# EDGAR Filing Document

**Accession Number:** 0001787621
**File Stem:** 0001787621-25-000010
**Filing Date:** 2025-6
**Character Count:** 243360
**Document Hash:** 3b8dd326b4a8d104d11a083c1f0f1113
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001787621-25-000010.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001787621-25-000010

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**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 Credit Opportunities Portfolio
- **CENTRAL INDEX KEY:** 0001787621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23474
- **FILM NUMBER:** 251074381

**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

**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 (811-23474)**

**KKR Credit Opportunities Portfolio**

**(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**

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

![kkr-logo2.jpg](kkr-logo2.jpg)

**KKR Credit Opportunities Portfolio**

Semi-Annual Report

April 30, 2025

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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| | |
|:---|:---|
| **Table of Contents** |  |
| [Management's Discussion of Fund Performance](#i88310b959aab43518a2f942a30904578_10) | [1](#i88310b959aab43518a2f942a30904578_10) |
| Consolidated [Schedule of Investments](#i88310b959aab43518a2f942a30904578_31) | [5](#i88310b959aab43518a2f942a30904578_31) |
| Consolidated [Statement of Assets and Liabilities](#i88310b959aab43518a2f942a30904578_49) | [25](#i88310b959aab43518a2f942a30904578_49) |
| Consolidated [Statement of Operations](#i88310b959aab43518a2f942a30904578_52) | [26](#i88310b959aab43518a2f942a30904578_52) |
| Consolidated [Statements of Changes in Net Assets](#i88310b959aab43518a2f942a30904578_55) | [27](#i88310b959aab43518a2f942a30904578_55) |
| Consolidated [Statement of Cash Flows](#i88310b959aab43518a2f942a30904578_58) | [29](#i88310b959aab43518a2f942a30904578_58) |
| Consolidated [Financial Highlights](#i88310b959aab43518a2f942a30904578_61) | [30](#i88310b959aab43518a2f942a30904578_61) |
| [Notes to](#i88310b959aab43518a2f942a30904578_64)[Consolidated](#i88310b959aab43518a2f942a30904578_64)[Financial Statements](#i88310b959aab43518a2f942a30904578_64) | [35](#i88310b959aab43518a2f942a30904578_64) |
| [Privacy Notice](#i88310b959aab43518a2f942a30904578_124) | [51](#i88310b959aab43518a2f942a30904578_124) |

---

The KKR Credit Opportunities Portfolio (the "Fund") files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT within sixty days after the end of the period. The Fund's Form N-PORT is available on the Commission's website at www.sec.gov.

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 statement of additional information includes information about the Fund's Trustees and is 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 kseries.kkr.com/kcop/.

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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**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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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

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>Private Credit Markets</u>**

Credit today is a more mature and institutional asset class than it was five to seven years ago. Many of the most active lenders are not banks, but asset managers. The asset-based finance ("ABF"), direct lending and capital solutions space is now greater in scale than the traditional corporate high yield bond and leveraged loan bond market. Financing options have expanded — across public and private channels, balance sheet and off-balance sheet, direct and structured — and that evolution has added a layer of resilience, which is positive. We have discussed the structural evolution of credit markets before, and we believe that moments like this show it in action.

On the demand side, we continue to see private credit representing a more permanent allocation for investors. Typically, we have seen the core allocations within private credit take on the role of an income strategy that can be supplemented by opportunistic, higher-yielding corporate lending strategies or private strategies that are uncorrelated to developed market corporate risk, such as asset-based strategies. It's also important to consider that private equity funds hold more than $2 trillion of dry powder and will need both public and private credit to finance deals. Indeed, we believe the pace of growth in private credit is sustainable, but it need not usurp liquid credit's traditional role. We see them working more in tandem, even in the same deal at different points in the capital structure.

*Private Corporate Direct Lending*

We continue to see the toggle between syndicated and private markets in M&A and LBO financing. This was novel in 2022-2023, but now is steady state, just like direct lending has now become an evergreen allocation in many portfolios. The ability to underwrite and structure across formats is what will drive momentum, particularly in a market where traditional issuance remains well below expectations. That shortfall only underscores the importance of creative origination and integrated connectivity across platforms. A key development we're paying attention to is the acceleration of private investment grade lending. While private investment grade is not a new concept, private placements have been around for over a decade, and the underlying asset types and risk profile are the same; it is now simply offered in private form to third party investors. The key distinction lies in the liquidity profile. For sponsors and corporates, it offers scale and flexibility. For allocators, it offers contractual returns, downside protection, and alignment with liability-sensitive mandates.

*Private Asset-Based Finance*

Private ABF is a large asset class that reaches across many different segments of the economy. Disintermediation in the banking sector has been expansionary for the asset class since the GFC, and more recently the regional banking dislocation in the U.S. has provided unique opportunities to be a private provider of capital as they look to sell portfolios of assets to shore up liquidity. As we continue, we have sought to diligence funding originators with long track records and in sectors where we are more favorably biased – namely, lending to more prime borrower segments and on a collateralized basis. We also prefer secured risk over unsecured and have found opportunities across diverse collateral such as auto loans, mortgages, and equipment leasing. Finally, we also favor real assets which can provide a natural hedge in today's high inflationary environment.

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<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

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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

KKR Credit Opportunities Portfolio ("KCOP" or, the "Fund") is a diversified, closed-end management investment company that continuously offers its shares and is operated as an "interval fund." The Fund's investment objective is to seek to provide attractive risk-adjusted returns and high current income. The Fund seeks to achieve its investment objectives by investing in a select portfolio with exposure to two primary credit strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opportunistic Credit, a conviction-based approach investing in a portfolio consisting primarily of publicly traded high yield bonds, first and second lien secured bank loans and structured credit (e.g., collateralized loan obligations ("CLOs") and mezzanine debt); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Credit, which includes directly originated hard and financial asset-based lending, corporate mezzanine debt, as well as directly originated first lien, second lien and unitranche senior loans to primarily upper middle-market companies.

The Fund expects, under normal circumstances, to invest 70-80% of its Managed Assets in the Opportunistic Credit strategy and 20-30% of its Managed Assets in the Private Credit strategy, though the Fund's allocation in investments could vary from these guidelines at any time in the Fund's discretion. "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).

With respect to performance, returns have softened on both an absolute basis and relative to broader leveraged credit markets given the recent volatility in traded credit markets and, particularly, in lower rated assets. For the six months ended April 30, 2025 the Fund's total return, net of fees and inclusive of dividends, were as follows for each share class: -1.36% Class I, -1.45% Class D, -1.68% Class U, -1.70% Class T – No Sales Load and -3.65% Class T – With Sales Load<sup>[7]</sup>. By comparison, high yield (as measured by the ICE BofA US High Yield Index) returned 1.70% and leveraged loans (as measured by the Morningstar LSTA US Leveraged Loan Index) returned 1.83%.

Looking at the trailing six month period, KCOP's performance has lagged somewhat as spread decompression drove lower rated credits to underperform. We also note the Fund's use of leverage which has amplified returns in periods of positive performance and diluted returns in periods of negative performance. Over longer horizons, we believe leverage adds substantial value to the Fund, as reflected in the portfolio's yield profile.

Diving into the Fund's performance drivers, positions within the healthcare, telecommunications, and services sectors were the top contributors over the last six months ended April 30, 2025. On an asset class basis, private credit positions drove the most significant portion of the Fund's performance followed by leveraged loan and high yield bond positions. Performance was positive across all rating cohorts. On a relative basis, selection in CC & below rated credits and allocation to CCC assets were most additive while allocation to not rated and selection in CCC detracted.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Investments in securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Leveraged Loans | —% | 37.57% | 16.26% | 53.83% |
| &nbsp;&nbsp;High Yield Securities | —% | 31.27% | 0.99% | 32.26% |
| &nbsp;&nbsp;Asset Backed Securities | —% | 0.74% | 8.75% | 9.49% |
| &nbsp;&nbsp;Equity & Other Investments | 0.19% | —% | 4.23% | 4.42% |
| Total investments in securities | 0.19% | 69.58% | 30.23% | 100.00% |

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<sup>(7)</sup> Source: Performance data from US Bank as of April 30, 2025. Excludes Class PT due to share class operations commencing on December 31, 2024.

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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

