ck0001515940-20250430

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-22543)

KKR Income Opportunities Fund

(Exact name of registrant as specified in charter)

555 California Street, 50th Floor

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

Lori Hoffman

KKR Credit Advisors (US) LLC

555 California Street, 50th Floor

San Francisco, CA 94104

(Name and address of agent for service)

(415) 315-3620

Registrant’s telephone number, including area code

Date of fiscal year end: October 31, 2025

Date of reporting period: April 30, 2025

Item 1. Reports to Stockholders.

KKR Income Opportunities Fund

Semi-Annual Report

April 30, 2025


			Income Opportunities Fund			April 30, 2025 (Unaudited)


Table of Contents

Management’s Discussion of Fund Performance			1

Schedule of Investments			4
Statement of Assets and Liabilities			18
Statement of Operations			19
Statements of Changes in Net Assets			20
Statement of Cash Flows			21
Financial Highlights			22
Notes to Financial Statements			23


Voting Results from the March 19 , 202 5 Shareholder Meeting			33







Privacy Notice			34

The KKR Income Opportunities Fund (the “Fund”) files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Fund’s Forms N-PORT are available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov or on request by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 will be available (i) without charge, upon request, by calling 855-862-6092; and (ii) on the Commission’s website at www.sec.gov.

INFORMATION ABOUT THE FUND’S TRUSTEES

The proxy statements and annual reports include information about the Fund’s Trustees and are available without charge, upon request, by calling 855-862-6092 and by visiting the Commission’s website at www.sec.gov or the Fund’s website at www.kkrfunds.com/kio.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Management’s Discussion of Fund Performance

Looking Back on the Markets – April 30, 2025

While market sentiment remained optimistic heading into 2025, volatility was brewing under the surface. Rising geopolitical tensions, expanding fiscal deficits, sustained inflationary pressures, and looming tariffs hinted at a potentially more complex environment ahead, even as broad market consensus leaned toward a surge of animal spirits carrying markets higher. What few investors anticipated was just how disruptive one of those undercurrents — in particular tariffs — would become. As the final days of the first quarter approached, the market’s tone shifted. Issuance slowed, deals began to stall, and attention turned to the anticipated reveal of “Liberation Day.” At the same time, we continued to grapple with the zealous yearn for yield, compressed spreads, and a persistent lack of supply. The deepening bifurcation between high-quality and storied credits was becoming harder to ignore.

Throughout the second half of 2024, we highlighted what we called a “non-obvious” market with dispersion quietly taking hold beneath the surface. Some of this reflected the reality of ensuing rolling recessions, where different sectors, for example consumer goods or media, faced pressure at different times, creating an uneven but growing gap between the haves and have-nots. High-quality BBs were tightening toward historical tights, while CCC-rated credits began to drift wider, largely under the radar. Separately, we would be remiss not to acknowledge the exuberance across equity markets. Equity valuations were elevated, and the S&P 500 was trading around 22x forward earnings by Q1’25, which is considered expensive by historical standards. Against that backdrop, a market shakeup was not inconceivable — it could be argued it was overdue.

Then came the twist: headlines turned to tariffs — specifically those on China — directly impacting widely used consumer goods. The pressure that had been building in the markets found its release in rates. The 10-year U.S. Treasury yield surged toward its biggest five-day increase since 1982, followed closely by a sharp sell-off in the 30-year. Yields spiked, liquidity thinned, and what began as scattered signals became something closer to flashing warning lights.

As we reflect on the first four months of 2025, the moment carries a sense of déjà vu — a slight echo of March 2020. However, the difference this time is in the catalyst, structure, and response. Markets were truly shocked during the COVID-19 pandemic. The entire world froze with little line of sight to a resolution, a shock that impacted all. Today’s volatility is not the same. This is a policy-induced reaction, and while the mark-to-market volatility has been acute, including 10% intra-day swings not seen since the Great Financial Crisis (“GFC”), the structural backdrop is different. We have muscle memory and a playbook for this, and while risks remain, there is clarity regarding what needs to happen next. We are not navigating a global shutdown, we are adjusting to a global risk recalibration. Nothing is linear on the way down. As such, we are positioning thoughtfully to reflect on the recalibrated risk environment.

