0001608016 2025-08-01 2026-07-31 false N-2 0001608016 N-CSR Palmer Square Opportunistic Income Fund 2026-07-31 The Fund’s investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks long-term capital appreciation. 14. Capital Stock The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares. The minimum initial investment in the Fund by any investor is $100,000. However, there is no initial or subsequent investment minimums for accounts maintained by financial institutions (such as registered investment advisers and trusts) for the benefit of their clients who purchase shares through investment programs such as (1) fee-based advisory programs; (2) employee benefit plans (e.g., 401(k) or 457(b) retirement plans; (3) mutual fund platforms; and (4) consulting firms. In addition, there is no initial or subsequent investment minimum for Trustees or officers of the Fund, directors, officers and employees of Palmer Square Capital Management, LLC (the “Advisor”) or Foreside Fund Services, LLC (the “Distributor”) or any of their affiliates. Minimum investment amounts may be waived in the discretion of the Fund or the Advisor. The Distributor is not required to sell any specific number or dollar amount of the Fund’s shares but will use commercially reasonable efforts to sell the shares. A substantial portion of the Fund’s investments will be illiquid. For this reason, the Fund is structured as a closed-end interval fund, which means that the Shareholders will not have the right to redeem their Shares on a daily basis. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. For each repurchase offer the Board will set an amount between 5% and 25% of the Fund’s Shares based on relevant factors, including the liquidity of the Fund’s positions and the Shareholders’ desire for liquidity. A Shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the Shareholder’s purchase of the Shares. Expense Example As a shareholder of the Fund, 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 Fund 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 February 1, 2026 to July 31, 2026. 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. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt; width: 55%"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">Beginning Account Value</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom"> Ending Account Value</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">Expenses Paid During Period*</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2/1/26</td> <td style="border-bottom: Black 1pt solid; text-align: center">7/31/26</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2/1/26-7/31/26</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Actual Performance</td> <td style="border-bottom: Black 1pt solid; text-align: center">$1,000.00</td> <td style="border-bottom: Black 1pt solid; text-align: center">$1,010.10</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$9.64</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Hypothetical (5% annual return before expenses)</td> <td style="border-bottom: Black 1pt solid; text-align: center">$1,000.00</td> <td style="border-bottom: Black 1pt solid; text-align: center">$1,024.79</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$9.71</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">*</td><td style="text-align: justify">Expenses are equal to the Fund’s annualized expense ratio of 1.93% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested.</td> </tr></table>