What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
PSQA | $ |
Management's Discussion of Fund Performance
Summary of Results
As a refresher, the investment objective of the Palmer Square CLO Senior Debt ETF (“PSQA”) is to seek to provide investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of Palmer Square CLO Senior Debt Index.
For the 12-month period ended on June 30, 2026, the Palmer Square CLO Senior Debt ETF returned 5.36% (net of fees) (NAV) and 5.30% (net of fees) (Market Price) return. While the Palmer Square CLO Senior Debt Index, PSQA’s benchmark, returned 5.35%, and the broad based Bloomberg Aggregate Bond Index returned 3.79% over the same time period.
Top Performance Contributors
The positive absolute performance during the 12-month period was driven by current income from floating rate securities with exposure to high base rates. PSQA invests primarily in CLO Debt (specifically CLO AAA and CLO AA holdings). Short duration CLO AAA current yields are 5.25-5.75%, which is very high and compelling compared to history and have been benefiting from elevated rates.
Top Performance Detractors
Each of PSQA’s sector allocations provided a positive contribution to performance, with the majority of the contribution from the Fund’s CLO AAA exposure.
Current Positioning
The Fund closed the fiscal year with an 84% allocation to AAA CLO Debt and a 16% allocation to AA CLO Debt. The size of the CLO market continues to grow in the U.S. and has surpassed $1 trillion and $1.4 trillion globally, which is now the largest credit sector within securitized products. Demand continued in 2026 with $84B in new issuance (-22% Year-over-Year) and $158B in refi/resets. Based on this backdrop, the management team is confident they can continue to manage the Fund to correspond generally to the price and yield (before the Fund’s fees and expenses) of Palmer Square CLO Senior Debt Index.
Fund Performance
The following graph and chart compare the initial and subsequent account values for the life of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
Growth of $10,000
9/11/24 | $ | $ | $ |
|---|---|---|---|
9/24 | $ | $ | $ |
12/24 | $ | $ | $ |
3/25 | $ | $ | $ |
6/25 | $ | $ | $ |
9/25 | $ | $ | $ |
12/25 | $ | $ | $ |
3/26 | $ | $ | $ |
6/26 | $ | $ | $ |
Average Annual Total Return
Fund/Index Name | 1 Year | Since
Inception
( |
|---|---|---|
Palmer Square CLO Senior Debt ETF | ||
Palmer Square CLO Senior Debt Index | ||
Bloomberg U.S. Aggregate Bond Index |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-clo-senior-debt-etf for the most recent performance information.
Key Fund Statistics
Net Assets | $ |
|---|---|
Investment advisory fees paid | $ |
Total Number of Portfolio Holdings | |
Portfolio Turnover Rate |
What did the Fund invest in?
The tables below show the investment makeup of the Fund.
Top 10 Issuers (% of net assets)
Magnetite Ltd. | |
|---|---|
Madison Park Funding Ltd. | |
Bain Capital Credit CLO Ltd. | |
Elmwood CLO Ltd. | |
Benefit Street Partners CLO Ltd. | |
Apidos CLO Ltd. | |
Neuberger Berman Loan Advisers CLO Ltd. | |
Carlyle US CLO Ltd. | |
AIMCO CLO Ltd. | |
Regatta Funding Ltd. |
Ratings Summary* (% of Total Investments)
AAA | |
|---|---|
AA | |
AA+ | |
* Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from AAA (highest) to D (lowest). | |
Material Fund Changes
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Palmer Square CLO Senior Debt ETF | PSQA
For more information, please scan the QR code at right to navigate to additional hosted material at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-clo-senior-debt-etf.
Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-clo-senior-debt-etf. You can also request this information by contacting us at (855) 513-9988.
PSQA0826
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
PSQO | $ |
Management's Discussion of Fund Performance
Summary of Results
As a refresher, the investment objective of the Palmer Square Credit Opportunities ETF (“PSQO”) is to seek a high level of current income. PSQO also seeks long-term capital appreciation as a secondary objective. In seeking to achieve that investment objective, the Investment Team employs a flexible mandate that will be allocated across a diverse mix of relative value credit opportunities within CLOs, corporate credit, asset-backed securities, and bank loans.