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

***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 backloaded 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 consolidated financial statements. Call 855-330-3927 or visit kseries.kkr.com/kcop 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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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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**Consolidated Schedule of Investments**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| **Leveraged Loans - 72.96%** |  |  |  |  |  |  |  |
| Aerospace & Defense - 0.26% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altitude II IRL WH Borrower DAC | Revolver 1L 05/23 | SOFR + 10.00% | 1/12/2030 | USD | 41 | $36 | (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | TL 1L B 11/21 | SOFR + 3.50% | 8/3/2029 | USD | 130 | 128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | TL 1L B 11/21 | EURIBOR + 3.25% | 8/6/2029 | EUR | 104 | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Aerospace Services LLC | TL 1L B 12/21 | SOFR + 2.25% | 12/6/2030 | USD | 1512 | 1494 |  |
| Agricultural Products & Services - 0.05% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Fresh International Limited | TL 1L B1 07/23 | SOFR + 5.25% | 8/9/2030 | USD | 275 | 278 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Fresh International Limited | TL 1L B2 08/23 | EURIBOR + 5.25% | 8/9/2030 | EUR | 61 | 70 | (b) |
| Air Freight & Logistics - 1.19% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | Revolver 1L 03/24 | SOFR + 5.75% | 3/8/2029 | USD | 36 | 36 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L 03/24 | SONIA + 5.75% | 12/14/2028 | GBP | 48 | 65 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L 03/24 | SOFR + 5.75% | 12/14/2028 | USD | 346 | 349 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L DD 03/24 | SOFR + 5.75% | 12/14/2028 | USD | 15 | 15 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer Ltd | TL 1L B3 01/25 | EURIBOR + 5.00% | 7/30/2029 | EUR | 4740 | 5394 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer Ltd | TL 1L B4 01/25 | SOFR + 5.00% | 7/30/2029 | USD | 2412 | 2424 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer Ltd | TL 1L DD 01/25 | EURIBOR + 5.00% | 7/30/2029 | EUR | 865 | 5 | (a) (b) (g) |
| Alternative Carriers - 2.27% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | TL 1L B 03/25 | SOFR + 4.25% | 3/27/2032 | USD | 6168 | 6165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies Inc | TL 1L B2 03/24 | SOFR + 2.35% | 4/15/2030 | USD | 4958 | 4738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | TL 1L B 03/20 | SOFR + 3.00% | 3/9/2027 | USD | 5178 | 4832 | (a) |
| Application Software - 6.24% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avetta LLC | Revolver 1L 07/24 | SOFR + 4.50% | 7/26/2030 | USD | 5 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avetta LLC | Revolver 1L 07/24 | SOFR + 4.50% | 7/26/2030 | USD | 11 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avetta LLC | TL 1L 07/24 | SOFR + 4.50% | 7/26/2031 | USD | 94 | 94 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avetta LLC | TL 1L DD 07/24 | SOFR + 4.50% | 7/28/2031 | USD | 23 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cision Ltd | TL 1L 04/25 | 1.00% PIK, SOFR + 5.00% | 4/29/2030 | USD | 2164 | 2158 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellucian Inc | TL 2L 11/24 | SOFR + 4.75% | 11/22/2032 | USD | 1478 | 1484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envestnet Inc | TL 1L 09/24 | SOFR + 3.50% | 11/25/2031 | USD | 3081 | 3076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | Revolver 1L 01/24 | SOFR + 5.25% | 1/17/2031 | USD | 23 | 2 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | TL 1L 01/24 | 2.25% PIK, SOFR + 3.50% | 1/17/2031 | USD | 165 | 167 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | TL 1L DD 01/24 | 2.25% PIK, SOFR + 3.00% | 1/17/2031 | USD | 24 | 25 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | Revolver 1L 09/21 | SOFR + 5.00% | 9/15/2027 | USD | 159 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | TL 1L 09/21 | SOFR + 5.00% | 9/15/2027 | USD | 1226 | 1232 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | TL 1L DD 09/21 | SOFR + 5.00% | 9/15/2027 | USD | 624 | 627 | (a) (b) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify Health Inc | TL 1L 11/23 | 3.00% PIK, SOFR + 3.25% | 11/8/2029 | USD | 221 | $223 | (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qlik Technologies Inc | TL 1L 11/24 | SOFR + 3.25% | 10/26/2030 | USD | 4003 | 3992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualtrics International Inc | TL 1L B2 02/25 | SOFR + 2.25% | 6/28/2030 | USD | 3055 | 3029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solera LLC | TL 2L 06/21 | SOFR + 9.00% | 6/4/2029 | USD | 17315 | 17315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | TL 1L B1 11/24 | SOFR + 3.50% | 3/29/2029 | USD | 9737 | 9634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zellis Holdings Ltd | TL 1L B1 06/24 | SONIA + 4.90% | 8/13/2031 | GBP | 177 | 233 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zellis Holdings Ltd | TL 1L B2 DD 06/24 | SONIA + 4.90% | 8/13/2031 | GBP | 39 | 19 | (a) (b) (g) |
| Asset Management & Custody Banks - 0.02% | Asset Management & Custody Banks - 0.02% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockefeller Capital Management LP | TL 1L 04/24 | SOFR + 4.75% | 4/4/2031 | USD | 170 | 170 | (a) (b) |
| Automotive Parts & Equipment - 3.44% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance Ltd | TL 1L B 09/24 | SOFR + 2.75% | 10/16/2031 | USD | 3056 | 3052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative XCessories & Services LLC | TL 1L 02/20 | SOFR + 4.25% | 3/5/2027 | USD | 12481 | 11959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parts Authority Inc | TL 1L 10/20 | SOFR + 3.75% | 10/28/2027 | USD | 11304 | 8828 | (a) |
| Broadcasting - 2.42% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EW Scripps Co/The | Revolver 1L 04/25 | SOFR + 5.50% | 3/31/2028 | USD | 381 | 175 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 1L B 12/23 | 1.50% PIK, EURIBOR + 3.50% | 8/19/2026 | EUR | 6760 | 6732 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 1L B 12/23 | 1.50% PIK, SOFR + 3.25% | 8/19/2026 | USD | 609 | 550 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Broadcasting LLC | TL 2L 09/18 | SOFR + 7.00% | 10/19/2026 | USD | 14698 | 9310 |  |
| Broadline Retail - 0.41% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiversiTech Holdings Inc | TL 2L B 12/21 | SOFR + 6.75% | 12/21/2029 | USD | 1945 | 1933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials LLC | TL 1L B3 04/25 | SOFR + 5.25% | 1/29/2031 | USD | 1855 | 1727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoScout24 GmbH | TL 1L B 10/24 | EURIBOR + 3.75% | 12/10/2031 | EUR | 2501 | 2836 |  |
| Building Products - 0.53% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | TL 1L B3 01/25 | SOFR + 2.25% | 2/10/2032 | USD | 14 | 14 |  |
| Cable & Satellite - 1.48% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astound Broadband (RCN/Radiate) | TL 1L B 10/21 | SOFR + 3.25% | 9/25/2026 | USD | 9899 | 8728 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Inc | TL 1L 09/19 | SOFR + 2.50% | 1/31/2028 | USD | 1564 | 1545 |  |
| Cargo Ground Transportation - 0.04% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | Revolver 1L 05/23 | SOFR + 5.00% | 5/4/2029 | USD | 24 | 6 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L 11/23 | SOFR + 5.00% | 5/6/2030 | USD | 4 | 4 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L B 05/23 | SOFR + 5.00% | 5/6/2030 | USD | 195 | 196 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 05/23 | SOFR + 5.00% | 5/6/2030 | USD | 30 | 30 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 11/23 | SOFR + 5.00% | 5/6/2030 | USD | 18 | 7 | (a) (b) (g) |
| Casinos & Gaming - 0.09% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entain PLC | TL 1L B 04/24 | SOFR + 2.75% | 10/31/2029 | USD | 627 | 627 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Commercial Printing - 1.45% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | TL 1L B 10/21 | EURIBOR + 5.00% | 10/30/2028 | EUR | 10429 | $10088 |  |
| Commodity Chemicals - 3.30% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings Ltd | TL 1L B 01/20 | EURIBOR + 2.00% | 1/29/2027 | EUR | 521 | 565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaskolite, LLC | TL 1L 04/21 | SOFR + 4.00% | 12/15/2025 | USD | 19364 | 18631 |  |
| &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 | 4328 | 2127 | (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 | 3227 | 1586 | (d) |
| Construction & Engineering - 0.12% |  |  |  |  |  |  |  |
| &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 | 238 | 221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortna Group Inc | Revolver 1L 01/25 | SOFR + 4.75% | 6/1/2029 | USD | 513 | 342 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | Revolver 1L 05/24 | SOFR + 5.00% | 4/5/2029 | USD | 39 | 3 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | TL 1L 05/24 | SOFR + 5.00% | 4/5/2030 | USD | 247 | 250 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | TL 1L DD 05/24 | SOFR + 5.00% | 4/5/2030 | USD | 77 | 32 | (a) (b) (g) |
| Construction Machinery & Heavy Transportation Equipment - 1.12% | Construction Machinery & Heavy Transportation Equipment - 1.12% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accuride Corp | TL Unsec 03/25 | 3.00% PIK, SOFR + 1.50% | 3/7/2030 | USD | 3187 | 7654 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaw Development LLC | TL 1L 10/23 | SOFR + 6.00% | 10/30/2029 | USD | 147 | 134 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaw Development LLC | TL 1L DD 10/23 | SOFR + 6.00% | 10/30/2029 | USD | 18 | (2) | (a) (b) (g) |
| Construction Materials - 0.17% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quimper AB | TL 1L B 11/24 | EURIBOR + 3.75% | 3/31/2030 | EUR | 1012 | 1147 |  |
| Consumer Finance - 0.55% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | TL 1L DD 09/24 | 15.00% | 9/6/2034 | USD | 767 | 767 | (a) (b) |
| &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 | 3080 | 3072 |  |
| Consumer Staples Merchandise Retail - 0.18% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morrisons (Market Bidco Limited) | TL 1L 10/24 | EURIBOR + 4.50% | 11/4/2030 | EUR | 1110 | 1223 |  |
| Data Processing & Outsourced Services - 1.62% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encora Digital LLC | TL 1L 12/21 | 9.75% PIK | 12/20/2029 | USD | 586 | 572 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Corp | TL 1L B3 01/23 | SOFR + 4.00% | 4/10/2027 | USD | 14707 | 10677 |  |
| Diversified Chemicals - 0.53% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexion International Cooperatief UA | TL 1L 12/24 | SOFR + 4.00% | 3/15/2029 | USD | 3075 | 3001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc | Revolver 1L 07/24 | SOFR + 4.75% | 1/18/2028 | USD | 732 | 660 | (b) (g) |
| Diversified Financial Services - 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kestra Financial Inc | TL DD 02/25 | 12.00% PIK |  | USD | 615 |  | (a) (b) (d) (g) |
| Diversified Metals & Mining - 0.02% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | TL 1L A 06/20 | SOFR + 8.00% | 6/30/2027 | USD | 118 | 114 | (a) (b) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Diversified Support Services - 0.40% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | Revolver 1L 09/24 | SOFR + 5.00% | 10/24/2029 | USD | 26 | $— | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 | SOFR + 5.00% | 10/24/2030 | USD | 301 | 305 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 | SOFR + 5.00% | 10/24/2030 | USD | 77 | 78 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL Unsec 10/23 | 14.25% PIK | 4/23/2031 | USD | 79 | 82 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL Unsec DD 10/23 | 14.25% PIK | 4/23/2031 | USD | 38 | 40 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Holdings LLC | TL 1L 01/25 | SOFR + 3.25% | 12/18/2028 | USD | 1227 | 1212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | Revolver 1L 11/22 | SOFR + 5.00% | 11/22/2028 | USD | 27 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L 11/22 | SOFR + 5.00% | 11/21/2029 | USD | 226 | 226 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 11/22 | SOFR + 5.00% | 11/21/2029 | USD | 63 | 63 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 12/23 | SOFR + 5.00% | 11/21/2029 | USD | 13 | 11 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | Revolver 1L 08/24 | SOFR + 4.75% | 8/15/2031 | USD | 27 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | TL 1L 08/24 | SOFR + 4.75% | 8/15/2031 | USD | 196 | 196 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | TL 1L DD 08/24 | SOFR + 4.75% | 8/15/2031 | USD | 47 | 10 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trescal SA | TL 1L B1 05/23 | EURIBOR + 5.50% | 4/29/2030 | EUR | 197 | 224 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trescal SA | TL 1L B2 04/23 | SOFR + 5.50% | 4/29/2030 | USD | 216 | 216 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trescal SA | TL 1L DD 05/23 | EURIBOR + 5.50% | 4/29/2030 | EUR | 114 | 129 | (a) (b) |
| Education Services - 0.36% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | Revolver 1L 05/24 | SOFR + 5.00% | 5/1/2030 | USD | 18 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | TL 1L 05/24 | SOFR + 5.00% | 5/1/2031 | USD | 115 | 115 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | TL 1L DD 05/24 | SOFR + 5.00% | 5/1/2031 | USD | 30 | 12 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IU Finance Management GmbH | TL 1L B 11/24 | EURIBOR + 3.75% | 12/8/2031 | EUR | 2104 | 2364 |  |
| Electrical Components & Equipment - 0.06% | Electrical Components & Equipment - 0.06% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | Revolver 1L 02/24 | SOFR + 5.75% | 2/13/2030 | USD | 45 | 3 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | TL 1L 02/24 | SOFR + 5.75% | 2/13/2031 | USD | 415 | 419 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | TL 1L DD 02/24 | SOFR + 5.75% | 2/13/2031 | USD | 45 | 29 | (a) (b) (g) |
| Electronic Equipment & Instruments - 0.59% | Electronic Equipment & Instruments - 0.59% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | Revolver 1L 08/22 | SOFR + 5.25% | 8/12/2028 | USD | 352 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 | SOFR + 5.25% | 8/12/2029 | USD | 3442 | 3449 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 | EURIBOR + 5.25% | 8/12/2029 | EUR | 589 | 668 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L DD 08/22 | SOFR + 5.25% | 8/12/2029 | USD | 117 |  | (a) (b) (g) |
| Environmental & Facilities Services - 1.92% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48Forty Solutions LLC | Revolver 1L 03/22 | SOFR + 6.00% | 11/30/2029 | USD | 610 | 73 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48Forty Solutions LLC | TL 1L 02/22 | 4.10% PIK, SOFR + 2.00% | 11/30/2029 | USD | 4564 | 3373 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48Forty Solutions LLC | TL 1L 03/22 | 3.60% PIK, SOFR + 2.50% | 11/30/2029 | USD | 3185 | 2354 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brock Group LLC/The | TL 1L B 04/24 | SOFR + 6.00% | 5/2/2030 | USD | 7425 | 7348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | Revolver 1L 01/24 | SOFR + 5.25% | 1/31/2030 | USD | 23 |  | (a) (b) (g) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | TL 1L 01/24 | SOFR + 5.25% | 1/31/2031 | USD | 166 | $167 | (a) (b) |
| Financial Exchanges & Data - 0.44% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IntraFi Network LLC | TL 1L B 01/25 | SOFR + 3.50% | 7/31/2031 | USD | 3088 | 3083 |  |
| Food Distributors - 0.12% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lipari Foods LLC | TL 1L 10/22 | SOFR + 6.50% | 10/31/2028 | USD | 755 | 733 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lipari Foods LLC | TL 1L DD 10/22 | SOFR + 6.50% | 10/31/2028 | USD | 97 | 94 | (b) |
| Health Care Equipment - 4.12% |  |  |  |  |  |  |  |
| &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 | 20988 | 20778 | (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 | 3141 | 3172 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PartsSource Inc | Revolver 1L 10/21 | SOFR + 5.75% | 8/21/2026 | USD | 87 | 80 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PartsSource Inc | TL 1L 10/21 | SOFR + 5.75% | 8/23/2028 | USD | 1292 | 1292 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PartsSource Inc | TL 1L DD 08/21 | SOFR + 5.75% | 8/23/2028 | USD | 95 | 95 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PartsSource Inc | TL 1L DD 10/23 | SOFR + 5.75% | 8/23/2028 | USD | 368 | 63 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Audiology Solutions | TL 1L B3 09/24 | EURIBOR + 4.00% | 2/28/2029 | EUR | 1320 | 1494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viant Medical Holdings Inc | TL 1L 10/24 | SOFR + 4.00% | 10/29/2031 | USD | 1319 | 1321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | Revolver 1L 02/24 | SOFR + 5.50% | 2/28/2030 | USD | 36 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L 02/24 | SOFR + 5.50% | 2/28/2031 | USD | 259 | 261 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L DD 02/24 | SOFR + 5.50% | 2/28/2031 | USD | 48 | 25 | (a) (b) (g) |
