# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-25-017823
**Filing Date:** 2025-9
**Character Count:** 234019
**Document Hash:** edec36e19e9273df3689885c6452555f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017823.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017823

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251299530

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Palmer Square Income Plus Fund (Series ID: S000044040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000136684 | Class I      | PSYPX           |
| C000248662 | Class T      | PSTPX           |

### Palmer Square Ultra-Short Duration Investment Grade Fund (Series ID: S000050277)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000158749 | Palmer Square Ultra-Short Duration Investment Grade Fund | PSDSX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### 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

#### 811-21719

#### INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)

------

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

Palmer Square Income Plus Fund

Class I/PSYPX

![TSR Fund Logo - Cover](images_328.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the Palmer Square Income Plus Fund ("Fund") for the period of July 1, 2024 to June 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Palmer Square Income Plus Fund<br>(Class I/PSYPX) | $76 | 0.74% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

As a refresher, the investment objective of the Palmer Square Income Plus Fund (the "Fund") is income and capital appreciation. In seeking to achieve that investment objective, the Investment Team employs a flexible mandate to find the best relative value across corporate credit and structured credit. The Fund has also historically maintained low interest rate duration and high credit quality.

For the 12-month period ended on June 30, 2025, the Palmer Square Income Plus Fund, Class I share, returned 6.17%. The Fund's benchmark, the Bloomberg 1-3 Year U.S. Corporate Index, returned 6.60%, while the broad based Bloomberg Aggregate Bond Index returned 6.08% over the same time period.

TOP PERFORMANCE CONTRIBUTORS

The positive absolute performance for the 12-month period was driven mostly by current income from the Fund's floating rate exposure to high base rates. Collateralized Loan Obligation ("CLO") Debt (specifically CLO AAA and CLO BBB holdings) provided the greatest positive contribution. The Fund's corporate bonds exposure, both investment grade and high yield, provided the second greatest positive contribution. U.S. Treasury, Asset-Backed Securities ("ABS") and Bank Loans holdings also provided positive contributions.

On a relative basis, the Fund trailed its primary benchmark due to having relatively lower interest rate duration whilst 2-Year Treasuries yields declined by over 100 basis points (or 1/100th of a percent) during the corresponding period.

TOP PERFORMANCE DETRACTORS

Each of the Fund's sector allocations provided a positive contribution to performance. Holdings within Residential Mortgage-Backed Securities ("RMBS"), Commercial Mortgage-Backed Securities ("CMBS") and Investment Grade Bank Loans provided the least positive contribution to performance.

Current Positioning

The Fund closed the fiscal year conservatively positioned. CLO debt remains the largest allocation and exposure in the capital stack continues to be weighted towards AAA, which still offers tremendous value. Investment Grade Corporate Debt is the second largest allocation, but we may seek to increase exposure or add spread duration in the event that spreads widen to more attractive levels. Treasury Bills and ABS are the next two largest allocations. The ABS exposure is primarily prime auto ABS with a weighted average life (WAL) of 12 months or less. The Fund's exposure to high yield corporate bonds remained focused on short duration, discounted High-Yield ("HY") bonds, while selectively looking for new opportunities in the primary market. Finally, the Fund maintained our constructive stance on higher quality U.S. bank loans and expect to keep allocations near current levels in the near term.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $250,000

![Fund Performance - Growth of 10K](chartimages_982630.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| Palmer Square Income Plus Fund (Class I/PSYPX) | 6.17% | 4.47% | 3.47% |
| Bloomberg 1-3 year U.S. Corporate Index | 6.60% | 2.29% | 2.51% |
| Bloomberg Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1058516304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;430 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$4838000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term money market holdings, if any. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.500%, 1/31/2028 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/22/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 8/21/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/16/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 10/23/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.000%, 1/31/2029 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/10/2025 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/11/2025 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/17/2025 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/4/2025 | 0.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982635.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982640.jpg)

#### Material Fund Changes
At a meeting held on June 3 and 4, 2025, the Board of Trustees of the Trust approved the reorganization of the Fund from Investment Managers Series Trust (the "Trust") into Palmer Square Funds Trust (the "Acquiring Trust").

This is summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated October 31, 2024, as amended June 4, 2025 at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### 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.

#### 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 - Class I

Palmer Square Income Plus Fund

Class T/PSTPX

![TSR Fund Logo - Cover](images_328.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the Palmer Square Income Plus Fund ("Fund") for the period of July 1, 2024 to June 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Palmer Square Income Plus Fund<br>(Class T/PSTPX) | $66 | 0.64% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

As a refresher, the investment objective of the Palmer Square Income Plus Fund (the "Fund") is income and capital appreciation. In seeking to achieve that investment objective, the Investment Team employs a flexible mandate to find the best relative value across corporate credit and structured credit. The Fund has also historically maintained low interest rate duration and high credit quality.

For the 12-month period ended on June 30, 2025, the Palmer Square Income Plus Fund, Class T share, returned 6.17%. The Fund's benchmark, the Bloomberg 1-3 Year U.S. Corporate Index, returned 6.60%, while the broad based Bloomberg Aggregate Bond Index returned 6.08% over the same time period.

TOP PERFORMANCE CONTRIBUTORS

The positive absolute performance for the 12-month period was driven mostly by current income from the Fund's floating rate exposure to high base rates. Collateralized Loan Obligation ("CLO") Debt (specifically CLO AAA and CLO BBB holdings) provided the greatest positive contribution. The Fund's corporate bonds exposure, both investment grade and high yield, provided the second greatest positive contribution. U.S. Treasury, Asset-Backed Securities ("ABS") and Bank Loans holdings also provided positive contributions.

On a relative basis, the Fund trailed its primary benchmark due to having relatively lower interest rate duration whilst 2-Year Treasuries yields declined by over 100 basis points (or 1/100th of a percent) during the corresponding period.

TOP PERFORMANCE DETRACTORS

Each of the Fund's sector allocations provided a positive contribution to performance. Holdings within Residential Mortgage-Backed Securities ("RMBS"), Commercial Mortgage-Backed Securities ("CMBS") and Investment Grade Bank Loans provided the least positive contribution to performance.

Current Positioning

The Fund closed the fiscal year conservatively positioned. CLO debt remains the largest allocation and exposure in the capital stack continues to be weighted towards AAA, which still offers tremendous value. Investment Grade Corporate Debt is the second largest allocation, but we may seek to increase exposure or add spread duration in the event that spreads widen to more attractive levels. Treasury Bills and ABS are the next two largest allocations. The ABS exposure is primarily prime auto ABS with a weighted average life (WAL) of 12 months or less. The Fund's exposure to high yield corporate bonds remained focused on short duration, discounted High Yield ("HY") bonds, while selectively looking for new opportunities in the primary market. Finally, the Fund maintained our constructive stance on higher quality U.S. bank loans and expect to keep allocations near current levels in the near term.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $5,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](chartimages_982666.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years<sup>1</sup> |
| Palmer Square Income Plus Fund (Class T/PSTPX)<sup>1</sup> | 6.17% | 4.62% | 3.62% |
| Bloomberg 1-3 year U.S. Corporate Index | 6.60% | 2.29% | 2.51% |
| Bloomberg Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

 *<sup>1</sup>* *Class T shares commenced operations on February 29, 2024. The performance figures for Class T shares include the performance for the Class I shares for the periods prior to the inception date of Class T shares, adjusted for the difference in expenses related to Class I shares and Class T shares. Class I shares impose higher expenses than Class T shares.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1058516304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;430 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$4838000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term money market holdings, if any. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.500%, 1/31/2028 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/22/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 8/21/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/16/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 10/23/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.000%, 1/31/2029 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/10/2025 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/11/2025 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 7/17/2025 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/4/2025 | 0.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982671.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982676.jpg)

#### Material Fund Changes
At a meeting held on June 3 and 4, 2025, the Board of Trustees of the Trust approved the reorganization of the Fund from Investment Managers Series Trust (the "Trust") into Palmer Square Funds Trust (the "Acquiring Trust").

This is summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated October 31, 2024, as amended June 4, 2025 at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### 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.

#### 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 - Class T

Palmer Square Ultra-Short Duration Investment Grade Fund

PSDSX

![TSR Fund Logo - Cover](images_328.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the Palmer Square Ultra-Short Duration Investment Grade Fund ("Fund") for the period of July 1, 2024 to June 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Palmer Square Ultra-Short Duration Investment Grade Fund<br>(PSDSX) | $51 | 0.50% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

As a refresher, the investment objective of the Palmer Square Ultra-Short Duration Investment Grade Fund (the "Fund") is to seek income. A secondary objective of the Fund is to seek capital appreciation. The Fund is invested primarily in a broad universe of credit such as fixed and floating rate investment grade corporate bonds and notes, collateralized loan obligations ("CLOs"), traditional asset-backed securities ("ABS"), and commercial paper. We believe our portfolio presents an ultra-short duration income alternative for investors targeting potential yield, capital preservation, and low volatility.

For the 12-month period ended on June 30, 2025, the Palmer Square Ultra-Short Duration Investment Grade Fund returned 5.30%. The Fund's benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, returned 4.71%, while the broad based Bloomberg Aggregate Bond Index returned 6.08% over the same time period.

TOP PERFORMANCE CONTRIBUTORS

On a relative basis, the Fund had another solid fiscal year given its high current income and low interest rate duration. For the quarter, CLO Debt provided the greatest positive contribution to performance. The Fund's exposure in ABS, Investment Grade Corporate Bonds and Treasury Bills also provided significant positive contributions.

TOP PERFORMANCE DETRACTORS

Each of the Fund's sector allocations provided a positive contribution to performance. Holdings within Bank Loans and Commercial Mortgage Backed Securities ("CMBS") as well as cash provided the least positive contribution to performance.

Current Positioning

We believe the Fund has solid diversification across both corporate and structured credit. The four main tools we have utilized to do this include investment grade corporate bonds, commercial paper, traditional asset-backed securities, and CLO debt.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $250,000

![Fund Performance - Growth of 10K](chartimages_982702.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) | 5.30% | 2.89% | 2.50% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 2.24% |
| Bloomberg Aggregate Bond Index | 6.08% | -0.73% | 1.34% |

---

 *<sup>1</sup>* *Palmer Square Ultra-Short Duration Investment Grade Fund commenced operations on October 7, 2016.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$69575759 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$470 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;124% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term money market holdings, if any. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 8/21/2025 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Static Ltd., Series 2024-1A, Class AR, 0.000%, 7/20/2035 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding Ltd., Series 2019-35A, Class A1R, 5.521%, 4/20/2032 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Ltd., Series 2013-3RA, Class A1R, 5.275%, 4/24/2031 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta Funding Ltd., Series 2018-2A, Class A1R, 5.356%, 7/15/2031 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.000%, 9/23/2025 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarVal CLO II Ltd., Series 2019-1A, Class AR2, 5.289%, 4/20/2032 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2015-5 Ltd., Series 2015-5A, Class A1R3, 5.369%, 1/20/2032 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Battalion CLO Ltd., Series 2020-15A, Class A1RR, 5.260%, 1/17/2033 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya CLO Ltd., Series 2018-3A, Class A1R2, 5.456%, 10/15/2031 | 2.0% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982707.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982712.jpg)

#### Material Fund Changes
At a meeting held on June 3 and 4, 2025, the Board of Trustees of the Trust approved the reorganization of the Fund from Investment Managers Series Trust (the "Trust") into Palmer Square Funds Trust (the "Acquiring Trust").

This is summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated October 31, 2024, as amended June 4, 2025 at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### 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.

#### 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

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-888-447-4470.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. William H. Young is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | Palmer Square Income Plus Fund<br> Palmer Square Ultra Short Duration Fund | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) | Audit Fees | $54700 | $53200 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $5800 | $5600 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| Palmer Square Income Plus Fund<br> Palmer Square Ultra Short Duration Fund | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the principal accountant's hours spent on auditing the registrant's financial statements
 were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | Palmer Square Income Plus Fund<br> Palmer Square Ultra Short Duration Fund | FYE 6/30/2025 | FYE 6/30/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0095280-1_01.jpg)

**Palmer Square Income Plus Fund**

**Class I (Ticker: PSYPX)**

**Class T (Ticker: PSTPX)**

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**(Ticker: PSDSX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**JUNE 30, 2025**

**Palmer Square Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required on Form N-CSR. All other required items will be filed with the SEC.

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Income Plus Fund 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Ultra-Short Duration Investment Grade Fund 27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities 37 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 39 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 41 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 43 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 46 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 65
*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**

