# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-23-005991
**Filing Date:** 2023-3
**Character Count:** 239945
**Document Hash:** 96fe5e23e0cbbccb08f851d6cd84f60c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005991.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-005991

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23722639

**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 | Palmer Square Income Plus Fund | PSYPX           |

### 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           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21719</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**<br> (Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**<br> (Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**<br> (Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

**<u>Item 1. Report to Stockholders.</u>**

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

![](fp0082264-1_01.jpg)

**Palmer Square Income Plus Fund** 

**(Ticker: PSYPX)**

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

**(Ticker: PSDSX)**

**SEMI-ANNUAL REPORT** 

**DECEMBER 31, 2022**

**Palmer Square Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

---

| | |
|:---|:---|
| **<u>Income Plus Fund</u>** |  |
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 31 |
| Statement of Operations | 32 |
| Statements of Changes in Net Assets | 33 |
| Financial Highlights | 34 |
| **<u>Ultra-Short Duration Investment Grade Fund</u>** |  |
| Schedule of Investments | 35 |
| Statement of Assets and Liabilities | 47 |
| Statement of Operations | 48 |
| Statements of Changes in Net Assets | 49 |
| Financial Highlights | 50 |
| Notes to Financial Statements | 51 |
| Supplemental Information | 68 |
| Expense Examples | 73 |

