ck0001515940-20260430

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, 2026

Date of reporting period: April 30, 2026

Item 1. Reports to Stockholders.

KKR Income Opportunities Fund

Semi-Annual Report

April 30, 2026


			Income Opportunities Fund			April 30, 2026 (Unaudited)


Table of Contents

Management’s Discussion of Fund Performance			1

Schedule of Investments			4
Statement of Assets and Liabilities			17
Statement of Operations			18
Statements of Changes in Net Assets			19
Statement of Cash Flows			20
Financial Highlights			21
Notes to Financial Statements			22


Voting Results from the March 18, 2026 Shareholder Meeting			32







Privacy Notice			33

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, 2026 (Unaudited)

Management’s Discussion of Fund Performance

Looking Back on the Markets – April 30, 2026

Markets entered 2026 following a year characterized by persistent uncertainty, sector-specific stress, and elevated headline volatility. More recently, developments related to artificial intelligence, technology sector valuations, and broader macroeconomic uncertainty contributed to periods of increased market volatility. Macro and geopolitical risks remained elevated, software valuations experienced periods of reassessment, and market expectations for defaults increased relative to historically low levels. Public markets, particularly within certain technology-related sectors, also experienced increased volatility as investors continued to assess prevailing valuation levels.

Throughout 2025 and into early 2026, refinancing and repricing activity continued to represent a significant portion of leveraged finance issuance as borrowers sought to extend maturities, improve balance sheet flexibility, and reduce financing costs where market conditions permitted. Gross global leveraged finance issuance during 2025 totaled approximately $984 billion1, although activity continued to be driven primarily by refinancing and repricing transactions rather than new-money M&A financing. Investor demand generally remained strong across several segments of the credit markets relative to net supply, contributing to relatively favorable financing conditions for higher-quality issuers.

During the first quarter of 2026, credit markets experienced periodic volatility driven by tariffs, monetary policy shifts, persistent inflation, and geopolitical events. The U.S. Federal Reserve’s three consecutive 25-basis-point rate cuts in late 2025 initially provided relief, lowering the target range to 3.50%–3.75%. However, the subsequent decision to pause adjustments through April 2026 reinforced a “higher-for-longer” interest rate outlook to combat stickier inflation. Amid this backdrop, appetite for high-quality income assets remained stable, but market attention shifted toward issuer resilience, structural protections, and risk-adjusted opportunities relative to underlying credit fundamentals.

Income generation remained an important contributor to credit market returns during 2025, while market performance increasingly reflected differentiation across issuers, sectors, and capital structures. Higher-quality credits generally performed more consistently1,2, while weaker structures and businesses facing sector-specific pressures experienced greater volatility and performance dispersion. In this environment, underwriting discipline, structural protections, and careful asset selection remained important considerations as investors increasingly focused on return potential relative to underlying credit risk.

As markets progressed into 2026, investor focus increasingly shifted toward issuer quality, refinancing risk, and structural protections amid a more mature phase of the credit cycle. While default activity remained above historically low levels observed in prior years, defaults generally continued to reflect issuer-specific and sector-specific pressures rather than broad-based deterioration across credit markets. In this environment, refinancing discipline, cash flow durability, and diversified portfolio construction remained important considerations as issuer-specific risks continued to vary across sectors and business models.

Across both public and private markets, companies continued to utilize a broader range of financing solutions to support refinancing activity, optimize capital structures, and fund strategic initiatives. Direct lending, structured financing arrangements, and other customized financing structures continued to be utilized across portions of the market as corporates and financial sponsors sought financing solutions aligned with their capital needs and transaction objectives.

Traded Credit Markets

Amid heightened volatility in global markets, driven by geopolitical conflict, uncertainty around energy prices, and sector-specific softness in software, credit markets experienced a more challenging backdrop in the first few months of 2026. Credit spreads widened across asset classes, alongside upward pressure on yields, as macroeconomic and geopolitical risks became more pronounced and investor sentiment turned more cautious.

Although spreads widened during the repricing episode, much of that widening subsequently reversed. While spreads remain somewhat wider than at the start of the year, they are still close to historically tight levels when viewed in a

1 Pitchbook | LCD, JPMorgan Research and KKR Credit Analysis as of December 31, 2025.

2 Bloomberg | ICE BofA Indices as of December 31, 2025.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

longer-time context3,4. However, dispersion across asset classes, ratings cohorts, and sectors tells a different story with software loans and, in particular, CCC-rated loans, seeing meaningfully higher borrowing costs in comparison to other sectors and rating cohorts4.