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

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS — 5.5%** |  |
| 838158 | AAdvantage Loyalty IP Ltd.<br> 6.543% (3-Month Term SOFR+225 basis points), 4/20/2028<sup>2,3,4,5</sup> | $833900 |
| 1632312 | Ali Group North America Corp.<br> 6.441% (1-Month Term SOFR+200 basis points), 7/23/2029<sup>2,3,4</sup> | 1643795 |
| 995000 | AmWINS Group, Inc.<br> 6.577% (1-Month Term SOFR+225 basis points), 1/30/2032<sup>2,3,4</sup> | 996463 |
| 1989940 | Asplundh Tree Expert LLC<br> 6.077% (1-Month Term SOFR+175 basis points), 5/23/2031<sup>2,3,4</sup> | 1995432 |
| 1750000 | Astoria Energy LLC<br> 0.000% (1-Month Term SOFR+275 basis points), 6/23/2032<sup>2,3,4</sup> | 1754742 |
| 997500 | Boost Newco Borrower LLC<br> 6.299% (3-Month Term SOFR+200 basis points), 1/31/2031<sup>2,3,4</sup> | 1001241 |
| 890651 | Centuri Group, Inc.<br> 6.943% (1-Month Term SOFR+250 basis points), 8/28/2028<sup>2,3,4</sup> | 892401 |
| 987206 | Charter Communications Operating LLC<br> 6.548% (3-Month Term SOFR+225 basis points), 12/15/2031<sup>2,3,4</sup> | 989862 |
| 1384073 | Coherent Corp.<br> 6.327% (1-Month Term SOFR+200 basis points), 7/2/2029<sup>2,3,4</sup> | 1387824 |
| 1491258 | Core & Main LP<br> 6.270% (6-Month Term SOFR+200 basis points), 7/27/2028<sup>2,3,4</sup> | 1494061 |
| 1969810 | Corpay Technologies Operating Co. LLC<br> 6.077% (1-Month Term SOFR+175 basis points), 4/28/2028<sup>2,3,4</sup> | 1972272 |
| 1492443 | Dun & Bradstreet Corp.<br> 6.575% (1-Month Term SOFR+225 basis points), 1/18/2029<sup>2,3,4</sup> | 1493003 |
| 1354713 | EFS Cogen Holdings I LLC<br> 7.799% (3-Month Term SOFR+350 basis points), 10/1/2027<sup>2,3,4</sup> | 1362475 |
| 2067880 | Elanco Animal Health, Inc.<br> 6.174% (1-Month Term SOFR+175 basis points), 8/2/2027<sup>2,3,4</sup> | 2068407 |
| 1674500 | Flutter Entertainment PLC<br> 6.049% (3-Month Term SOFR+175 basis points), 11/29/2030<sup>2,3,4,5</sup> | 1672407 |
| 1480785 | Froneri US, Inc.<br> 6.237% (1-Month Term SOFR+200 basis points), 9/30/2031<sup>2,3,4</sup> | 1467835 |
| 2212163 | Go Daddy Operating Co. LLC<br> 6.077% (1-Month Term SOFR+175 basis points), 11/13/2029<sup>2,3,4</sup> | 2216366 |
| 994962 | HomeServe USA Holding Corp.<br> 6.569% (1-Month Term SOFR+200 basis points), 10/21/2030<sup>2,3,4</sup> | 997141 |
| 1964641 | Hudson River Trading LLC<br> 7.314% (1-Month Term SOFR+300 basis points), 3/18/2030<sup>2,3,4</sup> | 1972932 |
| 1346817 | Iridium Satellite LLC<br> 6.577% (1-Month Term SOFR+225 basis points), 9/20/2030<sup>2,3,4</sup> | 1350427 |
| 994950 | Iron Mountain Information Management LLC<br> 6.327% (1-Month Term SOFR+225 basis points), 1/31/2031<sup>2,3,4</sup> | 995362 |
| 1157059 | Janus International Group LLC<br> 6.780% (3-Month Term SOFR+250 basis points), 8/5/2030<sup>2,3,4</sup> | 1156047 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS (Continued)** |  |
| 1240625 | Kestrel Acquisition LLC<br> 7.799% (3-Month Term SOFR+350 basis points), 11/6/2031<sup>2,3,4</sup> | $1242511 |
| 994987 | Koppers, Inc.<br> 6.830% (1-Month Term SOFR+250 basis points), 4/10/2030<sup>2,3,4</sup> | 999654 |
| 1492481 | Light & Wonder International, Inc.<br> 6.564% (1-Month Term SOFR+225 basis points), 4/16/2029<sup>2,3,4</sup> | 1495653 |
| 1485019 | Medline Borrower LP<br> 6.577% (1-Month Term SOFR+225 basis points), 10/23/2028<sup>2,3,4</sup> | 1479450 |
| 1806750 | MITER Brands Acquisition Holdco, Inc.<br> 7.327% (1-Month Term SOFR+350 basis points), 3/28/2031<sup>2,3,4</sup> | 1812911 |
| 997370 | Northriver Midstream Finance LP<br> 6.548% (3-Month Term SOFR+300 basis points), 8/16/2030<sup>2,3,4,5</sup> | 1002461 |
| 1488722 | PCI Gaming Authority<br> 6.327% (1-Month Term SOFR+250 basis points), 5/29/2026<sup>2,3,4</sup> | 1490277 |
| 995000 | Peer Holding III B.V.<br> 0.000% (3-Month Term SOFR+250 basis points), 7/1/2031<sup>2,3,4,5</sup> | 1001592 |
| 1348023 | Pike Corp.<br> 7.441% (1-Month Term SOFR+300 basis points), 1/21/2028<sup>2,3,4</sup> | 1357850 |
| 1496241 | Primo Brands Corp.<br> 6.549% (3-Month Term SOFR+225 basis points), 3/31/2028<sup>2,3,4</sup> | 1503303 |
| 1496250 | Quikrete Holdings, Inc.<br> 6.560% (1-Month Term SOFR+225 basis points), 2/10/2032<sup>2,3,4</sup> | 1496063 |
| 1741250 | Ryan Specialty LLC<br> 4.327% (1-Month Term SOFR+225 basis points), 9/15/2031<sup>2,3,4</sup> | 1743427 |
| 1750000 | Sazerac Co., Inc.<br> 6.812% (1-Month Term SOFR+250 basis points), 6/25/2032<sup>2,3,4</sup> | 1752187 |
| 1000000 | Stonepeak Nile Parent LLC<br> 6.980% (1-Month Term SOFR+275 basis points), 4/12/2032<sup>2,3,4</sup> | 1004500 |
| 1492500 | Trans Union LLC<br> 6.077% (1-Month Term SOFR+175 basis points), 6/24/2031<sup>2,3,4</sup> | 1495694 |
| 1994949 | TransDigm, Inc.<br> 7.049% (3-Month Term SOFR+275 basis points), 3/22/2030<sup>2,3,4</sup> | 2004386 |
| 997487 | Wec U.S. Holdings Ltd.<br> 6.574% (1-Month Term SOFR+275 basis points), 1/27/2031<sup>2,3,4</sup> | 998859 |
| 1226760 | WhiteWater DBR HoldCo LLC<br> 6.549% (3-Month Term SOFR+225 basis points), 3/3/2031<sup>2,3,4</sup> | 1229698 |
| 1950000 | WMG Acquisition Corp.<br> 6.072% (1-Month Term SOFR+175 basis points), 1/24/2031<sup>2,3,4</sup> | 1957312 |
|  | **Total Bank Loans** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $58,630,628) | **58782183** |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS — 90.7%** |  |
|  | **ASSET-BACKED SECURITIES — 45.2%** |  |
|  | 522 Funding CLO Ltd. |  |
| 6500000 | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class AR, 5.586% (3-Month Term SOFR+133 basis points), 4/15/2035<sup>3,4,6</sup> | $6507894 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class ER, 11.016% (3-Month Term SOFR+676 basis points), 4/15/2035<sup>3,4,6</sup> | 1462140 |
| 1000000 | AIMCO CLO Ltd.<br> Series 2019-10A, Class ARR, 5.682% (3-Month Term SOFR+141 basis points), 7/22/2037<sup>3,4,6</sup> | 1002007 |
| 5250000 | American Express Credit Account Master Trust<br> Series 2022-3, Class A, 3.750%, 8/15/2027<sup>3</sup> | 5245002 |
| 2000000 | Anchorage Credit Funding Ltd.<br> Series 2016-3A, Class BR, 3.471%, 1/28/2039<sup>3,6</sup> | 1861726 |
| 1500000 | Annisa CLO Ltd.<br> Series 2016-2A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 7/20/2031<sup>3,4,6</sup> | 1503168 |
|  | Apidos CLO |  |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2017-28A, Class C, 7.031% (3-Month Term SOFR+276.16 basis points), 1/20/2031<sup>3,4,6</sup> | 2509223 |
| 1578000 | &nbsp;&nbsp;&nbsp;Series 2013-15A, Class ERR, 10.231% (3-Month Term SOFR+596.16 basis points), 4/20/2031<sup>3,4,6</sup> | 1584793 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series XXXA, Class CR, 7.269% (3-Month Term SOFR+300 basis points), 10/18/2031<sup>3,4,6</sup> | 1505504 |
| 5000000 | &nbsp;&nbsp;&nbsp;Series 2015-23A, Class ARR, 5.306% (3-Month Term SOFR+105 basis points), 4/15/2033<sup>3,4,6</sup> | 5000531 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-45A, Class E, 12.683% (3-Month Term SOFR+840 basis points), 4/26/2036<sup>3,4,6</sup> | 1000000 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-42A, Class D1R, 6.719% (3-Month Term SOFR+245 basis points), 4/20/2038<sup>3,4,6</sup> | 996500 |
|  | Ares CLO Ltd. |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2015-2A, Class AR3, 5.600% (3-Month Term SOFR+132 basis points), 4/17/2033<sup>3,4,6</sup> | 4012908 |
| 3750000 | &nbsp;&nbsp;&nbsp;Series 2016-39A, Class AR3, 5.689% (3-Month Term SOFR+142 basis points), 7/18/2037<sup>3,4,6</sup> | 3766879 |
| 1500000 | Arini European CLO V DAC<br> Series 32X, Class C, 4.164% (3-Month Euribor+200 basis points), 4/15/2039<sup>3,4</sup> | 1777997 |
|  | BA Credit Card Trust |  |
| 5829000 | &nbsp;&nbsp;&nbsp;Series 2022-A2, Class A2, 5.000%, 4/15/2028<sup>3</sup> | 5840664 |
| 4320000 | &nbsp;&nbsp;&nbsp;Series 2023-A1, Class A1, 4.790%, 5/15/2028<sup>3</sup> | 4339652 |
|  | Bain Capital Credit CLO |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class DR, 7.219% (3-Month Term SOFR+295 basis points), 7/19/2031<sup>3,4,6</sup> | 1505006 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1R, 5.725% (3-Month Term SOFR+140 basis points), 7/16/2038<sup>3,4,6</sup> | $3009503 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, 7.525% (3-Month Term SOFR+320 basis points), 7/16/2038<sup>3,4,6</sup> | 1251829 |
| 1500000 | Ballyrock CLO Ltd.<br> Series 2023-24A, Class A2R, 0.000% (3-Month Term SOFR+170 basis points), 7/15/2038<sup>3,4,6</sup> | 1500000 |
| 924613 | Barings CLO Ltd.<br> Series 2015-IA, Class AR, 5.521% (3-Month Term SOFR+125.16 basis points), 1/20/2031<sup>3,4,6</sup> | 925895 |
| 4235000 | Barings Equipment Finance LLC<br> Series 2025-A, Class A2, 4.640%, 10/13/2028<sup>3,6</sup> | 4247282 |
| 3500000 | Barings Euro CLO DAC<br> Series 2015-1X, Class DRR, 5.808% (3-Month Euribor+365 basis points), 7/25/2035<sup>3,4</sup> | 4139056 |
|  | Battalion CLO Ltd. |  |
| 1415310 | &nbsp;&nbsp;&nbsp;Series 2020-15A, Class A1RR, 5.260% (3-Month Term SOFR+98 basis points), 1/17/2033<sup>3,4,6</sup> | 1411969 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-15A, Class BR, 5.780% (3-Month Term SOFR+150 basis points), 1/17/2033<sup>3,4,6</sup> | 999500 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2016-10A, Class CR2, 7.987% (3-Month Term SOFR+371.16 basis points), 1/25/2035<sup>3,4,6</sup> | 1918539 |
| 45114 | Bear Stearns ARM Trust<br> Series 2004-3, Class 1A3, 4.848%, 7/25/2034<sup>3,7</sup> | 42088 |
|  | Benefit Street Partners CLO Ltd. |  |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2015-8A, Class CR, 7.281% (3-Month Term SOFR+301.16 basis points), 1/20/2031<sup>3,4,6</sup> | 1754825 |
| 1850000 | &nbsp;&nbsp;&nbsp;Series 2019-18A, Class A1R, 5.688% (3-Month Term SOFR+143.16 basis points), 10/15/2034<sup>3,4,6</sup> | 1854439 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2020-21A, Class ER, 11.218% (3-Month Term SOFR+696.16 basis points), 10/15/2034<sup>3,4,6</sup> | 753989 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-18A, Class ER, 11.268% (3-Month Term SOFR+701.16 basis points), 10/15/2034<sup>3,4,6</sup> | 1008337 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-17A, Class D1R2, 7.406% (3-Month Term SOFR+315 basis points), 10/15/2037<sup>3,4,6</sup> | 1005168 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2022-27A, Class D1R, 7.419% (3-Month Term SOFR+315 basis points), 10/20/2037<sup>3,4,6</sup> | 1262054 |
|  | BlueMountain CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class A2R, 6.031% (3-Month Term SOFR+176.16 basis points), 4/20/2031<sup>3,4,6</sup> | 2007340 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2020-29A, Class D2R, 8.793% (3-Month Term SOFR+451.16 basis points), 7/25/2034<sup>3,4,6</sup> | 1737316 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 286022 | BMW Vehicle Lease Trust<br> Series 2023-2, Class A3, 5.990%, 9/25/2026<sup>3</sup> | $287054 |
| 450000 | BofA Auto Trust<br> Series 2024-1A, Class A3, 5.350%, 11/15/2028<sup>3,6</sup> | 454469 |
|  | Bryant Park Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-23A, Class E, 11.056% (3-Month Term SOFR+673 basis points), 5/15/2037<sup>3,4,6</sup> | 1010187 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-17RA, Class ER, 11.199% (3-Month Term SOFR+693 basis points), 1/20/2038<sup>3,4,6</sup> | 1007807 |
|  | Capital One Multi-Asset Execution Trust |  |
| 3925000 | &nbsp;&nbsp;&nbsp;Series 2022-A3, Class A, 4.950%, 10/15/2027<sup>3</sup> | 3929989 |
| 5020000 | &nbsp;&nbsp;&nbsp;Series 2023-A1, Class A, 4.420%, 5/15/2028<sup>3</sup> | 5026245 |
| 2366442 | Capital One Prime Auto Receivables Trust<br> Series 2022-2, Class A3, 3.660%, 5/17/2027<sup>3</sup> | 2358941 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2012-3A, Class BR2, 6.703% (3-Month Term SOFR+246.16 basis points), 1/14/2032<sup>3,4,6</sup> | 1506661 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2012-4A, Class DR3, 7.772% (3-Month Term SOFR+350 basis points), 4/22/2032<sup>3,4,6</sup> | 2005083 |
| 1361500 | CarMax Auto Owner Trust<br> Series 2024-4, Class A2A, 4.670%, 12/15/2027<sup>3</sup> | 1362775 |
| 1952509 | CarVal CLO II Ltd.<br> Series 2019-1A, Class AR2, 5.289% (3-Month Term SOFR+102 basis points), 4/20/2032<sup>3,4,6</sup> | 1952069 |
| 1000000 | CBAMR Ltd.<br> Series 2017-4A, Class BR, 6.102% (3-Month Term SOFR+180 basis points), 3/31/2038<sup>3,4,6</sup> | 1000000 |
|  | Cedar Funding CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2018-7A, Class DR, 7.019% (3-Month Term SOFR+275 basis points), 1/20/2031<sup>3,4,6</sup> | 2005454 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-19A, Class A1, 5.571% (3-Month Term SOFR+133 basis points), 1/23/2038<sup>3,4,6</sup> | 1003478 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class AR3, 5.619% (3-Month Term SOFR+134 basis points), 1/23/2038<sup>3,4,6</sup> | 2008136 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class DR3, 7.579% (3-Month Term SOFR+330 basis points), 1/23/2038<sup>3,4,6</sup> | 1003254 |
| 648667 | Chase Auto Owner Trust<br> Series 2024-5A, Class A2, 4.400%, 11/26/2027<sup>3,6</sup> | 648337 |
| 4825000 | Chase Issuance Trust<br> Series 2022-A1, Class A, 3.970%, 9/15/2027<sup>3</sup> | 4820136 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 2800000 | CIFC European Funding CLO<br> Series 3X, Class D, 5.879% (3-Month Euribor+360 basis points), 1/15/2034<sup>3,4</sup> | $3300507 |
|  | CIFC Funding Ltd. |  |
| 2972815 | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class A1R, 5.275% (3-Month Term SOFR+100 basis points), 4/24/2031<sup>3,4,6</sup> | 2972457 |
| 3900000 | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A1R2, 5.629% (3-Month Term SOFR+136 basis points), 10/20/2037<sup>3,4,6</sup> | 3902739 |
