# EDGAR Filing Document

**Accession Number:** 0001515940
**File Stem:** 0001515940-25-000006
**Filing Date:** 2025-6
**Character Count:** 156100
**Document Hash:** 7339176544284426cacd328ec410d5fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001515940-25-000006.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001515940-25-000006

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Income Opportunities Fund
- **CENTRAL INDEX KEY:** 0001515940

**ORGANIZATION NAME:**
- **EIN:** 456168963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22543
- **FILM NUMBER:** 251073136

**BUSINESS ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-315-3620

**MAIL ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR Alternative Income Opportunities Fund
- **DATE OF NAME CHANGE:** 20130214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR Global Credit Opportunities Fund
- **DATE OF NAME CHANGE:** 20110318

?xml version='1.0' encoding='ASCII'? 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, 50**<sup>th</sup> **Floor**

**San Francisco, CA 94104**

**(Address of principal executive offices) (Zip code)**

**Lori Hoffman**

**KKR Credit Advisors (US) LLC**

**555 California Street, 50**<sup>th</sup> **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**

------

**<u>Item 1. Reports to Stockholders.</u>**

![kkr-logo2.jpg](ck0001515940-20250430_g1.jpg)

**KKR Income Opportunities Fund**

Semi-Annual Report

April 30, 2025

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | |
|:---|:---|
| **Table of Contents** |  |
| [Management's Discussion of Fund Performance](#i30f854c14cc946ee8b3a89ae01422d5d_13) | [1](#i30f854c14cc946ee8b3a89ae01422d5d_13) |
| [Schedule of Investments](#i30f854c14cc946ee8b3a89ae01422d5d_31) | [4](#i30f854c14cc946ee8b3a89ae01422d5d_31) |
| [Statement of Assets and Liabilities](#i30f854c14cc946ee8b3a89ae01422d5d_49) | [18](#i30f854c14cc946ee8b3a89ae01422d5d_49) |
| [Statement of Operations](#i30f854c14cc946ee8b3a89ae01422d5d_52) | [19](#i30f854c14cc946ee8b3a89ae01422d5d_52) |
| [Statements of Changes in Net Assets](#i30f854c14cc946ee8b3a89ae01422d5d_55) | [20](#i30f854c14cc946ee8b3a89ae01422d5d_55) |
| [Statement of Cash Flows](#i30f854c14cc946ee8b3a89ae01422d5d_58) | [21](#i30f854c14cc946ee8b3a89ae01422d5d_58) |
| [Financial Highlights](#i30f854c14cc946ee8b3a89ae01422d5d_61) | [22](#i30f854c14cc946ee8b3a89ae01422d5d_61) |
| [Notes to Financial Statements](#i30f854c14cc946ee8b3a89ae01422d5d_64) | [23](#i30f854c14cc946ee8b3a89ae01422d5d_64) |
| [Voting Results from the March](#i30f854c14cc946ee8b3a89ae01422d5d_109)[19](#i30f854c14cc946ee8b3a89ae01422d5d_109)[, 202](#i30f854c14cc946ee8b3a89ae01422d5d_109)[5](#i30f854c14cc946ee8b3a89ae01422d5d_109)[Shareholder Meeting](#i30f854c14cc946ee8b3a89ae01422d5d_109) | [33](#i30f854c14cc946ee8b3a89ae01422d5d_109) |
| [Privacy Notice](#i30f854c14cc946ee8b3a89ae01422d5d_133) | [34](#i30f854c14cc946ee8b3a89ae01422d5d_133) |

---

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.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Management's Discussion of Fund Performance**

**<u>Looking Back on the Markets – April 30, 2025</u>**

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.

**<u>Traded Credit Markets</u>**

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<sup>[1]</sup> 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,<sup>[1]</sup> 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<sup>[2]</sup> 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.

______________________________

<sup>(1)</sup> Pitchbook \| LCD, JPMorgan Research and KKR Credit Analysis as of March 31, 2025

<sup>(2)</sup> Pitchbook \| LCD and KKR Credit Analysis as of March 31, 2025

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---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

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<sup>[3]</sup> 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%<sup>[4]</sup> 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<sup>[5]</sup>. 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<sup>[6]</sup> 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.

**<u>Fund Description & Performance</u>**

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<sup>[7]</sup>.

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

---

______________________________

<sup>(3)</sup> Pitchbook \| LCD and KKR Credit Analysis as of March 31, 2025

<sup>(4)</sup> Morningstar LSTA LL Index as of March 31, 2025

<sup>(5)</sup> ICE BofA HY Index as of March 31, 2025

<sup>(6)</sup> Morningstar LSTA LL Index as of April 30, 2025

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

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**<u>Business Updates</u>**

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.*

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

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**Schedule of Investments**

**(in thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| **Leveraged Loans - 70.36%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense - 0.13% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Aerospace Services LLC | TL 1L B 12/21 | SOFR + 2.25% | 12/6/2030 | USD | 671 | $663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Carriers - 2.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | TL 1L B 03/25 | SOFR + 4.25% | 3/27/2032 | USD | 5536 | 5532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies Inc | TL 1L B2 03/24 | SOFR + 2.35% | 4/15/2030 | USD | 3313 | 3165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | TL 1L B 03/20 | SOFR + 3.00% | 3/9/2027 | USD | 6116 | 5707 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;Application Software - 6.89% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cision Ltd | TL 1L 04/25 (New Money FLFO USD) | 1.00% PIK, SOFR + 5.00% | 4/29/2030 | USD | 1390 | 1386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellucian Inc | TL 2L 11/24 | SOFR + 4.75% | 11/22/2032 | USD | 1109 | 1113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envestnet Inc | TL 1L 09/24 | SOFR + 3.50% | 11/25/2031 | USD | 4557 | 4549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Financial Systems IFS AB | TL 1L B1 03/21 EUR | EURIBOR + 3.15% | 3/31/2028 | EUR | 1187 | 1341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qlik Technologies Inc | TL 1L 11/24 | SOFR + 3.25% | 10/26/2030 | USD | 1251 | 1248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualtrics International Inc | TL 1L B2 02/25 | SOFR + 2.25% | 6/28/2030 | USD | 539 | 535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solera LLC | TL 2L 06/21 | SOFR + 9.00% | 6/4/2029 | USD | 11527 | 11527 | (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | TL 1L B1 11/24 | SOFR + 3.50% | 3/29/2029 | USD | 10082 | 9975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | TL 1L B2 10/24 | SOFR + 3.75% | 3/21/2031 | USD | 3673 | 3636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automotive Parts & Equipment - 4.10% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance Ltd | TL 1L B 09/24 | SOFR + 2.75% | 10/16/2031 | USD | 539 | 539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative XCessories & Services LLC | TL 1L 02/20 | SOFR + 4.25% | 3/5/2027 | USD | 12593 | 12067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parts Authority Inc | TL 1L 10/20 | SOFR + 3.75% | 10/28/2027 | USD | 10733 | 8382 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcasting - 2.62% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 1L B 12/23 (2019 A&E EUR) | 1.50% PIK, EURIBOR + 3.50% | 8/19/2026 | EUR | 8273 | 8238 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 1L B 12/23 (2019 A&E) | 1.50% PIK, SOFR + 3.25% | 8/19/2026 | USD | 485 | 438 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 2L 09/18 | SOFR + 7.00% | 10/19/2026 | USD | 7495 | 4747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail - 0.42% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoScout24 GmbH | TL 1L B 10/24 EUR | EURIBOR + 3.75% | 12/10/2031 | EUR | 1894 | 2147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products - 3.25% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiversiTech Holdings Inc | TL 1L B 12/21 | SOFR + 3.50% | 12/22/2028 | USD | 1894 | 1891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiversiTech Holdings Inc | TL 2L B 12/21 | SOFR + 6.75% | 12/21/2029 | USD | 1381 | 1373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials LLC | TL 1L B3 04/25 | SOFR + 5.25% | 1/29/2031 | USD | 1651 | 1537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Inc | TL 1L B1 01/25 | SOFR + 3.25% | 1/17/2032 | USD | 4050 | 3960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI Windows and Doors Inc | TL 1L B2 03/24 | SOFR + 3.00% | 3/28/2031 | USD | 3994 | 3940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | TL 1L B3 01/25 | SOFR + 2.25% | 2/10/2032 | USD | 4040 | 3966 |  |

---

See accompanying notes to financial statements.