---

*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 prospectus.*

www.palmersquarefunds.com

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS — 6.6%** |  |
|  | Allspring Buyer LLC |  |
| 2497207 | &nbsp;&nbsp;&nbsp;6.688% (3-Month USD Libor+300 basis points), 11/1/2028<sup>2,3,4</sup> | $2467865 |
|  | American Builders & Contractors Supply Co., Inc. |  |
| 2226982 | &nbsp;&nbsp;&nbsp;6.071% (1-Month USD Libor+200 basis points), 1/15/2027<sup>2,3,4</sup> | 2212273 |
|  | AmWINS Group, Inc. |  |
| 2682023 | &nbsp;&nbsp;&nbsp;6.321% (1-Month USD Libor+225 basis points), 2/19/2028<sup>2,3,4</sup> | 2637810 |
|  | Asurion LLC |  |
| 992208 | &nbsp;&nbsp;&nbsp;7.071% (1-Month USD Libor+300 basis points), 11/3/2024<sup>2,3,4</sup> | 966162 |
|  | Belron Finance U.S. LLC |  |
| 1228125 | &nbsp;&nbsp;&nbsp;7.063% (1-Month USD Libor+275 basis points), 4/30/2028<sup>2,3,4</sup> | 1219491 |
|  | Chemours Co. |  |
| 1247566 | &nbsp;&nbsp;&nbsp;3.200% (3-Month Euribor+200 basis points), 4/3/2025<sup>2,3,4,5,6</sup> | 1297044 |
|  | Coherent Corp. |  |
| 1469464 | &nbsp;&nbsp;&nbsp;6.922% (3-Month USD Libor+275 basis points), 7/1/2029<sup>2,3,4</sup> | 1457709 |
|  | Covanta Holding Corp. |  |
| 188389 | &nbsp;&nbsp;&nbsp;3.000% (1-Month USD Libor+250 basis points), 11/30/2028<sup>2,3,4</sup> | 187279 |
| 2496129 | &nbsp;&nbsp;&nbsp;3.264% (1-Month USD Libor+250 basis points), 11/30/2028<sup>2,3,4</sup> | 2481427 |
|  | Dedalus Finance GmbH |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.782% (3-Month Euribor+375 basis points), 5/31/2027<sup>2,4</sup> | 1461818 |
|  | FinCo I LLC |  |
| 1870158 | &nbsp;&nbsp;&nbsp;6.571% (1-Month USD Libor+250 basis points), 6/27/2025<sup>2,3,4</sup> | 1866651 |
|  | FleetCor Technologies Operating Co. LLC |  |
| 2465000 | &nbsp;&nbsp;&nbsp;5.821% (1-Month USD Libor+175 basis points), 4/30/2028<sup>2,3,4</sup> | 2443431 |
|  | Gemini HDPE LLC |  |
| 787410 | &nbsp;&nbsp;&nbsp;7.415% (1-Month USD Libor+300 basis points), 12/31/2027<sup>2,3,4</sup> | 778556 |
|  | GoDaddy, Inc. |  |
| 1484237 | &nbsp;&nbsp;&nbsp;7.336% (1-Month Term SOFR+325 basis points), 11/10/2029<sup>2,3,4</sup> | 1483717 |
|  | GVC Holdings Gibraltar Ltd. |  |
| 2469943 | &nbsp;&nbsp;&nbsp;6.174% (1-Month USD Libor+250 basis points), 3/16/2027<sup>2,3,4,7</sup> | 2455667 |
|  | Hostess Brands LLC |  |
| 1403291 | &nbsp;&nbsp;&nbsp;0.000% (1-Month USD Libor+225 basis points), 8/3/2025<sup>2,3,4</sup> | 1401173 |
|  | INEOS U.S. Finance LLC |  |
| 945039 | &nbsp;&nbsp;&nbsp;7.936% (1-Month Term SOFR+375 basis points), 11/8/2027<sup>2,3,4</sup> | 932045 |
|  | IQVIA, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.193% (1-Month Euribor+200 basis points), 3/7/2024<sup>2,4</sup> | 1071548 |
|  | Iridium Satellite LLC |  |
| 1393376 | &nbsp;&nbsp;&nbsp;6.571% (1-Month USD Libor+250 basis points), 11/4/2026<sup>2,3,4</sup> | 1382800 |
|  | Jane Street Group LLC |  |
| 1683916 | &nbsp;&nbsp;&nbsp;6.821% (1-Month USD Libor+275 basis points), 1/26/2028<sup>2,3,4</sup> | 1637213 |
|  | NAB Holdings LLC |  |
| 2277000 | &nbsp;&nbsp;&nbsp;6.703% (1-Month Term SOFR+300 basis points), 11/23/2028<sup>2,3,4</sup> | 2221783 |
|  | NortonLifeLock, Inc. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;6.186% (1-Month Term SOFR+200 basis points), 9/12/2029<sup>2,3,4</sup> | 2463025 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS (Continued)** |  |
|  | Oregon Clean Energy LLC |  |
| 832988 | &nbsp;&nbsp;&nbsp;7.936% (3-Month USD Libor+375 basis points), 3/1/2026<sup>2,3,4</sup> | $816458 |
|  | Organon & Co. |  |
| 1117000 | &nbsp;&nbsp;&nbsp;7.750% (1-Month USD Libor+300 basis points), 6/2/2028<sup>2,3,4</sup> | 1108924 |
|  | PCI Gaming Authority |  |
| 2461760 | &nbsp;&nbsp;&nbsp;6.571% (1-Month USD Libor+250 basis points), 5/31/2026<sup>2,3,4</sup> | 2451507 |
|  | Pike Corp. |  |
| 1350000 | &nbsp;&nbsp;&nbsp;7.080% (1-Month USD Libor+300 basis points), 1/21/2028<sup>2,3,4</sup> | 1333651 |
|  | Playtika Holding Corp. |  |
| 1228125 | &nbsp;&nbsp;&nbsp;6.821% (1-Month USD Libor+275 basis points), 3/11/2028<sup>2,3,4</sup> | 1175162 |
|  | SBA Senior Finance II LLC |  |
| 2474093 | &nbsp;&nbsp;&nbsp;5.830% (1-Month USD Libor+175 basis points), 4/11/2025<sup>2,3,4</sup> | 2468947 |
|  | Select Medical Corp. |  |
| 2215128 | &nbsp;&nbsp;&nbsp;6.580% (3-Month USD Libor+250 basis points), 3/6/2025<sup>2,3,4</sup> | 2177194 |
|  | SkyMiles IP Ltd. |  |
| 745000 | &nbsp;&nbsp;&nbsp;7.993% (3-Month USD Libor+375 basis points), 10/20/2027<sup>2,3,4,7</sup> | 760787 |
|  | SS&C Technologies, Inc. |  |
| 1041540 | &nbsp;&nbsp;&nbsp;6.436% (1-Month Term SOFR+225 basis points), 3/22/2029<sup>2,3,4</sup> | 1024943 |
| 1569362 | &nbsp;&nbsp;&nbsp;6.436% (1-Month Term SOFR+225 basis points), 3/22/2029<sup>2,3,4</sup> | 1544354 |
|  | Travelport Finance Luxembourg Sarl |  |
| 13259 | &nbsp;&nbsp;&nbsp;11.000% (1-Month USD Libor+700 basis points), 2/28/2025<sup>2,4,7</sup> | 13305 |
| 2571 | &nbsp;&nbsp;&nbsp;10.424% (3-Month USD Libor+675 basis points), 5/29/2026<sup>2,4,7</sup> | 1767 |
|  | Vistra Operations Co. LLC |  |
| 1895823 | &nbsp;&nbsp;&nbsp;0.000% (1-Month USD Libor+175 basis points), 12/31/2025<sup>2,3,4</sup> | 1882145 |
|  | WEX, Inc. |  |
| 2689438 | &nbsp;&nbsp;&nbsp;6.321% (1-Month USD Libor+225 basis points), 4/1/2028<sup>2,3,4</sup> | 2677672 |
|  | WMG Acquisition Corp. |  |
| 2496399 | &nbsp;&nbsp;&nbsp;6.196% (1-Month USD Libor+212.5 basis points), 1/20/2028<sup>2,3,4</sup> | 2471435 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $58,170,108) | **58434738** |
|  | **BONDS — 90.7%** |  |
|  | **ASSET-BACKED SECURITIES — 50.9%** |  |
|  | 522 Funding CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class AR, 5.194% (3-Month Term SOFR+133 basis points), |  |
| 6250000 | &nbsp;&nbsp;&nbsp;4/15/2035<sup>3,4,8</sup> | 6063348 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class BR, 5.714% (3-Month Term SOFR+185 basis points), |  |
| 5500000 | &nbsp;&nbsp;&nbsp;4/15/2035<sup>3,4,8</sup> | 5253286 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class ER, 10.624% (3-Month Term SOFR+676 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/15/2035<sup>3,4,8</sup> | 1272865 |
|  | AB BSL CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1R, 5.234% (3-Month Term SOFR+137 basis points), |  |
| 5000000 | &nbsp;&nbsp;&nbsp;1/15/2035<sup>3,4,8</sup> | 4837609 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | AIMCO CLO Ltd. |  |
|  | Series 2018-AA, Class C, 5.829% (3-Month USD Libor+175 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/17/2031<sup>3,4,8</sup> | $942508 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-AA, Class AR, 5.293% (3-Month USD Libor+105 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4,8</sup> | 1704800 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-18A, Class D, 8.038% (3-Month Term SOFR+485 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;7/20/2035<sup>3,4,8</sup> | 2438691 |
|  | Allegany Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class ER, 10.363% (3-Month Term SOFR+640 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/20/2035<sup>3,4,8</sup> | 850478 |
|  | ALM Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class D, 10.079% (3-Month USD Libor+600 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2029<sup>3,4,8</sup> | 881970 |
|  | AMMC CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-13A, Class A1R2, 5.375% (3-Month USD Libor+105 basis |  |
| 2095240 | &nbsp;&nbsp;&nbsp;points), 7/24/2029<sup>3,4,8</sup> | 2075647 |
|  | Anchorage Credit Funding 3 Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class BR, 3.471%, 1/28/2039<sup>3,8</sup> | 1643351 |
|  | Annisa CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-2A, Class DR, 7.243% (3-Month USD Libor+300 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;7/20/2031<sup>3,4,8</sup> | 1395084 |
|  | Ares CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-38A, Class DR, 6.743% (3-Month USD Libor+250 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2030<sup>3,4,8</sup> | 853091 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-44A, Class DR, 10.949% (3-Month USD Libor+687 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;4/15/2034<sup>3,4,8</sup> | 670460 |
|  | ASSURANT CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class A, 5.283% (3-Month USD Libor+104 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4/20/2031<sup>3,4,8</sup> | 1968130 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class ER, 11.443% (3-Month USD Libor+720 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 1540511 |
|  | Atrium |  |
|  | &nbsp;&nbsp;&nbsp;Series 9A, Class DR, 8.336% (3-Month USD Libor+360 basis points), |  |
| 769600 | &nbsp;&nbsp;&nbsp;5/28/2030<sup>3,4,8</sup> | 719838 |
|  | Babson CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 7.375% (3-Month USD Libor+305 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;7/23/2030<sup>3,4,8</sup> | 1155746 |
|  | Bain Capital Credit CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-7A, Class D, 7.575% (3-Month USD Libor+325 basis points), |  |
| 1400000 | &nbsp;&nbsp;&nbsp;1/22/2035<sup>3,4,8</sup> | 1257517 |
|  | Ballyrock CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class DR, 10.829% (3-Month USD Libor+675 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;7/15/2032<sup>3,4,8</sup> | 1124456 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Barings CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-IA, Class AR, 5.043% (3-Month USD Libor+80 basis points), |  |
| 1859931 | &nbsp;&nbsp;&nbsp;1/20/2028<sup>3,4,8</sup> | $1851879 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-IA, Class CR, 5.743% (3-Month USD Libor+150 basis points), |  |
| 825000 | &nbsp;&nbsp;&nbsp;1/20/2028<sup>3,4,8</sup> | 799020 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.194% (3-Month USD Libor+600 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/18/2029<sup>3,4,8</sup> | 874060 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class C, 6.779% (3-Month USD Libor+270 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/15/2030<sup>3,4,8</sup> | 928562 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-4A, Class D1, 7.943% (3-Month USD Libor+370 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/20/2032<sup>3,4,8</sup> | 959752 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-2A, Class DR, 10.859% (3-Month USD Libor+678 basis points), |  |
| 1200000 | &nbsp;&nbsp;&nbsp;4/15/2036<sup>3,4,8</sup> | 1076791 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class ER, 10.729% (3-Month USD Libor+665 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2036<sup>3,4,8</sup> | 885248 |
|  | Barings Euro CLO DAC |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1X, Class DRR, 5.193% (3-Month Euribor+365 basis points), |  |
| 3500000 | &nbsp;&nbsp;&nbsp;7/25/2035<sup>3,4</sup> | 3196850 |
|  | Battalion CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-15A, Class A1, 5.429% (3-Month USD Libor+135 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;1/17/2033<sup>3,4,8</sup> | 491595 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-10A, Class CR2, 7.775% (3-Month USD Libor+345 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;1/25/2035<sup>3,4,8</sup> | 1770478 |
|  | Bear Stearns ARM Trust |  |
| 60768 | &nbsp;&nbsp;&nbsp;Series 2004-3, Class 1A3, 3.844%, 7/25/2034<sup>3,9</sup> | 53128 |
|  | Benefit Street Partners CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-IIIA, Class CR, 8.143% (3-Month USD Libor+390 basis points), |  |
| 3000000 | &nbsp;&nbsp;&nbsp;7/20/2029<sup>3,4,8</sup> | 2844015 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-12A, Class A1R, 5.029% (3-Month USD Libor+95 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 1478220 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-12A, Class C, 7.129% (3-Month USD Libor+305 basis points), |  |
| 1850000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 1666822 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-8A, Class CR, 6.993% (3-Month USD Libor+275 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/20/2031<sup>3,4,8</sup> | 868291 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-14A, Class E, 9.593% (3-Month USD Libor+535 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/20/2031<sup>3,4,8</sup> | 413477 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-17A, Class ER, 10.429% (3-Month USD Libor+635 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/15/2032<sup>3,4,8</sup> | 919736 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-19A, Class E, 11.099% (3-Month USD Libor+702 basis points), |  |
| 800000 | &nbsp;&nbsp;&nbsp;1/15/2033<sup>3,4,8</sup> | 730963 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-18A, Class A1R, 5.249% (3-Month USD Libor+117 basis points), |  |
| 1850000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 1790680 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-21A, Class DR, 7.429% (3-Month USD Libor+335 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | $1625560 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-21A, Class ER, 10.779% (3-Month USD Libor+670 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 675051 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-18A, Class ER, 10.829% (3-Month USD Libor+675 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 910027 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-24A, Class E, 10.853% (3-Month USD Libor+661 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 917981 |
|  | BlueMountain CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-29A, Class D2R, 8.608% (3-Month USD Libor+425 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;7/25/2034<sup>3,4,8</sup> | 1650159 |
|  | Burnham Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class AR, 5.393% (3-Month USD Libor+115 basis points), |  |
| 545085 | &nbsp;&nbsp;&nbsp;10/20/2029<sup>3,4,8</sup> | 538740 |
|  | Capital One Prime Auto Receivables Trust |  |
| 141894 | &nbsp;&nbsp;&nbsp;Series 2019-2, Class A3, 1.920%, 5/15/2024<sup>3</sup> | 141631 |
|  | Carlyle Global Market Strategies Euro CLO |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2022-5X, Class A2B, 6.500%, 10/25/2035<sup>3</sup> | 4197617 |
|  | Carlyle U.S. CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-4A, Class DR, 9.643% (3-Month USD Libor+540 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/20/2027<sup>3,4,8</sup> | 842609 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A1R, 5.498% (3-Month USD Libor+114 basis points), |  |
| 5000000 | &nbsp;&nbsp;&nbsp;1/25/2035<sup>3,4,8</sup> | 4843258 |
|  | CarMax Auto Owner Trust |  |
| 914748 | &nbsp;&nbsp;&nbsp;Series 2019-3, Class A3, 2.180%, 8/15/2024<sup>3</sup> | 911156 |
| 1396687 | &nbsp;&nbsp;&nbsp;Series 2019-4, Class A3, 2.020%, 11/15/2024<sup>3</sup> | 1384140 |
| 1666554 | &nbsp;&nbsp;&nbsp;Series 2022-2, Class A2A, 2.810%, 5/15/2025<sup>3</sup> | 1650381 |
| 6390671 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A3, 0.340%, 12/15/2025<sup>3</sup> | 6179121 |
| 3429126 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A3, 0.520%, 2/17/2026<sup>3</sup> | 3300767 |
|  | CBAM Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-6A, Class B2R, 6.225% (3-Month Term SOFR+236.16 basis |  |
| 2000000 | &nbsp;&nbsp;&nbsp;points), 1/15/2031<sup>3,4,8</sup> | 1936135 |
|  | Cedar Funding II CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class ARR, 5.323% (3-Month USD Libor+108 basis points), |  |
| 1149000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4,8</sup> | 1117670 |
|  | Chase Home Lending Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-ATR2, Class A11, 5.289% (1-Month USD Libor+90 basis points), |  |
| 693324 | &nbsp;&nbsp;&nbsp;7/25/2049<sup>3,4,8</sup> | 667487 |
|  | CIFC European Funding CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 3X, Class D, 4.978% (3-Month Euribor+360 basis points), |  |
| 2800000 | &nbsp;&nbsp;&nbsp;1/15/2034<sup>3,4</sup> | 2663752 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | CIFC Funding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class AR, 5.097% (3-Month USD Libor+87 basis points), |  |
| 1930643 | &nbsp;&nbsp;&nbsp;4/19/2029<sup>3,4,8</sup> | $1897548 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-2RA, Class A1, 5.375% (3-Month USD Libor+105 basis points), |  |
| 2976589 | &nbsp;&nbsp;&nbsp;4/24/2030<sup>3,4,8</sup> | 2945598 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D, 10.093% (3-Month USD Libor+585 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;4/20/2031<sup>3,4,8</sup> | 653393 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class A1, 5.305% (3-Month USD Libor+98 basis points), |  |
| 3500000 | &nbsp;&nbsp;&nbsp;4/24/2031<sup>3,4,8</sup> | 3450755 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-4A, Class C, 7.029% (3-Month USD Libor+295 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/17/2031<sup>3,4,8</sup> | 929790 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-4A, Class D, 9.979% (3-Month USD Libor+590 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/17/2031<sup>3,4,8</sup> | 893660 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-5A, Class D, 10.229% (3-Month USD Libor+615 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;1/15/2032<sup>3,4,8</sup> | 1114486 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class DR, 7.343% (3-Month USD Libor+310 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2032<sup>3,4,8</sup> | 923772 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-5A, Class DR, 10.859% (3-Month USD Libor+678 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;1/15/2035<sup>3,4,8</sup> | 452551 |
|  | Clear Creek CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class CR, 6.193% (3-Month USD Libor+195 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;10/20/2030<sup>3,4,8</sup> | 714807 |
|  | CNH Equipment Trust |  |
| 158586 | &nbsp;&nbsp;&nbsp;Series 2019-B, Class A3, 2.520%, 8/15/2024<sup>3</sup> | 158321 |
|  | COLT Mortgage Loan Trust |  |
| 6046843 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>3,8,9</sup> | 4939001 |
|  | Crestline Denali CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class D, 7.973% (3-Month USD Libor+373 basis points), |  |
| 800000 | &nbsp;&nbsp;&nbsp;4/20/2030<sup>3,4,8</sup> | 681428 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 7.675% (3-Month USD Libor+335 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;10/23/2031<sup>3,4,8</sup> | 659804 |
|  | Daimler Trucks Retail Trust |  |
| 3580000 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 5.070%, 9/16/2024<sup>3</sup> | 3577637 |
|  | Dartry Park CLO DAC |  |
|  | &nbsp;&nbsp;&nbsp;Series 1X, Class CRR, 4.928% (3-Month Euribor+335 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1/28/2034<sup>3,4</sup> | 2128681 |
|  | Denali Capital CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 6.829% (3-Month USD Libor+275 basis points), |  |
| 600000 | &nbsp;&nbsp;&nbsp;4/15/2031<sup>3,4,8</sup> | 508612 |
|  | DLLST LLC |  |
| 87529 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1, 1.560%, 5/22/2023<sup>3,8</sup> | 87375 |
| 3300000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 2.790%, 1/22/2024<sup>3,8</sup> | 3272336 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Dryden CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-57A, Class D, 7.156% (3-Month USD Libor+255 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5/15/2031<sup>3,4,8</sup> | $901318 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-80A, Class AR, 5.114% (3-Month Term SOFR+125 basis points), |  |
| 5500000 | &nbsp;&nbsp;&nbsp;1/17/2033<sup>3,4,8</sup> | 5351599 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-77A, Class ER, 10.545% (3-Month USD Libor+587 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5/20/2034<sup>3,4,8</sup> | 1229178 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-86A, Class DR, 7.279% (3-Month USD Libor+320 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/17/2034<sup>3,4,8</sup> | 929551 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-76A, Class DR, 7.543% (3-Month USD Libor+330 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 1799282 |
|  | Dryden Euro CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-91X, Class D, 6.253% (3-Month Euribor+485 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/18/2035<sup>3,4</sup> | 1449549 |
|  | Dryden Euro CLO DAC |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2021-103X, Class B2, 7.500%, 1/19/2036<sup>3</sup> | 2062560 |
|  | Dryden Senior Loan Fund |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-30A, Class AR, 5.426% (3-Month USD Libor+82 basis points), |  |
| 1786605 | &nbsp;&nbsp;&nbsp;11/15/2028<sup>3,4,8</sup> | 1764289 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-36A, Class AR3, 5.099% (3-Month USD Libor+102 basis points), |  |
| 2738893 | &nbsp;&nbsp;&nbsp;4/15/2029<sup>3,4,8</sup> | 2709565 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-49A, Class DR, 7.594% (3-Month USD Libor+340 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;7/18/2030<sup>3,4,8</sup> | 1365767 |
|  | Eaton Vance CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR, 6.743% (3-Month USD Libor+250 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;1/20/2030<sup>3,4,8</sup> | 1350788 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-1RA, Class E, 9.779% (3-Month USD Libor+570 basis points), |  |
| 250000 | &nbsp;&nbsp;&nbsp;7/15/2030<sup>3,4,8</sup> | 211301 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.279% (3-Month USD Libor+320 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 916289 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class DR, 7.579% (3-Month USD Libor+350 basis points), |  |
| 1850000 | &nbsp;&nbsp;&nbsp;4/15/2031<sup>3,4,8</sup> | 1776283 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class D3R, 10.879% (3-Month USD Libor+680 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1/15/2034<sup>3,4,8</sup> | 1995878 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class ER, 10.579% (3-Month USD Libor+650 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/15/2035<sup>3,4,8</sup> | 890080 |
|  | Ellington Financial Mortgage Trust |  |
| 5041695 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A1, 0.931%, 6/25/2066<sup>3,8,9</sup> | 3902796 |
| 5848638 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.241%, 9/25/2066<sup>3,8,9</sup> | 4692649 |
|  | Elmwood CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class B, 5.763% (3-Month Term SOFR+180 basis points), |  |