| 5205000 | Citibank Credit Card Issuance Trust<br> Series 2023-A1, Class A1, 5.230%, 12/8/2027<sup>3</sup> | 5221375 |
|  | Citizens Auto Receivables Trust |  |
| 556771 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2A, 5.430%, 10/15/2026<sup>3,6</sup> | 557224 |
| 5220000 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 5.110%, 4/17/2028<sup>3,6</sup> | 5249493 |
|  | COLT Mortgage Loan Trust |  |
| 4610449 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>3,6,7</sup> | 3933257 |
| 4585711 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.284%, 12/27/2066<sup>3,6,7</sup> | 4137334 |
| 1250000 | Creeksource Dunes Creek CLO Ltd.<br> Series 2024-1A, Class D, 7.434% (3-Month Term SOFR+310 basis points), 1/15/2038<sup>3,4,6</sup> | 1255545 |
| 800000 | Crestline Denali CLO Ltd.<br> Series 2017-1A, Class D, 8.261% (3-Month Term SOFR+399.16 basis points), 4/20/2030<sup>3,4,6</sup> | 802140 |
| 2250000 | Dartry Park CLO DAC<br> Series 1X, Class CRR, 5.511% (3-Month Euribor+335 basis points), 1/28/2034<sup>3,4</sup> | 2646685 |
| 1858411 | Dell Equipment Finance Trust<br> Series 2023-1, Class A3, 5.650%, 9/22/2028<sup>3,6</sup> | 1862691 |
| 570127 | Dewolf Park CLO Ltd.<br> Series 2017-1A, Class AR, 5.438% (3-Month Term SOFR+118.16 basis points), 10/15/2030<sup>3,4,6</sup> | 570957 |
|  | Discover Card Execution Note Trust |  |
| 1420000 | &nbsp;&nbsp;&nbsp;Series 2022-A4, Class A, 5.030%, 10/15/2027<sup>3</sup> | 1422224 |
| 4295000 | &nbsp;&nbsp;&nbsp;Series 2023-A1, Class A, 4.310%, 3/15/2028<sup>3</sup> | 4292024 |
| 3853000 | DLLAA<br> Series 2023-1A, Class A3, 5.640%, 2/22/2028<sup>3,6</sup> | 3901598 |
| 2500000 | Dryden 124 Euro CLO 2024 DAC<br> Series 2024-124X, Class B2, 5.100%, 12/20/2037<sup>3,8</sup> | 2944988 |
| 1000000 | Dryden CLO Ltd.<br> Series 2020-86A, Class DR, 7.741% (3-Month Term SOFR+346.16 basis points), 7/17/2034<sup>3,4,6</sup> | 996492 |
| 2000000 | Dryden Leveraged CLO<br> 5.150%, 1/19/2038 | 2412637 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Dryden Senior Loan Fund |  |
| 13042 | &nbsp;&nbsp;&nbsp;Series 2013-30A, Class AR, 5.408% (3-Month Term SOFR+108.16 basis points), 11/15/2028<sup>3,4,6</sup> | $13032 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2017-49A, Class DR, 7.931% (3-Month Term SOFR+366.16 basis points), 7/18/2030<sup>3,4,6</sup> | 1503301 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-41A, Class DR, 7.118% (3-Month Term SOFR+286.16 basis points), 4/15/2031<sup>3,4,6</sup> | 1000166 |
|  | Eaton Vance CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR, 7.031% (3-Month Term SOFR+276.16 basis points), 1/20/2030<sup>3,4,6</sup> | 1504143 |
| 2250000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class D3R, 11.318% (3-Month Term SOFR+706.16 basis points), 1/15/2034<sup>3,4,6</sup> | 2206667 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class ER2, 10.756% (3-Month Term SOFR+650 basis points), 10/15/2037<sup>3,4,6</sup> | 1003801 |
| 1306773 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.189% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>3,4,6</sup> | 1306374 |
|  | Ellington Financial Mortgage Trust |  |
| 3854034 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A1, 0.931%, 6/25/2066<sup>3,6,7</sup> | 3225468 |
| 3961926 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.241%, 9/25/2066<sup>3,6,7</sup> | 3295031 |
|  | Elmwood CLO Ltd. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 5.649% (3-Month Term SOFR+138 basis points), 7/18/2037<sup>3,4,6</sup> | 5007076 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class A1RR, 5.649% (3-Month Term SOFR+138 basis points), 7/18/2037<sup>3,4,6</sup> | 1755335 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class AR2, 0.000% (3-Month Term SOFR+130 basis points), 7/20/2038<sup>3,4,6</sup> | 1000000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class DR2, 0.000% (3-Month Term SOFR+305 basis points), 7/20/2038<sup>3,4,6</sup> | 1500000 |
|  | Empower CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1R, 5.659% (3-Month Term SOFR+139 basis points), 10/20/2037<sup>3,4,6</sup> | 2006010 |
| 3750000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 5.637% (3-Month Term SOFR+131 basis points), 7/20/2038<sup>3,4,6</sup> | 3753469 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D1, 7.277% (3-Month Term SOFR+295 basis points), 7/20/2038<sup>3,4,6</sup> | 1002289 |
|  | Flatiron CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class ER, 10.772% (3-Month Term SOFR+645 basis points), 5/20/2036<sup>3,4,6</sup> | 1000266 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class E, 12.086% (3-Month Term SOFR+783 basis points), 1/15/2037<sup>3,4,6</sup> | 1016293 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1030000 | Ford Credit Auto Owner Trust<br> Series 2024-D, Class A2A, 4.590%, 10/15/2027<sup>3</sup> | $1030696 |
| 4755000 | Ford Credit Floorplan Master Owner Trust A<br> Series 2023-1, Class A1, 4.920%, 5/15/2028<sup>3,6</sup> | 4777215 |
| 1000000 | Galaxy CLO Ltd.<br> Series 2023-32A, Class E, 11.599% (3-Month Term SOFR+733 basis points), 10/20/2036<sup>3,4,6</sup> | 1016225 |
|  | GM Financial Automobile Leasing Trust |  |
| 280110 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2A, 5.180%, 6/22/2026<sup>3</sup> | 280265 |
| 854509 | &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, 5.050%, 7/20/2026<sup>3</sup> | 855015 |
| 1915180 | &nbsp;&nbsp;&nbsp;Series 2024-3, Class A2A, 4.290%, 1/20/2027<sup>3</sup> | 1913125 |
| 6375000 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 5.090%, 3/22/2027<sup>3</sup> | 6395400 |
| 1185000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.550%, 7/20/2027<sup>3</sup> | 1188325 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 5041 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A3, 0.680%, 9/16/2026<sup>3</sup> | 5033 |
| 770000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.400%, 2/16/2028<sup>3</sup> | 770987 |
| 3725585 | &nbsp;&nbsp;&nbsp;Series 2023-3, Class A3, 5.450%, 6/16/2028<sup>3</sup> | 3749846 |
| 1000000 | GoldenTree Loan Management EUR CLO DAC<br> Series 5X, Class E, 7.486% (3-Month Euribor+525 basis points), 4/20/2034<sup>3,4</sup> | 1165116 |
|  | GoldenTree Loan Management U.S. CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 10/20/2032<sup>3,4,6</sup> | 1004972 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2020-7A, Class FR, 12.281% (3-Month Term SOFR+801.16 basis points), 4/20/2034<sup>3,4,6</sup> | 492146 |
| 2000000 | Golub Capital Partners CLO Ltd.<br> Series 2024-74A, Class A, 5.782% (3-Month Term SOFR+150 basis points), 7/25/2037<sup>3,4,6</sup> | 2002966 |
|  | Golub Capital Partners Static Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 10.769% (3-Month Term SOFR+650 basis points), 4/20/2033<sup>3,4,6</sup> | 1000000 |
| 3100000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class AR, 0.000% (3-Month Term SOFR+112 basis points), 7/20/2035<sup>3,4,6</sup> | 3100000 |
| 1900000 | Greenwood Park CLO Ltd.<br> Series 2018-1A, Class D, 7.018% (3-Month Term SOFR+276.16 basis points), 4/15/2031<sup>3,4,6</sup> | 1903744 |
| 5000000 | Harley-Davidson Motorcycle Trust<br> Series 2024-A, Class A3, 5.370%, 3/15/2029<sup>3</sup> | 5054995 |
| 1000000 | Harvest CLO DAC<br> Series 16A, Class B1RR, 3.579% (3-Month Euribor+130 basis points), 10/15/2031<sup>3,4,6</sup> | 1176645 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1000000 | Highbridge Loan Management Ltd.<br> Series 5A-2015, Class DR3, 7.256% (3-Month Term SOFR+300 basis points), 10/15/2030<sup>3,4,6</sup> | $995408 |
|  | Honda Auto Receivables Owner Trust |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2024-2, Class A3, 5.270%, 11/20/2028<sup>3</sup> | 4555454 |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2023-3, Class A4, 5.300%, 12/18/2029<sup>3</sup> | 4553208 |
|  | Honda Auto Receivables Trust |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.330%, 12/15/2027<sup>3</sup> | 4498322 |
| 1605000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.300%, 1/18/2028<sup>3</sup> | 1603992 |
| 2250000 | HPS Loan Management Ltd.<br> Series 15A-19, Class ER, 11.072% (3-Month Term SOFR+680 basis points), 1/22/2035<sup>3,4,6</sup> | 2261612 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 1879283 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A2A, 5.150%, 6/15/2026<sup>3,6</sup> | 1881100 |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2024-B, Class A3, 5.410%, 5/17/2027<sup>3,6</sup> | 4536882 |
| 1660000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.580%, 9/15/2027<sup>3,6</sup> | 1666188 |
|  | Hyundai Auto Receivables Trust |  |
| 1205000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.450%, 8/15/2028<sup>3</sup> | 1207679 |
| 4381000 | &nbsp;&nbsp;&nbsp;Series 2023-C, Class A3, 5.540%, 10/16/2028<sup>3</sup> | 4430050 |
|  | John Deere Owner Trust |  |
| 686433 | &nbsp;&nbsp;&nbsp;Series 2022-C, Class A3, 5.090%, 6/15/2027<sup>3</sup> | 688365 |
| 1335000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.230%, 3/15/2028<sup>3</sup> | 1334431 |
| 280592 | KKR CLO Ltd.<br> Series 18, Class AR, 5.471% (3-Month Term SOFR+120.16 basis points), 7/18/2030<sup>3,4,6</sup> | 280940 |
| 1095000 | Kubota Credit Owner Trust<br> Series 2025-2A, Class A2, 4.480%, 4/17/2028<sup>3,6</sup> | 1094868 |
| 130852 | LCM Ltd.<br> Series 24A, Class AR, 5.511% (3-Month Term SOFR+124.16 basis points), 3/20/2030<sup>3,4,6</sup> | 130922 |
|  | Madison Park Funding Ltd. |  |
| 769600 | &nbsp;&nbsp;&nbsp;Series 9A, Class DR, 8.192% (3-Month Term SOFR+386.16 basis points), 5/28/2030<sup>3,4,6</sup> | 773188 |
| 1793225 | &nbsp;&nbsp;&nbsp;Series 2019-35A, Class A1R, 5.521% (3-Month Term SOFR+125.16 basis points), 4/20/2032<sup>3,4,6</sup> | 1796789 |
|  | Magnetite Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2015-12A, Class ER, 10.198% (3-Month Term SOFR+594.16 basis points), 10/15/2031<sup>3,4,6</sup> | 498748 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-25A, Class E, 10.893% (3-Month Term SOFR+661.16 basis points), 1/25/2032<sup>3,4,6</sup> | 1011815 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1500000 | Menlo CLO Ltd.<br> Series 2024-1A, Class D1, 7.519% (3-Month Term SOFR+325 basis points), 1/20/2038<sup>3,4,6</sup> | $1509006 |
|  | Mercedes-Benz Auto Lease Trust |  |
| 3345421 | &nbsp;&nbsp;&nbsp;Series 2023-A, Class A3, 4.740%, 1/15/2027<sup>3</sup> | 3346301 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, 5.320%, 1/18/2028<sup>3</sup> | 1772015 |
| 881596 | Milos CLO Ltd.<br> Series 2017-1A, Class AR, 5.601% (3-Month Term SOFR+133.16 basis points), 10/20/2030<sup>3,4,6</sup> | 882823 |
| 2500000 | Morgan Stanley Eaton Vance CLO Ltd.<br> Series 2022-16A, Class E, 11.106% (3-Month Term SOFR+685 basis points), 4/15/2035<sup>3,4,6</sup> | 2524586 |
| 1500000 | Mountain View CLO Ltd.<br> Series 2019-1A, Class DR, 8.458% (3-Month Term SOFR+420.16 basis points), 10/15/2034<sup>3,4,6</sup> | 1505762 |
|  | Neuberger Berman CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2016-22A, Class ER2, 11.110% (3-Month Term SOFR+683 basis points), 4/15/2038<sup>3,4,6</sup> | 1019886 |
| 5000000 | &nbsp;&nbsp;&nbsp;Series 2017-16SA, Class A1R2, 5.490% (3-Month Term SOFR+118 basis points), 4/15/2039<sup>3,4,6</sup> | 4998804 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-16SA, Class D1R2, 7.010% (3-Month Term SOFR+270 basis points), 4/15/2039<sup>3,4,6</sup> | 1004784 |
| 1000000 | Neuberger Berman Loan Advisers CLO Ltd.<br> Series 2018-28A, Class D1R, 7.469% (3-Month Term SOFR+320 basis points), 10/20/2038<sup>3,4,6</sup> | 998513 |
| 1000000 | Neuberger Berman Loan Advisers Euro CLO<br> Series 2021-1X, Class D, 5.263% (3-Month Euribor+300 basis points), 4/17/2034<sup>3,4</sup> | 1180682 |
|  | New Mountain CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series CLO-5A, Class E, 11.119% (3-Month Term SOFR+685 basis points), 4/20/2036<sup>3,4,6</sup> | 1000000 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series CLO-6A, Class D1, 7.356% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>3,4,6</sup> | 1757744 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series CLO-4A, Class BR, 6.335% (3-Month Term SOFR+205 basis points), 3/20/2038<sup>3,4,6</sup> | 1007911 |
|  | Newark BSL CLO Ltd. |  |
| 508292 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R, 5.644% (3-Month Term SOFR+136.16 basis points), 12/21/2029<sup>3,4,6</sup> | 508813 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 10.794% (3-Month Term SOFR+651.16 basis points), 12/21/2029<sup>3,4,6</sup> | 739274 |
| 4558878 | Nissan Auto Lease Trust<br> Series 2024-B, Class A2A, 5.050%, 6/15/2027<sup>3</sup> | 4573334 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Nissan Auto Receivables Owner Trust |  |
| 1707711 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A4, 0.570%, 9/15/2027<sup>3</sup> | $1695547 |
| 4400000 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, 5.280%, 12/15/2028<sup>3</sup> | 4451806 |
| 2000000 | Oaktree CLO Ltd.<br> Series 2019-3A, Class A1R2, 5.649% (3-Month Term SOFR+138 basis points), 1/20/2038<sup>3,4,6</sup> | 2004582 |
| 1060867 | OBX Trust<br> Series 2020-INV1, Class A11, 5.334% (1-Month Term SOFR+101.45 basis points), 12/25/2049<sup>3,4,6</sup> | 1008002 |
|  | OCP CLO Ltd. |  |
| 383049 | &nbsp;&nbsp;&nbsp;Series 2014-5A, Class A1R, 5.624% (3-Month Term SOFR+134.16 basis points), 4/26/2031<sup>3,4,6</sup> | 383471 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-30A, Class E, 11.365% (3-Month Term SOFR+709 basis points), 1/24/2037<sup>3,4,6</sup> | 1521412 |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2024-31A, Class A1, 5.899% (3-Month Term SOFR+163 basis points), 4/20/2037<sup>3,4,6</sup> | 4509964 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2024-32A, Class D2, 9.050%, 4/23/2037<sup>3,6</sup> | 1518135 |