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable & Satellite - 1.45% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astound Broadband (RCN/Radiate) | TL 1L B 10/21 | SOFR + 3.25% | 9/25/2026 | USD | 7369 | $6497 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Inc | TL 1L 09/19 | SOFR + 2.50% | 1/31/2028 | USD | 947 | 936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Casinos & Gaming - 0.08% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entain PLC | TL 1L B 04/24 | SOFR + 2.75% | 10/31/2029 | USD | 388 | 388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Printing - 1.41% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | TL 1L B 10/21 EUR | EURIBOR + 5.00% | 10/30/2028 | EUR | 7788 | 7249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity Chemicals - 3.37% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings Ltd | TL 1L B 01/20 EUR | EURIBOR + 2.00% | 1/29/2027 | EUR | 465 | 504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaskolite, LLC | TL 1L 04/21 | SOFR + 4.00% | 12/15/2025 | USD | 14504 | 13955 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Group Inc | TL 1L B-1A 09/24 | 0.75% PIK, SOFR + 4.75% | 10/16/2028 | USD | 1761 | 866 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Group Inc | TL 1L B-1B 09/24 | 0.75% PIK, SOFR + 4.75% | 10/16/2028 | USD | 3944 | 1939 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering - 0.80% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azuria Water Solutions Inc | TL 1L 01/25 | SOFR + 2.50% | 5/17/2028 | USD | 3962 | 3936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Energy & Infrastructure Services Inc | TL 1L B 04/24 | SOFR + 4.50% | 8/1/2030 | USD | 197 | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Machinery & Heavy Transportation Equipment - 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;Construction Machinery & Heavy Transportation Equipment - 1.07% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accuride Corp | TL Unsec 03/25 | 3.00% PIK, SOFR + 1.5% | 3/7/2030 | USD | 2287 | 5494 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials - 0.19% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quimper AB | TL 1L B 11/24 EUR | EURIBOR + 3.75% | 3/31/2030 | EUR | 857 | 972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance - 0.89% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC/The | TL 1L B 12/24 | SOFR + 3.00% | 4/7/2028 | USD | 4557 | 4546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Merchandise Retail - 0.14% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morrisons (Market Bidco Limited) | TL 1L 10/24 EUR | EURIBOR + 4.50% | 11/4/2030 | EUR | 656 | 723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Processing & Outsourced Services - 1.23% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Corp | TL 1L B3 01/23 | SOFR + 4.00% | 4/10/2027 | USD | 8696 | 6313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Chemicals - 0.29% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexion International Cooperatief UA | TL 1L 12/24 | SOFR + 4.00% | 3/15/2029 | USD | 1540 | 1503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Metals & Mining - 0.39% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | TL 1L A 06/20 | SOFR + 8.00% | 6/30/2027 | USD | 2111 | 2022 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Support Services - 0.18% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Holdings LLC (aka Therma) | TL 1L 01/25 | SOFR + 3.25% | 12/18/2028 | USD | 920 | 909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Services - 0.27% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IU Finance Management GmbH | TL 1L B 11/24 EUR | EURIBOR + 3.75% | 12/8/2031 | EUR | 1215 | 1365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental & Facilities Services - 2.31% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brock Group LLC/The | TL 1L B 04/24 | SOFR + 6.00% | 5/2/2030 | USD | 7915 | 7833 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filtration Group Corp | TL 1L B 01/25 | SOFR + 3.00% | 10/21/2028 | USD | 4004 | $4005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Exchanges & Data - 0.11% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IntraFi Network LLC | TL 1L B 01/25 | SOFR + 3.50% | 7/31/2031 | USD | 545 | 544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment - 2.13% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive DeVilbiss Healthcare LLC | TL 1L 03/21 | 4.00% PIK, SOFR + 5.50% | 6/1/2026 | USD | 7929 | 7849 | (a) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive DeVilbiss Healthcare LLC | TL 1L 09/22 | 9.00% PIK, SOFR + 1.00% | 6/1/2026 | USD | 1187 | 1198 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Audiology Solutions | TL 1L B3 09/24 | EURIBOR + 4.00% | 2/28/2029 | EUR | 759 | 859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viant Medical Holdings Inc | TL 1L 10/24 | SOFR + 4.00% | 10/29/2031 | USD | 996 | 997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities - 0.65% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Vetcare Ltd | TL 1L 01/24 | EURIBOR + 4.00% | 11/20/2028 | EUR | 759 | 854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Hospitals Inc | TL 1L B 09/24 | SOFR + 3.75% | 5/17/2031 | USD | 285 | 281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Oy | TL 1L 04/25 EUR | EURIBOR + 3.90% | 8/5/2031 | EUR | 1237 | 1405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScionHealth | TL 1L B 12/21 | SOFR + 5.25% | 12/23/2028 | USD | 1690 | 787 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Services - 0.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affidea BV | TL 1L B 01/25 (EUR) | EURIBOR + 3.75% | 7/2/2029 | EUR | 1190 | 1348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHG Healthcare Services Inc | TL 1L B1 12/24 | SOFR + 3.00% | 9/29/2028 | USD | 902 | 900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inizio Group Ltd | TL 1L B 08/21 EUR | EURIBOR + 4.00% | 8/19/2028 | EUR | 760 | 830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Acquisition Corp | TL 1L B 10/24 | SOFR + 3.25% | 5/6/2031 | USD | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC | TL 1L 05/24 | SOFR + 3.25% | 5/30/2031 | USD | 544 | 544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners LLC | TL 1L 10/24 | SOFR + 3.25% | 12/4/2031 | USD | 542 | 541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology - 1.76% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensemble RCM LLC | TL 1L B 01/24 | SOFR + 3.00% | 8/1/2029 | USD | 4009 | 4011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milano Acquisition Corp | TL 1L 08/20 | SOFR + 4.00% | 10/1/2027 | USD | 4815 | 4492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Healthcare Corp | TL 1L B 01/24 | SOFR + 2.75% | 9/28/2029 | USD | 544 | 533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines - 0.39% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playa Resorts Holding BV | TL 1L B 11/22 | SOFR + 2.75% | 1/5/2029 | USD | 1255 | 1255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co | TL 1L B 12/24 | SOFR + 2.50% | 12/14/2029 | USD | 760 | 748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Products - 0.78% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Culligan International Co | TL 1L B 12/24 | SOFR + 3.00% | 7/31/2028 | USD | 4044 | 4003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Human Resource & Employment Services - 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;Human Resource & Employment Services - 0.98% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services Inc | TL 1L B 02/23 | SOFR + 3.00% | 7/31/2031 | USD | 2932 | 2921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L 08/24 | SOFR + 8.00% | 2/20/2029 | USD | 302 | 302 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L 08/24 | 5.00% PIK, SOFR + 3.00% | 8/20/2029 | USD | 1303 | 1303 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L DD 08/24 | SOFR + 8.00% | 2/20/2029 | USD | 749 | 474 | (a) (b) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Machinery & Supplies & Components - 2.68% | &nbsp;&nbsp;&nbsp;&nbsp;Industrial Machinery & Supplies & Components - 2.68% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Systems LLC | TL 1L B 08/24 | SOFR + 2.75% | 8/19/2031 | USD | 4029 | 4006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPM Holdings Inc | TL 1L 09/23 | SOFR + 4.50% | 9/28/2028 | USD | 1840 | 1785 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | TL 1L 10/21 EUR | EURIBOR + 4.00% | 10/4/2028 | EUR | 3336 | $3483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | TL 1L B 09/21 | SOFR + 3.75% | 10/4/2028 | USD | 1301 | 1205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | TL 1L B 09/21 (EUR) | EURIBOR + 4.00% | 10/4/2028 | EUR | 2307 | 2409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings Inc | TL 2L 08/21 | SOFR + 6.00% | 5/21/2029 | USD | 290 | 287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProMach Group Inc | TL 1L B 02/25 | SOFR + 2.75% | 8/31/2028 | USD | 540 | 537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers - 0.85% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Group Ltd/The | TL 1L 01/25 EUR | EURIBOR + 3.63% | 2/18/2031 | EUR | 2365 | 2652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden Group Holdings Ltd | TL 1L 11/24 EUR | EURIBOR + 3.50% | 2/15/2031 | EUR | 1512 | 1712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services - 1.93% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twitter Inc | TL 1L 02/25 | 9.50% | 10/29/2029 | USD | 5855 | 5720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twitter Inc | TL 1L B1 10/22 | SOFR + 6.50% | 10/26/2029 | USD | 4315 | 4190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet Services & Infrastructure - 0.35% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco SARL | TL 1L 06/24 EUR | EURIBOR + 3.70% | 9/30/2029 | EUR | 1602 | 1809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Consulting & Other Services - 1.97% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B1 06/21 | SOFR + 3.50% | 12/17/2027 | USD | 2017 | 1927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B1 11/24 | SOFR + 6.00% | 11/15/2029 | USD | 6235 | 5897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B2 06/21 | SOFR + 3.50% | 12/17/2027 | USD | 2341 | 2237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B2 11/24 | SOFR + 6.00% | 11/15/2029 | USD | 29 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities - 4.86% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | TL 1L 02/25 | SOFR + 6.50% | 3/11/2030 | USD | 1715 | 1715 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | TL 2L 02/25 | SOFR + 7.50% | 3/11/2030 | USD | 1128 | 1128 | (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClubCorp Club Operations Inc | TL 1L 10/23 | SOFR + 5.00% | 9/18/2026 | USD | 15080 | 15118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herschend Family Entertainment Corp | TL 1L B 08/21 | SOFR + 3.00% | 8/27/2028 | USD | 1575 | 1567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Choice Investments LLC | TL 1L B 07/24 | SOFR + 4.75% | 8/16/2031 | USD | 5366 | 5379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Products - 1.70% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camping World Good Sam | TL 1L B 05/21 | SOFR + 2.50% | 6/3/2028 | USD | 3326 | 3171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp | TL 1L B 03/23 | SOFR + 3.00% | 3/15/2030 | USD | 5851 | 5527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services - 0.13% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinigen Ltd | TL 1L B 01/25 | EURIBOR + 3.75% | 4/19/2029 | EUR | 592 | 667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services - 0.64% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge NDB Operating LLC | TL 1L B 04/24 | SOFR + 4.00% | 5/10/2029 | USD | 3303 | 3258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Storage & Transportation - 1.64% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Midstream Holdings LLC | TL 1L B 02/25 | SOFR + 3.00% | 2/11/2030 | USD | 1033 | 1032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP / NGL Energy Finance Corp | TL 1L B 01/24 | SOFR + 3.75% | 2/3/2031 | USD | 1214 | 1156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Energy Services LLC | TL 1L B 06/24 | SOFR + 2.50% | 2/22/2030 | USD | 927 | 928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating LLC | TL 1L B 06/24 | SOFR + 4.75% | 6/27/2029 | USD | 5510 | 5277 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Specialty Retail - 0.59% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbor Freight Tools USA Inc | TL 1L B 05/24 | SOFR + 2.50% | 6/11/2031 | USD | 3221 | $3007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaged Foods & Meats - 0.35% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valeo Foods Group Ltd | TL 1L 05/21 EUR | EURIBOR + 3.75% | 9/29/2028 | EUR | 1609 | 1810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals - 1.28% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antigua Bidco Ltd | TL 1L 05/24 EUR | EURIBOR + 4.25% | 2/28/2030 | EUR | 1244 | 1289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals Ltd | TL 1L B 12/24 (EUR) | EURIBOR + 3.50% | 1/27/2032 | EUR | 1560 | 1754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding AG | TL 1L B3 06/24 EUR | EURIBOR + 4.00% | 2/21/2030 | EUR | 906 | 1028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opella Healthcare LLC | TL 1L B 03/25 EUR | EURIBOR + 3.50% | 3/31/2032 | EUR | 2218 | 2512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Publishing - 0.29% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald Expositions Holding Inc | TL 1L B 01/25 | SOFR + 3.75% | 1/30/2032 | USD | 1475 | 1477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable Electricity - 1.30% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIN Waste Innovations | TL 1L B 03/21 | SOFR + 2.75% | 3/24/2028 | USD | 6747 | 6673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research & Consulting Services - 0.30% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroll (fka Duff & Phelps) | TL 1L B 03/20 | SOFR + 3.75% | 4/9/2027 | USD | 1624 | 1543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Soft Drinks & Non-alcoholic Beverages - 0.83% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp | TL 1L B 01/25 | SOFR + 2.25% | 3/31/2028 | USD | 4294 | 4266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Finance - 0.13% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alter Domus Sarl | TL 1L B 05/24 | SOFR + 3.50% | 10/30/2031 | USD | 647 | 649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alter Domus Sarl | TL 1L DD 05/24 | SOFR + 3.50% | 10/30/2031 | USD | 48 |  | (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals - 3.07% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion/DSM engg | TL 1L B1 03/23 (USD) | SOFR + 5.50% | 3/29/2030 | USD | 5102 | 4596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Group GmbH | TL 2L B 09/23 PIK (HoldCo) EUR | 6.90% PIK, EURIBOR + 0.10% | 12/31/2027 | EUR | 347 | 46 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solenis International LP | TL 1L B 05/24 EUR | EURIBOR + 3.75% | 6/20/2031 | EUR | 493 | 554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Specialty Chemicals Inc | TL 1L B 02/23 | SOFR + 4.75% | 10/26/2026 | USD | 11221 | 10548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Software - 2.40% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software Inc | TL 1L B 10/21 | SOFR + 4.00% | 4/24/2028 | USD | 4611 | 4299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software Inc | TL 2L 03/21 | SOFR + 7.25% | 4/23/2029 | USD | 4907 | 4566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarWinds Holdings Inc | TL 1L 03/25 | SOFR + 4.00% | 4/16/2032 | USD | 3549 | 3434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors - 1.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FleetPride Corporation | TL 2L 01/19 | SOFR + 8.75% | 12/21/2026 | USD | 2156 | 1970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Construction Supply Inc | TL 1L B 06/24 | SOFR + 3.25% | 10/19/2029 | USD | 4044 | 3952 |  |