Traded Credit Markets

This year began on a familiar note: investor confidence was back, inflation was easing, rate cuts were expected, persistent supply-demand imbalances continued to underpin technical strength, and credit markets were seemingly ready to run. However, the narrative started to shift. Beneath the surface of strong equity performance and robust gross loan volume of $477 billion[1] globally in Q1, the foundation began to shift. Loan volumes were supported in part by a three-year high in M&A; however, M&A was still relatively low, especially compared to post-election expectations. In the U.S., repricings continued to dominate, accounting for over 50% of activity, alongside nearly 20% from refinancings. Europe posted its strongest start to the year since the GFC. Globally, new-money loan issuance (excluding repricings and refinancings) totaled $230 billion,[1] marking the fastest start to a year since 2021.

CLO issuance also opened with momentum, extending the pace set in 2024. Q1 global volume came in at $66.8 billion[2] across 135 deals pushing AAA spreads to the tightest levels of the CLO 2.0 era (110-115bps). Yet the strength at the surface masked growing underlying fatigue. As we highlighted throughout 2024, the technical backdrop was already stretched, and by late Q1, new issue AAA spreads widened meaningfully, moving from the tights to effectively no-bid for several weeks before settling in the +130–135bps context, which is still tight on a relative basis. Secondary trades widened even more, and for the first time since early 2022, we observed a persistent disconnect between primary and secondary AAAs, a divergence that, as a rule, rarely lasts.

______________________________

(1) Pitchbook | LCD, JPMorgan Research and KKR Credit Analysis as of March 31, 2025

(2) Pitchbook | LCD and KKR Credit Analysis as of March 31, 2025


			Income Opportunities Fund			April 30, 2025 (Unaudited)

As investor sentiment faded and growth expectations cooled, the markets reminded everyone how quickly the tone can change. By March, U.S. loan volume had dropped to just $47.7 billion[3] the second-lowest monthly total in 15 months. The repricing engine stalled, investor demand softened, and volatility returned. Several deals were sidelined or forced to flex wider to cross the finish line. Leveraged loans still managed to post modest Q1 gains with the U.S. returning +0.48% and Europe +0.99%[4] as of March 31, 2025. However, those gains began to retreat as the post-Liberation Day equity sell-off took hold. The immediate flight to quality, combined with gapping bid prices in single B and CCC names, dragged the loan market into negative territory and reignited growing dispersion.

High yield bonds also posted a gain in Q1 (+0.95%), supported by falling treasury yields, but with a clear delineation between higher and lower quality cohorts[5]. BB rated bonds finished Q1 up +1.45% while CCC rated bonds fell -0.67%. High yield was then effectively flat in April with year to date gains remaining at +0.95% as the BB cohort posted a modest gain of +0.17% while the CCC cohort lost another -0.62% on the month. Year to date gains[6] for U.S. leveraged loans finished April at +1.05%, lagging European loans slightly which are up +1.16% on the year.

Against this volatile backdrop, one dynamic continues to stand out: carry remains a key stabilizer, especially during more uncertain times, by muting mark-to-market losses and reinforcing credit’s resilience relative to public equities. It also validates a theme we have remained focused on over the past several quarters: the enduring power of compounding income. In an environment where price action can be volatile and uneven, consistent, stable income remains a critical anchor.

Fund Description & Performance

KKR Income Opportunities Fund (“KIO” or, the “Fund”) is a diversified, closed-end fund that trades on the New York Stock Exchange under the symbol “KIO.” The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by employing a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments (including derivatives) of US and non-US issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns. Under normal market conditions, KIO will invest at least 80% of its Managed Assets in loans and fixed-income instruments or other instruments, including derivative instruments, with similar economic characteristics. The Fund expects to invest primarily in first and second lien secured loans, unsecured loans and high-yield corporate debt instruments of varying maturities.