For the 12-month period ended on June 30, 2026, the Palmer Square Credit Opportunities ETF returned 5.25% (net of fees) (NAV) and 5.54% (net of fees) (Market Price) return. While the Bloomberg U.S. Corporate 1-3 Year Index, PSQO’s benchmark, returned 3.85%, and the broad based Bloomberg Aggregate Bond Index returned 3.79% over the same time period.
Top Performance Contributors
The positive absolute performance during the 12-month period was driven mostly by current income from floating rate securities with exposure to high base rates. CLO Debt (specifically CLO AAA and CLO BBB holdings) provided the greatest positive contribution. The Fund’s corporate bonds exposure, both investment grade (“IG”) and high yield (“HY”), provided the second greatest positive contribution. U.S. Treasury, ABS/MBS and Bank Loans holdings also provided positive contributions.
Top Performance Detractors
Each of PSQO’s sector allocations provided a positive contribution to performance. Exposure in CMBS and Investment Grade Bank Loans provided the smallest positive contribution.
Current Positioning
The Fund closed the fiscal year conservatively positioned. CLO debt remains the largest allocation and exposure in the capital stack is primarily split between AAA and BBB, followed by smaller allocations to CLO BB debt and CLO AA debt. U.S. Treasuries is the second largest allocation, followed closely by Bank Loans, HY Corporate Debt and ABS/MBS. IG Corporates is the smallest allocations. In ABS/MBS, we continue to like prime consumer borrowers while subprime consumers continue to struggle with higher inflation. Finally, the Fund maintained our constructive stance on higher quality U.S. bank loans and expect to keep allocations near current levels in the near term.
Fund Performance
The following graph and chart compare the initial and subsequent account values for the life of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
Growth of $10,000
9/11/24 | $ | $ | $ |
|---|---|---|---|
9/24 | $ | $ | $ |
12/24 | $ | $ | $ |
3/25 | $ | $ | $ |
6/25 | $ | $ | $ |
9/25 | $ | $ | $ |
12/25 | $ | $ | $ |
3/26 | $ | $ | $ |
6/26 | $ | $ | $ |
Average Annual Total Return
Fund/Index Name | 1 Year | Since
Inception
( |
|---|---|---|
Palmer Square Credit Opportunities ETF | ||
Bloomberg U.S. Corporate 1-3 Year Index | ||
Bloomberg U.S. Aggregate Bond Index |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-credit-opportunities-etf for the most recent performance information.
Key Fund Statistics
Net Assets | $ |
|---|---|
Investment advisory fees paid | $ |
Total Number of Portfolio Holdings | |
Portfolio Turnover Rate |
What did the Fund invest in?
The tables below show the investment makeup of the Fund.
Top 10 Issuers (% of net assets)
U.S. Treasury Notes | |
|---|---|
Elmwood CLO Ltd. | |
Carlyle US CLO Ltd. | |
Post CLO Ltd. | |
Dryden CLO Ltd. | |
Magnetite Ltd. | |
Empower CLO Ltd. | |
Barings CLO Ltd. | |
Signal Peak CLO Ltd. | |
Riserva CLO Ltd. |
Investment Type (% of net assets)
Collateralized Loan Obligations | |
|---|---|
Corporate Bonds | |
U.S. Government and Agency Securities | |
Bank Loans | |
Residential Mortgage-Backed Securities | |
Asset-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Convertible Bonds | |
Short term Investment |
Material Fund Changes
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Palmer Square Credit Opportunities ETF | PSQO
For more information, please scan the QR code at right to navigate to additional hosted material at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-credit-opportunities-etf.
Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://etf.palmersquarefunds.com/funds/us-etfs/palmer-square-credit-opportunities-etf. You can also request this information by contacting us at (855) 513-9988.
PSQO0826
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
PSYPX | $ |
Management's Discussion of Fund Performance
Summary of Results
As a refresher, the investment objective of the Palmer Square Income Plus Fund (the “Fund”) is income and capital appreciation. In seeking to achieve that investment objective, the Investment Team employs a flexible mandate to find the best relative value across corporate credit and structured credit. The Fund has also historically maintained low interest rate duration and high credit quality.
For the 12-month period ended on June 30, 2026, the Palmer Square Income Plus Fund, Class I share, returned 4.26%. The Fund’s benchmark, the Bloomberg U.S. Corporate 1-3 Year Index, returned 3.85%, while the broad based Bloomberg Aggregate Bond Index returned 3.79% over the same time period.