| **TOTAL LEVERAGED LOANS (Amortized cost $370,031)** | **TOTAL LEVERAGED LOANS (Amortized cost $370,031)** |  |  |  |  | $360504 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| **High Yield Securities - 54.43%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Carriers - 2.93% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iliad SA | 8.500% 04/2031 (USD) | 4/15/2031 | USD | 3446 | $3639 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 10.000% 10/2032 | 10/15/2032 | USD | 2817 | 2815 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 3.875% 10/2030 | 10/15/2030 | USD | 743 | 590 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 4.000% 04/2031 | 4/15/2031 | USD | 5268 | 4137 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | 4.000% 03/2027 | 3/1/2027 | USD | 4167 | 3844 | (a) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Application Software - 2.41% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cision Ltd | 10.000% 06/2031 | 6/30/2031 | USD | 5869 | 2846 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dye & Durham Ltd | 8.625% 04/2029 | 4/15/2029 | USD | 6278 | 6392 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | 8.250% 06/2032 | 6/30/2032 | USD | 982 | 1025 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | 9.000% 09/2029 | 9/30/2029 | USD | 2044 | 2061 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management & Custody Banks - 0.41% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hightower Holding LLC | 9.125% 01/2030 | 1/31/2030 | USD | 2064 | 2113 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Automotive Parts & Equipment - 0.88% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd | 7.500% 02/2033 | 2/15/2033 | USD | 1936 | 1836 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Inc | 7.750% 05/2032 | 5/31/2032 | USD | 650 | 649 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 3.000% 03/2030 | 3/1/2030 | USD | 138 | 128 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck Hero Inc | 6.250% 02/2029 | 2/1/2029 | USD | 2535 | 1894 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Automotive Retail - 1.37% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Discount Tire Inc | 6.500% 05/2029 | 5/15/2029 | USD | 7590 | 7010 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology - 0.27% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunocore Holdings PLC | 2.500% 02/2030 | 2/1/2030 | USD | 1643 | 1406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail - 0.22% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bubbles Bidco SPA | 4.250% 09/2031 | 9/30/2031 | EUR | 976 | 1103 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products - 2.86% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oldcastle Buildingenvelope Inc | 9.500% 04/2030 | 4/15/2030 | USD | 8863 | 8076 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeSource Building Products Inc | 5.625% 02/2029 | 2/1/2029 | USD | 4654 | 3646 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeSource Building Products Inc | 6.750% 08/2029 | 8/1/2029 | USD | 3680 | 2914 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable & Satellite - 5.21% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Communications Inc | 4.875% 03/2028 | 3/1/2028 | USD | 7356 | 6889 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable One Inc | 0.000% 03/2026 | 3/15/2026 | USD | 6731 | 6351 | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable One Inc | 4.000% 11/2030 | 11/15/2030 | USD | 3983 | 3244 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevision Lightpath LLC | 5.625% 09/2028 | 9/15/2028 | USD | 6266 | 5809 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC (Altice USA) | 11.750% 01/2029 | 1/31/2029 | USD | 608 | 575 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC (Altice USA) | 4.125% 12/2030 | 12/1/2030 | USD | 5589 | 3836 | (f) |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;Casinos & Gaming - 0.67% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn International AS | 7.250% 04/2030 | 4/30/2030 | EUR | 997 | $1195 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp | 8.750% 11/2029 | 11/15/2029 | USD | 2236 | 2219 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Printing - 0.56% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | 10.500% 07/2027 | 7/15/2027 | USD | 1915 | 1716 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | 9.500% 11/2028 | 11/1/2028 | USD | 1302 | 1139 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity Chemicals - 0.06% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings Inc | 8.000% 10/2029 | 10/1/2029 | USD | 384 | 320 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering - 2.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Energy & Infrastructure Services Inc | 10.375% 08/2030 | 8/1/2030 | USD | 4606 | 4381 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxim Crane Works LP / Maxim Finance Corp | 11.500% 09/2028 | 9/1/2028 | USD | 6679 | 6604 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Banks - 0.09% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 5.590% 11/2035 | 11/26/2035 | USD | 444 | 445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Chemicals - 2.39% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 4.625% 11/2029 | 11/15/2029 | USD | 4490 | 3766 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 5.375% 05/2027 | 5/15/2027 | USD | 320 | 312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 5.750% 11/2028 | 11/15/2028 | USD | 3810 | 3456 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 8.000% 01/2033 | 1/15/2033 | USD | 3973 | 3584 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fire BC SpA | 10.000% 02/2028 | 2/6/2028 | EUR | 933 | 1111 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Support Services - 3.51% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC | 6.000% 06/2029 | 6/1/2029 | USD | 4479 | 4208 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC | 9.750% 07/2027 | 7/15/2027 | USD | 5070 | 5093 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp | 8.250% 08/2032 | 8/1/2032 | USD | 4001 | 3936 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp | 8.375% 10/2032 | 11/15/2032 | USD | 3975 | 3925 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techem Energy Services GmbH/Germany | 6.000% 07/2026 | 7/30/2026 | EUR | 710 | 803 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Components - 2.54% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Inc | 5.000% 03/2027 | 3/15/2027 | USD | 8991 | 7834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Inc | 8.250% 03/2027 | 3/1/2027 | USD | 5687 | 5188 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teladoc Health Inc | 1.250% 06/2027 | 6/1/2027 | USD | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines - 3.23% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp Ltd | 1.125% 02/2027 | 2/15/2027 | USD | 17481 | 16559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Products - 0.06% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings Inc | 6.500% 12/2027 | 12/31/2027 | USD | 313 | 315 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Machinery & Supplies & Components - 3.03% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX FLOW Inc | 8.750% 04/2030 | 4/1/2030 | USD | 15391 | 15538 | (f) |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers - 0.97% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Group Ltd/The | 6.875% 02/2031 (EUR) | 2/15/2031 | EUR | 4315 | $4951 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Oil & Gas - 0.05% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni SpA | 5.950% 05/2054 | 5/15/2054 | USD | 289 | 272 | (a) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Telecommunication Services - 0.73% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR | 8.125% 02/2027 | 2/1/2027 | USD | 4078 | 3736 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Consulting & Other Services - 0.60% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centurion Bidco SpA | 8.625% 02/2030 | 2/15/2030 | EUR | 1822 | 2138 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | 10.750% 11/2029 | 11/15/2029 | USD | 445 | 426 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | 8.625% 06/2027 | 6/1/2027 | USD | 517 | 495 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities - 4.11% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 4.500% 11/2027 | 11/15/2027 | EUR | 10078 | 10765 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 6.625% 11/2027 | 11/15/2027 | USD | 9188 | 8699 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 7.375% 06/2030 | 6/15/2030 | EUR | 78 | 86 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 8.375% 02/2032 | 2/15/2032 | USD | 1583 | 1500 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Products - 0.20% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Media and Communication SpA | 6.750% 02/2027 | 2/9/2027 | EUR | 893 | 1024 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Marine Ports & Services - 0.68% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct ChassisLink Inc | 7.750% 11/2029 | 11/15/2029 | USD | 3750 | 3497 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services - 0.12% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp | 6.875% 04/2027 | 4/1/2027 | USD | 148 | 148 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water (fka Solaris Midstream Holdings LLC) | 7.250% 04/2030 | 4/1/2030 | USD | 456 | 453 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production - 1.58% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC | 8.500% 05/2028 | 5/1/2028 | USD | 1475 | 1477 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas Inc | 8.125% 03/2028 | 3/1/2028 | USD | 1860 | 1838 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitio Royalties Corp | 7.875% 11/2028 | 11/1/2028 | USD | 1740 | 1790 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co | 7.000% 08/2032 | 8/1/2032 | USD | 1565 | 1444 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Production Inc | 9.375% 02/2031 | 2/1/2031 | USD | 1623 | 1528 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Storage & Transportation - 1.73% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy | 8.875% 04/2030 | 4/15/2030 | USD | 1420 | 1451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP / GLP Finance Corp | 8.250% 01/2032 | 1/15/2032 | USD | 297 | 303 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP / NGL Energy Finance Corp | 8.125% 02/2029 | 2/15/2029 | USD | 2978 | 2802 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP / NGL Energy Finance Corp | 8.375% 02/2032 | 2/15/2032 | USD | 3673 | 3353 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Partners LLC | 8.500% 06/2030 | 6/15/2030 | USD | 927 | 934 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaged Foods & Meats - 0.21% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chobani LLC | 9.500% 10/2029 | 10/1/2029 | USD | 1025 | 1089 | (d) (f) |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;Paper & Plastic Packaging Products & Materials - 0.87% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novolex Holdings LLC | 8.750% 04/2030 | 4/15/2030 | USD | 4320 | $4455 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Paper Products - 0.54% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber Bidco Spa | 10.750% 06/2029 | 6/15/2029 | EUR | 2626 | 2741 | (d) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines - 2.43% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp | 0.500% 04/2026 | 4/1/2026 | USD | 12817 | 12112 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Continental Holdings Inc | 4.600% 03/2026 | 3/1/2026 | USD | 355 | 350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding AG | 7.500% 08/2026 | 8/21/2026 | EUR | 643 | 742 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Services - 1.64% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate Group LLC | 0.250% 06/2026 | 6/15/2026 | USD | 8299 | 7782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emeria Europe SAS | 7.750% 03/2028 | 3/31/2028 | EUR | 615 | 629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research & Consulting Services - 0.20% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings Inc | 7.250% 08/2032 | 8/1/2032 | USD | 1011 | 1029 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurants - 2.20% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Nugget Inc. | 6.750% 07/2030 | 1/15/2030 | USD | 12867 | 11271 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals - 0.21% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solenis International LP | 9.625% 11/2028 | 11/15/2028 | EUR | 916 | 1085 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors - 0.40% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings | 6.500% 06/2045 | 6/15/2045 | USD | 2029 | 2031 | (f) |
| **TOTAL HIGH YIELD SECURITIES (Amortized cost $284,551)** | **TOTAL HIGH YIELD SECURITIES (Amortized cost $284,551)** |  |  |  | $278904 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate &<br>Spread | Maturity<br>Date | Currency | Par | Fair Value | Footnotes |