Trailing Fund returns have lagged somewhat as market volatility has risen and the Fund has gone from trading at a premium to trading at a discount to net asset value (“NAV”) during the six months ended April 30, 2025. In market terms, KIO generated total return, inclusive of dividends, of -10.03% return during the six months ended April 30, 2025. On a NAV basis, the strategy has delivered total returns, net of fees and inclusive of dividends, of -2.51% during the six months ended April 30, 2025. Over the last 6 months, KIO has gone from trading at a premium to “NAV” of 2.57%, to a discount of -5.50% as of April 30, 2025[7].

Diving deeper into NAV performance drivers, positions within the technology & electronics, telecommunications, and services sectors were the top contributors year to date as of April 30, 2025. On an asset class basis, exposures to bank loans and high yield bonds have driven similarly positive performance contributions, followed by structured credit while convertible bonds have detracted. From a rating perspective, performance was led by CC & below rated assets followed by BBB-rated, B-rated, and BB-rated, while CCC-rated and not rated assets have detracted year to date.

As of April 30, 2025, the Fund’s portfolio is comprised of the following:


Investments in securities	Level 1		Level 2		Level 3		Total
Leveraged Loans	—	%	43.22	%	3.25	%	46.47	%
High Yield Securities	—	%	35.95	%	—	%	35.95	%
Asset Backed Securities	—	%	—	%	9.13	%	9.13	%
Equity and Other Investments	0.21	%	—	%	1.32	%	1.53	%
Money Market Fund	6.92	%	—	%	—	%	6.92	%
Total investments in securities	7.13	%	79.17	%	13.70	%	100.00	%

______________________________

(3) Pitchbook | LCD and KKR Credit Analysis as of March 31, 2025

(4) Morningstar LSTA LL Index as of March 31, 2025

(5) ICE BofA HY Index as of March 31, 2025

(6) Morningstar LSTA LL Index as of April 30, 2025

(7) Source: Performance data from U.S. Bank as of April 30, 2025


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Business Updates

On February 7, 2025, the Fund completed its acquisition of the assets and certain liabilities of Insight Select Income Fund (“INSI”) at net asset value in exchange for consideration consisting of shares of the Fund and cash (the “transaction”). Following the closing of the transaction, shares of KIO and cash consideration were distributed to shareholders of INSI. The transaction was structured as a tax-free reorganization. In connection with the transaction, the Adviser agreed to waive a portion of its management fee from 1.10% to 0.99% of the average daily value of the Fund’s Managed Assets (as defined in the prospectus) for the 12-month period following the closing of the transaction. Shareholders of the Fund approved the issuance of additional common shares of beneficial interest of the Fund in connection with the transaction.

We thank you for your partnership and continued investment in KIO. We look forward to continued communications and will keep you apprised of the progress of KIO specifically and the leveraged finance marketplace generally. Fund information is available on our website at kkrfunds.com/kio.

Disclosures

The Bank of America Merrill Lynch High Yield Master II Index is a market-value weighted index of below investment grade US dollar-denominated corporate bonds publicly issued in the US domestic market. “Yankee” bonds (debt of foreign issuers issued in the US domestic market) are included in the Bank of America Merrill Lynch High Yield Master II Index provided that the issuer is domiciled in a country having investment grade foreign currency long-term debt rating. Qualifying bonds must have maturities of one year or more, a fixed coupon schedule and minimum outstanding of US$100.0 million. In addition, issues having a credit rating lower than BBB3, but not in default, are also included.

The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based upon market weightings, spreads and interest payments. The index was rolled out in 2000 and it was back-loaded with four years of data dating to 1997. It is not possible to invest directly in an index.

Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. An investment in the Fund involves risk, including the risk of loss of principal. For a discussion of the Fund’s risks, see Risk Considerations, Note 3 to the financial statements. Call 855-330-3927 or visit www.kkrfunds.com/kio for performance results current to the most recent calendar quarter-end.

Must be preceded or accompanied by a prospectus.

