd.

Series

5A-2015-DR3

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

10/15/2030

1,2,4

500,000

501,660

Invesco

US

CLO

Ltd.

Series

2023-2A-ER

11.750%

(3-Month

Term

SOFR

+

788

basis

points),

4/21/2038

1,2,4

250,000

255,985

Series

2025-2A-D

7.291%

(3-Month

Term

SOFR

+

300

basis

points),

7/15/2038

1,2,4

1,000,000

1,005,249

KKR

CLO

Ltd.

Series

40A-AR

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2034

1,2,4

1,000,000

1,001,775

Magnetite

Ltd.

Series

2020-27A-D1RR

6.584%

(3-Month

Term

SOFR

+

265

basis

points),

10/20/2038

1,2,4

750,000

754,160

Menlo

CLO

Ltd.

Series

2024-1A-A1

5.304%

(3-Month

Term

SOFR

+

142

basis

points),

1/20/2038

1,2,4

500,000

501,244

Series

2024-1A-D1

7.134%

(3-Month

Term

SOFR

+

325

basis

points),

1/20/2038

1,2,4

500,000

502,626

Series

2025-3A-D

6.894%

(3-Month

Term

SOFR

+

300

basis

points),

10/16/2038

1,2,4

750,000

752,018

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

Series

2021-1A-ER

10.004%

(3-Month

Term

SOFR

+

606

basis

points),

10/23/2037

1,2,4

500,000

502,655

Series

2023-19A-D1R

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

7/15/2038

1,2,4

1,000,000

1,006,649

Neuberger

Berman

CLO

Ltd.

Series

2016-22A-ER2

10.712%

(3-Month

Term

SOFR

+

683

basis

points),

4/15/2038

1,2,4

250,000

252,373

Series

2019-32RA-D1

7.279%

(3-Month

Term

SOFR

+

295

basis

points),

7/20/2039

1,2,4

1,000,000

1,005,116

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

9

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

Series

2020-36RA-A

5.552%

(3-Month

Term

SOFR

+

127

basis

points),

7/20/2039

1,2,4

1,000,000

$

1,001,428

Series

2020-39A-A1R

5.414%

(3-Month

Term

SOFR

+

153

basis

points),

4/20/2038

1,2,4

500,000

501,079

Series

2021-41A-DR

6.705%

(3-Month

Term

SOFR

+

280

basis

points),

4/15/2034

1,2,4

500,000

502,533

Neuberger

Berman

Loan

Advisers

NBLA

CLO

Ltd.

Series

2022-52A-AR

5.215%

(3-Month

Term

SOFR

+

135

basis

points),

10/24/2038

1,2,4

1,000,000

1,003,248

New

Mountain

CLO

Ltd.

Series

4A-ER

10.794%

(3-Month

Term

SOFR

+

691

basis

points),

3/20/2038

1,2,4

450,000

463,923

NYACK

Park

CLO

Ltd.

Series

2021-1A-D1R

6.618%

(3-Month

Term

SOFR

+

270

basis

points),

10/20/2038

1,2,4

500,000

498,818

Oaktree

CLO

Ltd.

Series

2022-1A-DR

7.005%

(3-Month

Term

SOFR

+

310

basis

points),

7/15/2038

1,2,4

1,000,000

1,005,429

Series

2022-1A-ER

9.905%

(3-Month

Term

SOFR

+

600

basis

points),

7/15/2038

1,2,4

1,000,000

994,874

Series

2023-2A-A1R

5.234%

(3-Month

Term

SOFR

+

135

basis

points),

7/20/2038

1,2,4

1,000,000

1,000,187

Octagon

Investment

Partners

Ltd.

Series

2019-1A-D1R

6.681%

(3-Month

Term

SOFR

+

285

basis

points),

10/15/2038

1,2,4

250,000

250,006

OHA

Credit

Partners

Ltd.

Series

2015-12A-ER2

10.110%

(3-Month

Term

SOFR

+

625

basis

points),

4/23/2037

1,2,4

500,000

504,793

Post

CLO

Ltd.

Series

2023-1A-A1R

5.160%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,4

1,000,000

1,002,558

Series

2023-1A-BR

5.560%

(3-Month

Term

SOFR

+

170

basis

points),

10/20/2038

1,2,4

1,000,000

1,006,287

Series

2024-2A-E

10.384%

(3-Month

Term

SOFR

+

650

basis

points),

1/20/2038

1,2,4

500,000

515,344

Series

2025-1A-E

9.110%

(3-Month

Term

SOFR

+

540

basis

points),

1/20/2039

1,2,4

500,000

498,084

Rad

CLO

Ltd.

Series

2021-15A-A1AR

5.244%

(3-Month

Term

SOFR

+

136

basis

points),

7/20/2040

1,2,4

1,000,000

1,002,787

Regatta

Funding

Ltd.

Series

2025-4A-A1

5.442%

(3-Month

Term

SOFR

+

134

basis

points),

7/25/2038

1,2,4

1,000,000

1,003,587

Riserva

CLO

Ltd.

Series

2016-3A-DRR

7.396%

(3-Month

Term

SOFR

+

351.2

basis

points),

1/18/2034

1,2,4

500,000

496,309

RR

Ltd.

Series

2022-21A-DR

9.755%

(3-Month

Term

SOFR

+

585

basis

points),

7/15/2039

1,2,4

500,000

503,669

Shackleton

CLO

Ltd.

Series

2015-7RA-ARR

5.005%

(3-Month

Term

SOFR

+

110

basis

points),

7/15/2031

1,2,4

272,260

272,585

Series

2019-14A-ERR

9.784%

(3-Month

Term

SOFR

+

590

basis

points),

7/20/2034

1,2,4

500,000

494,059

Signal

Peak

CLO

Ltd.

Series

2017-4A-BR2

5.508%

(3-Month

Term

SOFR

+

165

basis

points),

10/26/2034

1,2,4

1,500,000

1,502,736

Trestles

CLO

Ltd.

Series

2025-8A-D1

7.297%

(3-Month

Term

SOFR

+

300

basis

points),

6/11/2035

1,2,4

750,000

754,563

Trinitas

CLO

Ltd.

Series

2019-10A-B1R2

5.508%

(3-Month

Term

SOFR

+

170

basis

points),

1/15/2035

1,2,4

1,000,000

1,000,011

Voya

CLO

Ltd.

Series

2017-3A-CRR

6.984%

(3-Month

Term

SOFR

+

310

basis

points),

4/20/2034

1,2,4

1,250,000

1,253,248

Whitebox

CLO

Ltd.

Series

2023-4A-ER

10.364%

(3-Month

Term

SOFR

+

648

basis

points),

4/20/2036

1,2,4

500,000

507,938

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

10

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Wind

River

CLO

Ltd.

Series

2021-4A-AR

5.100%

(3-Month

Term

SOFR

+

123

basis

points),

1/20/2035

1,2,4

1,000,000

$

1,000,252

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

(Cost

$60,356,913)

60,630,520

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

0.5%

GS

Mortgage

Securities

Corp.

Trust

Series

2012-BWTR-A

,

2.954%

,

11/5/2034

1,2

711,982

627,049

TOTAL

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

(Cost

$609,864)

627,049

CORPORATE

BONDS

—25.2%

AUTOMOBILES

—

0.2%

BMW

US

Capital

LLC

3.625%,

4/18/2029

1,2

65,000

63,916

Volkswagen

Group

of

America

Finance

LLC

5.400%,

3/20/2026

1,2

125,000

125,337

189,253

BEVERAGES

—

0.9%

Anheuser-Busch

InBev

Worldwide,

Inc.

4.750%,

1/23/2029

1

300,000

306,097

Constellation

Brands,

Inc.

2.250%,

8/1/2031

1

130,000

115,401

Keurig

Dr.

Pepper,

Inc.

3.950%,

4/15/2029

1

170,000

168,210

Pernod

Ricard

International

Finance

LLC

1.250%,

4/1/2028

1,2

250,000

235,140

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

4.375%,

4/30/2029

1,2

250,000

243,520

1,068,368

BIOTECHNOLOGY

—

0.8%

AbbVie,

Inc.

4.250%,

11/14/2028

1

350,000

353,935

Amgen,

Inc.

2.200%,

2/21/2027

1

300,000

294,431

Gilead

Sciences,

Inc.

2.950%,

3/1/2027

1

250,000

247,657

Grifols

SA

4.750%,

10/15/2028

1,2

45,000

44,475

940,498

BROADLINE

RETAIL

—

0.2%

Amazon.com,

Inc.

3.900%,

11/20/2028

1

20,000

20,067

Amazon.com,

Inc.

4.100%,

11/20/2030

1

35,000

35,049

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

11

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

BROADLINE

RETAIL

(Continued)

Match

Group

Holdings

II

LLC

5.000%,

12/15/2027

1,2

45,000

$

45,112

Match

Group

Holdings

II

LLC

4.625%,

6/1/2028

1,2

150,000

149,370

249,598

BUILDING

PRODUCTS

—

0.4%

Advanced

Drainage

Systems,

Inc.

5.000%,

9/30/2027

1,2

175,000

175,397

Smyrna

Ready

Mix

Concrete

LLC

8.875%,

11/15/2031

1,2

250,000

267,592

442,989

CAPITAL

MARKETS

—

0.6%

Osaic

Holdings,

Inc.

8.000%,

8/1/2033

1,2

196,000

204,914

S&P

Global,

Inc.

2.450%,

3/1/2027

1

325,000

319,958

VFH

Parent

LLC

/

Valor

Co-Issuer,

Inc.

7.500%,

6/15/2031

1,2

225,000

236,221

761,093

CHEMICALS

—

0.5%

HB

Fuller

Co.

4.250%,

10/15/2028

1

250,000

247,995

Sherwin-Williams

Co.

(The)

3.450%,

6/1/2027

1

300,000

297,909

545,904

COMMERCIAL

SERVICES

&

SUPPLIES

—

0.9%

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

Luxco

4

SARL

4.625%,

6/1/2028

1,2

275,000

271,401

Clean

Harbors,

Inc.

5.125%,

7/15/2029

1,2

125,000

125,220

GFL

Environmental,

Inc.

4.000%,

8/1/2028

1,2

300,000

296,077

Reworld

Holding

Corp.

4.875%,

12/1/2029

1,2

200,000

192,420

Veralto

Corp.

5.500%,

9/18/2026

1

125,000

126,099

1,011,217

CONSTRUCTION

&

ENGINEERING

—

0.1%

MasTec,

Inc.

4.500%,

8/15/2028

1,2

150,000

149,238

CONSUMER

FINANCE

—

0.6%

American

Honda

Finance

Corp.

4.336%(Term

SOFR

+

55

basis

points),

5/21/2026

4

295,000

295,355

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

12

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

CONSUMER

FINANCE

(Continued)

Avolon

Holdings

Funding

Ltd.

5.150%,

1/15/2030

1,2

120,000

$

122,025

Ford

Motor

Credit

Co.

LLC

2.900%,

2/10/2029

1

300,000

282,047

699,427

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

—

0.1%

7-Eleven,

Inc.

1.300%,

2/10/2028

1,2

165,000

155,870

CONTAINERS

&

PACKAGING

—

0.4%

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

4.250%,

9/30/2026

1

100,000

99,683

Graphic

Packaging

International

LLC

3.750%,

2/1/2030

1,2

350,000

332,270

431,953

DISTRIBUTORS

—

0.2%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.000%,

1/15/2028

1,2

295,000

293,202

DIVERSIFIED

REITS

—

0.5%

Digital

Realty

Trust

LP

3.700%,

8/15/2027

1

375,000

373,204

Simon

Property

Group

LP

3.250%,

11/30/2026

1

275,000

273,518

646,722

DIVERSIFIED

TELECOMMUNICATION

SERVICES

—

0.8%

AT&T,

Inc.

1.650%,

2/1/2028

1

100,000

95,349

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%,

5/1/2027

1,2

200,000

199,841

Verizon

Communications,

Inc.

4.329%,

9/21/2028

1

345,000

347,909

Verizon

Communications,

Inc.

4.016%,

12/3/2029

1

125,000

124,084

Virgin

Media

Finance

plc

5.000%,

7/15/2030

1,2

175,000

154,456

921,639

ELECTRIC

UTILITIES

—

1.1%

AEP

Transmission

Co.

LLC

3.100%,

12/1/2026

1

125,000

124,104

Alpha

Generation

LLC

6.750%,

10/15/2032

1,2

200,000

207,147

Duke

Energy

Corp.

3.150%,

8/15/2027

1

275,000

271,785

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

13

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

ELECTRIC

UTILITIES

(Continued)

NextEra

Energy

Capital

Holdings,

Inc.

1.875%,

1/15/2027

1

300,000

$

293,786

NRG

Energy,

Inc.

3.625%,

2/15/2031

1,2

325,000

303,892

Southern

Co.

(The)

5.113%,

8/1/2027

175,000

177,929

1,378,643

ELECTRICAL

EQUIPMENT

—

0.1%

Vertiv

Group

Corp.

4.125%,

11/15/2028

1,2

166,000

164,058

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

—

0.2%

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/1/2031

1

310,000

288,905

ENERGY

EQUIPMENT

&

SERVICES

—

0.4%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.250%,

4/1/2028

1,2

200,000

201,336

Kodiak

Gas

Services

LLC

7.250%,

2/15/2029

1,2

150,000

156,142

Star

Holding

LLC

8.750%,

8/1/2031

1,2

125,000

120,514

477,992

ENTERTAINMENT

—

0.2%

Netflix,

Inc.

4.875%,

4/15/2028

1

250,000

255,411

FINANCIAL

SERVICES

—

0.8%

Block,

Inc.

6.000%,

8/15/2033

1,2

271,000

278,363

Global

Payments,

Inc.

2.150%,

1/15/2027

1

250,000

244,861

Siemens

Financieringsmaatschappij

NV

3.400%,

3/16/2027

1,2

400,000

398,671

921,895

FOOD

PRODUCTS

—

1.1%

Flowers

Foods,

Inc.

2.400%,

3/15/2031

1

310,000

274,098

General

Mills,

Inc.

4.200%,

4/17/2028

1

275,000

276,133

Hormel

Foods

Corp.

1.800%,

6/11/2030

1

110,000

99,343

J.

M.

Smucker

Co.

(The)

5.900%,

11/15/2028

1

175,000

183,412

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

14

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

FOOD

PRODUCTS

(Continued)

J.

M.

Smucker

Co.

(The)

2.375%,

3/15/2030

1

180,000

$

167,425

Mars,

Inc.

4.600%,

3/1/2028

1,2

300,000

304,178

1,304,589

GROUND

TRANSPORTATION

—

0.3%

Canadian

Pacific

Railway

Co.

1.750%,

12/2/2026

1

325,000

318,743

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

—

1.1%

Avantor

Funding,

Inc.

4.625%,

7/15/2028

1,2

225,000

223,953

Avantor

Funding,

Inc.

3.875%,

11/1/2029

1,2

50,000

48,036

Baxter

International,

Inc.

1.730%,

4/1/2031

1

385,000

329,856

Becton

Dickinson

&

Co.

3.700%,

6/6/2027

1

150,000

149,435

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/2027

1

225,000

231,814

Stryker

Corp.

4.850%,

12/8/2028

1

150,000

153,573

Zimmer

Biomet

Holdings,

Inc.

5.350%,

12/1/2028

1

175,000

180,958

1,317,625

HEALTH

CARE

PROVIDERS

&

SERVICES

—

1.3%

CVS

Health

Corp.

5.000%,

2/20/2026

1

75,000

75,029

Global

Medical

Response,

Inc.

7.375%,

10/1/2032

1,2

105,000

109,345

HAH

Group

Holding

Co.

LLC

9.750%,

10/1/2031

1,2

125,000

117,641

HCA,

Inc.

4.500%,

2/15/2027

1

200,000

200,465

HCA,

Inc.

4.125%,

6/15/2029

1

250,000

249,234

Icon

Investments

Six

DAC

5.809%,

5/8/2027

1

325,000

331,813

National

Mentor

Holdings,

Inc.

10.500%,

12/15/2030

1,2

225,000

226,401

Surgery

Center

Holdings,

Inc.

7.250%,

4/15/2032

1,2

200,000

202,544

Universal

Health

Services,

Inc.

1.650%,

9/1/2026

1

50,000

49,168

1,561,640

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

15

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

HEALTH

CARE

TECHNOLOGY

—

0.0%†

IQVIA,

Inc.

5.700%,

5/15/2028

1

50,000

$

51,763

HOTELS,

RESTAURANTS

&

LEISURE

—

1.3%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.375%,

1/15/2028

1,2

125,000

124,664

Boyd

Gaming

Corp.

4.750%,

6/15/2031

1,2

150,000

146,659

Brightstar

Lottery

plc

/

Brightstar

Global

Solutions

Corp.

5.750%,

1/15/2033

1,2

330,000

327,791

Light

&

Wonder

International,

Inc.

7.250%,

11/15/2029

1,2

100,000

102,759

Starbucks

Corp.

4.850%,

2/8/2027

1

280,000

282,590

Starbucks

Corp.

4.000%,

11/15/2028

1

175,000

174,857

VOC

Escrow

Ltd.

5.000%,

2/15/2028

1,2

138,000

138,060

Wyndham

Hotels

&

Resorts,

Inc.

4.375%,

8/15/2028

1,2

225,000

222,875

1,520,255

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

—

0.6%

Atlantica

Sustainable

Infrastructure

Ltd.

4.125%,

6/15/2028

1,2

230,000

224,099

Calpine

Corp.

4.500%,

2/15/2028

1,2

56,000

56,063

Clearway

Energy

Operating

LLC

4.750%,

3/15/2028

1,2

212,000

212,317

Vistra

Corp.

8.000%,

4/15/2174

1,2

200,000

205,802

698,281

INSURANCE

—

0.8%

AmWINS

Group,

Inc.

4.875%,

6/30/2029

1,2

300,000

295,273

Howden

UK

Refinance

plc

/

Howden

UK

Refinance

2

plc

/

Howden

US

Refinance

LLC

8.125%,

2/15/2032

1,2

275,000

284,106

Panther

Escrow

Issuer

LLC

7.125%,

6/1/2031

1,2

250,000

259,220

Ryan

Specialty

LLC

4.375%,

2/1/2030

1,2

75,000

73,701

912,300

IT

SERVICES

—

0.8%

ASGN,

Inc.

4.625%,

5/15/2028

1,2

225,000

221,793

Gartner,

Inc.

4.500%,

7/1/2028

1,2

100,000

99,701

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

16

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

IT

SERVICES

(Continued)

International

Business

Machines

Corp.

3.300%,

5/15/2026

1

75,000

$

74,878

International

Business

Machines

Corp.

3.300%,

1/27/2027

1

325,000

323,207

Virtusa

Corp.

7.125%,

12/15/2028

1,2

200,000

197,269

916,848

MACHINERY

—

0.2%

Mueller

Water

Products,

Inc.

4.000%,

6/15/2029

1,2

193,000

188,607

MEDIA

—

0.4%

Fox

Corp.

4.709%,

1/25/2029

1

360,000

364,695

Nexstar

Media,

Inc.

5.625%,

7/15/2027

1,2

125,000

125,757

490,452

MULTI-UTILITIES

—

0.4%

DTE

Energy

Co.

4.950%,

7/1/2027

1

300,000

304,082

Public

Service

Enterprise

Group,

Inc.

5.200%,

4/1/2029

1

150,000

154,229

458,311

OIL,

GAS

&

CONSUMABLE

FUELS

—

1.2%

Cheniere

Energy,

Inc.

4.625%,

10/15/2028

1

275,000

274,630

Energy

Transfer

LP

4.950%,

5/15/2028

1

150,000

152,573

Energy

Transfer

LP

4.950%,

6/15/2028

1

150,000

152,514

Hess

Midstream

Operations

LP

5.125%,

6/15/2028

1,2

125,000

125,584

NGPL

PipeCo

LLC

4.875%,

8/15/2027

1,2

250,000

251,091

Northriver

Midstream

Finance

LP

6.750%,

7/15/2032

1,2

200,000

203,954

TerraForm

Power

Operating

LLC

4.750%,

1/15/2030

1,2

207,000

201,893

1,362,239

PAPER

&

FOREST

PRODUCTS

—

0.1%

Ahlstrom

Holding

3

Oy

4.875%,

2/4/2028

1,2

100,000

98,519

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

17

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

PASSENGER

AIRLINES

—

0.1%

Air

Canada

3.875%,

8/15/2026

1,2

150,000

$

149,371

PERSONAL

CARE

PRODUCTS

—

0.2%

Haleon

US

Capital

LLC

3.375%,

3/24/2027

1

300,000

297,898

PHARMACEUTICALS

—

1.0%

Elanco

Animal

Health,

Inc.

6.650%,

8/28/2028

1

100,000

104,754

Eli

Lilly

&

Co.

4.200%,

8/14/2029

1

150,000

151,658

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.450%,

5/19/2028

1

475,000

481,359

Roche

Holdings,

Inc.

1.930%,

12/13/2028

1,2

140,000

132,925

Zoetis,

Inc.

4.150%,

8/17/2028

1

175,000

176,003

Zoetis,

Inc.

3.900%,

8/20/2028

1

125,000

124,964

1,171,663

PROFESSIONAL

SERVICES

—

0.2%

CoreLogic,

Inc.

4.500%,

5/1/2028

1,2

225,000

221,487

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

0.7%

Entegris,

Inc.

4.750%,

4/15/2029

1,2

333,000

334,058

Kioxia

Holdings

Corp.

6.250%,

7/24/2030

1,2

242,000

249,196

ON

Semiconductor

Corp.

3.875%,

9/1/2028

1,2

210,000

206,237

789,491

SOFTWARE

—

1.1%

AppLovin

Corp.

5.125%,

12/1/2029

1

260,000

266,777

Ellucian

Holdings,

Inc.

6.500%,

12/1/2029

1,2

200,000

204,430

Oracle

Corp.

2.300%,

3/25/2028

1

300,000

286,139

Salesforce,

Inc.

3.700%,

4/11/2028

1

325,000

325,132

VMware

LLC

1.400%,

8/15/2026

1

200,000

197,097

1,279,575

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

18

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

SPECIALIZED

REITS

—

0.9%

American

Tower

Corp.

1.500%,

1/31/2028

1

325,000

$

308,685

Crown

Castle,

Inc.

3.800%,

2/15/2028

1

250,000

248,106

Iron

Mountain,

Inc.

5.000%,

7/15/2028

1,2

60,000

60,051

Iron

Mountain,

Inc.

4.875%,

9/15/2029

1,2

225,000

222,133

SBA

Communications

Corp.

3.125%,

2/1/2029

1

280,000

268,072

1,107,047

SPECIALTY

RETAIL

—

0.4%

Lowe's

Cos.,

Inc.

3.100%,

5/3/2027

1

425,000

420,499

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

—

0.5%

Dell

International

LLC

/

EMC

Corp.

5.250%,

2/1/2028

1

175,000

179,073

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/1/2029

1

175,000

180,670

Hewlett

Packard

Enterprise

Co.

4.400%,

9/25/2027

1

250,000

251,361

611,104

TEXTILES,

APPAREL

&

LUXURY

GOODS

—

0.1%

Beach

Acquisition

Bidco

LLC

10.000%,

7/15/2033

1,2

150,000

158,080

TRADING

COMPANIES

&

DISTRIBUTORS

—

0.2%

United

Rentals

North

America,

Inc.

4.000%,

7/15/2030

1

200,000

194,004

WIRELESS

TELECOMMUNICATION

SERVICES

—

0.2%

T-Mobile

USA,

Inc.

2.250%,

2/15/2026

1

125,000

124,719

T-Mobile

USA,

Inc.

4.750%,

2/1/2028

1

150,000

150,063

274,782

TOTAL

CORPORATE

BONDS

(Cost

$29,676,700)

29,869,048

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

—

0.8%

Flagstar

Mortgage

Trust

Series

2021-2-A6

,

2.500%

,

4/25/2051

1,2

209,162

188,857

GS

Mortgage-Backed

Securities

Trust

Series

2025-PJ11-A27

,

5.324%

(30-Day

Term

SOFR

Average

+

135

basis

points,

7.00%

Cap),

5/25/2056

1,2,4

200,000

199,966

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

19

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

(Continued)

PMT

Loan

Trust

Series

2025-J5-A26

,

5.374%

(30-Day

Term

SOFR

Average

+

140

basis

points,

6.50%

Cap),

1/25/2057

1,2,4

75,000

$

74,933

Sequoia

Mortgage

Trust

Series

2021-4-A4

,

2.500%

,

6/25/2051

1,2

206,113

183,311

Series

2025-12-A26F

,

5.424%

(30-Day

Term

SOFR

Average

+

155

basis

points,

6.50%

Cap),

12/25/2055

1,2,4

312,206

312,769

TOTAL

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

(Cost

$957,794)

959,836

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

—2.6%

United

States

Treasury

Notes

—

2.6%

U.S.

Treasury

Notes

4.332%,

1/31/2028

1,600,000

1,600,531

U.S.

Treasury

Notes

4.342%,

1/31/2029

1,400,000

1,418,102

3,018,633

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(Cost

$2,992,190)

3,018,633

Number

of

Shares

SHORT-TERM

INVESTMENTS

—

9.0%

Money

Market

Funds

—

1.0%

Fidelity

Investments

Money

Market

Funds

-

Treasury

Portfolio

-

Class

I,

3.66%

6

1,126,539

1,126,539

Principal

Amount

United

States

Treasury

Bills

—

8.0%

U.S.

Treasury

Bills,

2.960%,

1/13/2026

7

1,000,000

998,931

U.S.

Treasury

Bills,

3.180%,

1/20/2026

7

2,000,000

1,996,471

U.S.

Treasury

Bills,

3.210%,

1/27/2026

7

1,000,000

997,553

U.S.

Treasury

Bills,

3.370%,

2/10/2026

7

2,500,000

2,490,433

U.S.

Treasury

Bills,

3.430%,

3/5/2026

7

1,000,000

993,934

U.S.

Treasury

Bills,

3.390%,

3/10/2026

7

1,000,000

993,541

U.S.

Treasury

Bills,

3.460%,

3/12/2026

7

1,000,000

993,214

9,464,077

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$10,587,599)

10,590,616

TOTAL

INVESTMENTS

—

100.0%

(Cost

$117,874,172)

118,420,302

Liabilities

in

Excess

of

Other

Assets

—

(0.0)%

†

(114,036)

TOTAL

NET

ASSETS

—

100.0%

$

118,306,266

Palmer

Square

Credit

Opportunities

ETF

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

20

See

accompanying

Notes

to

Financial

Statements.

†

Rounds

to

less

than

0.1%

of

net

assets.

1

Callable.

2

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

are

restricted

and

may

be

resold

in

transactions

exempt

from

registration

normally

to

qualified

institutional

buyers.

The

total

value

of

these

securities

is

$78,600,804

which

represents

66.44%

of

total

net

assets

of

the

Fund.

3

Bank

loans

generally

pay

interest

at

rates

which

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

All

loans

carry

a

variable

rate

of

interest.

These

base

lending

rates

are

generally

(i)

the

Prime

Rate

offered

by

one

or

more

major

United

States

banks,

(ii)

the

lending

rate

offered

by

one

or

more

European

banks

such

as

the

London

Interbank

Offered

Rate

("LIBOR"),

(iii)

the

Certificate

of

Deposit

rate,

or

(iv)

Secured

Overnight

Financing

Rate

("SOFR").

Bank

Loans,

while

exempt

from

registration,

under

the

Securities

Act

of

1933,

contain

certain

restrictions

on

resale

and

cannot

be

sold

publicly.

Floating

rate

bank

loans

often

require

prepayments

from

excess

cash

flow

or

permit

the

borrower

to

repay

at

its

election.

The

degree

to

which

borrowers

repay,

whether

as

a

contractual

requirement

or

at

their

election,

cannot

be

predicted

with

accuracy.

4

Floating

rate

security.

5

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

6

The

rate

is

the

annualized

seven-day

yield

at

period

end.

7

The

rate

shown

represents

the

yield

at

period

end.