| **Asset Backed Securities - 13.83%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Finance - 13.83% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accunia European CLO IV DAC | ACCUN 4A E | EURIBOR + 5.67% | 4/20/2033 | EUR | 518 | $576 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 24 Ltd | AGL 2023-24A E | SOFR + 8.65% | 7/25/2036 | USD | 1250 | 1247 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 5 Ltd | AGL 2020-5A ERR | SOFR + 6.09% | 7/20/2034 | USD | 165 | 161 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 26 Ltd | AMMC 2023-26A ER | SOFR + 6.50% | 4/15/2036 | USD | 447 | 446 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital Clo 20 Ltd | ANCHC 2021-20A ER | SOFR + 7.00% | 1/20/2035 | USD | 536 | 523 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 21 Ltd | ANCHC 2021-21A ER | SOFR + 6.25% | 10/20/2034 | USD | 745 | 723 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 6 Ltd | ANCHC 2015-6A ER3 | SOFR + 7.29% | 4/22/2034 | USD | 329 | 325 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XI | APID 2012-11A ER4 | SOFR + 6.00% | 4/17/2034 | USD | 1852 | 1852 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XLV Ltd | APID 2023-45A D | SOFR + 5.20% | 4/26/2036 | USD | 392 | 394 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XXIII | APID 2015-23A ERR | SOFR + 5.20% | 4/15/2033 | USD | 1407 | 1361 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LXII CLO Ltd | ARES 2021-62A E | SOFR + 6.76% | 1/25/2034 | USD | 387 | 382 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares XXVII CLO Ltd | ARES 2013-2A ER3 | SOFR + 6.75% | 10/28/2034 | USD | 1088 | 1086 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares XXXIX CLO Ltd | ARES 2016-39A ER3 | SOFR + 6.75% | 7/18/2037 | USD | 1386 | 1380 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO XII DAC | ACLO 12A E | EURIBOR + 6.00% | 10/17/2037 | EUR | 496 | 550 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit Clo 2019-3 Ltd | BCC 2019-3A ERR | SOFR + 6.85% | 10/21/2034 | USD | 283 | 271 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-2 Ltd | BCC 2022-2A E | SOFR + 7.84% | 4/22/2035 | USD | 1116 | 1093 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balboa Bay Loan Funding 2021-1 Ltd | BOBA 2021-1A E | SOFR + 6.42% | 7/20/2034 | USD | 945 | 907 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 19 Ltd | BALLY 2022-19A D | SOFR + 7.11% | 4/20/2035 | USD | 182 | 179 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO Ltd 2022-I | BABSN 2022-1A E | SOFR + 7.00% | 4/15/2035 | USD | 443 | 421 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd | BSP 2021-25A ER | SOFR + 4.60% | 1/15/2035 | USD | 311 | 301 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd | BSP 2024-34A E | SOFR + 6.70% | 7/25/2037 | USD | 323 | 321 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXVI Ltd | BLUEM 2019-26A ER | SOFR + 7.39% | 10/20/2034 | USD | 430 | 415 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXVIII Ltd | BLUEM 2021-28A E | SOFR + 6.66% | 4/15/2034 | USD | 575 | 554 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXII Ltd | BLUEM 2021-32A ER | SOFR + 6.60% | 10/15/2034 | USD | 514 | 495 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIV Ltd | BLUEM 2022-34A E | SOFR + 7.55% | 4/20/2035 | USD | 1150 | 1124 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four CLO VII DAC | CFOUR 7A F | EURIBOR + 8.22% | 4/25/2037 | EUR | 1047 | 1148 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Euro CLO 2021-1 DAC | CGMSE 2021-1A D | EURIBOR + 6.12% | 1/15/2034 | EUR | 519 | 577 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-4 LTD | CGMS 2021-4A E | SOFR + 6.60% | 4/20/2034 | USD | 631 | 631 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2024-2 Ltd | CGMS 2024-2A E | SOFR + 6.85% | 4/25/2037 | USD | 395 | 395 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XVIII CLO Ltd | CEDF 2024-18A E | SOFR + 6.65% | 4/23/2037 | USD | 532 | 535 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cifc Funding 2014-IV-R Ltd | CIFC 2014-4R1 DRR | SOFR + 5.80% | 1/17/2035 | USD | 1983 | 1912 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-II Ltd | CIFC 2022-2A ER | SOFR + 4.75% | 4/19/2035 | USD | 289 | 277 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clonmore Park CLO DAC | CLONP 1A ER | EURIBOR + 6.82% | 8/21/2035 | EUR | 350 | 396 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Cordatus Loan Fund XXXI DAC | CORDA 31A E | EURIBOR + 6.64% | 6/15/2037 | EUR | 402 | 458 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Cordatus Loan Fund XXXII DAC | CORDA 32A E | EURIBOR + 5.96% | 9/15/2038 | EUR | 790 | 877 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 113 CLO Ltd | DRSLF 2022-113A ER2 | SOFR + 7.40% | 10/15/2037 | USD | 674 | 681 | (b) |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate &<br>Spread | Maturity<br>Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 87 CLO Ltd | DRSLF 2021-87A E | SOFR + 6.41% | 5/20/2034 | USD | 745 | $724 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fernhill Park CLO DAC | FRNPK 1A E | EURIBOR + 6.68% | 4/15/2037 | EUR | 301 | 339 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy 33 CLO Ltd | GALXY 2024-33A E | SOFR + 6.65% | 4/20/2037 | USD | 376 | 375 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy XXII CLO Ltd | GALXY 2016-22A ERRR | SOFR + 6.75% | 4/16/2034 | USD | 319 | 315 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy XXV CLO Ltd | GALXY 2018-25A ER | SOFR + 6.50% | 4/25/2036 | USD | 465 | 459 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generate CLO Ltd | GNRT 2024-15A E | SOFR + 6.70% | 7/20/2037 | USD | 388 | 388 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 53B Ltd | GCBSL 2021-53A ER | SOFR + 4.70% | 7/20/2034 | USD | 456 | 438 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henley CLO X DAC | HNLY 10A E | EURIBOR + 6.65% | 7/20/2037 | EUR | 187 | 212 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 10-2016 Ltd | HLM 10A-16 DR3 | SOFR + 6.45% | 4/20/2034 | USD | 724 | 713 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamestown CLO XIV Ltd | JTWN 2019-14A DRR | SOFR + 5.65% | 10/20/2034 | USD | 1020 | 967 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamestown CLO XVI Ltd | JTWN 2021-16A ER | SOFR + 6.95% | 7/25/2034 | USD | 541 | 526 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamestown CLO XVIII Ltd | JTWN 2022-18A E | SOFR + 7.87% | 7/25/2035 | USD | 392 | 388 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jubilee CLO 2017-XIX DAC | JUBIL 2017-19A FR | EURIBOR + 8.70% | 4/25/2038 | EUR | 711 | 746 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XLIX Ltd | MDPK 2021-49A ER | SOFR + 4.60% | 10/19/2034 | USD | 1460 | 1384 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XLVI Ltd | MDPK 2020-46A ERR | SOFR + 5.25% | 10/15/2034 | USD | 1607 | 1554 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXI Ltd | MDPK 2016-21A DRR | SOFR + 7.76% | 10/15/2032 | USD | 2252 | 2251 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXXVI Ltd | MDPK 2019-36A ERR | SOFR + 5.60% | 4/15/2035 | USD | 563 | 544 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXXI Ltd | MAGNE 2021-31A E | SOFR + 6.00% | 7/15/2034 | USD | 1500 | 1502 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point CLO XVI Ltd | MP16 2019-2A ER | SOFR + 7.27% | 11/16/2034 | USD | 684 | 653 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 35 Ltd | NEUB 2019-35A ER | SOFR + 5.95% | 1/19/2033 | USD | 556 | 556 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Clo 42 Ltd | NEUB 2021-42A ER | SOFR + 4.60% | 7/16/2036 | USD | 291 | 280 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Clo 43 Ltd | NEUB 2021-43A ER | SOFR + 4.60% | 7/17/2036 | USD | 794 | 768 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Clo 44 Ltd | NEUB 2021-44A ER | SOFR + 5.15% | 10/16/2035 | USD | 415 | 402 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 45 Ltd | NEUB 2021-45A ER | SOFR + 4.85% | 10/14/2036 | USD | 1751 | 1688 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 46 Ltd | NEUB 2021-46A ER | SOFR + 5.15% | 1/20/2037 | USD | 940 | 917 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Euro CLO 3 DAC | NEUBE 2022-3A F | EURIBOR + 8.87% | 10/25/2034 | EUR | 948 | 1046 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Euro CLO 5 DAC | NEUBE 2022-5A FR | EURIBOR + 9.18% | 1/20/2037 | EUR | 1111 | 1266 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2021-2 Ltd | OAKCL 2021-2A ER | SOFR + 4.50% | 1/15/2035 | USD | 1006 | 951 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 51 Ltd | OCT 51 2021-1A ER | SOFR + 5.65% | 7/20/2034 | USD | 1149 | 1116 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European CLO 2022-2 DAC | PLMER 2022-2A FR | EURIBOR + 8.15% | 1/15/2038 | EUR | 1067 | 1164 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European CLO 2023-2 DAC | PLMER 2023-2A F | EURIBOR + 8.39% | 10/15/2036 | EUR | 1039 | 1150 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European CLO 2024-1 DAC | PLMER 2024-1A E | EURIBOR + 6.68% | 5/15/2037 | EUR | 301 | 340 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parallel 2021-1 Ltd | PARL 2021-1A ER | SOFR + 6.25% | 7/15/2034 | USD | 336 | 317 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penta CLO 10 DAC | PENTA 2021-10A F | EURIBOR + 8.80% | 11/20/2034 | EUR | 965 | 1057 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penta CLO 12 DAC | PENTA 2022-12A ER | EURIBOR + 7.09% | 5/9/2037 | EUR | 563 | 641 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penta CLO 14 DAC | PENTA 2023-14A ER | EURIBOR + 6.35% | 10/20/2037 | EUR | 340 | 384 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penta CLO 16 DAC | PENTA 2024-16A E | EURIBOR + 6.79% | 10/18/2036 | EUR | 362 | 407 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penta CLO 7 DAC | PENTA 2020-7A FR | EURIBOR + 8.43% | 1/25/2039 | EUR | 990 | 1071 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post CLO 2021-1 LTD | POST 2021-1A ER | SOFR + 5.70% | 10/15/2034 | USD | 1364 | 1342 | (b) |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate &<br>Spread | Maturity<br>Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providus Clo X DAC | PRVD 10A E | EURIBOR + 6.74% | 11/18/2038 | EUR | 304 | $343 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 4 Ltd | RAD 2019-4A ER | SOFR + 6.50% | 4/25/2032 | USD | 419 | 420 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXVIII Funding Ltd | REG28 2024-2A E | SOFR + 7.00% | 4/25/2037 | USD | 376 | 375 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1 Ltd | Rockford Tower 2020-1 Refi Class ER | SOFR + 5.90% | 1/20/2036 | USD | 374 | 354 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romark CLO IV Ltd | RMRK 2021-4A D | SOFR + 7.21% | 7/10/2034 | USD | 801 | 775 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romark Credit Funding II Ltd | RCF 2021-2A E | 7.08% | 10/25/2039 | USD | 1200 | 1152 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVIII Ltd | SCUL 28A ER | SOFR + 6.30% | 1/20/2035 | USD | 717 | 681 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shackleton 2019-XV CLO Ltd | SHACK 2019-15A D1R | SOFR + 3.45% | 1/15/2032 | USD | 367 | 360 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO XIX Ltd | SIXST 2021-19A E | SOFR + 6.16% | 7/20/2034 | USD | 808 | 805 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2022-1 Ltd | TCW 2022-1A DJR | SOFR + 4.28% | 1/20/2038 | USD | 563 | 559 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran Cavu 2021-1 Ltd | CAVU 2021-1A ER | SOFR + 7.00% | 7/23/2037 | USD | 1129 | 1108 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas Clo XX Ltd | TRNTS 2022-20A ER | SOFR + 5.75% | 7/20/2035 | USD | 592 | 587 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas Euro CLO VI DAC | TRNTE 6A F | EURIBOR + 8.31% | 4/15/2037 | EUR | 1071 | 1180 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas Euro CLO VII DAC | TRNTE 7A E | EURIBOR + 6.55% | 7/25/2037 | EUR | 264 | 297 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2017-3 Ltd | VOYA 2017-3A DRR | SOFR + 5.80% | 4/20/2034 | USD | 2068 | 2022 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2019-3 Ltd | VOYA 2019-3A ER | SOFR + 6.76% | 10/17/2032 | USD | 580 | 576 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2019-4 Ltd | VOYA 2019-4A ER | SOFR + 6.97% | 1/15/2035 | USD | 1125 | 1116 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2021-1 Ltd | VOYA 2021-1A ER | SOFR + 5.75% | 7/15/2034 | USD | 215 | 206 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2022-1 Ltd | VOYA 2022-1A ER | SOFR + 6.90% | 4/20/2035 | USD | 1647 | 1636 | (b) |
| **TOTAL ASSET BACKED SECURITIES (Amortized cost $70,893)** | **TOTAL ASSET BACKED SECURITIES (Amortized cost $70,893)** |  |  |  |  | $70867 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Shares | Fair Value | Footnotes |
| **Equity & Other Investments - 2.32%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail - 0.41% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belk Inc | Common Stock |  | USD | 82904 | $2122 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yak Access LLC | Common Stock |  | USD | 9358 | 25 | (a) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Metals & Mining - 0.20% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | Common Stock |  | USD | 320381 | 1024 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines - 0.31% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp Ltd | Common Stock |  | USD | 100444 | 1610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Human Resource & Employment Services - 0.01% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class A) |  | USD | 2475 |  | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class B) |  | USD | 32077 | 1 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class A) | 8/20/2030 | USD | 569 | 18 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class B) | 8/20/2030 | USD | 287 | 9 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities - 1.28% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | Common Stock |  | USD | 104732 | 6566 | (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services - 0.02% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proserv Group Parent LLC | Preferred Stock |  | USD | 36249 | 94 | (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities - 0.08% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum Health Corp | Trade Claim |  | USD | 3964000 | 417 | (b) (e) |
| **TOTAL EQUITY & OTHER INVESTMENTS (Cost $20,259)** | **TOTAL EQUITY & OTHER INVESTMENTS (Cost $20,259)** |  |  |  | $11886 |  |
| **TOTAL INVESTMENTS (Cost $745,734)** |  |  |  |  | $722161 |  |
| **Money Market Funds - 10.48%** |  |  |  |  |  |  |
| U.S. Government Securities - 10.48% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio | Class IN |  | USD | 53698793 | $53699 | (g) |
| **TOTAL MONEY MARKET FUNDS (Cost $53,699)** |  |  |  |  | $53699 |  |
| **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost $799,433) - 151.42%** | **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost $799,433) - 151.42%** |  |  |  | $775860 |  |
| **LIABILITIES EXCEEDING OTHER ASSETS, NET - (51.42%)** |  |  |  |  | (263476) |  |
| **NET ASSETS - 100.00%** |  |  |  |  | $512384 |  |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