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Borrowing to increase investments (leverage) will exaggerate the effect of any increase or decrease in the value of Fund investments. Investments rated below investment grade (typically referred to as “junk”) are generally subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Senior loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than US investments because of adverse market economic, political, regulatory, geopolitical or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. The Fund may engage in other investment practices that may involve additional risks.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Schedule of Investments

(in thousands, except share data)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Leveraged Loans - 70.36%

Aerospace & Defense - 0.13%

Vertex Aerospace Services LLC

TL 1L B 12/21

SOFR + 2.25%

12/6/2030

USD

671

663

Alternative Carriers - 2.81%

Level 3 Financing Inc

TL 1L B 03/25

SOFR + 4.25%

3/27/2032

USD

5,536

5,532

Lumen Technologies Inc

TL 1L B2 03/24

SOFR + 2.35%

4/15/2030

USD

3,313

3,165

Zayo Group LLC

TL 1L B 03/20

SOFR + 3.00%

3/9/2027

USD

6,116

5,707

(a)

Application Software - 6.89%

Cision Ltd

TL 1L 04/25 (New Money FLFO USD)

1.00% PIK, SOFR + 5.00%

4/29/2030

USD

1,390

1,386

Ellucian Inc

TL 2L 11/24

SOFR + 4.75%

11/22/2032

USD

1,109

1,113

Envestnet Inc

TL 1L 09/24

SOFR + 3.50%

11/25/2031

USD

4,557

4,549

Industrial & Financial Systems IFS AB

TL 1L B1 03/21 EUR

EURIBOR + 3.15%

3/31/2028

EUR

1,187

1,341

Qlik Technologies Inc

TL 1L 11/24

SOFR + 3.25%

10/26/2030

USD

1,251

1,248

Qualtrics International Inc

TL 1L B2 02/25

SOFR + 2.25%

6/28/2030

USD

539

535

Solera LLC

TL 2L 06/21

SOFR + 9.00%

6/4/2029

USD

11,527

(b) (d)

TIBCO Software Inc

TL 1L B1 11/24

SOFR + 3.50%

3/29/2029

USD

10,082

9,975

TIBCO Software Inc

TL 1L B2 10/24

SOFR + 3.75%

3/21/2031

USD

3,673

3,636

Automotive Parts & Equipment - 4.10%

Belron Finance Ltd

TL 1L B 09/24

SOFR + 2.75%

10/16/2031

USD

539

Innovative XCessories & Services LLC

TL 1L 02/20

SOFR + 4.25%

3/5/2027

USD

12,593

12,067

Parts Authority Inc

TL 1L 10/20

SOFR + 3.75%

10/28/2027

USD

10,733

8,382

(a)

Broadcasting - 2.62%

NEP Broadcasting LLC

TL 1L B 12/23 (2019 A&E EUR)

1.50% PIK, EURIBOR + 3.50%

8/19/2026

EUR

8,273

8,238

(d)

NEP Broadcasting LLC

TL 1L B 12/23 (2019 A&E)

1.50% PIK, SOFR + 3.25%

8/19/2026

USD

485

438

(d)

NEP Broadcasting LLC

TL 2L 09/18

SOFR + 7.00%

10/19/2026

USD

7,495

4,747

Broadline Retail - 0.42%

AutoScout24 GmbH

TL 1L B 10/24 EUR

EURIBOR + 3.75%

12/10/2031

EUR

1,894

2,147

Building Products - 3.25%

DiversiTech Holdings Inc

TL 1L B 12/21

SOFR + 3.50%

12/22/2028

USD

1,894

1,891

DiversiTech Holdings Inc

TL 2L B 12/21

SOFR + 6.75%

12/21/2029

USD

1,381

1,373

Foundation Building Materials LLC

TL 1L B3 04/25

SOFR + 5.25%

1/29/2031

USD

1,651

1,537

Hunter Douglas Inc

TL 1L B1 01/25

SOFR + 3.25%

1/17/2032

USD

4,050

3,960

MI Windows and Doors Inc

TL 1L B2 03/24

SOFR + 3.00%

3/28/2031

USD

3,994

3,940

Quikrete Holdings, Inc.