| Health Care Facilities - 1.95% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Vetcare Ltd | TL 1L 01/24 | EURIBOR + 4.00% | 11/20/2028 | EUR | 1320 | 1485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Hospitals Inc | TL 1L B 09/24 | SOFR + 3.75% | 5/17/2031 | USD | 1619 | 1592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Oy | TL 1L 04/25 | EURIBOR + 3.90% | 8/5/2031 | EUR | 1304 | 1480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScionHealth | TL 1L B 12/21 | SOFR + 5.25% | 12/23/2028 | USD | 2378 | 1108 | (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetCor Professional Practices LLC | Revolver 1L 08/22 | SOFR + 5.75% | 8/31/2029 | USD | 573 |  | (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetCor Professional Practices LLC | TL 1L B 08/22 | SOFR + 5.75% | 8/31/2029 | USD | 7867 | 7867 | (b) |
| Health Care Services - 2.62% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affidea BV | TL 1L B 01/25 | EURIBOR + 3.75% | 7/2/2029 | EUR | 1254 | 1420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | Revolver 1L 08/21 | SOFR + 5.50% | 8/2/2027 | USD | 177 | 18 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L 08/21 | 3.25% PIK, SOFR + 2.75% | 8/2/2028 | USD | 1589 | 1561 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/21 | 3.25% PIK, SOFR + 2.75% | 8/2/2028 | USD | 286 | 281 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/23 | 3.25% PIK, SOFR + 2.75% | 8/2/2028 | USD | 309 | 304 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Vision Partners | Revolver 1L 09/21 | SOFR + 5.75% | 9/30/2026 | USD | 158 | 75 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Vision Partners | TL 1L 09/21 | SOFR + 5.75% | 9/30/2027 | USD | 1862 | 1849 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Vision Partners | TL 1L DD 09/21 | SOFR + 5.75% | 9/30/2027 | USD | 769 | 764 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | Revolver 1L 02/22 | SOFR + 5.50% | 2/25/2028 | USD | 197 | (1) | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L 02/22 | SOFR + 5.50% | 2/25/2028 | USD | 1138 | 1131 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L DD 02/22 | SOFR + 5.50% | 2/25/2028 | USD | 69 | 69 | (a) (b) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L DD 11/22 | SOFR + 5.50% | 2/25/2028 | USD | 527 | $524 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHG Healthcare Services Inc | TL 1L B1 12/24 | SOFR + 3.00% | 9/29/2028 | USD | 1480 | 1478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dental365 LLC | Revolver 1L 05/24 | SOFR + 5.25% | 5/5/2028 | USD | 32 | 4 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dental365 LLC | TL 1L 05/24 | SOFR + 5.25% | 8/5/2028 | USD | 87 | 87 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dental365 LLC | TL 1L DD 05/24 | SOFR + 5.25% | 8/7/2028 | USD | 86 | 49 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dental365 LLC | TL 1L DD 05/24 | SOFR + 5.25% | 8/5/2028 | USD | 47 | 47 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inizio Group Ltd | TL 1L B 08/21 | EURIBOR + 4.00% | 8/19/2028 | EUR | 1322 | 1445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | Revolver 1L 02/24 | SOFR + 5.50% | 2/13/2031 | USD | 21 | 2 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L 02/24 | SOFR + 5.50% | 2/13/2031 | USD | 303 | 307 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | SOFR + 5.50% | 2/13/2031 | USD | 106 | 36 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | SOFR + 5.50% | 2/13/2031 | USD | 44 | 44 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL Mezz 10/24 PIK | 14.50% PIK | 8/13/2031 | USD | 546 | 529 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC | TL 1L 05/24 | SOFR + 3.25% | 5/30/2031 | USD | 3086 | 3085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners LLC | TL 1L 10/24 | SOFR + 3.25% | 12/4/2031 | USD | 3075 | 3069 |  |
| Health Care Technology - 1.48% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milano Acquisition Corp | TL 1L 08/20 | SOFR + 4.00% | 10/1/2027 | USD | 7762 | 7242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Healthcare Corp | TL 1L B 01/24 | SOFR + 2.75% | 9/28/2029 | USD | 3086 | 3021 |  |
| Hotels, Resorts & Cruise Lines - 0.41% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels Inc | Revolver 1L 11/23 | SOFR + 5.50% | 11/5/2029 | USD | 13 | 5 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels Inc | TL 1L 11/23 | SOFR + 5.50% | 11/5/2029 | USD | 105 | 106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playa Resorts Holding BV | TL 1L B 11/22 | SOFR + 2.75% | 1/5/2029 | USD | 1866 | 1867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co | TL 1L B 12/24 | SOFR + 2.50% | 12/14/2029 | USD | 871 | 858 |  |
| Human Resource & Employment Services - 2.37% | Human Resource & Employment Services - 2.37% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Global LLC | Revolver 1L 11/24 | SOFR + 5.00% | 9/22/2028 | USD | 428 | 55 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Global LLC | TL 1L 11/24 | SOFR + 5.00% | 9/22/2028 | USD | 6301 | 6332 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | Revolver 1L 08/21 | SOFR + 6.00% | 8/17/2027 | USD | 129 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 06/22 | SOFR + 6.00% | 8/17/2027 | USD | 6461 | 6461 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 08/21 | SOFR + 6.00% | 8/17/2027 | USD | 1442 | 1442 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L DD 08/21 | SOFR + 6.00% | 8/17/2027 | USD | 120 | 120 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | TL 1L 08/24 | SOFR + 8.00% | 2/20/2029 | USD | 269 | 269 | (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 | 1122 | 1122 | (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 | 1008 | 638 | (a) (b) (g) |
| Industrial Machinery & Supplies & Components - 1.62% | Industrial Machinery & Supplies & Components - 1.62% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilium Safety Group AB | TL 1L B 04/24 | EURIBOR + 5.50% | 4/7/2031 | EUR | 223 | 252 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilium Safety Group AB | TL 1L B 04/24 | SOFR + 5.50% | 4/7/2031 | USD | 108 | 108 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilium Safety Group AB | TL 1L DD 04/24 | EURIBOR + 5.50% | 4/7/2031 | EUR | 65 |  | (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPM Holdings Inc | TL 1L 09/23 | SOFR + 4.50% | 9/28/2028 | USD | 2056 | 1995 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | Dexko Global Inc - TL 1L 10/21 | EURIBOR + 4.00% | 10/4/2028 | EUR | 2766 | $2887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | TL 1L B 09/21 | SOFR + 3.75% | 10/4/2028 | USD | 1101 | 1020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global Inc | TL 1L B 09/21 | EURIBOR + 4.00% | 10/4/2028 | EUR | 1915 | 1999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings Inc | TL 2L 08/21 | SOFR + 6.00% | 5/21/2029 | USD | 298 | 294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProMach Group Inc | TL 1L B 02/25 | SOFR + 2.75% | 8/31/2028 | USD | 822 | 818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Manufacturing Co | Revolver 1L 12/21 | SOFR + 6.50% | 12/1/2027 | USD | 154 | 92 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Manufacturing Co | TL 1L 06/22 | 2.00% PIK, EURIBOR + 4.50% | 12/1/2027 | EUR | 374 | 372 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Manufacturing Co | TL 1L 12/21 | 2.00% PIK, SOFR + 4.50% | 12/1/2027 | USD | 925 | 813 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Manufacturing Co | TL 1L 12/21 | 2.00% PIK, EURIBOR + 4.50% | 12/1/2027 | EUR | 597 | 594 | (a) (b) (d) |
| Insurance Brokers - 3.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L 09/21 | SOFR + 5.25% | 10/2/2028 | USD | 640 | 640 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 09/21 | SOFR + 5.25% | 10/2/2028 | USD | 182 | 182 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 12/21 | SOFR + 5.25% | 10/2/2028 | USD | 526 | 526 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFC Underwriting Ltd | TL 1L B 05/22 | SOFR + 4.95% | 5/16/2029 | USD | 5343 | 5343 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFC Underwriting Ltd | TL 1L DD 05/22 | SONIA + 4.95% | 5/16/2029 | GBP | 631 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | Revolver 1L 12/23 | SOFR + 5.25% | 12/20/2029 | USD | 10 | 1 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L 12/23 | SOFR + 5.25% | 12/20/2030 | USD | 48 | 48 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L DD 12/23 | SOFR + 5.25% | 12/20/2030 | USD | 45 | 44 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | Revolver 1L 10/21 | SOFR + 5.25% | 10/29/2029 | USD | 142 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 03/22 | SOFR + 5.00% | 10/29/2030 | USD | 815 | 815 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 10/21 | SOFR + 5.00% | 10/29/2030 | USD | 1302 | 1302 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 03/22 | SOFR + 5.00% | 10/29/2030 | USD | 3293 | 3293 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 10/21 | SOFR + 5.00% | 10/29/2030 | USD | 283 | 283 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | Revolver 1L 09/21 | SOFR + 4.50% | 9/29/2028 | USD | 205 | 80 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L 07/24 | SOFR + 4.50% | 9/29/2028 | USD | 2556 | 2556 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden Group Holdings Ltd | TL 1L 11/24 | EURIBOR + 3.50% | 2/15/2031 | EUR | 2612 | 2959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group LLC | TL 1L 08/24 | SOFR + 5.00% | 8/25/2028 | USD | 8338 | 8400 | (a) (b) |
| Interactive Media & Services - 1.60% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twitter Inc | TL 1L 02/25 | 9.50% | 10/29/2029 | USD | 6568 | 6416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twitter Inc | TL 1L B1 10/22 | SOFR + 6.50% | 10/26/2029 | USD | 4864 | 4723 |  |
| Internet Services & Infrastructure - 0.41% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco SARL | TL 1L 06/24 | EURIBOR + 3.70% | 9/30/2029 | EUR | 2507 | 2831 |  |
| IT Consulting & Other Services - 1.48% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3Pillar Global Inc | Revolver 1L 11/21 | SOFR + 6.00% | 11/23/2026 | USD | 186 | 51 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3Pillar Global Inc | TL 1L 11/21 | SOFR + 6.00% | 11/23/2027 | USD | 1892 | 1819 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3Pillar Global Inc | TL 1L DD 11/21 | SOFR + 6.00% | 11/23/2027 | USD | 609 | 586 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B1 06/21 | SOFR + 3.50% | 12/17/2027 | USD | 535 | 512 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B1 11/24 | SOFR + 6.00% | 11/15/2029 | USD | 6979 | $6601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B2 06/21 | SOFR + 3.50% | 12/17/2027 | USD | 510 | 488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | TL 1L B2 11/24 | SOFR + 6.00% | 11/15/2029 | USD | 267 | 253 |  |
| Leisure Facilities - 3.58% | Leisure Facilities - 3.58% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | TL 1L 02/25 | SOFR + 6.50% | 3/11/2030 | USD | 2699 | 2699 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | TL 2L 02/25 | SOFR + 7.50% | 3/11/2030 | USD | 1774 | 1774 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClubCorp Club Operations Inc | TL 1L 10/23 | SOFR + 5.00% | 9/18/2026 | USD | 15143 | 15181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Choice Investments LLC | TL 1L B 07/24 | SOFR + 4.75% | 8/16/2031 | USD | 5198 | 5211 |  |
| Leisure Products - 1.03% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camping World Good Sam | TL 1L B 05/21 | SOFR + 2.50% | 6/3/2028 | USD | 3746 | 3571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp | TL 1L B 03/23 | SOFR + 3.00% | 3/15/2030 | USD | 3761 | 3553 |  |
| Life Sciences Tools & Services - 0.12% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinigen Ltd | TL 1L B 01/25 | EURIBOR + 3.75% | 4/19/2029 | EUR | 760 | 857 |  |
| Oil & Gas Equipment & Services - 0.80% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge NDB Operating LLC | TL 1L B 04/24 | SOFR + 4.00% | 5/10/2029 | USD | 5597 | 5521 |  |
| Oil & Gas Storage & Transportation - 1.31% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Midstream Holdings LLC | TL 1L B 02/25 | SOFR + 3.00% | 2/11/2030 | USD | 499 | 499 |  |
| &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 | 1621 | 1543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Energy Services LLC | TL 1L B 06/24 | SOFR + 2.50% | 2/22/2030 | USD | 1525 | 1527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating LLC | TL 1L B 06/24 | SOFR + 4.75% | 6/27/2029 | USD | 5763 | 5519 |  |
| Other Specialized REITs - 0.54% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Partners LLC P1 | P1 Mezz TL Unsec 08/19 | 5.25% PIK, 2.75% | 10/22/2026 | USD | 532 | 532 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Partners LLC P2 | TL 1L 12/21 | 11.00% | 12/16/2029 | USD | 3271 | 3205 | (a) (b) |
| Other Specialty Retail - 0.29% |  |  |  |  |  |  |  |
| &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 | 2139 | 1997 |  |
| Packaged Foods & Meats - 0.20% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaTaste Austria GmbH | TL 1L B 05/23 | EURIBOR + 5.50% | 4/5/2030 | EUR | 372 | 423 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaTaste Austria GmbH | TL 1L DD CAR 05/23 | EURIBOR + 5.50% | 4/5/2030 | EUR | 116 | 132 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valeo Foods Group Ltd | TL 1L 05/21 | EURIBOR + 3.75% | 9/29/2028 | EUR | 750 | 844 |  |
| Paper & Plastic Packaging Products & Materials - 0.05% | Paper & Plastic Packaging Products & Materials - 0.05% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Packaging LLC | TL 1L A 10/23 | 1.25% PIK, SOFR + 3.75% | 10/2/2028 | USD | 52 | 52 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Packaging LLC | TL 1L A1 10/23 | 0.71% PIK, SOFR + 3.90% | 10/2/2028 | USD | 62 | 35 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Packaging LLC | TL 2L 09/21 |  | 10/1/2029 | USD | 810 | 284 | (b) (e) |
| Passenger Airlines - 0.18% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietjet Aviation JSC | TL 1L DD 03/25 | 9.96% | 3/28/2037 | USD | 2439 | 1220 | (b) (g) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Pharmaceuticals - 1.45% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antigua Bidco Ltd | TL 1L 05/24 | EURIBOR + 4.25% | 2/28/2030 | EUR | 1485 | $1539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrotex Australia Group Pty Ltd | TL 1L B1 06/23 | BBSY + 6.75% | 6/30/2028 | AUD | 588 | 375 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrotex Australia Group Pty Ltd | TL 1L B2 06/23 | BBSY + 6.75% | 6/30/2028 | AUD | 149 | 95 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals Ltd | TL 1L B 12/24 | EURIBOR + 3.50% | 1/27/2032 | EUR | 2091 | 2352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iNova Pharmaceuticals (Australia) Pty Limited | TL 1L B 11/24 | BBSY + 4.75% | 11/15/2031 | AUD | 1303 | 826 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iNova Pharmaceuticals (Australia) Pty Limited | TL 1L DD C 11/24 | BBSY + 4.75% | 11/15/2031 | AUD | 149 | (1) | (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratoires Vivacy SAS | TL 1L B 03/23 | EURIBOR + 6.70% | 3/20/2030 | EUR | 792 | 852 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratoires Vivacy SAS | TL 1L DD 03/23 | EURIBOR + 6.70% | 3/20/2030 | EUR | 63 | 8 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding AG | TL 1L B3 06/24 | EURIBOR + 4.00% | 2/21/2030 | EUR | 1070 | 1214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opella Healthcare LLC | TL 1L B 03/25 | EURIBOR + 3.50% | 3/31/2032 | EUR | 2477 | 2805 |  |
| Property & Casualty Insurance - 0.59% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | Revolver 1L 02/25 | SOFR + 5.25% | 2/28/2030 | USD | 507 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L 02/25 | SOFR + 5.25% | 2/28/2030 | USD | 3034 | 3034 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L 03/25 | SOFR + 5.25% | 2/28/2030 | USD | 42 | 42 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L DD 02/25 | SOFR + 5.25% | 2/28/2030 | USD | 674 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | TL Mezz 02/25 PIK | 8.00% PIK | 2/28/2030 | USD | 1011 | 1011 | (a) (b) (d) |
| Publishing - 0.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald Expositions Holding Inc | TL 1L B 01/25 | SOFR + 3.75% | 1/30/2032 | USD | 1114 | 1115 |  |
| Real Estate Operating Companies - 0.14% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opendoor Labs Inc | TL DD 02/25 | 12.50% | 2/25/2029 | USD | 1487 | 985 | (a) (b) (g) |
| Real Estate Services - 0.17% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SitusAMC Holdings Corp | TL 1L 12/21 | SOFR + 5.50% | 12/22/2027 | USD | 1176 | 1176 | (a) (b) |
| Renewable Electricity - 0.92% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIN Waste Innovations | TL 1L B 03/21 | SOFR + 2.75% | 3/24/2028 | USD | 6480 | 6408 |  |