Palmer

Square

Funds

Trust

STATEMENTS

OF

ASSETS

AND

LIABILITIES

As

of

December

31,

2025

(Unaudited)

21

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

Assets:

Investments

in

unaffiliated

issuers,

at

value*

$

69,170,503

$

118,420,302

Investments

in

affiliated

issuers,

at

value*

1,753,804

—

Cash

250

76,103

Receivables:

Investment

securities

sold

—

88,972

Interest

768,824

1,376,650

Total

assets

71,693,381

119,962,027

Liabilities:

Investment

securities

purchased

—

1,608,313

Advisory

fees

11,060

47,448

Total

Liabilities

11,060

1,655,761

Net

Assets

$

71,682,321

$

118,306,266

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

71,570,064

$

117,672,894

Total

distributable

earnings

112,257

633,372

Net

Assets

$

71,682,321

$

118,306,266

Shares

Outstanding

and

Net

Asset

Value

Per

Share:

Net

assets

applicable

to

shares

outstanding

$

71,682,321

$

118,306,266

Shares

outstanding

(unlimited

number

of

shares

authorized,

no

par

value)

$

3,525,001

$

5,750,000

Net

assets

value

per

share

$

20

.34

$

20

.58

*Identified

Cost

Investments

in

unaffiliated

issuers,

at

cost

$

69,074,248

$

117,874,172

Investments

in

affiliated

issuers,

at

cost

$

1,750,000

$

—

Palmer

Square

Funds

Trust

STATEMENTS

OF

OPERATIONS

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

22

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

Investment

Income

Interest

income

from

unaffiliated

securities

$

1,278,956

$

2,768,511

Interest

income

from

affiliated

securities

43,163

—

Other

Income

—

7,714

Total

investment

income

1,322,119

2,776,225

Expenses:

Advisory

fees

(see

note

3)

48,974

234,773

Net

Expenses

48,974

234,773

Net

Investment

Income

1,273,145

2,541,452

Realized

Gain

and

Unrealized

Appreciation

:

39,520

311,755

Net

realized

gain

on:

2,000

112,758

Unaffiliated

investments

2,045

112,757

Affiliated

Investments

(45

)

—

Net

realized

gain

on

investments

2,000

112,757

Net

change

in

unrealized

appreciation

on:

37,520

198,997

Unaffiliated

investments

34,605

198,998

Affiliated

investments

2,915

—

Net

change

in

unrealized

appreciation

of

investments

37,520

198,998

Net

realized

and

unrealized

gain

on

investments

39,520

311,755

Net

increase

in

net

assets

resulting

from

operations

$

1,312,665

$

2,853,207

Palmer

Square

Funds

Trust

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

23

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

period

September

11,

2024

*

through

June

30,

2025

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

period

September

11,

2024

*

through

June

30,

2025

Operations

Net

investment

income

$

1,273,145

$

1,078,567

$

2,541,452

$

1,573,040

Net

realized

gain

on

investments

2,000

1,541

112,757

48,271

Net

change

in

unrealized

appreciation

on

investments

37,520

62,539

198,998

347,132

Net

increase

in

net

assets

resulting

from

operations

1,312,665

1,142,647

2,853,207

1,968,443

Distributions

to

Shareholders:

Distributions

(

1,348,196

)

(

994,859

)

(

2,776,976

)

(

1,396,696

)

Total

distributions

to

shareholders

(

1,348,196

)

(

994,859

)

(

2,776,976

)

(

1,396,696

)

Capital

Transactions

1

Net

proceeds

from

shares

sold

36,279,129

36,816,878

42,417,057

76,870,774

Cost

of  shares

redeemed

—

(

1,525,943

)

—

(

1,629,543

)

Net

increase

in

net

assets

from

capital

transactions

36,279,129

35,290,935

42,417,057

75,241,231

Total

increase

in

net

assets

36,243,598

35,438,723

42,493,288

75,812,978

Net

Assets:

Beginning

of

period

35,438,723

—

75,812,978

—

End

of

period

$

71,682,321

$

35,438,723

$

118,306,266

$

75,812,978

Capital

Share

Transactions:

Shares

sold

1,775,000

1,825,001

2,050,000

3,780,000

Shares

redeemed

—

(

75,000

)

—

(

80,000

)

Net

increase

in

capital

share

transactions

1,775,000

1,750,001

2,050,000

3,700,000

*

Date

of

commencement

of

operations.

1

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

5

to

the

Financial

Statements.

Palmer

Square

Funds

Trust

Palmer

Square

CLO

Senior

Debt

ETF

FINANCIAL

HIGHLIGHTS

24

See

accompanying

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

period

September

11,

2024

*

through

June

30,

2025

PER

COMMON

SHARE

DATA

1

Net

asset

value,

beginning

of

period

$

20.25

$

20.00

Income

from

Investment

Operations:

Net

investment

income

2

0.53

0.89

Net

realized

and

unrealized

gain

0.03

0.09

Total

from

investment

operations

0.56

0.98

Less

Distributions:

From

net

investment

income

(

0.47

)

(

0.73

)

Total

Distributions

(

0.47

)

(

0.73

)

Net

asset

value,

end

of

period

$

20.34

$

20.25

Total

return

2.80%

4.96%

Ratios

and

Supplemental

Data:

Net

assets,

end

of

period

(000's)

$

71,682

$

35,439

Ratio

of

expenses

to

average

net

assets

3

0.20%

0.20%

Ratio

of

net

investment

income

to

average

net

assets

3

5.18%

5.46%

Portfolio

Turnover

Rate

4

33%

68%

*

Date

of

commencement

of

operations.

1

For

a

Fund

share

outstanding

for

the

entire

period.

2

Based

on

average

shares

outstanding

for

the

period.

3

Annualized

for

periods

less

than

one

year.

4

Not

annualized.

Palmer

Square

Funds

Trust

Palmer

Square

Credit

Opportunities

ETF

FINANCIAL

HIGHLIGHTS

25

See

accompanying

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

period

September

11,

2024

*

through

June

30,

2025

PER

COMMON

SHARE

DATA

1

Net

asset

value,

beginning

of

period

$

20.49

$

20.00

Income

from

Investment

Operations:

Net

investment

income

2

0.56

0.91

Net

realized

and

unrealized

gain

0.08

0.23

Total

from

investment

operations

0.64

1.14

Less

Distributions:

From

net

investment

income

(

0.54

)

(

0.65

)

Distributions

from

Net

Realized

Gain

(

0.01

)

—

Total

Distributions

(

0.55

)

(

0.65

)

Net

asset

value,

end

of

period

$

20.58

$

20.49

Total

return

3.16%

5.77%

Ratios

and

Supplemental

Data:

Net

assets,

end

of

period

(000's)

$

118,306

$

75,813

Ratio

of

expenses

to

average

net

assets

3

0.50%

0.50%

Ratio

of

net

investment

income

to

average

net

assets

3

5.40%

5.55%

Portfolio

Turnover

Rate

4

50%

100%

*

Date

of

commencement

of

operations.

1

For

a

Fund

share

outstanding

for

the

entire

period.

2

Based

on

average

shares

outstanding

for

the

period.

3

Annualized

for

periods

less

than

one

year.

4

Not

annualized.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

As

of

December

31,

2025

(unaudited)

26

1. Organization

Palmer

Square

CLO

Senior

Debt

ETF

and

Palmer

Square

Credit

Opportunities

ETF (each

a

“Fund”

and

collectively

the

“Funds”)

are

organized

as

a

non-diversified

series

of

Palmer

Square

Funds

Trust,

a

Delaware

statutory

trust

(the

“Trust”),

which

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Funds

commenced

operations

on

September

11,

2024.

The

Palmer

Square

CLO

Senior

Debt

ETF's

primary

investment

objective

is

to

seek

to

provide investment

results

that

correspond

generally

to

the

price

and

yield

(before

the

Fund’s

fees

and

expenses)

of

Palmer

Square

CLO

Senior

Debt

Index.

The

Palmer

Square

Credit

Opportunities

ETF's

primary

investment

objective

is

to

seek

a

high

level

of

current

income.

A

secondary

objective

is

to

seek

long-term

capital

appreciation.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services—Investment

Companies”.

Each

Fund

represents

a

single

operating

segment

as

its

operating

results

are

monitored

as

a

whole

and

the

long-term

asset

allocation

is

determined

in

accordance

with

its

prospectus,

based

on

defined

investment

objectives

executed

by

the

Fund’s

portfolio

management

team.

The

Chief

Investment

Officer

of

the

Adviser

serves

as

the

chief

operating

decision

maker

(CODM).

The

Funds’

income,

expenses,

assets,

and

performance

are

regularly

monitored

and

assessed

by

the

CODM,

using

the

information

consistent

with

that

presented

in

the

financial

statements

and

financial

highlights.

2. Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

could

differ

from

these

estimates.

(a)

Cash

The

Funds

may

have

a

temporary

overdraft

with

the

custodian

bank,

which

is

presented

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

under

'Due

to

Custodian'.

(b)

Valuation

of

Investments

The

Funds

value

equity

securities

at

the

last

reported

sale

price

on

the

principal

exchange

or

in

the

principal

over

the

counter

(“OTC”)

market

in

which

such

securities

are

traded,

as

of

the

close

of

regular

trading

on

the

NYSE

on

the

day

the

securities

are

being

valued

or,

if

the

last-quoted

sales

price

is

not

readily

available,

the

securities

will

be

valued

at

the

mean

between

the

last

available

bid

and

ask

price.

Securities

traded

on

the

NASDAQ

are

valued

at

the

NASDAQ

Official

Closing

Price

(“NOCP”).

Debt

securities

are

valued

by

utilizing

a

price

supplied

by

independent

pricing

service

providers.

The

independent

pricing

service

providers

may

use

various

valuation

methodologies

including

matrix

pricing

and

other

analytical

pricing

models

as

well

as

market

transactions

and

dealer

quotations.

These

models

generally

consider

such

factors

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon,

maturity,

ratings

and

general

market

conditions.

Pricing

services

generally

value

debt

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

such

securities

may

be

held

or

transactions

may

be

conducted

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

often

trade

at

lower

prices

than

institutional

round

lots.

Investments

in

open-end

investment

companies

are

valued

at

the

daily

closing

net

asset

value

of

the

respective

investment

company. If

a

price

is

not

readily

available

for

a

portfolio

security,

the

security

will

be

valued

at

fair

value

(the

amount

which

the

Funds

might

reasonably

expect

to

receive

for

the

security

upon

its

current

sale).

The

Board

of

Trustees

has

designated

the

Adviser

as

the

Funds’

valuation

designee

(the

“Valuation

Designee”)

to

make

all

fair

value

determinations

with

respect

to

the

Fund’s

portfolio

investments,

subject

to

the

Board’s

oversight.

As

the

Valuation

Designee,

the

Adviser

has

adopted

and

implemented

policies

and

procedures

to

be

followed

when

the

Fund

must

utilize

fair

value

pricing.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

27

(c)

Bank

Loans

The

Funds

may

purchase

participations

in

commercial

loans.

Such

investments

may

be

secured

or

unsecured.

Loan

participations

typically

represent

direct

participation,

together

with

other

parties,

in

a

loan

to

a

corporate

borrower,

and

generally

are

offered

by

banks

or

other

financial

institutions

or

lending

syndicates.

The

Funds

may

participate

in

such

syndications,

or

can

buy

part

of

a

loan,

becoming

a

part

lender.

When

purchasing

indebtedness

and

loan

participations,

the

Funds

assume

the

credit

risk

associated

with

the

corporate

borrower

and

may

assume

the

credit

risk

associated

with

an

interposed

bank

or

other

financial

intermediary.

The

indebtedness

and

loan

participations

in

which

the

Funds

intend

to

invest

may

not

be

rated

by

any

nationally

recognized

rating

service.

Bank

loans

may

be

structured

to

include

both

term

loans,

which

are

generally

fully

funded

at

the

time

of

investment

and

unfunded

loan

commitments,

which

are

contractual

obligations

for

future

funding.

Unfunded

loan

commitments

may

include

revolving

credit

facilities,

which

may

obligate

the

Funds

to

supply

additional

cash

to

the

borrower

on

demand,

representing

a

potential

financial

obligation

by

the

Funds

in

the

future.

The

Funds

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

portion

of

a

senior

floating

rate

interest.

Commitment

fees

are

processed

as

a

reduction

in

cost.

In

addition,

the

Funds

may

enter

into,

or

acquire

participations

in,

delayed

funding

loans

and

revolving

credit

facilities.

Delayed

funding

loans

and

revolving

credit

facilities

are

borrowing

arrangements

in

which

the

lender

agrees

to

make

loans

up

to

a

maximum

amount

upon

demand

by

the

borrower

during

a

specified

term.

A

revolving

credit

facility

differs

from

a

delayed

funding

loan

in

that

as

the

borrower

repays

the

loan,

an

amount

equal

to

the

repayment

may

be

borrowed

again

during

the

term

of

the

revolving

credit

facility.

Delayed

funding

loans

and

revolving

credit

facilities

usually

provide

for

floating

or

variable

rates

of

interest.

These

commitments

may

have

the

effect

of

requiring

the

Fund

to

increase

its

investment

in

a

company

at

a

time

when

it

might

not

otherwise

decide

to

do

so

(including

at

a

time

when

the

company's

financial

condition

makes

it

unlikely

that

such

amounts

will

be

repaid).

To

the

extent

that

the

Funds

are

committed

to

advance

additional

funds,

it

will

at

all-times

segregate

or

"earmark"

liquid

assets,

in

an

amount

sufficient

to

meet

such

commitments.

(d)

Asset-Backed Securities

Asset-backed

securities

include

pools

of

mortgages,

loans,

receivables

or

other

assets.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities,

and,

in

certain

cases,

supported

by

letters

of

credit,

surety

bonds,

or

other

credit

enhancements.

The

value

of

asset-backed

securities

may

also

be

affected

by

the

creditworthiness

of

the

servicing

agent

for

the

pool,

the

originator

of

the

loans

or

receivables,

or

the

financial

institution(s)

providing

the

credit

support.

In

addition,

asset-backed

securities

are

not

backed

by

any

governmental

agency. 

(e)

Collateralized Loan

Obligations

Collateralized

Debt

Obligations

(“CDOs”)

include

Collateralized

Bond

Obligations

(“CBOs”),

Collateralized

Loan

Obligations

(“CLOs”)

and

other

similarly

structured

securities.

CBOs

and

CLOs

are

types

of

asset-backed

securities.

A

CBO

is

a

trust

which

is

backed

by

a

diversified

pool

of

high

risk,

below

investment

grade

fixed

income

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

The

risks

of

an

investment

in

a

CDO

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Funds

invest.

CDOs

carry

additional

risks

including,

but

not

limited

to,

(i)

the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments,

(ii)

the

collateral

may

decline

in

value

or

default,

(iii)

the

Funds

may

invest

in

CDOs

that

are

subordinate

to

other

classes,

and

(iv)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results. 

(f)

Investment

Transactions,

Investment

Income

and

Expenses

Investment

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

on

investments

are

determined

on

the

identified

cost

basis.

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date

and

interest

income

is

recorded

on

an

accrual

basis.

Withholding

taxes

on

foreign

dividends,

if

applicable,

are

paid

(a

portion

of

which

may

be

reclaimable)

or

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

in

the

Statement

of

Operations.

Withholding

tax

reclaims

are

filed

in

certain

countries

to

recover

a

portion

of

the

amounts

previously

withheld.

The

Funds

record

a

reclaim

receivable

based

on

a

number

of

factors,

including

a

jurisdiction’s

legal

obligation

to

pay

reclaims

as

well

as

payment

history

and

market

convention.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

28

Discounts

on

debt

securities

are

accreted

or

amortized

to

interest

income

over

the

lives

of

the

respective

securities

using

the

effective

interest

method.

Premiums

for

callable

debt

securities

are

amortized

to

the

earliest

call

date,

if

the

call

price

was

less

than

the

purchase

price.

If

the

call

price

was

not

at

par

and

the

security

was

not

called,

the

security

is

amortized

to

the

next

call

price

and

date.

Expenses

incurred

by

the

Trust

with

respect

to

more

than

one

fund

are

allocated

in

proportion

to

the

net

assets

of

each

fund

except

where

allocation

of

direct

expenses

to

each

Fund

or

an

alternative

allocation

method

can

be

more

appropriately

made.

(g)

Federal

Income

Taxes

The

Funds

intend

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

substantially

all

of

their

net

investment

income

and

any

net

realized

gains

to

their

shareholders.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Due

to

the

timing

of

dividend

distributions

and

the

differences

in

accounting

for

income

and

realized

gains

and

losses

for

financial

statement

and

federal

income

tax

purposes,

the

fiscal

year

in

which

amounts

are

distributed

may

differ

from

the

year

in

which

the

income

and

realized

gains

and

losses

are

recorded

by

the

Funds.

Accounting

for

Uncertainty

in

Income

Taxes

(the

“Income

Tax

Statement”)

requires

an

evaluation

of

tax

positions

taken

(or

expected

to

be

taken)

in

the

course

of

preparing

a

Fund’s

tax

returns

to

determine

whether

these

positions

meet

a

“more-likely-than-not”

standard

that,

based

on

the

technical

merits,

have

a

more

than

fifty

percent

likelihood

of

being

sustained

by

a

taxing

authority

upon

examination.

A

tax

position

that

meets

the

“more-likely-than-not”

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

The

Income

Tax

Statement

requires

management

of

the

Funds

to

analyze

tax

positions

taken

in

the

prior

three

open

tax

years,

if

any,

and

tax

positions

expected

to

be

taken

in

the

Fund’s

current

tax

year,

as

defined

by

the

IRS

statute

of

limitations

for

all

major

jurisdictions,

including

federal

tax

authorities

and

certain

state

tax

authorities.

As

of

December

31,

2025, the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

benefits.

The

Funds

have

no

examination

in

progress

and

are

not

aware

of

any

tax

positions

for

which

they

are

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

(h)

Distributions

to

Shareholders

The

Funds

will

make

distributions

of

net

investment

income monthly

and

net

capital

gains,

if

any,

at

least

annually.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount

and

timing

of

distributions,

typically

in

December,

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

character

of

distributions

made

during

the

year

from

net

investment

income

or

net

realized

gains

may

differ

from

the

characterization

for

federal

income

tax

purposes

due

to

differences

in

the

recognition

of

income,

expense

and

gain

(loss)

items

for

financial

statement

and

tax

purposes.

These

differences

are

caused

primarily

by

excise

taxes

and

differences

in

the

timing

of

the

recognition

of

certain

components

of

income,

expense

or

realized

capital

gain

for

federal

income

tax

purposes.

Where

such

differences

are

permanent

in

nature,

GAAP

requires

that

they

be

reclassified

in

the

components

of

the

net

assets

based

on

their

ultimate

characterization

for

federal

income

tax

purposes.

Any

such

reclassifications

will

have

no

effect

on

net

assets,

results

of

operations

or

net

asset

values

per

share

of

the

Funds.

For

the

year

ended

June

30,

2025,

the

following

reclassifications

were

made:

3. Investment

Advisory

Agreement and

Other

Transactions

with

Affiliates

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

(the

“Agreement”)

with

Palmer

Square

Capital

Management

LLC

(the

“Adviser”).

Under

the

terms

of

the

Agreement,

the Palmer

Square

CLO

Senior

Debt

ETF

pays

a

monthly

investment

advisory

fee

to

the

Adviser

at

the

annual

rate

of

0.20%

of

 its

average

daily

net

assets

and

the Palmer

Square

Credit

Opportunities

ETF

pays

a

monthly

investment

advisory

fee

to

the

Adviser

at

the

annual

rate

of

0.50%

of

its

average

daily

net

assets.

Under

this

unitary

fee

structure,

the

Adviser

is

responsible

for

paying

most

of

the

ordinary

operating

expenses

of

the

Funds.

Distributable

Earnings

(Losses)

Paid-in

Capital

Palmer

Square

CLO

Senior

Debt

ETF

$

—

$

—

Palmer

Square

Credit

Opportunities

ETF

$

(14,606)

$

14,606

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

29

JP

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

is

each

Fund's

Custodian,

Administrator

and

Transfer

Agent.

The

Administrator

performs

various

administrative

and

accounting

services

for

the

Funds.

The

Administrator

prepares

various

federal

and

state

regulatory

filings,

reports

and

returns

for

the

Funds;

prepares

reports

and

materials

to

be

supplied

to

the

Trustees,

and

monitors

the

activities

of

the

Funds’

custodian,

transfer

agent

and

accountants,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

each

Fund.

As

compensation

for

such

services,

the

Adviser

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

instruments

during

the

period

ended December

31,

2025

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. Federal

Income

Taxes

At

December

31,

2025,

the

cost

of

securities

on

a

tax

basis

and

gross

unrealized

appreciation

and

depreciation

on

investments

for

federal

income

tax

purposes

were

as

follows:

As

of

June

30,

2025,

the

components

of

accumulated

earnings/(deficit)

on

tax

basis

were

as

follows:

Under

current

law,

each

Fund

is

permitted

to

treat

on

its

tax

return

as

dividends

paid

the

portion

of

redemption

proceeds

paid

to

redeeming

shareholders

that

represents

the

redeeming

shareholders'

portion

of

the

Fund's

accumulated

earnings

and

profits.

This

practice,

called

tax

“equalization,”

reduces

the

amount

of

income

and/or

gains

that

the

Funds

are

required

to

distribute

as

dividends

to

non-redeeming

shareholders.

While

subject

to

management’s

discretion,

any

available

tax

equalization

is

typically

applied

first

to

short

term

capital

gains,

next

to

long

term

capital

gains

and

then

to

ordinary

income.

To

the

extent

distributions

exceed

net

investment

income

and

net

realized

capital

gains

for

tax

purposes,

they

are

reported

as

a

tax

return

of

capital.

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

Cost

of

investments

$

70,824,248

$

117,874,349

Gross

unrealized

appreciation

$

101,636

$

613,382

Gross

unrealized

depreciation

(1,577)

(67,429)

Net

unrealized

appreciation

(depreciation)

on

investments

$

100,059

$

545,953

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

Undistributed

ordinary

income

$

87,778

$

210,185

Tax

accumulated

earnings

87,778

210,185

Accumulated

capital

and

other

losses

(2,529

)

—

Unrealized

appreciation

62,539

346,956

Total

accumulated

earnings

(deficit)

$

147,788

$

557,141

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

30

The

tax

character

of

the

distribution

paid

during

the period ended

June

30,

2025

were

as

follows:

At

June

30,

2025,

the

Funds

had

capital

loss

carryforwards,

which

reduce

the

Funds'

taxable

income

arising

from

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Code,

and

thus

will

reduce

the

amount

of

distributions

to

shareholders

which

would

otherwise

be

necessary

to

relieve

the

Funds

of

any

liability

for

federal

tax.

5. Issuance

and

Redemption

of

Fund

Shares

Each

Fund

only

issues

and

redeems

shares

to

certain

financial

institutions

(“Authorized

Participants”)

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

assets

(securities

and/or

cash),

in

large

blocks

known

as

Creation

Units,

each

of

which

is

comprised

of

a

specified

number

of

shares.

An

Authorized

Participant

is

either

(i)

a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii)

a

Depository

Trust

Company

participant

and,

in

each

case,

must

have

executed

a

Participation

Agreement

with

the

Distributor.

Retail

investors

may

only

purchase

and

sell

fund

shares

in

the

secondary

market

through

a

broker-dealer

and

such

transactions

may

be

subject

to

customary

commission

and

fee

rates

imposed

by

the

broker-dealer.

Authorized

Participants

may

pay

transaction

fees

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units.

The

transaction

fees

are

paid

directly

to

the

Fund

and

used

to

offset

Fund

custody

fees.

Certain

fees

or

costs

associated

with

Creation

Unit

purchases

may

be

paid

in

certain

circumstances.

In

addition,

the

Funds

may

from

time

to

time

waive

the

standard

transaction

fee.

The

net

custody

fees

charged

to

the

Funds

are

paid

for

by

the

Investment

Adviser

through

the

Funds’

Unitary

Fee. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statement

of

Changes

in

Net

Assets.

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

Credit

Opportunities

ETF

Distribution

paid

from:

2025

2025

Ordinary

income

$

994,859

$

1,396,696

Return

of

Capital

—

—

Net

long-term

capital

gains

—

—

Total

taxable

distributions

$

994,859

$

1,396,696

Total

distributions

paid

$

994,859

$

1,396,696

Not

Subject

to

Expiration

Long-Term

Short-Term

Total

Palmer

Square

CLO

Senior

Debt

ETF

$

—

$

2,529

$

2,529

Palmer

Square

Credit

Opportunities

ETF

$

—

$

—

$

—

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

31

6. Investment

Transactions

For

the

six

months

ended December

31,

2025, purchases

and

sales

of

investments,

(excluding

short-term

investments,

and

In-Kind

transactions)

were

as

follows:

7. Indemnifications

In

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

8. Fair

Value

Measurements

and

Disclosure

Fair

Value

Measurements

and

Disclosures

defines

fair

value,

establishes

a

framework

for

measuring

fair

value

in

accordance

with

GAAP,

and

expands

disclosure

about

fair

value

measurements.

It

also

provides

guidance

on

determining

when

there

has

been

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

a

liability,

when

a

transaction

is

not

orderly,

and

how

that

information

must

be

incorporated

into

a

fair

value

measurement.

Under

Fair

Value

Measurements

and

Disclosures,

various

inputs

are

used

in

determining

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

into

three

broad

Levels

as

described

below:

Level

1

–

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Funds

have

the

ability

to

access.

Level

2

–

Observable

inputs

other

than

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Funds’

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

Levels

of

the

fair

value

hierarchy.

All

Other

U.S.

Government

1

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Palmer

Square

CLO

Senior

Debt

ETF

$

49,891,169

$

16,275,577

$

—

$

—

Palmer

Square

Credit

Opportunities

ETF

$

74,030,046

$

42,802,861

$

1,651,078

$

—

1

U.S.

Government

transactions

are

defined

as

those

involving

long-term

U.S.

Treasury

bills,

bonds

and

notes.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

32

9. Investments

in

Affiliated

Issuers

An

affiliated

issuer

is

an

entity

in

which

the

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

any

investment

in

a

Palmer

Square

Fund.

Issuers

that

are

affiliates

of

the

Fund

at

period-end

are

noted

in

the

Fund’s

Schedule

of

Investments.

Additional

security

purchases

and

the

reduction

of

certain

securities

shares

outstanding

of

existing

portfolio

holdings

that

were

not

considered

affiliated

in

prior

years

may

result

in

the

Fund

owning

in

excess

of

5% of

the

outstanding

shares

at

period-end.

The

table

below

reflects

transactions

during

the

period

with

entities

that

are

affiliates

as

of

December

31,

2025

and

may

include

acquisitions

of

new

investments,

prior

year

holdings

that

became

affiliated

during

the

period

and

prior

period

affiliated

holdings

that

are

no

longer

affiliated

as

of

period-end: 

Palmer

Square

CLO

Senior

Debt

ETF

Level

1

Level

2

Level

3

Total

Assets

Investments

Collateralized

Loan

Obligations

$

—

$

70,459,469

$

—

$

70,459,469

Short-Term

Investments

464,838

—

—

464,838

Total

Investments

$

464,838

$

70,459,469

$

—

$

70,924,307

Palmer

Square

Credit

Opportunities

ETF

Level

1

Level

2

Level

3

Total

Assets

Investments

Asset-Backed

Securities

$

—

$

5,714,273

$

—

$

5,714,273

Bank

Loans

—

7,010,327

—

7,010,327

Collateralized

Loan

Obligations

—

60,630,520

—

60,630,520

Commercial

Mortgage-Backed

Securities

—

627,049

—

627,049

Corporate

Bonds

—

29,869,048

—

29,869,048

Residential

Mortgage-Backed

Securities

—

959,836

—

959,836

U.S.

Government

and

Agency

Securities

—

3,018,633

—

3,018,633

Short-Term

Investments

1,126,539

9,464,077

—

10,590,616

Total

Investments

$

1,126,539

$

117,293,763

$

—

$

118,420,302

    aa

Value

at

Beginning

of

Period

Purchases

1

Sales

Realized

Gain

(Loss)

Amortization

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Interest

Income

a      

a  

a  

a  

a  

a  

a  

a  

Palmer

Square

CLO

Senior

Debt

ETF

Palmer

Square

CLO

Ltd.

Series

2021-4A-BR

5.605%

(3-Month

Term

SOFR

+

170

basis

points),

7/15/2038

$750,938

$—

$—

$

—

$—

$

1,368

$

752,306

750,000

$

22,171

Palmer

Square

CLO

Ltd.

Series

2021-3A-A1R

5.195%

(3-Month

Term

SOFR

+

129

basis

points),

10/15/2038

$—

$1,000,000

$—

—

$—

1,498

1,001,498

1,000,000

20,881

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(unaudited)

33

10. Market

Disruption

and

Geopolitical

Risks

Certain

local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illnesses

and/or

other

public

health

issues,

financial

institution

instability

or

other

events

may

have

a

significant

impact

on

a

security

or

instrument.

These

types

of

events

and

other

like

them

are

collectively

referred

to

as

“Market

Disruptions

and

Geopolitical

Risks”

and

they

may

have

adverse

impacts

on

the

worldwide

economy,

as

well

as

the

economies

of

individual

countries,

the

financial

health

of

individual

companies

and

the

market

in

general

in

significant

and

unforeseen

ways.

Some

of

the

impacts

noted

in

recent

times

include

but

are

not

limited

to

embargos,

political

actions,

supply

chain

disruptions,

tariffs,

bank

failures,

restrictions

to

investment

and/or

monetary

movement

including

the

forced

selling

of

securities

or

the

inability

to

participate

impacted

markets.

The

duration

of

these

events

could

adversely

affect

the

Fund’s

performance,

the

performance

of

the

securities

in

which

the

Fund

invests

and

may

lead

to

losses

on

your

investment.

The

ultimate

impact

of

“Market

Disruptions

and

Geopolitical

Risks”

on

the

financial

performance

of

the

Fund’s

investments

is

not

reasonably

estimable

at

this

time.

Management

is

actively

monitoring

these

events.

11. Subsequent Events

The

Funds

have

adopted

financial

reporting

rules

regarding

subsequent

events

which

require

an

entity

to

recognize

in

the

financial

statements

the

effects

of

all

subsequent

events

that

provide

additional

evidence

about

conditions

that

existed

at

the

date

of

the

balance

sheet.