TL 1L B3 01/25

SOFR + 2.25%

2/10/2032

USD

4,040

3,966

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Cable & Satellite - 1.45%

Astound Broadband (RCN/Radiate)

TL 1L B 10/21

SOFR + 3.25%

9/25/2026

USD

7,369

6,497

(a)

Virgin Media Inc

TL 1L 09/19

SOFR + 2.50%

1/31/2028

USD

947

936

Casinos & Gaming - 0.08%

Entain PLC

TL 1L B 04/24

SOFR + 2.75%

10/31/2029

USD

388

Commercial Printing - 1.41%

Multi-Color Corp

TL 1L B 10/21 EUR

EURIBOR + 5.00%

10/30/2028

EUR

7,788

7,249

Commodity Chemicals - 3.37%

Ineos Quattro Holdings Ltd

TL 1L B 01/20 EUR

EURIBOR + 2.00%

1/29/2027

EUR

465

504

Plaskolite, LLC

TL 1L 04/21

SOFR + 4.00%

12/15/2025

USD

14,504

13,955

(a)

SI Group Inc

TL 1L B-1A 09/24

0.75% PIK, SOFR + 4.75%

10/16/2028

USD

1,761

866

(d)

SI Group Inc

TL 1L B-1B 09/24

0.75% PIK, SOFR + 4.75%

10/16/2028

USD

3,944

1,939

(d)

Construction & Engineering - 0.80%

Azuria Water Solutions Inc

TL 1L 01/25

SOFR + 2.50%

5/17/2028

USD

3,962

3,936

Brand Energy & Infrastructure Services Inc

TL 1L B 04/24

SOFR + 4.50%

8/1/2030

USD

197

183

Construction Machinery & Heavy Transportation Equipment - 1.07%

Accuride Corp

TL Unsec 03/25

3.00% PIK, SOFR + 1.5%

3/7/2030

USD

2,287

5,494

(a) (b) (d)

Construction Materials - 0.19%

Quimper AB

TL 1L B 11/24 EUR

EURIBOR + 3.75%

3/31/2030

EUR

857

972

Consumer Finance - 0.89%

Edelman Financial Engines Center LLC/The

TL 1L B 12/24

SOFR + 3.00%

4/7/2028

USD

4,557

4,546

Consumer Staples Merchandise Retail - 0.14%

Morrisons (Market Bidco Limited)

TL 1L 10/24 EUR

EURIBOR + 4.50%

11/4/2030

EUR

656

723

Data Processing & Outsourced Services - 1.23%

West Corp

TL 1L B3 01/23

SOFR + 4.00%

4/10/2027

USD

8,696

6,313

Diversified Chemicals - 0.29%

Hexion International Cooperatief UA

TL 1L 12/24

SOFR + 4.00%

3/15/2029

USD

1,540

1,503

Diversified Metals & Mining - 0.39%

Foresight Energy LLC

TL 1L A 06/20

SOFR + 8.00%

6/30/2027

USD

2,111

2,022

(a) (b)

Diversified Support Services - 0.18%

Legence Holdings LLC (aka Therma)

TL 1L 01/25

SOFR + 3.25%

12/18/2028

USD

920

909

Education Services - 0.27%

IU Finance Management GmbH

TL 1L B 11/24 EUR

EURIBOR + 3.75%

12/8/2031

EUR

1,215

1,365

Environmental & Facilities Services - 2.31%

Brock Group LLC/The

TL 1L B 04/24

SOFR + 6.00%

5/2/2030

USD

7,915

7,833

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Filtration Group Corp

TL 1L B 01/25

SOFR + 3.00%

10/21/2028

USD

4,004

4,005

Financial Exchanges & Data - 0.11%

IntraFi Network LLC

TL 1L B 01/25

SOFR + 3.50%

7/31/2031

USD

545

544

Health Care Equipment - 2.13%

Drive DeVilbiss Healthcare LLC

TL 1L 03/21

4.00% PIK, SOFR + 5.50%

6/1/2026

USD

7,929

7,849

(a) (d)