| Research & Consulting Services - 1.06% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA PA | TL 1L 08/23 | SOFR + 5.00% | 8/31/2028 | USD | 145 | 145 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HKA | TL 1L B 08/22 | SOFR + 5.50% | 8/9/2029 | USD | 4176 | 4155 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HKA | TL 1L DD (CAR) 08/22 | SOFR + 5.50% | 8/9/2029 | USD | 1319 | 1312 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroll (fka Duff & Phelps) | TL 1L B 03/20 | SOFR + 3.75% | 4/9/2027 | USD | 1832 | 1741 |  |
| Single-Family Residential REITs - 1.12% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue One PropCo | TL Unsec DD 03/24 | 7.00% PIK | 3/15/2034 | USD | 7769 | 7769 | (a) (b) (d) |
| Soft Drinks & Non-alcoholic Beverages - 0.29% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp | TL 1L B 01/25 | SOFR + 2.25% | 3/31/2028 | USD | 1615 | 1604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropicana Products Inc | Revolver 1L 02/25 | SOFR + 4.75% | 1/24/2029 | USD | 530 | 424 | (a) (b) (g) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Specialized Consumer Services - 0.06% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands LLC | TL 1L 02/23 | SOFR + 5.75% | 7/25/2028 | USD | 153 | $155 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands LLC | TL 1L DD 02/23 | SOFR + 5.75% | 7/25/2028 | USD | 233 | 236 | (a) (b) |
| 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 | 826 | 828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alter Domus Sarl | TL 1L DD 05/24 | SOFR + 3.50% | 10/30/2031 | USD | 61 |  | (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG FUNDING 05 LLC | TL 1L DD 11/22 | Variable | 11/8/2027 | USD | 110 | 107 | (b) (h) |
| Specialty Chemicals - 3.09% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion/DSM engg | TL 1L B1 03/23 | SOFR + 5.50% | 3/29/2030 | USD | 7249 | 6530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Group GmbH | TL 2L B 09/23 PIK | 6.90% PIK, SOFR + 0.10% | 12/31/2027 | USD | 380 | 46 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Group GmbH | TL 2L B 09/23 PIK | 6.90% PIK, EURIBOR + 0.10% | 12/31/2027 | EUR | 1045 | 137 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solenis International LP | TL 1L B 05/24 | EURIBOR + 3.75% | 6/20/2031 | EUR | 719 | 807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Specialty Chemicals Inc | TL 1L B 02/23 | SOFR + 4.75% | 10/26/2026 | USD | 14848 | 13957 |  |
| Systems Software - 1.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aareon AG | TL 1L 09/24 | EURIBOR + 4.75% | 10/1/2031 | EUR | 376 | 426 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aareon AG | TL 1L DD 09/24 | EURIBOR + 4.75% | 10/1/2031 | EUR | 86 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civica Group Ltd | TL 1L 08/23 | BBSW + 5.50% | 8/30/2030 | AUD | 12 | 8 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civica Group Ltd | TL 1L 08/23 | SONIA + 5.50% | 8/30/2030 | GBP | 222 | 295 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civica Group Ltd | TL 1L DD 08/23 | SONIA + 5.50% | 8/30/2030 | GBP | 94 | 42 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software Inc | TL 1L B 10/21 | SOFR + 4.00% | 4/24/2028 | USD | 3129 | 2918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | Revolver 1L 04/24 | SOFR + 5.00% | 4/22/2031 | USD | 20 |  | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | TL 1L 04/24 | SOFR + 5.00% | 4/22/2031 | USD | 184 | 183 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | TL 1L DD 04/24 | SOFR + 5.00% | 4/22/2031 | USD | 32 | 32 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software Inc | TL 2L 03/21 | SOFR + 7.25% | 4/23/2029 | USD | 5149 | 4791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarWinds Holdings Inc | TL 1L 03/25 | SOFR + 4.00% | 4/16/2032 | USD | 3965 | 3837 |  |
| Trading Companies & Distributors - 0.63% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FleetPride Corporation | TL 2L 01/19 | SOFR + 8.75% | 12/21/2026 | USD | 3778 | 3452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | Revolver 1L 04/22 | SOFR + 5.50% | 4/1/2028 | USD | 68 | 14 | (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | TL 1L 04/22 | SOFR + 5.50% | 4/1/2029 | USD | 24 | 24 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | TL 1L 12/22 | SOFR + 5.50% | 4/1/2029 | USD | 888 | 891 | (a) (b) |
| **TOTAL LEVERAGED LOANS (Amortized cost $522,604)** | **TOTAL LEVERAGED LOANS (Amortized cost $522,604)** |  |  |  |  | $506530 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| **High Yield Securities - 43.72%** |  |  |  |  |  |  |
| Aerospace & Defense - 0.71% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | 7.250% 01/2030 | 1/31/2030 | USD | 2162 | $2162 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | 9.000% PIK 01/2031 | 1/31/2031 | USD | 2798 | 2798 | (a) (b) (d) |
| Alternative Carriers - 3.22% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iliad SA | 8.500% 04/2031 | 4/15/2031 | USD | 3564 | 3763 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 10.000% 10/2032 | 10/15/2032 | USD | 3906 | 3902 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 3.875% 10/2030 | 10/15/2030 | USD | 4582 | 3637 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing Inc | 4.000% 04/2031 | 4/15/2031 | USD | 6733 | 5287 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group LLC | 4.000% 03/2027 | 3/1/2027 | USD | 6234 | 5750 | (a) (f) |
| Application Software - 1.55% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cision Ltd | 10.000% 06/2031 | 6/30/2031 | USD | 9138 | 4432 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cvent Holding Corp | 8.000% 06/2030 | 6/15/2030 | USD | 3 | 3 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dye & Durham Ltd | 8.625% 04/2029 | 4/15/2029 | USD | 6163 | 6275 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIBCO Software Inc | 6.500% 03/2029 | 3/31/2029 | USD | 76 | 76 | (f) |
| Asset Management & Custody Banks - 0.31% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hightower Holding LLC | 9.125% 01/2030 | 1/31/2030 | USD | 2102 | 2152 | (f) |
| Automotive Parts & Equipment - 0.93% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd | 7.500% 02/2033 | 2/15/2033 | USD | 2175 | 2063 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Inc | 7.750% 05/2032 | 5/31/2032 | USD | 1851 | 1849 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck Hero Inc | 6.250% 02/2029 | 2/1/2029 | USD | 3372 | 2519 | (f) |
| Automotive Retail - 1.03% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Discount Tire Inc | 6.500% 05/2029 | 5/15/2029 | USD | 7716 | 7127 | (f) |
| Biotechnology - 0.27% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunocore Holdings PLC | 2.500% 02/2030 | 2/1/2030 | USD | 2163 | 1851 |  |
| Broadline Retail - 0.30% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bubbles Bidco SPA | 4.250% 09/2031 | 9/30/2031 | EUR | 1831 | 2069 | (f) |
| Building Products - 2.99% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oldcastle Buildingenvelope Inc | 9.500% 04/2030 | 4/15/2030 | USD | 12291 | 11200 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeSource Building Products Inc | 5.625% 02/2029 | 2/1/2029 | USD | 7169 | 5617 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeSource Building Products Inc | 6.750% 08/2029 | 8/1/2029 | USD | 4933 | 3906 | (f) |
| Cable & Satellite - 3.50% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Communications Inc | 4.875% 03/2028 | 3/1/2028 | USD | 7078 | 6629 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable One Inc | 0.000% 03/2026 | 3/15/2026 | USD | 789 | 744 | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable One Inc | 4.000% 11/2030 | 11/15/2030 | USD | 4661 | 3796 | (f) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevision Lightpath LLC | 5.625% 09/2028 | 9/15/2028 | USD | 8333 | $7726 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC (Altice USA) | 11.750% 01/2029 | 1/31/2029 | USD | 706 | 668 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC (Altice USA) | 4.125% 12/2030 | 12/1/2030 | USD | 6904 | 4738 | (f) |
| Casinos & Gaming - 0.59% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn International AS | 7.250% 04/2030 | 4/30/2030 | EUR | 1353 | 1622 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp | 8.750% 11/2029 | 11/15/2029 | USD | 2459 | 2440 | (f) |
| Commercial Printing - 0.23% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | 10.500% 07/2027 | 7/15/2027 | USD | 399 | 358 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Color Corp | 9.500% 11/2028 | 11/1/2028 | USD | 1388 | 1214 | (f) |
| Commodity Chemicals - 0.06% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings Inc | 8.000% 10/2029 | 10/1/2029 | USD | 508 | 423 | (f) |
| Construction & Engineering - 1.72% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Energy & Infrastructure Services Inc | 10.375% 08/2030 | 8/1/2030 | USD | 4344 | 4132 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxim Crane Works LP / Maxim Finance Corp | 11.500% 09/2028 | 9/1/2028 | USD | 7918 | 7829 | (f) |
| Consumer Finance - 0.11% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Lending Services LLC | 12.500% 02/2033 | 2/5/2033 | USD | 150 | 150 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Lending Services LLC | 12.500% 12/2032 | 12/31/2032 | USD | 141 | 141 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Lending Services LLC | 12.500% 12/2032 | 12/31/2032 | USD | 140 | 140 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicle Secured Funding Trust | 15.000% 01/2046 | 1/25/2046 | USD | 335 | 335 | (b) (d) |
| Diversified Chemicals - 1.90% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 4.625% 11/2029 | 11/15/2029 | USD | 4354 | 3652 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 5.375% 05/2027 | 5/15/2027 | USD | 745 | 726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 5.750% 11/2028 | 11/15/2028 | USD | 4286 | 3888 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co/The | 8.000% 01/2033 | 1/15/2033 | USD | 3750 | 3383 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fire BC SpA | 10.000% 02/2028 | 2/6/2028 | EUR | 1276 | 1519 | (f) |
| Diversified Support Services - 2.48% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC | 6.000% 06/2029 | 6/1/2029 | USD | 4076 | 3829 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC | 9.750% 07/2027 | 7/15/2027 | USD | 5130 | 5153 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp | 8.250% 08/2032 | 8/1/2032 | USD | 3696 | 3636 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp | 8.375% 10/2032 | 11/15/2032 | USD | 3732 | 3685 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techem Energy Services GmbH/Germany | 6.000% 07/2026 | 7/30/2026 | EUR | 826 | 935 | (f) |
| Electronic Components - 1.59% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Inc | 5.000% 03/2027 | 3/15/2027 | USD | 5889 | 5131 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Inc | 8.250% 03/2027 | 3/1/2027 | USD | 6460 | 5893 | (f) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Health Care Facilities - 0.02% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHP Health Partners Inc | 5.750% 07/2029 | 7/15/2029 | USD | 109 | $101 | (f) |
| 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 |  |
| Hotels, Resorts & Cruise Lines - 2.39% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp Ltd | 1.125% 02/2027 | 2/15/2027 | USD | 17549 | 16623 |  |
| Household Products - 0.10% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings Inc | 6.500% 12/2027 | 12/31/2027 | USD | 670 | 674 | (f) |
| Industrial Machinery & Supplies & Components - 2.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX FLOW Inc | 8.750% 04/2030 | 4/1/2030 | USD | 14735 | 14876 | (f) |
| Integrated Telecommunication Services - 0.57% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR | 8.125% 02/2027 | 2/1/2027 | USD | 4322 | 3960 | (f) |
| IT Consulting & Other Services - 0.45% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centurion Bidco SpA | 8.625% 02/2030 | 2/15/2030 | EUR | 628 | 737 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | 10.750% 11/2029 | 11/15/2029 | USD | 595 | 569 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Inc | 8.625% 06/2027 | 6/1/2027 | USD | 1900 | 1821 | (f) |
| Leisure Facilities - 2.79% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 4.500% 11/2027 | 11/15/2027 | EUR | 8429 | 9003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 6.625% 11/2027 | 11/15/2027 | USD | 9030 | 8549 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 7.375% 06/2030 | 6/15/2030 | EUR | 41 | 45 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merlin Entertainments PLC | 8.375% 02/2032 | 2/15/2032 | USD | 1898 | 1799 | (f) |
| Leisure Products - 0.23% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Media and Communication SpA | 6.750% 02/2027 | 2/9/2027 | EUR | 1416 | 1625 | (f) |
| Marine Ports & Services - 0.47% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct ChassisLink Inc | 7.750% 11/2029 | 11/15/2029 | USD | 3497 | 3261 | (f) |
| Oil & Gas Equipment & Services - 0.10% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp | 6.875% 04/2027 | 4/1/2027 | USD | 176 | 176 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water (fka Solaris Midstream Holdings LLC) | 7.250% 04/2030 | 4/1/2030 | USD | 509 | 506 | (f) |
| Oil & Gas Exploration & Production - 1.03% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC | 8.500% 05/2028 | 5/1/2028 | USD | 1658 | 1661 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas Inc | 8.125% 03/2028 | 3/1/2028 | USD | 1732 | 1712 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitio Royalties Corp | 7.875% 11/2028 | 11/1/2028 | USD | 1596 | 1642 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co | 7.000% 08/2032 | 8/1/2032 | USD | 576 | 532 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Production Inc | 9.375% 02/2031 | 2/1/2031 | USD | 1697 | 1598 | (f) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Par | Fair Value | Footnotes |
| Oil & Gas Storage & Transportation - 1.34% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy | 8.875% 04/2030 | 4/15/2030 | USD | 1739 | $1777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP / NGL Energy Finance Corp | 8.125% 02/2029 | 2/15/2029 | USD | 2984 | 2808 | (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 | 4017 | 3667 | (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Partners LLC | 8.500% 06/2030 | 6/15/2030 | USD | 1024 | 1032 | (f) |
| Packaged Foods & Meats - 0.21% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chobani LLC | 9.500% 10/2029 PIK | 10/1/2029 | USD | 1355 | 1439 | (d) (f) |
| Paper & Plastic Packaging Products & Materials - 0.85% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novolex Holdings LLC | 8.750% 04/2030 | 4/15/2030 | USD | 5725 | 5904 | (f) |
| Paper Products - 0.41% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber Bidco Spa | 10.750% 06/2029 | 6/15/2029 | EUR | 2739 | 2859 | (d) (f) |
| Passenger Airlines - 2.10% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp | 0.500% 04/2026 | 4/1/2026 | USD | 15437 | 14588 |  |
| Pharmaceuticals - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding AG | 7.500% 08/2026 | 8/21/2026 | EUR | 868 | 1002 | (f) |
| Property & Casualty Insurance - 0.51% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQUW UK Ltd | 8.807% 01/2035 | 3/19/2035 | USD | 3552 | 3552 | (a) (b) |
| Real Estate Services - 1.58% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate Group LLC | 0.250% 06/2026 | 6/15/2026 | USD | 11184 | 10488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emeria Europe SAS | 7.750% 03/2028 | 3/31/2028 | EUR | 456 | 466 | (f) |
| Research & Consulting Services - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings Inc | 7.250% 08/2032 | 8/1/2032 | USD | 948 | 965 | (f) |
| Restaurants - 1.66% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Nugget Inc. | 6.750% 07/2030 | 1/15/2030 | USD | 13128 | 11500 | (f) |
| Specialty Chemicals - 0.22% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solenis International LP | 9.625% 11/2028 | 11/15/2028 | EUR | 1270 | 1505 | (f) |
| Trading Companies & Distributors - 0.80% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings | 6.500% 06/2045 | 6/15/2045 | USD | 5559 | 5564 | (f) |
| **TOTAL HIGH YIELD SECURITIES (Amortized cost $312,072)** | **TOTAL HIGH YIELD SECURITIES (Amortized cost $312,072)** |  |  |  | $303542 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| **Asset Backed Securities - 12.86%** |  |  |  |  |  |  |  |
| Diversified Real Estate Activities - 1.52% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1 | MSRM 2025-HX1 AIOS | 0.33% | 3/25/2070 | USD | 49945 | $360 | (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1 | MSRM 2025-HX1 B1 | 7.32% | 3/25/2070 | USD | 1124 | 1098 | (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1 | MSRM 2025-HX1 B2 | 7.32% | 3/25/2070 | USD | 1248 | 1186 | (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1 | MSRM 2025-HX1 B3 | 7.32% | 3/25/2070 | USD | 824 | 725 | (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1 | MSRM 2025-HX1 XS | 1.17% | 3/25/2070 | USD | 49945 | 1666 | (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 AIOS | 0.42% | 1/25/2065 | USD | 46622 | 395 | (a) (b) (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 B2 | 7.33% | 1/25/2065 | USD | 757 | 734 | (a) (b) (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 B3 | 7.33% | 1/25/2065 | USD | 781 | 762 | (a) (b) (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 XS | 0.00% | 1/25/2065 | USD | 46622 | 1632 | (a) (b) (e) (f) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1 | VNTV 2025-RTL1 A2 | 8.01% | 3/25/2030 | USD | 571 | 577 | (f) (i) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1 | VNTV 2025-RTL1 M | 9.50% | 3/25/2030 | USD | 1386 | 1384 | (f) (i) |