Management

has

evaluated

each

Fund’s

related

events

and

transactions

that

occurred

through

the

date

of

issuance

of

each

Fund’s

financial

statements.

There

were

no

events

or

transactions

that

occurred

during

this

period

that

materially

impacted

the

amounts

or

disclosures

in

each

Fund’s

financial

statements.

    aa

Value

at

Beginning

of

Period

Purchases

1

Sales

Realized

Gain

(Loss)

Amortization

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Interest

Income

a      

a  

a  

a  

a  

a  

a  

a  

Palmer

Square

CLO

Senior

Debt

ETF

(continued)

Palmer

Square

CLO

Ltd.

Series

2021-4A-B

6.168%

(3-Month

Term

SOFR

+

191.2

basis

points),

10/15/2034

$645,000

$—

$(645,000)

$

(45)

$(4)

$

49

$

—

—

$

111

Total

Affiliated

Securities

$1,395,938

$1,000,000

$(645,000)

$(45)

$(4)

$2,915

1,753,804

1,750,000

$43,163

1

May

include

partnership

adjustments,

and/or

corporate

actions.

34

Palmer

Square

Funds

Trust

Additional

Information

-

Items

8-11

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

no

matters

submitted

during

the

period

covered

by

the

report

to

a

vote

of

shareholders,

through

the

solicitation

of

proxies

or

otherwise. 

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

The

information

is

included

as

part

of

the

Financial

Statements

filed

under

Item

7(a)

for

of

this

Form.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contact.

There

were

no

approvals

or

renewals

of

investment

advisory

contracts

during

the

most

recent

fiscal

half-year.

PSFTETFSA1225

Palmer

Square

Funds

Trust

Palmer

Square

Income

Plus

Fund

Class

I

(Ticker:

PSYPX)

Class

T

(Ticker:

PSTPX)

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

(Ticker:

PSDSX)

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

DECEMBER

31,

2025

Palmer

Square

Funds

Trust

Table

of

Contents

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

1

Table

of

Contents

iii

Financial

Statements

and

Financial

Highlights

Schedule

of

Investments

Palmer

Square

Income

Plus

Fund

1

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

22

Statements

of

Assets

and

Liabilities

30

Statements

of

Operations

31

Statements

of

Changes

in

Net

Assets

32

Financial

Highlights

Palmer

Square

Income

Plus

Fund

33

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

35

Notes

to

Financial

Statements

36

Additional

Information

-

Items

8-11

51

This

report

and

the

financial

statements

contained

herein

are

provided

for

the

general

information

of

the

shareholders

of

the

Palmer

Square

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Funds

unless

preceded

or

accompanied

by

an

effective

shareholder

report

and

prospectus.

www.palmersquarefunds.com

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

As

of

December

31,

2025

(Unaudited)

1

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

—

9.4%

Ally

Auto

Receivables

Trust

Series

2025-1-A2

,

4.030%

,

7/17/2028

1

1,910,000

$

1,912,051

American

Express

Credit

Account

Master

Trust

Series

2023-1-A

,

4.870%

,

5/15/2028

1

5,195,000

5,214,537

BA

Credit

Card

Trust

Series

2023-A1-A1

,

4.790%

,

5/15/2028

1

4,320,000

4,334,859

Barings

Equipment

Finance

LLC

Series

2025-A-A2

,

4.640%

,

10/13/2028

1,2

3,484,942

3,507,346

Series

2025-B-A2

,

4.020%

,

2/13/2029

1,2

1,665,000

1,668,695

BofA

Auto

Trust

Series

2024-1A-A3

,

5.350%

,

11/15/2028

1,2

377,957

381,864

Capital

One

Multi-Asset

Execution

Trust

Series

2023-A1-A

,

4.420%

,

5/15/2028

1

5,020,000

5,030,163

Capital

One

Prime

Auto

Receivables

Trust

Series

2022-2-A3

,

3.660%

,

5/17/2027

1

846,104

845,831

Chase

Auto

Owner

Trust

Series

2024-5A-A2

,

4.400%

,

11/26/2027

1,2

205,193

205,355

Series

2025-2A-A2

,

3.910%

,

12/26/2028

1,2

2,630,000

2,631,896

Chase

Issuance

Trust

Series

2023-A1-A

,

5.160%

,

9/15/2028

1

4,610,000

4,654,314

Series

2024-A1-A

,

4.600%

,

1/15/2029

1

3,605,000

3,638,370

Citizens

Auto

Receivables

Trust

Series

2024-1-A3

,

5.110%

,

4/17/2028

1,2

3,869,074

3,890,714

Dell

Equipment

Finance

Trust

Series

2024-1-A3

,

5.390%

,

3/22/2030

1,2

4,633,284

4,667,600

DLLAA

LLC

Series

2023-1A-A3

,

5.640%

,

2/22/2028

1,2

3,057,615

3,091,188

Ford

Credit

Auto

Owner

Trust

Series

2024-D-A2A

,

4.590%

,

10/15/2027

1

544,680

545,836

GM

Financial

Automobile

Leasing

Trust

Series

2024-3-A2A

,

4.290%

,

1/20/2027

1

703,952

704,318

Series

2025-2-A2A

,

4.550%

,

7/20/2027

1

1,087,146

1,090,485

Series

2025-3-A2A

,

4.190%

,

10/20/2027

1

1,340,000

1,343,223

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2025-2-A2A

,

4.400%

,

2/16/2028

1

567,432

568,662

Series

2025-3-A2A

,

4.320%

,

6/16/2028

1

1,750,000

1,754,690

Honda

Auto

Receivables

Owner

Trust

Series

2023-3-A3

,

5.410%

,

2/18/2028

1

2,688,888

2,708,048

Series

2025-2-A2A

,

4.300%

,

1/18/2028

1

1,544,895

1,548,084

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B-A2A

,

4.580%

,

9/15/2027

1,2

1,490,383

1,496,177

Hyundai

Auto

Receivables

Trust

Series

2025-B-A2A

,

4.450%

,

8/15/2028

1

1,205,000

1,208,980

John

Deere

Owner

Trust

Series

2022-C-A3

,

5.090%

,

6/15/2027

1

337,937

338,783

Series

2024-A-A3

,

4.960%

,

11/15/2028

1

5,260,000

5,307,470

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

2

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(Continued)

Series

2025-A-A2A

,

4.230%

,

3/15/2028

1

1,143,830

$

1,146,079

Kubota

Credit

Owner

Trust

Series

2023-2A-A3

,

5.280%

,

1/18/2028

1,2

2,835,929

2,857,895

Series

2025-2A-A2

,

4.480%

,

4/17/2028

1,2

1,660,000

1,669,104

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A-A3

,

5.470%

,

10/20/2028

1,2

3,100,841

3,121,316

Tesla

Auto

Lease

Trust

Series

2024-A-A4

,

5.310%

,

12/20/2027

1,2

1,750,000

1,760,599

T-Mobile

US

Trust

Series

2024-1A-A

,

5.050%

,

9/20/2029

1,2

3,310,000

3,331,005

Toyota

Auto

Receivables

Owner

Trust

Series

2025-B-A2A

,

4.460%

,

3/15/2028

1

1,371,454

1,374,889

Toyota

Lease

Owner

Trust

Series

2024-A-A3

,

5.250%

,

4/20/2027

1,2

1,914,213

1,921,426

US

Bank

C&I

Credit-Linked

Notes

Series

2025-SUP2-B1

,

4.818%

,

9/25/2032

1,2

2,756,277

2,757,138

Series

2025-SUP2-C

,

5.774%

(30-Day

Term

SOFR

Average

+

190

basis

points),

9/25/2032

1,2,3

4,134,415

4,138,291

USB

Auto

Owner

Trust

Series

2025-1A-A2

,

4.510%

,

6/15/2028

1,2

941,366

943,466

Verizon

Master

Trust

Series

2023-7-A1A

,

5.670%

,

11/20/2029

1

5,920,000

6,017,064

Volkswagen

Auto

Loan

Enhanced

Trust

Series

2024-1-A2A

,

4.650%

,

11/22/2027

1

1,593,520

1,597,552

Volvo

Financial

Equipment

LLC

Series

2025-2A-A2

,

3.960%

,

6/15/2028

1,2

1,790,000

1,792,402

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$98,538,265)

98,717,765

BANK

LOANS

—

4.8%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Term

Loan

6.134%

(3-Month

Term

SOFR

+

225

basis

points),

4/20/2028

1,3,4

833,967

836,990

AmWINS

Group,

Inc.,

First

Lien,

Initial

Term

Loan

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

1/30/2032

1,3,4

990,000

993,965

Astoria

Energy

LLC,

First

Lien,

Advance

Term

Loan,

B

6.463%

(1-Month

Term

SOFR

+

2.75%;

3-Month

Term

SOFR

+

2.75%

basis

points),

6/16/2032

1,3,4

1,652,506

1,667,742

Avantor

Funding,

Inc.,

First

Lien,

Incremental

EUR

Term

Loan,

B6

4.401%

(1-month

EURIBOR

+

250

basis

points),

10/11/2032

3,4

1,375,000

1,622,218

Charter

Communications

Operating

LLC,

First

Lien,

Term

Loan,

B5

6.235%

(3-Month

Term

SOFR

+

225

basis

points),

12/15/2031

1,3,4

982,245

984,087

Core

&

Main

LP,

First

Lien,

Term

Loan,

D

5.690%

(3-Month

Term

SOFR

+

200

basis

points),

7/27/2028

1,3,4

1,482,515

1,489,009

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

Term

Loan,

B4

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

4/28/2028

1,3,4

1,959,911

1,964,115

EFS

Cogen

Holdings

I

LLC,

First

Lien,

Term

Loan,

B

6.672%

(3-Month

Term

SOFR

+

300

basis

points),

10/3/2031

3,4

1,301,291

1,313,257

Elanco

Animal

Health,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

B

5.623%

(1-Month

Term

SOFR

+

175

basis

points),

10/29/2032

3,4

1,994,173

2,000,196

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

3

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

BANK

LOANS

(Continued)

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

Term

Loan,

B

5.422%

(3-Month

Term

SOFR

+

175

basis

points),

12/2/2030

1,3,4

1,666,000

$

1,666,691

Froneri

International

Ltd.,

First

Lien,

Term

Loan,

B4

6.447%

(6-Month

Term

SOFR

+

225

basis

points),

9/30/2031

1,3,4

1,473,362

1,474,445

Go

Daddy

Operating

Co.

LLC,

First

Lien,

Term

Loan,

B8

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

11/9/2029

3,4

2,206,590

2,212,593

Hudson

River

Trading

LLC,

First

Lien,

Term

Loan,

B

6.486%

(1-Month

Term

SOFR

+

275

basis

points),

3/18/2030

1,3,4

1,954,756

1,965,478

Hunterstown

Generation

LLC,

First

Lien,

Term

Loan

7.002%

(3-Month

Term

SOFR

+

300

basis

points),

11/6/2031

3,4

1,917,184

1,922,322

Iridium

Satellite

LLC,

First

Lien,

Term

Loan,

B4

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

9/20/2030

1,3,4

1,346,817

1,315,585

Iron

Mountain,

Inc.,

First

Lien,

Amendment

No.

1

Incremental

Term

Loan,

B

5.716%

(1-Month

Term

SOFR

+

200

basis

points),

1/31/2031

1,3,4

989,899

991,136

Jane

Street

Group

LLC,

First

Lien,

Extended

Term

Loan,

B

5.822%

(3-Month

Term

SOFR

+

200

basis

points),

12/15/2031

1,3,4

996,896

993,467

Janus

International

Group

LLC,

First

Lien,

Term

Loan,

B

6.322%

(3-Month

Term

SOFR

+

250

basis

points),

8/5/2030

1,3,4

1,150,794

1,154,390

Koppers,

Inc.,

First

Lien,

2023

Term

Loan,

B2

6.220%

(1-Month

Term

SOFR

+

250

basis

points),

4/10/2030

3,4

989,975

987,505

Light

&

Wonder

International,

Inc.,

First

Lien,

Term

Loan,

B2

5.986%

(1-Month

Term

SOFR

+

225

basis

points),

4/16/2029

1,3,4

1,484,962

1,492,855

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

Term

Loan

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

10/23/2028

1,3,4

274,441

275,565

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

Term

Loan

6.466%

(1-Month

Term

SOFR

+

275

basis

points),

3/28/2031

1,3,4

1,797,716

1,801,653

PCI

Gaming

Authority,

First

Lien,

Term

Loan,

B

5.716%

(1-Month

Term

SOFR

+

200

basis

points),

7/18/2031

1,3,4

1,481,203

1,485,728

Peer

Holding

III

BV,

First

Lien,

Term

Loan,

B5

6.172%

(3-Month

Term

SOFR

+

250

basis

points),

7/1/2031

1,3,4

990,000

995,465

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

Term

Loan

6.252%

(3-Month

Term

SOFR

+

225

basis

points),

3/31/2028

1,3,4

1,492,481

1,498,459

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B3

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

2/10/2032

1,3,4

1,488,750

1,495,025

Ryan

Specialty

LLC,

First

Lien,

Term

Loan,

B1

5.716%

(1-Month

Term

SOFR

+

200

basis

points),

9/15/2031

1,3,4

1,732,500

1,737,741

Sazerac

Co.,

Inc.,

First

Lien,

Incremental

Term

Loan,

B1

6.280%

(1-Month

Term

SOFR

+

250

basis

points),

6/25/2032

1,3,4

1,750,000

1,755,591

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

1

Term

Loan

6.162%

(3-Month

Term

SOFR

+

225

basis

points),

4/9/2032

3,4

1,000,000

1,001,250

Trans

Union

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B9

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

6/24/2031

1,3,4

1,488,750

1,493,253

TransDigm,

Inc.,

First

Lien,

Term

Loan,

K

5.966%

(1-Month

Term

SOFR

+

225

basis

points),

3/22/2030

3,4

1,989,962

1,997,962

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan

5.873%

(1-Month

Term

SOFR

+

200

basis

points),

1/27/2031

1,3,4

992,462

995,261

WEX,

Inc.,

First

Lien,

Term

Loan,

B2

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

4/3/2028

1,3,4

1,989,924

1,997,078

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

4

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

BANK

LOANS

(Continued)

WMG

Acquisition

Corp.,

First

Lien,

Term

Loan,

B

5.572%

(3-Month

Term

SOFR

+

175

basis

points),

1/24/2031

3,4

1,950,000

$

1,959,750

Zegona

Holdco

Ltd.,

First

Lien,

Additional

EUR

Term

Loan,

B2

4.829%

(6-month

EURIBOR

+

275

basis

points),

7/17/2029

3,4

750,000

888,742

TOTAL

BANK

LOANS

(Cost

$50,249,943)

50,426,569

COLLATERALIZED

LOAN

OBLIGATIONS

—

30.0%

522

Funding

CLO

Ltd.

Series

2019-5A-AR

5.235%

(3-Month

Term

SOFR

+

133

basis

points),

4/15/2035

1,2,3

6,500,000

6,506,534

Series

2019-5A-ER

10.665%

(3-Month

Term

SOFR

+

676

basis

points),

4/15/2035

1,2,3

1,500,000

1,447,158

720

East

CLO

Ltd.

Series

2023-2A-D1R

6.925%

(3-Month

Term

SOFR

+

275

basis

points),

10/15/2038

1,2,3

1,250,000

1,256,928

Series

2023-2A-ER

9.675%

(3-Month

Term

SOFR

+

550

basis

points),

10/15/2038

1,2,3

1,125,000

1,132,545

AIMCO

CLO

Ltd.

Series

2019-10A-ARR

5.267%

(3-Month

Term

SOFR

+

141

basis

points),

7/22/2037

1,2,3

1,000,000

1,003,575

Anchorage

Credit

Funding

Ltd.

Series

2016-3A-BR

3.471%

,

1/28/2039

1,2

2,000,000

1,891,153

Annisa

CLO

Ltd.

Series

2016-2A-DRR

6.684%

(3-Month

Term

SOFR

+

280

basis

points),

7/20/2031

1,2,3

1,500,000

1,505,032

Apidos

CLO

Ltd.

Series

2015-23A-ARR

4.955%

(3-Month

Term

SOFR

+

105

basis

points),

4/15/2033

1,2,3

4,486,526

4,490,953

Series

2017-28A-C1R

7.124%

(3-Month

Term

SOFR

+

285

basis

points),

10/20/2038

1,2,3

1,750,000

1,764,683

Series

XXXA-CR

6.884%

(3-Month

Term

SOFR

+

300

basis

points),

10/18/2031

1,2,3

1,500,000

1,506,472

Ares

CLO

Ltd.

Series

2015-2A-A1R4

5.172%

(3-Month

Term

SOFR

+

129

basis

points),

7/17/2038

1,2,3

3,800,000

3,810,881

Series

2016-39A-AR3

5.304%

(3-Month

Term

SOFR

+

142

basis

points),

7/18/2037

1,2,3

3,750,000

3,763,451

Avoca

CLO

DAC

Series

32X-C

4.009%

(3-Month

EURIBOR

+

200

basis

points),

4/15/2039

1,3

1,500,000

1,766,066

Bain

Capital

Credit

CLO

Ltd.

Series

2018-2A-DR

6.834%

(3-Month

Term

SOFR

+

295

basis

points),

7/19/2031

1,2,3

1,500,000

1,505,029

Series

2023-1A-A1R

5.294%

(3-Month

Term

SOFR

+

140

basis

points),

7/16/2038

1,2,3

3,000,000

3,002,112

Series

2023-1A-D1R

7.094%

(3-Month

Term

SOFR

+

320

basis

points),

7/16/2038

1,2,3

1,250,000

1,260,522

Ballyrock

CLO

Ltd.

Series

2019-2A-C1R3

6.589%

(3-Month

Term

SOFR

+

270

basis

points),

10/25/2038

1,2,3

1,000,000

1,005,538

Series

2019-2A-C2R3

7.839%

(3-Month

Term

SOFR

+

395

basis

points),

10/25/2038

1,2,3

500,000

500,169

Series

2021-17A-C1R

6.584%

(3-Month

Term

SOFR

+

270

basis

points),

10/20/2038

1,2,3

1,500,000

1,510,232

Series

2021-17A-C2R

7.834%

(3-Month

Term

SOFR

+

395

basis

points),

10/20/2038

1,2,3

500,000

497,543

Series

2021-17A-DR

9.984%

(3-Month

Term

SOFR

+

610

basis

points),

10/20/2038

1,2,3

1,000,000

985,698

Barings

CLO

Ltd.

Series

2025-7A-C

5.478%

(3-Month

Term

SOFR

+

175

basis

points),

1/15/2038

1,2,3

1,000,000

999,964

Series

2025-7A-D1

6.428%

(3-Month

Term

SOFR

+

270

basis

points),

1/15/2038

1,2,3

1,000,000

999,960

Barings

Euro

CLO

Series

2015-1X-DRR

5.715%

(3-Month

EURIBOR

+

365

basis

points),

7/25/2035

1,3

3,500,000

4,124,214

Barings

Loan

Partners

CLO

Ltd.

Series

LP-5A-A

5.104%

(3-Month

Term

SOFR

+

122

basis

points),

1/20/2035

1,2,3

2,500,000

2,503,040

Battalion

CLO

Ltd.

Series

2016-10A-CR2

7.577%

(3-Month

Term

SOFR

+

371.2

basis

points),

1/25/2035

1,2,3

2,000,000

1,930,486

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

5

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Series

2020-15A-A1RR

4.862%

(3-Month

Term

SOFR

+

98

basis

points),

1/17/2033

1,2,3

1,272,023

$

1,271,867

Series

2020-15A-BR

5.382%

(3-Month

Term

SOFR

+

150

basis

points),

1/17/2033

1,2,3

1,000,000

999,750

Benefit

Street

Partners

CLO

Ltd.

Series

2014-IVA-AR5

5.204%

(3-Month

Term

SOFR

+

125

basis

points),

10/20/2038

1,2,3

2,500,000

2,501,440

Series

2019-17A-D1R2

7.055%

(3-Month

Term

SOFR

+

315

basis

points),

10/15/2037

1,2,3,5

1,000,000

1,008,691

Series

2022-27A-D1R

7.034%

(3-Month

Term

SOFR

+

315

basis

points),

10/20/2037

1,2,3

1,250,000

1,259,950

Series

2025-42A-B

5.771%

(3-Month

Term

SOFR

+

170

basis

points),

10/25/2038

1,2,3

1,250,000

1,257,797

BlueMountain

CLO

Ltd.

Series

2015-3A-A2R

5.646%

(3-Month

Term

SOFR

+

176.2

basis

points),

4/20/2031

1,2,3

2,000,000

2,007,218

Series

2020-29A-D2R

8.370%

(3-Month

Term

SOFR

+

451.2

basis

points),

7/25/2034

1,2,3

1,750,000

1,757,808

Bryant

Park

Funding

Ltd.

Series

2021-17RA-ER

10.814%

(3-Month

Term

SOFR

+

693

basis

points),

1/20/2038

1,2,3

1,000,000

1,001,288

Series

2024-23A-E

10.582%

(3-Month

Term

SOFR

+

673

basis

points),

5/15/2037

1,2,3

1,000,000

1,009,538

CarVal

CLO

Ltd.

Series

2019-1A-AR2

4.904%

(3-Month

Term

SOFR

+

102

basis

points),

4/20/2032

1,2,3

1,864,059

1,865,877

CBAMR

Ltd.

Series

2017-4A-BR

6.081%

(3-Month

Term

SOFR

+

180

basis

points),

3/31/2038

1,2,3

1,000,000

1,007,774

Cedar

Funding

CLO

Ltd.

Series

2014-4A-DR3

7.160%

(3-Month

Term

SOFR

+

330

basis

points),

1/23/2038

1,2,3

1,000,000

1,001,789

Series

2024-19A-A1

5.190%

(3-Month

Term

SOFR

+

133

basis

points),

1/23/2038

1,2,3

1,000,000

1,002,251

CIFC

European

Funding

CLO

DAC

Series

3X-D

5.609%

(3-Month

EURIBOR

+

360

basis

points),

1/15/2034

1,3

2,800,000

3,305,081

CIFC

Funding

Ltd.

Series

2013-3RA-A1R

4.865%

(3-Month

Term

SOFR

+

100

basis

points),

4/24/2031

1,2,3

1,876,081

1,875,612

Series

2019-1A-A1R2

5.244%

(3-Month

Term

SOFR

+

136

basis

points),

10/20/2037

1,2,3

3,900,000

3,911,696

CreekSource

Dunes

Creek

CLO

Ltd.

Series

2024-1A-D

7.005%

(3-Month

Term

SOFR

+

310

basis

points),

1/15/2038

1,2,3

1,250,000

1,256,596

Crestline

Denali

CLO

Ltd.

Series

2017-1A-D

7.876%

(3-Month

Term

SOFR

+

399.2

basis

points),

4/20/2030

1,2,3

800,000

804,335

CVC

Cordatus

Loan

Fund

DAC

Series

36X-B

4.063%

(3-Month

EURIBOR

+

200

basis

points),

10/20/2038

1,3

1,750,000

2,062,424

Dartry

Park

CLO

DAC

Series

1X-CRR

5.415%

(3-Month

EURIBOR

+

335

basis

points),

1/28/2034

1,3

2,250,000

2,656,511

Dewolf

Park

CLO

Ltd.

Series

2017-1A-AR

5.086%

(3-Month

Term

SOFR

+

118.2

basis

points),

10/15/2030

1,2,3

276,496

276,496

Dryden

CLO

Ltd.

Series

2019-75A-AR3

4.913%

(3-Month

Term

SOFR

+

104

basis

points),

4/14/2034

1,2,3

5,000,000

4,999,316

Series

2019-80A-BRR

5.382%

(3-Month

Term

SOFR

+

150

basis

points),

1/17/2033

1,2,3

2,000,000

2,005,570

Series

2020-86A-DR

7.343%

(3-Month

Term

SOFR

+

346.2

basis

points),

7/17/2034

1,2,3

1,000,000

999,775

Dryden

Euro

CLO

DAC

Series

2021-103X-B2R

5.150%

,

1/19/2038

1

2,000,000

2,359,255

Series

2024-124X-B2

5.100%

,

12/20/2037

1

2,500,000

2,949,028

Dryden

Senior

Loan

Fund

Series

2015-41A-DR

6.766%

(3-Month

Term

SOFR

+

286.2

basis

points),

4/15/2031

1,2,3

1,000,000

1,003,323

Series

2017-49A-DR

7.546%

(3-Month

Term

SOFR

+

366.2

basis

points),

7/18/2030

1,2,3

1,500,000

1,505,010

Eaton

Vance

CLO

Ltd.

Series

2013-1A-D1R4

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

10/15/2038

1,2,3

1,000,000

1,005,517

Series

2015-1A-DR

6.646%

(3-Month

Term

SOFR

+

276.2

basis

points),

1/20/2030

1,2,3

1,500,000

1,505,033

Series

2020-2A-ER2

10.405%

(3-Month

Term

SOFR

+

650

basis

points),

10/15/2037

1,2,3

1,000,000

1,005,039

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

6

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Elevation

CLO

Ltd.

Series

2018-10A-AR

4.804%

(3-Month

Term

SOFR

+

92

basis

points),

10/20/2031

1,2,3

247,287

$

247,587

Elmwood

CLO

Ltd.

Series

2019-3A-A1RR

5.264%

(3-Month

Term

SOFR

+

138

basis

points),

7/18/2037

1,2,3

1,750,000

1,755,477

Series

2020-3A-ARR

5.264%

(3-Month

Term

SOFR

+

138

basis

points),

7/18/2037

1,2,3

5,000,000

5,015,662

Series

2021-2A-D1R

6.534%

(3-Month

Term

SOFR

+

265

basis

points),

4/20/2038

1,2,3

1,000,000

1,002,217

Series

2021-3A-AR2

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

7/20/2038

1,2,3

1,000,000

1,003,233

Series

2021-3A-DR2

6.934%

(3-Month

Term

SOFR

+

305

basis

points),

7/20/2038

1,2,3

1,500,000

1,508,143

Series

2022-1A-A1R

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,3

2,000,000

2,004,066

Series

2022-1A-BR

5.584%

(3-Month

Term

SOFR

+

170

basis

points),

10/20/2038

1,2,3

2,000,000

2,011,353

Series

2022-6A-D1R2

6.611%

(3-Month

Term

SOFR

+

270

basis

points),

10/17/2038

1,2,3

1,500,000

1,508,314

Empower

CLO

Ltd.

Series

2022-1A-A1R

5.274%

(3-Month

Term

SOFR

+

139

basis

points),

10/20/2037

1,2,3

2,000,000

2,006,439

Series

2023-2A-AR

5.225%

(3-Month

Term

SOFR

+

132

basis

points),

10/15/2038

1,2,3

2,000,000

2,006,156

Series

2025-1A-A

5.194%

(3-Month

Term

SOFR

+

131

basis

points),

7/20/2038

1,2,3

3,750,000

3,760,090

Series

2025-1A-D1

6.834%

(3-Month

Term

SOFR

+

295

basis

points),

7/20/2038

1,2,3

1,000,000

1,005,442

Flatiron

CLO

Ltd.

Series

2020-1A-ER2

9.139%

(3-Month

Term

SOFR

+

525

basis

points),

11/20/2038

1,2,3

1,500,000

1,490,955

Series

2023-2A-E

11.735%

(3-Month

Term

SOFR

+

783

basis

points),

1/15/2037

1,2,3

1,000,000

1,022,597

Galaxy

CLO

Ltd.

Series

2023-32A-E

11.214%

(3-Month

Term

SOFR

+

733

basis

points),

10/20/2036

1,2,3

1,000,000

1,009,151

GoldenTree

Loan

Management

EUR

CLO

DAC

Series

5X-E

7.254%

(3-Month

EURIBOR

+

525

basis

points),

4/20/2034

1,3

1,000,000

1,169,231

Golub

Capital

Partners

CLO

Ltd.

Series

2024-74A-A

5.358%

(3-Month

Term

SOFR

+

150

basis

points),

7/25/2037

1,2,3

2,000,000

2,006,866

Golub

Capital

Partners

Static

Ltd.

Series

2024-1A-AR

5.446%

(3-Month

Term

SOFR

+

112

basis

points),

7/20/2035

1,2,3

3,100,000

3,104,717

Highbridge

Loan

Management

Ltd.

Series

5A-2015-DR3

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

10/15/2030

1,2,3

1,000,000

1,003,321

John

Deere

Owner

Trust

Series

2025-B-A2A

4.280%

,

7/17/2028

1

1,815,000

1,821,877

KKR

CLO

Ltd.

Series

18-A1R2

5.191%

(3-Month

Term

SOFR

+

105

basis

points),

10/18/2035

1,2,3

1,500,000

1,501,429

Series

40A-AR

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2034

1,2,3

3,000,000

3,005,325

KKR

Financial

CLO

Ltd.

Series

2013-1A-D1R3

7.085%

(3-Month

Term

SOFR

+

325

basis

points),

10/15/2038

1,2,3

1,000,000

1,007,941

Madison

Park

Funding

Ltd.

Series

2019-35A-A1R

5.136%

(3-Month

Term

SOFR

+

125.2

basis

points),

4/20/2032

1,2,3

1,603,707

1,604,511

Magnetite

Ltd.