Drive DeVilbiss Healthcare LLC

TL 1L 09/22

9.00% PIK, SOFR + 1.00%

6/1/2026

USD

1,187

1,198

(a) (b) (d)

Siemens Audiology Solutions

TL 1L B3 09/24

EURIBOR + 4.00%

2/28/2029

EUR

759

859

Viant Medical Holdings Inc

TL 1L 10/24

SOFR + 4.00%

10/29/2031

USD

996

997

Health Care Facilities - 0.65%

Independent Vetcare Ltd

TL 1L 01/24

EURIBOR + 4.00%

11/20/2028

EUR

759

854

LifePoint Hospitals Inc

TL 1L B 09/24

SOFR + 3.75%

5/17/2031

USD

285

281

Mehilainen Oy

TL 1L 04/25 EUR

EURIBOR + 3.90%

8/5/2031

EUR

1,237

1,405

ScionHealth

TL 1L B 12/21

SOFR + 5.25%

12/23/2028

USD

1,690

787

(a)

Health Care Services - 0.81%

Affidea BV

TL 1L B 01/25 (EUR)

EURIBOR + 3.75%

7/2/2029

EUR

1,190

1,348

CHG Healthcare Services Inc

TL 1L B1 12/24

SOFR + 3.00%

9/29/2028

USD

902

900

Inizio Group Ltd

TL 1L B 08/21 EUR

EURIBOR + 4.00%

8/19/2028

EUR

760

830

Paradigm Acquisition Corp

TL 1L B 10/24

SOFR + 3.25%

5/6/2031

USD

Sotera Health Holdings LLC

TL 1L 05/24

SOFR + 3.25%

5/30/2031

USD

544

Southern Veterinary Partners LLC

TL 1L 10/24

SOFR + 3.25%

12/4/2031

USD

542

541

Health Care Technology - 1.76%

Ensemble RCM LLC

TL 1L B 01/24

SOFR + 3.00%

8/1/2029

USD

4,009

4,011

Milano Acquisition Corp

TL 1L 08/20

SOFR + 4.00%

10/1/2027

USD

4,815

4,492

Zelis Healthcare Corp

TL 1L B 01/24

SOFR + 2.75%

9/28/2029

USD

544

533

Hotels, Resorts & Cruise Lines - 0.39%

Playa Resorts Holding BV

TL 1L B 11/22

SOFR + 2.75%

1/5/2029

USD

1,255

Travel + Leisure Co

TL 1L B 12/24

SOFR + 2.50%

12/14/2029

USD

760

748

Household Products - 0.78%

Culligan International Co

TL 1L B 12/24

SOFR + 3.00%

7/31/2028

USD

4,044

4,003

Human Resource & Employment Services - 0.98%

Sedgwick Claims Management Services Inc

TL 1L B 02/23

SOFR + 3.00%

7/31/2031

USD

2,932

2,921

SIRVA Worldwide Inc

TL 1L 08/24

SOFR + 8.00%

2/20/2029

USD

302

(a) (b)

SIRVA Worldwide Inc

TL 1L 08/24

5.00% PIK, SOFR + 3.00%

8/20/2029

USD

1,303

(a) (b) (d)

SIRVA Worldwide Inc

TL 1L DD 08/24

SOFR + 8.00%

2/20/2029

USD

749

474

(a) (b) (h)

Industrial Machinery & Supplies & Components - 2.68%

Alliance Laundry Systems LLC

TL 1L B 08/24

SOFR + 2.75%

8/19/2031

USD

4,029

4,006

CPM Holdings Inc

TL 1L 09/23

SOFR + 4.50%

9/28/2028

USD

1,840

1,785

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Dexko Global Inc

TL 1L 10/21 EUR

EURIBOR + 4.00%

10/4/2028

EUR

3,336

3,483

Dexko Global Inc

TL 1L B 09/21

SOFR + 3.75%

10/4/2028

USD

1,301

1,205

Dexko Global Inc

TL 1L B 09/21 (EUR)