| 895000 | &nbsp;&nbsp;&nbsp;Series 2024-32A, Class E, 11.039% (3-Month Term SOFR+676 basis points), 4/23/2037<sup>3,4,6</sup> | 910229 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2017-14A, Class A1R, 5.639% (3-Month Term SOFR+137 basis points), 7/20/2037<sup>3,4,6</sup> | 3002898 |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2022-25A, Class A1R, 5.689% (3-Month Term SOFR+142 basis points), 7/20/2037<sup>3,4,6</sup> | 4018000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2019-17A, Class BR2, 6.019% (3-Month Term SOFR+175 basis points), 7/20/2037<sup>3,4,6</sup> | 1506563 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-18A, Class ER2, 10.519% (3-Month Term SOFR+625 basis points), 7/20/2037<sup>3,4,6</sup> | 1014117 |
| 3500000 | &nbsp;&nbsp;&nbsp;Series 2017-13A, Class AR2, 5.609% (3-Month Term SOFR+134 basis points), 11/26/2037<sup>3,4,6</sup> | 3510439 |
| 1500000 | OCP Euro 2025-12 DAC<br> Series 2025-12A, Class B2, 4.700%, 1/20/2038<sup>3,6</sup> | 1765191 |
| 750000 | Octagon Investment Partners Ltd.<br> Series 2014-1A, Class DRR, 7.284% (3-Month Term SOFR+301.16 basis points), 1/22/2030<sup>3,4,6</sup> | 752086 |
| 1000000 | OHA Credit Funding Ltd.<br> Series 2022-11A, Class B1R, 5.869% (3-Month Term SOFR+160 basis points), 7/19/2037<sup>3,4,6</sup> | 1004118 |
|  | OZLM Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2014-6A, Class CT, 7.180% (3-Month Term SOFR+290 basis points), 4/17/2031<sup>3,4,6</sup> | 2004422 |
| 2001347 | &nbsp;&nbsp;&nbsp;Series 2014-9A, Class A1A4, 5.469% (3-Month Term SOFR+120 basis points), 10/20/2031<sup>3,4,6</sup> | 2004421 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1500000 | Penta CLO DAC<br> Series 2017-3X, Class CRR, 4.263% (3-Month Euribor+200 basis points), 10/17/2038<sup>3,4</sup> | $1761914 |
| 1080000 | Porsche Innovative Lease Owner Trust<br> Series 2025-1A, Class A2A, 4.600%, 12/20/2027<sup>3,6</sup> | 1082596 |
|  | Post CLO Ltd. |  |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class DR, 7.256% (3-Month Term SOFR+300 basis points), 10/15/2034<sup>3,4,6</sup> | 1246945 |
| 4500000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, 5.652% (3-Month Term SOFR+138 basis points), 4/20/2035<sup>3,4,6</sup> | 4510236 |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 6.222% (3-Month Term SOFR+195 basis points), 4/20/2036<sup>3,4,6</sup> | 4006859 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D, 9.522% (3-Month Term SOFR+525 basis points), 4/20/2036<sup>3,4,6</sup> | 2008816 |
| 5000000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, 5.869% (3-Month Term SOFR+160 basis points), 4/20/2037<sup>3,4,6</sup> | 5010558 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D1R, 7.661% (3-Month Term SOFR+340 basis points), 10/16/2037<sup>3,4,6</sup> | 1011861 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-2A, Class E, 10.956% (3-Month Term SOFR+650 basis points), 1/20/2038<sup>3,4,6</sup> | 1025382 |
| 1000000 | Recette CLO Ltd.<br> Series 2015-1A, Class FRR, 13.001% (3-Month Term SOFR+873.16 basis points), 4/20/2034<sup>3,4,6</sup> | 904485 |
|  | Regatta Funding Ltd. |  |
| 3589926 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class A1R, 5.356% (3-Month Term SOFR+110 basis points), 7/15/2031<sup>3,4,6</sup> | 3592901 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-2A, Class ER, 11.356% (3-Month Term SOFR+710 basis points), 1/15/2033<sup>3,4,6</sup> | 1007683 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR2, 7.631% (3-Month Term SOFR+336.16 basis points), 4/20/2034<sup>3,4,6</sup> | 1502746 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R2, 5.731% (3-Month Term SOFR+141.16 basis points), 6/20/2034<sup>3,4,6</sup> | 2003846 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER2, 10.981% (3-Month Term SOFR+666.16 basis points), 6/20/2034<sup>3,4,6</sup> | 2011622 |
| 1357244 | Romark WM-R Ltd.<br> Series 2018-1A, Class A1, 5.561% (3-Month Term SOFR+129.16 basis points), 4/20/2031<sup>3,4,6</sup> | 1358718 |
| 5183045 | SFS Auto Receivables Securitization Trust<br> Series 2023-1A, Class A3, 5.470%, 10/20/2028<sup>3,6</sup> | 5218372 |
| 2250000 | Shackleton CLO Ltd.<br> Series 2013-4RA, Class C, 7.373% (3-Month Term SOFR+313.16 basis points), 4/13/2031<sup>3,4,6</sup> | 2258463 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Silver Point CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-6A, Class D1, 7.556% (3-Month Term SOFR+330 basis points), 10/15/2037<sup>3,4,6</sup> | $993492 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-9A, Class A1, 5.808% (3-Month Term SOFR+152 basis points), 3/31/2038<sup>3,4,6</sup> | 2008961 |
| 1000000 | Sixth Street CLO Ltd.<br> Series 2023-22A, Class D1R, 6.919% (3-Month Term SOFR+265 basis points), 4/21/2038<sup>3,4,6</sup> | 999393 |
| 1500000 | Sound Point CLO Ltd.<br> Series 2019-3A, Class DR, 8.043% (3-Month Term SOFR+376.16 basis points), 10/25/2034<sup>3,4,6</sup> | 1440864 |
|  | Symphony CLO Ltd. |  |
| 1480862 | &nbsp;&nbsp;&nbsp;Series 2019-21A, Class AR2, 5.156% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>3,4,6</sup> | 1477782 |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2021-25A, Class A, 5.511% (3-Month Term SOFR+124.16 basis points), 4/19/2034<sup>3,4,6</sup> | 2503117 |
| 2070970 | TCI-Symphony CLO Ltd.<br> Series 2016-1A, Class AR2, 5.523% (3-Month Term SOFR+128.16 basis points), 10/13/2032<sup>3,4,6</sup> | 2072533 |
|  | Tesla Auto Lease Trust |  |
| 772122 | &nbsp;&nbsp;&nbsp;Series 2023-A, Class A3, 5.890%, 6/22/2026<sup>3,6</sup> | 772883 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A4, 5.310%, 12/20/2027<sup>3,6</sup> | 1764938 |
|  | THL Credit Wind River CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class DR, 7.481% (3-Month Term SOFR+321.16 basis points), 10/18/2030<sup>3,4,6</sup> | 1002854 |
| 26850 | &nbsp;&nbsp;&nbsp;Series 2014-2A, Class AR, 5.658% (3-Month Term SOFR+140.16 basis points), 1/15/2031<sup>3,4,6</sup> | 26887 |
|  | Toyota Auto Receivables Owner Trust |  |
| 5665000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.480%, 11/15/2027<sup>3</sup> | 5662230 |
| 1660000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.460%, 3/15/2028<sup>3</sup> | 1662907 |
|  | Toyota Lease Owner Trust |  |
| 4728097 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, 5.250%, 4/20/2027<sup>3,6</sup> | 4750480 |
| 4295000 | &nbsp;&nbsp;&nbsp;Series 2024-B, Class A3, 4.210%, 9/20/2027<sup>3,6</sup> | 4294820 |
|  | TRESTLES CLO Ltd. |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1RR, 5.742% (3-Month Term SOFR+146 basis points), 7/25/2037<sup>3,4,6</sup> | 4019080 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class A1R, 5.852% (3-Month Term SOFR+157 basis points), 7/25/2037<sup>3,4,6</sup> | 3007152 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2023-6A, Class A1R, 5.454% (3-Month Term SOFR+118 basis points), 4/25/2038<sup>3,4,6</sup> | 1997735 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Trinitas CLO Ltd. |  |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-29A, Class A1, 5.769% (3-Month Term SOFR+149 basis points), 7/23/2037<sup>3,4,6</sup> | $3017081 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2022-21A, Class C1R, 6.266% (3-Month Term SOFR+195 basis points), 4/20/2038<sup>3,4,6</sup> | 1230999 |
| 1090000 | USB Auto Owner Trust<br> Series 2025-1A, Class A2, 4.510%, 6/15/2028<sup>3,6</sup> | 1092673 |
| 1763198 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.280% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>3,4,6</sup> | 1759374 |
| 1250000 | Verdelite Static CLO Ltd.<br> Series 2024-1A, Class D, 7.119% (3-Month Term SOFR+285 basis points), 7/20/2032<sup>3,4,6</sup> | 1247382 |
| 4941000 | Verizon Communications, Inc.<br> Series 2024-1, Class A1A, 5.000%, 12/20/2028<sup>3</sup> | 4951880 |
| 1375075 | Verus Securitization Trust<br> Series 2021-5, Class A1, 1.013%, 9/25/2066<sup>3,6,7</sup> | 1184672 |
| 4904 | Visio Trust<br> Series 2020-1, Class A1, 1.545%, 8/25/2055<sup>3,6,7</sup> | 4890 |
| 2525000 | Volkswagen Auto Lease Trust<br> Series 2025-A, Class A2A, 4.430%, 12/20/2027<sup>3</sup> | 2532598 |
| 2871715 | Volkswagen Auto Loan Enhanced Trust<br> Series 2024-1, Class A2A, 4.650%, 11/22/2027<sup>3</sup> | 2874779 |
|  | Voya CLO Ltd. |  |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 7.871% (3-Month Term SOFR+359.16 basis points), 4/17/2030<sup>3,4,6</sup> | 1254620 |
| 221705 | &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A1R, 5.498% (3-Month Term SOFR+124.16 basis points), 6/7/2030<sup>3,4,6</sup> | 221851 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, 7.468% (3-Month Term SOFR+321.16 basis points), 10/15/2030<sup>3,4,6</sup> | 1004025 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class CR2, 7.331% (3-Month Term SOFR+306.16 basis points), 4/18/2031<sup>3,4,6</sup> | 1004787 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class CR, 7.293% (3-Month Term SOFR+301.16 basis points), 4/25/2031<sup>3,4,6</sup> | 2007317 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2018-3A, Class CR2, 6.606% (3-Month Term SOFR+235 basis points), 10/15/2031<sup>3,4,6</sup> | 1507563 |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class CR, 7.781% (3-Month Term SOFR+351.16 basis points), 10/18/2031<sup>3,4,6</sup> | 2487976 |
| 2361877 | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class A1R3, 5.422% (3-Month Term SOFR+115 basis points), 10/20/2031<sup>3,4,6</sup> | 2364852 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2022-3A, Class ER, 12.269% (3-Month Term SOFR+800 basis points), 10/20/2036<sup>3,4,6</sup> | 1266242 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 5.519% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>3,4,6</sup> | $1501067 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class A1R, 5.506% (3-Month Term SOFR+125 basis points), 4/15/2038<sup>3,4,6</sup> | 3005780 |
| 2000000 | Voya Euro CLO DAC<br> Series 1A, Class B2R, 5.150%, 10/15/2037<sup>3,6</sup> | 2388435 |
|  | Whitebox CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-4A, Class D1R, 8.185% (3-Month Term SOFR+390 basis points), 4/20/2036<sup>3,4,6</sup> | 1000793 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A1R2, 5.655% (3-Month Term SOFR+138 basis points), 10/24/2037<sup>3,4,6</sup> | 1001440 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-5A, Class B, 0.000% (3-Month Term SOFR+170 basis points), 7/20/2038<sup>3,4,6</sup> | 1000000 |
| 4908000 | World Omni Auto Receivables Trust<br> Series 2024-A, Class A3, 4.860%, 3/15/2029<sup>3</sup> | 4936731 |
|  | **Total Asset-Backed Securities** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $476,375,773) | **478552122** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.4%** |  |
|  | BBCMS Mortgage Trust |  |
| 2518266 | &nbsp;&nbsp;&nbsp;Series 2019-BWAY, Class A, 5.382% (1-Month Term SOFR+107.05 basis points), 11/15/2034<sup>4,6</sup> | 1611690 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2019-BWAY, Class D, 6.586% (1-Month Term SOFR+227.45 basis points), 11/15/2034<sup>4,6</sup> | 17500 |
| 3025000 | BFLD Trust<br> Series 2021-FPM, Class A, 6.026% (1-Month Term SOFR+171.45 basis points), 6/15/2038<sup>3,4,6</sup> | 3026295 |
| 1000000 | BPR Trust<br> Series 2021-WILL, Class B, 7.426% (1-Month Term SOFR+311.45 basis points), 6/15/2038<sup>4,6</sup> | 991103 |
| 2000000 | BX Trust<br> Series 2022-CLS, Class A, 5.760%, 10/13/2027<sup>6</sup> | 2025996 |
| 1000000 | Elmwood CLO Ltd.<br> Series 2021-2A, Class D1R, 6.972% (3-Month Term SOFR+265 basis points), 4/20/2038<sup>3,4,6</sup> | 997302 |
| 587745 | Fannie Mae Grantor Trust<br> Series 2004-T5, Class AB4, 4.357%, 5/28/2035<sup>3,7</sup> | 577923 |
| 2995771 | GS Mortgage Securities Corp Trust<br> Series 2012-BWTR, Class A, 2.954%, 11/5/2034<sup>3,6</sup> | 2614377 |
| 15770 | Mellon Residential Funding<br> Series 1999-TBC3, Class A2, 5.137%, 10/20/2029<sup>3,7</sup> | 15358 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 2880000 | NYO Commercial Mortgage Trust<br> Series 2021-1290, Class A, 5.521% (1-Month Term SOFR+120.95 basis points), 11/15/2038<sup>4,6</sup> | $2876201 |
| 1575000 | Worldwide Plaza Trust<br> Series 2017-WWP, Class F, 3.715%, 11/10/2036<sup>6,7</sup> | 82705 |
|  | **Total Commercial Mortgage-Backed Securities** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,250,748) | **14836450** |
|  | **CORPORATE — 26.4%** |  |
|  | **BASIC MATERIALS — 0.9%** |  |
| 1200000 | Celanese U.S. Holdings LLC<br> 0.625%, 9/10/2028<sup>3</sup> | 1276813 |
| 1645000 | H.B. Fuller Co.<br> 4.250%, 10/15/2028<sup>3</sup> | 1605931 |
| 960000 | Novelis Corp.<br> 3.875%, 8/15/2031<sup>3,6</sup> | 863376 |
| 1700000 | SCIL USA Holdings LLC<br> 5.375%, 11/1/2026<sup>3,6</sup> | 1693625 |
| 4175000 | Sherwin-Williams Co.<br> 3.450%, 6/1/2027<sup>3</sup> | 4120287 |
|  |  | **9560032** |
|  | **COMMUNICATIONS — 2.6%** |  |
| 4125000 | AT&T, Inc.<br> 1.650%, 2/1/2028<sup>3</sup> | 3870583 |
| 600000 | CCO Holdings LLC / CCO Holdings Capital Corp.<br> 5.000%, 2/1/2028<sup>3,6</sup> | 594882 |
| 4150000 | Comcast Corp.<br> 5.350%, 11/15/2027<sup>3</sup> | 4260328 |
| 1950000 | Fibercop S.p.A.<br> 5.125%, 6/30/2032<sup>3</sup> | 2303924 |
| 1664000 | Match Group, Inc.<br> 4.625%, 6/1/2028<sup>3,6</sup> | 1624480 |
| 1500000 | Matterhorn Telecom S.A.<br> 4.500%, 1/30/2030<sup>3</sup> | 1806130 |
| 2000000 | Netflix, Inc.<br> 4.875%, 4/15/2028 | 2042352 |
| 4200000 | T-Mobile USA, Inc.<br> 4.750%, 2/1/2028<sup>3</sup> | 4201869 |
|  | Verizon Communications, Inc. |  |