Shifting to bonds, the U.S. high yield bond market recorded its first negative quarterly return since the third quarter of 2023, driven by spread widening and modest rate pressure. Spreads moved wider early in the quarter before partially retracing into quarter-end, reflecting some stabilization in risk sentiment. Importantly, overall market credit quality has continued to improve, with a higher concentration of BB-rated issuers and a reduced share of lower-rated credits.

Primary market activity remained constructive, with issuance largely driven by refinancing needs as issuers continued to term out maturities and manage liability profiles. At the same time, U.S. high yield default rates remained below long term averages, reinforcing the view that, while volatility has increased, underlying fundamentals are not broadly deteriorating5.

Leveraged loans exhibited a similar pattern, with spreads widening over the quarter and driving yields higher. The asset class remains heavily weighted toward B-rated issuers. Loan issuance remained stable, though the tone became more selective as the quarter progressed5.

Performance divergence was increasingly evident within the loan market. Higher-quality credits outperformed across both U.S. and European markets, while CCC-rated credits lagged4. This underperformance reflects both fundamental pressure and increased investor scrutiny of weaker capital structures.

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.

Alongside broader market volatility, the Fund has traded at a discount to net asset value (“NAV”) over the six month period ended April 30, 20266. In market terms, KIO generated total return, inclusive of dividends, of -0.24%7 return during the six months ended April 30, 2026. On a NAV basis, the strategy has delivered total returns, net of fees and inclusive of dividends, of +0.4%7 during the six months ended April 30, 2026.

Diving deeper into NAV performance drivers, positions within the leisure, basic industry, and telecommunications sectors were the top contributors during the six months ended April 30, 2026. On an asset class basis, exposures to high yield bonds and bank loans have driven similarly positive performance contributions, while structured credit, convertible bonds, and equities have detracted. From a rating perspective, performance was led by CCC & below rated assets followed by B rated assets, while Not-Rated assets have detracted year to date.

3 Bloomberg | ICE BofA Indices and KKR Credit Analysis as of April 30, 2026.

4 Pitchbook | LCD and KKR Credit Analysis as of April 30, 2026.

5 JP Morgan Research and KKR Credit Analysis as of April 30, 2026.

6 Bloomberg as of April 30, 2026.

7 Performance data from U.S. Bank as of April 30, 2026.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

As of April 30, 2026, the Fund’s portfolio was comprised of the following:


Investments in securities	Level 1		Level 2		Level 3		Total
Leveraged Loans	—	%	43.59	%	2.72	%	46.31	%
High Yield Securities	—	%	34.55	%	—	%	34.55	%
Asset Backed Securities	—	%	—	%	11.72	%	11.72	%
Equity and Other Investments	0.62	%	0.09	%	1.57	%	2.28	%
Money Market Fund	5.14	%	—	%	—	%	5.14	%
Total investments in securities	5.76	%	78.23	%	16.01	%	100.00	%

Business Updates

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, 2026 (Unaudited)

Schedule of Investments

(in thousands, except share data)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Leveraged Loans - 69.32%

Aerospace & Defense - 0.13%

V2X LLC

TL 1L B 12/21

SOFR + 2.25%

12/6/2030

USD

641

645

Alternative Carriers - 1.63%

Iridium Satellite LLC

TL 1L 05/24

SOFR + 2.25%

9/20/2030

USD

5,802

5,714

Level 3 Financing Inc

TL 1L 09/25

SOFR + 3.25%

3/11/2030

USD

2,336

2,333

(c)

Application Software - 12.1%

CDK Global II LLC

TL 1L B 12/24

SOFR + 3.25%

7/6/2029

USD

7,726

4,778

Cision Ltd

TL 1L 04/25

SOFR + 4.25%

4/29/2030

USD

1,295

1,287

(c)

Cloud Software Group Inc

TL 1L B2 08/25

SOFR + 3.25%

3/21/2031

USD

1,338

1,241

Dayforce ( fka Ceridian Corp)