| Specialized Finance - 11.36% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 7 Ltd | AGL 2020-7A ER | SOFR + 6.35% | 7/15/2034 | USD | 1188 | 1165 | (b) (f) |
| &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 | 500 | 498 | (b) (f) |
| &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 | 733 | 716 | (b) (f) |
| &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 | 897 | 870 | (b) (f) |
| &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 | 376 | 372 | (b) (f) |
| &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 | 2064 | 2064 | (b) (f) |
| &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 | 1565 | 1513 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbour CLO VI DAC | ARBR 6A ER | EURIBOR + 6.01% | 11/15/2037 | EUR | 611 | 682 | (b) (f) |
| &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 | 512 | 505 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LXV CLO Ltd | ARES 2022-65A E | SOFR + 7.10% | 7/25/2034 | USD | 1078 | 1063 | (b) (f) |
| &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 | 903 | 901 | (b) (f) |
| &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 | 488 | 468 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-3 Ltd | BCC 2021-3A ER | SOFR + 6.25% | 7/24/2034 | USD | 753 | 712 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-6 Ltd | BCC 2021-6A E | SOFR + 6.76% | 10/21/2034 | USD | 470 | 449 | (b) (f) |
| &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 | 1141 | 1117 | (b) (f) |
| &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 | 657 | 626 | (b) (f) |
| &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 | 344 | 332 | (b) (f) |
| &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 | 367 | 366 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO 7 Ltd | BGCLO 2023-7A D | SOFR + 5.50% | 10/20/2036 | USD | 283 | 285 | (b) (f) |
| &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 | 754 | 728 | (b) (f) |
| &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 | 768 | 741 | (b) (f) |
| &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 | 1093 | 1054 | (b) (f) |
| &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 | 1278 | 1249 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad River Bsl Funding Clo Ltd 2020-1 | BDRVR 2020-1A ER | SOFR + 6.50% | 7/20/2034 | USD | 1500 | 1508 | (b) (f) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &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 | 314 | $344 | (b) (f) |
| &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 | 589 | 655 | (b) (f) |
| &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 | 473 | 473 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-5 LTD | CGMS 2021-5A E | SOFR + 6.51% | 7/20/2034 | USD | 332 | 330 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-8 LTD | CGMS 2021-8A E | SOFR + 6.50% | 10/15/2034 | USD | 371 | 369 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2021-9 Ltd | CGMS 2021-9A E | SOFR + 6.63% | 10/20/2034 | USD | 820 | 816 | (b) (f) |
| &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 | 451 | 451 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarVal CLO IV Ltd | CARVL 2021-1A E | SOFR + 6.60% | 7/20/2034 | USD | 2000 | 1967 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarVal CLO VC Ltd | CARVL 2021-2A E | SOFR + 6.75% | 10/15/2034 | USD | 447 | 432 | (b) (f) |
| &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 | 616 | 618 | (b) (f) |
| &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 | 2214 | 2135 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-VII Ltd | CIFC 2021-7A E | SOFR + 6.35% | 1/23/2035 | USD | 644 | 643 | (b) (f) |
| &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 | 497 | 477 | (b) (f) |
| &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 | 406 | 459 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO 2024-1 Ltd | EMPWR 2024-1A E | SOFR + 6.50% | 4/25/2037 | USD | 354 | 349 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Oaks Loan Funding V DAC | FOAKS 5A E | EURIBOR + 6.69% | 10/15/2036 | EUR | 321 | 363 | (b) (f) |
| &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 | 428 | 427 | (b) (f) |
| &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 | 421 | 416 | (b) (f) |
| &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 | 270 | 266 | (b) (f) |
| &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 | 493 | 492 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 50B-R Ltd | GCBSL 2020-50A ER | SOFR + 7.10% | 4/20/2035 | USD | 819 | 821 | (b) (f) |
| &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 | 515 | 495 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 58B Ltd | GCBSL 2021-58A E | SOFR + 6.81% | 1/25/2035 | USD | 549 | 550 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardia 1 Ltd | GUARD 2019-1A D | 7.11% | 10/20/2037 | USD | 1550 | 1520 | (b) (f) |
| &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 | 967 | 952 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 2021-16 Ltd | HLM 2021-16A E | SOFR + 6.50% | 1/23/2035 | USD | 612 | 604 | (b) (f) |
| &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 | 1514 | 1435 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamestown CLO XV Ltd | JTWN 2020-15A ER | SOFR + 7.06% | 7/15/2035 | USD | 412 | 402 | (b) (f) |
| &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 | 724 | 703 | (b) (f) |
| &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 | 438 | 434 | (b) (f) |
| &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 | 1658 | 1572 | (b) (f) |
| &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 | 1786 | 1727 | (b) (f) |
| &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 | 2504 | 2503 | (b) (f) |
| &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 | 974 | 941 | (b) (f) |
| &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 | 691 | 660 | (b) (f) |
| &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 | 624 | 624 | (b) (f) |
| &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 | 436 | 420 | (b) (f) |
| &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 | 887 | 858 | (b) (f) |
| &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 | 713 | 691 | (b) (f) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Reference Rate & Spread | Maturity Date | Currency | Par | Fair Value | Footnotes |
| &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 | 1956 | $1886 | (b) (f) |
| &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 | 1690 | 1649 | (b) (f) |
| &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 | 1504 | 1421 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2019-16 Ltd | OCP 2019-16A ER | SOFR + 6.61% | 4/10/2033 | USD | 376 | 376 | (b) (f) |
| &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 | 1714 | 1664 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 10 Ltd | OAKC 2021-10A E | SOFR + 6.25% | 1/18/2036 | USD | 497 | 497 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Credit Funding 2019-1 Ltd | PFIXD 2019-1A E | 7.11% | 4/20/2037 | USD | 931 | 917 | (b) (f) |
| &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 | 368 | 407 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2025-1 DAC | PSTET 2025-1A E | EURIBOR + 4.70% | 10/15/2034 | EUR | 337 | 382 | (b) (f) |
| &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 | 578 | 545 | (b) (f) |
| &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 | 449 | 507 | (b) (f) |
| &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 | 420 | 472 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pikes Peak CLO 9 | PIPK 2021-9A E | SOFR + 6.58% | 10/27/2034 | USD | 810 | 803 | (b) (f) |
| &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 | 1515 | 1490 | (b) (f) |
| &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 | 251 | 283 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 14 Ltd | RAD 2021-14A E | SOFR + 6.50% | 1/15/2035 | USD | 335 | 323 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 15 Ltd | RAD 2021-15A E | SOFR + 6.20% | 1/20/2034 | USD | 928 | 896 | (b) (f) |
| &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 | 338 | 338 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 7 Ltd | RAD 2020-7A ER | SOFR + 6.30% | 4/17/2036 | USD | 310 | 306 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXIII Funding Ltd | REG23 2021-4A E | SOFR + 6.70% | 1/20/2035 | USD | 804 | 803 | (b) (f) |
| &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 | 429 | 428 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1 Ltd | Rockford Tower 2020-1 ER | SOFR + 5.90% | 1/20/2036 | USD | 496 | 470 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 18 Ltd | RRAM 2021-18A D | SOFR + 6.51% | 10/15/2034 | USD | 553 | 552 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandstone Peak Ltd | SAND 2021-1A E | SOFR + 6.80% | 10/15/2034 | USD | 643 | 639 | (b) (f) |
| &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 | 1066 | 1011 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO VIII Ltd | SIXST 2017-8A DR2 | SOFR + 6.75% | 10/20/2034 | USD | 466 | 459 | (b) (f) |
| &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 | 629 | 624 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRESTLES CLO 2017-1 Ltd | TREST 2017-1A ERR | SOFR + 5.95% | 7/25/2037 | USD | 334 | 324 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran Cavu 2021-2 Ltd | CAVU 2021-2A E | SOFR + 7.46% | 10/25/2034 | USD | 452 | 443 | (b) (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran Cavu 2021-3 Ltd | CAVU 2021-3A E | SOFR + 7.63% | 1/18/2035 | USD | 408 | 404 | (b) (f) |
| &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 | 1192 | 1314 | (b) (f) |
| &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 | 338 | 381 | (b) (f) |
| &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 | 2241 | 2192 | (b) (f) |
| &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 | 759 | 753 | (b) (f) |
| &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 | 1051 | 1043 | (b) (f) |
| &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 | 651 | 623 | (b) (f) |
| &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 | 791 | 786 | (b) (f) |
| **TOTAL ASSET BACKED SECURITIES (Amortized cost $90,446)** | **TOTAL ASSET BACKED SECURITIES (Amortized cost $90,446)** |  |  |  |  | $89308 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Shares | Fair Value | Footnotes |
| **Equity & Other Investments - 6.00%** |  |  |  |  |  |  |
| Aerospace & Defense - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altitude II | Private Equity |  | USD | 574255 | $616 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | Private Equity (B Shares) |  | USD | 43729 | 81 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Electronics Holdings Ltd | Private Equity |  | USD | 13548132 | 251 | (a) (b) (e) |
| Application Software - 0.02% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | Common Stock |  | USD | 597 | 102 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | 8.000% 12/2050 PIK |  | USD | 597 | 60 | (a) (b) (d) |
| Broadline Retail - 0.04% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belk Inc | Common Stock |  | USD | 9586 | 245 | (a) (b) (e) |
| Construction & Engineering - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yak Access LLC | Common Stock |  | USD | 11000 | 29 | (a) |
| Consumer Finance - 0.12% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Capital Partners Inc | 14.500% 04/2030 | 4/30/2030 | USD | 1 | 100 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | Private Equity |  | USD | 424627 | 438 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Lending Services LLC | Private Equity |  | USD | 107831 | 125 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunPower Financial | Private Equity |  | USD | 27384 | 29 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicle Secured Funding Trust | Private Equity |  | USD | 111575 | 119 | (b) (e) |
| Diversified Financial Services - 0.02% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kestra Financial Inc | 12.000% PIK |  | USD | 123 | 123 | (a) (b) (d) |
| Diversified Metals & Mining - 0.01% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy LLC | Common Stock |  | USD | 17979 | 57 | (a) (b) (e) |
| Diversified Real Estate Activities - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Opportunities I LLC | Private Equity |  | USD | 1 | 1 | (b) |
| Diversified Support Services - 0.01% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | Common Stock |  | USD | 618 | 88 | (a) (b) (e) |
| Food Distributors - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lipari Foods LLC | Common Stock |  | USD | 63958 | 23 | (b) (e) |
| Health Care Facilities - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum Health Corp | Trade Claim |  | USD | 212000 | 22 | (b) (e) |
| Health Care Services - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | 11.750% PIK |  | USD | 677000 | 680 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Vision Partners | Private Equity |  | USD | 53939 | 41 | (a) (b) (e) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Asset | Maturity Date | Currency | Shares | Fair Value | Footnotes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | 11.500% PIK |  | USD | 298 | $214 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | Warrants 08/15/2031 | 8/15/2031 | USD | 21438 | 9 | (a) (b) (e) |
| Health Care Technology - 2.62% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Inc | Private Equity |  | USD | 12641498 | 18213 | (b) (e) |
| Hotels, Resorts & Cruise Lines - 0.26% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp Ltd | Common Stock |  | USD | 111996 | 1795 | (e) |
| Human Resource & Employment Services - 0.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class A) |  | USD | 2131 |  | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | Common Stock (Class B) |  | USD | 1646 |  | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class A) | 8/20/2030 | USD | 490 | 15 | (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc | 15.250% 08/2030 (Class B) | 8/20/2030 | USD | 15 |  | (a) (b) (d) |
| Leisure Facilities - 1.86% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co Inc | Common Stock |  | USD | 164811 | 10332 | (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Gym Ltd | Private Equity |  | GBP | 1416469 | 2588 | (a) (b) (e) |
| Marine Transportation - 0.01% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australis Maritime II | Private Equity |  | USD | 83195 | 83 | (b) |
| Property & Casualty Insurance - 0.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | Common Stock |  | USD | 630 | 312 | (a) (b) (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | 8.000% Pref Equity |  | USD | 674 | 674 | (a) (b) (d) |
| Other Specialized REITs - 0.27% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Partners LLC P2 | Private Equity |  | USD | 1635306 | 1842 | (a) (b) |
| Single-Family Residential REITs - 0.30% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue One PropCo | Private Equity |  | USD | 2443830 | 2061 | (a) (b) (e) |
| Specialized Finance - 0.04% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDC LLP | 8.000% Pref Equity |  | GBP | 201765 | 273 | (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDC LLP | Private Equity |  | GBP | 9880 | 13 | (a) (b) (e) |
| **TOTAL EQUITY & OTHER INVESTMENTS (Cost $42,473)** | **TOTAL EQUITY & OTHER INVESTMENTS (Cost $42,473)** |  |  |  | $41654 |  |
| **TOTAL INVESTMENTS (Cost $967,595) - 135.54%** | **TOTAL INVESTMENTS (Cost $967,595) - 135.54%** |  |  |  | $941034 |  |
| **LIABILITIES EXCEEDING OTHER ASSETS, NET - (35.54%)** | **LIABILITIES EXCEEDING OTHER ASSETS, NET - (35.54%)** |  |  |  | (246770) |  |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** |  |  |  | $694264 |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | |
|:---|:---|
| TL | Term loan. |
| DD | Delayed draw term loan. |
| 1L | First lien. |
| 2L | Second lien. |
| BBSW | Bank Bill Swap Rate as of April 30, 2025 was 3.96%. |
| BBSY | Bank Bill Swap Reference Bid Rate as of April 30, 2025 was 4.01%. |
| 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%. |
| SONIA | Sterling Overnight Index Average as of April 30, 2025 was 4.47%. |
| (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) | Investment is an unfunded or partially funded commitment. |
| (h) | Variable rate securities. The effective rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are based on published reference rate and spread. Interest rates for certain variable rate securities are determined by the issuer, or agent, and are based on current market conditions, and these securities do not indicate a reference rate and spread in their description. |
| (i) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at April 30, 2025. |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**Consolidated Statement of Assets and Liabilities**