| 2025000 | &nbsp;&nbsp;&nbsp;4.125%, 3/16/2027 | 2024218 |
| 2860000 | &nbsp;&nbsp;&nbsp;4.329%, 9/21/2028 | 2872558 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
| 1854000 | Zegona Finance PLC<br> 8.625%, 7/15/2029<sup>3,5,6</sup> | $1983780 |
|  |  | **27585104** |
|  | **CONSUMER, CYCLICAL — 4.5%** |  |
| 1275000 | 1011778 BC ULC / New Red Finance, Inc.<br> 4.375%, 1/15/2028<sup>3,5,6</sup> | 1251527 |
|  | 7-Eleven, Inc. |  |
| 2303000 | &nbsp;&nbsp;&nbsp;0.950%, 2/10/2026<sup>3,6</sup> | 2252463 |
| 2300000 | &nbsp;&nbsp;&nbsp;1.300%, 2/10/2028<sup>3,6</sup> | 2121844 |
| 2465000 | Air Canada<br> 3.875%, 8/15/2026<sup>3,5,6</sup> | 2441814 |
| 2965000 | American Builders & Contractors Supply Co., Inc.<br> 4.000%, 1/15/2028<sup>3,6</sup> | 2902041 |
|  | American Honda Finance Corp. |  |
| 4275000 | &nbsp;&nbsp;&nbsp;5.100% (SOFR+71 basis points), 1/9/2026<sup>4</sup> | 4281109 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.940% (SOFR+55 basis points), 5/21/2026<sup>4</sup> | 1000688 |
| 1235000 | Beacon Roofing Supply, Inc.<br> 6.750%, 4/30/2032<sup>3,6</sup> | 1275387 |
| 2175000 | BMW U.S. Capital LLC<br> 3.625%, 4/18/2029<sup>3,6</sup> | 2108017 |
| 1100000 | Boyd Gaming Corp.<br> 4.750%, 12/1/2027<sup>3</sup> | 1093903 |
| 1875000 | Ford Motor Credit Co. LLC<br> 2.900%, 2/10/2029<sup>3</sup> | 1705472 |
| 930000 | Forvia S.E.<br> 8.000%, 6/15/2030<sup>3,5,6</sup> | 952088 |
| 1950000 | General Motors Co.<br> 6.800%, 10/1/2027<sup>3</sup> | 2031227 |
| 2019000 | General Motors Financial Co., Inc.<br> 5.430% (SOFR+104 basis points), 2/26/2027<sup>4</sup> | 2014475 |
| 240000 | Hyatt Hotels Corp.<br> 5.250%, 6/30/2029<sup>3</sup> | 244249 |
| 2446000 | Hyundai Capital America<br> 2.750%, 9/27/2026<sup>6</sup> | 2391645 |
| 1325000 | International Game Technology PLC<br> 5.250%, 1/15/2029<sup>3,5,6</sup> | 1315062 |
| 4605000 | Lowe's Cos., Inc.<br> 3.100%, 5/3/2027<sup>3</sup> | 4518509 |
| 387000 | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.<br> 6.500%, 6/20/2027<sup>3,6</sup> | 387750 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, CYCLICAL (Continued)** |  |
| 4150000 | Starbucks Corp.<br> 4.850%, 2/8/2027<sup>3</sup> | $4188055 |
|  | Toyota Motor Credit Corp. |  |
| 1450000 | &nbsp;&nbsp;&nbsp;4.783% (SOFR Index+45 basis points), 4/10/2026<sup>4</sup> | 1451743 |
| 930000 | &nbsp;&nbsp;&nbsp;5.199% (SOFR Index+89 basis points), 5/18/2026<sup>4</sup> | 934666 |
| 1650000 | &nbsp;&nbsp;&nbsp;5.160% (SOFR+77 basis points), 8/7/2026<sup>4</sup> | 1657415 |
| 1309000 | VOC Escrow Ltd.<br> 5.000%, 2/15/2028<sup>3,5,6</sup> | 1305727 |
| 1650000 | Wyndham Hotels & Resorts, Inc.<br> 4.375%, 8/15/2028<sup>3,6</sup> | 1615167 |
|  |  | **47442043** |
|  | **CONSUMER, NON-CYCLICAL — 5.3%** |  |
| 4100000 | AbbVie, Inc.<br> 4.250%, 11/14/2028<sup>3</sup> | 4120803 |
|  | Amgen, Inc. |  |
| 2750000 | &nbsp;&nbsp;&nbsp;2.200%, 2/21/2027<sup>3</sup> | 2661307 |
| 1670000 | &nbsp;&nbsp;&nbsp;5.150%, 3/2/2028<sup>3</sup> | 1706855 |
| 2000000 | Ashtead Capital, Inc.<br> 4.375%, 8/15/2027<sup>3,6</sup> | 1992700 |
| 2452000 | Block, Inc.<br> 6.500%, 5/15/2032<sup>3</sup> | 2531391 |
| 1500000 | CVS Health Corp.<br> 4.300%, 3/25/2028<sup>3</sup> | 1494109 |
| 1950000 | Elevance Health, Inc.<br> 3.650%, 12/1/2027<sup>3</sup> | 1927431 |
| 4085000 | GE HealthCare Technologies, Inc.<br> 5.650%, 11/15/2027<sup>3</sup> | 4209707 |
| 2975000 | Haleon U.S. Capital LLC<br> 3.375%, 3/24/2027<sup>3</sup> | 2932904 |
| 1855000 | HCA, Inc.<br> 5.200%, 6/1/2028<sup>3</sup> | 1895595 |
|  | IQVIA, Inc. |  |
| 1360000 | &nbsp;&nbsp;&nbsp;5.700%, 5/15/2028<sup>3</sup> | 1395448 |
| 1000000 | &nbsp;&nbsp;&nbsp;2.250%, 3/15/2029<sup>3</sup> | 1129867 |
| 735000 | &nbsp;&nbsp;&nbsp;6.500%, 5/15/2030<sup>3,6</sup> | 758283 |
| 225000 | &nbsp;&nbsp;&nbsp;6.250%, 6/1/2032<sup>3,6</sup> | 231180 |
|  | Keurig Dr Pepper, Inc. |  |
| 2310000 | &nbsp;&nbsp;&nbsp;4.350%, 5/15/2028<sup>3</sup> | 2314412 |
| 1510000 | &nbsp;&nbsp;&nbsp;3.950%, 4/15/2029<sup>3</sup> | 1485778 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 5130000 | Mars, Inc.<br> 4.600%, 3/1/2028<sup>3,6</sup> | $5172769 |
| 2915000 | McKesson Corp.<br> 1.300%, 8/15/2026<sup>3</sup> | 2823807 |
| 1175000 | Medline Borrower LP<br> 3.875%, 4/1/2029<sup>3,6</sup> | 1127925 |
| 1720000 | Mondelez International Holdings Netherlands B.V.<br> 1.250%, 9/24/2026<sup>3,5,6</sup> | 1658319 |
| 2500000 | Mondelez International, Inc.<br> 2.625%, 3/17/2027<sup>3</sup> | 2436430 |
| 4075000 | Pfizer Investment Enterprises Pte Ltd.<br> 4.450%, 5/19/2028<sup>3,5</sup> | 4108456 |
| 3925000 | Roche Holdings, Inc.<br> 1.930%, 12/13/2028<sup>3,6</sup> | 3657445 |
| 1850000 | Royalty Pharma PLC<br> 2.200%, 9/2/2030<sup>3,5</sup> | 1640452 |
| 750000 | Stryker Corp.<br> 3.375%, 11/1/2025<sup>3</sup> | 747374 |
|  |  | **56160747** |
|  | **ENERGY — 1.6%** |  |
| 1575000 | Archrock Partners LP / Archrock Partners Finance Corp.<br> 6.250%, 4/1/2028<sup>3,6</sup> | 1584844 |
| 2490000 | Cheniere Energy, Inc.<br> 4.625%, 10/15/2028<sup>3</sup> | 2487276 |
|  | Enbridge, Inc. |  |
| 3700000 | &nbsp;&nbsp;&nbsp;3.700%, 7/15/2027<sup>3,5</sup> | 3655104 |
| 1450000 | &nbsp;&nbsp;&nbsp;6.200%, 11/15/2030<sup>3,5</sup> | 1551910 |
| 355000 | Kinder Morgan, Inc.<br> 5.150%, 6/1/2030<sup>3</sup> | 362608 |
| 1245000 | NextEra Energy Partners LP<br> 2.500%, 6/15/2026<sup>6,9</sup> | 1192086 |
| 1400000 | NGPL PipeCo LLC<br> 4.875%, 8/15/2027<sup>3,6</sup> | 1393301 |
| 2925000 | ONEOK, Inc.<br> 5.000%, 3/1/2026<sup>3</sup> | 2927598 |
| 1950000 | Venture Global Calcasieu Pass LLC<br> 4.125%, 8/15/2031<sup>3,6</sup> | 1806318 |
|  |  | **16961045** |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **FINANCIAL — 1.1%** |  |
| 2235000 | American Tower Corp.<br> 3.375%, 10/15/2026<sup>3</sup> | $2207239 |
| 800000 | Blackstone Mortgage Trust, Inc.<br> 3.750%, 1/15/2027<sup>3,6</sup> | 777140 |
| 3505000 | Digital Realty Trust LP<br> 3.700%, 8/15/2027<sup>3</sup> | 3462046 |
| 3000000 | Intercontinental Exchange, Inc.<br> 4.000%, 9/15/2027<sup>3</sup> | 2987910 |
| 1920000 | Mastercard, Inc.<br> 4.745% (SOFR Index+44 basis points), 3/15/2028<sup>4</sup> | 1924257 |
| 590000 | Metropolitan Life Global Funding I<br> 4.050%, 8/25/2025<sup>6</sup> | 589489 |
|  |  | **11948081** |
|  | **INDUSTRIAL — 4.3%** |  |
| 1600000 | Advanced Drainage Systems, Inc.<br> 5.000%, 9/30/2027<sup>3,6</sup> | 1588475 |
| 2090000 | Amphenol Corp.<br> 4.350%, 6/1/2029<sup>3</sup> | 2099635 |
|  | Caterpillar Financial Services Corp. |  |
| 1810000 | &nbsp;&nbsp;&nbsp;4.769% (SOFR+46 basis points), 2/27/2026<sup>4</sup> | 1812720 |
| 1525000 | &nbsp;&nbsp;&nbsp;4.770% (SOFR+38 basis points), 1/7/2027<sup>4</sup> | 1525110 |
| 1475000 | &nbsp;&nbsp;&nbsp;4.910% (SOFR+52 basis points), 5/14/2027<sup>4</sup> | 1476587 |
| 575000 | Clean Harbors, Inc.<br> 5.125%, 7/15/2029<sup>3,6</sup> | 569510 |
| 890000 | Crown Americas LLC<br> 5.875%, 6/1/2033<sup>3,6</sup> | 896639 |
| 1785000 | Crown Americas LLC / Crown Americas Capital Corp.<br> 4.250%, 9/30/2026<sup>3</sup> | 1776114 |
| 1600000 | CSX Corp.<br> 3.800%, 3/1/2028<sup>3</sup> | 1585901 |
| 2125000 | GFL Environmental, Inc.<br> 6.750%, 1/15/2031<sup>3,5,6</sup> | 2226305 |
| 1975000 | Graphic Packaging International LLC<br> 3.500%, 3/15/2028<sup>3,6</sup> | 1891063 |
| 4265000 | John Deere Capital Corp.<br> 4.830% (SOFR+44 basis points), 3/6/2026<sup>4</sup> | 4271129 |
| 3745000 | MasTec, Inc.<br> 4.500%, 8/15/2028<sup>3,6</sup> | 3696180 |
| 1061000 | Mueller Water Products, Inc.<br> 4.000%, 6/15/2029<sup>3,6</sup> | 1019381 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **INDUSTRIAL (Continued)** |  |
| 2050000 | Parker-Hannifin Corp.<br> 4.250%, 9/15/2027<sup>3</sup> | $2055607 |
| 580000 | Republic Services, Inc.<br> 0.875%, 11/15/2025<sup>3</sup> | 572132 |
|  | Silgan Holdings, Inc. |  |
| 1013000 | &nbsp;&nbsp;&nbsp;1.400%, 4/1/2026<sup>3,6</sup> | 985855 |
| 1750000 | &nbsp;&nbsp;&nbsp;2.250%, 6/1/2028<sup>3</sup> | 1997472 |
| 1885000 | Smyrna Ready Mix Concrete LLC<br> 6.000%, 11/1/2028<sup>3,6</sup> | 1882644 |
| 1445000 | Standard Industries, Inc.<br> 4.750%, 1/15/2028<sup>3,6</sup> | 1428744 |
| 4775000 | Veralto Corp.<br> 5.500%, 9/18/2026<sup>3</sup> | 4833169 |
| 1109000 | Vertiv Group Corp.<br> 4.125%, 11/15/2028<sup>3,6</sup> | 1082274 |
| 4296000 | Waste Management, Inc.<br> 4.875%, 2/15/2029<sup>3</sup> | 4402425 |
|  |  | **45675071** |
|  | **TECHNOLOGY — 3.2%** |  |
| 1551000 | AppLovin Corp.<br> 5.125%, 12/1/2029<sup>3</sup> | 1571639 |
| 4300000 | Broadcom Corp.<br> 3.875%, 1/15/2027<sup>3,5</sup> | 4271977 |
|  | Dell International LLC / EMC Corp. |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.250%, 2/1/2028<sup>3</sup> | 2765084 |
| 1673000 | &nbsp;&nbsp;&nbsp;5.300%, 10/1/2029<sup>3</sup> | 1722263 |
| 3765000 | Entegris, Inc.<br> 4.750%, 4/15/2029<sup>3,6</sup> | 3726714 |
| 1240000 | Fair Isaac Corp.<br> 6.000%, 5/15/2033<sup>3,6</sup> | 1254466 |
| 2779000 | Fortinet, Inc.<br> 1.000%, 3/15/2026<sup>3</sup> | 2708008 |
| 3875000 | Gartner, Inc.<br> 4.500%, 7/1/2028<sup>3,6</sup> | 3837413 |
| 2846000 | Micron Technology, Inc.<br> 5.327%, 2/6/2029<sup>3</sup> | 2914150 |
| 1253000 | ON Semiconductor Corp.<br> 3.875%, 9/1/2028<sup>3,6</sup> | 1213178 |
|  | Oracle Corp. |  |
| 3725000 | &nbsp;&nbsp;&nbsp;2.300%, 3/25/2028<sup>3</sup> | 3536277 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 1825000 | &nbsp;&nbsp;&nbsp;5.150% (SOFR+76 basis points), 8/3/2028<sup>4</sup> | $1833694 |
| 2612000 | QUALCOMM, Inc.<br> 3.250%, 5/20/2027<sup>3</sup> | 2580363 |
|  |  | **33935226** |
|  | **UTILITIES — 2.9%** |  |
|  | AES Corp. |  |
| 2685000 | &nbsp;&nbsp;&nbsp;1.375%, 1/15/2026<sup>3</sup> | 2634251 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.450%, 6/1/2028<sup>3</sup> | 1022151 |
| 1672000 | Atlantica Sustainable Infrastructure PLC<br> 4.125%, 6/15/2028<sup>3,5,6</sup> | 1603888 |
| 2334000 | Calpine Corp.<br> 4.500%, 2/15/2028<sup>3,6</sup> | 2319412 |
| 3000000 | CenterPoint Energy, Inc.<br> 1.450%, 6/1/2026<sup>3</sup> | 2917143 |
| 1860000 | Clearway Energy Operating LLC<br> 4.750%, 3/15/2028<sup>3,6</sup> | 1843725 |
| 3910000 | DTE Energy Co.<br> 4.950%, 7/1/2027<sup>3</sup> | 3956787 |
| 3215000 | Duke Energy Corp.<br> 3.150%, 8/15/2027<sup>3</sup> | 3150996 |
| 2200000 | Eversource Energy<br> 5.450%, 3/1/2028<sup>3</sup> | 2257682 |
|  | NextEra Energy Capital Holdings, Inc. |  |
| 890000 | &nbsp;&nbsp;&nbsp;5.083% (SOFR Index+76 basis points), 1/29/2026<sup>4</sup> | 892143 |
| 3500000 | &nbsp;&nbsp;&nbsp;3.550%, 5/1/2027<sup>3</sup> | 3452946 |
|  | NRG Energy, Inc. |  |
| 625000 | &nbsp;&nbsp;&nbsp;3.375%, 2/15/2029<sup>3,6</sup> | 589774 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.750%, 7/15/2029<sup>3,6</sup> | 1106914 |
| 2025000 | Southern Co.<br> 5.113%, 8/1/2027 | 2056114 |
| 250000 | Southern Power Co.<br> 0.900%, 1/15/2026<sup>3</sup> | 244792 |
|  |  | **30048718** |
|  | **Total Corporate** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $276,271,357) | **279316067** |
|  | **U.S. GOVERNMENT — 17.7%** |  |
|  | United States Treasury Bill |  |
| 10500000 | &nbsp;&nbsp;&nbsp;0.000%, 7/10/2025 | 10489007 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **U.S. GOVERNMENT (Continued)** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;0.000%, 7/17/2025 | $9981620 |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 7/22/2025 | 19951500 |
| 5000000 | &nbsp;&nbsp;&nbsp;0.000%, 8/7/2025 | 4978180 |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 8/21/2025 | 19877940 |
| 10000000 | &nbsp;&nbsp;&nbsp;0.000%, 9/4/2025 | 9923290 |
| 10500000 | &nbsp;&nbsp;&nbsp;0.000%, 9/11/2025 | 10411097 |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 9/16/2025 | 19818620 |
| 10000000 | &nbsp;&nbsp;&nbsp;0.000%, 9/23/2025 | 9901950 |
| 10000000 | &nbsp;&nbsp;&nbsp;0.000%, 10/16/2025 | 9875550 |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 10/23/2025 | 19735420 |
|  | United States Treasury Note |  |
| 22950000 | &nbsp;&nbsp;&nbsp;3.500%, 1/31/2028 | 22837040 |
| 19075000 | &nbsp;&nbsp;&nbsp;4.000%, 1/31/2029 | 19251596 |
|  | **Total U.S. Government** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,263,556) | **187032810** |
|  | **Total Bonds** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $958,161,434) | **959737449** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 0.1%** |  |
| 22716 | Palmer Square CLO Senior Debt ETF<sup>10</sup> | 459999 |
| 19201 | Palmer Square Credit Opportunities ETF<sup>10</sup> | 393429 |
|  | **Total Exchange-Traded Funds** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $855,798) | **853428** |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| 34038696 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 4.11%<sup>11,12</sup> | 34038696 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,038,696) | **34038696** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,051,686,556) | **1053411756** |
|  | Other Assets in Excess of Liabilities — 0.5% | 5104548 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1058516304** |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SECURITIES SOLD SHORT — (0.4)%** |  |
|  | **BONDS — (0.4)%** |  |
|  | **U.S. GOVERNMENT — (0.4)%** |  |
| $(3825000) | United States Treasury Note<br> 4.000%, 7/31/2029 | $(3861605) |
|  | **Total U.S. Government** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $3,865,250) | **(3861605)** |
|  | **Total Bonds** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $3,865,250) | **(3861605)** |
|  | **Total Securities Sold Short** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $3,865,250) | $**(3861605)** |