Series

2020-25A-E

10.470%

(3-Month

Term

SOFR

+

661.2

basis

points),

1/25/2032

1,2,3

1,000,000

1,006,451

Menlo

CLO

Ltd.

Series

2024-1A-D1

7.134%

(3-Month

Term

SOFR

+

325

basis

points),

1/20/2038

1,2,3

1,500,000

1,507,877

Series

2025-3A-A

5.194%

(3-Month

Term

SOFR

+

130

basis

points),

10/16/2038

1,2,3

3,500,000

3,502,402

Milos

CLO

Ltd.

Series

2017-1A-AR

5.216%

(3-Month

Term

SOFR

+

133.2

basis

points),

10/20/2030

1,2,3

99,267

99,389

Mountain

View

CLO

Ltd.

Series

2019-1A-DR

8.106%

(3-Month

Term

SOFR

+

420.2

basis

points),

10/15/2034

1,2,3

1,500,000

1,506,122

Neuberger

Berman

CLO

Ltd.

Series

2016-22A-ER2

10.712%

(3-Month

Term

SOFR

+

683

basis

points),

4/15/2038

1,2,3

1,000,000

1,009,491

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

7

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Series

2017-16SA-A1R2

5.085%

(3-Month

Term

SOFR

+

118

basis

points),

4/15/2039

1,2,3

5,000,000

$

4,999,501

Series

2017-16SA-D1R2

6.605%

(3-Month

Term

SOFR

+

270

basis

points),

4/15/2039

1,2,3

1,000,000

1,005,507

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

Series

2018-28A-D1R

7.084%

(3-Month

Term

SOFR

+

320

basis

points),

10/20/2038

1,2,3

1,000,000

1,010,073

Series

2019-33A-AR2

5.114%

(3-Month

Term

SOFR

+

122

basis

points),

4/16/2039

1,2,3

1,000,000

1,000,959

Neuberger

Berman

Loan

Advisers

Euro

CLO

DAC

Series

2021-1X-D

5.016%

(3-Month

EURIBOR

+

300

basis

points),

4/17/2034

1,3

1,000,000

1,184,806

New

Mountain

CLO

Ltd.

Series

CLO-4A-BR

5.934%

(3-Month

Term

SOFR

+

205

basis

points),

3/20/2038

1,2,3

1,000,000

1,004,156

Series

CLO-6A-D1

6.984%

(3-Month

Term

SOFR

+

310

basis

points),

10/15/2037

1,2,3

1,750,000

1,763,948

Oaktree

CLO

Ltd.

Series

2019-3A-A1R2

5.264%

(3-Month

Term

SOFR

+

138

basis

points),

1/20/2038

1,2,3

2,000,000

2,000,505

OCP

CLO

Ltd.

Series

2017-13A-AR2

5.210%

(3-Month

Term

SOFR

+

134

basis

points),

11/26/2037

1,2,3

3,500,000

3,510,427

Series

2017-14A-A1R

5.254%

(3-Month

Term

SOFR

+

137

basis

points),

7/20/2037

1,2,3

3,000,000

3,009,434

Series

2019-17A-BR2

5.634%

(3-Month

Term

SOFR

+

175

basis

points),

7/20/2037

1,2,3

1,500,000

1,504,305

Series

2020-18A-ER2

10.134%

(3-Month

Term

SOFR

+

625

basis

points),

7/20/2037

1,2,3

1,000,000

1,012,180

Series

2022-25A-A1R

5.304%

(3-Month

Term

SOFR

+

142

basis

points),

7/20/2037

1,2,3

4,000,000

4,014,314

Series

2023-30A-E

10.955%

(3-Month

Term

SOFR

+

709

basis

points),

1/24/2037

1,2,3

1,500,000

1,500,000

Series

2024-31A-A1

5.514%

(3-Month

Term

SOFR

+

163

basis

points),

4/20/2037

1,2,3

4,500,000

4,508,940

Series

2024-32A-D2

9.050%

,

4/23/2037

1,2

1,500,000

1,513,130

Series

2024-32A-E

10.620%

(3-Month

Term

SOFR

+

676

basis

points),

4/23/2037

1,2,3

895,000

909,839

OCP

Euro

CLO

DAC

Series

2023-8X-BR

4.028%

(3-Month

EURIBOR

+

190

basis

points),

1/20/2040

1,3

3,000,000

3,525,565

Series

2023-8X-DR

5.428%

(3-Month

EURIBOR

+

330

basis

points),

1/20/2040

1,3

1,000,000

1,175,181

OCP

Euro

DAC

Series

2025-12A-B2

4.700%

,

1/20/2038

1,2

1,500,000

1,743,697

Octagon

Investment

Partners

Ltd.

Series

2014-1A-DRR

6.869%

(3-Month

Term

SOFR

+

301.2

basis

points),

1/22/2030

1,2,3

750,000

753,011

Series

2019-1A-AR2

5.055%

(3-Month

Term

SOFR

+

115

basis

points),

10/15/2034

1,2,3

3,000,000

3,000,750

Series

2019-1A-D1R

6.681%

(3-Month

Term

SOFR

+

285

basis

points),

10/15/2038

1,2,3

500,000

500,011

Octagon

Ltd.

Series

2021-1A-AR

4.962%

(3-Month

Term

SOFR

+

107

basis

points),

10/15/2034

1,2,3

5,000,000

4,999,358

Series

2021-1A-D

7.266%

(3-Month

Term

SOFR

+

336.2

basis

points),

10/15/2034

1,2,3

1,000,000

997,944

OHA

Credit

Funding

Ltd.

Series

2022-11A-B1R

5.484%

(3-Month

Term

SOFR

+

160

basis

points),

7/19/2037

1,2,3

1,000,000

1,002,329

OZLM

Ltd.

Series

2014-6A-CT

6.782%

(3-Month

Term

SOFR

+

290

basis

points),

4/17/2031

1,2,3

2,000,000

2,007,247

Penta

CLO

DAC

Series

2017-3X-CRR

4.016%

(3-Month

EURIBOR

+

200

basis

points),

10/17/2038

1,3

1,500,000

1,766,070

Post

CLO

Ltd.

Series

2018-1A-D1R

7.294%

(3-Month

Term

SOFR

+

340

basis

points),

10/16/2037

1,2,3

1,000,000

1,007,913

Series

2021-1A-DR

6.905%

(3-Month

Term

SOFR

+

300

basis

points),

10/15/2034

1,2,3

1,250,000

1,250,037

Series

2022-1A-A

5.264%

(3-Month

Term

SOFR

+

138

basis

points),

4/20/2035

1,2,3

4,500,000

4,510,490

Series

2023-1A-A1R

5.160%

(3-Month

Term

SOFR

+

130

basis

points),

10/20/2038

1,2,3

4,500,000

4,511,510

Series

2023-1A-BR

5.560%

(3-Month

Term

SOFR

+

170

basis

points),

10/20/2038

1,2,3

1,500,000

1,509,431

Series

2023-1A-D1R

6.710%

(3-Month

Term

SOFR

+

285

basis

points),

10/20/2038

1,2,3

2,000,000

2,017,319

Series

2023-1A-D2R

7.810%

(3-Month

Term

SOFR

+

395

basis

points),

10/20/2038

1,2,3

200,000

200,003

Series

2024-1A-A1

5.484%

(3-Month

Term

SOFR

+

160

basis

points),

4/20/2037

1,2,3

5,000,000

5,025,862

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

8

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Series

2024-2A-E

10.384%

(3-Month

Term

SOFR

+

650

basis

points),

1/20/2038

1,2,3

1,000,000

$

1,030,688

Series

2025-1A-D2

7.610%

(3-Month

Term

SOFR

+

390

basis

points),

1/20/2039

1,2,3

1,000,000

999,756

Series

2025-1A-E

9.110%

(3-Month

Term

SOFR

+

540

basis

points),

1/20/2039

1,2,3

1,000,000

996,167

Recette

CLO

Ltd.

Series

2015-1A-FRR

12.616%

(3-Month

Term

SOFR

+

873.2

basis

points),

4/20/2034

1,2,3

1,000,000

884,670

Regatta

Funding

Ltd.

Series

2016-1A-A1R3

4.765%

(3-Month

Term

SOFR

+

107

basis

points),

6/20/2034

1,2,3

3,000,000

3,000,143

Series

2016-1A-ER3

10.095%

(3-Month

Term

SOFR

+

640

basis

points),

6/20/2034

1,2,3

2,000,000

1,997,009

Series

2019-2A-ER

11.005%

(3-Month

Term

SOFR

+

710

basis

points),

1/15/2033

1,2,3

1,000,000

1,005,791

Romark

Ltd.

Series

2018-1A-A1

5.176%

(3-Month

Term

SOFR

+

129.2

basis

points),

4/20/2031

1,2,3

666,000

666,821

Shackleton

CLO

Ltd.

Series

2013-4RA-C

7.043%

(3-Month

Term

SOFR

+

313.2

basis

points),

4/13/2031

1,2,3

2,250,000

2,257,441

Series

2019-14A-ERR

9.784%

(3-Month

Term

SOFR

+

590

basis

points),

7/20/2034

1,2,3

1,000,000

988,119

Signal

Peak

CLO

Ltd.

Series

2017-4A-AR2

4.978%

(3-Month

Term

SOFR

+

112

basis

points),

10/26/2034

1,2,3

2,000,000

2,000,138

Silver

Point

CLO

Ltd.

Series

2025-12A-A1

5.288%

(3-Month

Term

SOFR

+

131

basis

points),

10/15/2038

1,2,3

2,000,000

2,006,000

Series

2025-9A-A1

5.808%

(3-Month

Term

SOFR

+

152

basis

points),

3/31/2038

1,2,3

2,000,000

2,005,501

Sixth

Street

CLO

Ltd.

Series

2023-22A-D1R

6.520%

(3-Month

Term

SOFR

+

265

basis

points),

4/21/2038

1,2,3

1,000,000

1,006,595

Sound

Point

CLO

Ltd.

Series

2019-3A-DR

7.620%

(3-Month

Term

SOFR

+

376.2

basis

points),

10/25/2034

1,2,3

1,500,000

1,434,392

Symphony

CLO

Ltd.

Series

2021-25A-AR

4.874%

(3-Month

Term

SOFR

+

105

basis

points),

4/19/2034

1,2,3

2,500,000

2,499,904

TCI-Symphony

CLO

Ltd.

Series

2016-1A-AR2

5.193%

(3-Month

Term

SOFR

+

128.2

basis

points),

10/13/2032

1,2,3

1,218,302

1,218,945

Thayer

Park

CLO

Ltd.

Series

2017-1A-A1RR

4.868%

(3-Month

Term

SOFR

+

100

basis

points),

4/20/2034

1,2,3

3,750,000

3,748,438

THL

Credit

Wind

River

CLO

Ltd.

Series

2019-3A-AR3

4.992%

(3-Month

Term

SOFR

+

120

basis

points),

1/15/2038

1,2,3

2,000,000

2,004,883

Toyota

Lease

Owner

Trust

Series

2025-A-A2A

4.580%

,

7/20/2027

1,2

2,855,525

2,864,660

Trestles

CLO

Ltd.

Series

2017-1A-A1RR

5.318%

(3-Month

Term

SOFR

+

146

basis

points),

7/25/2037

1,2,3

4,000,000

4,016,058

Series

2018-2A-A1R

5.428%

(3-Month

Term

SOFR

+

157

basis

points),

7/25/2037

1,2,3

3,000,000

3,014,659

Series

2023-6A-A1R

5.038%

(3-Month

Term

SOFR

+

118

basis

points),

4/25/2038

1,2,3

2,000,000

1,996,942

Trinitas

CLO

Ltd.

Series

2019-10A-AR2

4.948%

(3-Month

Term

SOFR

+

114

basis

points),

1/15/2035

1,2,3

2,000,000

2,000,033

Series

2021-15A-A1R

4.977%

(3-Month

Term

SOFR

+

112

basis

points),

4/22/2034

1,2,3

3,000,000

3,000,885

Series

2021-15A-B1R

5.507%

(3-Month

Term

SOFR

+

165

basis

points),

4/22/2034

1,2,3

1,000,000

1,001,829

Series

2022-21A-C1R

5.834%

(3-Month

Term

SOFR

+

195

basis

points),

4/20/2038

1,2,3

1,250,000

1,257,142

Series

2024-29A-A1

5.350%

(3-Month

Term

SOFR

+

149

basis

points),

7/23/2037

1,2,3

3,000,000

3,008,943

Venture

CLO

Ltd.

Series

2019-38A-ARR

4.838%

(3-Month

Term

SOFR

+

100

basis

points),

7/30/2032

1,2,3

1,111,939

1,112,955

Verdelite

Static

CLO

Ltd.

Series

2024-1A-D

6.734%

(3-Month

Term

SOFR

+

285

basis

points),

7/20/2032

1,2,3

1,250,000

1,251,290

Voya

CLO

Ltd.

Series

2013-1A-CR

7.116%

(3-Month

Term

SOFR

+

321.2

basis

points),

10/15/2030

1,2,3

1,000,000

1,003,318

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

9

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

Series

2013-2A-CR

6.870%

(3-Month

Term

SOFR

+

301.2

basis

points),

4/25/2031

1,2,3

2,000,000

$

2,006,798

Series

2015-3A-A1R4

4.844%

(3-Month

Term

SOFR

+

96

basis

points),

10/20/2031

1,2,3

1,306,532

1,308,021

Series

2017-1A-C

7.473%

(3-Month

Term

SOFR

+

359.2

basis

points),

4/17/2030

1,2,3

1,250,000

1,254,147

Series

2020-3A-ARR

5.120%

(3-Month

Term

SOFR

+

125

basis

points),

1/20/2038

1,2,3

1,500,000

1,501,410

Series

2021-3A-A1R

5.155%

(3-Month

Term

SOFR

+

125

basis

points),

4/15/2038

1,2,3

3,000,000

3,002,143

Voya

Euro

CLO

DAC

Series

1A-B2R

5.150%

,

10/15/2037

1,2

2,000,000

2,356,450

Series

9X-B1

3.872%

(3-Month

EURIBOR

+

195

basis

points),

10/15/2038

1,3

1,875,000

2,209,251

Whitebox

CLO

Ltd.

Series

2020-2A-A1R2

5.245%

(3-Month

Term

SOFR

+

138

basis

points),

10/24/2037

1,2,3

1,000,000

1,002,981

Series

2023-4A-D1R

7.784%

(3-Month

Term

SOFR

+

390

basis

points),

4/20/2036

1,2,3

1,000,000

1,004,624

Series

2025-5A-B

5.954%

(3-Month

Term

SOFR

+

170

basis

points),

7/20/2038

1,2,3

1,000,000

1,005,535

Wind

River

CLO

Ltd.

Series

2021-4A-AR

5.100%

(3-Month

Term

SOFR

+

123

basis

points),

1/20/2035

1,2,3

4,000,000

4,001,010

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

(Cost

$312,654,627)

315,210,662

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

0.1%

FNMA

Series

2004-T5-AB4

,

4.273%

,

5/28/2035

1

559,763

553,998

TOTAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

(Cost

$541,300)

553,998

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

1.0%

BBCMS

Mortgage

Trust

Series

2019-BWAY-A

,

4.820%

(1-Month

Term

SOFR

+

107

basis

points),

11/15/2034

2,3

2,484,359

1,576,301

Series

2019-BWAY-D

,

2.714%

(1-Month

Term

SOFR

+

227.4

basis

points),

11/15/2034

2,3

2,000,000

26,229

BPR

Trust

Series

2021-WILL-B

,

6.865%

(1-Month

Term

SOFR

+

311.4

basis

points),

6/15/2038

2,3

1,000,000

997,086

BX

Trust

Series

2022-CLS-A

,

5.760%

,

10/13/2027

2

2,000,000

2,008,157

GS

Mortgage

Securities

Corp.

Trust

Series

2012-BWTR-A

,

2.954%

,

11/5/2034

1,2

3,906,410

3,440,408

NYO

Commercial

Mortgage

Trust

Series

2021-1290-A

,

4.960%

(1-Month

Term

SOFR

+

120.9

basis

points),

11/15/2038

2,3

2,880,000

2,877,847

Worldwide

Plaza

Trust

Series

2017-WWP-F

,

3.596%

,

11/10/2036

2

1,575,000

8,111

TOTAL

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

(Cost

$15,380,301)

10,934,139

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

10

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CONVERTIBLE

BONDS

—0.1%

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

—

0.1%

XPLR

Infrastructure

LP

2.500%,

6/15/2026

2,6

1,245,000

$

1,224,831

TOTAL

CONVERTIBLE

BONDS

(Cost

$1,216,882)

1,224,831

CORPORATE

BONDS

—31.9%

AUTOMOBILES

—

0.6%

BMW

US

Capital

LLC

3.625%,

4/18/2029

1,2

1,125,000

1,106,231

General

Motors

Co.

6.800%,

10/1/2027

1

1,950,000

2,030,879

Hyundai

Capital

America

2.750%,

9/27/2026

1,2

2,446,000

2,422,138

Volkswagen

Group

of

America

Finance

LLC

5.400%,

3/20/2026

1,2

1,050,000

1,052,831

6,612,079

BEVERAGES

—

0.7%

Anheuser-Busch

InBev

Worldwide,

Inc.

4.750%,

1/23/2029

1

1,650,000

1,683,532

Constellation

Brands,

Inc.

2.250%,

8/1/2031

1

1,500,000

1,331,549

Keurig

Dr.

Pepper,

Inc.

4.350%,

5/15/2028

1

2,310,000

2,317,681

Keurig

Dr.

Pepper,

Inc.

3.950%,

4/15/2029

1

1,510,000

1,494,096

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

4.375%,

4/30/2029

1,2

850,000

827,967

7,654,825

BIOTECHNOLOGY

—

0.8%

AbbVie,

Inc.

4.250%,

11/14/2028

1

4,100,000

4,146,098

Amgen,

Inc.

2.200%,

2/21/2027

1

2,750,000

2,698,950

Amgen,

Inc.

5.150%,

3/2/2028

1

2,045,000

2,093,263

8,938,311

BROADLINE

RETAIL

—

0.2%

Amazon.com,

Inc.

3.900%,

11/20/2028

1

170,000

170,566

Amazon.com,

Inc.

4.100%,

11/20/2030

1

320,000

320,445

Match

Group

Holdings

II

LLC

4.625%,

6/1/2028

1,2

1,664,000

1,657,008

2,148,019

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

11

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

BUILDING

PRODUCTS

—

0.4%

Advanced

Drainage

Systems,

Inc.

5.000%,

9/30/2027

1,2

1,600,000

$

1,603,626

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/1/2028

1,2

2,710,000

2,724,612

4,328,238

CAPITAL

MARKETS

—

0.3%

Intercontinental

Exchange,

Inc.

4.000%,

9/15/2027

1

1,500,000

1,503,914

Intercontinental

Exchange,

Inc.

2.100%,

6/15/2030

1

1,500,000

1,374,447

2,878,361

CHEMICALS

—

0.6%

HB

Fuller

Co.

4.250%,

10/15/2028

1

1,645,000

1,631,804

Sherwin-Williams

Co.

(The)

3.450%,

6/1/2027

1

4,775,000

4,741,713

6,373,517

COMMERCIAL

SERVICES

&

SUPPLIES

—

1.2%

Clean

Harbors,

Inc.

5.125%,

7/15/2029

1,2

575,000

576,011

GFL

Environmental,

Inc.

4.000%,

8/1/2028

1,2

2,675,000

2,640,022

Veralto

Corp.

5.500%,

9/18/2026

1

4,775,000

4,816,991

Waste

Management,

Inc.

4.875%,

2/15/2029

1

4,296,000

4,408,199

12,441,223

CONSTRUCTION

&

ENGINEERING

—

0.4%

MasTec,

Inc.

4.500%,

8/15/2028

1,2

3,745,000

3,725,980

CONSUMER

FINANCE

—

2.3%

American

Honda

Finance

Corp.

4.515%(Term

SOFR

+

71

basis

points),

1/9/2026

3

4,275,000

4,275,439

American

Honda

Finance

Corp.

4.336%(Term

SOFR

+

55

basis

points),

5/21/2026

3

1,000,000

1,001,205

Avolon

Holdings

Funding

Ltd.

5.150%,

1/15/2030

1,2

1,565,000

1,591,415

Caterpillar

Financial

Services

Corp.

4.233%(Term

SOFR

+

46

basis

points),

2/27/2026

3

1,810,000

1,811,157

Caterpillar

Financial

Services

Corp.

4.176%(Term

SOFR

+

38

basis

points),

1/7/2027

3

1,525,000

1,527,507

Caterpillar

Financial

Services

Corp.

4.309%(Term

SOFR

+

52

basis

points),

5/14/2027

3

1,475,000

1,481,903

Ford

Motor

Credit

Co.

LLC

2.900%,

2/10/2029

1

1,875,000

1,762,797

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

12

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

CONSUMER

FINANCE

(Continued)

General

Motors

Financial

Co.,

Inc.

4.824%(Term

SOFR

+

104

basis

points),

2/26/2027

3

2,019,000

$

2,022,532

John

Deere

Capital

Corp.

4.109%(Term

SOFR

+

44

basis

points),

3/6/2026

3

4,265,000

4,267,483

Toyota

Motor

Credit

Corp.

4.254%(SOFR

Index

+

45

basis

points),

4/10/2026

3

1,450,000

1,451,140

Toyota

Motor

Credit

Corp.

4.667%(SOFR

Index

+

89

basis

points),

5/18/2026

3

930,000

932,374

Toyota

Motor

Credit

Corp.

4.562%(Term

SOFR

+

77

basis

points),

8/7/2026

3

1,650,000

1,655,560

23,780,512

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

—

0.4%

7-Eleven,

Inc.

0.950%,

2/10/2026

1,2

2,303,000

2,294,975

7-Eleven,

Inc.

1.300%,

2/10/2028

1,2

2,300,000

2,172,727

4,467,702

CONTAINERS

&

PACKAGING

—

0.5%

Graphic

Packaging

International

LLC

3.750%,

2/1/2030

1,2

2,225,000

2,112,287

Silgan

Holdings,

Inc.

4.250%,

2/15/2031

1,7

2,825,000

3,369,750

5,482,037

DISTRIBUTORS

—

0.3%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.000%,

1/15/2028

1,2

2,965,000

2,946,931

DIVERSIFIED

REITS

—

0.6%

Digital

Realty

Trust

LP

3.700%,

8/15/2027

1

3,505,000

3,488,210

Simon

Property

Group

LP

3.250%,

11/30/2026

1

3,200,000

3,182,753

6,670,963

DIVERSIFIED

TELECOMMUNICATION

SERVICES

—

0.8%

AT&T,

Inc.

1.650%,

2/1/2028

1

4,125,000

3,933,127

Verizon

Communications,

Inc.

4.329%,

9/21/2028

1

2,860,000

2,884,115

Verizon

Communications,

Inc.

4.016%,

12/3/2029

1

2,025,000

2,010,164

8,827,406

ELECTRIC

UTILITIES

—

1.7%

AEP

Transmission

Co.

LLC

3.100%,

12/1/2026

1

1,150,000

1,141,756

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

13

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

ELECTRIC

UTILITIES

(Continued)

Duke

Energy

Corp.

3.150%,

8/15/2027

1

3,415,000

$

3,375,073

Eversource

Energy

5.450%,

3/1/2028

1

2,200,000

2,255,984

NextEra

Energy

Capital

Holdings,

Inc.

4.556%(SOFR

Index

+

76

basis

points),

1/29/2026

3

890,000

890,363

NextEra

Energy

Capital

Holdings,

Inc.

3.550%,

5/1/2027

1

3,500,000

3,480,995

NRG

Energy,

Inc.

5.750%,

7/15/2029

1,2

1,100,000

1,100,115

Southern

Co.

(The)

5.113%,

8/1/2027

2,025,000

2,058,890

Vistra

Operations

Co.

LLC

4.375%,

5/1/2029

1,2

2,725,000

2,692,136

Vistra

Operations

Co.

LLC

4.300%,

7/15/2029

1,2

754,000

749,083

17,744,395

ELECTRICAL

EQUIPMENT

—

0.3%

Vertiv

Group

Corp.

4.125%,

11/15/2028

1,2

2,734,000

2,702,012

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

—

0.1%

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/1/2031

1

1,515,000

1,411,908

ENERGY

EQUIPMENT

&

SERVICES

—

0.3%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.250%,

4/1/2028

1,2

2,675,000

2,692,866

ENTERTAINMENT

—

0.4%

Netflix,

Inc.

4.875%,

4/15/2028

1

4,250,000

4,341,993

FINANCIAL

SERVICES

—

0.9%

Block,

Inc.

6.000%,

8/15/2033

1,2

1,336,000

1,372,298

Fiserv,

Inc.

3.200%,

7/1/2026

1

2,150,000

2,141,112

Mastercard,

Inc.

4.206%(SOFR

Index

+

44

basis

points),

3/15/2028

1,3

1,920,000

1,928,007

Siemens

Financieringsmaatschappij

NV

3.400%,

3/16/2027

1,2

3,950,000

3,936,872

9,378,289

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

14

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

FOOD

PRODUCTS

—

1.8%

Flowers

Foods,

Inc.

2.400%,

3/15/2031

1

2,060,000

$

1,821,424

General

Mills,

Inc.

4.200%,

4/17/2028

1

3,250,000

3,263,389

Hormel

Foods

Corp.

1.800%,

6/11/2030

1

1,190,000

1,074,710

J.

M.

Smucker

Co.

(The)

5.900%,

11/15/2028

1

1,600,000

1,676,910

J.

M.

Smucker

Co.

(The)

2.375%,

3/15/2030

1

1,900,000

1,767,267

Mars,

Inc.

4.600%,

3/1/2028

1,2

5,130,000

5,201,442

Mondelez

International

Holdings

Netherlands

BV

1.250%,

9/24/2026

1,2

1,720,000

1,687,052

Mondelez

International,

Inc.

2.625%,

3/17/2027

1

2,500,000

2,461,627

18,953,821

GROUND

TRANSPORTATION

—

0.6%

Ashtead

Capital,

Inc.

4.375%,

8/15/2027

1,2

2,000,000

1,999,659

Ashtead

Capital,

Inc.

4.000%,

5/1/2028

1,2

1,000,000

989,451

CSX

Corp.

3.800%,

3/1/2028

1

3,750,000

3,746,762

6,735,872

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

—

1.2%

Avantor

Funding,

Inc.

3.875%,

11/1/2029

1,2

700,000

672,497

Baxter

International,

Inc.

1.730%,

4/1/2031

1

2,500,000

2,141,924

Becton

Dickinson

&

Co.

3.700%,

6/6/2027

1

1,725,000

1,718,508

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/2027

1

4,085,000

4,208,712

Stryker

Corp.

4.850%,

12/8/2028

1

1,822,000

1,865,397

Zimmer

Biomet

Holdings,

Inc.

5.350%,

12/1/2028

1

1,700,000

1,757,873

12,364,911

HEALTH

CARE

PROVIDERS

&

SERVICES

—

1.3%

CVS

Health

Corp.

4.300%,

3/25/2028

1

1,500,000

1,505,320

Elevance

Health,

Inc.

3.650%,

12/1/2027

1

1,950,000

1,941,654

HCA,

Inc.

4.500%,

2/15/2027

1

2,075,000

2,079,820

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

15

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

HEALTH

CARE

PROVIDERS

&

SERVICES

(Continued)

HCA,

Inc.

4.125%,

6/15/2029

1

2,425,000

$

2,417,574

Icon

Investments

Six

DAC

5.809%,

5/8/2027

1

3,200,000

3,267,085

McKesson

Corp.

1.300%,

8/15/2026

1

2,915,000

2,869,259

14,080,712

HEALTH

CARE

TECHNOLOGY

—

0.1%

IQVIA,

Inc.

2.250%,

3/15/2029

1,7

1,000,000

1,142,218

HOTELS,

RESTAURANTS

&

LEISURE

—

1.2%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.375%,

1/15/2028

1,2

1,275,000

1,271,577

Boyd

Gaming

Corp.

4.750%,

6/15/2031

1,2

1,025,000

1,002,171

Brightstar

Lottery

plc

5.250%,

1/15/2029

1,2

1,325,000

1,326,655

Starbucks

Corp.

4.850%,

2/8/2027

1

1,575,000

1,589,569

Starbucks

Corp.

4.000%,

11/15/2028

1

2,925,000

2,922,610

VOC

Escrow

Ltd.

5.000%,

2/15/2028

1,2

1,309,000

1,309,565

Wyndham

Hotels

&

Resorts,

Inc.

4.375%,

8/15/2028

1,2

2,800,000

2,773,556

12,195,703

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

—

0.7%

AES

Corp.

(The)

1.375%,

1/15/2026

1

2,685,000

2,681,937

Atlantica

Sustainable

Infrastructure

Ltd.

4.125%,

6/15/2028

1,2

1,277,000

1,244,238

Calpine

Corp.

4.500%,

2/15/2028

1,2

1,301,000

1,302,473

Clearway

Energy

Operating

LLC

4.750%,

3/15/2028

1,2

1,860,000

1,862,783

7,091,431

IT

SERVICES

—

0.4%

Gartner,

Inc.