Top Performance Contributors
The positive absolute performance for the 12-month period was driven mostly by current income from the Fund’s floating rate exposure to high base rates. Collateralized Loan Obligation (“CLO”) Debt (specifically CLO AAA and CLO BBB holdings) provided the greatest positive contribution. The Fund’s corporate bonds exposure, both investment grade and high yield, provided the second greatest positive contribution. U.S. Treasury, Asset-Backed Securities (“ABS”) and Bank Loans holdings also provided positive contributions.
On a relative basis, the Fund outperformed its primary benchmark due to greater exposure to floating rate securities and lower duration. The Yield on 2-Year Treasuries increased by more than 25 basis points (or 1/100th of a percent) during the corresponding period as the market shifted expectations to a Fed Funds rate hike.
Top Performance Detractors
Each of the Fund’s sector allocations provided a positive contribution to performance. Residential Mortgage-Backed Securities (“RMBS”), Commercial Mortgage-Backed Securities (“CMBS”) and Investment Grade Bank Loans provided the least positive contribution to performance.
Current Positioning
The Fund closed the fiscal year conservatively positioned. CLO debt remains the largest allocation and exposure in the capital stack continues to be weighted towards AAA, which still offers tremendous value. Investment Grade Corporate Debt is the second largest allocation, but we may seek to increase exposure or add spread duration in the event that spreads widen to more attractive levels. Treasury Bills and RMBS are the next two largest allocations. The RMBS exposure is primarily prime borrowers. The Fund’s exposure to high yield corporate bonds remained focused on short duration, discounted High-Yield (“HY”) bonds, while selectively looking for new opportunities in the primary market. Finally, the Fund maintained our constructive stance on higher quality U.S. bank loans and expect to keep allocations near current levels in the near term.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
6/16 | $ | $ | $ |
|---|---|---|---|
6/17 | $ | $ | $ |
6/18 | $ | $ | $ |
6/19 | $ | $ | $ |
6/20 | $ | $ | $ |
6/21 | $ | $ | $ |
6/22 | $ | $ | $ |
6/23 | $ | $ | $ |
6/24 | $ | $ | $ |
6/25 | $ | $ | $ |
6/26 | $ | $ | $ |
Average Annual Total Return
Fund/Index Name | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Palmer Square Income Plus Fund (Class I/PSYPX) | |||
Bloomberg U.S. Corporate 1-3 Year Index | |||
Bloomberg U.S. Aggregate Bond Index |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx for the most recent performance information.
Key Fund Statistics
Net Assets | $ |
|---|---|
Investment advisory fees paid | $ |
Total Number of Portfolio Holdings | |
Portfolio Turnover Rate |
What did the Fund invest in?
The tables below show the investment makeup of the Fund.
Top 10 Holdings (% of net assets)
U.S. Treasury Notes | |
|---|---|
Post CLO Ltd. | |
Elmwood CLO Ltd. | |
Empower CLO Ltd. | |
OCP CLO Ltd. | |
OBX Trust | |
Dryden CLO Ltd. | |
Sequoia Mortgage Trust | |
EFMT | |
PMT Loan Trust |
Investment Type (% of net assets)
Bonds | |
|---|---|
Collateralized Loan Obligations | |
Short Term Investments | |
Bank Loans | |
Exchange Traded Funds | |
Other Assets in Excess of Liabilities |
Bond Sector Allocation
Corporate Bonds | |
|---|---|
Residential Mortgage-Backed Securities | |
Asset-Backed Securities | |
U.S. Government | |
Commercial Mortgage-Backed Securities | |
Convertible Bonds | |
Collateralized Mortgage Obligations |
Material Fund Changes
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Palmer Square Income Plus Fund |
For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx.
Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.
PSYPX0826
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
PSTPX | $ |
Management's Discussion of Fund Performance
Summary of Results
As a refresher, the investment objective of the Palmer Square Income Plus Fund (the “Fund”) is income and capital appreciation. In seeking to achieve that investment objective, the Investment Team employs a flexible mandate to find the best relative value across corporate credit and structured credit. The Fund has also historically maintained low interest rate duration and high credit quality.