**As of April 30, 2025**

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

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value (cost $967,595) | $941034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 27220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies, at value (cost $13,301) | 13597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 23979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 14035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 162 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $1020027 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility (net of deferred financing costs of $179) | 263661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 54837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 1331 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 325763 |
| &nbsp;&nbsp;&nbsp;**Commitments and Contingencies (Note 8)** |  |
| &nbsp;&nbsp;&nbsp;**Net assets** | $694264 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (unlimited shares authorized — $0.001 par value) | $783597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (89333) |
| &nbsp;&nbsp;&nbsp;**Net assets** | $694264 |
| **Class D:** |  |
| Net asset value | $1769 |
| Price per share (82,596 shares) | $21.42 |
| **Class I:** |  |
| Net asset value | $259904 |
| Price per share (11,271,273 shares) | $23.06 |
| **Class T:** |  |
| Net asset value | $32269 |
| Price per share (1,412,500 shares) | $22.85 |
| **Class U:** |  |
| Net asset value | $400033 |
| Price per share (18,194,748 shares) | $21.99 |
| **Class PT:** |  |
| Net asset value | $289 |
| Price per share (12,000 shares) | $24.05 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**Consolidated Statement of Operations**

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

*(in thousands)*

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $42955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1151 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 46103 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 7482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 6416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan fees | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 829 |
| &nbsp;&nbsp;&nbsp;**Total expenses prior to expense limitation agreement** | 18184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense limitation | (577) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 17607 |
| **Net investment income** | 28496 |
| **Realized and unrealized gains (losses)** |  |
| **Net realized losses on** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (7352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 142 |
| &nbsp;&nbsp;&nbsp;**Net realized losses** | (7210) |
| **Net change in unrealized appreciation (depreciation) of** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (34424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 327 |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized depreciation** | (34097) |
| **Net realized and unrealized losses** | (41307) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | $(12811) |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statements of Changes in Net Assets** | | |
| *(in thousands)* |  |  |
|  | Six Months Ended April 30, 2025 (Unaudited) | Year Ended<br>October 31, 2024 |
| **Increase (decrease) in net assets resulting from operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $28496 | $61656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses | (7210) | (24567) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (34097) | 69004 |
| &nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets resulting from operations** | (12811) | 106093 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | (72) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (11380) | (23814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class T | (1316) | (2644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | (15568) | (34893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class PT | (7) |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (28343) | (61529) |
| **Shareholder transactions (Note 7)** |  |  |
| &nbsp;&nbsp;&nbsp;**Class D** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  | (921) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchanges |  |  |
| &nbsp;&nbsp;&nbsp;**Total Class D shareholder transactions** |  | (921) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 11983 | 32654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 5107 | 11955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (22033) | (12891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchanges | 30 |  |
| &nbsp;&nbsp;&nbsp;**Total Class I shareholder transactions** | (4913) | 31718 |
| &nbsp;&nbsp;&nbsp;**Class T** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 2163 | 6614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1057 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4992) | (683) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchanges | 798 |  |
| &nbsp;&nbsp;&nbsp;**Total Class T shareholder transactions** | (974) | 8178 |
| &nbsp;&nbsp;&nbsp;**Class U** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 16525 | 57441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 11437 | 27981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (27528) | (65989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchanges | (828) |  |
| &nbsp;&nbsp;&nbsp;**Total Class U shareholder transactions** | (394) | 19433 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statements of Changes in Net Assets** | | |
| *(in thousands)* |  |  |
|  | Six Months Ended April 30, 2025 (Unaudited) | Year Ended<br>October 31, 2024 |
| &nbsp;&nbsp;&nbsp;**Class PT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | $300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchanges |  |  |
| &nbsp;&nbsp;&nbsp;**Total Class PT shareholder transactions** | 300 |  |
| **(Decrease) increase in net assets from shareholder transactions** | (5981) | 58408 |
| **Net (decrease) increase in net assets** | (47135) | 102972 |
| **Net assets** |  |  |
| Beginning of year | 741399 | 638427 |
| End of year | $694264 | $741399 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**Consolidated Statement of Cash Flows**

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

*(in thousands)*

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(12811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (308979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 270113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | 34424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 7352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of premiums and discounts and other adjustments to cost | (5113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (1997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments (foreign currency related) | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivable for investments sold | (19453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in payable for investments purchased | 11657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest payable | (2419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other accrued expenses | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in investment advisory fees payable | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Trustees' fees payable | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in distribution fees payable | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in shareholder servicing fees payable | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (26675) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (54553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions for shares | 32867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to shareholders | (10830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from credit facility | 5916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (26600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | 320 |
| **Net decrease in cash** | (52955) |
| **Cash** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | 93772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $40817 |
| **Supplemental disclosure of cash flow information and non-cash financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest expense | $10361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | $17601 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

 **Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six Months Ended April 30, 2025 (Unaudited) | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | Six Months Ended April 30, 2025 (Unaudited) | 2024 | 2023 | 2022<sup>(6)</sup> |
| **Class D** |  |  |  |  |
| **Per share operating performance**<sup>(1)</sup> |  |  |  |  |
| Net asset value, beginning of period | $22.62 | $21.17 | $20.09 | $25.00 |
| Income (loss) from investment operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.88 | 1.95 | 1.78 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (1.21) | 1.45 | 1.09 | (4.66) |
| Total from investment operations | (0.33) | 3.40 | 2.87 | (3.38) |
| Distributions from |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (1.95) | (1.79) | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  |  |  | (0.03) |
| Total distributions | (0.87) | (1.95) | (1.79) | (1.53) |
| Net asset value, end of period | $21.42 | $22.62 | $21.17 | $20.09 |
| **Total return**<sup>(2)(3)</sup> | (1.45)% | 16.53% | 14.72% | (14.09)% |
| **Ratios to average net assets**<sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement | 4.76% | 4.98% | 5.30% | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, after reimbursement | 4.60% | 4.93% | 5.10% | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, before reimbursement | 7.84% | 8.69% | 8.31% | 7.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, after reimbursement | 8.00% | 8.74% | 8.51% | 7.74% |
| **Supplemental data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $1769 | $1868 | $2629 | $3313 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(2)(4)</sup> | 29% | 48% | 39% | 25% |

---

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

<sup>(2)</sup> Total return and Portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(3)</sup> Total return assumes a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of dividends and distributions at prices obtained pursuant to the Fund's dividend reinvestment plan.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Period from the commencement of operations for Class D shares (January 31, 2022).

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**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<sup>(6)</sup> |
| **Class I** |  |  |  |  |  |  |
| **Per share operating performance**<sup>(1)</sup> |  |  |  |  |  |  |
| Net asset value, beginning of period | $24.36 | $22.81 | $21.66 | $27.42 | $26.08 | $25.00 |
| Income (loss) from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.97 | 2.18 | 1.99 | 1.90 | 1.67 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (1.30) | 1.54 | 1.15 | (5.52) | 1.69 | 1.10 |
| Total from investment operations | (0.33) | 3.72 | 3.14 | (3.62) | 3.36 | 2.11 |
| Distributions from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.97) | (2.17) | (1.99) | (2.11) | (1.66) | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  |  |  | (0.03) | (0.36) |  |
| Total distributions | (0.97) | (2.17) | (1.99) | (2.14) | (2.02) | (1.03) |
| Net asset value, end of period | $23.06 | $24.36 | $22.81 | $21.66 | $27.42 | $26.08 |
| **Total return**<sup>(2)(3)</sup> | (1.36)% | 16.80% | 14.88% | (13.72)% | 12.81% | 8.71% |
| **Ratios to average net assets**<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement | 4.51% | 4.73% | 5.07% | 3.14% | 2.32% | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, after reimbursement | 4.35% | 4.68% | 4.86% | 3.09% | 2.02% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, before reimbursement | 8.09% | 8.98% | 8.55% | 7.60% | 5.73% | 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, after reimbursement | 8.25% | 9.03% | 8.77% | 7.65% | 6.03% | 6.06% |
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $259904 | $280461 | $232290 | $216971 | $211181 | $106962 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(2)(4)</sup> | 29% | 48% | 39% | 25% | 78% | 66% |

---

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

<sup>(2)</sup> Total return and Portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(3)</sup> Total return assumes a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of dividends and distributions at prices obtained pursuant to the Fund's dividend reinvestment plan.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Period from the commencement of operations for Class I shares (February 28, 2020).

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**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<sup>(6)</sup> |
| **Class T** |  |  |  |  |  |  |
| **Per share operating performance**<sup>(1)</sup> |  |  |  |  |  |  |
| Net asset value, beginning of period | $24.13 | $22.59 | $21.46 | $27.17 | $25.83 | $25.00 |
| Income (loss) from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.88 | 1.98 | 1.80 | 1.69 | 1.45 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (1.29) | 1.54 | 1.14 | (5.47) | 1.68 | 0.83 |
| Total from investment operations | (0.41) | 3.52 | 2.94 | (3.78) | 3.13 | 1.44 |
| Distributions from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (1.98) | (1.81) | (1.90) | (1.43) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  |  |  | (0.03) | (0.36) |  |
| Total distributions | (0.87) | (1.98) | (1.81) | (1.93) | (1.79) | (0.61) |
| Net asset value, end of period | $22.85 | $24.13 | $22.59 | $21.46 | $27.17 | $25.83 |
| **Total return**<sup>(2)(3)</sup> | (1.70)% | 15.90% | 14.08% | (14.40)% | 12.03% | 6.65% |
| **Ratios to average net assets**<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement | 5.25% | 5.48% | 5.82% | 3.86% | 3.04% | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, after reimbursement | 5.09% | 5.43% | 5.61% | 3.82% | 2.78% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, before reimbursement | 7.34% | 8.24% | 7.81% | 6.82% | 5.00% | 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, after reimbursement | 7.50% | 8.29% | 8.02% | 6.86% | 5.27% | 5.70% |
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $32269 | $35264 | $25295 | $24724 | $26121 | $8243 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(2)(4)</sup> | 29% | 48% | 39% | 25% | 78% | 66% |

---

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

<sup>(2)</sup> Total return and Portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(3)</sup> Total return assumes a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of dividends and distributions at prices obtained pursuant to the Fund's dividend reinvestment plan.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Period from the commencement of operations for Class T shares (June 1, 2020).

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**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<sup>(6)</sup> |
| **Class U** |  |  |  |  |  |  |
| **Per share operating performance**<sup>(1)</sup> |  |  |  |  |  |  |
| Net asset value, beginning of period | $23.22 | $21.74 | $20.65 | $26.18 | $25.00 | $25.00 |
| Income (loss) from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.85 | 1.90 | 1.74 | 1.64 | 1.44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (1.24) | 1.48 | 1.09 | (5.27) | 1.52 |  |
| Total from investment operations | (0.39) | 3.38 | 2.83 | (3.63) | 2.96 |  |
| Distributions from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.84) | (1.90) | (1.74) | (1.87) | (1.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  |  |  | (0.03) | (0.36) |  |
| Total distributions | (0.84) | (1.90) | (1.74) | (1.90) | (1.78) |  |
| Net asset value, end of period | $21.99 | $23.22 | $21.74 | $20.65 | $26.18 | $25.00 |
| **Total return**<sup>(2)(3)</sup> | (1.68)% | 15.88% | 14.10% | (14.48)% | 11.69% | 0.00% |
| **Ratios to average net assets**<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement | 5.25% | 5.50% | 5.83% | 3.92% | 3.01% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, after reimbursement | 5.09% | 5.44% | 5.62% | 3.86% | 2.87% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, before reimbursement | 7.34% | 8.22% | 7.80% | 6.89% | 5.29% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, after reimbursement | 7.50% | 8.27% | 8.01% | 6.94% | 5.43% | 0.00% |
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $400033 | $423806 | $378213 | $259440 | $208262 | $7421 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(2)(4)</sup> | 29% | 48% | 39% | 25% | 78% | 66% |

---

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

<sup>(2)</sup> Total return and Portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(3)</sup> Total return assumes a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of dividends and distributions at prices obtained pursuant to the Fund's dividend reinvestment plan.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Period from the commencement of operations for Class U shares (September 1, 2020).

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**Financial Highlights**

---

| | |
|:---|:---|
| | Period from Commencement of Operations to April 30, 2025<sup>(6)</sup> |
| **Class PT** |  |
| **Per share operating performance**<sup>(1)</sup> |  |
| Net asset value, beginning of period | $25.00 |
| Income (loss) from investment operations |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized losses | (0.95) |
| Total from investment operations | (0.35) |
| Distributions from |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.60) |
| Net asset value, end of period | $24.05 |
| **Total return**<sup>(2)(3)</sup> | (1.42)% |
| **Ratios to average net assets**<sup>(5)</sup> |  |
| &nbsp;&nbsp;&nbsp;Expenses, before reimbursement | 5.25% |
| &nbsp;&nbsp;&nbsp;Expenses, after reimbursement | 5.05% |
| &nbsp;&nbsp;&nbsp;Net investment income, before reimbursement | 7.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, after reimbursement | 7.35% |
| **Supplemental data** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $289 |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)(4)</sup> | 29% |

---

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

<sup>(2)</sup> Total return and Portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(3)</sup> Total return assumes a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of dividends and distributions at prices obtained pursuant to the Fund's dividend reinvestment plan.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Period from the commencement of operations for Class PT shares (December 31, 2024).

See accompanying notes to consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

**Notes to Consolidated Financial Statements**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Organization**

KKR Credit Opportunities Portfolio (the "Fund") was organized on September 5, 2019 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 February 28, 2020 and continuously offers its shares and operates as an interval fund. The Fund seeks to provide attractive risk-adjusted returns and generate current income. 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").

As of April 30, 2025, an affiliate of the Adviser owned 12.91% of the outstanding shares of the Fund.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies**

*Basis of Presentation* — The accompanying consolidated 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 ("FASB") Accounting Standards Codification ("ASC") 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 consolidated financial statements. Actual results could differ from those estimates.

*Basis of Consolidation* — The Fund's consolidated financial statements include balances of both the Fund and its wholly owned subsidiary. All interfund transactions have been eliminated upon consolidation.

*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 Investments 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 Consolidated 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.

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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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, liability, or unfunded commitments 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 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.

The fair value of certain unfunded investments in delayed draw term loans and revolving lines of credit may at times be priced at less than par value resulting in a financial liability in the Consolidated Schedule of Investments and are valued in accordance with *ASC Topic 820, Fair Value Measurements.* These values are temporary and the funding of the commitment will result in these investments valued as financial assets. The interest rates shown for unfunded commitments in the Consolidated Schedule of Investments represents the commitment fee the fund earns on the undrawn amounts.

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. As of April 30, 2025, the Fund held no cash equivalents.

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|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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*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 accrued and declared daily and paid monthly, and distributable net realized capital gains, if any, are declared and distributed at least annually.

*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 Consolidated Statement of Operations. During the six months ended April 30, 2025, the Fund did not incur any interest or penalties.

*Repurchase Offers* — The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 10.0% and no more than 25.0% of the Fund's shares outstanding on the Repurchase Request Deadline (as defined below). There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 10.0% of such shareholder's shares in each quarterly repurchase. Liquidity will be provided to shareholders only through the Fund's quarterly repurchases. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the "Repurchase Request Deadline").

*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.

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|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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**3.&nbsp;&nbsp;&nbsp;&nbsp;Risk Considerations**

The Fund invests mainly in leveraged loans, high yield securities, collateralized loan obligations, common stocks not actively traded 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.

*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 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.

*Second Lien Risk* — Investments in second lien loans and "last out" pieces of unitranche loans will be junior in priority to the first lien loans and "first out" piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt's terms, or at all, or that we will be able to collect on the debt should it be forced to enforce its remedies.

*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

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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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.&nbsp;&nbsp;&nbsp;&nbsp;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 1.3% of the average daily value of the Fund's Managed Assets (the "Investment Advisory Fee"). "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. During the six months ended April 30, 2025, the Adviser earned an Investment Advisory Fee of $6.4 million.