4.500%,

7/1/2028

1,2

1,450,000

1,445,665

International

Business

Machines

Corp.

3.300%,

5/15/2026

1

3,295,000

3,289,660

4,735,325

MACHINERY

—

0.3%

Mueller

Water

Products,

Inc.

4.000%,

6/15/2029

1,2

1,061,000

1,036,848

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

16

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

MACHINERY

(Continued)

Parker-Hannifin

Corp.

4.250%,

9/15/2027

1

2,050,000

$

2,063,530

3,100,378

MEDIA

—

0.6%

Comcast

Corp.

5.350%,

11/15/2027

1

4,150,000

4,249,304

Fox

Corp.

4.709%,

1/25/2029

1

1,600,000

1,620,865

5,870,169

MULTI-UTILITIES

—

0.8%

CenterPoint

Energy,

Inc.

1.450%,

6/1/2026

1

3,000,000

2,968,294

DTE

Energy

Co.

4.950%,

7/1/2027

1

3,910,000

3,963,204

Public

Service

Enterprise

Group,

Inc.

5.200%,

4/1/2029

1

1,625,000

1,670,813

8,602,311

OIL,

GAS

&

CONSUMABLE

FUELS

—

1.2%

Cheniere

Energy,

Inc.

4.625%,

10/15/2028

1

2,490,000

2,486,652

Enbridge,

Inc.

3.700%,

7/15/2027

1

2,700,000

2,687,741

Energy

Transfer

LP

4.950%,

5/15/2028

1

1,775,000

1,805,443

Energy

Transfer

LP

4.950%,

6/15/2028

1

1,775,000

1,804,749

Hess

Midstream

Operations

LP

5.125%,

6/15/2028

1,2

1,643,000

1,650,674

NGPL

PipeCo

LLC

4.875%,

8/15/2027

1,2

1,400,000

1,406,108

TerraForm

Power

Operating

LLC

4.750%,

1/15/2030

1,2

1,225,000

1,194,780

13,036,147

PASSENGER

AIRLINES

—

0.2%

Air

Canada

3.875%,

8/15/2026

1,2

2,465,000

2,454,657

PERSONAL

CARE

PRODUCTS

—

0.3%

Haleon

US

Capital

LLC

3.375%,

3/24/2027

1

2,975,000

2,954,152

PHARMACEUTICALS

—

1.7%

Eli

Lilly

&

Co.

4.200%,

8/14/2029

1

1,850,000

1,870,446

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

17

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

PHARMACEUTICALS

(Continued)

Novartis

Capital

Corp.

4.100%,

11/5/2030

1

4,400,000

$

4,396,717

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.450%,

5/19/2028

1

4,075,000

4,129,556

Roche

Holdings,

Inc.

1.930%,

12/13/2028

1,2

3,925,000

3,726,647

Zoetis,

Inc.

4.150%,

8/17/2028

1

2,214,000

2,226,694

Zoetis,

Inc.

3.900%,

8/20/2028

1

1,385,000

1,384,604

17,734,664

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

1.2%

Applied

Materials,

Inc.

4.800%,

6/15/2029

1

2,175,000

2,229,593

Entegris,

Inc.

4.750%,

4/15/2029

1,2

3,765,000

3,776,961

Intel

Corp.

2.600%,

5/19/2026

1

4,100,000

4,076,285

Kioxia

Holdings

Corp.

6.250%,

7/24/2030

1,2

1,441,000

1,483,849

ON

Semiconductor

Corp.

3.875%,

9/1/2028

1,2

1,253,000

1,230,549

12,797,237

SOFTWARE

—

1.5%

AppLovin

Corp.

5.125%,

12/1/2029

1

1,551,000

1,591,428

Fortinet,

Inc.

1.000%,

3/15/2026

1

2,779,000

2,760,725

Oracle

Corp.

2.300%,

3/25/2028

1

3,725,000

3,552,895

Oracle

Corp.

4.544%(Term

SOFR

+

76

basis

points),

8/3/2028

1,3

1,825,000

1,801,488

Salesforce,

Inc.

3.700%,

4/11/2028

1

2,175,000

2,175,886

VMware

LLC

1.400%,

8/15/2026

1

3,498,000

3,447,219

15,329,641

SPECIALIZED

REITS

—

1.2%

American

Tower

Corp.

3.375%,

10/15/2026

1

4,235,000

4,213,819

Crown

Castle,

Inc.

5.000%,

1/11/2028

1

4,750,000

4,827,337

Iron

Mountain,

Inc.

5.000%,

7/15/2028

1,2

500,000

500,425

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

18

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

SPECIALIZED

REITS

(Continued)

SBA

Communications

Corp.

3.125%,

2/1/2029

1

2,660,000

$

2,546,684

12,088,265

SPECIALTY

RETAIL

—

0.4%

Lowe's

Cos.,

Inc.

3.100%,

5/3/2027

1

4,605,000

4,556,226

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

—

0.5%

Dell

International

LLC

/

EMC

Corp.

5.250%,

2/1/2028

1

1,350,000

1,381,423

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/1/2029

1

1,350,000

1,393,743

Hewlett

Packard

Enterprise

Co.

4.400%,

9/25/2027

1

2,553,000

2,566,899

5,342,065

TRADING

COMPANIES

&

DISTRIBUTORS

—

0.2%

United

Rentals

North

America,

Inc.

4.000%,

7/15/2030

1

1,650,000

1,600,530

WIRELESS

TELECOMMUNICATION

SERVICES

—

0.7%

Matterhorn

Telecom

SA

4.500%,

1/30/2030

1,7

750,000

905,266

Matterhorn

Telecom

SA

3.875%,

10/15/2030

1,7

1,525,000

1,790,490

T-Mobile

USA,

Inc.

4.750%,

2/1/2028

1

4,200,000

4,201,774

6,897,530

TOTAL

CORPORATE

BONDS

(Cost

$332,504,764)

335,211,532

EXCHANGE

TRADED

FUNDS

—0.8%

Palmer

Square

CLO

Senior

Debt

ETF

8

40,583

826,676

Palmer

Square

Credit

Opportunities

ETF

8

30,015

619,023

Palmer

Square

EUR

CLO

Senior

Debt

Index

UCITS

ETF

*,7,8

111,683

6,656,337

8,102,036

TOTAL

EXCHANGE

TRADED

FUNDS

(Cost

$7,910,973)

8,102,036

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

—

2.5%

Bear

Stearns

ARM

Trust

Series

2004-3-1A3

,

4.829%

,

7/25/2034

1

43,528

40,923

COLT

Mortgage

Loan

Trust

Series

2021-4-A1

,

1.397%

,

10/25/2066

1,2

4,383,721

3,766,935

Series

2022-1-A1

,

2.284%

,

12/27/2066

1,2

4,212,177

3,820,797

Ellington

Financial

Mortgage

Trust

Series

2021-2-A1

,

0.931%

,

6/25/2066

1,2

3,617,242

3,086,060

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

19

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

(Continued)

Series

2021-3-A1

,

1.241%

,

9/25/2066

1,2

3,746,611

$

3,170,193

Flagstar

Mortgage

Trust

Series

2021-2-A6

,

2.500%

,

4/25/2051

1,2

2,777,023

2,507,437

GS

Mortgage-Backed

Securities

Trust

Series

2025-PJ11-A27

,

5.324%

(30-Day

Term

SOFR

Average

+

135

basis

points,

7.00%

Cap),

5/25/2056

1,2,3

1,835,000

1,834,684

Mellon

Residential

Funding

Corp.

Series

1999-TBC3-A2

,

4.762%

,

10/20/2029

1

13,790

13,482

OBX

Trust

Series

2020-INV1-A11

,

4.746%

(1-Month

Term

SOFR

+

101.4

basis

points,

6.00%

Cap),

12/25/2049

1,2,3

996,709

946,955

PMT

Loan

Trust

Series

2025-J5-A26

,

5.374%

(30-Day

Term

SOFR

Average

+

140

basis

points,

6.50%

Cap),

1/25/2057

1,2,3

685,000

684,386

Sequoia

Mortgage

Trust

Series

2021-4-A4

,

2.500%

,

6/25/2051

1,2

2,736,548

2,433,800

Series

2025-12-A26F

,

5.424%

(30-Day

Term

SOFR

Average

+

155

basis

points,

6.50%

Cap),

12/25/2055

1,2,3

3,047,730

3,053,222

Verus

Securitization

Trust

Series

2021-5-A1

,

1.013%

,

9/25/2066

1,2

1,258,988

1,100,840

TOTAL

RESIDENTIAL

MORTGAGE-BACKED

SECURITIES

(Cost

$27,881,025)

26,459,714

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

—4.0%

United

States

Treasury

Notes

—

4.0%

U.S.

Treasury

Notes

4.332%,

1/31/2028

22,950,000

22,957,620

U.S.

Treasury

Notes

4.342%,

1/31/2029

19,075,000

19,321,634

42,279,254

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(Cost

$41,414,848)

42,279,254

Number

of

Shares

SHORT-TERM

INVESTMENTS

—

14.1%

Money

Market

Funds

—

0.3%

Fidelity

Investments

Money

Market

Funds

-

Treasury

Portfolio

-

Class

I,

3.66%

9

2,583,557

2,583,557

Principal

Amount

United

States

Treasury

Bills

—

13.8%

U.S.

Treasury

Bills,

2.960%,

1/13/2026

10

1,000,000

998,931

U.S.

Treasury

Bills,

3.180%,

1/20/2026

10

10,000,000

9,982,354

U.S.

Treasury

Bills,

3.270%,

1/27/2026

10

10,000,000

9,975,525

U.S.

Treasury

Bills,

3.310%,

2/3/2026

10

10,000,000

9,968,877

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

20

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

(Continued)

United

States

Treasury

Bills

(Continued)

U.S.

Treasury

Bills,

3.370%,

2/10/2026

10

20,000,000

$

19,923,465

U.S.

Treasury

Bills,

3.390%,

2/17/2026

10

15,000,000

14,932,442

U.S.

Treasury

Bills,

3.410%,

2/24/2026

10

20,000,000

19,896,261

U.S.

Treasury

Bills,

3.430%,

3/5/2026

10

15,000,000

14,909,012

U.S.

Treasury

Bills,

3.390%,

3/10/2026

10

20,000,000

19,870,816

U.S.

Treasury

Bills,

3.460%,

3/12/2026

10

15,000,000

14,898,211

U.S.

Treasury

Bills,

3.410%,

3/17/2026

10

10,000,000

9,928,433

145,284,327

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$147,822,964)

147,867,884

TOTAL

INVESTMENTS

—

98.7%

(Cost

$1,036,115,892)

1,036,988,384

Other

Assets

in

Excess

of

Liabilities

—

1.3%

14,724,231

TOTAL

NET

ASSETS

—

100.0%

$

1,051,712,615

EUR

–

Euro

ETF

–

Exchange-Traded

Fund

UCITS

–

Undertakings

for

Collective

Investment

in

Transferable

Securities

*

Non-income

producing

security.

1

Callable.

2

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

are

restricted

and

may

be

resold

in

transactions

exempt

from

registration

normally

to

qualified

institutional

buyers.

The

total

value

of

these

securities

is

$454,784,283

which

represents

43.24%

of

total

net

assets

of

the

Fund.

3

Floating

rate

security.

4

Bank

loans

generally

pay

interest

at

rates

which

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

All

loans

carry

a

variable

rate

of

interest.

These

base

lending

rates

are

generally

(i)

the

Prime

Rate

offered

by

one

or

more

major

United

States

banks,

(ii)

the

lending

rate

offered

by

one

or

more

European

banks

such

as

the

London

Interbank

Offered

Rate

("LIBOR"),

(iii)

the

Certificate

of

Deposit

rate,

or

(iv)

Secured

Overnight

Financing

Rate

("SOFR").

Bank

Loans,

while

exempt

from

registration,

under

the

Securities

Act

of

1933,

contain

certain

restrictions

on

resale

and

cannot

be

sold

publicly.

Floating

rate

bank

loans

often

require

prepayments

from

excess

cash

flow

or

permit

the

borrower

to

repay

at

its

election.

The

degree

to

which

borrowers

repay,

whether

as

a

contractual

requirement

or

at

their

election,

cannot

be

predicted

with

accuracy.

5

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

6

Convertible

security.

7

Foreign

security

denominated

in

U.S.

Dollars.

8

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

9

The

rate

is

the

annualized

seven-day

yield

at

period

end.

10

The

rate

shown

represents

the

yield

at

period

end.

Palmer

Square

Income

Plus

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

21

See

accompanying

Notes

to

Financial

Statements.

FUTURES

CONTRACTS

Number

of

Contracts

Long

(Short)

Description

Expiration

Date

Notional

Value

Value/Unrealized

Appreciation

(Depreciation)

(75)

U.S.

Treasury

10

Year

Notes

March

2026

$

(8,432,813

)

$

56,020

TOTAL

FUTURES

CONTRACTS

$

(8,432,813)

$

56,020

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

Purchase

Contracts

Counterparty

Currency

Exchange

Settlement

Date

Currency

Amount

Purchased

Value

At

Settletment

Date

Value

At

December

31,

2025

Unrealized

Appreciation

(Depreciation)

Euro

JP

Morgan

EUR

per

USD

2/6/2026

$

301,248

$

301,248

$

303,003

$

1,755

301,248

303,003

1,755

Sale

Contracts

Counterparty

Currency

Exchange

Settlement

Date

Currency

Amount

Sold

Value

At

Settletment

Date

Value

At

December

31,

2025

Unrealized

Appreciation

(Depreciation)

Euro

JP

Morgan

EUR

per

USD

2/17/2026

(1,500,000)

(1,766,394)

(1,603,895)

(162,499)

Euro

JP

Morgan

EUR

per

USD

3/27/2026

(1,500,000)

(1,769,553)

(1,651,731)

(117,822)

Euro

JP

Morgan

EUR

per

USD

4/22/2026

(1,500,000)

(1,771,634)

(1,734,051)

(37,583)

Euro

JP

Morgan

EUR

per

USD

7/23/2026

(4,250,000)

(5,038,918)

(5,112,657)

73,739

Euro

JP

Morgan

EUR

per

USD

3/19/2027

(1,875,000)

(2,241,354)

(2,269,886)

28,532

Euro

JP

Morgan

EUR

per

USD

1/14/2026

(16,400,000)

(19,281,583)

(19,122,412)

(159,171)

Euro

JP

Morgan

EUR

per

USD

2/6/2026

(5,838,750)

(6,872,383)

(6,770,982)

(101,401)

Euro

JP

Morgan

EUR

per

USD

2/27/2026

(2,000,000)

(2,356,220)

(2,333,198)

(23,022)

Euro

JP

Morgan

EUR

per

USD

3/3/2026

(2,250,000)

(2,651,210)

(2,633,051)

(18,159)

Euro

JP

Morgan

EUR

per

USD

3/23/2026

(4,655,000)

(5,490,421)

(5,491,713)

1,292

(49,239,670)

(48,723,576)

(516,094)

TOTAL

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

$

(48,938,422)

$

(48,420,573)

$

(514,339)

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

As

of

December

31,

2025

(Unaudited)

22

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

—

8.8%

Ally

Auto

Receivables

Trust

Series

2025-1-A2

,

4.030%

,

7/17/2028

1

140,000

$

140,150

Barings

Equipment

Finance

LLC

Series

2025-A-A2

,

4.640%

,

10/13/2028

1,2

501,963

505,191

Series

2025-B-A2

,

4.020%

,

2/13/2029

1,2

120,000

120,266

Capital

One

Prime

Auto

Receivables

Trust

Series

2022-2-A3

,

3.660%

,

5/17/2027

1

61,668

61,648

Chase

Auto

Owner

Trust

Series

2025-2A-A2

,

3.910%

,

12/26/2028

1,2

190,000

190,137

Citizens

Auto

Receivables

Trust

Series

2024-1-A3

,

5.110%

,

4/17/2028

1,2

237,185

238,511

DLLAA

LLC

Series

2023-1A-A3

,

5.640%

,

2/22/2028

1,2

464,237

469,334

Ford

Credit

Auto

Owner

Trust

Series

2024-D-A2A

,

4.590%

,

10/15/2027

1

26,441

26,497

GM

Financial

Automobile

Leasing

Trust

Series

2024-3-A2A

,

4.290%

,

1/20/2027

1

55,730

55,759

Series

2025-2-A2A

,

4.550%

,

7/20/2027

1

68,807

69,018

Series

2025-3-A2A

,

4.190%

,

10/20/2027

1

85,000

85,204

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2025-2-A2A

,

4.400%

,

2/16/2028

1

36,846

36,926

Series

2025-3-A2A

,

4.320%

,

6/16/2028

1

115,000

115,308

Honda

Auto

Receivables

Owner

Trust

Series

2023-3-A3

,

5.410%

,

2/18/2028

1

273,732

275,682

Series

2025-2-A2A

,

4.300%

,

1/18/2028

1

96,255

96,454

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B-A2A

,

4.580%

,

9/15/2027

1,2

94,271

94,638

Hyundai

Auto

Receivables

Trust

Series

2025-B-A2A

,

4.450%

,

8/15/2028

1

75,000

75,248

John

Deere

Owner

Trust

Series

2022-C-A3

,

5.090%

,

6/15/2027

1

37,426

37,520

Series

2024-A-A2A

,

5.190%

,

2/16/2027

1

564

564

Series

2024-A-A3

,

4.960%

,

11/15/2028

1

260,000

262,347

Series

2025-A-A2A

,

4.230%

,

3/15/2028

1

59,976

60,094

Kubota

Credit

Owner

Trust

Series

2023-2A-A3

,

5.280%

,

1/18/2028

1,2

502,036

505,925

Series

2025-2A-A2

,

4.480%

,

4/17/2028

1,2

65,000

65,356

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A-A3

,

5.470%

,

10/20/2028

1,2

299,650

301,628

Toyota

Auto

Receivables

Owner

Trust

Series

2025-B-A2A

,

4.460%

,

3/15/2028

1

86,749

86,966

Toyota

Lease

Owner

Trust

Series

2024-A-A3

,

5.250%

,

4/20/2027

1,2

86,052

86,376

USB

Auto

Owner

Trust

Series

2025-1A-A2

,

4.510%

,

6/15/2028

1,2

56,137

56,262

Verizon

Master

Trust

Series

2023-7-A1A

,

5.670%

,

11/20/2029

1

300,000

304,919

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

23

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(Continued)

Volkswagen

Auto

Loan

Enhanced

Trust

Series

2024-1-A2A

,

4.650%

,

11/22/2027

1

74,177

$

74,364

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$4,488,642)

4,498,292

BANK

LOANS

—

1.9%

Hilton

Domestic

Operating

Co.,

Inc.,

First

Lien,

Term

Loan,

B4

5.482%

(1-Month

Term

SOFR

+

175

basis

points),

11/8/2030

1,3,4

250,000

251,879

KFC

Holding

Co.,

First

Lien,

2021

Term

Loan,

B

5.599%

(1-Month

Term

SOFR

+

175

basis

points),

3/15/2028

3,4

244,246

245,542

Trans

Union

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B8

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

6/24/2031

1,3,4

241,827

242,674

Vistra

Operations

Co.

LLC,

First

Lien,

2018

Incremental

Term

Loan

5.466%

(1-Month

Term

SOFR

+

175

basis

points),

12/20/2030

3,4

230,425

231,866

TOTAL

BANK

LOANS

(Cost

$957,419)

971,961

COLLATERALIZED

LOAN

OBLIGATIONS

—

47.3%

Apidos

CLO

Ltd.

Series

2015-23A-ARR

4.955%

(3-Month

Term

SOFR

+

105

basis

points),

4/15/2033

1,2,4

897,305

898,191

Ares

CLO

Ltd.

Series

2021-60A-AR

5.064%

(3-Month

Term

SOFR

+

118

basis

points),

7/18/2034

1,2,4

1,000,000

1,000,306

Battalion

CLO

Ltd.

Series

2015-9A-ARR

4.865%

(3-Month

Term

SOFR

+

96

basis

points),

7/15/2031

1,2,4

858,865

859,841

BlueMountain

Fuji

US

CLO

Ltd.

Series

2017-2A-A1AR

5.146%

(3-Month

Term

SOFR

+

126.2

basis

points),

10/20/2030

1,2,4

90,658

90,769

CarVal

CLO

Ltd.

Series

2019-1A-AR2

4.904%

(3-Month

Term

SOFR

+

102

basis

points),

4/20/2032

1,2,4

1,398,044

1,399,408

CIFC

Funding

Ltd.

Series

2013-3RA-A1R

4.865%

(3-Month

Term

SOFR

+

100

basis

points),

4/24/2031

1,2,4

1,072,046

1,071,778

Dryden

CLO

Ltd.

Series

2018-61A-A1R2

4.962%

(3-Month

Term

SOFR

+

108

basis

points),

1/17/2032

1,2,4

645,611

646,257

Series

2019-72A-ARR

4.952%

(3-Month

Term

SOFR

+

110

basis

points),

5/15/2032

1,2,4

609,251

609,921

Series

2019-75A-AR3

4.913%

(3-Month

Term

SOFR

+

104

basis

points),

4/14/2034

1,2,4

1,000,000

999,863

Series

2019-80A-BRR

5.382%

(3-Month

Term

SOFR

+

150

basis

points),

1/17/2033

1,2,4

1,000,000

1,002,785

Dryden

Senior

Loan

Fund

Series

2013-26A-BR

5.616%

(3-Month

Term

SOFR

+

171.2

basis

points),

4/15/2029

1,2,4

1,000,000

1,002,702

Series

2015-41A-AR

5.136%

(3-Month

Term

SOFR

+

123.2

basis

points),

4/15/2031

1,2,4

40,519

40,569

Series

2016-43A-AR3

4.954%

(3-Month

Term

SOFR

+

107

basis

points),

4/20/2034

1,2,4

1,000,000

999,962

Series

2016-45A-A1RR

4.985%

(3-Month

Term

SOFR

+

108

basis

points),

10/15/2030

1,2,4

584,630

585,328

Elevation

CLO

Ltd.

Series

2018-10A-AR

4.804%

(3-Month

Term

SOFR

+

92

basis

points),

10/20/2031

1,2,4

123,643

123,793

Elmwood

CLO

Ltd.

Series

2021-3A-AR2

5.184%

(3-Month

Term

SOFR

+

130

basis

points),

7/20/2038

1,2,4

500,000

501,617

Empower

CLO

Ltd.

Series

2023-2A-AR

5.225%

(3-Month

Term

SOFR

+

132

basis

points),

10/15/2038

1,2,4

1,000,000

1,003,078

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

24

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

COLLATERALIZED

LOAN

OBLIGATIONS

(Continued)

John

Deere

Owner

Trust

Series

2025-B-A2A

4.280%

,

7/17/2028

1

120,000

$

120,455

LCM

LP

Series

18A-BR

5.746%

(3-Month

Term

SOFR

+

186.2

basis

points),

4/20/2031

1,2,4

928,199

930,124

Madison

Park

Funding

Ltd.

Series

2014-14A-BR4

5.357%

(3-Month

Term

SOFR

+

150

basis

points),

10/22/2030

1,2,4

1,000,000

1,002,109

Octagon

Investment

Partners

Ltd.

Series

2019-1A-AR2

5.055%

(3-Month

Term

SOFR

+

115

basis

points),

10/15/2034

1,2,4

1,000,000

1,000,250

Octagon

Ltd.

Series

2021-1A-AR

4.962%

(3-Month

Term

SOFR

+

107

basis

points),

10/15/2034

1,2,4

1,500,000

1,499,807

OZLM

Ltd.

Series

2014-6A-B1T

5.882%

(3-Month

Term

SOFR

+

200

basis

points),

4/17/2031

1,2,4

1,000,000

1,004,540

Series

2017-17A-A2AR

5.384%

(3-Month

Term

SOFR

+

150

basis

points),

7/20/2030

1,2,4

725,739

726,109

Rockford

Tower

CLO

Ltd.

Series

2018-1A-A

5.251%

(3-Month

Term

SOFR

+

136.2

basis

points),

5/20/2031

1,2,4

172,138

172,226

Symphony

CLO

Ltd.

Series

2019-21A-AR2

4.805%

(3-Month

Term

SOFR

+

90

basis

points),

7/15/2032

1,2,4

385,582

385,861

Series

2021-25A-AR

4.874%

(3-Month

Term

SOFR

+

105

basis

points),

4/19/2034

1,2,4

1,000,000

999,962

Thayer

Park

CLO

Ltd.

Series

2017-1A-A1RR

4.868%

(3-Month

Term

SOFR

+

100

basis

points),

4/20/2034

1,2,4

1,000,000

999,583

Trinitas

CLO

Ltd.

Series

2021-15A-A1R

4.977%

(3-Month

Term

SOFR

+

112

basis

points),

4/22/2034

1,2,4

1,000,000

1,000,295

Venture

CLO

Ltd.

Series

2019-38A-ARR

4.838%

(3-Month

Term

SOFR

+

100

basis

points),

7/30/2032

1,2,4

555,970

556,478

Voya

CLO

Ltd.

Series

2013-2A-A1R

5.090%

(3-Month

Term

SOFR

+

123.2

basis

points),

4/25/2031

1,2,4

60,978

61,053

Series

2020-3A-ARR

5.120%

(3-Month

Term

SOFR

+

125

basis

points),

1/20/2038

1,2,4

1,000,000

1,000,941

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

(Cost

$24,246,782)

24,295,961

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

1.2%

GS

Mortgage

Securities

Corp.

Trust

Series

2012-BWTR-A

,

2.954%

,

11/5/2034

1,2

711,982

627,049

TOTAL

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

(Cost

$714,052)

627,049

CORPORATE

BONDS

—18.0%

AUTOMOBILES

—

0.5%

BMW

US

Capital

LLC

2.800%,

4/11/2026

1,2

250,000

249,191

BIOTECHNOLOGY

—

1.0%

Amgen,

Inc.

2.200%,

2/21/2027

1

250,000

245,359

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

25

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

BIOTECHNOLOGY

(Continued)

Gilead

Sciences,

Inc.

3.650%,

3/1/2026

1

250,000

$

249,905

495,264

BROADLINE

RETAIL

—

0.4%

eBay,

Inc.

1.400%,

5/10/2026

1

250,000

247,698

CAPITAL

MARKETS

—

0.4%

S&P

Global,

Inc.

2.450%,

3/1/2027

1

250,000

246,122

CHEMICALS

—

0.9%

PPG

Industries,

Inc.

1.200%,

3/15/2026

1

250,000

248,575

Sherwin-Williams

Co.

(The)

3.450%,

6/1/2027

1

200,000

198,606

447,181

COMMERCIAL

SERVICES

&

SUPPLIES

—

0.3%

Veralto

Corp.

5.500%,

9/18/2026

1

140,000

141,231

CONSUMER

FINANCE

—

2.2%

American

Honda

Finance

Corp.

4.515%(Term

SOFR

+

71

basis

points),

1/9/2026

4

275,000

275,028

American

Honda

Finance

Corp.

4.713%(Term

SOFR

+

92

basis

points),

1/12/2026

4

150,000

150,030

Caterpillar

Financial

Services

Corp.

0.900%,

3/2/2026

1

200,000

199,030

John

Deere

Capital

Corp.

4.109%(Term

SOFR

+

44

basis

points),

3/6/2026

4

75,000

75,044

John

Deere

Capital

Corp.

4.459%(Term

SOFR

+

79

basis

points),

6/8/2026

4

340,000

340,922

Toyota

Motor

Credit

Corp.

4.667%(SOFR

Index

+

89

basis

points),

5/18/2026

4

90,000

90,230

1,130,284

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

—

0.9%

7-Eleven,

Inc.

0.950%,

2/10/2026

1,2

200,000

199,303

Kroger

Co.

(The)

3.500%,

2/1/2026

1

250,000

249,838

449,141

DIVERSIFIED

REITS

—

0.8%

Digital

Realty

Trust

LP

3.700%,

8/15/2027

1

250,000

248,802

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

26

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

DIVERSIFIED

REITS

(Continued)

Simon

Property

Group

LP

3.250%,

11/30/2026

1

175,000

$

174,057

422,859

DIVERSIFIED

TELECOMMUNICATION

SERVICES

—

0.4%

AT&T,

Inc.

1.700%,

3/25/2026

1

200,000

199,005

ELECTRIC

UTILITIES

—

0.8%

Duke

Energy

Corp.

2.650%,

9/1/2026

1

150,000

148,763

NextEra

Energy

Capital

Holdings,

Inc.

4.556%(SOFR

Index

+

76

basis

points),

1/29/2026

4

60,000

60,024

Southern

Co.

(The)

5.113%,

8/1/2027

200,000

203,348

412,135

ENTERTAINMENT

—

0.4%

TWDC

Enterprises

18

Corp.

1.850%,

7/30/2026

1

200,000

197,833

FINANCIAL

SERVICES

—

1.0%

Fidelity

National

Information

Services,

Inc.

1.150%,

3/1/2026

1

150,000

149,283

Fiserv,

Inc.

3.200%,

7/1/2026

1

250,000

248,966

Mastercard,

Inc.

4.206%(SOFR

Index

+

44

basis

points),

3/15/2028

1,4

95,000

95,396

493,645

FOOD

PRODUCTS

—

0.4%

Mondelez

International,

Inc.