---

| | |
|:---|:---|
| TL | Term loan. |
| DD | Delayed draw term loan |
| 1L | First lien. |
| 2L | Second lien. |
| EURIBOR | Euro Interbank Offered Rate as of April 30, 2025 was 2.17% |
| SOFR | Secured Overnight Financing Rate as of April 30, 2025 was 4.32% |
| (a) | Security considered restricted. |
| (b) | Value determined using significant unobservable inputs. |
| (c) | Zero coupon bond. |
| (d) | Represents a payment-in-kind ("PIK") security which may pay interest/dividend in additional par/shares. |
| (e) | Non-income producing security. |
| (f) | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration. |
| (g) | The money market fund's average 30-day yield as of April 30, 2025 was 4.25%. |
| (h) | Investment is an unfunded or partially funded commitment. |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Statement of Assets and Liabilities** 

**As of April 30, 2025**

*(in thousands, except share and per share data)*

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $745,734) | $722161 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 54208 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value (cost $2,247) | 1950 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 9584 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 19237 |
| &nbsp;&nbsp;&nbsp;Other assets | 315 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $807455 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Credit facility (net of deferred financing costs $129) | 176352 |
| &nbsp;&nbsp;&nbsp;Mandatory redeemable preferred shares (net of deferred offering costs of $360) | 49640 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 65705 |
| &nbsp;&nbsp;&nbsp;Distribution Payable | 155 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 595 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable | 1585 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 1039 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 295071 |
| &nbsp;&nbsp;&nbsp;**Commitments and Contingencies (Note 7)** |  |
| &nbsp;&nbsp;&nbsp;**Net assets** | $512384 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (unlimited shares authorized — $0.001 par value) | $611210 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (98826) |
| &nbsp;&nbsp;&nbsp;**Net assets** | $512384 |
| Net asset value, price per share (40,870,580 shares) | $12.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Statement of Operations**

**For the Six Months Ended April 30, 2025**

*(in thousands)*

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest income | $26537 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 1435 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 539 |
| &nbsp;&nbsp;&nbsp;Other income | 825 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 29336 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Credit facility interest expense | 3555 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3514 |
| &nbsp;&nbsp;&nbsp;Preferred shares interest expense | 982 |
| &nbsp;&nbsp;&nbsp;Term loan fees | 479 |
| &nbsp;&nbsp;&nbsp;Professional fees | 472 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 82 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 69 |
| &nbsp;&nbsp;&nbsp;Other expenses | 263 |
| &nbsp;&nbsp;&nbsp;**Total expenses before waiver** | 9416 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees waiver | (185) |
| **Net expenses** | 9231 |
| **Net investment income** | 20105 |
| **Realized and unrealized gains (losses)** |  |
| **Net realized losses on** |  |
| &nbsp;&nbsp;&nbsp;Investments | (11458) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (325) |
| &nbsp;&nbsp;&nbsp;**Net realized losses** | (11783) |
| **Net change in unrealized appreciation (depreciation) of** |  |
| &nbsp;&nbsp;&nbsp;Investments | (22358) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 718 |
| &nbsp;&nbsp;&nbsp;Deferred Trustees' fees | 18 |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized depreciation** | (21622) |
| **Net realized and unrealized losses** | (33405) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | $(13300) |

---

See accompanying notes to financial statements.

------

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Statements of Changes in Net Assets**

*(in thousands, except share data)*

---

| | | |
|:---|:---|:---|
| | Six Months Ended April 30, 2025 (Unaudited) | Year Ended October 31, 2024 |
| **Increase (decrease) in net assets resulting from operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $20105 | $39380 |
| &nbsp;&nbsp;&nbsp;Net realized losses | (11783) | (21760) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (21622) | 48360 |
| &nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets resulting from operations** | (13300) | 65980 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (23129) | (39549) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (23129) | (39549) |
| **Shareholder transactions (Note 11)** |  |  |
| &nbsp;&nbsp;&nbsp;Asset acquisition (13,712,057 shares) | 179504 |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of dividends (12,854 and 25,249 shares, respectively) | 172 | 347 |
| **Increase in net assets from shareholder transactions** | 179676 | 347 |
| **Net increase in net assets** | 143247 | 26778 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period (27,145,669 and 27,120,420 shares, respectively) | 369137 | 342359 |
| &nbsp;&nbsp;&nbsp;End of period (40,870,580 and 27,145,669 shares, respectively) | $512384 | $369137 |

---

See accompanying notes to financial statements.

------

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Statement of Cash Flows**

**For the Six Months Ended April 30, 2025**

*(in thousands)*

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** | |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(13300) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (371342) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 364716 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 22358 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | 11458 |
| &nbsp;&nbsp;&nbsp;Net accretion of premiums and discounts | (3871) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (718) |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest | (539) |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments (foreign currency related) | 381 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on deferred Trustees' fees | (18) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 40 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in payable for investments purchased | 32191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivable for investments sold | (15662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other accrued expenses | (4032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in investment advisory fees payable | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Trustees' fees payable | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 21699 |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid to shareholders | (22883) |
| &nbsp;&nbsp;&nbsp;Proceeds from credit facility | 23958 |
| &nbsp;&nbsp;&nbsp;Financing costs paid | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | (11) |
| **Net increase in cash and cash equivalents** | 22638 |
| **Cash and Cash Equivalents** |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 33520 |
| &nbsp;&nbsp;&nbsp;Ending balance | $56158 |
| **Supplemental disclosure of cash flow information and non-cash financing activities:** |  |
| Cash paid for interest expense | $4201 |
| Reinvestment of shareholder distributions | $172 |
| Issuance of shares for asset acquisition | $179504 |

---

See accompanying notes to financial statements.