| 2750000 | &nbsp;&nbsp;&nbsp;4/20/2035<sup>3,4,8</sup> | 2629996 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Flatiron CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class D, 8.465% (3-Month USD Libor+379 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;11/20/2033<sup>3,4,8</sup> | $1908237 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class E, 12.525% (3-Month USD Libor+785 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;11/20/2033<sup>3,4,8</sup> | 1392976 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class E, 10.227% (3-Month USD Libor+600 basis points), |  |
| 1375000 | &nbsp;&nbsp;&nbsp;7/19/2034<sup>3,4,8</sup> | 1239719 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class AR, 5.724% (3-Month USD Libor+108 basis points), |  |
| 3000000 | &nbsp;&nbsp;&nbsp;11/16/2034<sup>3,4,8</sup> | 2927974 |
|  | Ford Credit Auto Lease Trust |  |
| 2150000 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A4, 0.400%, 12/15/2024<sup>3</sup> | 2061366 |
|  | Ford Credit Auto Owner Trust |  |
| 240198 | &nbsp;&nbsp;&nbsp;Series 2019-C, Class A3, 1.870%, 3/15/2024<sup>3</sup> | 239878 |
|  | Galaxy CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-23A, Class AR, 5.195% (3-Month USD Libor+87 basis points), |  |
| 3653367 | &nbsp;&nbsp;&nbsp;4/24/2029<sup>3,4,8</sup> | 3601305 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-19A, Class A1RR, 5.275% (3-Month USD Libor+95 basis points), |  |
| 3241025 | &nbsp;&nbsp;&nbsp;7/24/2030<sup>3,4,8</sup> | 3180034 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-15A, Class ARR, 5.049% (3-Month USD Libor+97 basis points), |  |
| 5625000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 5501470 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-24A, Class D, 6.529% (3-Month USD Libor+245 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;1/15/2031<sup>3,4,8</sup> | 1371328 |
|  | GCAT Trust |  |
| 2731400 | &nbsp;&nbsp;&nbsp;Series 2021-NQM7, Class A1, 1.915%, 8/25/2066<sup>3,8,9</sup> | 2403914 |
|  | Generate CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 3A, Class AR, 5.493% (3-Month USD Libor+125 basis points), |  |
| 2256271 | &nbsp;&nbsp;&nbsp;10/20/2029<sup>3,4,8</sup> | 2231787 |
|  | &nbsp;&nbsp;&nbsp;Series 3A, Class DR, 7.843% (3-Month USD Libor+360 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;10/20/2029<sup>3,4,8</sup> | 1200095 |
|  | &nbsp;&nbsp;&nbsp;Series 9A, Class E, 11.093% (3-Month USD Libor+685 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 905958 |
|  | &nbsp;&nbsp;&nbsp;Series 6A, Class DR, 7.825% (3-Month USD Libor+350 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;1/22/2035<sup>3,4,8</sup> | 1625208 |
|  | Gilbert Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.479% (3-Month USD Libor+640 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 1296871 |
|  | GM Financial Automobile Leasing Trust |  |
| 1134366 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class B, 1.560%, 7/22/2024<sup>3</sup> | 1132433 |
| 6500000 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A3, 0.390%, 10/21/2024<sup>3</sup> | 6316200 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 1437090 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A2, 0.280%, 11/18/2024<sup>3</sup> | 1421773 |
| 3546247 | &nbsp;&nbsp;&nbsp;Series 2020-4, Class A3, 0.380%, 8/18/2025<sup>3</sup> | 3448258 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | GoldenTree Loan Management EUR CLO DAC |  |
|  | &nbsp;&nbsp;&nbsp;Series 5X, Class E, 6.706% (3-Month Euribor+525 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4</sup> | $832970 |
|  | GoldenTree Loan Management U.S. CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-7A, Class FR, 11.993% (3-Month USD Libor+775 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4,8</sup> | 383043 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-10A, Class F, 12.033% (3-Month USD Libor+779 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/20/2034<sup>3,4,8</sup> | 786729 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-8A, Class ER, 10.393% (3-Month USD Libor+615 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 447697 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-6A, Class BR, 5.763% (3-Month Term SOFR+180 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;4/20/2035<sup>3,4,8</sup> | 2141332 |
|  | GoldenTree Loan Opportunities Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-9A, Class DR2, 7.415% (3-Month USD Libor+300 basis points), |  |
| 1075000 | &nbsp;&nbsp;&nbsp;10/29/2029<sup>3,4,8</sup> | 1015047 |
|  | Greenwood Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 6.579% (3-Month USD Libor+250 basis points), |  |
| 1900000 | &nbsp;&nbsp;&nbsp;4/15/2031<sup>3,4,8</sup> | 1698009 |
|  | Grippen Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 5.503% (3-Month USD Libor+126 basis points), |  |
| 1817342 | &nbsp;&nbsp;&nbsp;1/20/2030<sup>3,4,8</sup> | 1798690 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 9.943% (3-Month USD Libor+570 basis points), |  |
| 830000 | &nbsp;&nbsp;&nbsp;1/20/2030<sup>3,4,8</sup> | 730108 |
|  | Harvest CLO DAC |  |
|  | &nbsp;&nbsp;&nbsp;Series 16A, Class B1RR, 2.678% (3-Month Euribor+130 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2031<sup>3,4,8</sup> | 972206 |
|  | Highbridge Loan Management Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 7A-2015, Class DR, 7.006% (3-Month USD Libor+240 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;3/15/2027<sup>3,4,8</sup> | 1437162 |
|  | &nbsp;&nbsp;&nbsp;Series 5A-2015, Class DRR, 7.229% (3-Month USD Libor+315 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 889057 |
|  | Honda Auto Receivables Owner Trust |  |
| 169676 | &nbsp;&nbsp;&nbsp;Series 2019-4, Class A3, 1.830%, 1/18/2024<sup>3</sup> | 169112 |
| 2439280 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A3, 0.820%, 7/15/2024<sup>3</sup> | 2403701 |
| 1818727 | &nbsp;&nbsp;&nbsp;Series 2020-3, Class A3, 0.370%, 10/18/2024<sup>3</sup> | 1779261 |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A4, 1.090%, 10/15/2026<sup>3</sup> | 3874216 |
|  | HPEFS Equipment Trust |  |
| 265979 | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 0.300%, 9/20/2028<sup>3,8</sup> | 264842 |
|  | HPS Loan Management Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 13A-18, Class D, 7.079% (3-Month USD Libor+300 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 1105220 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 6A-2015, Class CR, 7.032% (3-Month USD Libor+250 basis points), |  |
| 2625000 | &nbsp;&nbsp;&nbsp;2/5/2031<sup>3,4,8</sup> | $2235776 |
|  | &nbsp;&nbsp;&nbsp;Series 14A-19, Class ER, 10.508% (3-Month USD Libor+615 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;1/25/2034<sup>3,4,8</sup> | 2191417 |
|  | &nbsp;&nbsp;&nbsp;Series 15A-19, Class ER, 10.837% (3-Month Term SOFR+680 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1/22/2035<sup>3,4,8</sup> | 2040618 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 4278590 | &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2A, 2.750%, 10/15/2024<sup>3,8</sup> | 4223392 |
| 4465000 | &nbsp;&nbsp;&nbsp;Series 2022-A, Class A3, 1.160%, 1/15/2025<sup>3,8</sup> | 4310257 |
| 2750000 | &nbsp;&nbsp;&nbsp;Series 2022-C, Class A2A, 4.340%, 1/15/2025<sup>3,8</sup> | 2729405 |
|  | Hyundai Auto Receivables Trust |  |
| 481840 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, 0.240%, 5/15/2024<sup>3</sup> | 479853 |
|  | Invesco CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-3A, Class D, 8.855% (3-Month Term SOFR+500 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/22/2035<sup>3,4,8</sup> | 984662 |
|  | Invesco Euro CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 6X, Class B1, 3.028% (3-Month Euribor+165 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;7/15/2034<sup>3,4</sup> | 1981660 |
|  | Jay Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 9.443% (3-Month USD Libor+520 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/20/2027<sup>3,4,8</sup> | 916815 |
|  | KKR CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 13, Class ER, 9.029% (3-Month USD Libor+495 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;1/16/2028<sup>3,4,8</sup> | 1439437 |
|  | &nbsp;&nbsp;&nbsp;Series 18, Class AR, 5.134% (3-Month USD Libor+94 basis points), |  |
| 1886264 | &nbsp;&nbsp;&nbsp;7/18/2030<sup>3,4,8</sup> | 1868757 |
|  | LCM LP |  |
|  | &nbsp;&nbsp;&nbsp;Series 18A, Class DR, 7.043% (3-Month USD Libor+280 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;4/20/2031<sup>3,4,8</sup> | 667532 |
|  | Madison Park Funding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 12A, Class DR, 7.125% (3-Month USD Libor+280 basis points), |  |
| 1967500 | &nbsp;&nbsp;&nbsp;4/22/2027<sup>3,4,8</sup> | 1853415 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-19A, Class CR, 6.475% (3-Month USD Libor+215 basis points), |  |
| 825000 | &nbsp;&nbsp;&nbsp;1/22/2028<sup>3,4,8</sup> | 768683 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-19A, Class DR, 8.675% (3-Month USD Libor+435 basis points), |  |
| 1825000 | &nbsp;&nbsp;&nbsp;1/22/2028<sup>3,4,8</sup> | 1607371 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-33A, Class AR, 5.154% (3-Month Term SOFR+129 basis points), |  |
| 1800000 | &nbsp;&nbsp;&nbsp;10/15/2032<sup>3,4,8</sup> | 1779133 |
|  | Magnetite Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-8A, Class ER2, 9.729% (3-Month USD Libor+565 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/15/2031<sup>3,4,8</sup> | 1335735 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-22A, Class ER, 10.429% (3-Month USD Libor+635 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/15/2031<sup>3,4,8</sup> | $900636 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-17A, Class AR, 5.343% (3-Month USD Libor+110 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;7/20/2031<sup>3,4,8</sup> | 2473830 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-12A, Class ER, 9.759% (3-Month USD Libor+568 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;10/15/2031<sup>3,4,8</sup> | 444108 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-25A, Class E, 10.708% (3-Month USD Libor+635 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/25/2032<sup>3,4,8</sup> | 917256 |
|  | Mariner CLO LLC |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class BR2, 5.825% (3-Month USD Libor+150 basis points), |  |
| 2050000 | &nbsp;&nbsp;&nbsp;7/23/2029<sup>3,4,8</sup> | 1994657 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class DR2, 7.225% (3-Month USD Libor+290 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;7/23/2029<sup>3,4,8</sup> | 1850358 |
|  | Mercedes-Benz Auto Lease Trust |  |
| 640382 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, 0.220%, 1/16/2024<sup>3</sup> | 638789 |
|  | Mercedes-Benz Auto Receivables Trust |  |
| 6542968 | &nbsp;&nbsp;&nbsp;Series 2019-1, Class A4, 2.040%, 1/15/2026<sup>3</sup> | 6465735 |
|  | Milos CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class AR, 5.313% (3-Month USD Libor+107 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;10/20/2030<sup>3,4,8</sup> | 2460720 |
|  | MMAF Equipment Finance LLC |  |
| 675694 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A2, 0.740%, 4/9/2024<sup>3,8</sup> | 668660 |
| 6350000 | &nbsp;&nbsp;&nbsp;Series 2022-A, Class A2, 2.770%, 2/13/2025<sup>3,8</sup> | 6234817 |
|  | Morgan Stanley Eaton Vance CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-16A, Class E, 10.714% (3-Month Term SOFR+685 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;4/15/2035<sup>3,4,8</sup> | 2184078 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-18A, Class E, 12.340% (3-Month Term SOFR+850 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;10/20/2035<sup>3,4,8</sup> | 491153 |
|  | Mountain View CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-10A, Class CR, 5.791% (3-Month USD Libor+185 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;10/13/2027<sup>3,4,8</sup> | 490875 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-9A, Class CR, 7.199% (3-Month USD Libor+312 basis points), |  |
| 875000 | &nbsp;&nbsp;&nbsp;7/15/2031<sup>3,4,8</sup> | 728081 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-2A, Class D, 8.449% (3-Month USD Libor+437 basis points), |  |
| 525000 | &nbsp;&nbsp;&nbsp;1/15/2033<sup>3,4,8</sup> | 483614 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class DR, 8.019% (3-Month USD Libor+394 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 1416843 |
|  | Neuberger Berman Loan Advisers CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-27A, Class D, 6.679% (3-Month USD Libor+260 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1/15/2030<sup>3,4,8</sup> | 2082362 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-36A, Class ER, 10.993% (3-Month USD Libor+675 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2033<sup>3,4,8</sup> | 929784 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Neuberger Berman Loan Advisers Euro CLO |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1X, Class D, 4.378% (3-Month Euribor+300 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/17/2034<sup>3,4</sup> | $918592 |
|  | New Mountain CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series CLO-1A, Class ER, 10.759% (3-Month USD Libor+668 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 1371911 |
|  | New Residential Mortgage Loan Trust |  |
| 263449 | &nbsp;&nbsp;&nbsp;Series 2019-NQM4, Class A1, 2.492%, 9/25/2059<sup>3,8,9</sup> | 238513 |
|  | Newark BSL CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R, 5.458% (3-Month USD Libor+110 basis points), |  |
| 2644473 | &nbsp;&nbsp;&nbsp;12/21/2029<sup>3,4,8</sup> | 2613573 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 10.608% (3-Month USD Libor+625 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;12/21/2029<sup>3,4,8</sup> | 643608 |
|  | Nissan Auto Receivables Owner Trust |  |
| 1033798 | &nbsp;&nbsp;&nbsp;Series 2019-C, Class A3, 1.930%, 7/15/2024<sup>3</sup> | 1030142 |
| 1753990 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A3, 1.380%, 12/16/2024<sup>3</sup> | 1730370 |
|  | Oak Hill Credit Partners Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-10RA, Class D2R, 8.993% (3-Month USD Libor+475 basis |  |
| 2500000 | &nbsp;&nbsp;&nbsp;points), 4/20/2034<sup>3,4,8</sup> | 2358098 |
|  | OBX Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-EXP1, Class 2A1, 5.239% (1-Month USD Libor+85 basis points), |  |
| 304448 | &nbsp;&nbsp;&nbsp;4/25/2048<sup>3,4,8</sup> | 299615 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A11, 5.289% (1-Month USD Libor+90 basis points), |  |
| 1411184 | &nbsp;&nbsp;&nbsp;12/25/2049<sup>3,4,8</sup> | 1303663 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-EXP2, Class 2A1B, 5.289% (1-Month USD Libor+90 basis |  |
| 3697098 | &nbsp;&nbsp;&nbsp;points), 6/25/2059<sup>3,4,8</sup> | 3538741 |
|  | OCP CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-6A, Class BR, 6.229% (3-Month USD Libor+215 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;10/17/2030<sup>3,4,8</sup> | 2154621 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-14A, Class C, 7.275% (3-Month USD Libor+260 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;11/20/2030<sup>3,4,8</sup> | 914794 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-14A, Class D, 10.475% (3-Month USD Libor+580 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;11/20/2030<sup>3,4,8</sup> | 1723581 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-8RA, Class D, 11.079% (3-Month USD Libor+700 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;1/17/2032<sup>3,4,8</sup> | 458279 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-18A, Class ER, 10.673% (3-Month USD Libor+643 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/20/2032<sup>3,4,8</sup> | 883300 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-12A, Class ER2, 11.079% (3-Month Term SOFR+715 basis |  |
| 1000000 | &nbsp;&nbsp;&nbsp;points), 4/18/2033<sup>3,4,8</sup> | 899142 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-22A, Class D, 7.343% (3-Month USD Libor+310 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;12/2/2034<sup>3,4,8</sup> | 1816004 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-22A, Class E, 10.843% (3-Month USD Libor+660 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;12/2/2034<sup>3,4,8</sup> | $868223 |
|  | Octagon Investment Partners Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class DRR, 7.075% (3-Month USD Libor+275 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;1/22/2030<sup>3,4,8</sup> | 656221 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class ER, 10.829% (3-Month USD Libor+675 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/15/2034<sup>3,4,8</sup> | 856155 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class AR, 5.393% (3-Month USD Libor+115 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 2433016 |
|  | OHA Credit Partners Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2012-7A, Class D2R3, 8.925% (3-Month USD Libor+425 basis points), |  |
| 2750000 | &nbsp;&nbsp;&nbsp;2/20/2034<sup>3,4,8</sup> | 2612642 |
|  | Onslow Bay Mortgage Loan Trust |  |
| 2419879 | &nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1, 1.101%, 5/25/2061<sup>3,8,9</sup> | 1854019 |
| 6402855 | &nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1, 1.957%, 10/25/2061<sup>3,8,9</sup> | 5123898 |
|  | OSD CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-23A, Class D, 7.029% (3-Month USD Libor+295 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/17/2031<sup>3,4,8</sup> | 912556 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-23A, Class E, 10.079% (3-Month USD Libor+600 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/17/2031<sup>3,4,8</sup> | 862477 |
|  | OZLM Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-8A, Class DRR, 10.159% (3-Month USD Libor+608 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/17/2029<sup>3,4,8</sup> | 1281897 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-6A, Class CS, 7.209% (3-Month USD Libor+313 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4/17/2031<sup>3,4,8</sup> | 1820156 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-9A, Class A1A3, 5.343% (3-Month USD Libor+110 basis points), |  |
| 3250000 | &nbsp;&nbsp;&nbsp;10/20/2031<sup>3,4,8</sup> | 3186317 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-23A, Class DR, 7.829% (3-Month USD Libor+375 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;4/15/2034<sup>3,4,8</sup> | 712768 |
|  | Post CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, 7.379% (3-Month USD Libor+330 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;10/15/2034<sup>3,4,8</sup> | 1175633 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, 5.343% (3-Month Term SOFR+138 basis points), |  |
| 4500000 | &nbsp;&nbsp;&nbsp;4/20/2035<sup>3,4,8</sup> | 4390417 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class E, 10.713% (3-Month Term SOFR+675 basis points), |  |
| 2250000 | &nbsp;&nbsp;&nbsp;4/20/2035<sup>3,4,8</sup> | 1991619 |
|  | PPM CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class ER, 10.689% (3-Month USD Libor+661 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/17/2034<sup>3,4,8</sup> | 1241437 |
|  | Recette CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class FRR, 12.713% (3-Month USD Libor+847 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4,8</sup> | 783444 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Regatta Funding LP |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class A1R3, 4.929% (3-Month USD Libor+85 basis points), |  |
| 953230 | &nbsp;&nbsp;&nbsp;1/15/2029<sup>3,4,8</sup> | $943754 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class CR2, 7.779% (3-Month USD Libor+370 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;1/15/2029<sup>3,4,8</sup> | 2377348 |
|  | Regatta Funding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR2, 7.343% (3-Month USD Libor+310 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/20/2034<sup>3,4,8</sup> | 1430420 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER2, 11.146% (3-Month USD Libor+640 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;6/20/2034<sup>3,4,8</sup> | 1312624 |
|  | Rockford Tower CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class E, 11.143% (3-Month USD Libor+690 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;1/20/2032<sup>3,4,8</sup> | 1592458 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class E, 10.643% (3-Month USD Libor+640 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;7/20/2034<sup>3,4,8</sup> | 628072 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E, 10.963% (3-Month USD Libor+672 basis points), |  |
| 1375000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 1157034 |
|  | Shackleton CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-4RA, Class C, 6.811% (3-Month USD Libor+287 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;4/13/2031<sup>3,4,8</sup> | 2162768 |
|  | Sound Point CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class E, 10.975% (3-Month USD Libor+665 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;1/23/2029<sup>3,4,8</sup> | 455038 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class DR, 7.743% (3-Month USD Libor+350 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;1/20/2032<sup>3,4,8</sup> | 1774192 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class DR, 7.858% (3-Month USD Libor+350 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;10/25/2034<sup>3,4,8</sup> | 1241206 |
|  | STAR Trust |  |
| 1071888 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, 1.219%, 5/25/2065<sup>3,8,9</sup> | 973264 |
|  | Starwood Mortgage Residential Trust |  |
| 8670220 | &nbsp;&nbsp;&nbsp;Series 2021-5, Class A1, 1.920%, 9/25/2066<sup>3,8,9</sup> | 7024387 |
| 5417485 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.447%, 12/25/2066<sup>3,8,9</sup> | 4560525 |
|  | Stratus CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 5.643% (3-Month USD Libor+140 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;12/29/2029<sup>3,4,8</sup> | 1940209 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 5.993% (3-Month USD Libor+175 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;12/29/2029<sup>3,4,8</sup> | 1390998 |
|  | Symphony CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-14A, Class E, 8.611% (3-Month USD Libor+460 basis points), |  |
| 1040000 | &nbsp;&nbsp;&nbsp;7/14/2026<sup>3,4,8</sup> | 990096 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-17A, Class ER, 9.629% (3-Month USD Libor+555 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;4/15/2028<sup>3,4,8</sup> | 715812 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-20A, Class DR, 7.829% (3-Month USD Libor+375 basis points), |  |
| 1750000 | &nbsp;&nbsp;&nbsp;1/16/2032<sup>3,4,8</sup> | $1685275 |
|  | Symphony Static CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class E1, 9.708% (3-Month USD Libor+535 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;10/25/2029<sup>3,4,8</sup> | 2200655 |