The Fund has entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Adviser pursuant to which the Adviser will agree to waive its monthly fee and pay, absorb or reimburse some or all of the Fund's "Specified Expenses" (as defined below), an "Expense Limitation Payment," for each month during the Limitation Period (as defined below) to the extent necessary so that, for any fiscal year, the Fund's Specified Expenses do not exceed 0.4% of the average daily value of the Fund's net assets. "Specified Expenses" of the Fund means all expenses incurred in the business of the Fund, including organizational and operating expenses, with the exception of: (i) the Management Fee (as defined in the Fund's prospectus), (ii) the Service Fee (as defined in the Fund's prospectus), (iii) the Distribution Fee (as defined in the Fund's prospectus), (iv) brokerage costs, (v) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vi) taxes, and (vii) extraordinary expenses (as determined in the sole discretion of the Adviser). The "Limitation Period" commenced on February 28, 2020 with an extended term ending on February 28, 2026. The Fund will agree to repay these amounts ("Reimbursement Payment") on a monthly basis, but only if and to the extent that Specified Expenses plus the Reimbursement Payment are less than 0.4% of the average daily value of the Fund's net assets during the fiscal year (or, if a lower expense limit is then in effect, such lower limit). The Fund's obligation to make Reimbursement Payments expires 36 months from the month in which such fees are foregone or expense is incurred by the Adviser.

The Expense Limitation Agreement terminates at the end of the Limitation Period, but may be renewed by the mutual agreement of the Adviser and the Fund for successive terms.

As of April 30, 2025, the amount of Expense Limitation Payments since the inception of the Fund provided by the Adviser was $5.0 million and the Reimbursement Payments to the Adviser was $0.4 million. The Fund's management believes that Reimbursement Payments of the remaining Expense Limitation Payments were not probable as of April 30, 2025.

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|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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The following table reflects the Expense Limitation Payments that may become subject to reimbursement (in thousands):

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| | | |
|:---|:---|:---|
| For the period ended | Amount of Expense<br>Limitation Payment | Eligible for<br>Reimbursement<br>Payment through |
| October 31, 2022 | $454 | October 31, 2025 |
| October 31, 2023 | 1239 | October 31, 2026 |
| October 31, 2024 | 441 | October 31, 2027 |
| April 30, 2025 | 577 | April 30, 2028 |
|  | $2711 |  |

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*Distributor* — KKR Capital Markets LLC (the "Distributor"), an affiliate of the Adviser, is the principal underwriter and distributor of the shares and serves in that capacity on a best effort basis, subject to various conditions. Shares will be offered through other brokers, dealers and other financial intermediaries (referred to as "selling agents") that have entered into selling agreements with the Distributor. Selling agents typically receive the sales load with respect to Class T shares and Class PT shares purchased by their clients. The Distributor does not retain any portion of the sales load. Class T shares and Class PT shares are sold subject to a maximum sales load of up to 2.0% and 3.0% of the offering price, respectively. However, purchases of Class T shares and Class PT shares may be eligible for a sales load discount. The selling agents may, in their sole discretion, reduce or waive the sales load on a non-scheduled basis in individual cases. Class D shares, Class I shares, Class U shares, and Class PI shares are not subject to a sales load; however, investors could be required to pay brokerage commissions on purchases and sales of Class D shares, Class I shares, Class U shares, and Class PI shares to their selling agents.

The Fund pays the Distributor an ongoing fee (the "Shareholder Servicing Fee") that is calculated and accrued monthly at an annualized rate of 0.25% of the net assets of the Fund attributable to Class D shares, Class T shares, Class U shares, and Class PT shares. The Shareholder Servicing Fee is for personal services provided to Shareholders and/or the maintenance of Shareholder accounts services and to reimburse the Distributor for related expenses incurred. The Distributor will generally pay all or a portion of the Shareholder Servicing Fee to the selling agents that sell Class D shares, Class T shares, Class U shares, and Class PT shares. During the six months ended April 30, 2025, the Fund incurred Shareholder Servicing Fees of $2.3 thousand, $43.8 thousand, $518.0 thousand, and $0.2 thousand for Class D, Class T, Class U, and Class PT, respectively.

In addition, the Fund pays the Distributor an ongoing distribution fee (the "Distribution Fee") that is calculated and accrued monthly at an annualized rate of 0.5% of the net assets of the Fund attributable to Class T shares, Class U shares, and Class PT shares. The Distribution Fee is for the sale and marketing of the Class T shares, Class U shares, and Class PT shares, and to reimburse the Distributor for related expenses incurred. The Distributor will generally pay all or a portion of the Distribution Fee to the selling agents that sell Class T shares, Class U shares, and Class PT shares. During the six months ended April 30, 2025, the Fund incurred distribution fees of $87.7 thousand, $1.0 million, and $0.5 thousand for Class T shares, Class U shares, and Class PT Shares, respectively.

Payment of the Distribution Fee and the Shareholder Servicing Fee is governed by the Fund's Distribution and Service Plan. Class I shares and Class PI shares do not incur a Shareholder Servicing Fee or Distribution Fee, and Class D shares do not incur a Distribution Fee.

As of April 30, 2025, Class PI shares have not commenced operations.

*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.

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| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
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SS&C GIDS, Inc., 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 Consolidated Statement of Operations. The accrued obligations under the Plan, including unrealized appreciation (depreciation), are included on the Consolidated 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.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;Leveraged Loans | $— | $353563 | $152967 | $506530 |
| &nbsp;&nbsp;&nbsp;&nbsp;High Yield Securities |  | 294264 | 9278 | 303542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 6996 | 82312 | 89308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity & Other Investments | 1795 | 29 | 39830 | 41654 |
| Total investments in securities | $1795 | $654852 | $284387 | $941034 |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer<sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of<br>Net<br>Assets |
| **Leveraged Loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3Pillar Global Inc | TL 1L 11/21 | 1892 | $1889 | $1819 | 11/23/2021 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3Pillar Global Inc | TL 1L DD 11/21 | 609 | 609 | 586 | 11/23/2021 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48Forty Solutions LLC | TL 1L 02/22 | 4564 | 4527 | 3373 | 2/11/2022 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48Forty Solutions LLC | TL 1L 03/22 | 3185 | 3167 | 2354 | 3/11/2022 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aareon AG | TL 1L 09/24 | 376 | 415 | 426 | 9/30/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aareon AG | TL 1L DD 09/24 | 86 |  |  | 9/30/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuride Corp | TL Unsec 03/25 | 3187 | 4253 | 7654 | 3/7/2025 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L 08/21 | 1589 | 1573 | 1561 | 8/2/2021 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/21 | 286 | 285 | 281 | 8/2/2021 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/23 | 309 | 309 | 304 | 7/7/2023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 02/25 | 3034 | 3752 | 3034 | 2/28/2025 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 03/25 | 42 |  | 42 | 2/28/2025 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L DD 02/25 | 674 |  |  | 2/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL Mezz 02/25 PIK | 1011 | 1251 | 1011 | 2/28/2025 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings Inc | TL 1L 09/21 | 640 | 634 | 640 | 9/30/2021 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings Inc | TL 1L DD 09/21 | 182 | 181 | 182 | 9/30/2021 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings Inc | TL 1L DD 12/21 | 526 | 526 | 526 | 12/16/2021 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vision Partners | TL 1L 09/21 | 1862 | 1843 | 1849 | 9/30/2021 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vision Partners | TL 1L DD 09/21 | 769 | 766 | 764 | 9/30/2021 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | TL 1L 02/22 | 1138 | 1125 | 1131 | 2/25/2022 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | TL 1L DD 02/22 | 69 | 69 | 69 | 2/25/2022 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | TL 1L DD 11/22 | 527 | 527 | 524 | 9/29/2023 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 | 301 | 297 | 305 | 10/24/2023 | 0.04% |

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|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer<sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of<br>Net<br>Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 | 77 | $77 | $78 | 10/24/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL Unsec 10/23 PIK | 79 | 78 | 82 | 10/24/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL Unsec DD 10/23 PIK | 38 | 38 | 40 | 10/24/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astound Broadband (RCN/Radiate) | TL 1L B 10/21 | 9899 | 8991 | 8728 | 6/29/2023 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avenue One PropCo | TL Unsec DD 03/24 | 7769 | 7769 | 7769 | 3/15/2024 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avetta LLC | TL 1L 07/24 | 94 | 93 | 94 | 7/26/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avetta LLC | TL 1L DD 07/24 | 23 |  |  | 7/26/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO USA PA | TL 1L 08/23 | 145 | 143 | 145 | 8/31/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L 05/24 | 115 | 114 | 115 | 5/1/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L DD 05/24 | 30 | 12 | 12 | 5/1/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFC Underwriting Ltd | TL 1L B 05/22 | 5343 | 5252 | 5343 | 5/16/2022 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFC Underwriting Ltd | TL 1L DD 05/22 | 631 |  |  | 5/16/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civica Group Ltd | TL 1L 08/23 | 12 | 8 | 8 | 8/29/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civica Group Ltd | TL 1L 08/23 | 222 | 274 | 295 | 8/30/2023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civica Group Ltd | TL 1L DD 08/23 | 94 | 39 | 42 | 8/30/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L 02/24 | 415 | 411 | 419 | 2/13/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD 02/24 | 45 | 29 | 29 | 2/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 | 48 | 62 | 65 | 3/8/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 | 346 | 346 | 349 | 3/8/2024 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L DD 03/24 | 15 | 15 | 15 | 3/8/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental365 LLC | TL 1L 05/24 | 87 | 87 | 87 | 5/31/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental365 LLC | TL 1L DD 05/24 | 86 | 49 | 49 | 5/31/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental365 LLC | TL 1L DD 05/24 | 47 | 47 | 47 | 5/31/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | TL 1L DD 09/24 | 767 | 824 | 767 | 9/6/2024 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L 12/23 | 48 | 47 | 48 | 12/20/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L DD 12/23 | 45 | 44 | 44 | 12/20/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive DeVilbiss Healthcare LLC | TL 1L 03/21 | 20988 | 20963 | 20778 | 3/31/2021 | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive DeVilbiss Healthcare LLC | TL 1L 09/22 PIK | 3141 | 3141 | 3172 | 9/26/2022 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encora Digital LLC | TL 1L 12/21 PIK | 586 | 577 | 572 | 12/20/2021 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envirotainer Ltd | TL 1L B3 01/25 | 4740 | 4761 | 5394 | 12/30/2024 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envirotainer Ltd | TL 1L B4 01/25 | 2412 | 2370 | 2424 | 12/30/2024 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envirotainer Ltd | TL 1L DD 01/25 | 865 |  | 5 | 12/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp | TL 1L 08/22 | 3442 | 3414 | 3449 | 8/11/2022 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp | TL 1L 08/22 | 589 | 602 | 668 | 8/11/2022 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp | TL 1L DD 08/22 | 117 |  |  | 8/11/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foresight Energy LLC | TL 1L A 06/20 | 118 | 118 | 114 | 6/30/2020 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L 03/22 | 815 | 807 | 815 | 4/14/2022 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L 10/21 | 1302 | 1283 | 1302 | 10/29/2021 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 03/22 | 3293 | 3288 | 3293 | 4/14/2022 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 10/21 | 283 | 281 | 283 | 10/29/2021 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | TL 1L 07/24 | 2556 | 2532 | 2556 | 9/30/2021 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L 01/24 | 165 | 164 | 167 | 1/17/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L DD 01/24 | 24 | 24 | 25 | 1/17/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services Inc | TL 1L 01/24 | 166 | 164 | 167 | 1/31/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | TL 1L 11/23 | 105 | 104 | 106 | 11/3/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | TL 1L 11/24 | 6301 | 6244 | 6332 | 11/1/2024 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | TL 1L 08/24 | 8338 | 8337 | 8400 | 12/3/2021 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Financial Inc | TL DD 02/25 | 615 |  |  | 2/3/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratoires Vivacy SAS | TL 1L B 03/23 | 792 | 823 | 852 | 3/20/2023 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratoires Vivacy SAS | TL 1L DD 03/23 | 63 | 11 | 8 | 3/20/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L 11/23 | 4 | 4 | 4 | 11/6/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L B 05/23 | 195 | 193 | 196 | 5/4/2023 | 0.03% |

---

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer<sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of<br>Net<br>Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 05/23 | 30 | $29 | $30 | 5/4/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 11/23 | 18 | 7 | 7 | 11/6/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L 11/22 | 226 | 224 | 226 | 11/22/2022 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 11/22 | 63 | 63 | 63 | 11/22/2022 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 12/23 | 13 | 11 | 11 | 12/22/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L 02/24 | 303 | 300 | 307 | 2/13/2024 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | 106 | 34 | 36 | 2/13/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | 44 | 43 | 44 | 2/13/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL Mezz 10/24 PIK | 546 | 523 | 529 | 11/8/2024 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Med-Metrix | TL 1L 09/21 | 1226 | 1214 | 1232 | 9/15/2021 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Med-Metrix | TL 1L DD 09/21 | 624 | 624 | 627 | 9/15/2021 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L 04/24 | 184 | 183 | 183 | 4/22/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L DD 04/24 | 32 | 32 | 32 | 4/22/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opendoor Labs Inc | TL DD 02/25 | 1487 | 991 | 985 | 2/25/2025 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources LLC | TL 1L 06/22 | 6461 | 6380 | 6461 | 6/17/2022 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources LLC | TL 1L 08/21 | 1442 | 1428 | 1442 | 8/17/2021 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources LLC | TL 1L DD 08/21 | 120 | 120 | 120 | 8/17/2021 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts Authority Inc | TL 1L 10/20 | 11304 | 10564 | 8828 | 3/8/2023 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartsSource Inc | TL 1L 10/21 | 1292 | 1277 | 1292 | 10/18/2021 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartsSource Inc | TL 1L DD 08/21 | 95 | 95 | 95 | 10/18/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartsSource Inc | TL 1L DD 10/23 | 368 | 63 | 63 | 3/28/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaskolite, LLC | TL 1L 04/21 | 19364 | 19169 | 18631 | 12/21/2023 | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium Partners LLC P1 | P1 Mezz TL Unsec 08/19 | 532 | 517 | 532 | 6/10/2024 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium Partners LLC P2 | TL 1L 12/21 | 3271 | 3203 | 3205 | 12/16/2021 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L 04/22 | 24 | 24 | 24 | 8/16/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L 12/22 | 888 | 888 | 891 | 12/1/2022 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L 04/24 | 170 | 168 | 170 | 4/4/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScionHealth | TL 1L B 12/21 | 2378 | 2269 | 1108 | 12/17/2021 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L 08/24 | 196 | 195 | 196 | 8/15/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L DD 08/24 | 47 | 10 | 10 | 8/15/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaw Development LLC | TL 1L 10/23 | 147 | 146 | 134 | 10/30/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaw Development LLC | TL 1L DD 10/23 | 18 | 18 | (2) | 10/30/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | TL 1L 08/24 | 269 | 269 | 269 | 8/20/2024 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | TL 1L 08/24 | 1122 | 1100 | 1122 | 8/20/2024 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | TL 1L DD 08/24 | 1008 | 626 | 638 | 8/22/2024 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SitusAMC Holdings Corp | TL 1L 12/21 | 1176 | 1164 | 1176 | 12/22/2021 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L 02/23 | 153 | 151 | 155 | 2/16/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L DD 02/23 | 233 | 230 | 236 | 2/16/2023 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Co | TL 1L 06/22 | 374 | 395 | 372 | 6/24/2022 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Co | TL 1L 12/21 | 925 | 914 | 813 | 12/1/2021 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Co | TL 1L 12/21 | 597 | 667 | 594 | 12/1/2021 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trescal SA | TL 1L B1 05/23 | 197 | 213 | 224 | 5/3/2023 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trescal SA | TL 1L B2 04/23 | 216 | 210 | 216 | 4/28/2023 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trescal SA | TL 1L DD 05/23 | 114 | 123 | 129 | 5/3/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L 05/24 | 247 | 247 | 250 | 5/8/2024 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L DD 05/24 | 77 | 31 | 32 | 5/8/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group LLC | TL 1L B 03/20 | 5178 | 4768 | 4832 | 3/19/2025 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zellis Holdings Ltd | TL 1L B1 06/24 | 177 | 224 | 233 | 8/13/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zellis Holdings Ltd | TL 1L B2 DD 06/24 | 39 | 18 | 19 | 8/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L 02/24 | 259 | 257 | 261 | 2/28/2024 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L DD 02/24 | 48 | 24 | 25 | 2/28/2024 | 0.00% |

