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Form NSAR-B Palmer Square Opportunis For: Jul 31

September 29, 2016 4:20 PM EDT
      PAGE  1
000 B000000 07/31/2016
000 C000000 0001608016
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PALMER SQUARE OPPORTUNISTIC INCOME FUND
001 B000000 811-22969
001 C000000 4142992000
002 A000000 2000 SHAWNEE MISSION PARKWAY, SUITE 300
002 B000000 MISSION WOODS
002 C000000 KS
002 D010000 66205
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 PALMER SQUARE CAPITAL MANAGEMENT LLC
008 B000001 A
008 C000001 801-72047
008 D010001 MISSION WOODS
008 D020001 KS
008 D030001 66205
010 A000001 MUTUAL FUND ADMINISTRATION, LLC
010 C010001 GLENDORA
010 C020001 CA
010 C030001 91740
010 A000002 UMB FUND SERVICES, INC.
010 B000002 084-05792
010 C010002 MILWAUKEE
010 C020002 WI
010 C030002 53212
010 C040002 3948
011 A000001 FORESIDE FUND SERVICES, LLC
011 B000001 8-51293
011 C010001 PORTLAND
011 C020001 ME
011 C030001 04101
012 A000001 UMB FUND SERVICES, INC.
012 B000001 84-5792
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53212
013 A000001 TAIT, WELLER & BAKER LLP
013 B010001 PHILADELPHIA
      PAGE  2
013 B020001 PA
013 B030001 19103
015 A000001 UMB BANK, N.A.
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64141
015 C040001 6226
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000    5
019 C000000 PALMERSQRE
020 A000001 J.P. MORGAN SECURITIES LLC
020 B000001 13-3299429
020 C000001      6
021  000000        6
022 A000001 J.P. MORGAN SECURITIES LLC
022 B000001 13-3299429
022 C000001     19022
022 D000001      8529
022 A000002 MORGAN STANLEY
022 B000002 36-3145972
022 C000002      6429
022 D000002      3656
022 A000003 GOLDMAN SACHS
022 B000003 15-5108880
022 C000003      3709
022 D000003      5500
022 A000004 BARCLAYS CAPITAL INC
022 B000004 13-3297824
022 C000004      7288
022 D000004      1276
022 A000005 NOMURA SECURITIES
022 B000005 13-2642206
022 C000005      4790
022 D000005      2736
022 A000006 CITIGROUP
022 B000006 11-2418191
022 C000006      6666
022 D000006       771
022 A000007 BANK OF AMERICA CORP.
022 B000007 56-0906609
022 C000007      3458
022 D000007      1850
022 A000008 CREDIT SUISSE, INC.
022 B000008 13-1898818
022 C000008      2320
022 D000008      2212
022 A000009 SCOTIA CAPITAL (USA), INC.
022 B000009 13-5239583
      PAGE  3
022 C000009      2906
022 D000009       844
022 A000010 DEUTSCHE BANK AG
022 C000010       254
022 D000010      2708
023 C000000      60801
023 D000000      35248
024  000000 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
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028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
      PAGE  4
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044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  1.000
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
      PAGE  5
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 N
060 B000000 N
061  000000  5000000
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
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062 L000000   1.4
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   6.2
062 Q000000  84.5
062 R000000   0.2
063 A000000   0
063 B000000  7.5
064 A000000 N
064 B000000 N
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
      PAGE  6
067  000000 N
068 A000000 N
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070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
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070 E010000 Y
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070 F010000 Y
070 F020000 N
070 G010000 Y
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070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
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070 M010000 Y
070 M020000 N
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070 O010000 Y
070 O020000 N
070 P010000 Y
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070 R010000 Y
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071 A000000     57253
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071 D000000   74
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      PAGE  7
072 H000000        0
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073 A010000   1.1032
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      PAGE  8
074 S000000        0
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077 A000000 Y
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077 C000000 N
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077 H000000 N
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077 K000000 N
077 L000000 N
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077 Q010000 N
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078  000000 N
080 A000000 Federal Insurance Company
080 C000000      400
081 A000000 N
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084 A000000 N
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086 D010000      0
      PAGE  9
086 D020000      0
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088 A000000 N
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088 D000000 N
SIGNATURE   CHRIS KLEIN
TITLE       FUND ADMINISTRATOR
 

REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM



To the Shareholders and
Board of Trustees of
Palmer Square Opportunistic Income Fund
Mission Woods, KS 66205

In planning and performing our audit of the financial 
statements of Palmer Square Opportunistic Income Fund 
(the Fund), as of and for the period ended July 31, 2016, 
in accordance with the standards of the Public Company 
Accounting Oversight Board (United States), we 
considered their internal control over financial reporting, 
including control activities for safeguarding securities, 
as a basis for designing our auditing procedures for the 
purpose of expressing our opinion on the financial 
statements and to comply with the requirements of Form 
N-SAR, but not for the purpose of expressing an opinion 
on the effectiveness of the Funds internal control over 
financial reporting.  Accordingly, we express no such 
opinion.

The management of the Fund is responsible for 
establishing and maintaining effective internal control 
over financial reporting.   In fulfilling this responsibility, 
estimates and judgments by management are required to 
assess the expected benefits and related costs of controls.   
A companys internal control over financial reporting is a 
process designed 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.   A companys internal control over financial 
reporting includes those policies and procedures that (1) 
pertain to the maintenance of records that, in reasonable 
detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide 
reasonable assurance that transactions are recorded as 
necessary to permit preparation of financial statements in 
accordance with generally accepted accounting 
principles, and that receipts and expenditures of the 
company are being made only in accordance with 
authorizations of management and directors of the 
company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorized 
acquisition, use or disposition of a companys assets that 
could have a material effect on the financial statements.

Because of inherent limitations, internal control over 
financial reporting may not prevent or detect 
misstatements.   Also, projections of any evaluation of 
effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the 
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting 
exists when the design or operation of a control does not 
allow management or employees, in the normal course 
of performing their assigned functions, to prevent or 
detect misstatements on a timely basis.   A material 
weakness is a deficiency, or combination of deficiencies, 
in internal control over financial reporting, such that 
there is a reasonable possibility that a material 
misstatement of the companys annual or interim 
financial statements will not be prevented or detected on 
a timely basis.

Our consideration of the Funds internal control over 
financial reporting was for the limited purpose described 
in the first paragraph and would not necessarily disclose 
all deficiencies in internal control that might be material 
weaknesses under standards established by the Public 
Company Accounting Oversight Board (United States).   
However, we noted no deficiencies in the Funds internal 
control over financial reporting and its operation, 
including controls for safeguarding securities, which we 
consider to be material weaknesses, as defined above, as 
of July 31, 2016.

This report is intended solely for the information and use 
of management, Shareholders and Board of Trustees of 
Palmer Square Opportunistic Income Fund and the 
Securities and Exchange Commission, and is not 
intended to be and should not be used by anyone other 
than these specified parties.


/S/ TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
September 29, 2016





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