|  | TCI-Symphony CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.529% (3-Month USD Libor+645 basis points), |  |
| 1064000 | &nbsp;&nbsp;&nbsp;7/15/2030<sup>3,4,8</sup> | 917696 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class AR2, 4.961% (3-Month USD Libor+102 basis points), |  |
| 3500000 | &nbsp;&nbsp;&nbsp;10/13/2032<sup>3,4,8</sup> | 3438655 |
|  | Tesla Auto Lease Trust |  |
| 969020 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2, 0.360%, 3/20/2025<sup>3,8</sup> | 960752 |
| 1531004 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, 0.360%, 9/22/2025<sup>3,8</sup> | 1496138 |
|  | THL Credit Wind River CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class DR, 7.144% (3-Month USD Libor+295 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/18/2030<sup>3,4,8</sup> | 829806 |
|  | TICP CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-IIA, Class D, 9.913% (3-Month USD Libor+567 basis points), |  |
| 625000 | &nbsp;&nbsp;&nbsp;4/20/2028<sup>3,4,8</sup> | 601027 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-IA, Class D, 10.097% (3-Month USD Libor+577 basis points), |  |
| 1850000 | &nbsp;&nbsp;&nbsp;4/26/2028<sup>3,4,8</sup> | 1724098 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-5A, Class ER, 9.829% (3-Month USD Libor+575 basis points), |  |
| 2100000 | &nbsp;&nbsp;&nbsp;7/17/2031<sup>3,4,8</sup> | 1803173 |
|  | Toyota Auto Receivables Owner Trust |  |
| 85330 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, 0.140%, 1/16/2024<sup>3</sup> | 85180 |
| 6132000 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A3, 0.260%, 11/17/2025<sup>3</sup> | 5897660 |
| 6250000 | &nbsp;&nbsp;&nbsp;Series 2021-D, Class A3, 0.710%, 4/15/2026<sup>3</sup> | 5890269 |
|  | Trinitas CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-21A, Class C, 2.175% (3-Month Term SOFR+420 basis points), |  |
| 1150000 | &nbsp;&nbsp;&nbsp;1/20/2036<sup>3,4,8</sup> | 1150000 |
|  | Verus Securitization Trust |  |
| 1501915 | &nbsp;&nbsp;&nbsp;Series 2021-5, Class A1, 1.013%, 9/25/2066<sup>3,8,9</sup> | 1206266 |
|  | Visio Trust |  |
| 1199455 | &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 1.545%, 8/25/2055<sup>3,8,9</sup> | 1128442 |
|  | VMC Finance LLC |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-HT1, Class A, 5.989% (1-Month USD Libor+165 basis points), |  |
| 1118812 | &nbsp;&nbsp;&nbsp;1/18/2037<sup>3,4,8</sup> | 1087655 |
|  | Voya CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class A1R, 5.094% (3-Month USD Libor+90 basis points), |  |
| 2262844 | &nbsp;&nbsp;&nbsp;1/18/2029<sup>3,4,8</sup> | 2239501 |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class CR, 6.544% (3-Month USD Libor+235 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;1/18/2029<sup>3,4,8</sup> | 1847857 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 7.409% (3-Month USD Libor+333 basis points), |  |
| 1250000 | &nbsp;&nbsp;&nbsp;4/17/2030<sup>3,4,8</sup> | $1138807 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A1R, 5.059% (3-Month USD Libor+98 basis points), |  |
| 1681592 | &nbsp;&nbsp;&nbsp;6/7/2030<sup>3,4,8</sup> | 1652165 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, 7.029% (3-Month USD Libor+295 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/15/2030<sup>3,4,8</sup> | 863409 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class CR, 7.072% (3-Month Term SOFR+301.16 basis |  |
| 2000000 | &nbsp;&nbsp;&nbsp;points), 4/25/2031<sup>3,4,8</sup> | 1691614 |
|  | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class CR, 7.444% (3-Month USD Libor+325 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;10/18/2031<sup>3,4,8</sup> | 1649810 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class ER, 10.627% (3-Month USD Libor+640 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;7/19/2034<sup>3,4,8</sup> | 1767327 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-3A, Class E, 12.612% (3-Month Term SOFR+860 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;10/20/2034<sup>3,4,8</sup> | 966933 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-4A, Class ER, 10.789% (3-Month USD Libor+671 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1/15/2035<sup>3,4,8</sup> | 873292 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class E, 11.433% (3-Month Term SOFR+747 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4/20/2035<sup>3,4,8</sup> | 1346163 |
|  | Voya Euro CLO DAC |  |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 1X, Class B2NE, 2.100%, 10/15/2030<sup>3</sup> | 1652903 |
|  | Wellfleet CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR4, 7.743% (3-Month USD Libor+350 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;7/20/2029<sup>3,4,8</sup> | 704536 |
|  | Wellman Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 5.179% (3-Month USD Libor+110 basis points), |  |
| 4500000 | &nbsp;&nbsp;&nbsp;7/15/2034<sup>3,4,8</sup> | 4369258 |
|  | Wind River CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class A1RR, 5.223% (3-Month USD Libor+98 basis points), |  |
| 2533069 | &nbsp;&nbsp;&nbsp;7/20/2030<sup>3,4,8</sup> | 2500781 |
|  | World Omni Auto Receivables Trust |  |
| 1820766 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A3, 1.100%, 4/15/2025<sup>3</sup> | 1800676 |
| 1835452 | &nbsp;&nbsp;&nbsp;Series 2020-B, Class A3, 0.630%, 5/15/2025<sup>3</sup> | 1803959 |
|  | World Omni Select Auto Trust |  |
| 392752 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2, 0.290%, 2/18/2025<sup>3</sup> | 391972 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $478,702,951) | **453419285** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.9%** |  |
|  | Alen Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-ACEN, Class A, 5.468% (1-Month USD Libor+115 basis points), |  |
| 2645000 | &nbsp;&nbsp;&nbsp;4/15/2034<sup>4,8</sup> | 2434537 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | BBCMS Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-BWAY, Class A, 5.274% (1-Month USD Libor+95.6 basis points), |  |
| 2550000 | &nbsp;&nbsp;&nbsp;11/15/2034<sup>4,8</sup> | $2367122 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-BWAY, Class D, 6.478% (1-Month USD Libor+216 basis points), |  |
| 2000000 | &nbsp;&nbsp;&nbsp;11/15/2034<sup>4,8</sup> | 1727912 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-TALL, Class A, 5.040% (1-Month USD Libor+72.2 basis points), |  |
| 2548000 | &nbsp;&nbsp;&nbsp;3/15/2037<sup>4,8</sup> | 2358941 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-TALL, Class B, 5.289% (1-Month USD Libor+97.1 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3/15/2037<sup>4,8</sup> | 857489 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-BID, Class A, 6.458% (1-Month USD Libor+214 basis points), |  |
| 2650000 | &nbsp;&nbsp;&nbsp;10/15/2037<sup>4,8</sup> | 2562961 |
|  | BFLD Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-FPM, Class A, 5.918% (1-Month USD Libor+160 basis points), |  |
| 3025000 | &nbsp;&nbsp;&nbsp;6/15/2038<sup>3,4,8</sup> | 2891936 |
|  | BPR Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-OANA, Class A, 6.234% (1-Month Term SOFR+189.8 basis |  |
| 3000000 | &nbsp;&nbsp;&nbsp;points), 4/15/2037<sup>4,8</sup> | 2934756 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-WILL, Class A, 6.068% (1-Month USD Libor+175 basis points), |  |
| 2888755 | &nbsp;&nbsp;&nbsp;6/15/2038<sup>4,8</sup> | 2788691 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-WILL, Class B, 7.318% (1-Month USD Libor+300 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;6/15/2038<sup>4,8</sup> | 959694 |
|  | BX Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A, 5.318% (1-Month USD Libor+100 basis points), |  |
| 3660000 | &nbsp;&nbsp;&nbsp;4/15/2034<sup>4,8</sup> | 3577496 |
|  | BX Trust |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class A, 5.760%, 10/13/2027<sup>8</sup> | 1962100 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-PSB, Class A, 6.787% (1-Month Term SOFR+245.1 basis points), |  |
| 1729985 | &nbsp;&nbsp;&nbsp;8/15/2039<sup>4,8</sup> | 1728743 |
|  | &nbsp;&nbsp;&nbsp;Series 2022-GPA, Class A, 6.501% (1-Month Term SOFR+216.5 basis |  |
| 1750000 | &nbsp;&nbsp;&nbsp;points), 10/15/2039<sup>4,8</sup> | 1742970 |
|  | Citigroup Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-TBR, Class A, 5.273% (1-Month USD Libor+83 basis points), |  |
| 1200000 | &nbsp;&nbsp;&nbsp;12/15/2036<sup>3,4,8</sup> | 1176319 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-TBR, Class B, 5.593% (1-Month USD Libor+115 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;12/15/2036<sup>3,4,8</sup> | 724918 |
|  | COLT Mortgage Loan Trust |  |
| 93763 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A1, 1.853%, 3/25/2065<sup>3,8,9</sup> | 91876 |
|  | COMM Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-HCLV, Class A, 5.418% (1-Month USD Libor+110 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;9/15/2033<sup>3,4,8</sup> | 2350050 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | CORE Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-CORE, Class B, 5.418% (1-Month USD Libor+110 basis points), |  |
| 205813 | &nbsp;&nbsp;&nbsp;12/15/2031<sup>4,8</sup> | $200078 |
|  | CSMC |  |
|  | &nbsp;&nbsp;&nbsp;Series 2020-TMIC, Class A, 7.818% (1-Month USD Libor+300 basis points), |  |
| 1225000 | &nbsp;&nbsp;&nbsp;12/15/2035<sup>4,8</sup> | 1221485 |
|  | &nbsp;&nbsp;&nbsp;Series 2020-FACT, Class B, 6.318% (1-Month USD Libor+200 basis points), |  |
| 750000 | &nbsp;&nbsp;&nbsp;10/15/2037<sup>4,8</sup> | 714128 |
|  | DBUBS Mortgage Trust |  |
| 2841188 | &nbsp;&nbsp;&nbsp;Series 2011-LC3A, Class PM1, 4.452%, 5/10/2044<sup>3,8</sup> | 2712553 |
|  | Fannie Mae Grantor Trust |  |
| 754398 | &nbsp;&nbsp;&nbsp;Series 2004-T5, Class AB4, 4.320%, 5/28/2035<sup>3,9</sup> | 687510 |
|  | Great Wolf Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-WOLF, Class B, 5.652% (1-Month USD Libor+133.4 basis |  |
| 2500000 | &nbsp;&nbsp;&nbsp;points), 12/15/2036<sup>4,8</sup> | 2413348 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-WOLF, Class C, 5.951% (1-Month USD Libor+163.3 basis |  |
| 1250000 | &nbsp;&nbsp;&nbsp;points), 12/15/2036<sup>4,8</sup> | 1195608 |
|  | GS Mortgage Securities Corp. II |  |
| 2615000 | &nbsp;&nbsp;&nbsp;Series 2012-BWTR, Class A, 2.954%, 11/5/2034<sup>3,8</sup> | 2291917 |
|  | Hilton Orlando Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-ORL, Class A, 5.338% (1-Month USD Libor+92 basis points), |  |
| 2983000 | &nbsp;&nbsp;&nbsp;12/15/2034<sup>4,8</sup> | 2912888 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-ORL, Class B, 5.618% (1-Month USD Libor+120 basis points), |  |
| 1055000 | &nbsp;&nbsp;&nbsp;12/15/2034<sup>4,8</sup> | 1021878 |
|  | Mellon Residential Funding |  |
| 33487 | &nbsp;&nbsp;&nbsp;Series 1999-TBC3, Class A2, 4.392%, 10/20/2029<sup>3,9</sup> | 32937 |
|  | MTK Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-GRNY, Class A, 6.068% (1-Month USD Libor+175 basis points), |  |
| 2500000 | &nbsp;&nbsp;&nbsp;12/15/2038<sup>4,8</sup> | 2402077 |
|  | NYO Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1290, Class A, 5.413% (1-Month USD Libor+109.5 basis |  |
| 5400000 | &nbsp;&nbsp;&nbsp;points), 11/15/2038<sup>4,8</sup> | 4910841 |
|  | Taubman Centers Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2022-DPM, Class A, 6.522% (1-Month Term SOFR+218.6 basis |  |
| 2500000 | &nbsp;&nbsp;&nbsp;points), 5/15/2037<sup>4,8</sup> | 2434007 |
|  | Worldwide Plaza Trust |  |
| 1575000 | &nbsp;&nbsp;&nbsp;Series 2017-WWP, Class F, 3.596%, 11/10/2036<sup>8,9</sup> | 897506 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,678,691) | **61287272** |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE — 28.0%** |  |
|  | **BASIC MATERIALS — 2.2%** |  |
|  | Alcoa Nederland Holding B.V. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;6.125%, 5/15/2028<sup>3,7,8</sup> | $1480328 |
|  | Anglo American Capital PLC |  |
| 3100000 | &nbsp;&nbsp;&nbsp;5.625%, 4/1/2030<sup>3,7,8</sup> | 3085042 |
|  | Axalta Coating Systems Dutch Holding B B.V. |  |
| 851000 | &nbsp;&nbsp;&nbsp;3.750%, 1/15/2025<sup>3</sup> | 875109 |
|  | DuPont de Nemours, Inc. |  |
| 2750000 | &nbsp;&nbsp;&nbsp;5.716% (3-Month USD Libor+111 basis points), 11/15/2023<sup>4</sup> | 2762144 |
|  | Georgia-Pacific LLC |  |
| 3540000 | &nbsp;&nbsp;&nbsp;0.625%, 5/15/2024<sup>8</sup> | 3326952 |
|  | International Flavors & Fragrances, Inc. |  |
| 3555000 | &nbsp;&nbsp;&nbsp;1.832%, 10/15/2027<sup>3,8</sup> | 2989151 |
|  | LYB International Finance III LLC |  |
| 3000000 | &nbsp;&nbsp;&nbsp;1.250%, 10/1/2025<sup>3</sup> | 2679258 |
|  | SCIL IV LLC / SCIL USA Holdings LLC |  |
| 1643000 | &nbsp;&nbsp;&nbsp;6.016% (3-Month Euribor+437.5 basis points), 11/1/2026<sup>3,4</sup> | 1680327 |
|  | Sherwin-Williams Co. |  |
| 480000 | &nbsp;&nbsp;&nbsp;4.250%, 8/8/2025 | 472108 |
|  |  | **19350419** |
|  | **COMMUNICATIONS — 3.5%** |  |
|  | AT&T, Inc. |  |
| 3785000 | &nbsp;&nbsp;&nbsp;4.941% (SOFR Index+64 basis points), 3/25/2024<sup>3,4</sup> | 3768092 |
|  | Charter Communications Operating LLC / Charter Communications |  |
|  | &nbsp;&nbsp;&nbsp;Operating Capital |  |
| 2700000 | &nbsp;&nbsp;&nbsp;4.908%, 7/23/2025<sup>3</sup> | 2648884 |
|  | Comcast Corp. |  |
| 410000 | &nbsp;&nbsp;&nbsp;5.250%, 11/7/2025 | 415827 |
| 4570000 | &nbsp;&nbsp;&nbsp;4.150%, 10/15/2028<sup>3</sup> | 4391660 |
|  | Discovery Communications LLC |  |
| 4170000 | &nbsp;&nbsp;&nbsp;3.900%, 11/15/2024<sup>3</sup> | 4038645 |
|  | eBay, Inc. |  |
| 2690000 | &nbsp;&nbsp;&nbsp;1.900%, 3/11/2025<sup>3</sup> | 2519868 |
|  | Juniper Networks, Inc. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;2.000%, 12/10/2030<sup>3</sup> | 1909680 |
|  | Match Group, Inc. |  |
| 2589000 | &nbsp;&nbsp;&nbsp;4.625%, 6/1/2028<sup>3,8</sup> | 2312573 |
|  | Motorola Solutions, Inc. |  |
| 4363000 | &nbsp;&nbsp;&nbsp;2.300%, 11/15/2030<sup>3</sup> | 3421552 |
|  | NortonLifeLock, Inc. |  |
| 530000 | &nbsp;&nbsp;&nbsp;6.750%, 9/30/2027<sup>3,8</sup> | 520089 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
|  | T-Mobile USA, Inc. |  |
| 1175000 | &nbsp;&nbsp;&nbsp;3.500%, 4/15/2025<sup>3</sup> | $1131022 |
|  | United Group B.V. |  |
| 750000 | &nbsp;&nbsp;&nbsp;3.625%, 2/15/2028<sup>3</sup> | 583884 |
|  | Verizon Communications, Inc. |  |
| 3975000 | &nbsp;&nbsp;&nbsp;5.097% (SOFR Index+79 basis points), 3/20/2026<sup>4</sup> | 3877338 |
|  |  | **31539114** |
|  | **CONSUMER, CYCLICAL — 3.8%** |  |
|  | 7-Eleven, Inc. |  |
| 2936000 | &nbsp;&nbsp;&nbsp;0.800%, 2/10/2024<sup>3,8</sup> | 2795204 |
| 615000 | &nbsp;&nbsp;&nbsp;0.950%, 2/10/2026<sup>3,8</sup> | 539284 |
|  | American Honda Finance Corp. |  |
| 1813000 | &nbsp;&nbsp;&nbsp;0.750%, 8/9/2024 | 1696003 |
|  | BMW U.S. Capital LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;0.800%, 4/1/2024<sup>8</sup> | 474266 |
| 950000 | &nbsp;&nbsp;&nbsp;3.150%, 4/18/2024<sup>3,8</sup> | 926930 |
| 2180000 | &nbsp;&nbsp;&nbsp;4.339% (SOFR Index+38 basis points), 8/12/2024<sup>4,8</sup> | 2159501 |
|  | Ford Motor Co. |  |
| 185000 | &nbsp;&nbsp;&nbsp;6.100%, 8/19/2032<sup>3</sup> | 171177 |
|  | Ford Motor Credit Co. LLC |  |
| 520000 | &nbsp;&nbsp;&nbsp;2.300%, 2/10/2025<sup>3</sup> | 475582 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.950%, 5/28/2027<sup>3</sup> | 934770 |
| 1620000 | &nbsp;&nbsp;&nbsp;2.900%, 2/10/2029<sup>3</sup> | 1296057 |
|  | General Motors Financial Co., Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;3.950%, 4/13/2024<sup>3</sup> | 1961592 |
| 3000000 | &nbsp;&nbsp;&nbsp;2.350%, 1/8/2031<sup>3</sup> | 2268666 |
|  | Lowe's Cos., Inc. |  |
| 2835000 | &nbsp;&nbsp;&nbsp;4.400%, 9/8/2025 | 2795579 |
|  | McDonald's Corp. |  |
| 4015000 | &nbsp;&nbsp;&nbsp;3.375%, 5/26/2025<sup>3</sup> | 3887480 |
|  | Nissan Motor Co., Ltd. |  |
| 2211000 | &nbsp;&nbsp;&nbsp;4.810%, 9/17/2030<sup>3,7,8</sup> | 1881263 |
|  | PACCAR Financial Corp. |  |
| 110000 | &nbsp;&nbsp;&nbsp;2.650%, 4/6/2023 | 109492 |
|  | Sally Holdings LLC / Sally Capital, Inc. |  |
| 1495000 | &nbsp;&nbsp;&nbsp;5.625%, 12/1/2025<sup>3</sup> | 1442481 |
|  | Starbucks Corp. |  |
| 240000 | &nbsp;&nbsp;&nbsp;4.379% (SOFR Index+42 basis points), 2/14/2024<sup>3,4</sup> | 238670 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, CYCLICAL (Continued)** |  |
|  | Toyota Motor Credit Corp. |  |
| 3490000 | &nbsp;&nbsp;&nbsp;3.950%, 6/30/2025 | $3419900 |
|  | Volkswagen Group of America Finance LLC |  |
| 300000 | &nbsp;&nbsp;&nbsp;0.875%, 11/22/2023<sup>8</sup> | 288670 |
| 1413000 | &nbsp;&nbsp;&nbsp;4.750%, 11/13/2028<sup>8</sup> | 1372355 |
|  | ZF Finance GmbH |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.000%, 9/21/2025<sup>3</sup> | 988676 |
| 800000 | &nbsp;&nbsp;&nbsp;2.000%, 5/6/2027<sup>3</sup> | 703209 |
|  | ZF North America Capital, Inc. |  |
| 700000 | &nbsp;&nbsp;&nbsp;4.750%, 4/29/2025<sup>8</sup> | 662784 |
|  |  | **33489591** |
|  | **CONSUMER, NON-CYCLICAL — 4.0%** |  |
|  | Baxter International, Inc. |  |
| 540000 | &nbsp;&nbsp;&nbsp;4.467% (SOFR Index+44 basis points), 11/29/2024<sup>4</sup> | 529940 |
|  | Biogen, Inc. |  |
| 4280000 | &nbsp;&nbsp;&nbsp;4.050%, 9/15/2025<sup>3</sup> | 4164881 |
|  | Campbell Soup Co. |  |
| 2600000 | &nbsp;&nbsp;&nbsp;3.300%, 3/19/2025<sup>3</sup> | 2502864 |
|  | Global Payments, Inc. |  |
| 1145000 | &nbsp;&nbsp;&nbsp;2.650%, 2/15/2025<sup>3</sup> | 1078172 |
| 2715000 | &nbsp;&nbsp;&nbsp;5.300%, 8/15/2029<sup>3</sup> | 2630800 |
|  | GSK Consumer Healthcare Capital U.S. LLC |  |
| 965000 | &nbsp;&nbsp;&nbsp;3.024%, 3/24/2024<sup>3</sup> | 937032 |
|  | HCA, Inc. |  |
| 4525000 | &nbsp;&nbsp;&nbsp;4.500%, 2/15/2027<sup>3</sup> | 4367824 |
|  | Heineken N.V. |  |
| 1900000 | &nbsp;&nbsp;&nbsp;2.750%, 4/1/2023<sup>7,8</sup> | 1888748 |
|  | Humana, Inc. |  |
| 1985000 | &nbsp;&nbsp;&nbsp;4.500%, 4/1/2025<sup>3</sup> | 1962667 |
|  | Illumina, Inc. |  |
| 1020000 | &nbsp;&nbsp;&nbsp;5.750%, 12/13/2027<sup>3</sup> | 1034517 |
|  | IQVIA, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;2.250%, 3/15/2029<sup>3</sup> | 905761 |
|  | JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. |  |
| 1450000 | &nbsp;&nbsp;&nbsp;2.500%, 1/15/2027<sup>3,7,8</sup> | 1270360 |
|  | Mondelez International Holdings Netherlands B.V. |  |
| 1350000 | &nbsp;&nbsp;&nbsp;0.750%, 9/24/2024<sup>7,8</sup> | 1249899 |
| 1720000 | &nbsp;&nbsp;&nbsp;1.250%, 9/24/2026<sup>3,7,8</sup> | 1497217 |
|  | Pernod Ricard S.A. |  |
| 3496000 | &nbsp;&nbsp;&nbsp;3.250%, 6/8/2026<sup>3,7,8</sup> | 3315442 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
|  | Roche Holdings, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.860% (SOFR Rate+56 basis points), 3/10/2025<sup>4,8</sup> | $995356 |
|  | Royalty Pharma PLC |  |
| 2665000 | &nbsp;&nbsp;&nbsp;1.200%, 9/2/2025<sup>3,7</sup> | 2387568 |
| 1775000 | &nbsp;&nbsp;&nbsp;2.150%, 9/2/2031<sup>3,7</sup> | 1346584 |
|  | Universal Health Services, Inc. |  |
| 2235000 | &nbsp;&nbsp;&nbsp;2.650%, 10/15/2030<sup>3</sup> | 1783954 |
|  |  | **35849586** |
|  | **ENERGY — 2.8%** |  |
|  | Boardwalk Pipelines LP |  |
| 2367000 | &nbsp;&nbsp;&nbsp;4.450%, 7/15/2027<sup>3</sup> | 2254960 |
|  | Buckeye Partners LP |  |
| 1450000 | &nbsp;&nbsp;&nbsp;3.950%, 12/1/2026<sup>3</sup> | 1299563 |
|  | Cheniere Corpus Christi Holdings LLC |  |
| 2350000 | &nbsp;&nbsp;&nbsp;5.875%, 3/31/2025<sup>3</sup> | 2365891 |
|  | DCP Midstream Operating LP |  |
| 2800000 | &nbsp;&nbsp;&nbsp;8.125%, 8/16/2030 | 3118511 |
|  | Enbridge, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;4.606% (SOFR Index+63 basis points), 2/16/2024<sup>4,7</sup> | 4974700 |
|  | Energy Transfer LP |  |
| 1694000 | &nbsp;&nbsp;&nbsp;4.900%, 2/1/2024<sup>3</sup> | 1685101 |
| 2985000 | &nbsp;&nbsp;&nbsp;4.750%, 1/15/2026<sup>3</sup> | 2910817 |
|  | Kinder Morgan Energy Partners LP |  |
| 5000000 | &nbsp;&nbsp;&nbsp;4.250%, 9/1/2024<sup>3</sup> | 4918165 |
|  | MPLX LP |  |
| 2005000 | &nbsp;&nbsp;&nbsp;1.750%, 3/1/2026<sup>3</sup> | 1789437 |
|  |  | **25317145** |
|  | **FINANCIAL — 1.5%** |  |
|  | American Express Co. |  |
| 1115000 | &nbsp;&nbsp;&nbsp;4.144% (SOFR Index+23 basis points), 11/3/2023<sup>4</sup> | 1109823 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.625%, 12/5/2024<sup>3</sup> | 1948596 |
| 1525000 | &nbsp;&nbsp;&nbsp;3.950%, 8/1/2025<sup>3</sup> | 1495455 |
|  | Aon Global Ltd. |  |
| 2750000 | &nbsp;&nbsp;&nbsp;3.500%, 6/14/2024<sup>3,7</sup> | 2685523 |
|  | Charles Schwab Corp. |  |
| 2750000 | &nbsp;&nbsp;&nbsp;4.479% (SOFR Index+52 basis points), 5/13/2026<sup>3,4</sup> | 2669807 |
|  | Metropolitan Life Global Funding I |  |
| 590000 | &nbsp;&nbsp;&nbsp;4.050%, 8/25/2025<sup>8</sup> | 577436 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **FINANCIAL (Continued)** |  |
|  | Simon Property Group LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;4.083% (SOFR Index+43 basis points), 1/11/2024<sup>3,4</sup> | $247712 |
|  | VICI Properties LP / VICI Note Co., Inc. |  |
| 2915000 | &nbsp;&nbsp;&nbsp;3.500%, 2/15/2025<sup>3,8</sup> | 2753101 |
|  |  | **13487453** |
|  | **INDUSTRIAL — 2.4%** |  |
|  | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.125%, 8/15/2026<sup>3</sup> | 449059 |
|  | BAE Systems Holdings, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.800%, 10/7/2024<sup>8</sup> | 977143 |
|  | Brambles USA, Inc. |  |
| 4600000 | &nbsp;&nbsp;&nbsp;4.125%, 10/23/2025<sup>3,8</sup> | 4427307 |
|  | Cellnex Finance Co., S.A. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;1.000%, 9/15/2027<sup>3</sup> | 983390 |
|  | Cellnex Telecom S.A. |  |
| 400000 | &nbsp;&nbsp;&nbsp;1.750%, 10/23/2030<sup>3</sup> | 333198 |
|  | Flex Ltd. |  |
| 670000 | &nbsp;&nbsp;&nbsp;6.000%, 1/15/2028<sup>3,7</sup> | 669744 |
|  | Graphic Packaging International LLC |  |
| 5185000 | &nbsp;&nbsp;&nbsp;0.821%, 4/15/2024<sup>3,8</sup> | 4855182 |
|  | L3Harris Technologies, Inc. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.485% (3-Month USD Libor+75 basis points), 3/10/2023<sup>4</sup> | 1500614 |
| 1201000 | &nbsp;&nbsp;&nbsp;3.950%, 5/28/2024<sup>3</sup> | 1182294 |
|  | Penske Truck Leasing Co. Lp / PTL Finance Corp. |  |
| 1480000 | &nbsp;&nbsp;&nbsp;3.350%, 11/1/2029<sup>3,8</sup> | 1249232 |
|  | Republic Services, Inc. |  |
| 580000 | &nbsp;&nbsp;&nbsp;0.875%, 11/15/2025<sup>3</sup> | 520065 |
|  | Sealed Air Corp. |  |
| 2035000 | &nbsp;&nbsp;&nbsp;1.573%, 10/15/2026<sup>3,8</sup> | 1759850 |
|  | Standard Industries, Inc. |  |
| 1250000 | &nbsp;&nbsp;&nbsp;2.250%, 11/21/2026<sup>3</sup> | 1149851 |
|  | Waste Management, Inc. |  |
| 1685000 | &nbsp;&nbsp;&nbsp;3.125%, 3/1/2025<sup>3</sup> | 1629646 |
|  |  | **21686575** |
|  | **TECHNOLOGY — 4.1%** |  |
|  | Cadence Design Systems, Inc. |  |
| 2720000 | &nbsp;&nbsp;&nbsp;4.375%, 10/15/2024<sup>3</sup> | 2699780 |
|  | Dell International LLC / EMC Corp. |  |
| 5350000 | &nbsp;&nbsp;&nbsp;6.200%, 7/15/2030<sup>3</sup> | 5452142 |