2.625%,

3/17/2027

1

200,000

196,930

GROUND

TRANSPORTATION

—

0.5%

Canadian

Pacific

Railway

Co.

1.750%,

12/2/2026

1

250,000

245,187

HEALTH

CARE

PROVIDERS

&

SERVICES

—

0.4%

Elevance

Health,

Inc.

3.650%,

12/1/2027

1

200,000

199,144

IT

SERVICES

—

0.3%

International

Business

Machines

Corp.

3.300%,

5/15/2026

1

175,000

174,716

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

27

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

LIFE

SCIENCES

TOOLS

&

SERVICES

—

0.4%

Thermo

Fisher

Scientific,

Inc.

4.953%,

8/10/2026

1

200,000

$

201,174

MEDIA

—

0.4%

Comcast

Corp.

3.150%,

3/1/2026

1

200,000

199,935

OIL,

GAS

&

CONSUMABLE

FUELS

—

1.4

%

Enbridge,

Inc.

3.700%,

7/15/2027

1

250,000

248,865

MPLX

LP

1.750%,

3/1/2026

1

200,000

199,225

Sabine

Pass

Liquefaction

LLC

5.875%,

6/30/2026

1

34,000

34,049

Williams

Cos.,

Inc.

(The)

3.750%,

6/15/2027

1

250,000

249,145

731,284

PERSONAL

CARE

PRODUCTS

—

0.5%

Haleon

US

Capital

LLC

3.375%,

3/24/2027

1

250,000

248,248

PHARMACEUTICALS

—

0.3%

Astrazeneca

Finance

LLC

1.200%,

5/28/2026

1

150,000

148,490

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

0.5%

Advanced

Micro

Devices,

Inc.

4.212%,

9/24/2026

1

275,000

276,014

SOFTWARE

—

1.3

%

Oracle

Corp.

2.650%,

7/15/2026

1

250,000

247,997

VMware

LLC

1.400%,

8/15/2026

1

250,000

246,371

Workday,

Inc.

3.500%,

4/1/2027

1

200,000

198,910

693,278

SPECIALIZED

REITS

—

0.5%

American

Tower

Corp.

3.375%,

10/15/2026

1

250,000

248,750

SPECIALTY

RETAIL

—

0.6%

Lowe's

Cos.,

Inc.

3.100%,

5/3/2027

1

300,000

296,823

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

28

See

accompanying

Notes

to

Financial

Statements.

Principal

Amount

Value

CORPORATE

BONDS

(Continued)

WIRELESS

TELECOMMUNICATION

SERVICES

—

0.5%

T-Mobile

USA,

Inc.

2.250%,

2/15/2026

1

250,000

$

249,438

TOTAL

CORPORATE

BONDS

(Cost

$9,209,320)

9,241,000

EXCHANGE

TRADED

FUNDS

—0.8%

Palmer

Square

CLO

Senior

Debt

ETF

5

21,195

431,742

TOTAL

EXCHANGE

TRADED

FUNDS

(Cost

$429,805)

431,742

Number

of

Shares

SHORT-TERM

INVESTMENTS

—

22.3%

Money

Market

Funds

—

1.5%

Fidelity

Investments

Money

Market

Funds

-

Treasury

Portfolio

-

Class

I,

3.66%

6

758,925

758,925

Principal

Amount

United

States

Treasury

Bills

—

20.8%

U.S.

Treasury

Bills,

2.300%,

1/6/2026

7

2,000,000

1,999,233

U.S.

Treasury

Bills,

3.180%,

1/20/2026

7

1,500,000

1,497,353

U.S.

Treasury

Bills,

3.310%,

2/3/2026

7

2,500,000

2,492,219

U.S.

Treasury

Bills,

3.390%,

2/17/2026

7

1,250,000

1,244,370

U.S.

Treasury

Bills,

3.430%,

3/5/2026

7

1,250,000

1,242,418

U.S.

Treasury

Bills,

3.390%,

3/10/2026

7

1,750,000

1,738,696

U.S.

Treasury

Bills,

3.410%,

3/17/2026

7

500,000

496,422

10,710,711

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$11,467,963)

11,469,636

TOTAL

INVESTMENTS

—

100.3%

(Cost

$51,513,983)

51,535,641

Liabilities

in

Excess

of

Other

Assets

—

(0.3)%

(147,311)

TOTAL

NET

ASSETS

—

100.0%

$

51,388,330

1

Callable.

2

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

are

restricted

and

may

be

resold

in

transactions

exempt

from

registration

normally

to

qualified

institutional

buyers.

The

total

value

of

these

securities

is

$27,884,673

which

represents

54.26%

of

total

net

assets

of

the

Fund.

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

SCHEDULE

OF

INVESTMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

29

See

accompanying

Notes

to

Financial

Statements.

3

Bank

loans

generally

pay

interest

at

rates

which

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

All

loans

carry

a

variable

rate

of

interest.

These

base

lending

rates

are

generally

(i)

the

Prime

Rate

offered

by

one

or

more

major

United

States

banks,

(ii)

the

lending

rate

offered

by

one

or

more

European

banks

such

as

the

London

Interbank

Offered

Rate

("LIBOR"),

(iii)

the

Certificate

of

Deposit

rate,

or

(iv)

Secured

Overnight

Financing

Rate

("SOFR").

Bank

Loans,

while

exempt

from

registration,

under

the

Securities

Act

of

1933,

contain

certain

restrictions

on

resale

and

cannot

be

sold

publicly.

Floating

rate

bank

loans

often

require

prepayments

from

excess

cash

flow

or

permit

the

borrower

to

repay

at

its

election.

The

degree

to

which

borrowers

repay,

whether

as

a

contractual

requirement

or

at

their

election,

cannot

be

predicted

with

accuracy.

4

Floating

rate

security.

5

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

6

The

rate

is

the

annualized

seven-day

yield

at

period

end.

7

The

rate

shown

represents

the

yield

at

period

end.

Palmer

Square

Funds

Trust

STATEMENTS

OF

ASSETS

AND

LIABILITIES

As

of

December

31,

2025

(Unaudited)

30

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

Income

Plus

Fund

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

Assets:

Investments

in

unaffiliated

issuers,

at

value*

$

1,028,886,348

$

51,103,899

Investments

in

affiliated

issuers,

at

value*

8,102,036

431,742

Cash

1,715,427

—

Cash

held

at

broker

for

futures

contracts

2,127,623

35,147

Cash

held

by

broker

for

securities

sold

short

and

swap

contracts

9,740,571

148,502

Receivables:

Investment

securities

sold

1,305,898

713,598

Fund

shares

sold

709,390

58,760

Interest

8,232,058

330,753

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

105,318

—

Prepaid

expenses

46,668

15,715

Total

assets

1,060,971,337

52,838,116

Liabilities:

Foreign

currency

due

to

custodian,

at

value

(proceeds

$–

and

$6,516,643

)

6,522,583

—

Payables:

Due

to

Custodian

—

122,122

Investment

securities

purchased

747,794

—

Fund

shares

redeemed

242,102

1,255,601

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

619,657

—

Advisory

fees

438,641

10,865

Shareholder

servicing

fees

(Note

6)

303,301

6,587

Fund

administration

and

accounting

fees

183,890

25,649

Transfer

agent

fees

and

expenses

18,352

5,122

Custody

fees

16,031

913

Auditing

fees

17,217

13,141

Trustees'

fees

and

expenses

4,775

2,532

Commitment

fees

payable

(Note

12)

80,690

619

Chief

Compliance

Officer

fees

2,293

4,168

Accrued

other

expenses

61,396

2,467

Total

Liabilities

9,258,722

1,449,786

Commitments

and

contingencies

(Note

3)

—

—

Net

Assets

$

1,051,712,615

$

51,388,330

Net

Assets

Consists

of:

Paid-in

capital

(par

value

of

$0.01

per

share

with

an

unlimited

number

of

shares

authorized)

$

1,060,684,733

$

51,350,726

Total

accumulated

earnings

(deficit)

(

8,972,118

)

37,604

Net

Assets

$

1,051,712,615

$

51,388,330

Class

I

Shares

Shares

Outstanding

and

Net

Asset

Value

Per

Share:

Net

assets

applicable

to

shares

outstanding

$

1,018,495,869

$

51,388,330

Shares

outstanding

(unlimited

number

of

shares

authorized,

par

value

of

$0.01

per

share)

100,810,464

2,584,602

Net

assets

value

per

share

$

10.10

$

19.88

Class

T

Shares

Shares

Outstanding

and

Net

Asset

Value

Per

Share:

Net

assets

applicable

to

shares

outstanding

$

33,216,746

$

—

Shares

outstanding

(unlimited

number

of

shares

authorized,

par

value

of

$0.01

per

share)

3,286,461

—

Net

assets

value

per

share

$

10.11

$

—

*Identified

Cost

Investments

in

unaffiliated

issuers,

at

cost

$

1,028,204,919

$

51,084,178

Investments

in

affiliated

issuers,

at

cost

$

7,910,973

$

429,805

Palmer

Square

Funds

Trust

STATEMENTS

OF

OPERATIONS

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

31

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

Income

Plus

Fund

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

Investment

Income

Interest

income

from

unaffiliated

investments

$

27,893,155

$

1,563,142

Dividends

from

affiliated

investments

28,235

10,265

Total

investment

income

27,921,390

1,573,407

Expenses:

Advisory

fees

(see

note

3)

2,636,812

83,674

Shareholder

servicing

fees

(Note

6

)

531,824

27,431

Fund

administration

and

accounting

fees

348,028

50,501

Transfer

agent

fees

and

expenses

40,737

9,553

Custody

fees

24,227

3,962

Registration

Fees

40,572

23,224

Auditing

fees

17,140

13,097

Trustees'

fees

and

expenses

19,675

10,204

Shareholder

reporting

fees

19,066

4,883

Legal

fees

12,695

8,354

Miscellaneous

5,801

1,577

Chief

Compliance

Officer

fees

5,598

5,523

Insurance

fees

6,527

5,252

Commitment

fees

(Note

12)

82,100

85

Total

Expenses

3,790,802

247,320

Advisory

fees

(waived)

recovered

(Note

3)

—

(79,961

)

Affiliated

fund

fees

waived

(Note

3)

(7,682

)

(384

)

Net

Expenses

3,783,120

166,975

Net

Investment

Income

24,138,270

1,406,432

Realized

Gain

(Loss)

and

Unrealized

Appreciation

(Depreciation)

:

1,458,322

43,244

Net

realized

gain

on:

1,369,415

37,116

Unaffiliated

investments

1,930,937

36,466

Affiliated

Investments

13,010

651

Futures

contracts

(121,196

)

—

Forward

contracts

27,224

—

Swap

contracts

25,029

—

Foreign

currency

transactions

(505,589

)

—

Net

realized

gain

on

investments

1,369,415

37,117

Net

change

in

unrealized

appreciation

(depreciation)

on:

88,907

6,128

Unaffiliated

investments

(1,046,141

)

4,537

Affiliated

investments

193,432

1,591

Futures

contracts

109,457

—

Securities

sold

short

(3,645

)

—

Forward

contracts

844,790

—

Foreign

currency

transactions

(8,986

)

—

Net

change

in

unrealized

appreciation

of

investments

88,907

6,128

Net

realized

and

unrealized

gain

on

investments

1,458,322

43,245

Net

increase

in

net

assets

resulting

from

operations

$

25,596,592

$

1,449,677

Palmer

Square

Funds

Trust

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

32

See

accompanying

Notes

to

Financial

Statements.

Palmer

Square

Income

Plus

Fund

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Increase

(Decrease)

in

Net

Assets

from

:

Operations

Net

investment

income

$

24,138,270

$

52,765,800

$

1,406,432

$

2,955,820

Net

realized

gain

on

investments

1,369,415

1,417,983

37,117

88,246

Net

change

in

unrealized

appreciation

on

investments

88,907

4,270,818

6,128

21,006

Net

increase

in

net

assets

resulting

from

operations

25,596,592

58,454,601

1,449,677

3,065,072

Distributions

to

Shareholders:

Distributions

Class

I

(24,261,980)

(1,582,328)

(1,463,465)

(2,884,022)

Class

T

(774,852)

(46,293,729)

—

—

Return

of

Capital

Class

I

—

(20,642)

—

—

Class

T

—

(681,922)

—

—

Total

distributions

to

shareholders

(25,036,832)

(48,578,621)

(1,463,465)

(2,884,022)

Capital

Transactions

1

Net

proceeds

from

shares

sold

Class

I

160,337,416

4,306,994

17,894,710

60,552,062

Class

T

4,237,160

369,827,314

—

—

Reinvestment

of

distributions

Class

I

21,587,249

8,684

1,186,776

2,304,800

Class

T

6,397

41,480,782

—

—

Cost

of  shares

redeemed

Class

I

(192,501,716)

(8,055,373)

(37,255,127)

(79,588,867)

Class

T

(1,029,955)

(265,910,554)

—

—

Net

increase

(decrease)

in

net

assets

from

capital

transactions

(7,363,449)

141,657,847

(18,173,641)

(16,732,005)

Total

increase

(decrease)

in

net

assets

(6,803,689)

151,533,827

(18,187,429)

(16,550,955)

Net

Assets:

Beginning

of

period

1,058,516,304

906,982,477

69,575,759

86,126,714

End

of

period

$

1,051,712,615

$

1,058,516,304

$

51,388,330

$

69,575,759

Capital

Share

Transactions:

Shares

sold

Class

I

15,788,589

425,663

895,593

3,022,401

Class

T

415,119

36,630,211

—

—

Shares

reinvested

Class

I

2,138,384

863

59,657

115,926

Class

T

633

4,124,761

—

—

Shares

redeemed

Class

I

(18,978,216)

(796,714)

(1,859,813)

(3,981,136)

Class

T

(101,433)

(26,324,401)

—

—

Net

increase

(decrease)

in

capital

share

transactions

(736,924)

14,060,383

(904,563)

(842,809)

1

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

5

to

the

Financial

Statements.

Palmer

Square

Funds

Trust

Palmer

Square

Income

Plus

Fund

FINANCIAL

HIGHLIGHTS

33

See

accompanying

Notes

to

Financial

Statements.

Class

I

Per

share

operating

performance.

For

a

capital

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

period

$

10.10

$

9.99

$

9.74

$

9.67

$

10.06

$

9.75

Income

from

Investment

Operations:

Net

investment

income

1,2

0.23

0.54

0.60

0.45

0.14

0.16

Net

realized

and

unrealized

gain

(loss)

(0.11)

0.07

0.24

0.08

(0.40)

0.30

Total

from

investment

operations

0.12

0.61

0.84

0.53

(0.26)

0.46

Less

Distributions:

From

net

investment

income

(0.12)

(0.49)

(0.59)

(0.46)

(0.13)

(0.15)

Distributions

from

Net

Realized

Gain

—

(0.01)

—

—

—

3

—

Total

Distributions

(0.12)

(0.50)

(0.59)

(0.46)

(0.13)

(0.15)

Net

asset

value,

end

of

period

$

10.10

$

10.10

$

9.99

$

9.74

$

9.67

$

10.06

Total

return

4

2.36%

5

6.17%

8.78%

5.64%

(2.63)%

4.75%

Ratios

and

Supplemental

Data:

Net

assets,

end

of

period

(000's)

$

1,018,496

$

1,028,514

$

873,594

$

812,171

$

1,025,285

$

856,244

Ratio

of

expenses

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

6,7

0.71%

8

0.74%

0.74%

0.88%

0.75%

0.90%

After

fees

waived

and

expenses

absorbed

/

recovered

6,7

0.70%

8

0.74%

0.74%

0.88%

0.75%

0.94%

Ratio

of

net

investment

income

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

2

4.40%

8

5.34%

6.04%

4.68%

1.39%

1.64%

After

fees

waived

and

expenses

absorbed

/

recovered

2

4.40%

8

5.34%

6.04%

4.68%

1.39%

1.60%

Portfolio

Turnover

Rate

43%

5

97%

109%

115%

111%

167%

1

Based

on

average

shares

outstanding

for

the

period.

2

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

underlying

investment

companies

in

which

the

Fund

invests.

The

ratio

does

not

include

net

investment

income

of

the

investment

companies

in

which

the

Fund

invests.

3

Amount

represents

less

than

$0.01

per

share.

4

Total

returns

would

have

been

higher/lower

had

expenses

not

been

recovered/waived

and

absorbed

by

the

Advisor.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

5

Not

annualized.

6

If

commitment

fees

and

interest

on

securities

sold

short

had

been

excluded,

the

expense

ratios

would

have

been

lowered

by

0.00%,

0.00%,

0.02%,

0.03%,

and

0.01%

for

the

fiscal

years

ended

June

30,

2025,

2024,

2023,

2022,

and

2021,

respectively.

7

Does

not

include

expenses

of

the

investment

companies

in

which

the

Fund

invests.

8

Annualized

for

periods

less

than

one

year.

Palmer

Square

Funds

Trust

Palmer

Square

Income

Plus

Fund

FINANCIAL

HIGHLIGHTS

-

Continued

34

See

accompanying

Notes

to

Financial

Statements.

Class

T

Per

share

operating

performance.

For

a

capital

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

For

the

period

February

29,

2024

*

through

June

30,

2024

Net

asset

value,

beginning

of

period

$

10.10

$

10.00

$

10.05

Income

from

Investment

Operations:

Net

investment

income

1,2

0.36

0.55

0.21

Net

realized

and

unrealized

gain

(loss)

(0.23)

0.05

0.02

Total

from

investment

operations

0.13

0.60

0.23

Less

Distributions:

From

net

investment

income

(0.12)

(0.49)

(0.28)

Distributions

from

Net

Realized

Gain

—

(0.01)

—

Total

Distributions

(0.12)

(0.50)

(0.28)

Net

asset

value,

end

of

period

$

10.11

$

10.10

$

10.00

Total

return

3

2.51%

4

6.17%

2.34%

4

Ratios

and

Supplemental

Data:

Net

assets,

end

of

period

(000's)

$

33,217

$

30,003

$

33,388

Ratio

of

expenses

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

5,6

0.61%

7

0.64%

0.62%

7

After

fees

waived

and

expenses

absorbed

/

recovered

5,6

0.61%

7

0.64%

0.62%

7

Ratio

of

net

investment

income

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

2

6.94%

7

5.44%

6.27%

7

After

fees

waived

and

expenses

absorbed

/

recovered

2

6.94%

7

5.44%

6.27%

7

Portfolio

Turnover

Rate

43%

4

97%

109%

4

*

Date

of

commencement

of

operations.

1

Based

on

average

shares

outstanding

for

the

period.

2

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

underlying

investment

companies

in

which

the

Fund

invests.

The

ratio

does

not

include

net

investment

income

of

the

investment

companies

in

which

the

Fund

invests.

3

Total

returns

would

have

been

higher/lower

had

expenses

not

been

recovered/waived

and

absorbed

by

the

Advisor.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

4

Not

annualized.

5

If

commitment

fees

and

interest

on

securities

sold

short

had

been

excluded,

the

expense

ratios

would

have

been

lowered

by

0.00%,

0.00%,

0.02%,

0.03%,

and

0.01%

for

the

fiscal

years

ended

June

30,

2025,

2024,

2023,

2022,

and

2021,

respectively.

6

Does

not

include

expenses

of

the

investment

companies

in

which

the

Fund

invests.

7

Annualized

for

periods

less

than

one

year.

Palmer

Square

Funds

Trust

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

FINANCIAL

HIGHLIGHTS

35

See

accompanying

Notes

to

Financial

Statements.

Class

I

Per

share

operating

performance.

For

a

capital

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

period

$

19.94

$

19.88

$

19.73

$

19.68

$

20.06

$

20.01

Income

from

Investment

Operations:

Net

investment

income

1,2

0.43

1.01

1.09

0.76

0.10

0.12

Net

realized

and

unrealized

gain

(loss)

0.01

0.03

0.11

(0.09)

(0.35)

0.05

Total

from

investment

operations

0.44

1.04

1.20

0.67

(0.25)

0.17

Less

Distributions:

From

net

investment

income

(0.48)

(0.96)

(1.05)

(0.62)

(0.13)

(0.12)

Distributions

from

Net

Realized

Gain

(0.02)

(0.02)

—

—

—

—

Total

Distributions

(0.50)

(0.98)

(1.05)

(0.62)

(0.13)

(0.12)

Net

asset

value,

end

of

period

$

19.88

$

19.94

$

19.88

$

19.73

$

19.68

$

20.06

Total

return

3

2.22%

4

5.30%

6.19%

3.48%

(1.23)%

0.87%

Ratios

and

Supplemental

Data:

Net

assets,

end

of

period

(000's)

$

51,388

$

69,576

$

86,127

$

80,915

$

42,773

$

71,362

Ratio

of

expenses

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

5,6

0.74%

7

0.75%

0.59%

0.70%

0.76%

0.67%

After

fees

waived

and

expenses

absorbed

/

recovered

5,6

0.50%

7

0.50%

0.50%

0.52%

0.53%

0.51%

Ratio

of

net

investment

income

to

average

net

assets

(including

commitment

fees

and

interest

on

securities

sold

short):

Before

fees

waived

and

expenses

absorbed

/

recovered

2

3.98%

7

4.79%

5.40%

3.67%

0.28%

0.44%

After

fees

waived

and

expenses

absorbed

/

recovered

2

4.22%

7

5.04%

5.49%

3.85%

0.51%

0.60%

Portfolio

Turnover

Rate

42%

4

124%

123%

107%

112%

117%

1

Based

on

average

shares

outstanding

for

the

period.

2

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

underlying

investment

companies

in

which

the

Fund

invests.

The

ratio

does

not

include

net

investment

income

of

the

investment

companies

in

which

the

Fund

invests.

3

Total

returns

would

have

been

lower

had

expenses

not

been

waived

and

absorbed

by

the

Advisor.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

4

Not

annualized.

5

If

commitment

fees

and

interest

on

securities

sold

short

had

been

excluded,

the

expense

ratios

would

have

been

lowered

by

0.00%,

0.00%,

0.02%,

0.03%,

and

0.01%

for

the

fiscal

years

ended

June

30,

2025,

2024,

2023,

2022,

and

2021,

respectively.

6

Does

not

include

expenses

of

the

investment

companies

in

which

the

Fund

invests.

7

Annualized

for

periods

less

than

one

year.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

As

of

December

31,

2025

(Unaudited)

36

1. Organization

On

November

3,

2025,

Palmer

Square

Income

Plus

Fund

(“Income

Plus

Fund”)

and

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

(“Ultra-Short

Duration

Investment

Grade

Fund’’)

(each

a

“Fund”

and

collectively

the

“Funds”)

were

organized

as

a

diversified

series

of

Palmer

Square

Funds

Trust,

a

Delaware

statutory

trust

(the

“Trust”),

which

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Income

Plus

Fund’s

primary

investment

objective

is

to

seek

income.

A

secondary

objective

is

to

seek

capital

appreciation.

The

Income

Plus

Fund

commenced

operations

following

the

reorganization

of

an

identically

named

series

of

Investment

Managers

Series

Trust

(defined

below

as

the

“Predecessor

Fund”)

into

the

Fund

as

described

Note 15

below.

The

Income

Plus

Fund

continued

the

accounting

and

performance

history

of

the

Predecessor

Fund,

which

commenced

operation

on

June

29,

2015.

On

February

27,

2024,

the

Fund’s

outstanding

shares

were

redesignated

as

Class

I

shares.

Class

T

commenced

operations

on

February

29,

2024.

Class

T

shares

are

available

for

investment

only

by

clients

of

the

financial

intermediaries,

institutional

investors,

and

a

limited

number

of

other

investors

approved

by

the

Advisor.

Prior

to

February

28,

2014,

the

Fund’s

only

activity

was

the

receipt

of

a

$2,500

investment

from

principals

of

the

Income

Plus

Fund’s

advisor

and

a

$94,313,788

transfer

of

shares

of

the

Income

Plus

Fund

in

exchange

for

the

net

assets

of

the

Palmer

Square

Opportunistic

Investment

Grade

Plus

Trust

(“Private

Fund

I”)

and

Palmer

Square

Investment

Grade

Plus

Trust

(“Private

Fund

II”),

each

a

Delaware

statutory

trust

(each

a

“Private

Fund”

collectively,

the

“Private

Funds”).

This

exchange

was

nontaxable,

whereby

the

Income

Plus

Fund

issued

9,428,446

shares

for

the

net

assets

of

the

Private

Funds

on

February

28,

2014.

Assets

with

a

fair

market

value

of

$94,313,788

consisting

of

cash,

interest

receivable

and

securities

of

the

Private

Funds

with

a

fair

value

of

$92,629,439

(identified

cost

of

investments

transferred

$91,621,375)

were

the

primary

assets

received

by

the

Income

Plus

Fund.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Income

Plus

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

the

Private

Funds

was

carried

forward

to

align

ongoing

reporting

of

the

Income

Plus

Fund’s

realized

and

unrealized

gains

and

losses

with

amount

distributable

to

shareholders

for

tax

purposes.

The

Ultra-Short

Duration

Investment

Grade

Fund’s

primary

investment

objective

is

to

seek

income.

A

secondary

objective

is

to

seek

capital

appreciation.

The

Ultra-Short

Duration

Investment

Grade

Fund

commenced

investment

operations

on

October

7,

2016.

The

Ultra-Short

Duration

Investment

Grade

Fund

commenced

operations

following

the

reorganization

of

an

identically

named

series

of

Investment

Managers

Series

Trust

(defined

below

as

the

“Predecessor

Fund”)

into

the

Fund

as

described

Note 15

below.

The

Ultra-

Short

Duration

Investment

Grade

Fund

continued

the

accounting

and

performance

history

of

the

Predecessor

Fund,

which

commenced

operation

on

October

7,

2016.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services—Investment

Companies”.

Each

Fund

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Advisor

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

financial

highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

a

Fund

based

on

performance

measurements.

The

management

of

the

Funds’

Advisor

is

deemed

to

be

the

Chief

Operating

Decision

Maker

with

respect

to

the

Funds'

investment

decisions.

2. Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

could

differ

from

these

estimates.

(a)

Valuation

of

Investments

The

Funds

value

equity

securities

at

the

last

reported

sale

price

on

the

principal

exchange

or

in

the

principal

over

the

counter

(“OTC”)

market

in

which

such

securities

are

traded,

as

of

the

close

of

regular

trading

on

the

NYSE

on

the

day

the

securities

are

being

valued

or,

if

the

last-quoted

sales

price

is

not

readily

available,

the

securities

will

be

valued

at

the

last

bid

or

the

mean

between

the

last

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

37

available

bid

and

ask

price.

Securities

traded

on

the

NASDAQ

are

valued

at

the

NASDAQ

Official

Closing

Price

(“NOCP”).

Pricing

services

generally

value

debt

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

such

securities

may

be

held

or

transactions

may

be

conducted

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

often

trade

at

lower

prices

than

institutional

round

lots.

Investments

in

open-end

investment

companies

are

valued

at

the

daily

closing

net

asset

value

of

the

respective

investment

company.

Debt

securities

are

valued

by

utilizing

a

price

supplied

by

independent

pricing

service

providers.

The

independent

pricing

service

providers

may

use

various

valuation

methodologies

including

matrix

pricing

and

other

analytical

pricing

models

as

well

as

market

transactions

and

dealer

quotations.

These

models

generally

consider

such

factors

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon,

maturity,

ratings

and

general

market

conditions.

If

a

price

is

not

readily

available

for

a

portfolio

security,

the

security

will

be

valued

at

fair

value

(the

amount

which

the

Funds

might

reasonably

expect

to

receive

for

the

security

upon

its

current

sale).

The

Board

of

Trustees

has

designated

the

Advisor

as

the

Funds’

valuation

designee

(the

“Valuation

Designee”)

to

make

all

fair

value

determinations

with

respect

to

the

Fund’s

portfolio

investments,

subject

to

the

Board’s

oversight.

As

the

Valuation

Designee,

the

Advisor

has

adopted

and

implemented

policies

and

procedures

to

be

followed

when

the

Fund

must

utilize

fair

value

pricing.

(b)

Bank

Loans

The

Funds

may

purchase

participations

in

commercial

loans.

Such

investments

may

be

secured

or

unsecured.

Loan

participations

typically

represent

direct

participation,

together

with

other

parties,

in

a

loan

to

a

corporate

borrower,

and

generally

are

offered

by

banks

or

other

financial

institutions

or

lending

syndicates.

The

Funds

may

participate

in

such

syndications,

or

can

buy

part

of

a

loan,

becoming

a

part

lender.

When

purchasing

indebtedness

and

loan

participations,

the

Funds

assume

the

credit

risk

associated

with

the

corporate

borrower

and

may

assume

the

credit

risk

associated

with

an

interposed

bank

or

other

financial

intermediary.

The

indebtedness

and

loan

participations

in

which

the

Funds

intend

to

invest

may

not

be

rated

by

any

nationally

recognized

rating

service.

Bank

loans

may

be

structured

to

include

both

term

loans,

which

are

generally

fully

funded

at

the

time

of

investment

and

unfunded

loan

commitments,

which

are

contractual

obligations

for

future

funding.

