The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of an appropriate broad-based securities market index. Updated performance information is available at the Fund’s website, www.palmersquarefunds.com or by calling the Fund at 1-800-736-1145. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return for the Fund as of September 30, 2026 was 2.91%.
| Highest Calendar Quarter Return at NAV (not-annualized): | 2.10% | Quarter ended: 6/30/2025 | ||
| Lowest Calendar Quarter Return at NAV (not-annualized): | 1.43% | Quarter ended: 12/31/2025 |
| Average Annual Total Returns (for the period ended December 31, 2025) | One | Since | ||
| Return Before Taxes | 6.85% | 6.91% | ||
| Return After Taxes on Distributions* | 4.93% | 4.98% | ||
| Return After Taxes on Distributions and Sale of Shares* | 4.03% | 4.45% | ||
| Bloomberg U.S. Corporate 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | 5.88% | 4.83% |
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of an appropriate broad-based securities market index. Updated performance information is available at the Fund’s website, www.palmersquarefunds.com or by calling the Fund at 1-800-736-1145. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return for the Fund as of September 30, 2026 was 3.79%.
| Highest Calendar Quarter Return at NAV (not-annualized): | 1.54% | Quarter ended: 6/30/2025 | ||
| Lowest Calendar Quarter Return at NAV (not-annualized): | 1.29% | Quarter ended: 3/31/2025 |
| Average Annual Total Returns (for the period ended December 31, 2025) | One | Since | ||
| Return Before Taxes | 5.73% | 6.00% | ||
| Return After Taxes on Distributions* | 3.82% | 4.07% | ||
| Return After Taxes on Distributions and Sale of Shares* | 3.37% | 3.75% | ||
| Palmer Square CLO Senior Debt Index (reflects no deduction for fees, expenses or taxes) | 5.72% | 5.93% |
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
The Fund has not commenced operations and does not have a performance history.
On November 3, 2025, the Fund acquired all of the assets and liabilities of Palmer Square Income Plus Fund, a series of Investment Managers Series Trust (the “Income Plus Predecessor Fund”), in a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the Fund has assumed the performance history of the Income Plus Predecessor Fund. Performance shown below prior to the date of the Reorganization is that of the Income Plus Predecessor Fund.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of an appropriate broad-based securities market index. Updated performance information is available at the Fund’s website, www.palmersquarefunds.com or by calling the Fund at 1-800-736-1145. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return for the Fund as of September 30, 2026 was 2.28%.
| Highest Calendar Quarter Return at NAV (not-annualized): | 8.44% | Quarter Ended June 30, 2020 | ||
| Lowest Calendar Quarter Return at NAV (not-annualized): | (7.97)% | Quarter Ended March 31, 2020 |
| Average Annual Total Returns for the periods ended December 31, 2025 | 1 Year | 5 Years | 10 Years | ||||||
| Class I Shares – Return Before Taxes | 5.12 | % | 4.17 | % | 4.02 | % | |||
| Class I Shares – Return After Taxes on Distributions* | 3.25 | % | 2.51 | % | 2.54 | % | |||
| Class I Shares – Return After Taxes on Distributions and Sale of Fund Shares* | 3.01 | % | 2.47 | % | 2.44 | % | |||
| Class T Shares – Return Before Taxes** | 5.34 | % | 4.33 | % | 4.17 | % | |||
| Bloomberg U.S. Corporate 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | 5.88 | % | 2.57 | % | 2.77 | % | |||
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30 | % | -0.36 | % | 2.01 | % | |||
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* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
** 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.
On November 3, 2025, the Fund acquired all of the assets and liabilities of Palmer Square Ultra-Short Duration Investment Grade Fund, a series of Investment Managers Series Trust (the “Ultra-Short Duration Predecessor Fund”, together with the Income Plus Predecessor Fund, the “Predecessor Funds”), in a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the Fund has assumed the performance history of the Ultra-Short Duration Predecessor Fund. Performance shown below prior to the date of the Reorganization is that of the Ultra-Short Duration Predecessor Fund.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of an appropriate broad-based securities market index. Updated performance information is available at the Fund’s website, www.palmersquarefunds.com or by calling the Fund at 1-800-736-1145. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return for the Fund as of September 30, 2026 was 2.71%.
| Highest Calendar Quarter Return at NAV (not-annualized): | 2.45% | Quarter Ended June 30, 2020 | ||
| Lowest Calendar Quarter Return at NAV (not-annualized): | (1.61)% | Quarter Ended March 31, 2020 |
| Average Annual Total Returns for the periods ended December 31, 2025 | 1 Year | 5 Year | Since | |||
| Return Before Taxes | 4.64% | 3.18% | 2.60% | |||
| Return After Taxes on Distributions* | 2.75% | 1.79% | 1.51% | |||
| Return After Taxes on Distributions and Sale of Fund Shares* | 2.73% | 1.83% | 1.52% | |||
| ICE BofA 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | 4.17% | 3.17% | 2.34% | |||
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 1.61% |
____________
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.