---

**Palmer Square Income Plus Fund**

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | Entegris, Inc. |  |
| 1505000 | &nbsp;&nbsp;&nbsp;4.375%, 4/15/2028<sup>3,8</sup> | $1333180 |
|  | Fiserv, Inc. |  |
| 825000 | &nbsp;&nbsp;&nbsp;3.800%, 10/1/2023<sup>3</sup> | 816455 |
| 4750000 | &nbsp;&nbsp;&nbsp;3.850%, 6/1/2025<sup>3</sup> | 4606118 |
|  | Fortinet, Inc. |  |
| 2779000 | &nbsp;&nbsp;&nbsp;1.000%, 3/15/2026<sup>3</sup> | 2435791 |
|  | Infor, Inc. |  |
| 270000 | &nbsp;&nbsp;&nbsp;1.450%, 7/15/2023<sup>3,8</sup> | 263739 |
|  | Leidos, Inc. |  |
| 1557000 | &nbsp;&nbsp;&nbsp;3.625%, 5/15/2025<sup>3</sup> | 1496783 |
| 1650000 | &nbsp;&nbsp;&nbsp;2.300%, 2/15/2031<sup>3</sup> | 1267753 |
|  | Marvell Technology, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;4.200%, 6/22/2023<sup>3</sup> | 4972040 |
|  | Micron Technology, Inc. |  |
| 3035000 | &nbsp;&nbsp;&nbsp;2.703%, 4/15/2032<sup>3</sup> | 2276775 |
|  | NXP B.V. / NXP Funding LLC |  |
| 2300000 | &nbsp;&nbsp;&nbsp;5.550%, 12/1/2028<sup>3,7</sup> | 2301872 |
|  | Qorvo, Inc. |  |
| 3310000 | &nbsp;&nbsp;&nbsp;1.750%, 12/15/2024<sup>3,8</sup> | 3052647 |
|  | VMware, Inc. |  |
| 2515000 | &nbsp;&nbsp;&nbsp;4.500%, 5/15/2025<sup>3</sup> | 2468513 |
|  | Western Digital Corp. |  |
| 1075000 | &nbsp;&nbsp;&nbsp;4.750%, 2/15/2026<sup>3</sup> | 1014714 |
|  |  | **36458302** |
|  | **UTILITIES — 3.7%** |  |
|  | AES Corp. |  |
| 2470000 | &nbsp;&nbsp;&nbsp;1.375%, 1/15/2026<sup>3</sup> | 2195986 |
| 1585000 | &nbsp;&nbsp;&nbsp;2.450%, 1/15/2031<sup>3</sup> | 1264610 |
|  | American Electric Power Co., Inc. |  |
| 2170000 | &nbsp;&nbsp;&nbsp;2.031%, 3/15/2024 | 2093295 |
|  | Atlantica Sustainable Infrastructure PLC |  |
| 555000 | &nbsp;&nbsp;&nbsp;4.125%, 6/15/2028<sup>3,7,8</sup> | 493175 |
|  | Atmos Energy Corp. |  |
| 3045000 | &nbsp;&nbsp;&nbsp;2.625%, 9/15/2029<sup>3</sup> | 2648849 |
|  | Avangrid, Inc. |  |
| 3500000 | &nbsp;&nbsp;&nbsp;3.150%, 12/1/2024<sup>3</sup> | 3347736 |
|  | CenterPoint Energy, Inc. |  |
| 5120000 | &nbsp;&nbsp;&nbsp;1.450%, 6/1/2026<sup>3</sup> | 4546340 |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
|  | DTE Energy Co. |  |
| 1405000 | &nbsp;&nbsp;&nbsp;4.220%, 11/1/2024<sup>10</sup> | $1382054 |
|  | Duke Energy Corp. |  |
| 1400000 | &nbsp;&nbsp;&nbsp;4.399% (SOFR Rate+25 basis points), 6/10/2023<sup>4</sup> | 1396207 |
|  | Georgia Power Co. |  |
| 2412000 | &nbsp;&nbsp;&nbsp;2.200%, 9/15/2024<sup>3</sup> | 2301721 |
|  | NextEra Energy Capital Holdings, Inc. |  |
| 1250000 | &nbsp;&nbsp;&nbsp;4.314% (SOFR Index+40 basis points), 11/3/2023<sup>3,4</sup> | 1245032 |
| 3760000 | &nbsp;&nbsp;&nbsp;4.200%, 6/20/2024 | 3712605 |
|  | NiSource, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;0.950%, 8/15/2025<sup>3</sup> | 1804888 |
|  | NRG Energy, Inc. |  |
| 2350000 | &nbsp;&nbsp;&nbsp;2.450%, 12/2/2027<sup>3,8</sup> | 1950749 |
|  | Southern Co. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.326% (SOFR Index+37 basis points), 5/10/2023<sup>3,4</sup> | 1994640 |
|  | Southern Power Co. |  |
| 250000 | &nbsp;&nbsp;&nbsp;0.900%, 1/15/2026<sup>3</sup> | 220346 |
|  |  | **32598233** |
|  | **TOTAL CORPORATE** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $256,971,618) | **249776418** |
|  | **U.S. GOVERNMENT — 4.9%** |  |
|  | United States Treasury Bill |  |
| 9000000 | &nbsp;&nbsp;&nbsp;3.792%, 1/19/2023 | 8985537 |
| 7000000 | &nbsp;&nbsp;&nbsp;4.048%, 2/16/2023 | 6965231 |
| 9000000 | &nbsp;&nbsp;&nbsp;4.079%, 3/2/2023 | 8938611 |
| 9150000 | &nbsp;&nbsp;&nbsp;4.168%, 3/9/2023 | 9079984 |
| 9500000 | &nbsp;&nbsp;&nbsp;4.202%, 3/14/2023 | 9422927 |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,385,366) | **43392290** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $843,738,626) | **807875265** |

---

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, |  |
| 10901696 | &nbsp;&nbsp;&nbsp;4.07%<sup>11,12</sup> | $10901696 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,901,696) | **10901696** |
|  | **TOTAL INVESTMENTS — 98.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $912,810,430) | **877211699** |
|  | Other Assets in Excess of Liabilities — 1.5% |  |
|  |  | 12973111 |
|  | **TOTAL NET ASSETS — 100.0%** | $890184810 |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SECURITIES SOLD SHORT — (9.8)%** |  |
|  | **BONDS — (9.8)%** |  |
|  | **U.S. GOVERNMENT — (9.8)%** |  |
|  | United States Treasury Note |  |
| $(26500000) | &nbsp;&nbsp;&nbsp;0.750%, 5/31/2026 | (23638822) |
| (19585000) | &nbsp;&nbsp;&nbsp;3.250%, 6/30/2027 | (18943905) |
| (8800000) | &nbsp;&nbsp;&nbsp;4.125%, 10/31/2027 | (8833000) |
| (34450000) | &nbsp;&nbsp;&nbsp;1.375%, 10/31/2028 | (29740030) |
| (3253000) | &nbsp;&nbsp;&nbsp;1.875%, 2/15/2032 | (2760603) |
| (320000) | &nbsp;&nbsp;&nbsp;2.875%, 5/15/2032 | (295000) |
| (3100000) | &nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | (3164179) |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $90,667,272) | **(87375539)** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $90,667,272) | **(87375539)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $90,667,272) | $**(87375539)** |

---

EUR – Euro

<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.

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

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

<sup>5</sup> All or a portion of the loan is unfunded.

<sup>6</sup> Denotes investments purchased on a when-issued or delayed delivery basis.

<sup>7</sup> Foreign security denominated in U.S. Dollars.

<sup>8</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 $485,208,046 which represents 54.51% of total net assets of the Fund.

<sup>9</sup> Variable rate security.

<sup>10</sup> Step rate security.

<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 $8,072,158, which represents 0.91% 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 December 31, 2022 (Unaudited)**

**FUTURES CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts Long (Short)** | **Description** | **Expiration Date** | **Value at <br> Trade Date** | **Value at<br> December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| (50) | U.S. 5 Year Treasury Note | Mar 2023 | $(5505078) | $(5396484) | $108594 |
| (50) | U.S. 10 Year Treasury Note | Mar 2023 | (5675781) | (5614844) | 60937 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(11180859)** | $**(11011328)** | $**169531** |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Currency Exchange** | **Currency Amount Sold** | **Value At<br> Settlement Date** | **Value At<br> December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| Euro | JP Morgan | EUR per USD | (37781250) | $(38727847) | $(40731500) | $(2003653) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  |  | $(38727847) | $(40731500) | $(2003653) |

---

EUR – Euro

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund** 

**SUMMARY OF INVESTMENTS** 

**As of December 31, 2022(Unaudited)**

---

| | |
|:---|:---|
| <br> Security Type/Sector | Percent of Total<br> Net Assets |
| Bonds |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | 50.9% |
| &nbsp;&nbsp;&nbsp;Corporate | 28.0% |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | 6.9% |
| &nbsp;&nbsp;&nbsp;U.S. Government | 4.9% |
| **Total Bonds** | **90.7%** |
| Bank Loans | 6.6% |
| Short-Term Investments | 1.2% |
| **Total Investments** | **98.5%** |
| Other Assets in Excess of Liabilities | 1.5% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $912,810,430) | $877211699 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $2,691,830) | 2731803 |
| &nbsp;&nbsp;&nbsp;Cash | 86757 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for futures contracts | 2712001 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for securities sold short and swap contracts | 95069357 |
| &nbsp;&nbsp;&nbsp;Segregated cash held by custodian for benefit of brokers for securities sold short and swap contracts | 980000 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 169531 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 3181114 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 499577 |
| &nbsp;&nbsp;&nbsp;Interest | 7821914 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 39758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 990503511 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $90,667,272) | 87375539 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 2360977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 7344742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | 2003653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 380850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 104755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 148241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 32206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on securities sold short | 521623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 16272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 12789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 454 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 11134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 100318701 |
| **Net Assets** | $890184810 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $940961183 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings (deficit) | (50776373) |
| **Net Assets** | $890184810 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $890184810 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 92373837 |
| &nbsp;&nbsp;&nbsp;Offering and redemption price per share | $9.64 |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus Fund** 

**STATEMENT OF OPERATIONS**

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Interest | $24041608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income (loss) | 24041608 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 2447972 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 467385 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 368920 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 17973 |
| &nbsp;&nbsp;&nbsp;Custody fees | 29570 |
| &nbsp;&nbsp;&nbsp;Interest on securities sold short | 890951 |
| &nbsp;&nbsp;&nbsp;Commitment fees (Note 13) | 65283 |
| &nbsp;&nbsp;&nbsp;Brokerage expense | 39458 |
| &nbsp;&nbsp;&nbsp;Registration fees | 35422 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 17975 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 16272 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12318 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9744 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 7546 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5326 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4434650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 19606958 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7476952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 182554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 2758714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 2182445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1683383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (669856) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 913007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 449315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 1844483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (2666164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 2215769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 41639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2798049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2128193 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**21735151** |

---

*See accompanying Notes to Financial Statements.* 

**Palmer Square Income Plus Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2022 <br> (Unaudited)** | **For the Year Ended June 30, 2022** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $19606958 | $13400198 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures contracts, purchased option contracts, securities sold short, swap contracts, and foreign currency | (669856) | 642969 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, futures contracts, purchased options contracts, securities sold short, swap contract, forward contracts, and foreign currency | 2798049 | (42638984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21735151 | (28595817) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (24042223) | (12171104) |
| &nbsp;&nbsp;&nbsp;Return of Capital | - | (430037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (24042223) | (12601141) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 151298176 | 539751063 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 20196806 | 11232107 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (304288469) | (340744720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (132793487) | 210238450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (135100559) | 169041492 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1025285369 | 856243877 |
| &nbsp;&nbsp;&nbsp;End of period | $890184810 | $1025285369 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 15604677 | 54064445 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 2097179 | 1133352 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (31351461) | (34248022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (13649605) | 20949775 |

---

*See accompanying Notes to Financial Statements.*

**Palmer Square Income Plus 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 <br> January 31,** | **For the Year Ended <br> January 31,** |
|  | **For the Six Months Ended<br> December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the Period February 1, 2019<br> through<br> June 30,**<br> **2019\*** | **2019** | **2018** |
| **Net asset value, beginning of period** | $9.67 | $10.06 | $9.75 | $9.87 | $9.83 | $9.90 | $9.81 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.19 | 0.14 | 0.16 | 0.28 | 0.14 | 0.29 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | (0.40) | 0.30 | (0.13) | 0.06 | (0.08) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.22 | (0.26) | 0.46 | 0.15 | 0.20 | 0.21 | 0.34 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.25) | (0.13) | (0.15) | (0.27) | (0.16) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;From return of capital | - | -<sup>3</sup> | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.13) | (0.15) | (0.27) | (0.16) | (0.28) | (0.25) |
| **Redemption fee proceeds**<sup>1</sup>** | - | - | - | - | - | - | -<sup>3</sup> |
| **Net asset value, end of period** | $9.64 | $9.67 | $10.06 | $9.75 | $9.87 | $9.83 | $9.90 |
| **Total return**<sup>4</sup>** | 2.24%<sup>7</sup> | (2.63)% | 4.75% | 1.64% | 2.01%<sup>7</sup> | 2.11% | 3.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $890185 | $1025285 | $856244 | $625347 | $582734 | $544830 | $458328 |
| Ratio of expenses to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |  |  |  |  |  |
| Before fees waived and expenses absorbed/recovered<sup>5,6</sup> | 0.89%<sup>8</sup> | 0.75% | 0.90% | 0.82% | 0.77%<sup>8</sup> | 0.80% | 0.81% |
| After fees waived and expenses absorbed/recovered<sup>5,6</sup> | 0.89%<sup>8</sup> | 0.75% | 0.94% | 0.85% | 0.77%<sup>8</sup> | 0.77% | 0.76% |
| Ratio of net investment income (loss) to average net assets (including brokerage expense, commitment fees and interest on securities sold short): |  |  |  |  |  |  |  |
| Before fees waived and expenses absorbed/recovered<sup>2</sup> | 3.92%<sup>8</sup> | 1.39% | 1.64% | 2.86% | 3.44%<sup>8</sup> | 2.89% | 2.65% |
| After fees waived and expenses absorbed/recovered<sup>2</sup> | 3.92%<sup>8</sup> | 1.39% | 1.60% | 2.83% | 3.44%<sup>8</sup> | 2.92% | 2.70% |
| Portfolio turnover rate | 62%<sup>7</sup> | 111% | 167% | 147% | 45%<sup>7</sup> | 214% | 361% |

---

\* Fiscal year end changed to June 30 effective February 1, 2019.

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

2 Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<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 0.20% for the six months ended December 31, 2022, 0.06%, 0.20%, and 0.10% for the fiscal years ended June 30, 2022, 2021, and 2020, respectively, 0.02% for the period ended June 30, 2019, 0.02% and 0.01% for the fiscal years ended January 31, 2019 and 2018, respectively.