---

EUR – Euro <br> ETF – Exchange-Traded Fund

<sup>1</sup> Local currency.

<sup>2</sup> 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.

<sup>3</sup> Callable.

<sup>4</sup> Floating rate security.

<sup>5</sup> Foreign security denominated in U.S. Dollars.

<sup>6</sup> 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 $430,487,252 which represents 40.67% of total net assets of the Fund.

<sup>7</sup> Variable rate security.

<sup>8</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>9</sup> Convertible security.

<sup>10</sup> Affiliated company.

<sup>11</sup> All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $4,005, which represents 0.00% of total net assets of the Fund.

<sup>12</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of**<br>**Contracts**<br>**Long (Short)** | <br>**Description** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| (36) | U.S. 10 Year Treasury Note | Sept 2025 | $(4036500) | $(53437) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(4036500)** | $**(53437)** |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Sale Contracts** | <br>**Counterparty** | <br>**Currency**<br>**Exchange** | <br>**Settlement**<br>**Date** | **Currency**<br>**Amount**<br>**Sold** | **Value At**<br>**Settlement**<br>**Date** |<br>**Value At**<br>**June 30, 2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Euro | JP Morgan | EUR per USD | 10/15/2025 | (2000000) | (2216110) | (2372286) | (156176) |
| Euro | JP Morgan | EUR per USD | 12/2/2025 | (2000000) | (2143334) | (2379670) | (236336) |
| Euro | JP Morgan | EUR per USD | 2/17/2026 | (1500000) | (1603895) | (1790385) | (186491) |
| Euro | JP Morgan | EUR per USD | 3/27/2026 | (1500000) | (1651731) | (1794276) | (142545) |
| Euro | JP Morgan | EUR per USD | 4/22/2026 | (1500000) | (1734051) | (1796948) | (62897) |
| Euro | JP Morgan | EUR per USD | 7/24/2025 | (9600000) | (10923766) | (11328182) | (404416) |
| Euro | JP Morgan | EUR per USD | 9/5/2025 | (2250000) | (2582300) | (2662373) | (80073) |
| Euro | JP Morgan | EUR per USD | 9/25/2025 | (4655000) | (5425341) | (5515536) | (90195) |
|  |  |  |  |  | (28280528) | (29639657) | (1359129) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $(28280528) | $(29639657) | $(1359129) |

---

EUR – Euro

*See accompanying Notes to Financial Statements.*

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS — 1.4%** |  |
| 250000 | Hilton Domestic Operating Co., Inc.<br> 6.069% (1-Month Term SOFR+175 basis points), 11/8/2030<sup>2,3,4</sup> | $251133 |
| 244885 | KFC Holding Co.<br> 6.179% (1-Month Term SOFR+175 basis points), 3/15/2028<sup>2,3,4</sup> | 246377 |
| 242439 | Trans Union LLC<br> 6.077% (1-Month Term SOFR+175 basis points), 6/24/2031<sup>2,3,4</sup> | 243018 |
| 231600 | Vistra Operations Co. LLC<br> 0.000% (1-Month Term SOFR+175 basis points), 12/31/2025<sup>2,3,4</sup> | 232461 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $959,736) | **972989** |
|  | **BONDS — 96.2%** |  |
|  | **ASSET-BACKED SECURITIES — 61.1%** |  |
| 638948 | Allegro CLO VII Ltd.<br> Series 2018-1A, Class AR, 5.386% (3-Month Term SOFR+113 basis points), 6/13/2031<sup>3,4,5</sup> | 639569 |
| 32311 | AMMC CLO 15 Ltd<br> Series 2014-15A, Class AR3, 5.638% (3-Month Term SOFR+138.16 basis points), 1/15/2032<sup>3,4,5</sup> | 32330 |
|  | Apidos CLO |  |
| 271809 | &nbsp;&nbsp;&nbsp;Series 2013-15A, Class A1RR, 5.541% (3-Month Term SOFR+127.16 basis points), 4/20/2031<sup>3,4,5</sup> | 272110 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-23A, Class ARR, 5.306% (3-Month Term SOFR+105 basis points), 4/15/2033<sup>3,4,5</sup> | 1000106 |
| 640000 | BA Credit Card Trust<br> Series 2022-A2, Class A2, 5.000%, 4/15/2028<sup>3</sup> | 641281 |
| 610000 | Barings Equipment Finance LLC<br> Series 2025-A, Class A2, 4.640%, 10/13/2028<sup>3,5</sup> | 611769 |
| 1415310 | Battalion Clo XV Ltd.<br> Series 2020-15A, Class A1RR, 5.260% (3-Month Term SOFR+98 basis points), 1/17/2033<sup>3,4,5</sup> | 1411969 |
| 281242 | BlueMountain Fuji U.S. CLO<br> Series 2017-2A, Class A1AR, 5.531% (3-Month Term SOFR+126.16 basis points), 10/20/2030<sup>3,4,5</sup> | 281861 |
| 48588 | BMW Vehicle Lease Trust<br> Series 2023-2, Class A3, 5.990%, 9/25/2026<sup>3</sup> | 48763 |
| 260000 | Capital One Multi-Asset Execution Trust<br> Series 2022-A3, Class A, 4.950%, 10/15/2027<sup>3</sup> | 260331 |
|  | Capital One Prime Auto Receivables Trust |  |
| 9377 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A3, 0.770%, 9/15/2026<sup>3</sup> | 9362 |
| 172477 | &nbsp;&nbsp;&nbsp;Series 2022-2, Class A3, 3.660%, 5/17/2027<sup>3</sup> | 171930 |
| 1435944 | Carlyle Global Market Strategies CLO 2015-5 Ltd.<br> Series 2015-5A, Class A1R3, 5.369% (3-Month Term SOFR+110 basis points), 1/20/2032<sup>3,4,5</sup> | 1435245 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| <br> 1464382 | CarVal CLO II Ltd.<br> Series 2019-1A, Class AR2, 5.289% (3-Month Term SOFR+102 basis points), 4/20/2032<sup>3,4,5</sup> | $1464052 |
| <br> 230000 | Chase Issuance Trust<br> Series 2022-A1, Class A, 3.970%, 9/15/2027<sup>3</sup> | <br> 229768 |
|  | CIFC Funding Ltd. |  |
| 1698752 | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class A1R, 5.275% (3-Month Term SOFR+100 basis points), 4/24/2031<sup>3,4,5</sup> | 1698547 |
| 623510 | &nbsp;&nbsp;&nbsp;Series 2018-3A, Class A, 5.631% (3-Month Term SOFR+136.16 basis points), 7/18/2031<sup>3,4,5</sup> | 624107 |
| <br> 933000 | Citibank Credit Card Issuance Trust<br> Series 2023-A1, Class A1, 5.230%, 12/8/2027<sup>3</sup> | <br> 935935 |
|  | Citizens Auto Receivables Trust |  |
| 109018 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2A, 5.430%, 10/15/2026<sup>3,5</sup> | 109107 |
| 320000 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 5.110%, 4/17/2028<sup>3,5</sup> | 321808 |
|  | Discover Card Execution Note Trust |  |
| 220000 | &nbsp;&nbsp;&nbsp;Series 2022-A4, Class A, 5.030%, 10/15/2027<sup>3</sup> | 220345 |
| 200000 | &nbsp;&nbsp;&nbsp;Series 2023-A1, Class A, 4.310%, 3/15/2028<sup>3</sup> | 199861 |
| <br> 585000 | DLLAA<br> Series 2023-1A, Class A3, 5.640%, 2/22/2028<sup>3,5</sup> | <br> 592379 |
| <br> 1000000 | Dryden CLO Ltd.<br> Series 2020-86A, Class A1R, 5.641% (3-Month Term SOFR+136.16 basis points), 7/17/2034<sup>3,4,5</sup> | <br> 1001714 |
|  | Dryden Senior Loan Fund |  |
| 15650 | &nbsp;&nbsp;&nbsp;Series 2013-30A, Class AR, 5.408% (3-Month Term SOFR+108.16 basis points), 11/15/2028<sup>3,4,5</sup> | 15638 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2013-26A, Class BR, 5.968% (3-Month Term SOFR+171.16 basis points), 4/15/2029<sup>3,4,5</sup> | 1003697 |
| 1152893 | &nbsp;&nbsp;&nbsp;Series 2016-45A, Class A1RR, 5.336% (3-Month Term SOFR+108 basis points), 10/15/2030<sup>3,4,5</sup> | 1153987 |
| 173725 | &nbsp;&nbsp;&nbsp;Series 2015-41A, Class AR, 5.488% (3-Month Term SOFR+123.16 basis points), 4/15/2031<sup>3,4,5</sup> | 173794 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2016-43A, Class AR3, 5.339% (3-Month Term SOFR+107 basis points), 4/20/2034<sup>3,4,5</sup> | 1000254 |
| <br> 653386 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.189% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>3,4,5</sup> | <br> 653187 |
| <br> 500000 | Elmwood CLO Ltd.<br> Series 2021-3A, Class AR2, 0.000% (3-Month Term SOFR+130 basis points), 7/20/2038<sup>3,4,5</sup> | <br> 500000 |
| <br> 50000 | Ford Credit Auto Owner Trust<br> Series 2024-D, Class A2A, 4.590%, 10/15/2027<sup>3</sup> | <br> 50034 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 75249 | Galaxy CLO Ltd.<br> Series 2015-20A, Class AR, 5.531% (3-Month Term SOFR+126.16 basis points), 4/20/2031<sup>3,4,5</sup> | $75315 |
|  | GM Financial Automobile Leasing Trust |  |
| 93370 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2A, 5.180%, 6/22/2026<sup>3</sup> | 93422 |
| 68704 | &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, 5.050%, 7/20/2026<sup>3</sup> | 68745 |
| 161575 | &nbsp;&nbsp;&nbsp;Series 2024-2, Class A2A, 5.430%, 9/21/2026<sup>3</sup> | 161943 |
| 151618 | &nbsp;&nbsp;&nbsp;Series 2024-3, Class A2A, 4.290%, 1/20/2027<sup>3</sup> | 151456 |
| 780000 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 5.090%, 3/22/2027<sup>3</sup> | 782496 |
| 75000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.550%, 7/20/2027<sup>3</sup> | 75210 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 201739 | &nbsp;&nbsp;&nbsp;Series 2022-2, Class A3, 3.100%, 2/16/2027<sup>3</sup> | 201057 |
| 50000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.400%, 2/16/2028<sup>3</sup> | 50064 |
| 426207 | &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, 4.470%, 2/16/2028<sup>3</sup> | 426171 |
| 628412 | &nbsp;&nbsp;&nbsp;Series 2023-3, Class A3, 5.450%, 6/16/2028<sup>3</sup> | 632504 |
|  | Golub Capital Partners Ltd. |  |
| 633229 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, 5.499% (3-Month Term SOFR+123 basis points), 4/20/2033<sup>3,4,5</sup> | 633229 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class AR, 0.000% (3-Month Term SOFR+112 basis points), 7/20/2035<sup>3,4,5</sup> | 2000000 |
|  | Honda Auto Receivables Trust |  |
| 235000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.330%, 12/15/2027<sup>3</sup> | 234912 |
| 100000 | &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2A, 4.300%, 1/18/2028<sup>3</sup> | 99937 |
| 451467 | &nbsp;&nbsp;&nbsp;Series 2023-3, Class A3, 5.410%, 2/18/2028<sup>3</sup> | 454452 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 97578 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A2A, 5.150%, 6/15/2026<sup>3,5</sup> | 97673 |
| 105000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.580%, 9/15/2027<sup>3,5</sup> | 105391 |
|  | Hyundai Auto Receivables Trust |  |
| 75000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.450%, 8/15/2028<sup>3</sup> | 75167 |
| 235000 | &nbsp;&nbsp;&nbsp;Series 2023-C, Class A3, 5.540%, 10/16/2028<sup>3</sup> | 237631 |
|  | John Deere Owner Trust |  |
| 90404 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A2A, 5.190%, 2/16/2027<sup>3</sup> | 90530 |
| 76022 | &nbsp;&nbsp;&nbsp;Series 2022-C, Class A3, 5.090%, 6/15/2027<sup>3</sup> | 76236 |
| 70000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.230%, 3/15/2028<sup>3</sup> | 69970 |
| 65000 | Kubota Credit Owner Trust<br> Series 2025-2A, Class A2, 4.480%, 4/17/2028<sup>3,5</sup> | 64992 |
| 1040000 | LCM LP<br> Series 18A, Class BR, 6.131% (3-Month Term SOFR+186.16 basis points), 4/20/2031<sup>3,4,5</sup> | 1044889 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 88560 | &nbsp;&nbsp;&nbsp;Series 14A, Class AR, 5.571% (3-Month Term SOFR+130.16 basis points), 7/20/2031<sup>3,4,5</sup> | $88668 |
| 1000000 | Madison Park Funding Ltd.<br> Series 2014-14A, Class BR4, 5.772% (3-Month Term SOFR+150 basis points), 10/22/2030<sup>3,4,5</sup> | 1000525 |
| 1793225 | &nbsp;&nbsp;&nbsp;Series 2019-35A, Class A1R, 5.521% (3-Month Term SOFR+125.16 basis points), 4/20/2032<sup>3,4,5</sup> | 1796789 |
|  | Mercedes-Benz Auto Lease Trust |  |
| 141738 | &nbsp;&nbsp;&nbsp;Series 2023-A, Class A3, 4.740%, 1/15/2027<sup>3</sup> | 141775 |
| 332000 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, 5.320%, 1/18/2028<sup>3</sup> | 336177 |
|  | Nissan Auto Lease Trust |  |
| 229004 | &nbsp;&nbsp;&nbsp;Series 2024-B, Class A2A, 5.050%, 6/15/2027<sup>3</sup> | 229730 |
| 1000000 | OZLM Ltd.<br> Series 2017-17A, Class A2AR, 5.769% (3-Month Term SOFR+150 basis points), 7/20/2030<sup>3,4,5</sup> | 1000279 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-6A, Class B1T, 6.280% (3-Month Term SOFR+200 basis points), 4/17/2031<sup>3,4,5</sup> | 1002343 |
| 65000 | Porsche Innovative Lease Owner Trust<br> Series 2025-1A, Class A2A, 4.600%, 12/20/2027<sup>3,5</sup> | 65156 |
| 1538540 | Regatta Funding Ltd.<br> Series 2018-2A, Class A1R, 5.356% (3-Month Term SOFR+110 basis points), 7/15/2031<sup>3,4,5</sup> | 1539815 |
| 384169 | Rockford Tower CLO Ltd.<br> Series 2018-1A, Class A, 5.684% (3-Month Term SOFR+136.16 basis points), 5/20/2031<sup>3,4,5</sup> | 384988 |
|  | Symphony CLO Ltd. |  |
| 493621 | &nbsp;&nbsp;&nbsp;Series 2019-21A, Class AR2, 5.156% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>3,4,5</sup> | 492594 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-25A, Class A, 5.511% (3-Month Term SOFR+124.16 basis points), 4/19/2034<sup>3,4,5</sup> | 1001247 |
| <br> 313022 | Tesla Auto Lease Trust<br> Series 2023-A, Class A3, 5.890%, 6/22/2026<sup>3,5</sup> | <br> 313331 |
|  | Toyota Auto Receivables Owner Trust |  |
| 255000 | &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, 4.480%, 11/15/2027<sup>3</sup> | 254875 |
| 105000 | &nbsp;&nbsp;&nbsp;Series 2025-B, Class A2A, 4.460%, 3/15/2028<sup>3</sup> | 105184 |
|  | Toyota Lease Owner Trust |  |
| 212547 | &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, 5.250%, 4/20/2027<sup>3,5</sup> | 213554 |
| 255000 | &nbsp;&nbsp;&nbsp;Series 2024-B, Class A3, 4.210%, 9/20/2027<sup>3,5</sup> | 254989 |
| 65000 | USB Auto Owner Trust<br> Series 2025-1A, Class A2, 4.510%, 6/15/2028<sup>3,5</sup> | 65159 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 881599 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.280% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>3,4,5</sup> | $879687 |
| 300000 | Verizon Communications, Inc.<br> Series 2024-1, Class A1A, 5.000%, 12/20/2028<sup>3</sup> | 300661 |
| 155000 | Volkswagen Auto Lease Trust<br> Series 2025-A, Class A2A, 4.430%, 12/20/2027<sup>3</sup> | 155466 |
| 133675 | Volkswagen Auto Loan Enhanced Trust<br> Series 2024-1, Class A2A, 4.650%, 11/22/2027<sup>3</sup> | 133818 |
|  | Voya CLO Ltd. |  |
| 78220 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1R, 5.491% (3-Month Term SOFR+121.16 basis points), 4/17/2030<sup>3,4,5</sup> | 78270 |
| 126689 | &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A1R, 5.498% (3-Month Term SOFR+124.16 basis points), 6/7/2030<sup>3,4,5</sup> | 126772 |
| 234124 | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class A1R, 5.513% (3-Month Term SOFR+123.16 basis points), 4/25/2031<sup>3,4,5</sup> | 234372 |
| 1350138 | &nbsp;&nbsp;&nbsp;Series 2018-3A, Class A1R2, 5.456% (3-Month Term SOFR+120 basis points), 10/15/2031<sup>3,4,5</sup> | 1352328 |
| 800000 | &nbsp;&nbsp;&nbsp;Series 2018-3A, Class CR2, 6.606% (3-Month Term SOFR+235 basis points), 10/15/2031<sup>3,4,5</sup> | 804034 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 5.519% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>3,4,5</sup> | 1000711 |
| 90869 | Wind River CLO Ltd.<br> Series 2014-1A, Class ARR, 5.581% (3-Month Term SOFR+131.16 basis points), 7/18/2031<sup>3,4,5</sup> | 90920 |
| 305000 | World Omni Auto Receivables Trust<br> Series 2024-A, Class A3, 4.860%, 3/15/2029<sup>3</sup> | 306786 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,449,149) | **42519235** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%** |  |
| 721293 | GS Mortgage Securities Corp Trust<br> Series 2012-BWTR, Class A, 2.954%, 11/5/2034<sup>3,5</sup> | 629465 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $730,372) | **629465** |
|  | **CORPORATE — 18.1%** |  |
|  | **BASIC MATERIALS — 0.6%** |  |
| 250000 | PPG Industries, Inc.<br> 1.200%, 3/15/2026<sup>3</sup> | 244258 |
| 200000 | Sherwin-Williams Co.<br> 3.450%, 6/1/2027<sup>3</sup> | 197379 |
|  |  | **441637** |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **COMMUNICATIONS — 2.8%** |  |
| 200000 | Amazon.com, Inc.<br> 1.000%, 5/12/2026<sup>3</sup> | $194809 |
| 200000 | AT&T, Inc.<br> 1.700%, 3/25/2026<sup>3</sup> | 196023 |
| 250000 | Booking Holdings, Inc.<br> 3.600%, 6/1/2026<sup>3</sup> | 248482 |
| 200000 | Comcast Corp.<br> 3.150%, 3/1/2026<sup>3</sup> | 198440 |
| 250000 | eBay, Inc.<br> 1.400%, 5/10/2026<sup>3</sup> | 243706 |
| 250000 | Meta Platforms, Inc.<br> 3.500%, 8/15/2027<sup>3</sup> | 247659 |
| 250000 | T-Mobile USA, Inc.<br> 2.250%, 2/15/2026<sup>3</sup> | 246285 |
| 200000 | TWDC Enterprises Corp.<br> 1.850%, 7/30/2026 | 195188 |
| 200000 | Verizon Communications, Inc.<br> 4.125%, 3/16/2027 | 199923 |
|  |  | **1970515** |
|  | **CONSUMER, CYCLICAL — 2.5%** |  |
| 200000 | 7-Eleven, Inc.<br> 0.950%, 2/10/2026<sup>3,5</sup> | 195611 |
|  | American Honda Finance Corp. |  |
| 275000 | &nbsp;&nbsp;&nbsp;5.100% (SOFR+71 basis points), 1/9/2026<sup>4</sup> | 275393 |
| 150000 | &nbsp;&nbsp;&nbsp;5.310% (SOFR+92 basis points), 1/12/2026<sup>4</sup> | 150500 |
| 250000 | BMW U.S. Capital LLC<br> 2.800%, 4/11/2026<sup>3,5</sup> | 246945 |
|  | Home Depot, Inc. |  |
| 75000 | &nbsp;&nbsp;&nbsp;5.100%, 12/24/2025 | 75277 |
| 250000 | &nbsp;&nbsp;&nbsp;3.000%, 4/1/2026<sup>3</sup> | 247759 |
| 250000 | Starbucks Corp.<br> 4.850%, 2/8/2027<sup>3</sup> | 252292 |
|  | Toyota Motor Credit Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.450%, 5/18/2026 | 200388 |
| 90000 | &nbsp;&nbsp;&nbsp;5.199% (SOFR Index+89 basis points), 5/18/2026<sup>4</sup> | 90452 |
|  |  | **1734617** |
|  | **CONSUMER, NON-CYCLICAL — 4.2%** |  |
| 200000 | Amgen, Inc.<br> 2.200%, 2/21/2027<sup>3</sup> | 193550 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 250000 | Astrazeneca Finance LLC<br> 1.200%, 5/28/2026<sup>3</sup> | $243405 |
| 250000 | Bristol-Myers Squibb Co.<br> 3.200%, 6/15/2026<sup>3</sup> | 247731 |
| 200000 | CVS Health Corp.<br> 1.300%, 8/21/2027<sup>3</sup> | 187548 |
| 200000 | Elevance Health, Inc.<br> 3.650%, 12/1/2027<sup>3</sup> | 197685 |
| 250000 | GE HealthCare Technologies, Inc.<br> 5.650%, 11/15/2027<sup>3</sup> | 257632 |
| 250000 | Gilead Sciences, Inc.<br> 3.650%, 3/1/2026<sup>3</sup> | 248797 |
| 250000 | Haleon U.S. Capital LLC<br> 3.375%, 3/24/2027<sup>3</sup> | 246463 |
| 250000 | Kroger Co.<br> 3.500%, 2/1/2026<sup>3</sup> | 248517 |
| 200000 | Mondelez International, Inc.<br> 2.625%, 3/17/2027<sup>3</sup> | 194914 |
| 200000 | Pfizer Investment Enterprises Pte Ltd.<br> 4.450%, 5/19/2026<sup>3,6</sup> | 200260 |
| 250000 | S&P Global, Inc.<br> 2.450%, 3/1/2027<sup>3</sup> | 243381 |
| 200000 | Thermo Fisher Scientific, Inc.<br> 4.953%, 8/10/2026<sup>3</sup> | 201603 |
|  |  | **2911486** |
|  | **ENERGY — 1.2%** |  |
| 225000 | Enbridge Energy Partners LP<br> 5.875%, 10/15/2025<sup>3</sup> | 225204 |
| 200000 | MPLX LP<br> 1.750%, 3/1/2026<sup>3</sup> | 196170 |
| 250000 | Sabine Pass Liquefaction LLC<br> 5.875%, 6/30/2026<sup>3</sup> | 251391 |
| 165000 | TransCanada PipeLines Ltd.<br> 4.875%, 1/15/2026<sup>3,6</sup> | 165040 |
|  |  | **837805** |
|  | **FINANCIAL — 1.1%** |  |
| 250000 | American Tower Corp.<br> 3.375%, 10/15/2026<sup>3</sup> | 246895 |
| 250000 | Crown Castle, Inc.<br> 1.050%, 7/15/2026<sup>3</sup> | 240840 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **FINANCIAL (Continued)** |  |
| 200000 | Intercontinental Exchange, Inc.<br> 4.000%, 9/15/2027<sup>3</sup> | $199194 |
| 95000 | Mastercard, Inc.<br> 4.745% (SOFR Index+44 basis points), 3/15/2028<sup>4</sup> | 95211 |
|  |  | **782140** |
|  | **INDUSTRIAL — 1.1%** |  |
| 200000 | Caterpillar Financial Services Corp.<br> 0.900%, 3/2/2026 | 195625 |
|  | John Deere Capital Corp. |  |
| 75000 | &nbsp;&nbsp;&nbsp;4.830% (SOFR+44 basis points), 3/6/2026<sup>4</sup> | 75108 |
| 340000 | &nbsp;&nbsp;&nbsp;5.087% (SOFR+79 basis points), 6/8/2026<sup>4</sup> | 341870 |
| 140000 | Veralto Corp.<br> 5.500%, 9/18/2026<sup>3</sup> | 141706 |
|  |  | **754309** |
|  | **TECHNOLOGY — 3.3%** |  |
| 200000 | Broadcom Corp.<br> 3.875%, 1/15/2027<sup>3,6</sup> | 198696 |
| 250000 | Dell International LLC<br> 4.900%, 10/1/2026<sup>3</sup> | 251185 |
| 250000 | Fidelity National Information Services, Inc.<br> 1.150%, 3/1/2026<sup>3</sup> | 244623 |
| 250000 | Fiserv, Inc.<br> 3.200%, 7/1/2026<sup>3</sup> | 247207 |
| 200000 | International Business Machines Corp.<br> 4.000%, 7/27/2025 | 199915 |
| 250000 | Microsoft Corp.<br> 2.400%, 8/8/2026<sup>3</sup> | 245807 |
| 250000 | Oracle Corp.<br> 2.650%, 7/15/2026<sup>3</sup> | 245553 |
| 250000 | salesforce.com, Inc.<br> 3.700%, 4/11/2028<sup>3</sup> | 248330 |
| 200000 | VMware LLC<br> 1.400%, 8/15/2026<sup>3</sup> | 193488 |
| 200000 | Workday, Inc.<br> 3.500%, 4/1/2027<sup>3</sup> | 197505 |
|  |  | **2272309** |
|  | **UTILITIES — 1.3%** |  |
| 250000 | Duke Energy Corp.<br> 2.650%, 9/1/2026<sup>3</sup> | 245386 |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 225000 | Eversource Energy<br> 0.800%, 8/15/2025<sup>3</sup> | $223843 |
|  | NextEra Energy Capital Holdings, Inc. |  |
| 60000 | &nbsp;&nbsp;&nbsp;5.083% (SOFR Index+76 basis points), 1/29/2026<sup>4</sup> | 60145 |
| 150000 | &nbsp;&nbsp;&nbsp;1.875%, 1/15/2027<sup>3</sup> | 144710 |
| 200000 | Southern Co.<br> 5.113%, 8/1/2027 | 203073 |
|  |  | **877157** |
|  | **TOTAL CORPORATE** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,548,286) | **12581975** |
|  | **U.S. GOVERNMENT — 16.1%** |  |
|  | United States Treasury Bill |  |
| 500000 | &nbsp;&nbsp;&nbsp;0.000%, 7/10/2025 | 499477 |
| 750000 | &nbsp;&nbsp;&nbsp;0.000%, 7/17/2025 | 748621 |
| 1250000 | &nbsp;&nbsp;&nbsp;0.000%, 7/22/2025 | 1246969 |
| 3250000 | &nbsp;&nbsp;&nbsp;0.000%, 8/21/2025 | 3230165 |
| 750000 | &nbsp;&nbsp;&nbsp;0.000%, 9/4/2025 | 744247 |
| 1000000 | &nbsp;&nbsp;&nbsp;0.000%, 9/11/2025 | 991533 |
| 1250000 | &nbsp;&nbsp;&nbsp;0.000%, 9/16/2025 | 1238664 |
| 1500000 | &nbsp;&nbsp;&nbsp;0.000%, 9/23/2025 | 1485292 |
| 1000000 | &nbsp;&nbsp;&nbsp;0.000%, 10/16/2025 | 987555 |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,173,459) | **11172523** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $66,901,266) | **66903198** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 0.3%** |  |
| 9958 | Palmer Square CLO Senior Debt ETF<sup>7</sup> | 201649 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $201,303) | **201649** |