EURIBOR + 4.00%

10/4/2028

EUR

2,307

2,409

Engineered Machinery Holdings Inc

TL 2L 08/21

SOFR + 6.00%

5/21/2029

USD

290

287

ProMach Group Inc

TL 1L B 02/25

SOFR + 2.75%

8/31/2028

USD

540

537

Insurance Brokers - 0.85%

Ardonagh Group Ltd/The

TL 1L 01/25 EUR

EURIBOR + 3.63%

2/18/2031

EUR

2,365

2,652

Howden Group Holdings Ltd

TL 1L 11/24 EUR

EURIBOR + 3.50%

2/15/2031

EUR

1,512

1,712

Interactive Media & Services - 1.93%

Twitter Inc

TL 1L 02/25

9.50%

10/29/2029

USD

5,855

5,720

Twitter Inc

TL 1L B1 10/22

SOFR + 6.50%

10/26/2029

USD

4,315

4,190

Internet Services & Infrastructure - 0.35%

team.blue Finco SARL

TL 1L 06/24 EUR

EURIBOR + 3.70%

9/30/2029

EUR

1,602

1,809

IT Consulting & Other Services - 1.97%

Sabre Inc

TL 1L B1 06/21

SOFR + 3.50%

12/17/2027

USD

2,017

1,927

Sabre Inc

TL 1L B1 11/24

SOFR + 6.00%

11/15/2029

USD

6,235

5,897

Sabre Inc

TL 1L B2 06/21

SOFR + 3.50%

12/17/2027

USD

2,341

2,237

Sabre Inc

TL 1L B2 11/24

SOFR + 6.00%

11/15/2029

USD

Leisure Facilities - 4.86%

Aimbridge Acquisition Co Inc

TL 1L 02/25

SOFR + 6.50%

3/11/2030

USD

1,715

(b)

Aimbridge Acquisition Co Inc

TL 2L 02/25

SOFR + 7.50%

3/11/2030

USD

1,128

(b) (d)

ClubCorp Club Operations Inc

TL 1L 10/23

SOFR + 5.00%

9/18/2026

USD

15,080

15,118

Herschend Family Entertainment Corp

TL 1L B 08/21

SOFR + 3.00%

8/27/2028

USD

1,575

1,567

World Choice Investments LLC

TL 1L B 07/24

SOFR + 4.75%

8/16/2031

USD

5,366

5,379

Leisure Products - 1.70%

Camping World Good Sam

TL 1L B 05/21

SOFR + 2.50%

6/3/2028

USD

3,326

3,171

Topgolf Callaway Brands Corp

TL 1L B 03/23

SOFR + 3.00%

3/15/2030

USD

5,851

5,527

Life Sciences Tools & Services - 0.13%

Clinigen Ltd

TL 1L B 01/25

EURIBOR + 3.75%

4/19/2029

EUR

592

667

Oil & Gas Equipment & Services - 0.64%

WaterBridge NDB Operating LLC

TL 1L B 04/24

SOFR + 4.00%

5/10/2029

USD

3,303

3,258

Oil & Gas Storage & Transportation - 1.64%

Brazos Midstream Holdings LLC

TL 1L B 02/25

SOFR + 3.00%

2/11/2030

USD

1,033

1,032

NGL Energy Partners LP / NGL Energy Finance Corp

TL 1L B 01/24

SOFR + 3.75%

2/3/2031

USD

1,214

1,156

UGI Energy Services LLC

TL 1L B 06/24

SOFR + 2.50%

2/22/2030

USD

927

928

WaterBridge Midstream Operating LLC

TL 1L B 06/24

SOFR + 4.75%

6/27/2029

USD

5,510

5,277

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Other Specialty Retail - 0.59%

Harbor Freight Tools USA Inc

TL 1L B 05/24

SOFR + 2.50%

6/11/2031

SEC Form N-CSRS filed by KKR Income Opportunities Fund