<sup>7</sup> Not annualized. <sup></sup> <br> <sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

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

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS — 3.4%** |  |
|  | Berry Global, Inc. |  |
| 246367 | &nbsp;&nbsp;&nbsp;6.024% (1-Month USD Libor+175 basis points), 7/1/2026<sup>2,3,4</sup> | $244855 |
|  | Buckeye Partners LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;2.250% (1-Month USD Libor+225 basis points), 11/1/2026<sup>2,3,4</sup> | 248920 |
|  | Citadel Securities LP |  |
| 249367 | &nbsp;&nbsp;&nbsp;6.701% (1-Month USD Libor+250 basis points), 2/2/2028<sup>2,3,4</sup> | 245253 |
|  | Flutter Financing B.V. |  |
| 249375 | &nbsp;&nbsp;&nbsp;6.781% (1-Month Term SOFR+325 basis points), 7/4/2028<sup>3,4,5</sup> | 248648 |
|  | Hilton Worldwide Finance LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;6.173% (1-Month USD Libor+175 basis points), 6/21/2026<sup>2,3,4</sup> | 249516 |
|  | SkyMiles IP Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;7.993% (3-Month USD Libor+375 basis points), 10/20/2027<sup>3,4,5</sup> | 255298 |
|  | Trans Union LLC |  |
| 248539 | &nbsp;&nbsp;&nbsp;4.274% (1-Month USD Libor+175 basis points), 11/15/2026<sup>2,3,4</sup> | 245455 |
|  | Vistra Operations Co. LLC |  |
| 245140 | &nbsp;&nbsp;&nbsp;0.000% (1-Month USD Libor+175 basis points), 12/31/2025<sup>2,3,4</sup> | 243371 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,975,524) | **1981316** |
|  | **BONDS — 95.9%** |  |
|  | **ASSET-BACKED SECURITIES — 51.4%** |  |
|  | Ally Auto Receivables Trust |  |
| 342088 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 2.670%, 4/15/2025<sup>3</sup> | 339101 |
|  | Ammc CLO 20 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-20A, Class DR, 7.229% (3-Month USD Libor+315 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/17/2029<sup>3,4,6</sup> | 484027 |
|  | Ares CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-42A, Class AR, 5.245% (3-Month USD Libor+92 basis points), |  |
| 365515 | &nbsp;&nbsp;&nbsp;1/22/2028<sup>3,4,6</sup> | 362051 |
|  | Ares XL CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-40A, Class A1RR, 4.949% (3-Month USD Libor+87 basis points), |  |
| 1096311 | &nbsp;&nbsp;&nbsp;1/15/2029<sup>3,4,6</sup> | 1084187 |
|  | Atrium XII |  |
|  | &nbsp;&nbsp;&nbsp;Series 12A, Class AR, 5.155% (3-Month USD Libor+83 basis points), |  |
| 1045610 | &nbsp;&nbsp;&nbsp;4/22/2027<sup>3,4,6</sup> | 1035051 |
|  | Barings CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-IA, Class AR, 5.043% (3-Month USD Libor+80 basis points), |  |
| 493787 | &nbsp;&nbsp;&nbsp;1/20/2028<sup>3,4,6</sup> | 491649 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-IA, Class BR, 5.493% (3-Month USD Libor+125 basis points), |  |
| 1500000 | &nbsp;&nbsp;&nbsp;1/20/2028<sup>3,4,6</sup> | 1468862 |
|  | Capital One Prime Auto Receivables Trust |  |
| 67127 | &nbsp;&nbsp;&nbsp;Series 2019-2, Class A3, 1.920%, 5/15/2024<sup>3</sup> | 67002 |
|  | CarMax Auto Owner Trust |  |
| 147540 | &nbsp;&nbsp;&nbsp;Series 2019-3, Class A3, 2.180%, 8/15/2024<sup>3</sup> | 146961 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 299558 | &nbsp;&nbsp;&nbsp;Series 2019-4, Class A3, 2.020%, 11/15/2024<sup>3</sup> | $296867 |
| 321817 | &nbsp;&nbsp;&nbsp;Series 2022-2, Class A2A, 2.810%, 5/15/2025<sup>3</sup> | 318694 |
| 489763 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A3, 0.340%, 12/15/2025<sup>3</sup> | 473551 |
| 341949 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A3, 0.520%, 2/17/2026<sup>3</sup> | 329149 |
|  | CIFC Funding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class AR, 5.097% (3-Month USD Libor+87 basis points), |  |
| 482661 | &nbsp;&nbsp;&nbsp;4/19/2029<sup>3,4,6</sup> | 474387 |
|  | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class A1, 5.305% (3-Month USD Libor+98 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/24/2031<sup>3,4,6</sup> | 492965 |
|  | COLT Mortgage Loan Trust |  |
| 425834 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>3,6,7</sup> | 347817 |
|  | Daimler Trucks Retail Trust |  |
| 300000 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 5.070%, 9/16/2024<sup>3</sup> | 299802 |
|  | DLLST LLC |  |
| 4087 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1, 1.560%, 5/22/2023<sup>3,6</sup> | 4080 |
| 200000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 2.790%, 1/22/2024<sup>3,6</sup> | 198323 |
|  | Ellington Financial Mortgage Trust |  |
| 324132 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A1, 0.931%, 6/25/2066<sup>3,6,7</sup> | 250912 |
| 302657 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.241%, 9/25/2066<sup>3,6,7</sup> | 242836 |
|  | Flatiron CLO 17 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class AR, 5.586% (3-Month USD Libor+98 basis points), |  |
| 590151 | &nbsp;&nbsp;&nbsp;5/15/2030<sup>3,4,6</sup> | 581681 |
|  | Ford Credit Auto Owner Trust |  |
| 19216 | &nbsp;&nbsp;&nbsp;Series 2019-C, Class A3, 1.870%, 3/15/2024<sup>3</sup> | 19190 |
|  | Galaxy CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-23A, Class AR, 5.195% (3-Month USD Libor+87 basis points), |  |
| 465397 | &nbsp;&nbsp;&nbsp;4/24/2029<sup>3,4,6</sup> | 458765 |
|  | GM Financial Automobile Leasing Trust |  |
| 215524 | &nbsp;&nbsp;&nbsp;Series 2021-2, Class A3, 0.340%, 5/20/2024<sup>3</sup> | 212631 |
| 226495 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class B, 1.560%, 7/22/2024<sup>3</sup> | 226109 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A3, 0.390%, 10/21/2024<sup>3</sup> | 485861 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 359272 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A2, 0.280%, 11/18/2024<sup>3</sup> | 355443 |
| 300529 | &nbsp;&nbsp;&nbsp;Series 2020-4, Class A3, 0.380%, 8/18/2025<sup>3</sup> | 292225 |
|  | Grippen Park CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 5.503% (3-Month USD Libor+126 basis points), |  |
| 454336 | &nbsp;&nbsp;&nbsp;1/20/2030<sup>3,4,6</sup> | 449673 |
|  | Highbridge Loan Management Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 7A-2015, Class CR, 6.306% (3-Month USD Libor+170 basis points), |  |
| 650000 | &nbsp;&nbsp;&nbsp;3/15/2027<sup>3,4,6</sup> | 628098 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Honda Auto Receivables Owner Trust |  |
| 259665 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A3, 0.820%, 7/15/2024<sup>3</sup> | $255878 |
|  | Honda Auto Receivables 2020-2 Owner Trust |  |
| 550000 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A4, 1.090%, 10/15/2026<sup>3</sup> | 532705 |
|  | HPEFS Equipment Trust |  |
| 43132 | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 0.300%, 9/20/2028<sup>3,6</sup> | 42947 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 725000 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A3, 0.330%, 6/17/2024<sup>3,6</sup> | 714013 |
| 299501 | &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2A, 2.750%, 10/15/2024<sup>3,6</sup> | 295637 |
| 700000 | &nbsp;&nbsp;&nbsp;Series 2022-A, Class A3, 1.160%, 1/15/2025<sup>3,6</sup> | 675740 |
| 450000 | &nbsp;&nbsp;&nbsp;Series 2022-C, Class A2A, 4.340%, 1/15/2025<sup>3,6</sup> | 446630 |
|  | Hyundai Auto Receivables Trust |  |
| 112931 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, 0.240%, 5/15/2024<sup>3</sup> | 112466 |
|  | Madison Park Funding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-11A, Class AR2, 5.225% (3-Month USD Libor+90 basis points), |  |
| 242246 | &nbsp;&nbsp;&nbsp;7/23/2029<sup>3,4,6</sup> | 237718 |
|  | &nbsp;&nbsp;&nbsp;Series 2019-33A, Class AR, 5.154% (3-Month Term SOFR+129 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;10/15/2032<sup>3,4,6</sup> | 494204 |
|  | Mariner CLO LLC |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class BR2, 5.825% (3-Month USD Libor+150 basis points), |  |
| 250000 | &nbsp;&nbsp;&nbsp;7/23/2029<sup>3,4,6</sup> | 243251 |
|  | Mercedes-Benz Auto Receivables Trust |  |
| 274705 | &nbsp;&nbsp;&nbsp;Series 2019-1, Class A4, 2.040%, 1/15/2026<sup>3</sup> | 271462 |
|  | MMAF Equipment Finance LLC |  |
| 148882 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A2, 0.740%, 4/9/2024<sup>3,6</sup> | 147332 |
| 350000 | &nbsp;&nbsp;&nbsp;Series 2022-A, Class A2, 2.770%, 2/13/2025<sup>3,6</sup> | 343651 |
|  | Newark BSL CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R, 5.458% (3-Month USD Libor+110 basis points), |  |
| 480813 | &nbsp;&nbsp;&nbsp;12/21/2029<sup>3,4,6</sup> | 475195 |
|  | Nissan Auto Receivables Owner Trust |  |
| 76796 | &nbsp;&nbsp;&nbsp;Series 2019-C, Class A3, 1.930%, 7/15/2024<sup>3</sup> | 76525 |
| 339394 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A3, 1.380%, 12/16/2024<sup>3</sup> | 334824 |
| 375000 | &nbsp;&nbsp;&nbsp;Series 2019-C, Class A4, 1.950%, 5/15/2026<sup>3</sup> | 366544 |
|  | OCP CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-7A, Class A1RR, 5.363% (3-Month USD Libor+112 basis points), |  |
| 1641681 | &nbsp;&nbsp;&nbsp;7/20/2029<sup>3,4,6</sup> | 1626713 |
|  | Onslow Bay Mortgage Loan Trust |  |
| 313374 | &nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1, 1.957%, 10/25/2061<sup>3,6,7</sup> | 250778 |
|  | Rad CLO 3 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class A, 5.559% (3-Month USD Libor+148 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/15/2032<sup>3,4,6</sup> | 496612 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Regatta Funding LP |  |
|  | &nbsp;&nbsp;&nbsp;Series 2013-2A, Class CR2, 7.779% (3-Month USD Libor+370 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;1/15/2029<sup>3,4,6</sup> | $475470 |
|  | Starwood Mortgage Residential Trust |  |
| 235391 | &nbsp;&nbsp;&nbsp;Series 2021-5, Class A1, 1.920%, 9/25/2066<sup>3,6,7</sup> | 190707 |
| 281709 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.447%, 12/25/2066<sup>3,6,7</sup> | 237147 |
|  | Stratus CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class A, 5.193% (3-Month USD Libor+95 basis points), |  |
| 226300 | &nbsp;&nbsp;&nbsp;12/29/2029<sup>3,4,6</sup> | 223329 |
|  | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 5.993% (3-Month USD Libor+175 basis points), |  |
| 625000 | &nbsp;&nbsp;&nbsp;12/29/2029<sup>3,4,6</sup> | 579582 |
|  | Symphony CLO XIV Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-14A, Class CR, 6.111% (3-Month USD Libor+210 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7/14/2026<sup>3,4,6</sup> | 1001566 |
|  | &nbsp;&nbsp;&nbsp;Series 2014-14A, Class DR, 7.111% (3-Month USD Libor+310 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;7/14/2026<sup>3,4,6</sup> | 496161 |
|  | Symphony CLO XVII Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016-17A, Class DR, 6.729% (3-Month USD Libor+265 basis points), |  |
| 500000 | &nbsp;&nbsp;&nbsp;4/15/2028<sup>3,4,6</sup> | 482622 |
|  | TICP CLO II-2 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-IIA, Class A1, 5.083% (3-Month USD Libor+84 basis points), |  |
| 774706 | &nbsp;&nbsp;&nbsp;4/20/2028<sup>3,4,6</sup> | 772443 |
|  | &nbsp;&nbsp;&nbsp;Series 2018-IIA, Class A2, 5.493% (3-Month USD Libor+125 basis points), |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4/20/2028<sup>3,4,6</sup> | 983529 |
|  | Toyota Auto Receivables Owner Trust |  |
| 518000 | &nbsp;&nbsp;&nbsp;Series 2021-B, Class A3, 0.260%, 11/17/2025<sup>3</sup> | 498204 |
|  | Voya CLO Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class A1R, 5.094% (3-Month USD Libor+90 basis points), |  |
| 247757 | &nbsp;&nbsp;&nbsp;1/18/2029<sup>3,4,6</sup> | 245201 |
|  | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1R, 5.029% (3-Month USD Libor+95 basis points), |  |
| 708892 | &nbsp;&nbsp;&nbsp;4/17/2030<sup>3,4,6</sup> | 700116 |
|  | World Omni Auto Receivables Trust |  |
| 130171 | &nbsp;&nbsp;&nbsp;Series 2020-A, Class A3, 1.100%, 4/15/2025<sup>3</sup> | 128735 |
| 329722 | &nbsp;&nbsp;&nbsp;Series 2020-B, Class A3, 0.630%, 5/15/2025<sup>3</sup> | 324065 |
|  | World Omni Automobile Lease Securitization Trust |  |
| 700000 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A3, 0.420%, 8/15/2024<sup>3</sup> | 679427 |
|  | World Omni Select Auto Trust |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A3, 0.530%, 3/15/2027<sup>3</sup> | 483177 |
|  | World Omni Select Auto Trust |  |
| 78113 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2, 0.290%, 2/18/2025<sup>3</sup> | 77958 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | York CLO 1 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class BRR, 5.975% (3-Month USD Libor+165 basis points), |  |
| 460000 | &nbsp;&nbsp;&nbsp;10/22/2029<sup>3,4,6</sup> | $447780 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,969,413) | **30385994** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.6%** |  |
|  | Citigroup Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;Series 2018-TBR, Class A, 5.273% (1-Month USD Libor+83 basis points), |  |
| 300000 | &nbsp;&nbsp;&nbsp;12/15/2036<sup>3,4,6</sup> | 294080 |
|  | COLT Mortgage Loan Trust |  |
| 22503 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A1, 1.853%, 3/25/2065<sup>3,6,7</sup> | 22050 |
|  | GS Mortgage Securities Corp. II |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2012-BWTR, Class A, 2.954%, 11/5/2034<sup>3,6</sup> | 657337 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,084,190) | **973467** |
|  | **CORPORATE — 24.3%** |  |
|  | **BASIC MATERIALS — 1.0%** |  |
|  | DuPont de Nemours, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;5.716% (3-Month USD Libor+111 basis points), 11/15/2023<sup>4</sup> | 225994 |
|  | Georgia-Pacific LLC |  |
| 190000 | &nbsp;&nbsp;&nbsp;0.625%, 5/15/2024<sup>6</sup> | 178565 |
|  | Sherwin-Williams Co. |  |
| 220000 | &nbsp;&nbsp;&nbsp;4.250%, 8/8/2025 | 216383 |
|  |  | **620942** |
|  | **COMMUNICATIONS — 2.2%** |  |
|  | Amazon.com, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.400%, 2/22/2023<sup>3</sup> | 149521 |
|  | AT&T, Inc. |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.915% (3-Month USD Libor+118 basis points), 6/12/2024<sup>4</sup> | 377764 |
|  | Comcast Corp. |  |
| 220000 | &nbsp;&nbsp;&nbsp;5.250%, 11/7/2025 | 223126 |
|  | eBay, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;1.900%, 3/11/2025<sup>3</sup> | 210770 |
|  | Fox Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;4.030%, 1/25/2024<sup>3</sup> | 222486 |
|  | Verizon Communications, Inc. |  |
| 125000 | &nbsp;&nbsp;&nbsp;5.097% (SOFR Index+79 basis points), 3/20/2026<sup>4</sup> | 121929 |
|  |  | **1305596** |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, CYCLICAL — 3.8%** |  |
|  | 7-Eleven, Inc. |  |
| 125000 | &nbsp;&nbsp;&nbsp;0.800%, 2/10/2024<sup>3,6</sup> | $119006 |
|  | American Honda Finance Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;0.750%, 8/9/2024 | 210480 |
|  | BMW U.S. Capital LLC |  |
| 140000 | &nbsp;&nbsp;&nbsp;4.339% (SOFR Index+38 basis points), 8/12/2024<sup>4,6</sup> | 138683 |
|  | Daimler Trucks Finance North America LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.300% (SOFR Rate+100 basis points), 4/5/2024<sup>4,6</sup> | 249146 |
|  | General Motors Financial Co., Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;1.700%, 8/18/2023 | 97731 |
|  | Hyundai Capital America |  |
| 225000 | &nbsp;&nbsp;&nbsp;1.250%, 9/18/2023<sup>6</sup> | 218125 |
|  | Lowe's Cos., Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;4.000%, 4/15/2025<sup>3</sup> | 220816 |
| 20000 | &nbsp;&nbsp;&nbsp;4.400%, 9/8/2025 | 19722 |
|  | McDonald's Corp. |  |
| 170000 | &nbsp;&nbsp;&nbsp;3.375%, 5/26/2025<sup>3</sup> | 164601 |
|  | Mercedes-Benz Finance North America LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;3.650%, 2/22/2024<sup>6</sup> | 196656 |
|  | PACCAR Financial Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.650%, 4/6/2023 | 149307 |
|  | Starbucks Corp. |  |
| 15000 | &nbsp;&nbsp;&nbsp;4.379% (SOFR Index+42 basis points), 2/14/2024<sup>3,4</sup> | 14917 |
|  | Toyota Motor Credit Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.950%, 6/30/2025 | 220481 |
|  | Volkswagen Group of America Finance LLC |  |
| 220000 | &nbsp;&nbsp;&nbsp;0.875%, 11/22/2023<sup>6</sup> | 211691 |
|  |  | **2231362** |
|  | **CONSUMER, NON-CYCLICAL — 6.9%** |  |
|  | AbbVie, Inc. |  |
| 235000 | &nbsp;&nbsp;&nbsp;2.600%, 11/21/2024<sup>3</sup> | 224984 |
|  | Baxter International, Inc. |  |
| 220000 | &nbsp;&nbsp;&nbsp;4.467% (SOFR Index+44 basis points), 11/29/2024<sup>4</sup> | 215902 |
|  | Biogen, Inc. |  |
| 255000 | &nbsp;&nbsp;&nbsp;4.050%, 9/15/2025<sup>3</sup> | 248141 |
|  | Cardinal Health, Inc. |  |
| 275000 | &nbsp;&nbsp;&nbsp;3.200%, 3/15/2023 | 274244 |
|  | Cigna Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.250%, 4/15/2025<sup>3</sup> | 216867 |
|  | Constellation Brands, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.600%, 5/9/2024 | 220677 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
|  | Diageo Capital PLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.125%, 10/24/2024<sup>3,5</sup> | $142390 |
|  | GSK Consumer Healthcare Capital UK PLC |  |
| 275000 | &nbsp;&nbsp;&nbsp;3.125%, 3/24/2025<sup>5</sup> | 261753 |
|  | Humana, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp;4.500%, 4/1/2025<sup>3</sup> | 247187 |
|  | McCormick & Co., Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.150%, 8/15/2024<sup>3</sup> | 217963 |
|  | McKesson Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp;2.850%, 3/15/2023<sup>3</sup> | 249064 |
|  | Mondelez International Holdings Netherlands B.V. |  |
| 250000 | &nbsp;&nbsp;&nbsp;0.750%, 9/24/2024<sup>5,6</sup> | 231463 |
|  | Moody's Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.750%, 3/24/2025<sup>3</sup> | 218952 |
|  | PayPal Holdings, Inc. |  |
| 175000 | &nbsp;&nbsp;&nbsp;1.650%, 6/1/2025<sup>3</sup> | 162619 |
|  | Pfizer, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.400%, 5/15/2024 | 220695 |
|  | Stryker Corp. |  |
| 275000 | &nbsp;&nbsp;&nbsp;3.500%, 3/15/2026<sup>3</sup> | 264272 |
|  | Sysco Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp;3.750%, 10/1/2025<sup>3</sup> | 242173 |
|  | Thermo Fisher Scientific, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.064% (SOFR Index+35 basis points), 4/18/2023<sup>3,4</sup> | 199560 |
|  |  | **4058906** |
|  | **ENERGY — 1.6%** |  |
|  | Enbridge, Inc. |  |
| 300000 | &nbsp;&nbsp;&nbsp;4.606% (SOFR Index+63 basis points), 2/16/2024<sup>4,5</sup> | 298482 |
|  | Energy Transfer LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;4.200%, 9/15/2023<sup>3</sup> | 248501 |
|  | Enterprise Products Operating LLC |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.900%, 2/15/2024<sup>3</sup> | 221643 |
|  | Kinder Morgan Energy Partners LP |  |
| 150000 | &nbsp;&nbsp;&nbsp;3.450%, 2/15/2023<sup>3</sup> | 149683 |
|  |  | **918309** |
|  | **FINANCIAL — 1.4%** |  |
|  | American Express Co. |  |
| 35000 | &nbsp;&nbsp;&nbsp;4.144% (SOFR Index+23 basis points), 11/3/2023<sup>4</sup> | 34837 |
| 225000 | &nbsp;&nbsp;&nbsp;3.625%, 12/5/2024<sup>3</sup> | 219217 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **FINANCIAL (Continued)** |  |
|  | Aon Global Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;3.500%, 6/14/2024<sup>3,5</sup> | $244138 |
|  | Charles Schwab Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.479% (SOFR Index+52 basis points), 5/13/2026<sup>3,4</sup> | 97084 |
|  | Intercontinental Exchange, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.650%, 5/23/2025<sup>3</sup> | 220363 |
|  | Simon Property Group LP |  |
| 15000 | &nbsp;&nbsp;&nbsp;4.083% (SOFR Index+43 basis points), 1/11/2024<sup>3,4</sup> | 14863 |
|  |  | **830502** |
|  | **INDUSTRIAL — 1.7%** |  |
|  | 3M Co. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.250%, 3/15/2023<sup>3</sup> | 149181 |
|  | Caterpillar Financial Services Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp;4.435% (SOFR Rate+27 basis points), 9/13/2024<sup>4</sup> | 248398 |
|  | Parker-Hannifin Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.700%, 6/14/2024<sup>3</sup> | 144528 |
|  | Union Pacific Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.950%, 1/15/2023<sup>3</sup> | 149897 |
|  | Waste Management, Inc. |  |
| 110000 | &nbsp;&nbsp;&nbsp;3.125%, 3/1/2025<sup>3</sup> | 106386 |
|  | WRKCo, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.750%, 3/15/2025<sup>3</sup> | 217800 |
|  |  | **1016190** |
|  | **TECHNOLOGY — 3.1%** |  |
|  | Apple, Inc. |  |
| 275000 | &nbsp;&nbsp;&nbsp;3.250%, 2/23/2026<sup>3</sup> | 264508 |
|  | Fidelity National Information Services, Inc. |  |
| 220000 | &nbsp;&nbsp;&nbsp;0.600%, 3/1/2024 | 208266 |
|  | Fiserv, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp;3.800%, 10/1/2023<sup>3</sup> | 247411 |
|  | Hewlett Packard Enterprise Co. |  |
| 62000 | &nbsp;&nbsp;&nbsp;4.450%, 10/2/2023<sup>3</sup> | 61651 |
| 225000 | &nbsp;&nbsp;&nbsp;1.450%, 4/1/2024<sup>3</sup> | 214832 |
|  | International Business Machines Corp. |  |
| 225000 | &nbsp;&nbsp;&nbsp;3.000%, 5/15/2024 | 218939 |
|  | Marvell Technology, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.200%, 6/22/2023<sup>3</sup> | 198882 |
|  | Microsoft Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;2.375%, 5/1/2023<sup>3</sup> | 148949 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | NVIDIA Corp. |  |
| 275000 | &nbsp;&nbsp;&nbsp;0.309%, 6/15/2023<sup>3</sup> | $269576 |
|  |  | **1833014** |
|  | **UTILITIES — 2.6%** |  |
|  | American Electric Power Co., Inc. |  |
| 230000 | &nbsp;&nbsp;&nbsp;2.031%, 3/15/2024 | 221870 |
|  | Avangrid, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;3.150%, 12/1/2024<sup>3</sup> | 143474 |
|  | Dominion Energy, Inc. |  |
| 280000 | &nbsp;&nbsp;&nbsp;3.300%, 3/15/2025<sup>3</sup> | 268922 |
|  | DTE Energy Co. |  |
| 40000 | &nbsp;&nbsp;&nbsp;4.220%, 11/1/2024<sup>8</sup> | 39347 |
|  | Duke Energy Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;4.399% (SOFR Rate+25 basis points), 6/10/2023<sup>4</sup> | 149594 |
|  | Eversource Energy |  |
| 225000 | &nbsp;&nbsp;&nbsp;0.800%, 8/15/2025<sup>3</sup> | 201829 |
|  | NextEra Energy Capital Holdings, Inc. |  |
| 300000 | &nbsp;&nbsp;&nbsp;4.314% (SOFR Index+40 basis points), 11/3/2023<sup>3,4</sup> | 298808 |
|  | NiSource, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp;0.950%, 8/15/2025<sup>3</sup> | 225611 |
|  |  | **1549455** |
|  | **TOTAL CORPORATE** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,566,097) | **14364276** |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.2%** |  |
|  | Onslow Bay Mortgage Loan Trust |  |
| 193590 | &nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1, 1.101%, 5/25/2061<sup>3,6,7</sup> | 148322 |
|  | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $193,590) | **148322** |
|  | **U.S. GOVERNMENT — 18.4%** |  |
|  | United States Treasury Bill |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.596%, 1/3/2023 | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;3.537%, 1/10/2023 | 499649 |
| 500000 | &nbsp;&nbsp;&nbsp;3.606%, 1/12/2023 | 499566 |
| 1250000 | &nbsp;&nbsp;&nbsp;3.792%, 1/19/2023 | 1247991 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.813%, 1/26/2023 | 1246905 |
| 1350000 | &nbsp;&nbsp;&nbsp;3.884%, 2/2/2023 | 1345722 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.882%, 2/9/2023 | 996016 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.048%, 2/16/2023 | 995033 |