---

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 5.6%** |  |
| 3907364 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 4.11%<sup>8</sup> | 3907364 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,907,364) | **3907364** |
|  | **TOTAL INVESTMENTS — 103.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,969,669) | **71985200** |
|  | Liabilities in Excess of Other Assets — (3.5)% | (2409441) |
|  | **TOTAL NET ASSETS — 100.0%** | $**69575759** |

---

ETF – Exchange-Traded Fund

<sup>1</sup> Local currency.

<sup>2</sup> 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.

<sup>3</sup> Callable.

<sup>4</sup> Floating rate security.

<sup>5</sup> 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 $34,877,271 which represents 50.13% of total net assets of the Fund.

<sup>6</sup> Foreign security denominated in U.S. Dollars.

<sup>7</sup> Affiliated company.

<sup>8</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of June 30, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $1,050,830,758) | $1052558328 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value (cost $855,798) | 853428 |
| &nbsp;&nbsp;&nbsp;Cash | 2054443 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for futures contracts | 2152102 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for securities sold short and swap contracts | 11576905 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 604185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 479266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 8366163 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 22958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1078667778 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $3,865,250) | 3861605 |
| &nbsp;&nbsp;&nbsp;Foreign currency due to custodian, at value (proceeds $1,060,683) | 1067306 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 53437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 12600502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 198383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | 1359129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 428267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I (Note 6) | 180131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 147453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 16993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 15431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on securities sold short | 63820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 38967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees payable (Note 12) | 36749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 34577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2692 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 46032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20151474 |
| **Net Assets** | $1058516304 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $1068048182 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings (deficit) | (9531878) |
| **Net Assets** | $1058516304 |
| **Maximum Offering Price per Share:** |  |
| **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $1028513620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 101861706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $10.10 |
| **Class T Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $30002684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 2970245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $10.10 |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of June 30, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $71,768,366) | $71783551 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value (cost $201,303) | 201649 |
| &nbsp;&nbsp;&nbsp;Cash | 1884 |
| &nbsp;&nbsp;&nbsp;Cash held at broker for futures contracts | 34450 |
| &nbsp;&nbsp;&nbsp;Cash held at broker for securities sold short | 147347 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 6563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 465323 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 15210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 72657917 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 2990936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 22752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 26044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 20146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees payable (Note 12) | 879 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 7892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3082158 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |
| **Net Assets** | $69575759 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $69524379 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings (deficit) | 51380 |
| **Net Assets** | $69575759 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $69575759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 3489166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $19.94 |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended June 30, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments | $14949 |
| &nbsp;&nbsp;&nbsp;Interest (net of withholding taxes of $343) | 60036486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income (loss) | 60051435 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 4839335 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I (Note 6) | 955378 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 649779 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 73154 |
| &nbsp;&nbsp;&nbsp;Custody fees | 37396 |
| &nbsp;&nbsp;&nbsp;Interest on securities sold short | 237012 |
| &nbsp;&nbsp;&nbsp;Commitment fees (Note 12) | 159091 |
| &nbsp;&nbsp;&nbsp;Brokerage expense | 76301 |
| &nbsp;&nbsp;&nbsp;Registration fees | 68321 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 59200 |
| &nbsp;&nbsp;&nbsp;Legal fees | 41203 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 34577 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 26046 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12131 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 10505 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7286970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated fund fee waived (Note 3) | (1335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 7285635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 52765800 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2760348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (35074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (34409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (1162949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (114259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1417983 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5762682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (2370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (7968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (1491573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 6402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4270818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5688801 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Operations** | $**58454601** |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended June 30, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers | $3248212 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated issuers | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3251760 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 146764 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 45923 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 97646 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 18847 |
| &nbsp;&nbsp;&nbsp;Custody fees | 5877 |
| &nbsp;&nbsp;&nbsp;Registration fees | 29836 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 26044 |
| &nbsp;&nbsp;&nbsp;Legal fees | 22331 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 14613 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 11208 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 10046 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5513 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 4945 |
| &nbsp;&nbsp;&nbsp;Commitment fees (Note 12) | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 442234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (146142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated fund fee waiver (Note 3) | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 295940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 2955820 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 88443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 88246 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 21006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 109252 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**3065072** |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $52765800 | $51941409 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures contracts, securities sold short, swap contracts, forward contracts, foreign currency, and affiliated issuers | 1417983 | 1305386 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, futures contracts, securities sold short, swap contracts, forward contracts, foreign currency, and affiliated issuers | 4270818 | 18374378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 58454601 | 71621173 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (46293729) | (50192395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | (1582328) | (967771) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (681922) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | (20642) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (48578621) | (51160166) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 369827314 | 342164421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | 4306994 | 980173 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 41480782 | 42228188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | 8684 | 5981 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (265910554) | (308156360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | (8055373) | (2872393) |
| &nbsp;&nbsp;&nbsp;Exchanges of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (35498902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | - | 35498902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 141657847 | 74350010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 151533827 | 94811017 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 906982477 | 812171460 |
| &nbsp;&nbsp;&nbsp;End of period | $1058516304 | $906982477 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 36630211 | 34297042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | 425663 | 97588 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4124761 | 4260640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | 863 | 600 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (26324401) | (30958678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | (796714) | (286473) |
| &nbsp;&nbsp;&nbsp;Shares exchanged |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (3528718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class T<sup>1</sup> | - | 3528718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 14060383 | 7410719 |

---

<sup>1</sup> Class T commenced operations on February 29, 2024.

*See accompanying Notes to Financial Statements.*

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2955820 | $4352740 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and affiliated issuers | 88246 | 55263 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and affiliated issuers | 21006 | 331378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3065072 | 4739381 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (2884022) | (4010790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2884022) | (4010790) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 60552062 | 38169906 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2304800 | 3533322 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (79588867) | (37219766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (16732005) | 4483462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (16550955) | 5212053 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 86126714 | 80914661 |
| &nbsp;&nbsp;&nbsp;End of period | $69575759 | $86126714 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3022401 | 1917217 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 115926 | 178382 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3981136) | (1865306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (842809) | 230293 |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.99 | $9.74 | $9.67 | $10.06 | $9.75 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.54 | 0.60 | 0.45 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.07 | 0.24 | 0.08 | (0.40) | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.61 | 0.84 | 0.53 | (0.26) | 0.46 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.49) | (0.59) | (0.46) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;From return of capital | (0.01) | - | - | -<sup>3</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.59) | (0.46) | (0.13) | (0.15) |
| **Net asset value, end of period** | $10.10 | $9.99 | $9.74 | $9.67 | $10.06 |
| **Total return**<sup>4</sup>** | 6.17% | 8.78% | 5.64% | (2.63)% | 4.75% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1028514 | $873594 | $812171 | $1025285 | $856244 |
| Ratio of expenses to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>5,6</sup> | 0.74% | 0.74% | 0.88% | 0.75% | 0.90% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>5,6</sup> | 0.74% | 0.74% | 0.88% | 0.75% | 0.94% |
| Ratio of net investment income (loss) to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 5.34% | 6.04% | 4.68% | 1.39% | 1.64% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 5.34% | 6.04% | 4.68% | 1.39% | 1.60% |
| Portfolio turnover rate | 97% | 109% | 115% | 111% | 167% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>6</sup> If brokerage expense, commitment fees, and interest on securities sold short had been excluded, the expense ratios would have been lowered by 0.05%, 0.05%, 0.20%, 0.06%, and 0.20% for the fiscal years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund**

**FINANCIAL HIGHLIGHTS**

**Class T**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  |<br>**For the Year Ended**<br>**June 30, 2025** | **For the Period**<br>**February 29, 2024\***<br>**through**<br>**June 30, 2024** |
| **Net asset value, beginning of period** | $10.00 | $10.05 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.55 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.60 | 0.23 |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.49) | (0.28) |
| &nbsp;&nbsp;&nbsp;From return of capital | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.28) |
| **Net asset value, end of period** | $10.10 | $10.00 |
| **Total return**<sup>3</sup>** | 6.17% | 2.34%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $30003 | $33388 |
| Ratio of expenses to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>4,5</sup> | 0.64% | 0.62%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>4,5</sup> | 0.64% | 0.62%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 5.44% | 6.27%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 5.44% | 6.27%<sup>7</sup> |
| Portfolio turnover rate | 97% | 109%<sup>6</sup> |

---

\* Class T commencement of operations.