TL 1L B 10/25

SOFR + 3.00%

8/20/2032

USD

1,918

1,814

Dye & Durham Ltd

TL 1L B 03/24

SOFR + 4.25%

4/11/2031

USD

3,589

3,147

Ellucian Inc

TL 2L 11/24

SOFR + 4.75%

11/22/2032

USD

1,109

1,079

Kaseya Inc

TL 1L B 03/25

SOFR + 3.25%

3/22/2032

USD

1,909

1,742

McAfee LLC

TL 1L B1 12/24

SOFR + 3.00%

3/1/2029

USD

12,371

10,932

Misys Ltd

TL 1L B 07/25 EUR

EURIBOR + 4.25%

9/15/2032

EUR

5,319

5,942

Misys Ltd

TL 1L B 09/25 USD

SOFR + 3.75%

9/15/2032

USD

6,751

6,446

Murchell International Inc

TL 1L B 04/26

SOFR + 3.00%

6/17/2031

USD

1,846

1,804

Qlik Technologies Inc

TL 1L 11/24

SOFR + 3.25%

10/26/2030

USD

1,242

981

Qualtrics International Inc

TL 1L B2 02/25

SOFR + 2.25%

6/28/2030

USD

4,380

3,660

RealPage Inc

TL 1L B 04/21

SOFR + 3.00%

4/24/2028

USD

7,442

7,297

Solera LLC

TL 2L 06/21

SOFR + 9.00%

6/4/2029

USD

9,615

7,620

(b) (c)

Automotive Parts & Equipment - 7.74%

Innovative XCessories & Services LLC

TL 1L 08/25

SOFR + 5.50%

9/5/2029

USD

6,044

6,076

Parts Authority Inc

TL 1L 10/20

SOFR + 3.75%

10/28/2027

USD

19,416

18,207

Terrepower LLC

TL 1L 01/26

SOFR + 6.00%

7/25/2029

USD

3,987

3,907

Terrepower LLC

TL 1L B 06/22

SOFR + 5.25%

7/25/2029

USD

11,207

10,143

Terrepower LLC

TL 1L DD 01/26

SOFR + 6.50%

7/25/2029

USD

3,987

(80)

(f)

Automotive Retail - 0.39%

RV Retailer LLC

TL 1L B 02/26

SOFR + 4.50%

2/26/2033

USD

1,994

1,928

Broadcasting - 3.47%

NEP Broadcasting LLC

TL 1L B 09/25 EUR

EURIBOR + 4.75%

10/17/2031

EUR

1,073

1,153

NEP Broadcasting LLC

TL 1L B 09/25 USD

SOFR + 4.50%

10/17/2031

USD

17,675

15,992

Broadline Retail - 0.97%

Zoopla Ltd

TL 1L B3 10/25

SONIA + 4.75%

7/20/2028

GBP

3,660

4,779

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Building Products - 4.13%

DiversiTech Holdings Inc

TL 2L B 12/21

SOFR + 6.50%

12/22/2032

USD

1,725

1,742

Hunter Douglas Inc

TL 1L B1 01/25

SOFR + 3.00%

1/17/2032

USD

1,841

1,827

MI Windows and Doors Inc

TL 1L B2 03/24

SOFR + 2.75%

3/28/2031

USD

1,840

1,813

Oldcastle Buildingenvelope Inc

TL 1L B 04/22

SOFR + 4.25%

4/29/2029

USD

13,838

9,783

PrimeSource Building Products Inc

TL 1L B 09/25

SOFR + 4.50%

3/15/2031

USD

3,410

3,411

White Cap Construction Supply Inc

TL 1L B 06/24

SOFR + 3.25%

10/19/2029

USD

1,851

1,845

Cable & Satellite - 0.1%

CSC Holdings LLC (Altice USA)

TL 1L B5 10/19

PRIME + 1.50%

4/15/2027

USD

578

512

Commercial Printing - 1.56%

Multi-Color Corp

TL 1L B 10/21 EUR

10/30/2028

EUR

12,646

6,566

(d)

Multi-Color Corp

TL 1L DD 02/26

SOFR + 6.75%

12/2/2026

USD

1,157

1,161

Commodity Chemicals - 3.35%

Geon Performance Solutions LLC

TL 1L B 08/21

SOFR + 4.25%

8/18/2028

USD

6,625

6,087

Ineos Quattro Holdings Ltd

TL 1L B 01/20 EUR

EURIBOR + 2.00%

1/29/2027

EUR

5,079

5,932

Ineos Quattro Holdings Ltd

TL 1L B 03/23

SOFR + 3.75%

3/14/2030

USD

265

239

Ineos Quattro Holdings Ltd

TL 1L B 10/23

SOFR + 4.25%

4/2/2029

USD

215

198

Ineos Quattro Holdings Ltd

TL 1L B 10/24

EURIBOR + 4.25%

10/7/2031

EUR

348

367

Mativ Holdings Inc

TL 1L B 03/26

SOFR + 4.50%

3/26/2033

USD

2,635

2,618

SI Group Inc

TL 1L 12/25

5.00% PIK, SOFR + 1.00%

12/31/2030

USD

1,090

(b) (c)