------

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended April 30, 2025 (Unaudited) | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | Six Months Ended April 30, 2025 (Unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per share operating performance** <sup>(1)</sup> |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.60 | $12.62 | $12.47 | $16.78 | $14.86 | $15.57 |
| Income (loss) from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.61 | 1.45 | 1.49 | 1.35 | 1.40 | 1.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (0.97) | 0.99 | 0.77 | (4.40) | 1.78 | (0.60) |
| Total from investment operations | (0.36) | 2.44 | 2.26 | (3.05) | 3.18 | 0.79 |
| Distributions from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (1.46) | (1.40) | (1.26) | (1.26) | (1.50) |
| Total distributions | (0.70) | (1.46) | (1.40) | (1.26) | (1.26) | (1.50) |
| Dilutive effect of rights offering |  |  | (0.71) |  |  |  |
| Net asset value, end of period | $12.54 | $13.60 | $12.62 | $12.47 | $16.78 | $14.86 |
| **Total return** <sup>(2)</sup> | (10.03)% | 37.06% | 15.51% | (27.01)% | 36.24% | (3.58)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before advisory fee waiver | 4.38% | 5.32% | 4.95% | 3.56% | 3.12% | 3.73% |
| &nbsp;&nbsp;&nbsp;Expenses, after advisory fee waiver | 4.29% | 5.32% | 4.95% | 3.56% | 3.12% | 3.73% |
| &nbsp;&nbsp;&nbsp;Net investment income, before advisory fee waiver | 9.26% | 10.78% | 11.72% | 9.08% | 8.49% | 9.65% |
| &nbsp;&nbsp;&nbsp;Net investment income, after advisory fee waiver | 9.35% | 10.78% | 11.72% | 9.08% | 8.49% | 9.65% |
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Market value/price | $11.85 | $13.95 | $11.35 | $11.08 | $16.67 | $13.25 |
| &nbsp;&nbsp;&nbsp;Price premium (discount) | (5.50)% | 2.57% | (10.06)% | (11.15)% | (0.66)% | (10.83)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $512384 | $369137 | $342359 | $253597 | $341267 | $302336 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(3)</sup> | 60% | 59% | 58% | 32% | 79% | 73% |

---

<sup>(1)</sup> Per share calculations were performed using average shares.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Total return is computed based on NYSE market price of the Fund's shares and excludes the effect of brokerage commissions. Distributions are assumed to be reinvested at the prices obtained under the Fund's dividend reinvestment plan. Total return is for the period indicated and has not been annualized.

<sup>(3)</sup> Portfolio turnover rate is for the period indicated and has not been annualized. Portfolio turnover for the six months ended April 30, 2025 excludes the assets acquired from the Insight Selection Income Fund.

See accompanying notes to financial statements.

------

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Notes to Financial Statements**

**1. Organization**

KKR Income Opportunities Fund (the "Fund") was organized on March 17, 2011 as a statutory trust under the laws of the State of Delaware. The Fund is a closed-end registered management investment company, which commenced operations on July 25, 2013. The Fund seeks to generate a high level of current income, with a secondary objective of capital appreciation. The Fund is diversified for purposes of the Investment Company Act of 1940, as amended (the "1940 Act"). KKR Credit Advisors (US) LLC serves as the Fund's investment adviser (the "Adviser").

**2. Summary of Significant Accounting Policies**

*Basis of Presentation* — The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States ("U.S.") dollars. The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards ("FASB") Codification Topic 946, *Financial Services — Investment Companies*. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates.

*Valuation of Investments* — The Board of Trustees (the "Board") of the Fund has adopted valuation policies and procedures to ensure investments are valued in a manner consistent with GAAP as required by the 1940 Act. The Board designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). The Valuation Designee has primary responsibility for implementing the Fund's valuation policies and procedures.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are as follows:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a significant adjustment to the transactions or quoted prices may be necessary to estimate fair value.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. The variability of the observable inputs affected by the factors described above may cause transfers between Levels 1, 2 and/or 3.

Many financial assets and liabilities have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that the Fund and others are willing to pay for an asset. Ask prices represent the lowest price that the Fund and others are willing to accept for an asset. For financial assets and liabilities whose inputs are based on bid-ask prices, the Fund does not require that fair value always be a predetermined point in the bid-ask range. The Fund's policy is to allow for mid-market pricing and adjust to the point within the bid-ask range that meets the Fund's best estimate of fair value.

Depending on the relative liquidity in the markets for certain assets, the Fund may transfer assets to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are not available.

Investments are generally valued based on quotations from third party pricing services, unless such a quotation is unavailable or is determined to be unreliable or inadequately representing the fair value of the particular assets. In that case, valuations are based on either valuation data obtained from one or more other third party pricing sources, including broker dealers selected by the Adviser, or will reflect the Valuation Committee's good faith determination of fair value based on other factors considered relevant. For assets classified as Level 3, valuations are based on various factors including financial and operating data of the company, company specific developments, market valuations of comparable companies and model projections.

For the six months ended April 30, 2025, there were no significant changes to the Fund's fair value methodologies.

*Investment Transactions —* Investment transactions are accounted for on the trade date, the date the order to buy or sell is executed. Interest income, including payment-in-kind ("PIK") interest income, is accrued as earned. PIK interest income is capitalized as additional principal, or collected in cash, on the interest payment dates. Dividends are recorded on the ex-dividend date. Discounts are accreted and premiums are amortized using the effective interest method over the holding period of the investment. Paydown gains and losses on asset-backed securities are recorded as an adjustment to interest income. Realized gains and losses are calculated on the specific identified cost basis.

*Cash and Cash Equivalents* — Cash and cash equivalents includes cash on hand, cash held in banks and highly liquid investments with original maturities of three or fewer months. Cash equivalents consist solely of money market funds with financial institutions. As of April 30, 2025, the Fund was invested in the Morgan Stanley Institutional Liquidity Funds Government Portfolio — Institutional Class.

*Foreign Currency Transactions* — The books and records of the Fund are maintained in U.S. dollars. All investments denominated in foreign currency are converted to the U.S. dollar using prevailing exchange rates at the end of the reporting period. Income, expenses, gains and losses on investments denominated in foreign currency are converted to the U.S. dollar using the prevailing exchange rates on the dates when the transactions occurred.

The Fund bifurcates that portion of the results of operations resulting from changes in foreign exchange rates on investments and from the fluctuations arising from changes in market prices of securities held.

*Distributions to Shareholders* — Distributions are declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex- dividend date.

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

*Income Taxes* — The Fund has elected to be treated and has qualified, and intends to continue to qualify in each taxable year, as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, and in conformity with the Regulated Investment Company Modernization Act of 2010. The Fund will not be subject to federal income tax to the extent the Fund satisfies the requirements under Section 851 of the Internal Revenue Code, including distributing all of its investment company taxable income and capital gains to its shareholders based on the Fund's fiscal year end of October 31.

To avoid imposition of a 4.0% excise tax on undistributed income applicable to regulated investment companies, the Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the year ended October 31) plus undistributed amounts, if any, from prior years.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50.0%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions for the open tax years (2021-2024). However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities, ongoing analysis of and changes to tax laws, regulations and interpretations thereof.

As of April 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended April 30, 2025, the Fund did not incur any interest or penalties.

*Recent Accounting Pronouncements* — In November 2023, the FASB issued Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)* ("ASU 2023-07"). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and requires disclosure of the title of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure of segment profit or loss to assess segment performance and allocate resources. The Fund has adopted ASU 2023-07 and concluded that the adoption of this standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

**3. Risk Considerations**

The Fund invests mainly in leveraged loans, high yield securities, asset backed securities, common stocks and preferred stocks. These investments may involve certain risks, including, but not limited to, those described below:

*Global Economic and Market Conditions* — The Fund is materially affected by market, economic and political conditions and events, such as natural disasters, epidemics and pandemics, wars, supply chain disruptions, economic sanctions, globally and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of credit, currency exchange rates, trade barriers, trade disputes and tariffs. For example, the conflict between Russia and Ukraine, the conflict between Hamas and Israel, rapid interest rate changes, heightened inflation, supply chain disruptions, geopolitical risks, economic sanctions and volatility in the banking and financial sectors have disrupted global economies and financial markets, and their prolonged economic impact is uncertain. Market, economic and political conditions and events are outside the Adviser's control and could adversely affect the Fund's operations and performance and the liquidity and value of the Fund's investments and reduce the ability of the Fund to make attractive new investments.

*Market Discount Risk* — The price of the Fund's common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value, which may increase the risk of loss.

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

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*Leverage Risk* — Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. When leverage is used, the net asset value and market price of the Fund's shares and the Fund's investment return will likely be more volatile.

*Market Risk* — Bond markets rise and fall daily. As with any investment with performance tied to these markets, the value of an investment in the Fund will fluctuate, which means that shareholders could lose money.

*Interest Rate Risk* — Interest rates will rise and fall over time. During periods when interest rates are low, the Fund's yield and total return also may be low. Changes in interest rates also may affect the Fund's share price and a sharp rise in interest rates could cause the Fund's share price to fall. The longer the Fund's duration, the more sensitive to interest rate movements its share price is likely to be.

*Credit Risk* — The Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money or underperform. The Fund could lose money if the issuer or guarantor of an investment fails to make timely principal or interest payments or otherwise honor its obligations.

*Liquidity Risk* — A particular investment may be difficult to purchase or sell. The Fund may be unable to sell illiquid securities at an advantageous time or price.

*Prepayment and Extension Risk* — The Fund's investments are subject to the risk that the investments may be paid off earlier or later than expected. Either situation could cause the Fund to hold investments paying lower than market rates of interest, which could hurt the Fund's yield or share price.

*High Yield Risk* — High yield securities and unrated securities of similar credit quality (sometimes called junk bonds) that the Fund may invest in are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

*Foreign Investment Risk* — The Fund's investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates (the currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, the U.S. dollar will decline in value relative to the currency being hedged) or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with investments in emerging markets.