For the 12-month period ended on June 30, 2026, the Palmer Square Income Plus Fund, Class T share, returned 4.46%. The Fund’s benchmark, the Bloomberg 1-3 Year U.S. Corporate Index, returned 3.85%, while the broad based Bloomberg Aggregate Bond Index returned 3.79% over the same time period.
Top Performance Contributors
The positive absolute performance for the 12-month period was driven mostly by current income from the Fund’s floating rate exposure to high base rates. Collateralized Loan Obligation (“CLO”) Debt (specifically CLO AAA and CLO BBB holdings) provided the greatest positive contribution. The Fund’s corporate bonds exposure, both investment grade and high yield, provided the second greatest positive contribution. U.S. Treasury, Asset-Backed Securities (“ABS”) and Bank Loans holdings also provided positive contributions.
On a relative basis, the Fund outperformed its primary benchmark due to greater exposure to floating rate securities and lower duration. The Yield on 2-Year Treasuries increased by more than 25 basis points (or 1/100th of a percent) during the corresponding period as the market shifted expectations to a Fed Funds rate hike.
Top Performance Detractors
Each of the Fund’s sector allocations provided a positive contribution to performance. Residential Mortgage-Backed Securities (“RMBS”), Commercial Mortgage-Backed Securities (“CMBS”) and Investment Grade Bank Loans provided the least positive contribution to performance.
Current Positioning
The Fund closed the fiscal year conservatively positioned. CLO debt remains the largest allocation and exposure in the capital stack continues to be weighted towards AAA, which still offers tremendous value. Investment Grade Corporate Debt is the second largest allocation, but we may seek to increase exposure or add spread duration in the event that spreads widen to more attractive levels. Treasury Bills and RMBS are the next two largest allocations. The RMBS exposure is primarily prime borrowers. The Fund’s exposure to high yield corporate bonds remained focused on short duration, discounted High-Yield (“HY”) bonds, while selectively looking for new opportunities in the primary market. Finally, the Fund maintained our constructive stance on higher quality U.S. bank loans and expect to keep allocations near current levels in the near term.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $5,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $5,000,000
6/16 | $ | $ | $ |
|---|---|---|---|
6/17 | $ | $ | $ |
6/18 | $ | $ | $ |
6/19 | $ | $ | $ |
6/20 | $ | $ | $ |
6/21 | $ | $ | $ |
6/22 | $ | $ | $ |
6/23 | $ | $ | $ |
6/24 | $ | $ | $ |
6/25 | $ | $ | $ |
6/26 | $ | $ | $ |
Average Annual Total Return
Fund/Index Name | 1 Year | 5 Years | 10 YearsFootnote Reference1 |
|---|---|---|---|
Palmer Square Income Plus Fund (Class T/PSTPX)Footnote Reference1 | |||
Bloomberg U.S. Corporate 1-3 Year Index | |||
Bloomberg U.S. Aggregate Bond Index |
| Footnote | Description |
Footnote1 | Class T shares commenced operations on February 29, 2024. The performance figures for Class T shares include the performance for the Class I shares for the periods prior to the inception date of Class T shares, adjusted for the difference in expenses related to Class I shares and Class T shares. Class I shares impose higher expenses than Class T shares. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx for the most recent performance information.
Key Fund Statistics
Net Assets | $ |
|---|---|
Investment advisory fees paid | $ |
Total Number of Portfolio Holdings | |
Portfolio Turnover Rate |
What did the Fund invest in?
The tables below show the investment makeup of the Fund.
Top 10 Holdings (% of net assets)
U.S. Treasury Notes | |
|---|---|
Post CLO Ltd. | |
Elmwood CLO Ltd. | |
Empower CLO Ltd. | |
OCP CLO Ltd. | |
OBX Trust | |
Dryden CLO Ltd. | |
Sequoia Mortgage Trust | |
EFMT | |
PMT Loan Trust |
Investment Type (% of net assets)
Bonds | |
|---|---|
Collateralized Loan Obligations | |
Short Term Investments | |
Bank Loans | |
Exchange Traded Funds | |
Other Assets in Excess of Liabilities |
Bond Sector Allocation
Corporate Bonds | |
|---|---|
Residential Mortgage-Backed Securities | |
Asset-Backed Securities | |
U.S. Government | |
Commercial Mortgage-Backed Securities | |
Convertible Bonds | |
Collateralized Mortgage Obligations |
Material Fund Changes
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Palmer Square Income Plus Fund |
For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx.
Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx. You can also request this information by contacting us at (800) 736-1145.
PSTPX0826
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
Ticker | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
PSDSX | $ |
Management's Discussion of Fund Performance
Summary of Results
As a refresher, the investment objective of the Palmer Square Ultra-Short Duration Investment Grade Fund (the “Fund”) is to seek income. A secondary objective of the Fund is to seek capital appreciation. The Fund is invested primarily in a broad universe of credit such as fixed and floating rate investment grade corporate bonds and notes, collateralized loan obligations (“CLOs”), traditional asset-backed securities (“ABS”), and commercial paper. We believe our portfolio presents an ultra-short duration income alternative for investors targeting potential yield, capital preservation, and low volatility.
For the 12-month period ended on June 30, 2026, the Palmer Square Ultra-Short Duration Investment Grade Fund returned 4.17%. The Fund’s benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, returned 3.84%, while the broad based Bloomberg Aggregate Bond Index returned 3.79% over the same time period.
Top Performance Contributors
On a relative basis, the Fund had another solid fiscal year given its high current income and low interest rate duration. Over the time period, CLO Debt provided the greatest positive contribution to performance. The Fund’s exposure in ABS/CMBS, Investment Grade (“IG”) Corporate Bonds and Treasury Bills also provided significant positive contributions.
Top Performance Detractors
Each of the Fund’s sector allocations provided a positive contribution to performance. Holdings within Bank Loans and U.S. Treasuries as well as cash provided the least positive contribution to performance.
Current Positioning
We believe the Fund has solid diversification across both corporate and structured credit. The four main tools we have utilized to do this include investment grade corporate bonds, commercial paper, traditional asset-backed securities, and CLO debt.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
10/16 | $ | $ | $ |
|---|---|---|---|
6/17 | $ | $ | $ |
6/18 | $ | $ | $ |
6/19 | $ | $ | $ |
6/20 | $ | $ | $ |
6/21 | $ | $ | $ |
6/22 | $ | $ | $ |
6/23 | $ | $ | $ |
6/24 | $ | $ | $ |
6/25 | $ | $ | $ |
6/26 | $ | $ | $ |
Average Annual Total Return
Fund/Index Name | 1 Year | 5 Years | Since
InceptionFootnote Reference1 |
|---|---|---|---|
Palmer Square Ultra-Short Duration Investment Grade Fund (Class I/PSDSX) | |||
ICE BofA 3-Month U.S. Treasury Bill Index | |||
Bloomberg U.S. Aggregate Bond Index |
| Footnote | Description |
Footnote1 | Palmer Square Ultra-Short Duration Investment Grade Fund commenced operations on October 7, 2016. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://www.palmersquarefunds.com/funds/income-plus-fund-psypx-pstpx for the most recent performance information.
Key Fund Statistics
Net Assets | $ |
|---|---|
Investment advisory fees paid | $ |
Total Number of Portfolio Holdings | |
Portfolio Turnover Rate |
What did the Fund invest in?
The tables below show the investment makeup of the Fund.
Top 10 Holdings (% of net assets)
Dryden CLO Ltd. | |
|---|---|
AIMCO CLO Ltd. | |
Elmwood CLO Ltd. | |
Octagon Ltd. | |
KKR CLO Ltd. | |
Symphony CLO Ltd. | |
CarVal CLO Ltd. | |
Anchorage Capital CLO Ltd. | |
Voya CLO Ltd. | |
Empower CLO Ltd. |
Investment Type (% of net assets)
Collateralized Loan Obligations | |
|---|---|
Bonds | |
Short Term Investments | |
Bank Loans | |
Exchange Traded Funds | |
Other Assets in Excess of Liabilities |
Bond Sector Allocation
Corporate Bonds | |
|---|---|
Asset-Backed Securities | |
Commercial Mortgage-Backed Securities |
Material Fund Changes
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 513-9988 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Palmer Square Ultra-Short Duration Investment Grade Fund |
For more information, please scan the QR code at right to navigate to additional hosted material at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx
Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings, and proxy voting information at https://www.palmersquarefunds.com/funds/ultra-short-duration-investment-grade-fund-psdsx. You can also request this information by contacting us at (800) 736-1145.
PSDSX0826