Construction Machinery & Heavy Transportation Equipment - 2.78%

Accuride Corp

TL 1L 03/25

3.00% PIK, SOFR + 1.50%

3/7/2030

USD

2,423

4,459

(b) (c)

American Trailer Works Inc

TL 1L 02/21

SOFR + 3.75%

3/3/2028

USD

12,285

9,278

Construction Materials - 2.02%

BME Group Holding BV

TL 1L B2 09/23 EUR

EURIBOR + 4.75%

12/31/2029

EUR

11,183

9,959

Data Processing & Outsourced Services - 0.89%

VeriFone Systems Inc

TL 1L 03/25

SOFR + 5.25%

8/18/2028

USD

3,791

3,606

West Corp

TL 1L B3 01/23

4/10/2027

USD

4,040

784

(d)

Diversified Chemicals - 2.2%

Chemours Co/The

TL 1L B4 10/25

SOFR + 3.50%

10/15/2032

USD

3,700

3,698

Ineos Finance PLC

TL 1L B 02/23

SOFR + 3.25%

2/19/2030

USD

3,795

3,544

Ineos Finance PLC

TL 1L B 10/20 EUR

EURIBOR + 3.00%

10/29/2027

EUR

617

722

Ineos Finance PLC

TL 1L B 11/21 EUR

EURIBOR + 2.75%

11/8/2028

EUR

948

1,101

Ineos Finance PLC

TL 1L B 12/24

SOFR + 3.00%

2/7/2031

USD

1,963

1,824

Diversified Metals & Mining - 0.41%

Foresight Energy LLC

TL 1L A 06/20

SOFR + 8.00%

6/30/2027

USD

2,084

2,004

(b)

Diversified Support Services - 1.04%

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Alight Solutions LLC (aka Tempo)

TL 1L B1 01/25

SOFR + 1.75%

8/31/2028

USD

1,502

1,117

DTI Holdco Inc (dba Epiq)

TL 1L 04/22

SOFR + 4.00%

4/26/2029

USD

3,932

3,580

Legence Holdings LLC (aka Therma)

TL 1L 10/25

SOFR + 2.25%

12/16/2031

USD

462

464

Environmental & Facilities Services - 1.74%

Brock Group LLC/The

TL 1L 02/26

SOFR + 6.00%

5/2/2030

USD

559

560

Brock Group LLC/The

TL 1L B 04/24

SOFR + 5.75%

5/2/2030

USD

8,041

8,061

Financial Exchanges & Data - 0.41%

IntraFi Network LLC

TL 1L B 01/25

SOFR + 3.50%

7/31/2031

USD

539

530

IntraFi Network LLC

TL 1L B 08/25

SOFR + 4.00%

7/31/2031

USD

1,518

1,494

Food Distributors - 0%

Biscuits Poult SAS

TL 1L B 01/20

EURIBOR + 4.00%

2/12/2027

EUR

Health Care Facilities - 0.23%

ScionHealth

TL 1L B 12/21

12/23/2028

USD

1,671

1,156

(d)

Health Care Services - 0.35%

CHG Healthcare Services Inc

TL 1L 07/25

SOFR + 2.75%

9/29/2028

USD

893

895

Inizio Group Ltd

TL 1L B 08/21 EUR

EURIBOR + 4.00%

8/19/2028

EUR

752

814

Health Care Technology - 4.53%

Milano Acquisition Corp

TL 1L 08/20

SOFR + 4.00%

10/1/2027

USD

20,844

20,527

Zelis Healthcare LLC

TL 1L B 01/24

SOFR + 2.75%

9/28/2029

USD

1,865

1,847

Hotels, Resorts & Cruise Lines - 0.15%

Travel + Leisure Co

TL 1L B 12/25

SOFR + 2.00%

12/14/2029

USD

752

753

Human Resource & Employment Services - 0.46%

HireRight Holdings Corp

TL 1L B 02/25

SOFR + 3.25%

9/30/2030

USD

256

237

SIRVA Worldwide Inc

TL 1L 08/24

SOFR + 8.00%

2/20/2029

USD

302

(b)