*Issuer Risk* — The value of securities may decline for a number of reasons that directly relate to the issuer, such as its financial strength, management performance, financial leverage and reduced demand for the issuer's goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**4. Agreements**

*Investment Advisory Agreement —* The Adviser provides day-to-day portfolio management services to the Fund and has discretion to purchase and sell investments in accordance with the Fund's objectives, policies, and restrictions. For the services it provides to the Fund, the Adviser receives an annual fee, payable monthly by the Fund, in an amount equal to 1.1% of the average daily value of the Fund's Managed Assets (the "Investment Advisory Fee"). Beginning February 7, 2025 and through February 6, 2026, the Adviser has agreed to temporarily reduce its Investment Advisory Fee to 0.99%. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes).

During periods when the Fund is using leverage, the Investment Advisory Fee paid to the Adviser will be higher than if the Fund does not use leverage because the Investment Advisory Fee paid is calculated based on the Fund's Managed Assets, which includes the assets purchased through leverage.

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| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

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During the six months ended April 30, 2025, the Adviser earned an Investment Advisory Fee of $3.5 million.

*Administrator, Custodian and Transfer Agent* — U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, serves as the Fund's administrator pursuant to an administration agreement under which the Administrator provides administrative and accounting services.

U.S. Bank N.A. (the "Custodian") serves as the Fund's custodian pursuant to a custody agreement. The Custodian is an affiliate of Fund Services.

Fund Services serves as the Fund's transfer agent pursuant to a transfer agency agreement.

*Deferred Trustees' Compensation* — The Fund has a Deferred Trustees' Compensation plan (the "Plan") that allows the Independent Trustees to defer compensation to a future payment period. The compensation is invested in shares of the Fund. The value of a participating Independent Trustee's deferral account is based on the shares of deferred amounts as designated by the participating Independent Trustees. Changes in the value of the Independent Trustees' deferral account are included in the Statement of Operations. The accrued obligations under the Plan, including unrealized appreciation (depreciation), are included on the Statement of Assets and Liabilities.

*Other* — Certain officers of the Fund are also officers of the Adviser. Such officers are not paid by the Fund for serving as officers of the Fund.

**5. Fair Value**

The following table presents information about the Fund's assets measured at fair value on a recurring basis as of April 30, 2025, and indicates the fair value hierarchy of the inputs utilized by the Fund to determine such fair value (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| Investments in securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | $— | $335341 | $25163 | $360504 |
| &nbsp;&nbsp;&nbsp;High Yield Securities |  | 278904 |  | 278904 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  |  | 70867 | 70867 |
| &nbsp;&nbsp;&nbsp;Equity and Other Investments | 1610 | 25 | 10251 | 11886 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 53699 |  |  | 53699 |
| Total investments in securities | $55309 | $614270 | $106281 | $775860 |

---

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

The following are the details of the restricted securities held by the Fund (in thousands, except share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer <sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of Net<br>Assets |
| **Leveraged Loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | TL 1L B 03/20 | 6116 | $5583 | $5707 | 3/19/2025 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parts Authority Inc | TL 1L 10/20 | 10733 | 9962 | 8382 | 2/23/2023 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astound Broadband (RCN/Radiate) | TL 1L B 10/21 | 7369 | 6683 | 6497 | 6/28/2023 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaskolite, LLC | TL 1L 04/21 | 14504 | 14321 | 13955 | 12/21/2023 | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accuride Corp | TL Unsec 03/25 | 2287 | 3053 | 5494 | 2/25/2025 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | TL 1L A 06/20 | 2111 | 2111 | 2022 | 6/30/2020 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive DeVilbiss Healthcare LLC | TL 1L 03/21 | 7929 | 7919 | 7849 | 4/23/2021 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive DeVilbiss Healthcare LLC | TL 1L 09/22 | 1187 | 1187 | 1198 | 9/26/2022 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScionHealth | TL 1L B 12/21 | 1690 | 1612 | 787 | 12/17/2021 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L 08/24 | 302 | 302 | 302 | 8/20/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L 08/24 | 1303 | 1296 | 1303 | 8/20/2024 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L DD 08/24 | 749 | 465 | 474 | 8/22/2024 | 0.09% |
| **High Yield Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | 4.000% 03/2027 | 4167 | 3828 | 3844 | 5/18/2023 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni SpA | 5.950% 05/2054 | 289 | 286 | 272 | 2/7/2025 | 0.05% |
| **Equity & Other Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belk Inc | Common Stock | 82904 | 1362 | 2122 | 7/22/2024 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yak Access LLC | Common Stock | 9358 |  | 25 | 3/10/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | Common Stock | 320381 | 3666 | 1024 | 6/30/2020 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class A) | 2475 | 7 |  | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class B) | 32077 | 37 | 1 | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class A) | 569 | 578 | 18 | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class B) | 287 | 127 | 9 | 8/20/2024 | 0.00% |
| **Total** |  |  | $64385 | $61285 |  |  |

---

<sup>(1)</sup> Refer to the Schedule of Investments for more details on securities listed.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Leveraged<br>Loans | Asset Backed Securities | Equity and Other Investments |
| Balances as of October 31, 2024 | $23635 | $35029 | $4730 |
| Purchases | 3355 | 56647 |  |
| Sales and paydowns | (1604) | (20214) |  |
| Accretion of discounts and (premiums) | (19) | 42 | 3 |
| Net change in appreciation (depreciation) | 5204 | (834) | (3825) |
| Net realized gains (losses) | (5408) | 197 | (1269) |
| Transfers in <sup>(2)</sup> |  |  | 10612 |
| Balances as of April 30, 2025 | $25163 | $70867 | $10251 |
| Net change in appreciation (depreciation) of investments held at April 30, 2025 | $3217 | $(603) | $(3825) |

---

<sup>(2)</sup> Transferred from Level 2 to Level 3 due to a lack of observable market data, resulting from a decrease in market activity for the securities.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Asset | Fair Value (in thousands) | Valuation Technique<sup>(1)</sup> | Unobservable Inputs<sup>(2)</sup> | Range (Weighted Average)<sup>(3)</sup> | Impact to Valuation from an Increase in Input |
| Leveraged Loans | $25163 | Yield Analysis | Yield | 11.7% - 15.0% (13.7%) | Decrease |
| Leveraged Loans |  |  | Discount Margin | 3.2% | Decrease |
|  |  |  | EBITDA Multiple | 3.0x - 14.0x (11.9x) | Increase |
|  |  | Market Comparables | EBITDA Multiple | 5.0x - 12.5x (7.6x) | Increase |
| Asset Backed Securities | $70867 | Yield Analysis | Yield | 1.0% - 9.9% (7.1%) | Decrease |
| Asset Backed Securities |  | Discounted Cash Flows | Probability of Default | 2.0% | Decrease |
|  |  |  | Constant Prepayment Rate <sup>(4)</sup> | 20.0% | Increase |
| Equity & Other Investments | $10251 | Market Comparables | LTM EBITDA | 3.0x - 6.4x (5.7x) | Increase |
| Equity & Other Investments |  |  | FWD EBITDA | 12.5x | Increase |
|  |  | Black-Scholes | Risk Free Rate | 3.9% | Decrease |
|  |  |  | Volatility | 40.0% | Increase |
|  |  | Probability-Weighted Expected Return Method | Yield | 4.0% | Decrease |

---

(1) For the assets that have more than one valuation technique, the Fund may rely on the techniques individually or in aggregate based on a weight ascribed to each one ranging from 0.0%-100.0%. When determining the weighting ascribed to each valuation methodology, the Fund considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization for the investment. These factors can result in different weightings among the investments and in certain instances, may result in up to a 100.0% weighting to a single methodology.

(2)The significant unobservable inputs used in the fair value measurement of the Fund's assets and liabilities may include the last twelve months ("LTM") EBITDA multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs, management evaluates a variety of factors including economic, industry and market trends and developments, market valuations of comparable companies, and company specific developments including potential exit strategies and realization opportunities. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement.

(3)Weighted average amounts are based on the estimated fair values.

(4)An increase in the constant prepayment rate would decrease the fair value of a security trading above par and increase the fair value of a security trading below par. Weighted average amounts are based on the estimated fair values.

**6. Investment Transactions**

The cost of investments purchased and the proceeds from the sale of investments, other than short-term investments, for the six months ended April 30, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| Purchases | $555431.0 |
| Sales | $364716.0 |

---

The Fund purchased and sold $0.2 million of U.S. Government securities during the six months ended April 30, 2025.

**7. Commitments and Contingencies**

The Fund may enter into certain credit agreements, of which all or a portion may be unfunded. The Fund will maintain sufficient liquidity to fund these commitments at the borrower's discretion. As of April 30, 2025, total unfunded commitments on these credit agreements were $0.3 million and the cumulative unrealized losses on these unfunded commitments were less than $0.1 million.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Fund. However, based on experience, management expects the risk of loss to be remote.

**8. Federal Income Taxes**

The timing and characterization of certain income, capital gains, and return of capital distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. As a result, the net investment income and net realized losses on investment transactions for a reporting period may differ significantly from distributions during such period. These book to tax differences may be temporary or permanent in nature.

As of October 31, 2024, the Fund's most recent fiscal year end, the following permanent differences have been reclassified (to)/from the following accounts (in thousands):

---

| | |
|:---|:---|
| Accumulated Deficit | Paid-in Capital |
| $326 | $(326) |

---

The tax character of distributions declared for the six months ended April 30, 2025 and the year ended October 31, 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | Ordinary Income | Total |
| April 30, 2025\* | $23129 | $23129 |
| October 31, 2024 | 39549 | 39549 |

---

\*The final tax character of any distribution declared during 2025 will be determined in January 2026 and reported to shareholders on IRS Form 1099-Div in accordance with federal income tax regulations.

As of October 31, 2024, the components of accumulated losses on a tax basis for the Fund are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Undistributed Ordinary Income | Net Unrealized Depreciation | Other Temporary Differences | Total Accumulated Losses |
| $6930 | $(2219) | $(67107) | $(62396) |

---

Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. During the year ended October 31, 2024, the Fund did not utilize any capital loss carry-forwards. As of October 31, 2024, the Fund had non-expiring capital loss carry-forwards of $66.0 million.

As of October 31, 2024, the total cost of securities for federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Fund are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Federal Tax Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized Depreciation | Net Unrealized Depreciation |
| $568484 | $17138 | $(19357) | $(2219) |

---

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**9. Credit Facility**

In October 2019, the Fund entered into a credit agreement (the "State Street Credit Facility") with State Street Bank and Trust Company ("State Street"). The State Street Credit Facility provides for loans to be made in U.S. dollars and certain foreign currencies to an aggregate amount of $160.0 million, with an "accordion" feature that allowed the Fund, under certain circumstances, to increase the size of the facility to a maximum of $225.0 million. On February 7, 2025, the State Street Credit Facility was amended to increase the size of the facility to $250.0 million. The Fund may reduce or terminate the commitments under the State Street Credit Facility with three business days' notice. State Street is required to provide the Fund with 270 days' notice prior to terminating the State Street Credit Facility.