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> If brokerage expense, commitment fees, and interest on securities sold short had been excluded, the expense ratios would have been lowered by 0.05% for the year ended June 30, 2025, and 0.04% for the period ended June 30, 2024.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Palmer Square Ultra-Short Duration Investment Grade Fund**

**FINANCIAL HIGHLIGHTS**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $19.88 | $19.73 | $19.68 | $20.06 | $20.01 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 1.01 | 1.09 | 0.76 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | 0.11 | (0.09) | (0.35) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.04 | 1.20 | 0.67 | (0.25) | 0.17 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.96) | (1.05) | (0.62) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.02) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.98) | (1.05) | (0.62) | (0.13) | (0.12) |
| **Net asset value, end of period** | $19.94 | $19.88 | $19.73 | $19.68 | $20.06 |
| **Total return<sup>3</sup>** | 5.30% | 6.19% | 3.48% | (1.23)% | 0.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $69576 | $86127 | $80915 | $42773 | $71362 |
| Ratio of expenses to average net assets (including commitment fees and interest on securities sold short): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>4,5</sup> | 0.75% | 0.59% | 0.70% | 0.76% | 0.67% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4,5</sup> | 0.50% | 0.50% | 0.52% | 0.53% | 0.51% |
| Ratio of net investment income (loss) to average net assets (including commitment fees and interest on securities sold short): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 4.79% | 5.40% | 3.67% | 0.28% | 0.44% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 5.04% | 5.49% | 3.85% | 0.51% | 0.60% |
| Portfolio turnover rate | 124% | 123% | 107% | 112% | 117% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> Does not include expenses of the investment companies in which the Fund invests.

*See accompanying Notes to Financial Statements.*

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

**Note 1 – Organization** 

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") are organized as a diversified series of Investment Managers Series 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 on February 28, 2014. Effective 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.

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.

**Note 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**(a) Valuation of Investments** 

The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Pricing services 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**(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.

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.

**(d) 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**(e) 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.

**(f) 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 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.

**(g) 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

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 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

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.

**(h) 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.

**(i) Forward Foreign Currency Exchange 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.

**(j) 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 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**(k) Federal Income Taxes** 

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2025, and during the prior three open tax years, 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.

**(l) 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.

**(m) 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.

**Note 3 – Investment Advisory and Other Agreements** 

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 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, 2025 and it may be terminated before that date only by the Trust's Board of Trustees.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

For the year ended June 30, 2025, the Advisor waived advisory fees totaling $146,142 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:

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| | |
|:---|:---|
| Ultra-Short Duration Investment Grade Fund | Ultra-Short Duration Investment Grade Fund |
| June 30, 2026 | $112254 |
| June 30, 2027 | 67647 |
| June 30, 2028 | 146142 |
| &nbsp;&nbsp;&nbsp;Total | $326043 |

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In addition, the Advisor has voluntarily agreed to waive its advisory fee payable by the Ultra-Short Duration Investment Grade Fund equal to the amount of the advisory fee payable on the Fund's assets invested in the Palmer Square CLO Senior Debt ETF. The Advisor has also voluntarily agreed to waive its advisory fee payable by the Income Plus Fund equal to the amount of the advisory fee payable on the Fund's assets invested in the Palmer Square CLO Senior Debt ETF and the Palmer Square Credit Opportunities ETF. For the year ended June 30, 2025, the amount of advisory fees waived is reported under "Affiliated fund fee waived" on the Statement of Operations.

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2025, are reported on the Statement of Operations.

The Funds have 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 year ended June 30, 2025, no credits were earned to reduce total fees.

IMST Distributors, LLC, a wholly owned subsidiary of 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.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the year ended June 30, 2025, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statement of Operations.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes 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.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year ended June 30, 2025, are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes** 

At June 30, 2025, the cost of securities on a tax basis and gross unrealized appreciation and depreciation on investments and securities sold short for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | Income Plus Fund | Ultra-Short Duration Investment Grade Fund |
| Cost of investments | $1047852492 | $71970032 |
| Gross unrealized appreciation | $8936841 | $132164 |
| Gross unrealized depreciation | (7239182) | (116996) |
| Net unrealized appreciation (depreciation) on investments | $1697659 | $15168 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2025, permanent differences in book and tax accounting have been reclassified to Capital and Total accumulated earnings (deficit) as follows:

---

| | | |
|:---|:---|:---|
|  | Increase (Decrease) | Increase (Decrease) |
|  |<br>Paid-in Capital | Total<br>Accumulated Earnings/(Deficit) |
| Income Plus Fund | $(1632) | $1632 |
| Ultra-Short Duration Investment Grade Fund | 646 | (646) |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Income Plus Fund | Ultra-Short<br> Duration <br> Investment <br> Grade Fund |
| Undistributed ordinary income | $- | $56358 |
| Undistributed long-term gains | - | - |
| Tax accumulated earnings |  | 56358 |
| Accumulated capital and other losses | (11195200) |  |
| Unrealized appreciation/(depreciation) on investments and securities sold short | 1697659 | 15168 |
| Unrealized appreciation/(depreciation) on foreign currency translations, forwards, futures and swaps | 4630 |  |
| Unrealized deferred compensation | (38967) | (20146) |
| Total accumulated earnings (deficit) | $(9531878) | $51380 |

---

The tax character of the distribution paid during the fiscal years ended June 30, 2025 and June 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Plus <br> Fund | Income Plus <br> Fund | Ultra-Short Duration Investment Grade Fund | Ultra-Short Duration Investment Grade Fund |
| Distribution paid from: | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $47876057 | $51160166 | $2884022 | $4010790 |
| &nbsp;&nbsp;&nbsp;Return of Capital | 702564 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total taxable distributions | 48578621 | 51160166 | 2884022 | 4010790 |
| Total distributions paid | $48578621 | $51160166 | $2884022 | $4010790 |

---

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. Pursuant to the Code, such capital loss carryforwards will expire as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Not Subject to Expiration: | Not Subject to Expiration: | Not Subject to Expiration: |
|  | Short-Term | Long-Term | Total |
| Income Plus Fund | $- | $11195200 | $11195200 |
| Ultra-Short Duration Investment Grade Fund |  |  |  |

---

**Note 5 – Investment Transactions**

For the year ended June 30, 2025, for the Income Plus Fund, purchases and sales of investments, excluding short-term investments, futures contracts, forward contracts and swap contracts were $828,194,408 and $783,728,780, respectively. Securities sold short and short securities covered were $25,765,778 and $21,919,348, respectively, for the same period.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

For the year ended June 30, 2025, for the Ultra-Short Duration Investment Grade Fund, purchases and sales of investments, excluding short-term investments, were $59,735,005 and $64,922,824, respectively.

**Note 6 – Shareholder Servicing Plan** 

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of average daily net assets attributable to Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers. Class T shares do not participate in the Shareholder Servicing Plan.

For the year ended June 30, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

**Note 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.

**Note 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. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of June 30, 2025, in valuing the Funds' assets carried at fair value:

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans | $- | $58782183 | $- | $58782183 |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 475607134 | 2944988 | 478552122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 14836450 |  | 14836450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate\* |  | 279316067 |  | 279316067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  | 187032810 |  | 187032810 |
| Exchange-Traded Funds | 853428 |  |  | 853428 |
| Short-Term Investments | 34038696 | - | - | 34038696 |
| **Total Investments** | $34892124 | $1015574644 | $2944988 | $1053411756 |
| **Total Assets** | $34892124 | $1015574644 | $2944988 | $1053411756 |
| **Liabilities** |  |  |  |  |
| **Other Financial Instruments\*\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $- | $1359129 | $- | $1359129 |
| &nbsp;&nbsp;&nbsp;Future Contracts | 53437 | - | - | 53437 |
| **Total Other Financial Instruments\*\*** | $53437 | $1359129 | $- | $1412566 |
| **Securities Sold Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $- | $3861605 | $- | $3861605 |
| **Total Securities Sold Short** | $- | $3861605 | $- | $3861605 |
| **Total Liabilities** | $53437 | $5220734 | $- | $5274171 |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Duration Investment Grade Fund** | **Level 1** | **Level 2** | **Level 3\*\*\*** | **Total** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans | $- | $972989 | $- | $972989 |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 42519235 |  | 42519235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 629465 |  | 629465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate\* |  | 12581975 |  | 12581975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  | 11172523 |  | 11172523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 201649 |  |  | 201649 |
| Short-Term Investments | 3907364 | - | - | 3907364 |
| **Total Assets** | $4109013 | $67876187 | $- | $71985200 |

---

\* All corporate bonds held in each Fund are Level 2 securities. For a detailed break-out by major sector classification, please refer to the Schedule of Investments for each Fund.

\*\* Other financial instruments are derivative instruments such as futures contracts and forward contracts. Futures contracts and forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.

\*\*\* The Fund did not hold any level 3 securities at period end.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | |
|:---|:---|
| **Income Plus Fund** | Asset-Backed Securities |
| Balance as of June 30, 2024 | $3000000 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (3017081) |
| &nbsp;&nbsp;&nbsp;Total gains or losses for the period Included in earnings (or changes in net assets) | 148021 |
| &nbsp;&nbsp;&nbsp;Net purchases | 2814048 |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of June 30, 2025 | $2944988 |
| Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $148021 |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Income Plus Fund** | **Income Plus Fund** | **Income Plus Fund** | **Income Plus Fund** | **Income Plus Fund** | **Income Plus Fund** | **Income Plus Fund** |
| Asset Class | Fair Value at<br> 6/30/2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range of <br> Input | Weighted <br> Average<br> of Input | Impact to <br> Valuation from an<br> Increase in <br> Input<sup>(1)</sup> |
| Asset-Backed Securities | $2944988 | Market Approach | Precedent Transaction | N/A | N/A | Increase |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 9 – Derivatives and Hedging Disclosures** 

*Derivatives and Hedging* requires enhanced disclosures about each Fund's derivative and hedging activities, including how such activities are accounted for and their effects on each Fund's financial position, performance and cash flows.

The effects of these derivative instruments on each Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of June 30, 2025 by risk category are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** |
| | **Credit <br> Contracts** | **Equity <br> Contracts** | **Foreign**<br> **Exchange**<br> **Contracts** | **Interest <br> Rate <br> Contracts** | **Total** |
| **Income Plus Fund** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | $- | $- | $1359129 | $- | $1359129 |
| Unrealized depreciation on open futures contracts\* | - | - | - | 53437 | 53437 |
|  | $- | $- | $1359129 | $53437 | $1412566 |

---

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Net unrealized appreciation/depreciation is shown as variation margin as presented on the Statements of Assets and Liabilities.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

The effects of derivative instruments on the Statement of Operations for the year ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** |
| | **Credit**<br> **Contracts** | **Equity**<br> **Contracts** | **Foreign**<br> **Exchange**<br> **Contracts** | **Interest**<br> **Rate**<br> **Contracts** | **Total** |
| **Income Plus Fund Realized Gain (Loss) on Derivatives** | | | | | |
| Futures contracts | $- | $- | $- | $(35074) | $(35074) |
| Forward contracts | - | - | (1162949) | - | (1162949) |
|  | $- | $- | $(1162949) | $(35074) | $(1198023) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income Plus Fund Net Change in Unrealized Appreciation (Depreciation) on Derivatives** | **Credit**<br> **Contracts** | **Equity Contracts** | **Foreign**<br> **Exchange**<br> **Contracts** | **Interest**<br> **Rate**<br> **Contracts** | **Total** |
| Futures contracts | $- | $- | $- | $(7968) | $(7968) |
| Forward contracts | - | - | (1491573) | - | (1491573) |
|  | $- | $- | $(1491573) | $(7968) | $(1499541) |

---

The notional amount and the number of contracts are included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of June 30, 2025 are as follows:

**Income Plus Fund**

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments |  |  |
| Futures contracts | Interest rate contracts | Notional amount | $(4304125) |
| Forward contracts | Foreign exchange contracts | Notional amount | (27956049) |

---

**Note 10 - Disclosures about Offsetting Assets and Liabilities** 

*Disclosures about Offsetting Assets and Liabilities* requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Funds and each of its counterparties. These agreements allow the Funds and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Funds' custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to each Fund from its counterparties are not fully collateralized contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance.

The Funds did not hold swap contracts at June 30, 2025.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**Note 11 – Unfunded Commitments** 

The Funds may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of June 30, 2025, the Income Plus Fund and the Ultra-Short Duration Investment Grade Fund had no unfunded loan commitments outstanding.

**Note 12 – Line of Credit** 

The Funds together with other funds managed by the Advisor (together "Palmer Square Funds") have entered into a Senior Secured Revolving Credit Facility ("Facility") of $75,000,000 with UMB Bank, n.a. Each Fund is permitted to borrow up to the lesser of the available credit line amount or an amount up to 20% of the adjusted net assets of each Fund. The purpose of the Facility is to finance temporarily the repurchase or redemption of shares of each fund. Borrowings under this agreement bear interest at the Wall Street Journal Prime rate minus 50bps, with a minimum rate of 6.00%. As compensation for holding the lending commitment available, the Palmer Square Funds are charged a commitment fee on the average daily unused balance of the Facility at the rate of 0.25% per annum. The commitment fees for the year ended June 30, 2025 are disclosed in the Statement of Operations. During the year ended June 30, 2025, the Income Plus Fund and the Ultra-Short Duration Investment Grade Fund did not borrow under the line of credit.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**Note 13 – Investments in Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a Palmer Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of June 30, 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **Beginning of Period** | **Additions** | **Reductions** | **Net Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value End of Period** | **Dividend Income** |
| **Income Plus Fund** |  |  |  |  |  |  |  |
| Palmer Square CLO Senior Debt ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $1247427 | $(786459) | $547 | $(1516) | $459999 | $8954 |
| Palmer Square Credit Opportunities ETF |  | 1634427 | (1243923) | 3779 | (854) | 393429 | 5995 |
| **Ultra-Short Duration Investment Grade Fund** |  |  |  |  |  |  |  |
| Palmer Square CLO Senior Debt ETF |  | 319345 | (117845) | (197) | 346 | 201649 | 3548 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares Beginning of Period** | **Purchases** | **Sales** | **Stock Split** | **Shares End of Period** |
| **Income Plus Fund** |  |  |  |  |  |
| Palmer Square CLO Senior Debt ETF |  | 61499 | (38783) |  | 22716 |
| Palmer Square Credit Opportunities ETF |  | 80100 | (60899) |  | 19201 |
| **Ultra-Short Duration Investment Grade Fund** |  |  |  |  |  |
| Palmer Square CLO Senior Debt ETF |  | 15770 | 5812 |  | 9958 |

---

**Note 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**Note 15 - New Accounting Pronouncements and Regulatory Updates**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and each Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**Note 16 - Reorganization Information**

At a meeting held on June 3 and 4, 2025, the Funds' Board of Trustees has approved an Agreement and Plan of Reorganization (the "Plan") for each of the Funds (each, a "Target Fund"), each a series of the Trust, providing for the reorganization of each Target Fund into a corresponding newly created series (each, an "Acquiring Fund") of Palmer Square Funds Trust (the "Acquiring Trust"). The reorganization of each Target Fund is subject to approval by its shareholders and other customary closing conditions.

Each Acquiring Fund will have identical investment objectives and substantially the same principal investment strategies as its corresponding Target Fund. Following the reorganization, each Target Fund's current investment advisor, Palmer Square Capital Management LLC ("Palmer Square Capital"), will continue to serve as investment advisor to each Acquiring Fund. In addition, each Acquiring Fund will have the same portfolio managers as the corresponding Target Fund. The Acquiring Trust is comprised exclusively of funds managed by Palmer Square Capital.

The Plan provides for each Target Fund to transfer all of its assets to the corresponding Acquiring Fund in return for shares of the Acquiring Fund and the Acquiring Fund's assumption of the Target Fund's liabilities. Shareholders of each Target Fund will become shareholders of the corresponding Acquiring Fund, receiving shares of the Acquiring Fund equal in value to the shares of the Target Fund held by the shareholders prior to the reorganization. The reorganizations are not expected to result in the recognition of gain or loss by a Target Fund or its shareholders for federal income tax purposes. Palmer Square Capital will bear the costs related to the reorganizations.

The Trust will call a shareholder meeting at which shareholders of each Target Fund will be asked to consider and vote on the Plan with respect to their Target Fund. If the required shareholder approval for the reorganization of a Target Fund is obtained, the reorganization of that Target Fund is currently expected to take effect on or around the end of the third quarter of 2025.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025** 

**Note 17 – Events Subsequent to Period End** 

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 other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Investment Managers Series Trust and Shareholders of Palmer Square Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Palmer Square Income Plus Fund and Palmer Square Ultra-Short Duration Investment Grade Fund (the "Funds"), each a series of Investment Managers Series Trust, including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Palmer Square Income Plus Fund and Palmer Square Ultra-Short Duration Investment Grade Fund as of June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0095280-1_02.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**August 29, 2025**

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Insert 15c report, if applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

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

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* [Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith](fp0095280-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0095280-1_ex99906cert.htm)

**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.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust |
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 9/8/2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 9/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 9/8/2025 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Maureen Quill**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Palmer Square Income Plus Fund and Palmer Square-Ultra Short Duration Investment Grade Fund,</u>** a series of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Palmer Square Income Plus Fund and Palmer Square-Ultra Short Duration Investment Grade Fund,</u>** a series of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>Palmer Square Income Plus Fund and Palmer Square-Ultra Short Duration Investment Grade Fund,</u>** a series of Investment Managers Series Trust (the "Trust"), for the year ended **June 30, 2025** (the "Report"), Maureen Quill, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the
requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 9/8/2025 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.