Unfunded

loan

commitments

may

include

revolving

credit

facilities,

which

may

obligate

the

Funds

to

supply

additional

cash

to

the

borrower

on

demand,

representing

a

potential

financial

obligation

by

the

Funds

in

the

future.

The

Funds

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

portion

of

a

senior

floating

rate

interest.

Commitment

fees

are

processed

as

a

reduction

in

cost.

In

addition,

the

Funds

may

enter

into,

or

acquire

participations

in,

delayed

funding

loans

and

revolving

credit

facilities.

Delayed

funding

loans

and

revolving

credit

facilities

are

borrowing

arrangements

in

which

the

lender

agrees

to

make

loans

up

to

a

maximum

amount

upon

demand

by

the

borrower

during

a

specified

term.

A

revolving

credit

facility

differs

from

a

delayed

funding

loan

in

that

as

the

borrower

repays

the

loan,

an

amount

equal

to

the

repayment

may

be

borrowed

again

during

the

term

of

the

revolving

credit

facility.

Delayed

funding

loans

and

revolving

credit

facilities

usually

provide

for

floating

or

variable

rates

of

interest.

These

commitments

may

have

the

effect

of

requiring

the

Fund

to

increase

its

investment

in

a

company

at

a

time

when

it

might

not

otherwise

decide

to

do

so

(including

at

a

time

when

the

company's

financial

condition

makes

it

unlikely

that

such

amounts

will

be

repaid).

To

the

extent

that

the

Funds

are

committed

to

advance

additional

funds,

it

will

at

all-times

segregate

or

"earmark"

liquid

assets,

in

an

amount

sufficient

to

meet

such

commitments.

(c)

Asset-Backed Securities

Asset-backed

securities

include

pools

of

mortgages,

loans,

receivables

or

other

assets.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities,

and,

in

certain

cases,

supported

by

letters

of

credit,

surety

bonds,

or

other

credit

enhancements.

The

value

of

asset-backed

securities

may

also

be

affected

by

the

creditworthiness

of

the

servicing

agent

for

the

pool,

the

originator

of

the

loans

or

receivables,

or

the

financial

institution(s)

providing

the

credit

support.

In

addition,

asset-backed

securities

are

not

backed

by

any

governmental

agency. 

(d)

Collateralized Loan

Obligations

Collateralized

Debt

Obligations

(“CDOs”)

include

Collateralized

Bond

Obligations

(“CBOs”),

Collateralized

Loan

Obligations

(“CLOs”)

and

other

similarly

structured

securities.

CBOs

and

CLOs

are

types

of

asset-backed

securities.

A

CBO

is

a

trust

which

is

backed

by

a

diversified

pool

of

high

risk,

below

investment

grade

fixed

income

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

The

risks

of

an

investment

in

a

CDO

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

38

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Funds

invest.

CDOs

carry

additional

risks

including,

but

not

limited

to,

(i)

the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments,

(ii)

the

collateral

may

decline

in

value

or

default,

(iii)

the

Funds

may

invest

in

CDOs

that

are

subordinate

to

other

classes,

and

(iv)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results. 

(e)

Mortgage-Backed

Securities

The

Funds

may

invest

in

mortgage-backed

securities

("MBS"),

representing

direct

or

indirect

interests

in

pools

of

underlying

residential

or

commercial

mortgage

loans

that

are

secured

by

real

property.

These

securities

provide

investors

with

payments

consisting

of

both

principal

and

interest

as

the

mortgages

in

the

underlying

mortgage

pools

are

paid.

The

timely

payment

of

principal

and

interest

(but

not

the

market

value)

on

MBS

issued

or

guaranteed

by

Ginnie

Mae

(formally

known

as

the

Government

National

Mortgage

Association

or

GNMA)

is

backed

by

Ginnie

Mae

and

the

full

faith

and

credit

of

the

US

government.

Obligations

issued

by

Fannie

Mae

(formally

known

as

the

Federal

National

Mortgage

Association

or

FNMA)

and

Freddie

Mac

(formally

known

as

the

Federal

Home

Loan

Mortgage

Corporation

or

FHLMC)

are

historically

supported

only

by

the

credit

of

the

issuer,

but

currently

are

guaranteed

by

the

US

government

in

connection

with

such

agencies

being

placed

temporarily

into

conservatorship

by

the

US

government.

Some

MBS

are

sponsored

or

issued

by

private

entities.

Payments

of

principal

and

interest

(but

not

the

market

value)

of

such

private

MBS

may

be

supported

by

pools

of

residential

or

commercial

mortgage

loans

or

other

MBS

that

are

guaranteed,

directly

or

indirectly,

by

the

US

government

or

one

of

its

agencies

or

instrumentalities,

or

they

may

be

issued

without

any

government

guarantee

of

the

underlying

mortgage

assets

but

may

contain

some

form

of

non-government

credit

enhancement.

Collateralized

mortgage

obligations

("CMO")

are

a

type

of

MBS.

A

CMO

is

a

debt

security

that

may

be

collateralized

by

whole

mortgage

loans

or

mortgage

pass-through

securities.

The

mortgage

loans

or

mortgage

pass-through

securities

are

divided

into

classes

or

tranches

with

each

class

having

its

own

characteristics.

Investors

typically

receive

payments

out

of

the

interest

and

principal

on

the

underlying

mortgages.

The

portions

of

these

payments

that

investors

receive,

as

well

as

the

priority

of

their

rights

to

receive

payments,

are

determined

by

the

specific

terms

of

the

CMO

class.

The

yield

characteristics

of

MBS

differ

from

those

of

traditional

debt

securities.

Among

the

major

differences

are

that

interest

and

principal

payments

are

made

more

frequently,

usually

monthly,

and

that

principal

may

be

prepaid

at

any

time

because

the

underlying

mortgage

loans

or

other

obligations

generally

may

be

prepaid

at

any

time.

Prepayments

on

a

pool

of

mortgage

loans

are

influenced

by

a

variety

of

economic,

geographic,

social

and

other

factors.

Generally,

prepayments

on

fixed-rate

mortgage

loans

will

increase

during

a

period

of

falling

interest

rates

and

decrease

during

a

period

of

rising

interest

rates.

Certain

classes

of

CMOs

and

other

MBS

are

structured

in

a

manner

that

makes

them

extremely

sensitive

to

changes

in

prepayment

rates.

(f)

Short

Sales

Short

sales

are

transactions

under

which

the

Funds

sell

a

security

they

do

not

own

in

anticipation

of

a

decline

in

the

value

of

that

security.

To

complete

such

a

transaction,

the

Funds

must

borrow

the

security

to

make

delivery

to

the

buyer.

The

Funds

then

are

obligated

to

replace

the

security

borrowed

by

purchasing

the

security

at

market

price

at

the

time

of

replacement.

The

price

at

such

time

may

be

more

or

less

than

the

price

at

which

the

security

was

sold

by

the

Funds.

When

a

security

is

sold

short

a

decrease

in

the

value

of

the

security

will

be

recognized

as

a

gain

and

an

increase

in

the

value

of

the

security

will

be

recognized

as

a

loss,

which

is

potentially

limitless.

Until

the

security

is

replaced,

the

Funds

are

required

to

pay

the

lender

amounts

equal

to

dividend

or

interest

that

accrue

during

the

period

of

the

loan

which

is

recorded

as

an

expense.

To

borrow

the

security,

the

Funds

also

may

be

required

to

pay

a

premium

or

an

interest

fee,

which

are

recorded

as

interest

expense.

Cash

or

securities

are

segregated

for

the

broker

to

meet

the

necessary

margin

requirements.

The

Funds

are

subject

to

the

risk

that

they

may

not

always

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price. 

(g)

Futures

Contracts

The

Funds

may

enter

into

futures

contracts

(including

contracts

relating

to

foreign

currencies,

interest

rates

and

other

financial

indexes),

and

purchase

and

write

(sell)

related

options

traded

on

exchanges

designated

by

the

Commodity

Futures

Trading

Commission

(“CFTC”)

or,

consistent

with

CFTC

regulations,

on

foreign

exchanges.

Upon

entering

into

futures

contracts,

the

Funds

bear

risks

that

it

may

not

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

39

achieve

the

anticipated

benefits

of

the

futures

contracts

and

may

realize

a

loss.

Additional

risks

include

counterparty

credit

risk,

the

possibility

of

an

illiquid

market,

and

that

a

change

in

the

value

of

the

contract

or

option

may

not

correlate

with

changes

in

the

value

of

the

underlying

asset.

A

futures

contract

held

by

the

Funds

is

valued

daily

at

the

official

settlement

price

on

the

exchange

on

which

it

is

traded.

Variation

margin

does

not

represent

borrowing

or

a

loan

by

the

Funds

but

is

instead

a

settlement

between

the

Funds

and

the

broker

of

the

amount

one

would

owe

the

other

if

the

futures

contract

expired.

Upon

entering

into

a

futures

contract,

the

Funds

deposits

cash

or

securities

with

the

broker,

known

as

a

futures

commission

merchant

(FCM),

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

The

initial

margin

deposit

must

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Cash

deposited

as

initial

margin

is

recorded

in

the

Statement

of

Assets

and

Liabilities

as

cash

deposited

with

broker.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments.

During

the

period

the

futures

contracts

are

open,

changes

in

the

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses

by

“marked

to

market”

on

a

daily

basis

to

reflect

the

market

value

of

the

contracts

at

the

end

of

each

day’s

trading.

Variation

margin

payments

are

received

or

made

depending

upon

whether

unrealized

gains

or

losses

are

incurred.

The

variation

margin

payments

are

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

and

are

offset

in

unrealized

gains

or

losses.

When

the

contracts

are

closed

or

expires,

the

Funds

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

Funds

basis

in

the

contract.

(h)

Swap

Agreements

and

Swaptions

The

Funds

may

enter

into

credit

default

swap

agreements

for

investment

purposes.

A

credit

default

swap

agreement

may

have

as

reference

obligations

one

or

more

securities

that

are

not

currently

held

by

the

Funds.

The

Funds

may

be

either

the

buyer

or

seller

in

the

transaction.

Credit

default

swaps

may

also

be

structured

based

on

the

debt

of

a

basket

of

issuers,

rather

than

a

single

issuer,

and

may

be

customized

with

respect

to

the

default

event

that

triggers

purchase

or

other

factors.

As

a

seller,

the

Funds

would

generally

receive

an

upfront

payment

or

a

fixed

rate

of

income

throughout

the

term

of

the

swap,

which

typically

is

between

six

months

and

three

years,

provided

that

there

is

no

credit

event.

If

a

credit

event

occurs,

generally

the

seller

must

pay

the

buyer

the

full

face

amount

of

deliverable

obligations

of

the

reference

obligations

that

may

have

little

or

no

value.

The

notional

value

will

be

used

to

segregate

liquid

assets

for

selling

protection

on

credit

default

swaps.

If

the

Funds

were

a

buyer

and

no

credit

event

occurs,

the

Funds

would

recover

nothing

if

the

swap

is

held

through

its

termination

date.

However,

if

a

credit

event

occurs,

the

buyer

may

elect

to

receive

the

full

notional

value

of

the

swap

in

exchange

for

an

equal

face

amount

of

deliverable

obligations

of

the

reference

obligation

that

may

have

little

or

no

value.

The

use

of

swap

agreements

by

the

Funds

entail

certain

risks,

which

may

be

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

securities

and

other

investments

that

are

the

referenced

asset

for

the

swap

agreement.

Swaps

are

highly

specialized

instruments

that

require

investment

techniques,

risk

analyses,

and

tax

planning

different

from

those

associated

with

stocks,

bonds,

and

other

traditional

investments.

The

use

of

a

swap

requires

an

understanding

not

only

of

the

referenced

asset,

reference

rate,

or

index,

but

also

of

the

swap

itself,

without

the

benefit

of

observing

the

performance

of

the

swap

under

all

the

possible

market

conditions.

Because

some

swap

agreements

have

a

leverage

component,

adverse

changes

in

the

value

or

level

of

the

underlying

asset,

reference

rate,

or

index

can

result

in

a

loss

substantially

greater

than

the

amount

invested

in

the

swap

itself.

Certain

swaps

have

the

potential

for

unlimited

loss,

regardless

of

the

size

of

the

initial

investment.

The

Funds

may

also

purchase

credit

default

swap

contracts

in

order

to

hedge

against

the

risk

of

default

of

the

debt

of

a

particular

issuer

or

basket

of

issuers,

in

which

case

the

Funds

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

This

would

involve

the

risk

that

the

investment

may

expire

worthless

and

would

only

generate

income

in

the

event

of

an

actual

default

by

the

issuer(s)

of

the

underlying

obligation(s)

(or,

as

applicable,

a

credit

downgrade

or

other

indication

of

financial

instability).

It

would

also

involve

the

risk

that

the

seller

may

fail

to

satisfy

its

payment

obligations

to

the

Funds

in

the

event

of

a

default.

The

purchase

of

credit

default

swaps

involves

costs,

which

will

reduce

each

Fund's

return.

The

Funds

may

enter

into

total

return

swap

contracts

for

investment

purposes.

Total

return

swaps

are

contracts

in

which

one

party

agrees

to

make

periodic

payments

based

on

the

change

in

market

value

of

the

underlying

assets,

which

may

include

a

specified

security,

basket

of

securities

or

security

indexes

during

the

specified

period,

in

return

for

periodic

payments

based

on

a

fixed

or

variable

interest

rate

of

the

total

return

from

other

underlying

assets.

Total

return

swap

agreements

may

be

used

to

obtain

exposure

to

a

security

or

market

without

owning

or

taking

physical

custody

of

such

security

or

market,

including

in

cases

in

which

there

may

be

disadvantages

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

40

associated

with

direct

ownership

of

a

particular

security.

In

a

typical

total

return

equity

swap,

payments

made

by

the

Funds

or

the

counterparty

are

based

on

the

total

return

of

a

particular

reference

asset

or

assets

(such

as

an

equity

security,

a

combination

of

such

securities,

or

an

index).

That

is,

one

party

agrees

to

pay

another

party

the

return

on

a

stock,

basket

of

stocks,

or

stock

index

in

return

for

a

specified

interest

rate.

By

entering

into

an

equity

index

swap,

for

example,

the

index

receiver

can

gain

exposure

to

stocks

making

up

the

index

of

securities

without

actually

purchasing

those

stocks.

Total

return

swaps

involve

not

only

the

risk

associated

with

the

investment

in

the

underlying

securities,

but

also

the

risk

of

the

counterparty

not

fulfilling

its

obligations

under

the

agreement.

An

option

on

a

swap

agreement,

or

a

“swaption,”

is

a

contract

that

gives

a

counterparty

the

right

(but

not

the

obligation)

to

enter

into

a

new

swap

agreement

or

to

shorten,

extend,

cancel

or

otherwise

modify

an

existing

swap

agreement,

at

some

designated

future

time

on

specified

terms.

In

return,

the

purchaser

pays

a

“premium”

to

the

seller

of

the

contract.

The

seller

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

on

the

underlying

swap.

The

Funds

may

write

(sell)

and

purchase

put

and

call

swaptions.

The

Funds

may

also

enter

into

swaptions

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

the

Funds

are

hedging

its

assets

or

its

liabilities.

The

Funds

may

write

(sell)

and

purchase

put

and

call

swaptions

to

the

same

extent

it

may

make

use

of

standard

options

on

securities

or

other

instruments.

The

Funds

may

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

its

holdings,

as

a

duration

management

technique,

to

protect

against

an

increase

in

the

price

of

securities

the

Funds

anticipate

purchasing

at

a

later

date,

or

for

any

other

purposes,

such

as

for

speculation

to

increase

returns.

Swaptions

are

generally

subject

to

the

same

risks

involved

in

the

Funds’

use

of

options.

Depending

on

the

terms

of

the

particular

option

agreement,

the

Funds

will

generally

incur

a

greater

degree

of

risk

when

they

write

a

swaption

than

they

will

incur

when

it

purchases

a

swaption.

When

the

Funds

purchase

a

swaption,

they

risk

losing

only

the

amount

of

the

premium

they

have

paid

should

they

decide

to

let

the

option

expire

unexercised.

However,

when

the

Funds

write

a

swaption,

upon

exercise

of

the

option

the

Funds

will

become

obligated

according

to

the

terms

of

the

underlying

agreement. 

(i)

Options

Contracts

The

Funds

may

write

or

purchase

options

contracts

primarily

to

enhance

each

Fund’s

returns

or

reduce

volatility.

In

addition,

the

Funds

may

utilize

options

in

an

attempt

to

generate

gains

from

options

premiums

or

to

reduce

overall

portfolio

risk.

When

the

Funds

write

or

purchases

an

option,

an

amount

equal

to

the

premium

received

or

paid

by

the

Funds

are

recorded

as

a

liability

or

an

asset

and

is

subsequently

adjusted

to

the

current

market

value

of

the

option

written

or

purchased.

Premiums

received

or

paid

from

writing

or

purchasing

options

which

expire

unexercised

are

treated

by

the

Funds

on

the

expiration

date

as

realized

gains

or

losses.

The

difference

between

the

premium

and

the

amount

paid

or

received

on

effecting

a

closing

purchase

or

sale

transaction,

including

brokerage

commissions,

is

also

treated

as

a

realized

gain

or

loss.

If

an

option

is

exercised,

the

premium

paid

or

received

is

added

to

the

cost

of

the

purchase

or

proceeds

from

the

sale

in

determining

whether

the

Funds

have

realized

a

gain

or

a

loss

on

investment

transactions.

The

Funds,

as

a

writer

of

an

option,

may

have

no

control

over

whether

the

underlying

securities

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

(j)

Forward

Foreign

Currency

Exchanges

Contracts

The

Funds

may

utilize

forward

foreign

currency

exchange

contracts

(“forward

contracts”)

under

which

they

are

obligated

to

exchange

currencies

on

specified

future

dates

at

specified

rates,

and

are

subject

to

the

translations

of

foreign

exchange

rates

fluctuations.

All

contracts

are

“marked-to-market”

daily

and

any

resulting

unrealized

gains

or

losses

are

recorded

as

unrealized

appreciation

or

depreciation

on

foreign

currency

translations.

The

Funds

record

realized

gains

or

losses

at

the

time

the

forward

contract

is

settled.

Counter

parties

to

these

forward

contracts

are

major

U.S.

financial

institutions. 

(k)

Investment

Transactions,

Investment

Income

and

Expenses

Investment

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

on

investments

are

determined

on

the

identified

cost

basis.

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date

and

interest

income

is

recorded

on

an

accrual

basis.

Withholding

taxes

on

foreign

dividends,

if

applicable,

are

paid

(a

portion

of

which

may

be

reclaimable)

or

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

in

the

Statement

of

Operations.

Withholding

tax

reclaims

are

filed

in

certain

countries

to

recover

a

portion

of

the

amounts

previously

withheld.

The

Funds

record

a

reclaim

receivable

based

on

a

number

of

factors,

including

a

jurisdiction’s

legal

obligation

to

pay

reclaims

as

well

as

payment

history

and

market

convention.

Discounts

on

debt

securities

are

accreted

or

amortized

to

interest

income

over

the

lives

of

the

respective

securities

using

the

effective

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

41

interest

method.

Premiums

for

callable

debt

securities

are

amortized

to

the

earliest

call

date,

if

the

call

price

was

less

than

the

purchase

price.

If

the

call

price

was

not

at

par

and

the

security

was

not

called,

the

security

is

amortized

to

the

next

call

price

and

date.

Expenses

incurred

by

the

Trust

with

respect

to

more

than

one

fund

are

allocated

in

proportion

to

the

net

assets

of

each

fund

except

where

allocation

of

direct

expenses

to

each

Fund

or

an

alternative

allocation

method

can

be

more

appropriately

made.

(l)

Federal

Income

Taxes

The

Funds

intend

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

substantially

all

of

their

net

investment

income

and

any

net

realized

gains

to

their

shareholders.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Due

to

the

timing

of

dividend

distributions

and

the

differences

in

accounting

for

income

and

realized

gains

and

losses

for

financial

statement

and

federal

income

tax

purposes,

the

fiscal

year

in

which

amounts

are

distributed

may

differ

from

the

year

in

which

the

income

and

realized

gains

and

losses

are

recorded

by

the

Funds.

Accounting

for

Uncertainty

in

Income

Taxes

(the

“Income

Tax

Statement”)

requires

an

evaluation

of

tax

positions

taken

(or

expected

to

be

taken)

in

the

course

of

preparing

a

Fund’s

tax

returns

to

determine

whether

these

positions

meet

a

“more-likely-than-not”

standard

that,

based

on

the

technical

merits,

have

a

more

than

fifty

percent

likelihood

of

being

sustained

by

a

taxing

authority

upon

examination.

A

tax

position

that

meets

the

“more-likely-than-not”

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

The

Income

Tax

Statement

requires

management

of

the

Funds

to

analyze

tax

positions

taken

in

the

prior

three

open

tax

years,

if

any,

and

tax

positions

expected

to

be

taken

in

the

Fund’s

current

tax

year,

as

defined

by

the

IRS

statute

of

limitations

for

all

major

jurisdictions,

including

federal

tax

authorities

and

certain

state

tax

authorities.

As

of

December

31,

2025, the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

benefits.

The

Funds

have

no

examination

in

progress

and

are

not

aware

of

any

tax

positions

for

which

they

are

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

(m)

Distributions

to

Shareholders

The

Funds

will

make

distributions

of

net

investment

income quarterly

and

net

capital

gains,

if

any,

at

least

annually.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount

and

timing

of

distributions,

typically

in

December,

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

character

of

distributions

made

during

the

year

from

net

investment

income

or

net

realized

gains

may

differ

from

the

characterization

for

federal

income

tax

purposes

due

to

differences

in

the

recognition

of

income,

expense

and

gain

(loss)

items

for

financial

statement

and

tax

purposes.

(n)

Illiquid

Securities

Pursuant

to

Rule

22e-4

under

the

1940

Act,

the

Funds

have

adopted

a

Liquidity

Risk

Management

Program

(“LRMP”)

that

requires,

among

other

things,

that

the

Funds

limit

their

illiquid

investments

that

are

assets

to

no

more

than

15%

of

net

assets.

An

illiquid

investment

is

any

security

which

may

not

reasonably

be

expected

to

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

If

the

Advisor,

at

any

time,

determines

that

the

value

of

illiquid

securities

held

by

a

Fund

exceeds

15%

of

its

net

asset

value,

the

Advisor

will

take

such

steps

as

it

considers

appropriate

to

reduce

them

as

soon

as

reasonably

practicable

in

accordance

with

the

Funds’

written

LRMP. 

3. Investment

Advisory

Agreement and

Other

Transactions

with

Affiliates

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

(the

“Agreement”)

with

Palmer

Square

Capital

Management

LLC

(the

“Advisor”).

Under

the

terms

of

the

Agreement,

the

Income

Plus

Fund

pays

a

monthly

investment

advisory

fee

to

the

Advisor

at

the

annual

rate

of

0.49%

of

its

average

daily

net

assets

and

the

Ultra-Short

Duration

Investment

Grade

Fund

pays

a

monthly

investment

advisory

fee

to

the

Advisor

at

the

annual

rate

of

0.25%

of

its

average

daily

net

assets.

The

Advisor

has

contractually

agreed

to

waive

its

fees

and/or

pay

for

operating

expenses

of

the

Funds

to

ensure

that

total

annual

operating

expenses

(excluding

any

taxes,

leverage

interest,

brokerage

commissions,

dividend

and

interest

expenses

on

short

sales,

acquired

fund

fees

and

expenses

(as

determined

in

accordance

with

Form

N-1A),

expenses

incurred

in

connection

with

any

merger

or

reorganization,

and

extraordinary

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

42

expenses

such

as

litigation

expenses)

do

not

exceed

0.75%,

0.60%

and

0.50%

of

the

Income

Plus

Fund

Class

I

shares,

Income

Plus

Fund

Class

T

shares

and

Ultra-Short

Duration

Investment

Grade

Fund’s

average

daily

net

assets,

respectively.

This

agreement

is

in

effect

until

October

31,

2026

and

it

may

be

terminated

before

that

date

only

by

the

Trust’s

Board

of

Trustees.

For

the

six

months

ended December

31,

2025,

the

Advisor

waived

advisory

fees

totaling

$79,961

for

the

Ultra-Short

Duration

Investment

Grade

Fund.

The

Advisor

is

permitted

to

seek

reimbursement

from

the

Fund,

subject

to

certain

limitations,

of

fees

waived

or

payments

made

to

the

Fund

for

a

period

ending

three

full

fiscal

years

after

the

date

of

the

waiver

or

payment.

This

reimbursement

may

be

requested

from

the

Fund

if

the

reimbursement

will

not

cause

the

Fund’s

annual

expense

ratio

to

exceed

the

lesser

of

(a)

the

expense

limitation

in

effect

at

the

time

such

fees

were

waived

or

payments

made,

or

(b)

the

expense

limitation

in

effect

at

the

time

of

the

reimbursement.

The

potential

recoverable

amount

is

noted

as

"Commitments

and

contingencies"

as

reported

on

the

Statement

of

Assets

and

Liabilities.

The

Advisor

may

recapture

all

or

a

portion

of

this

amount

no

later

than

dates

stated

below:

In

addition,

the

Advisor

has

voluntarily

agreed

to

waive

its

advisory

fee

payable

by

the

Ultra-Short

Duration

Investment

Grade

Fund

equal

to

the

amount

of

the

advisory

fee

payable

on

the

Fund’s

assets

invested

in

the

Palmer

Square

CLO

Senior

Debt

ETF.

The

Advisor

has

also

voluntarily

agreed

to

waive

its

advisory

fee

payable

by

the

Income

Plus

Fund

equal

to

the

amount

of

the

advisory

fee

payable

on

the

Fund’s

assets

invested

in

the

Palmer

Square

CLO

Senior

Debt

ETF

and

the

Palmer

Square

Credit

Opportunities

ETF.

For

the

six

months

ended December

31,

2025,

the

amount

of

advisory

fees

waived

is

reported

under

“Affiliated

fund

fee

waived”

on

the

Statement

of

Operations.

Beginning

November

3,

2025,

JP

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

serves

as

each

Fund's

Custodian

and

Administrator.

The

Administrator

performs

various

administrative

and

accounting

services

for

the

Funds.

The

Administrator

prepares

various

federal

and

state

regulatory

filings,

reports

and

returns

for

the

Funds;

prepares

reports

and

materials

to

be

supplied

to

the

Trustees,

and

monitors

the

activities

of

the

Funds’

custodian,

transfer

agent

and

accountants,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

each

Fund.

As

compensation

for

such

services,

the

Adviser

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

UMB

Fund

Services,

Inc.

(“UMBFS”)

serves

as

the

Funds’

transfer

agent.

The

Funds’

allocated

fees

incurred

for

transfer

agency

services

for

the

period

ended

December

31,

2025,

are

reported

on

the

Statement

of

Operations.

Prior

to

November

3,

2025,

UMB

Fund

Services,

Inc.

(“UMBFS”)

served

as

the

Funds’

fund

accountant

and

co-administrator;

and

Mutual

Fund

Administration,

LLC

(“MFAC”)

served

as

the

Funds’

other

co-administrator.

UMB

Bank,

n.a.,

an

affiliate

of

UMBFS,

served

as

the

Funds’

custodian.

The

Funds’

allocated

fees

incurred

for

fund

accounting,

fund

administration,

transfer

agency

and

custody

services

for

the

period

ended

December

31,

2025,

are

reported

on

the

Statement

of

Operations.

The

Funds

had

a

fee

arrangement

with

its

custodian,

UMB

Bank,

n.a.,

which

provides

for

custody

fees

to

be

reduced

by

earning

credits

based

on

cash

balances

left

on

deposit

with

the

custodian.

For

the

period

ended

December

31,

2025,

no

credits

were

earned

to

reduce

total

fees.

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group),

serves

as

the

Funds’

distributor

(the

“Distributor”).

The

Distributor

does

not

receive

compensation

from

the

Funds

for

its

distribution

services;

the

Advisor

pays

the

Distributor

a

fee

for

its

distribution-related

services.

Prior

to

November

3,

2025,

certain

trustees

and

officers

of

the

Trust

were

employees

of

UMBFS

or

MFAC.

The

Funds

did

not

compensate

trustees

and

officers

affiliated

with

the

Funds’

co-administrators.

For

the

period

ended

December

31,

2025,

the

Funds’

allocated

fees

incurred

to

Trustees

who

are

not

affiliated

with

the

Funds’

co-administrators

are

reported

on

the

Statement

of

Operations.

UltraShort

Duration

Investment

Grade

Fund

June

30,

2026

$

112,254

June

30,

2027

67,647

June

30,

2028

146,142

June

30,

2029

79,961

Total

$

406,004

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

43

Prior

to

November

3,

2025,

the

Funds’

Board

of

Trustees

had

adopted

a

Deferred

Compensation

Plan

(the

“Plan”)

for

the

Independent

Trustees

that

enabled

Trustees

to

elect

to

receive

payment

in

cash

or

the

option

to

select

various

fund(s)

in

the

Trust

in

which

their

deferred

accounts

would

be

deemed

to

be

invested.

If

a

trustee

elected

to

defer

payment,

the

Plan

provided

for

the

creation

of

a

deferred

payment

account.

The

Funds’

liability

for

these

amounts

was

adjusted

for

market

value

changes

in

the

invested

fund(s)

and

remained

a

liability

to

the

Funds

until

distributed

in

accordance

with

the

Plan.