The State Street Credit Facility bears interest on the Secured Overnight Financing Rate and a spread of 0.75% or 0.85%, increasing to 1.00% beginning February 7, 2025. An additional spread adjustment of 0.12%-0.33% is applied to borrowings denominated in the British pound. The Fund also pays a commitment fee on any unused commitment amounts between 0.15% and 0.25%, depending on utilization levels. The State Street Credit Facility contains certain covenants that require the maintenance of ratios throughout the borrowing period. As of April 30, 2025, the Fund was in compliance with the terms of the State Street Credit Facility. The carrying value of the State Street Credit Facility approximates fair value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread), and average borrowings for the Fund's credit facility for the six months ended April 30, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| Stated interest expense | $3502 |
| Unused commitment fees | 48 |
| Amortization of deferred financing costs | 5 |
| Total interest expense | $3555 |
| Weighted average interest rate | 4.48% |
| Average borrowings | $157646 |

---

**10. Mandatory Redeemable Preferred Shares**

On October 15, 2019, the Fund issued 10-year mandatory redeemable preferred shares (the "MRPS"). The Fund authorized and issued 2.0 million MRPS with a total liquidation value of $50.0 million. The final redemption date of the MRPS is October 31, 2029. The Fund makes quarterly dividend payments on the MRPS at an annual dividend rate of 3.81%. The mandatory redemption feature results in the MRPS being treated as debt of the Fund under GAAP. Consequently, the liquidation preference of the MRPS are recorded as a liability on the Statement of Assets and Liabilities, net of deferred offering costs. The estimated fair value of the MRPS is $46.4 million as of April 30, 2025. This fair value is based on Level 2 inputs under the fair value hierarchy.

Offering costs incurred in connection with the issuance of the MRPS have been recorded, and are being deferred and amortized through the final redemption date of the MRPS. The amortization of these costs is included in preferred shares interest expense in the Statement of Operations.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**11. Shareholder Transactions**

On February 7, 2025, the Fund completed its acquisition of Insight Select Income Fund's ("INSI") assets, which qualified as a tax-free reorganization under Section 368 of the Internal Revenue Code. INSI shareholders received shares of the Fund based on the closing net asset values of each fund on February 6, 2025. INSI and the Fund's net asset value per share were $17.62 and $13.08, respectively, which resulted in an exchange ratio of 1.34709 shares of the Fund issued for each share of INSI. The Fund paid $9.2 million to INSI shareholders that elected to receive cash in lieu of the Fund's shares. Post transaction, the Fund's net asset value and shares outstanding increased by $179.5 million and 13.7 million, respectively. The acquisition was accounted for as an asset acquisition and the value of the acquisition was measured based on the fair value of the net assets acquired in accordance with *ASC 805-50, Business Combinations-Related Issues*. Transaction costs of $0.3 million were capitalized into the cost of the acquired assets. The cost basis of the investments received from INSI was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The acquired assets included $4.1 million of unrealized depreciation on investments.

**12. Segment Reporting**

The Fund operates through a single operating and reporting segment with a principal objective of generating a high level of current income, with a secondary object of capital appreciation. The Fund's President acts as the Fund's CODM and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus, against which the CODM assesses the Fund's performance. In addition to other metrics, the CODM uses net increase/decrease in net assets resulting from operations as a key metric to assess the Fund's performance against its benchmark. As the Fund's investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Statement of Assets and Liabilities, and significant segment expenses are the same as those listed on the Statement of Operations.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**VOTING RESULTS FROM THE MARCH 19, 2025 SHAREHOLDER MEETING**

At the Annual Meeting of Shareholders held on March 19, 2025, shareholders approved the election of Catherine B. Sidamon-Eristoff as a Class II Trustee to the Board of Trustees to serve a three year term expiring in 2028 based on the following results:

---

| | |
|:---|:---|
| Total Outstanding Shares | 40870580 |
| Total Shares Voted | 19621081 |
| For | 18971474 |
| Withheld | 649607 |

---

At the Annual Meeting of Shareholders held on March 19, 2025, preferred shareholders approved the election of Lourdes Perez-Berkeley as a Class II Trustee to the Board of Trustees to serve a three year term expiring in 2028 based on the following results:

---

| | |
|:---|:---|
| Total Outstanding Shares | 2000000 |
| Total Shares Voted | 2000000 |
| For | 2000000 |
| Withheld | 0 |

---

At the Annual Meeting of Shareholders held on March 19, 2025, preferred shareholders approved the election of Catherine B. Sidamon-Eristoff as a Class II Trustee to the Board of Trustees to serve a three year term expiring in 2028 based on the following results:

---

| | |
|:---|:---|
| Total Outstanding Shares | 2000000 |
| Total Shares Voted | 2000000 |
| For | 2000000 |
| Withheld | 0 |

---

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

**Privacy Notice**

**Protection and Security of Your Personal Information**

Kohlberg Kravis Roberts & Co. L.P. ("KKR") respects our investors' right to privacy. All financial companies choose how they share personal information. Consumers have the right under U.S. federal law to limit some, but not all, sharing of personal information. U.S. federal law also requires us to inform you how we collect, share and protect your personal information. Investors may also have additional limiting rights under their respective State's law. This notice is provided by KKR, its affiliates, and funds ("KKR", "we", or "us"). Please read this notice carefully to understand what we do, and call us at (212) 750-8300 if you have any questions.

**<u>The Personal Information We Collect and How We Collect It</u>**

We collect the following types of personal information about individuals who are our investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from investors in subscription agreements, questionnaires and in other forms, such as name, address, account information, social security number, the types and amounts of investments, statements of net worth, telephone number, and other contact information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from investors, affiliates and other companies about investors' transactions with us, our affiliates, or other financial institutions with which we have relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from third parties such as demographic information and information collected to comply with law and regulation.

When you are no longer an investor with us, we continue to share your information as described in this notice.

**<u>How and Why We Share Personal Information</u>**

This section lists reasons why financial companies can share their customers' personal information. With respect to each reason, we explain whether KKR chooses to share for this reason and, if we do share, whether you can limit this sharing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For everyday business purposes:** KKR shares personal information for everyday business purposes, such as to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• process your transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide financial products or services to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain your investment(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secure business services, including printing, mailing, and processing or analyzing data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secure professional services, including accounting and legal services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to court orders and legal investigations.

You cannot limit sharing by KKR for everyday business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For our marketing purposes:** KKR shares personal information for our marketing purposes so that we can offer products and services to you. You cannot limit sharing by KKR for this reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For joint marketing with other financial companies:** KKR does not share personal information for joint marketing with other financial companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by affiliates in providing products and services to you:** KKR shares personal information for our affiliates' use in providing you with products and services that meet your financial services needs. You cannot limit sharing by KKR for this reason.

------

---

| | | |
|:---|:---|:---|
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | Income Opportunities Fund | April 30, 2025 (Unaudited) |
| ![Logo1.jpg](ck0001515940-20250430_g2.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For the everyday business purposes of affiliates:** KKR does not share personal information, including information about your credit worthiness, with our affiliates for their everyday business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by affiliates to market to you:** KKR does not share personal information with affiliates so that they can market to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by non-affiliates to market to you:** KKR does not share personal information with non-affiliates so that they can market to you.

U.S. Federal law gives you the right to limit sharing of your personal information only for use (i) by affiliates everyday business purposes (information about your creditworthiness), (ii) by affiliates to market to you, and (iii) by non-affiliates to market to you. U.S. State laws and individual companies may give you additional rights to limit sharing.

**<u>How We Protect Your Personal Information</u>**

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

**<u>Definitions</u>**

**Affiliates:** Companies related by common ownership or control. They can be financial and nonfinancial companies. KKR does not share with our affiliates, except to provide you products and services that meet your financial needs.

**Non-affiliates:** Companies not related by common ownership or control. They can be financial and nonfinancial companies. KKR does not share with non-affiliates so they can market to you.

**Joint Marketing:** A formal agreement between nonaffiliated financial companies that together market financial products and services to you. KKR does not jointly market.

------

(b) Not applicable for semi-annual report.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual report.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual report.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual report.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual report.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable for semi-annual report.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable for semi-annual report.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable for semi-annual report.

------

(a)(3) Not applicable for semi-annual report.

(a)(4) Not applicable for semi-annual report.

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

No purchases were made during the reporting period by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees since the registrant last provided disclosure in response to this item.

**<u>Item 16. Controls and Procedures.</u>**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the investment company on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

The registrant did not engage in securities lending activities during the period reported on this Form N-CSR.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 19. Exhibits.</u>**

(a)(1) Not applicable.

(a)(2) Not applicable for semi-annual report.

<u>[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith](ex-99certa2kio43025.htm)</u>.

<u>[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](ex-99906bcertkio43025.htm)</u>

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>KKR Income Opportunities Fund</u>

By <u>/s/ Rudy Pimentel</u> 

Rudy Pimentel, President

Date <u>June 25, 2025</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Rudy Pimentel</u> 

Rudy Pimentel, President

Date <u>June 25, 2025</u> 

By <u>/s/ Thomas Murphy</u> 

Thomas Murphy, Treasurer, Chief Accounting

Officer & Chief Financial Officer

Date <u>June 25, 2025</u>

## Exhibit 99.906

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the KKR Income Opportunities Fund, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the KKR Income Opportunities Fund for the six months ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the KKR Income Opportunities Fund for the stated period.

---

| | |
|:---|:---|
| <u>/s/ Rudy Pimentel</u> <br>Rudy Pimentel<br>President<br>KKR Income Opportunities Fund | <u>/s/ Thomas Murphy</u> <br>Thomas Murphy<br>Treasurer, Chief Accounting Officer & Chief Financial Officer<br>KKR Income Opportunities Fund |
| <br>Dated: <u>June 25, 2025</u>  | <br>Dated: <u>June 25, 2025</u>  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by KKR Income Opportunities Fund for purposes of Section 18 of the Securities Exchange Act of 1934.

## Ex-99.A

I, Rudy Pimentel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of KKR Income Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>June 25, 2025</u>  | <u>/s/ Rudy Pimentel</u> <br>Rudy Pimentel<br>President |

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------

I, Thomas Murphy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of KKR Income Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>June 25, 2025</u>  | <u>/s/ Thomas Murphy</u> <br>Thomas Murphy <br>Treasurer, Chief Accounting Officer & Chief Financial Officer |

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