---

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **U.S. GOVERNMENT (Continued)** |  |
| 1200000 | &nbsp;&nbsp;&nbsp;4.079%, 3/2/2023 | $1191815 |
| 1200000 | &nbsp;&nbsp;&nbsp;4.226%, 3/21/2023 | 1189164 |
| 1200000 | &nbsp;&nbsp;&nbsp;4.252%, 3/28/2023 | 1188233 |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,896,944) | **10900094** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,710,234) | **56772153** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 0.9%** |  |
|  | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, |  |
| 534402 | &nbsp;&nbsp;&nbsp;4.07%<sup>9,10</sup> | $534402 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $534,402) | **534402** |
|  | **TOTAL INVESTMENTS — 100.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $60,220,160) | **59287871** |
|  | Liabilities in Excess of Other Assets — (0.2)% |  |
|  |  | (116923) |
|  | **TOTAL NET ASSETS — 100.0%** | $**59170948** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SECURITIES SOLD SHORT — (1.4)%** |  |
|  | **BONDS — (1.4)%** |  |
|  | **U.S. GOVERNMENT — (1.4)%** |  |
|  | United States Treasury Note |  |
| $(575000) | &nbsp;&nbsp;&nbsp;3.250%, 6/30/2027 | (556178) |
| (300000) | &nbsp;&nbsp;&nbsp;4.125%, 10/31/2027 | (301125) |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $863,794) | **(857303)** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $863,794) | **(857303)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $863,794) | $**(857303)** |

---

<sup>1</sup> Local currency.

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

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

<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 $25,046,562 which represents 42.33% of total net assets of the Fund.

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

<sup>8</sup> Step rate security.

<sup>9</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 $510,305, which represents 0.86% of total net assets of the Fund.

<sup>10</sup> The rate is the annualized seven-day yield at period end.

 

*See accompanying Notes to Financial Statements.*

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

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022(Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Bonds |  |
| Asset-Backed Securities | 51.4% |
| Corporate | 24.3% |
| U.S. Government | 18.4% |
| Commercial Mortgage-Backed Securities | 1.6% |
| Residential Mortgage-Backed Securities | 0.2% |
| **Total Bonds** | **95.9%** |
| Bank Loans | 3.4% |
| Short-Term Investments | 0.9% |
| **Total Investments** | **100.2%** |
| Liabilities in Excess of Other Assets | (0.2)% |
| **Total Net Assets** | **100.0%** |

---

 

*See accompanying Notes to Financial Statements.* 

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

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $60,220,160) | $59287871 |
| &nbsp;&nbsp;&nbsp;Cash held at broker for futures contracts | 30605 |
| &nbsp;&nbsp;&nbsp;Cash held at broker for securities sold short | 1010028 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 328087 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 60678445 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $863,794) | 857303 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 501250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 71158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 20663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 12220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on securities sold short | 11515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 7622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees (Note 13) | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 157 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1507497 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $59170948 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $60297234 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings (deficit) | (1126286) |
| **Net Assets** | $59170948 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $59170948 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 3017119 |
| &nbsp;&nbsp;&nbsp;Offering and redemption price per share | $19.61 |

---

*See accompanying Notes to Financial Statements.*

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

**STATEMENT OF OPERATIONS**

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Interest | $806354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income (loss) | 806354 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 60328 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 17370 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 44474 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10652 |
| &nbsp;&nbsp;&nbsp;Custody fees | 6418 |
| &nbsp;&nbsp;&nbsp;Registration fees | 14108 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 12220 |
| &nbsp;&nbsp;&nbsp;Legal fees | 8539 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4826 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4790 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3025 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2987 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1777 |
| &nbsp;&nbsp;&nbsp;Commitment fees (Note 13) | 520 |
| &nbsp;&nbsp;&nbsp;Interest on securities sold short | 7206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 199240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (60328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (10529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 128383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 677971 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (43542) |
| &nbsp;&nbsp;&nbsp;Securities sold short | 45459 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1329 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (151516) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (3829) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (150770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (149441) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**528530** |

---

*See accompanying Notes to Financial Statements.*

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

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2022 <br> (Unaudited)** | **For the Year Ended June 30, 2022** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $677971 | $296825 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and securities sold short | 1329 | (15746) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and securities sold short | (150770) | (912106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 528530 | (631027) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (664701) | (344880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (664701) | (344880) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 30762849 | 34203815 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 478617 | 294845 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14707005) | (62112515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 16534461 | (27613855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 16398290 | (28589762) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 42772658 | 71362420 |
| &nbsp;&nbsp;&nbsp;End of period | $59170948 | $42772658 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1566199 | 1710166 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 24423 | 14835 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (746958) | (3108361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 843664 | (1383360) |

---

*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 Six Months Ended<br> December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the Period August 1, 2018 through<br> June 30,**<br> **2019\*\*** | **For the Year Ended**<br>**July 31, 2018** | **For the Period October 7, 2016\* through**<br>**July 31, 2017** |
| **Net asset value, beginning of period** | $19.68 | $20.06 | $20.01 | $20.05 | $20.02 | $20.03 | 20.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.28 | 0.10 | 0.12 | 0.39 | 0.46 | 0.35 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.10) | (0.35) | 0.05 | (0.01) | 0.06 | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.18 | (0.25) | 0.17 | 0.38 | 0.52 | 0.33 | 0.24 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.25) | (0.13) | (0.12) | (0.42) | (0.49) | (0.34) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.13) | (0.12) | (0.42) | (0.49) | (0.34) | (0.21) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $19.61 | $19.68 | $20.06 | $20.01 | $20.05 | $20.02 | $20.03 |
| **Total return<sup>2</sup>** | 0.93%<sup>4</sup> | (1.23)% | 0.87% | 1.91% | 2.64%<sup>4</sup> | 1.66% | 1.18%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $59171 | $42773 | $71362 | $40687 | $47787 | $66118 | 52768 |
| 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>5,6</sup> | 0.82%<sup>3</sup> | 0.76% | 0.67% | 0.82% | 0.79%<sup>3</sup> | 0.84% | 0.94%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>5,6</sup> | 0.53%<sup>3</sup> | 0.53% | 0.51% | 0.50% | 0.51%<sup>3</sup> | 0.51% | 0.50%<sup>3</sup> |
| 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 | 2.52%<sup>3</sup> | 0.28% | 0.44% | 1.65% | 2.23%<sup>3</sup> | 1.44% | 0.97%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.81%<sup>3</sup> | 0.51% | 0.60% | 1.97% | 2.51%<sup>3</sup> | 1.77% | 1.41%<sup>3</sup> |
| Portfolio turnover rate | 37%<sup>4</sup> | 112% | 117% | 100% | 72%<sup>4</sup> | 147% | 118%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>\*\*</sup> Fiscal year end changed to June 30 effective August 1, 2018.

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

<sup>2</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>3</sup> Annualized.

<sup>4</sup> Not annualized.

<sup>5</sup> If commitment fees and interest on securities sold short had been excluded, the expense ratios would have been lowered by 0.03% for the six months ended December 31, 2022, 0.03%, 0.01% and 0.00% for the fiscal years ended June 30, 2022, 2021 and 2020, respectively, and 0.01% for the period ended June 30, 2019, 0.01% for the fiscal year ended July 31, 2018, and 0.00% for the period ended July 31, 2017.

<sup>6</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** 

**December 31, 2022 (Unaudited)**

**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, prior to which its 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".

**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.

**(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. Prior to September 8, 2022, securities were valued at fair value as determined in good faith by the Funds' advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but action may had been taken by any one of the Trustees.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

**(b) Bank Loans**

The Funds may purchase participations in commercial loans. Such investments may be secured or unsecured. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing indebtedness and loan participations, the Funds assume the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The indebtedness and loan participations in which the Funds intend to invest may not be rated by any nationally recognized rating service.

Bank loans may be structured to include both term loans, which are generally fully funded at the time of investment and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand, representing a potential financial obligation by the Funds in the future. The Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. Commitment fees are processed as a reduction in cost.

In addition, the Funds may enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that the Funds are committed to advance additional funds, it will at all-times segregate or "earmark" liquid assets, in an amount sufficient to meet such commitments.

**(c) Asset-Backed Securities**

Asset-backed securities include pools of mortgages, loans, receivables or other assets. Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition, asset-backed securities are not backed by any governmental agency.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

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.

**(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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

**(f) Futures Contracts**

The Fund 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 Fund bears 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 Fund 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 Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. Upon entering into a futures contract, the Fund 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 Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's 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** 

**December 31, 2022 (Unaudited)**

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.

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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)**

**(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.

**(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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)**

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2022, 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 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. Prior to November 1, 2019, the Income Plus Fund paid monthly investment advisory fee at the annual rate of 0.55% of the Fund's 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) does not exceed 0.50% of the Ultra-Short Duration Investment Grade Fund's average daily net assets. This agreement is in effect until October 31, 2023 and it may be terminated before that date only by the Trust's Board of Trustees.

For the six months ended December 31, 2022, the Advisor waived advisory fees and other expenses totaling $70,857 for the Ultra-Short Duration Investment Grade Fund. The Fund's 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 amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. The Advisor may recapture all or a portion of this amount no later than dates stated below:

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)**

Ultra-Short Duration Investment Grade Fund

---

| | |
|:---|:---|
| June 30, 2023 | $137580 |
| June 30, 2024 | 80185 |
| June 30, 2025 | 134708 |
| June 30, 2026 | 70857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $423330 |

---

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 six months ended December 31, 2022, 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 six months ended December 31, 2022, no credits were earned to reduce total fees.

IMST Distributors, LLC ("Distributor") serves as the Funds' 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 six months ended December 31, 2022, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statement of Operations.

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 six months ended December 31, 2022, are reported on the Statement of Operations.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

**Note 4 – Federal Income Taxes** 

At December 31, 2022, the cost of securities on a tax basis and gross unrealized appreciation and depreciation on investments for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | Income Plus Fund | Ultra-Short Duration Investment Grade Fund |
| Cost of investments | $822250089 | $59356381 |
| Gross unrealized appreciation | $6323799 | $58678 |
| Gross unrealized depreciation | (38737728) | (984491) |
| Net unrealized appreciation (depreciation) |  |  |
| on investments | $(32413929) | $(925813) |

---

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

As of June 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Income Plus Fund | Ultra-Short Duration Investment Grade Fund |
| Undistributed ordinary income | $- | $1531 |
| Undistributed long-term gains | - | - |
| Tax accumulated earnings |  | 1531 |
| Accumulated capital and other losses | (13370664) | (214899) |
| Unrealized appreciation on investments |  |  |
| and securities sold short | (35072791) | (770468) |
| Foreign currency translations | (16424) |  |
| Unrealized deferred compensation | (9422) | (6279) |
| Total accumulated earnings (deficit) | $(48469301) | $(990115) |

---

The tax character of the distribution paid during the fiscal years ended June 30, 2022 and June 30, 2021, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Ultra-Short Duration Investment | Ultra-Short Duration Investment |
|  | Income Plus Fund | Income Plus Fund | Grade Fund | Grade Fund |
| Distribution paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $12171104 | $10990460 | $344880 | $299704 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total taxable distributions | 12171104 | 10990460 | 344880 | 299704 |
| &nbsp;&nbsp;&nbsp;Return of Capital | 430037 | - | - | - |
| Total distributions paid | $12601141 | $10990460 | $344880 | $299704 |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

At June 30, 2022, 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 | $19704 | $13350960 | $13370664 |
| Ultra-Short Duration Investment Grade Fund | 172819 | 42080 | 214899 |

---

**Note 5 – Investment Transactions**

For the six months ended December 31, 2022, for the Income Plus Fund, purchases and sales of investments, excluding short-term investments, futures contracts, forward contracts and swap contracts were $353,013,534 and $449,745,179, respectively. Securities sold short and short securities covered were $259,417,854 and $236,786,444, respectively, for the same period.

For the six months ended December 31, 2022, for the Ultra-Short Duration Investment Grade Fund, purchases and sales of investments, excluding short-term investments, were $22,426,826 and $12,134,973, respectively. Securities sold short and short securities covered were $3,505,752 and $3,944,222, respectively, for the same period.

**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 of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the six months ended December 31, 2022, shareholder servicing fees incurred are disclosed on the Statement of Operations.