SIRVA Worldwide Inc

TL 1L 08/24

5.00% PIK, SOFR + 3.00%

8/20/2029

USD

1,371

1,006

(b) (c)

SIRVA Worldwide Inc

TL 1L DD 08/24

SOFR + 8.00%

2/20/2029

USD

749

(b)

Industrial Machinery & Supplies & Components - 2.15%

CPM Holdings Inc

TL 1L 09/23

SOFR + 4.50%

9/28/2028

USD

1,821

1,825

Dexko Global Inc

TL 1L 02/26

SOFR + 4.50%

10/4/2031

USD

1,333

1,270

Dexko Global Inc

TL 1L 03/26

EURIBOR + 4.75%

10/9/2031

EUR

3,875

4,461

Dexko Global Inc

TL 1L 03/26

EURIBOR + 4.75%

10/20/2031

EUR

2,675

3,080

Integrated Telecommunication Services - 1.7%

Level 3 Financing Inc

TL 1L B4 09/25

SOFR + 3.25%

3/29/2032

USD

2,088

2,098

Numericable-SFR

TL 1L B11 10/25 EUR

EURIBOR + 4.38%

4/30/2028

EUR

1,374

1,623

Numericable-SFR

TL 1L B14 10/25 EUR

EURIBOR + 6.88%

5/30/2031

EUR

3,909

4,689

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

IT Consulting & Other Services - 0.59%

Sabre Inc

TL 1L B1 11/24

SOFR + 6.00%

11/15/2029

USD

3,546

2,914

Sabre Inc

TL 1L B2 11/24

SOFR + 6.00%

11/15/2029

USD

Leisure Facilities - 1.71%

Aimbridge Acquisition Co Inc

TL 1L 02/25 (First Out)

SOFR + 5.50%

3/11/2030

USD

1,715

(b)

Aimbridge Acquisition Co Inc

TL 1L 02/25 (Second Out)

6.00% PIK, SOFR + 1.50%

3/11/2030

USD

1,194

(b) (c)

World Choice Investments LLC

TL 1L B 07/24

SOFR + 4.75%

8/16/2031

USD

5,570

5,538

Leisure Products - 2.59%

Callaway Golf Co

TL 1L B 03/23

SOFR + 2.75%

3/15/2030

USD

515

519

Camping World Good Sam

TL 1L B 05/21

SOFR + 2.50%

6/3/2028

USD

12,835

12,254

Oil & Gas Storage & Transportation - 0.19%

UGI Energy Services LLC

TL 1L B 06/24

SOFR + 2.50%

2/22/2030

USD

917

924

Other Specialty Retail - 1.17%

Harbor Freight Tools USA Inc

TL 1L B 05/24

SOFR + 2.25%

6/11/2031

USD

5,803

Packaged Foods & Meats - 0.38%

Valeo Foods Group Ltd

TL 1L B 01/26 EUR

EURIBOR + 4.00%

9/30/2031

EUR

1,609

1,867

Pharmaceuticals - 0.08%

Antigua Bidco Ltd

TL 1L B3 05/24 EUR

EURIBOR + 4.25%

2/28/2030

EUR

554

405

Publishing - 0.3%

Emerald Expositions Holding Inc

TL 1L B 08/25

SOFR + 3.25%

1/30/2032

USD

1,464

1,469

Real Estate Services - 0.56%

Emeria Europe SAS

TL 1L B 03/21 EUR

EURIBOR + 3.50%

3/27/2028

EUR

2,797

2,749

Specialty Chemicals - 1.65%

Champion/DSM engg

TL 1L B1 03/23

SOFR + 5.50%

3/29/2030

USD

3,068

2,711

Flint Group GmbH

TL 2L B 09/23 PIK

12/29/2028

EUR

379

Lonza Specialty Ingredients

TL 1L B 04/21 EUR

EURIBOR + 3.93%

7/3/2028

EUR

4,942

5,401

Systems Software - 3.47%

Champion/DSM engg

TL 1L B 02/25 EUR

EURIBOR + 3.50%

3/1/2030

EUR

3,565

3,856

Flint Group GmbH

TL 1L B 10/21

SOFR + 4.00%

4/24/2028

USD

9,368

7,459

Lonza Specialty Ingredients

TL 2L 03/21

SOFR + 7.25%

4/23/2029

USD

7,905

5,820

TOTAL LEVERAGED LOANS (Amortized cost $363,185)

342,533

See accompanying notes to financial statements.


			Income Opportunities Fund			April 30, 2026 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Par