The

Trustees

Deferred

compensation

liability

under

the

Plan

constituted

a

general

unsecured

obligation

of

the

Funds

and

is

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Contributions

made

under

the

plan

and

the

change

in

unrealized

appreciation/depreciation

and

income

are

included

in

the

Trustees’

fees

and

expenses

in

the

Statement

of

Operations.

Prior

to

November

3,

2025,

Dziura

Compliance

Consulting,

LLC

provided

Chief

Compliance

Officer

(“CCO”)

services

to

the

Trust.

The

Funds’

allocated

fees

incurred

for

CCO

services

for

the

period

ended

December

31,

2025,

are

reported

on

the

Statement

of

Operations.

4. Federal

Income

Taxes

At

December

31,

2025,

the

cost

of

securities

on

a

tax

basis

and

gross

unrealized

appreciation

and

depreciation

on

investments

for

federal

income

tax

purposes

were

as

follows:

The

difference

between

cost

amounts

for

financial

statement

and

federal

income

tax

purposes

is

due

primarily

to

timing

differences

in

recognizing

certain

gains

and

losses

in

security

transactions.

As

of

June

30,

2025,

the

components

of

accumulated

earnings/(deficit)

on

tax

basis

were

as

follows:

Income

Plus

Fund

UltraShort

Duration

Investment

Grade

Fund

Cost

of

investments

$

1,036,115,892

$

51,513,983

Gross

unrealized

appreciation

$

7,853,342

$

110,009

Gross

unrealized

depreciation

(7,439,169)

(88,350)

Net

unrealized

appreciation

(depreciation)

on

investments

$

414,173

$

21,659

Income

Plus

Fund

UltraShort

Duration

Investment

Grade

Fund

Undistributed

ordinary

income

$

—

$

56,358

Tax

accumulated

earnings

—

56,358

Accumulated

capital

and

other

losses

(11,195,200

)

—

Unrealized

appreciation

1,697,659

15,168

Unrealised

appreciation/(depreciation)

on

foreign

currency

translations,

forwards,

futures

and

swaps

$

4,630

$

—

Unrealized

deferred

compensation

$

(38,967

)

$

(20,146

)

Total

accumulated

earnings

(deficit)

$

(9,531,878

)

$

51,380

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

44

The

tax

character

of

the

distribution

paid

during

the fiscal

years

ended

June

30,

2025

and

June

30,

2024,

were

as

follows:

At

June

30,

2025,

the

Funds

had

capital

loss

carryforwards,

which

reduce

the

Funds'

taxable

income

arising

from

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Code,

and

thus

will

reduce

the

amount

of

distributions

to

shareholders

which

would

otherwise

be

necessary

to

relieve

the

Funds

of

any

liability

for

federal

tax.

5. Investment

Transactions

For

the

six

months

ended December

31,

2025, purchases

and

sales

of

investments,

(excluding

short-term

investments,

and

In-Kind

transactions)

were

as

follows:

6. Shareholder

Servicing

Plan

The

Trust,

on

behalf

of

the

Funds,

has

adopted

a

Shareholder

Servicing

Plan

to

pay

a

fee

at

an

annual

rate

of

up

to

0.15%

of

average

daily

net

assets

attributable

to

Class

I

shares

serviced

by

shareholder

servicing

agents

who

provide

administrative

and

support

services

to

their

customers.

Class

T

shares

do

not

participate

in

the

Shareholder

Servicing

Plan.

For

the

six

months

ended December

31,

2025,

shareholder

servicing

fees

incurred

are

disclosed

on

the

Statement

of

operations.

7. Indemnifications

In

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Income

Plus

Fund

UltraShort

Duration

Investment

Grade

Fund

Distribution

paid

from:

2025

2024

2025

2024

Ordinary

income

$

47,876,057

$

51,160,166

$

2,884,022

$

4,010,790

Return

of

Capital

$

702,564

$

—

$

—

$

—

Net

long-term

capital

gains

$

—

$

—

$

—

$

—

Total

taxable

distributions

$

48,578,621

$

51,160,166

$

2,884,022

$

4,010,790

Total

distributions

paid

$

48,578,621

$

51,160,166

$

2,884,022

$

4,010,790

N

ot

Subject

to

Expiration

Long-Term

Short-Term

Total

Income

Plus

Fund

$

11,195,200

$

—

$

11,195,200

UltraShort

Duration

Investment

Grade

Fund

$

—

$

—

$

—

All

Other

U.S.

Government

1

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Income

Plus

Fund

$

373,610,704

$

387,999,274

$

—

$

—

UltraShort

Duration

Investment

Grade

Fund

$

22,122,250

$

39,508,810

$

—

$

—

1

U.S.

Government

transactions

are

defined

as

those

involving

long-term

U.S.

Treasury

bills,

bonds

and

notes.

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

45

8. Fair

Value

Measurements

and

Disclosure

Fair

Value

Measurements

and

Disclosures

defines

fair

value,

establishes

a

framework

for

measuring

fair

value

in

accordance

with

GAAP,

and

expands

disclosure

about

fair

value

measurements.

It

also

provides

guidance

on

determining

when

there

has

been

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

a

liability,

when

a

transaction

is

not

orderly,

and

how

that

information

must

be

incorporated

into

a

fair

value

measurement.

Under

Fair

Value

Measurements

and

Disclosures,

various

inputs

are

used

in

determining

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

into

three

broad

Levels

as

described

below:

Level

1

–

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Funds

have

the

ability

to

access.

Level

2

–

Observable

inputs

other

than

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Funds’

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

Levels

of

the

fair

value

hierarchy.

Income

Plus

Fund

Level

1

Level

2

Level

3

Total

Assets

Investments

Asset-Backed

Securities

$

—

$

98,717,765

$

—

$

98,717,765

Bank

Loans

—

50,426,569

—

50,426,569

Collateralized

Loan

Obligations

—

315,210,662

—

315,210,662

Collateralized

Mortgage

Obligations

—

553,998

—

553,998

Commercial

Mortgage-Backed

Securities

—

10,934,139

—

10,934,139

Convertible

Bonds

—

1,224,831

—

1,224,831

Corporate

Bonds

—

335,211,532

—

335,211,532

Exchange

Traded

Funds

8,102,036

—

—

8,102,036

Residential

Mortgage-Backed

Securities

—

26,459,714

—

26,459,714

U.S.

Government

and

Agency

Securities

—

42,279,254

—

42,279,254

Short-Term

Investments

2,583,557

145,284,327

—

147,867,884

Total

Investments

$

10,685,593

$

1,026,302,791

$

—

$

1,036,988,384

Futures

Contracts

56,020

—

—

56,020

Forward

Currency

Contracts

—

105,318

—

105,318

Liabilities

Forward

Currency

Contracts

—

(619,657)

—

(619,657)

Total

Liabilities

$

—

$

(619,657)

$

—

$

(619,657)

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

46

The

following

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

value:

9. Derivatives

and

Hedging

Disclosures

Derivatives

and

Hedging

requires

enhanced

disclosures

about

each

Fund’s

derivative

and

hedging

activities,

including

how

such

activities

are

accounted

for

and

their

effects

on

each

Fund’s

financial

position,

performance

and

cash

flows.

The

effects

of

these

derivative

instruments

on

each

Fund’s

financial

position

and

financial

performance

as

reflected

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

are

presented

in

the

tables

below.

The

fair

values

of

derivative

instruments

as

of December

31,

2025

by

risk

category

are

as

follows:

UltraShort

Duration

Investment

Grade

Fund

Level

1

Level

2

Level

3

Total

Assets

Investments

Asset-Backed

Securities

$

—

$

4,498,292

$

—

$

4,498,292

Bank

Loans

—

971,961

—

971,961

Collateralized

Loan

Obligations

—

24,295,961

—

24,295,961

Commercial

Mortgage-Backed

Securities

—

627,049

—

627,049

Corporate

Bonds

—

9,241,000

—

9,241,000

Exchange

Traded

Funds

431,742

—

—

431,742

Short-Term

Investments

758,925

10,710,711

—

11,469,636

Total

Investments

$

1,190,667

$

50,344,974

$

—

$

51,535,641

Palmer

Square

Income

Plus

Fund

Asset-Backed

Securities

Balance

as

of

June

30,

2025

2,944,988

Transfer

into

Level

3

–

Transfers

out

of

Level

3

(2,944,988)

Total

gains

or

losses

for

the

period

Included

in

earnings

(or

changes

in

the

assets)

–

Net

Purchases

–

Net

Sales

–

Balance

as

of

December

31,

2025

–

Changes

in

unrealized

gains

or

losses

for

the

period

included

in

earnings

(or

changes

in

next

assets)

for

assets

held

at

the

end

of

the

reporting

period

–

Derivatives

not

designated

as

hedging

instruments

Credit

Contracts

Equity

Contracts

Foreign

Exchange

Contracts

Interest

Rate

Contracts

Total

Income

Plus

Fund

Asset

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

$

–

$

–

$

105,318

$

–

$

105,318

Unrealized

depreciation

on

open

future

contracts

$

–

$

–

$

–

$

56,020

$

56,020

$

–

$

–

$

105,318

$

56,020

$

161,338

Liabilities

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

$

–

$

–

$

619,657

$

–

$

619,657

$

–

$

–

$

619,657

$

–

$

619,657

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

47

The

effects

of

derivative

instruments

on

the

Statement

of

Operations

for

the

six

months

ended

December

31,

2025

are

as

follows:

The

notional

amount

and

the

number

of

contracts

are

included

on

the

Schedule

of

Investments.

The

quarterly

average

volumes

of

derivative

investments

as

of

December

31,

2025

are

as

follows:

10.  Disclosures

about

Offsetting

Assets

and

Liabilities

Disclosures

about

Offsetting

Assets

and

Liabilities

requires

an

entity

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

its

financial

statements

to

understand

the

effect

of

those

arrangements

on

its

financial

position.

The

guidance

requires

retrospective

application

for

all

comparative

periods

presented.

A

Fund

mitigates

credit

risk

with

respect

to

OTC

derivative

counterparties

through

credit

support

annexes

included

with

International

Swaps

and

Derivatives

Association

Master

Agreements

or

other

Master

Netting

Agreements

which

are

the standard

contracts

governing

most

derivative

transactions

between

the

Funds

and

each

of

its

counterparties.

These

agreements

allow

the

Funds

and

each

counterparty

to

offset

certain

derivative

financial

instruments'

payables

and/or

receivables

against

each

other

and/or

with

collateral,

which

is

generally

held

by

the

Funds'

custodian.

The

amount

of

collateral

moved

to/from

applicable

counterparties

is

based

upon

minimum

transfer

amounts

specified

in

the

agreement.

To

the

extent

amounts

due

to

each

Fund

from

its

counterparties

are

not

fully

collateralized

contractually

or

otherwise,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Funds

did

not

hold

swap

contracts

at

December

31,

2025.

Derivatives

not

designated

as

hedging

instruments

Credit

Contracts

Equity

Contracts

Foreign

Exchange

Contracts

Interest

Rate

Contracts

Total

Palmer

Square

Income

Plus

Fund

Realized

Gain

(Loss)

on

Derivatives

Futures

contracts

$

–

$

–

$

–

$

(121,196)

$

(121,196)

Forward

contracts

$

–

$

–

$

27,224

$

–

$

27,224

Swap

contracts

$

–

$

–

$

–

$

25,029

$

25,029

$

–

$

–

$

27,224

$

(96,167)

$

(68,943)

Palmer

Square

Income

Plus

Fund

Net

change

in

unrealized

Appreciation

(Depreciation)

on

Derivatives

Credit

Contracts

Equity

Contracts

Foreign

Exchange

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$

–

$

–

$

–

$

109,457

$

109,457

Forward

contracts

$

–

$

–

$

844,790

$

–

$

844,790

$

–

$

–

$

844,790

$

109,457

$

954,247

Income

Plus

Fund

Derivatives

not

designated

as

hedging

instruments

Futures

contracts

Interest

rate

contracts

Notional

amount

$

6,522,657

Forward

contracts

Foreign

exchange

contracts

Notional

amount

2,646,746

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

48

11. Unfunded

Commitments

The

Funds

may

enter

into

unfunded

loan

commitments.

Unfunded

loan

commitments

may

be

partially

or

wholly

unfunded.

During

the

contractual

period,

the

Fund

is

obliged

to

provide

funding

to

the

borrower

upon

demand.

Unfunded

loan

commitments

are

fair

valued

in

accordance

with

the

valuation

policy

described

in

Note

2(a)

and

unrealized

appreciation

or

depreciation,

if

any,

is

recorded

on

the

Statement

of

Assets

and

Liabilities.

As

of

December

31,

2025,

the

Income

Plus

Fund

and

the

Ultra-Short

Duration

Investment

Grade

Fund

had

no

unfunded

loan

commitments

outstanding.

12. Line

of

Credit

The

Funds,

together

with

other

funds

managed

by

the

Advisor

(together,

the

“Palmer

Square

Funds”),

had

entered

into

a

Senior

Secured

Revolving

Credit

Facility

(the

“Facility”)

with

UMB

Bank,

n.a.,

which

provided

for

a

maximum

aggregate

borrowing

capacity

of

$75,000,000.

Each

Fund

was

permitted

to

borrow

up

to

the

lesser

of

the

available

credit

line

amount

or

an

amount

equal

to

20%

of

the

adjusted

net

assets

of

each

Fund.

The

purpose

of

the

Facility

was

to

temporarily

finance

the

repurchase

or

redemption

of

shares

of

each

Fund.

Borrowings

under

the

Facility

incurred

interest

at

the

Wall

Street

Journal

Prime

rate

minus

50

basis

points,

subject

to

a

minimum

rate

of

6.00%.

As

compensation

for

holding

the

lending

commitment

available,

the

Palmer

Square

Funds

were

charged

a

commitment

fee

on

the

average

daily

unused

balance

of

the

Facility

at

an

annual

rate

of

0.25%.

Commitment

fees

incurred

during

the

period

ended

December

31,

2025

are

disclosed

in

the

Statement

of

Operations.

The

Facility

expired

in

accordance

with

its

stated

maturity

on

October

29,

2025

and

was

not

renewed.

During

the

period

ended

December

31,

2025,

the

Income

Plus

Fund

and

the

Ultra-

Short

Duration

Investment

Grade

Fund

did

not

borrow

under

the

Facility.

13. Investments

in

Affiliated

Issuers

An

affiliated

issuer

is

an

entity

in

which

the

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

any

investment

in

a

Palmer

Square

Fund.

Issuers

that

are

affiliates

of

the

Fund

at

period-end

are

noted

in

the

Fund’s

Schedule

of

Investments.

Additional

security

purchases

and

the

reduction

of

certain

securities

shares

outstanding

of

existing

portfolio

holdings

that

were

not

considered

affiliated

in

prior

years

may

result

in

the

Fund

owning

in

excess

of

5% of

the

outstanding

shares

at

period-end.

The

table

below

reflects

transactions

during

the

period

with

entities

that

are

affiliates

as

of

December

31,

2025

and

may

include

acquisitions

of

new

investments,

prior

year

holdings

that

became

affiliated

during

the

period

and

prior

period

affiliated

holdings

that

are

no

longer

affiliated

as

of

period-end: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Amortization

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a      

a  

a  

a  

a  

a  

a  

a  

Income

Plus

Fund

Palmer

Square

CLO

Senior

Debt

ETF

$459,999

$6,569,906

$(6,210,492)

$

4,315

$—

$

2,948

$

826,676

40,583

$

9,317

Palmer

Square

Credit

Opportunities

ETF

$393,429

$5,888,267

$(5,662,915)

3,706

$—

(3,464)

619,023

30,015

18,918

Palmer

Square

EUR

CLO

Senior

Debt

Index

UCITS

ETF

$—

$6,757,031

$(299,631)

4,989

$—

193,948

6,656,337

111,683

—

Total

Affiliated

Securities

$853,428

$19,215,204

$(12,173,038)

$13,010

$—

$193,432

8,102,036

182,281

$28,235

UltraShort

Duration

Investment

Grade

Fund

Palmer

Square

CLO

Senior

Debt

ETF

$201,649

$1,013,011

$(785,160)

651

$—

1,591

431,742

21,195

10,265

Total

Affiliated

Securities

$201,649

$1,013,011

$(785,160)

$651

$—

$1,591

431,742

21,195

$10,265

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

49

14. Market

Disruption

and

Geopolitical

Risks

Certain

local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illnesses

and/or

other

public

health

issues,

financial

institution

instability

or

other

events

may

have

a

significant

impact

on

a

security

or

instrument.

These

types

of

events

and

other

like

them

are

collectively

referred

to

as

“Market

Disruptions

and

Geopolitical

Risks”

and

they

may

have

adverse

impacts

on

the

worldwide

economy,

as

well

as

the

economies

of

individual

countries,

the

financial

health

of

individual

companies

and

the

market

in

general

in

significant

and

unforeseen

ways.

Some

of

the

impacts

noted

in

recent

times

include

but

are

not

limited

to

embargos,

political

actions,

supply

chain

disruptions,

tariffs,

bank

failures,

restrictions

to

investment

and/or

monetary

movement

including

the

forced

selling

of

securities

or

the

inability

to

participate

impacted

markets.

The

duration

of

these

events

could

adversely

affect

the

Fund’s

performance,

the

performance

of

the

securities

in

which

the

Fund

invests

and

may

lead

to

losses

on

your

investment.

The

ultimate

impact

of

“Market

Disruptions

and

Geopolitical

Risks”

on

the

financial

performance

of

the

Fund’s

investments

is

not

reasonably

estimable

at

this

time.

Management

is

actively

monitoring

these

events.

15. Reorganization

of

Income

Plus

Fund

and

Ultra-Short

Duration

Investment

Grade

Fund

into

Palmer

Square

Funds

Trust

On

November

3,

2025,

as

the

result

of

a

tax-free

reorganization,

Income

Plus

Fund  and  Ultra-Short

Duration

Investment

Grade

Fund

(each

the

“Predecessor

Fund”),

each

a

series

in

the

Investment

Managers

Series

Trust,

were

reorganized

into

the

Income

Plus

Fund  and  Ultra-Short

Duration

Investment

Grade

Fund,

each

a

series

of

Palmer

Square

Funds

Trust,

by

transferring

all

of

the

Predecessor

Fund’s

assets

to

the

Fund.

The

Predecessor

Fund

was

deemed

to

be

the

accounting

survivor

for

financial

reporting

purposes.

As

a

tax-

free

reorganization,

any

unrealized

appreciation

or

depreciation

on

the

securities

on

the

date

of

reorganization

was

treated

as

a

non-

taxable

event,

thus

the

cost

basis

of

the

securities

held

reflect

the

historical

cost

basis

as

of

the

date

of

reorganization.

Immediately

prior

to

the

reorganization,

the

net

assets,

fair

value

of

investments,

and

net

unrealized

appreciation

of

the

Fund

were

as

follows:

At

the

date

of

reorganization,

fund

shares

outstanding

for

each

Predecessor

Fund

were

as

follows:

Shares

Beginning

of

Period

Purchases

Sales

Shares

End

of

Period

Income

Plus

Fund

Palmer

Square

CLO

Senior

Debt

ETF

22,716

321,698

(303,831

)

40,583

Palmer

Square

Credit

Opportunities

ETF

19,201

284,451

(273,637

)

30,015

Palmer

Square

EUR

CLO

Senior

Debt

Index

UCITS

ETF

—

116,775

(5,092

)

111,683

UltraShort

Duration

Investment

Grade

Fund

Palmer

Square

CLO

Senior

Debt

ETF

9,958

49,608

(38,371

)

21,195

Income

Plus

Fund

UltraShort

Duration

Investment

Grade

Fund

Net

Assets

$

1,068,073,884

$

65,827,424

Fair

Value

of

Investments

$

1,039,646,827

$

64,169,472

Net

Unrealized

Appreciation/(Depreciation)

$

(925,197

)

$

29,956

Income

Plus

Fund

UltraShort

Duration

Investment

Grade

Fund

Shares

Outstanding

$

105,302,639

$

3,290,208

Palmer

Square

Funds

Trust

NOTES

TO

FINANCIAL

STATEMENTS

-

Continued

As

of

December

31,

2025

(Unaudited)

50

16. Subsequent Events

The

Funds

have

adopted

financial

reporting

rules

regarding

subsequent

events

which

require

an

entity

to

recognize

in

the

financial

statements

the

effects

of

all

subsequent

events

that

provide

additional

evidence

about

conditions

that

existed

at

the

date

of

the

balance

sheet.

Management

has

evaluated

each

Fund’s

related

events

and

transactions

that

occurred

through

the

date

of

issuance

of

each

Fund’s

financial

statements.

There

were

no

events

or

transactions

that

occurred

during

this

period

that

materially

impacted

the

amounts

or

disclosures

in

each

Fund’s

financial

statements.

51

Palmer

Square

Funds

Trust

Additional

Information

-

Items

8-11

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

no

matters

submitted

during

the

period

covered

by

the

report

to

a

vote

of

shareholders,

through

the

solicitation

of

proxies

or

otherwise. 

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

The

information

is

included

as

part

of

the

Financial

Statements

filed

under

Item

7(a)

for

of

this

Form.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contact.

Disclosure

Regarding

the

Board

of

Trustees’

Approval

of

the

Investment

Advisory

Agreement

for

Palmer

Square

Income

Plus

Fund

and

Palmer

Square

Ultra-Short

Investment

Grade Fund

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

Palmer

Square

Funds

Trust

(the

“Trust”)

met

on

May

15,

2025

(the

“Meeting”)

to

consider

the

initial

approval

of

the

investment

advisory

agreement

between

Palmer

Square

Capital

Management

LLC

(“Palmer

Square”

or

the

“Adviser”)

and

the

Trust,

on

behalf

of

the

Palmer

Square

Income

Plus

Fund

and

Palmer

Square

Ultra-Short

Duration

Investment

Grade

Fund

(each

a

“Fund”

and

collectively

,

the

“Funds”).

In

addition,

on

May

15,

2025,

the

Trustees

who

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

the

Investment

Company

Act

of

1940

(the

“Independent

Trustees”),

and

who

constitute

a

majority

of

the

Board,

met

separately

with

the

Trust’s

legal

counsel

in

executive

session

to

consider

the

investment

advisory

agreement

(“Agreement”).

In

connection

with

its

consideration

of

the

Agreement,

the

Board

reviewed

and

discussed

various

information

that

had

been

provided

prior

to

the

Meeting,

including

the

form

of

Agreement,

a

memorandum

provided

by

the

Trust’s

legal

counsel

summarizing

the

guidelines

relevant

to

the

Board’s

consideration

of

the

approval

of

the

Agreement,

a

memorandum

and

other

information

provided

by

the

Adviser

(including

the

Adviser’s

Form

ADV

and

select

financial

information

of

the

Adviser),

information

regarding

the

expected

profitability

of

the

Funds,

the

performance

of

comparable

funds,

management

fees

and

expense

ratios

(including

comparative

fee

and

expense

information),

best

execution

and

trading

information

and

other

pertinent

information.

The

Board

noted

the

experience

of

the

Adviser

in

serving

as

the

investment

adviser

to

the

existing

series

of

the

Trust

and

as

the

investment

adviser

to

the

funds

being

reorganized

into

the

Funds.

The

Board

observed

that

the

Funds

were

established

for

the

purpose

of

acquiring

the

assets

and

assuming

the

liabilities

of

the

corresponding

series

of

Investment

Managers

Series

Trust

(the

“Target

Funds”)

and

continuing

the

Target

Funds’

business.

The

Board

noted

the

experience

of

the

Adviser’s

personnel

and

its

parent

company

in

serving

as

the

sponsor

to

the

Target

Funds.

Based

on

its

evaluation

of

this

information,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

Agreement

for

each

Fund

for

an

initial

two-year

period.

In

considering

the

Agreement

and

reaching

its

conclusions,

the

Board

reviewed

and

analyzed

various

factors

that

it

determined

were

relevant,

including

the

factors

below.

In

deciding

to

approve

the

Agreement

for

each

Fund,

the

Board

did

not

identify

any

single

factor

as

determinative

but

considered

all

factors

together.

Nature,

Extent

and

Quality

of

Services

to

be

Provided

to

the

Funds

The

Board

considered

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

the

Adviser

to

the

Funds.

It

noted

that

under

the

Agreement

the

Adviser

is

responsible

for:

(i)

managing

the

investment

operations

of

the

Funds

in

accordance

with

the

Funds’

investment

objective

and

policies,

applicable

legal

and

regulatory

requirements,

and

the

instructions

of

the

Trustees;

(ii)

providing

necessary

and

appropriate

reports

and

information

to

the

Trustees;

(iii)

maintaining

all

necessary

books

and

records

pertaining

to

the

Trust’s

securities

transactions;

and

(iv)

furnishing

the

Funds

with

the

assistance,

cooperation

and

information

necessary

for

the

Funds

to

meet

various

legal

requirements

regarding

registration

and

reporting.

The

Trustees

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management,

including

those

individuals

responsible

for

the

investment

and

compliance

operations

of

the

Trust,

and

52

Palmer

Square

Funds

Trust

Additional

Information

-

Items

8-11

-

Continued

the

responsibilities

of

the

latter

with

respect

to

the

Funds.

The

Board

also

considered

other

services

the

Adviser

would

provide

each

Fund,

such

as

overseeing

the

Funds’

other

service

providers.

The

Board

concluded

that

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

the

Adviser

to

the

Funds

were

appropriate

and

that

the

Funds

were

likely

to

benefit

from

services

provided

under

the

Agreement.

Investment

Performance

The

Board

noted

that,

because

each

Fund

had

not

commenced

operations,

it

was

not

possible

to

assess

the

Adviser’s

investment

performance

with

respect

to

each

Fund.

The

Board

discussed

with

the

representative

from

the

Adviser

the

performance

of

the

Target

Funds

and

reviewed

the

15(c)

reports

produced

by

Broadridge

in

September

2024

for

the

Target

Funds

showing

comparisons

to

a

peer

group

and

Morningstar

category

for

the

one-,

three-,

five-

and

ten-year

periods,

as

applicable.

The

Board

also

discussed

with

the

representatives

from

the

Adviser

the

performance

of

the

existing

series

of

the

Trust.

Expense

Information

The

Board

examined

the

proposed

fee

and

expense

information

for

the

Funds,

including

a

comparison

of

such

information

to

other

similar

funds

across

the

industry

and

with

other

of

the

Adviser’s

separately

managed

accounts

that

have

a

similar

investment

strategy

as

the

Funds.

Based

on

their

review

of

the

industry

data,

the

Trustees

found

that

the

proposed

management

fee

for

each

Fund

was

reasonable.

Costs

of

Services

Provided

and

Profitability

The

Board

considered

information

about

the

financial

condition

of

the

Adviser

and

its

parent

company

and

determined

that

the

Adviser’s

financial

condition

was

sound

and

that

the

Adviser

has

maintained

adequate

profit

levels

to

support

its

proposed

services

to

the

Funds

from

the

revenue

of

its

overall

investment

advisory

business.

The

Board

also

considered

information

regarding

the

Adviser’s

expected

profitability

ratio

and

concluded

that

the

Adviser’s

expected

profitability

was

reasonable.

Economies

of

Scale

and

Fee

Levels

Reflecting

Those

Economies

Because

the

Funds

had

not

yet

commenced

operations,

the

Board

did

not

consider

whether

any

alternative

fee

structures,

such

as

breakpoint

fees,

would

be

appropriate

to

reflect

any

economies

of

scale

that

may

result

from

increases

in

a

Funds’

assets.

The

Board

considered

information

discussed

at

the

Meeting

regarding

break-even

levels.

Benefits

to

be

Derived

from

the

Relationship

with

the

Funds

The

Board

considered

other

potential

benefits

to

the

Adviser

from

serving

as

adviser

to

the

Funds

(in

addition

to

the

advisory

fee),

including

greater

name

recognition.

The

Board

noted

that

the

Adviser’s

affiliated

entities

may

experience

indirect

benefits

from

the

Adviser’s

association

with

the

Funds.

The

Board

concluded

that

other

benefits

that

may

be

realized

by

the

Adviser

from

its

relationship

with

the

Funds

were

appropriate.

Conclusion

Based

on

their

evaluation

of

the

above

factors,

as

well

as

other

factors

relevant

to

their

consideration

of

the

Agreement,

the

Trustees,

including

all

of

the

Independent

Trustees,

concluded

that

the

approval

of

the

Agreement

was

in

the

best

interest

of

each

Fund

and

its

shareholders.

PSFTMFSA1225

(b) The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 16. Controls and Procedures. 

(a)           The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)         There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)      Not required for this filing.

(a)(2)      Not applicable.

(a)(3)      The certifications pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

                section302

(a)(4)      Not applicable.

(a)(5)      Not applicable.

(b)           The certifications required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

                section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Palmer Square Funds Trust

By:         /s/ Jeffrey D. Fox                                

Jeffrey D. Fox

Principal Executive Officer

February 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:         /s/ Jeffrey D. Fox                                

Jeffrey D. Fox

Principal Executive Officer

February 27, 2026

By:        

/s/ Courtney Gengler                          

Courtney Gengler

Principal Financial Officer

February 27, 2026