**Note 7 – Redemption Fee** 

Effective April 3, 2017, the Income Plus Fund no longer charges redemption fees. Prior to April 3, 2017, the Income Plus Fund imposed a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 30 days of purchase. Prior to August 5, 2016, the Income Plus Fund imposed a redemption fee of 2.00% of the total redemption amount within 180 days of purchase.

**Note 8 – 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 9 – 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level
1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

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 December 31, 2022, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Plus Fund** | **Level 1** | **Level 2** | **Level 3\*\*\*** | **Total** |
| **Assets** | | | | |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;Bank Loans | $- | $58434738 | $- | $58434738 |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 453419285 |  | 453419285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities |  | 61287272 |  | 61287272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate\* |  | 249776418 |  | 249776418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  | 43392290 |  | 43392290 |
| Short-Term Investments | 10901696 | - | - | 10901696 |
| **Total Investments** | $10901696 | $866310003 | $- | $877211699 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | - | 169531 | - | 169531 |
| **Total Assets** | $10901696 | $866479534 | $- | $877381230 |
| **Liabilities** |  |  |  |  |
| **Securities Sold Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $- | $87375539 | $- | $87375539 |
| **Total Securities Sold Short** | $- | $87375539 | $- | $87375539 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | - | 2003653 | - | 2003653 |
| **Total Liabilities** | $- | $89379192 | $- | $89379192 |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

**Ultra-Short Duration Investment Grade**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1** | **Level 2** | **Level 3\*\*\*** | **Total** |
| **Assets** | | | | |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;Bank Loans | $- | $1981316 | $- | $1981316 |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 30385994 |  | 30385994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities |  | 973467 |  | 973467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate\* |  | 14364276 |  | 14364276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities |  | 148322 |  | 148322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  | 10900094 |  | 10900094 |
| Short-Term Investments | 534402 | - | - | 534402 |
| **Total Assets** | $534402 | $58753469 | $- | $59287871 |
| **Liabilities** |  |  |  |  |
| **Securities Sold Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $- | $857303 | $- | $857303 |
| **Total Liabilities** | $- | $857303 | $- | $857303 |

---

\* 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. Futures contracts, forward contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

**Note 10 – 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

The effects of these derivative instruments on each Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of December 31, 2022 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 Contracts** | **Equity Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Total** |
| **Income Plus Fund** | | | | | |
| **Assets** | | | | | |
| Unrealized appreciation on<br> open futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $169531 | $169531 |
|  | $- | $- | $- | $169531 | $169531 |
| **Income Plus Fund** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | $- | $- | $2003653 | $- | $2003653 |
|  | $- | $- | $2003653 | $- | $2003653 |

---

\* 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.

The effects of derivative instruments on the Statement of Operations for the six months ended December 31, 2022 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 Contracts** | **Equity Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Total** |
| **Income Plus Fund**<br>**Realized Gain (Loss) on Derivatives** | | | | | |
| Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $182554 | $182554 |
| Swap contracts | 2182445 | - | - | - | 2182445 |
|  | $2182445 | $- | $- | $182554 | $2364999 |
| **Ultra-Short Duration Investment Grade Fund** |  |  |  |  |  |
| **Realized Gain (Loss) on Derivatives** |  |  |  |  |  |
| Futures contracts | $- | $- | $- | $(588) | $(588) |
|  | $- | $- | $- | $(588) | $(588) |

---

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income Plus Fund <br> Net Change in Unrealized Appreciation/Depreciation on Derivatives** | **Credit Contracts** | **Equity Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Total** |
| Futures contracts | $- | $- | $- | $449315 | $449315 |
| Forward contracts |  |  | (2666164) |  | (2666164) |
| Swap contracts | 2215769 | - | - | - | 2215769 |
|  | $2215769 | $- | $(2666164) | $449315 | $(1080) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Duration Investment Grade Fund <br> Net Change in Unrealized Appreciation/Depreciation on Derivatives** | **Credit Contracts** | **Equity Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Total** |
| Futures contracts | $- | $- | $- | $4575 | $4575 |
|  | $- | $- | $- | $4575 | $4575 |

---

The notional amount and the number of contracts are included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Income Plus Fund** | | | |
| &nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments | &nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | Interest rate contracts | Notional amount | $(12183854) |
| &nbsp;&nbsp;&nbsp;Forward contracts | Foreign exchange contracts | Notional amount | (31835785) |
| &nbsp;&nbsp;&nbsp;Swap contracts | Credit contracts | Notional amount | 20932562 |

---

**Ultra-Short Duration Investment Grade Fund**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | Interest rate contracts | Notional amount | $(142433) |

---

**Note 11 - 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.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

The Funds did not hold swap contracts at December 31, 2022.

**Note 12 – Unfunded Commitments** 

The Funds may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of December 31, 2022, the total unfunded amount was 0.1% of the Income Plus Fund's net assets and the Ultra-Short Duration Investment Grade Fund had no unfunded loan commitments outstanding.

As of December 31, 2022, the Income Plus Fund had the following unfunded loan commitments outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan** | **Principal** | **Cost** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Chemours Co. | $1254115 | $1211028 | $1303853 | $92825 |

---

**Note 13 – 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 3.00%. 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 six months ended December 31, 2022 are disclosed in the Statement of Operations. During the six months ended December 31, 2022, the Ultra-Short Duration Investment Grade Fund and the Income Plus Fund did not borrow under the line of credit. There was no line of credit payable balance in the Funds at December 31, 2022.

**Note 14 – Market Disruption and Geopolitical Risks** 

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected 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. Following Russia's large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Fund may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Funds' performance, the performance of the securities in which the Funds invests and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Palmer Square Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued** 

**December 31, 2022 (Unaudited)** 

**Note 15 - Recently Issued Accounting Pronouncements** 

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted procedures in accordance with Rule 18f-4.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds have adopted procedures in accordance with Rule 2a-5.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds financial statements and various filings.

**Note 16 – 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 events or transactions that occurred during this period that materially impacted the amounts or disclosures in each Fund's financial statements.

**Palmer Square Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited)** 

 ****

***Board Consideration of Investment Advisory Agreement***

At an in-person meeting held on September 13-14, 2022, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and Palmer Square Capital Management, LLC (the "*Investment Advisor*") with respect to the Palmer Square Income Plus Fund (the "*Income Plus Fund*") and the Palmer Square Ultra-Short Duration Investment Grade Fund (the "*Ultra-Short Fund*" and together with the Income Plus Fund, the "*Funds*") series of the Trust for an additional one-year term from when it otherwise would expire. In approving renewal of the Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of each Fund and its shareholders.

 ****

***Background***

In advance of the meeting, the Board received information about the Funds and the Advisory Agreement from the Investment Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Investment Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Investment Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Investment Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant fund universe (each a *"Fund Universe"*) for various periods ended June 30, 2022; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Investment Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

In renewing the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

 ****

***Nature, Extent and Quality of Services***

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Income Plus Fund's annualized total returns for the three- and five-year periods were above the Peer Group and Ultrashort Bond
Fund Universe median returns and the Bloomberg U.S. 1-3 Year Corporate Bond Index returns. The Fund's total return for the one-year
period was above the Bloomberg Index return, but below the Peer Group and Fund Universe median returns by 0.51% and 1.28%, respectively.
The Trustees considered the Investment Advisor's assertion that the Fund's underperformance relative to the Peer Group and
Fund Universe for the one-year period was primarily due to the Fund's allocation to collateralized loan obligations and below investment
grade bonds and loans, and that those allocations were also the drivers of the Fund's longer-term outperformance compared to the
Peer Group and Fund Universe. The Trustees also observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio,
ranked it in the first quartile of the funds (which is the most favorable) in the Peer Group for the one-, three-, and five-year periods.

**Palmer Square Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Ultra-Short Fund's total return for the one-year period was above the Peer Group and Ultrashort Bond Fund Universe median returns,
but below the ICE BofA 3-Month U.S. Treasury Bill Index return by 1.40%. For the five-year period, the Fund's annualized total
return was above the ICE BofA Index return, but slightly below the Fund Universe and Peer Group median returns by 0.01% and 0.02%, respectively.
The Fund's annualized total return for the three-year period was slightly below the Peer Group median return by 0.01%, and below
the Fund Universe median return and the ICE BofA Index return by 0.11% and 0.12%, respectively. The Trustees considered the Investment
Advisor's explanation that the decline in the credit markets in the first half of 2022 resulted in the Fund's underperformance
relative to the ICE BofA Index. The Trustees also considered the Investment Advisor's assertion that the Fund's slight underperformance
relative to the Peer Group median over the three- and five-year periods was due primarily to the Fund's higher net expense ratio
and the Fund's increased exposure to collateralized loan obligations in the first half of 2022.

The Board also considered the overall quality of services provided by the Investment Advisor to the Funds. In doing so, the Board considered the Investment Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Investment Advisor, as well as its compliance structure. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Investment Advisor to each Fund were satisfactory.

 ****

***Advisory Fees and Expense Ratios***

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Income Plus Fund's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Ultrashort Bond Fund
Universe medians by 0.23% and 0.24%, respectively. The Trustees noted the Investment Advisor's belief that from a risk and flexibility
perspective, the Fund falls between the Fund Universe and the Non-Traditional Bond fund universe, and that as a result, the Fund's
advisory fee is higher than many of the funds in the Fund Universe, but lower than many of the funds in the Non-Traditional Bond fund
universe. The Trustees also considered the Investment Advisor's explanation that the typical fund in the Ultra-Short Bond Fund
Universe is fairly plain compared to the Income Plus Fund, which is much more opportunistic; and that most funds in the Peer Group lack
the breadth to make the investments that the Income Plus Fund makes, and that such investments require significant time and resources.
The Trustees considered that the Fund's advisory fee was within the range of the advisory fees that the Investment Advisor charges
to manage separate accounts for institutional clients using the same strategy as the Fund, and higher than the fees that the Investment
Advisor charges to manage a private fund and a collective investment trust using the same strategy as the Fund. The Trustees observed,
however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to
the Investment Advisor's other clients, and that the Investment Advisor provides more services to the Fund than it does to separately
managed accounts.

**Palmer Square Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.30% and 0.34%, respectively. The Trustees noted that the Fund's annual total expenses were likely high in part because the Fund's advisory fee was high. The Trustees also considered the Investment Advisor's assertion that the investment advisors of certain funds in the Peer Group have significantly greater resources available to subsidize the expenses of their funds and cap their funds' expenses at lower levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Ultra-Short Fund's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group and Ultrashort Bond Fund
Universe medians. The Trustees noted that the Fund's advisory fee was the same as the fee that the Investment Advisor charges to
manage a private fund using the same strategy as the Fund, and lower than the fee that the Investment Advisor will charge to manage a
new collective investment trust using the same strategy as the Fund. The Trustees also noted that the Fund's advisory fee was lower
than the advisory fee paid by the other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.14% and 0.16%, respectively. The Trustees noted the Investment Advisor's assertion that the investment advisors of certain funds in the Peer Group have significantly greater resources available to subsidize the expenses of their funds and cap their funds' expenses at lower levels. The Trustees also observed that the average net assets of the Fund were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Investment Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Investment Advisor provides to the Funds.

 ****

***Profitability and Economies of Scale***

The Board next considered information prepared by the Investment Advisor relating to its costs and profits with respect to each Fund for the year ended June 30, 2022, noting that the Investment Advisor had waived almost its entire advisory fee for the Ultra-Short Fund and had not realized a profit with respect to the Ultra-Short Fund. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profit of the Investment Advisor from its relationship with the Income Plus Fund was reasonable.

**Palmer Square Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued** 

The Board also considered the benefits received by the Investment Advisor as a result of the Investment Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Investment Advisor's compliance program, the intangible benefits of the Investment Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the Funds' assets grow.

 ****

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, approved the renewal of the Advisory Agreement with respect to each Fund.

**Palmer Square Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued** 

**Statement Regarding Liquidity Risk Management Program** 

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of Investment Managers Series Trust (the "Trust") met on September 13-14, 2022 (the "Meeting"), to review the liquidity risk management program (the "Fund Program") applicable to the following series of the Trust (each, a "Fund" and together, the "Funds") pursuant to the Liquidity Rule:

Palmer Square Income Plus Fund

Palmer Square Ultra-Short Duration Investment Grade Fund

The Board has appointed Palmer Square Capital Management LLC, the investment adviser to the Funds, as the program administrator ("Program Administrator") for the Fund Program. Under the Trust's liquidity risk management program (the "Trust Program"), the Board has delegated oversight of the Trust Program to the Liquidity Oversight Committee (the "Oversight Committee"). At the Meeting, the Oversight Committee, on behalf of Program Administrator and the Funds, provided the Board with a written report (the "Report") that addressed the operation, adequacy, and effectiveness of implementation of the Fund Program, and any material changes to it for the period from July 1, 2021 through June 30, 2022 (the "Program Reporting Period").

In assessing the adequacy and effectiveness of implementation of the Fund Program, the Report discussed the following, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund Program's liquidity classification methodology for categorizing each Fund's investments (including derivative
transactions);

&nbsp;&nbsp;&nbsp;&nbsp;• An overview of market liquidity for each Fund during the Program Reporting Period;

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's ability to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's cash management;

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's borrowing activity, if any, in order to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's compliance with the 15% limit of illiquid investments; and

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's status as a primarily highly liquid fund ("PHLF"), the effectiveness of
the implementation of the PHLF standard, and whether it would be appropriate for each Fund to adopt a highly liquid investment minimum
("HLIM").

The Report stated that the Funds primarily hold assets that are defined under the Liquidity Rule as "highly liquid investments," and therefore each Fund is not required to establish an HLIM. Highly liquid investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. The Report also stated that there were no material changes made to the Fund Program during the Program Reporting Period.

In the Report, the Program Administrator concluded that (i) the Fund Program, as adopted and implemented, remains reasonably designed to assess and manage each Fund's liquidity risk; (ii) each Fund continues to qualify as a PHLF and therefore is not required to adopt an HLIM; (iii) during the Program Reporting Period, each Fund was able to meet redemption requests without significant dilution of remaining investors' interests; and (iv) there were no weaknesses in the design or implementation of the Fund Program during the Program Reporting Period.

There can be no assurance that the Fund Program will achieve its objectives in the future. Please refer to the Funds' prospectus for more information regarding each Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

**Palmer Square Funds**

**EXPENSE EXAMPLES** 

**For the Six Months Ended December 31, 2022 (Unaudited)**

**Expense Examples** 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses** 

The information in the row titled "Actual Performance" of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row under the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The information in the row titled "Hypothetical (5% annual return before expenses)" of the table below provides hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| **Income Plus Fund** | Beginning <br> Account Value | Ending <br> Account Value | Expenses Paid <br> During Period\* |
|  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Actual Performance | $1000.00 | $1022.40 | $4.52 |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1020.73 | 4.52 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.89%, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested.

**Palmer Square Funds** 

**EXPENSE EXAMPLES - Continued** 

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning | Ending | Expenses Paid |
| **Ultra-Short Duration Investment Grade Fund** | Account Value | Account Value | During Period\* |
|  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Actual Performance | $1000.00 | $1009.30 | $2.69 |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1022.52 | 2.71 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.53%, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

**This page is intentionally left blank**

**This page is intentionally left blank**

**Palmer Square Funds**

*Each a series of Investment Managers Series Trust*

 ****

***Investment Advisor***

Palmer Square Capital Management LLC

1900 Shawnee Mission Parkway, Suite 315

Mission Woods, Kansas 66205

 ****

***Custodian***

UMB Bank, n.a.

928 Grand Boulevard, 5<sup>th</sup> Floor

Kansas City, Missouri 64106

 ****

***Fund Co-Administrator***

Mutual Fund Administration, LLC

2220 East Route 66, Suite 226

Glendora, California 91740

 ****

***Fund Co-Administrator, Transfer Agent and Fund Accountant***

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

 ****

***Distributor***

IMST Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.acaglobal.com

FUND INFORMATION

---

| | | |
|:---|:---|:---|
|  | **<u>TICKER</u>** | **<u>CUSIP</u>** |
| Palmer Square Income Plus Fund | PSYPX | 46141P 388 |
| Palmer Square Ultra-Short Duration Investment Grade Fund | PSDSX | 46141Q 816 |

---

**Privacy Principles of the Palmer Square Funds for Shareholders** 

The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the Palmer Square Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

**Proxy Voting** 

The Funds' proxy voting policies and procedures, as well as information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, are available, without charge and upon request by calling (866) 933-9033 or on the SEC's <u>website at www.sec.gov</u>.

**Fund Portfolio Holdings** 

The Funds file a complete schedule of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds' Form N-PORT on the SEC's website at <u>www.sec.gov</u>.

Prior to the use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at <u>www.sec.gov</u>.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses and notice of annual and semi-annual reports availability and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (866) 933-9033.

Palmer Square Funds

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: (866) 933-9033

**<u>Item 1. Report to Stockholders (Continued).</u>**

(b) Not applicable.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

(b) Not applicable.

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

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 11. Controls and Procedures.</u>**

(a) The Registrant's President/Chief Executive Officer and Treasurer/Chief 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.

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

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

(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.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0082264-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.* 

 

*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0082264-1_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/Chief Executive Officer |
| Date | 3/10/2023 |

---

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/Chief Executive Officer |
| Date | 3/10/2023 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer/Chief Financial Officer |
| Date | 3/10/2023 |

---

## Ex-99.Cert

EX.99.CERT

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

I, Maureen Quill, certify that:

1. I have reviewed this report on Form N-CSR of the  **<u>Palmer Square Funds</u>** , each a series of  **<u>Investment Managers Series Trust (the "Trust");</u>** 

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second
fiscal quarter of 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

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;(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;(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: | 3/10/2023 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President/Chief Executive Officer |

---

EX.99.CERT

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

I, Rita Dam, certify that:

1. I have reviewed this report on Form N-CSR of the  **<u>Palmer Square Funds</u>** , each a series of  **<u>Investment Managers Series Trust (the "Trust");</u>** 

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second
fiscal quarter of 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

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: | 3/10/2023 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer/Chief 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 the **<u>Palmer Square Funds</u>**, each a series of Investment Managers Series Trust (the "Trust"), for the six months ended **December 31, 2022** (the "Report"), Maureen Quill, as President/Chief Executive Officer of the Trust, and Rita Dam, as Treasurer/Chief 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:

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

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

---

| | |
|:---|:---|
| Date | 3/10/2023 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President/Chief Executive Officer | President/Chief Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer/Chief Financial Officer | Treasurer/Chief 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 Exchange Act of 1934.