---

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer<sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of<br>Net<br>Assets |
| &nbsp;&nbsp;**Revolver** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3Pillar Global Inc | Revolver 1L 11/21 | 186 | $58 | $51 | 11/23/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48Forty Solutions LLC | Revolver 1L 03/22 | 610 | 232 | 73 | 3/11/2022 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | Revolver 1L 08/21 | 177 | 21 | 18 | 8/2/2021 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Revolver 1L 02/25 | 507 |  |  | 2/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vision Partners | Revolver 1L 09/21 | 158 | 76 | 75 | 9/30/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | Revolver 1L 02/22 | 197 |  | (1) | 2/25/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | Revolver 1L 09/24 | 26 |  |  | 9/24/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avetta LLC | Revolver 1L 07/24 | 5 | 5 |  | 7/26/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avetta LLC | Revolver 1L 07/24 | 11 |  |  | 7/26/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | Revolver 1L 05/24 | 18 |  |  | 5/1/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | Revolver 1L 02/24 | 45 | 3 | 3 | 2/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | Revolver 1L 03/24 | 36 | 36 | 36 | 3/8/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental365 LLC | Revolver 1L 05/24 | 32 | 4 | 4 | 5/31/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | Revolver 1L 12/23 | 10 | 1 | 1 | 12/20/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co/The | Revolver 1L 04/25 | 381 | 175 | 175 | 4/10/2025 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp | Revolver 1L 08/22 | 352 |  |  | 8/11/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortna Group Inc | Revolver 1L 01/25 | 513 | 342 | 342 | 1/24/2025 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | Revolver 1L 10/21 | 142 |  |  | 10/29/2021 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | Revolver 1L 09/21 | 205 | 80 | 80 | 9/30/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | Revolver 1L 01/24 | 23 | 2 | 2 | 1/17/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services Inc | Revolver 1L 01/24 | 23 |  |  | 1/31/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | Revolver 1L 11/23 | 13 | 5 | 5 | 11/3/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | Revolver 1L 11/24 | 428 | 55 | 55 | 11/1/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | Revolver 1L 05/23 | 24 | 6 | 6 | 5/4/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | Revolver 1L 11/22 | 27 |  |  | 11/22/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | Revolver 1L 02/24 | 21 | 2 | 2 | 2/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Med-Metrix | Revolver 1L 09/21 | 159 |  |  | 9/15/2021 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Revolver 1L 04/24 | 20 | 20 |  | 4/22/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources LLC | Revolver 1L 08/21 | 129 |  |  | 8/17/2021 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartsSource Inc | Revolver 1L 10/21 | 87 | 80 | 80 | 10/18/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | Revolver 1L 04/22 | 68 | 14 | 14 | 12/1/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | Revolver 1L 08/24 | 27 |  |  | 8/15/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Co | Revolver 1L 12/21 | 154 | 111 | 92 | 12/1/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tropicana Products Inc | Revolver 1L 02/25 | 530 | 424 | 424 | 2/27/2025 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | Revolver 1L 05/24 | 39 | 3 | 3 | 5/8/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | Revolver 1L 02/24 | 36 |  |  | 2/28/2024 | 0.00% |
| **High Yield** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Lending Services LLC | 12.500% 02/2033 | 150 | 150 | 150 | 2/5/2025 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Lending Services LLC | 12.500% 12/2032 | 141 | 141 | 141 | 8/5/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Lending Services LLC | 12.500% 12/2032 | 140 | 140 | 140 | 11/5/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQUW UK Ltd | 8.807% 01/2035 | 3552 | 3552 | 3552 | 3/19/2025 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Electronics Holdings Ltd | 7.25% 01/2030 | 2162 | 2116 | 2162 | 8/4/2022 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Electronics Holdings Ltd | 9.0% PIK 01/2031 | 2798 | 2744 | 2798 | 8/4/2022 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group LLC | 4.000% 03/2027 | 6234 | 5812 | 5750 | 10/17/2023 | 0.83% |
| **Asset Backed Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 AIOS | 46622 | 384 | 395 | 3/14/2025 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 B2 | 757 | 734 | 734 | 3/14/2025 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 B3 | 781 | 762 | 762 | 3/14/2025 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust 2025-NQM1 | SAN 2025-NQM1 XS | 46622 | 1596 | 1632 | 3/14/2025 | 0.24% |
| **Equity & Other Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | 11.750% 12/2069 PIK | 677000 | 664 | 680 | 8/2/2021 | 0.10% |

---

------

---

| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer<sup>(1)</sup> | Asset | Par/Shares | Cost | Fair Value | Acquisition<br>Date | % of<br>Net<br>Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | 8.000% Pref Equity | 674 | 834 | 674 | 2/28/2025 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Common Stock | 630 | $699 | $312 | 2/28/2025 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altitude II | Private Equity | 574255 | 574 | 616 | 12/15/2022 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vision Partners | Private Equity | 53939 | 55 | 41 | 9/30/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | 11.500% 12/2059 PIK | 298 | 289 | 214 | 2/25/2022 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxilior Capital Partners Inc | 14.500% 04/2030 | 1 | 100 | 100 | 4/30/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avenue One PropCo | Private Equity | 2443830 | 2444 | 2061 | 3/15/2024 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belk Inc | Common Stock | 9586 | 149 | 245 | 7/22/2024 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | Private Equity | 424627 | 425 | 438 | 9/6/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foresight Energy LLC | Common Stock | 17979 | 205 | 57 | 6/30/2020 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Lending Services LLC | Private Equity | 107831 | 108 | 125 | 8/5/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Financial Inc | 12.000% PIK 12/2031 | 123 | 123 | 123 | 2/3/2025 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | Common Stock | 618 | 62 | 88 | 11/22/2022 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | Warrants 08/15/2031 | 21438 | 10 | 9 | 11/14/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Med-Metrix | 8.000% 12/2050 PIK | 597 | 30 | 60 | 9/15/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Med-Metrix | Common Stock | 597 | 30 | 102 | 9/15/2021 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium Partners LLC P2 | Private Equity | 1635306 | 1603 | 1842 | 12/16/2021 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pure Gym Ltd | Private Equity | 1416469 | 1925 | 2588 | 1/28/2022 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | 15.250% 08/2030 (Class A) | 490 | 486 | 15 | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | 15.250% 08/2030 (Class B) | 15 | 7 |  | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | Common Stock (Class A) | 2131 | 6 |  | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIRVA Worldwide Inc | Common Stock (Class B) | 1646 | 2 |  | 8/20/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunPower Financial | Private Equity | 27384 | 27 | 29 | 6/7/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDC LLP | Private Equity | 9880 | 12 | 13 | 6/29/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDC LLP | 8.000% 06/2049 Pref Equity | 201765 | 256 | 273 | 4/24/2023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Electronics Holdings Ltd | Private Equity (B Shares) | 43729 |  | 81 | 9/8/2022 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Electronics Holdings Ltd | Private Equity | 13548132 | 156 | 251 | 8/2/2022 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yak Access LLC | Common Stock | 11000 |  | 29 | 3/10/2023 | 0.00% |
|  |  |  | $206662 | $204117 |  |  |

---

(1)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 Loans | High Yield<br>Securities | Asset<br>Backed<br>Securities | Equity & <br>Other<br>Investments |
| Balances as of October 31, 2024 | $150874 | $5018 | $66168 | $27563 |
| Purchases | 26772 | 4170 | 59367 | 18470 |
| Sales and paydowns | (19959) |  | (41064) | (98) |
| Accretion of discounts (premiums) | 131 | 7 | 5 | (4) |
| Net change in appreciation (depreciation) | 5527 | 83 | (2205) | (6101) |
| Net realized gains (losses) | (10378) |  | 41 |  |
| Balances as of April 30, 2025 | $152967 | $9278 | $82312 | $39830 |
| Net change in appreciation (depreciation) on investments held at April 30, 2025 | $4619 | $83 | $(1542) | $(6031) |

---

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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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 | $152967 | Yield Analysis | Yield | 2.9% - 17.5% (10.2%) | Decrease |
| Leveraged Loans |  |  | Discount Margin | 0.2% - 3.2% (1.3%) | Decrease |
|  |  |  | EBITDA Multiple | 3.0x - 30.0x (15.0x) | Increase |
|  |  | Market Comparables | EBITDA Multiple | 5.0x - 12.5x (8.7x) | Increase |
| Asset Backed Securities | $82312 | Yield Analysis | Discount Margin | 1.0% - 9.1% (6.8%) | 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 | $39830 | Market Comparables | LTM EBITDA Multiple | 3.0x - 15.0x (7.9x) | Increase |
| Equity & Other Investments |  |  | FWD EBITDA Multiple | 4.0x - 12.5x (12.5x) | Increase |
|  |  | Yield Analysis | Yield | 8.7% - 21.0% (11.4%) | Decrease |
|  |  |  | LTM EBITDA Multiple | 14.8x - 16.0x (16.0x) | Increase |
|  |  | Black-Scholes | Risk-Free Rate | 3.9% | Decrease |
|  |  |  | Volatility | 40.0% | Increase |
| High Yield Securities | $9278 | Yield Analysis | Yield | 11.6% - 13.5% (12.8%) | Decrease |
| High Yield Securities |  |  | Discount Margin | 1.7% | Decrease |
| High Yield Securities |  |  | EBITDA Multiple | 15.0x | Increase |

---

(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.

**6.&nbsp;&nbsp;&nbsp;&nbsp;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 | $308979.0 |
| Sales | $270113.0 |

---

There were no purchases or sales of U.S. Government securities.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Transactions**

As a fundamental policy, which may not be changed without shareholder approval, the Fund offers shareholders the opportunity to request the repurchase of their shares on a quarterly basis. The Fund is required to offer to repurchase no less than 10.0% of its outstanding shares with each repurchase offer and under normal market conditions, the Board expects to authorize a 10.0% offer ("Repurchase Offer"). The Fund may not offer to repurchase more than

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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25.0% of its outstanding shares during any offer. Quarterly repurchases will occur in the months of January, April, July and October.

The time and dates by which Repurchase Offers must be received in good order ("Repurchase Request Deadline") are generally 4:00 p.m. Eastern time on the first Friday of the month in which the repurchase occurs. The repurchase price will be the Fund's NAV determined on the repurchase pricing date, which will be a date not more than 14 calendar days following the Repurchase Request Deadline ("Repurchase Pricing Date"). Payment for all shares repurchased pursuant to these offers will be made no later than seven calendar days after the Repurchase Pricing Date ("Repurchase Payment Deadline"). Under normal circumstances, it is expected that the Repurchase Request Deadline will be the same date as the Repurchase Pricing Date. If the tendered shares have been purchased immediately prior to the tender, the Fund will not release repurchase proceeds until payment for the tendered shares has settled.

If more shares are tendered for repurchase than the Fund has offered to repurchase, the Board may, but is not obligated to, increase the number of shares to be repurchased by up to 2.0% of the shares outstanding on the Repurchase Request Deadline. If there are still more shares tendered than are offered for repurchase, shares will be repurchased on a pro rata basis.

During the six months ended April 30, 2025, the Fund completed two quarterly repurchase offers. In these offers, the Fund offered to repurchase no less than 10.0% of the number of its outstanding shares as of the Repurchase Pricing Dates. The result of the repurchase offers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Repurchase<br>Request Deadline | Percentage of<br>Outstanding<br>Shares the<br>Fund Offered<br>to Repurchase<sup>(1)</sup> | Repurchase<br>Pricing Date | Pricing<br>Date NAV | Amount<br>Repurchased<br>(in thousands) | Number of<br>Shares<br>Repurchased<br>(all classes) | Percentage of<br>Outstanding<br>Shares<br>Repurchased |
| 1/10/2025 | 10% | 1/10/2025 | $23.29 | $13093 | 565770 | 1.86% |
| 4/11/2025 | 10% | 4/11/2025 | $22.20 | $41460 | 1857278 | 5.69% |

---

(1)If total repurchase request exceeds 10.0% of the Fund's outstanding shares, the Fund may increase the number of shares that it is offering to repurchase by up to an additional 2.0% of its total outstanding shares.

Transactions to the Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six Months Ended April 30, 2025 | Six Months Ended April 30, 2025 | Year Ended October 31, 2024 | Year Ended October 31, 2024 |
| | Shares | Amount<br>(in thousands) | Shares | Amount<br>(in thousands) |
| **Shares Sold** |  |  |  |  |
| Class D |  | $— |  | $— |
| Class I | 499157 | 11983 | 1363559 | 32654 |
| Class T | 93144 | 2163 | 276336 | 6614 |
| Class U | 722875 | 16525 | 2500271 | 57441 |
| Class PT | 12000 | 300 |  |  |
| **Reinvested Dividends** |  |  |  |  |
| Class D |  |  |  |  |
| Class I | 214891 | 5107 | 496430 | 11955 |
| Class T | 44906 | 1057 | 94044 | 2247 |
| Class U | 504917 | 11437 | 1219045 | 27981 |
| Class PT |  |  |  |  |

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six Months Ended April 30, 2025 | Six Months Ended April 30, 2025 | Year Ended October 31, 2024 | Year Ended October 31, 2024 |
| | Shares | Amount<br>(in thousands) | Shares | Amount<br>(in thousands) |
| **Shares Redeemed** |  |  |  |  |
| Class D |  |  | (41570) | (921) |
| Class I | (958047) | (22033) | (531477) | (12891) |
| Class T | (219852) | (4992) | (28755) | (683) |
| Class U | (1245149) | (27528) | (2870046) | (65989) |
| Class PT |  |  |  |  |
| **Shares Exchanged** |  |  |  |  |
| Class D |  |  |  |  |
| Class I | 1266 | 30 |  |  |
| Class T | 33168 | 798 |  |  |
| Class U | (35880) | (828) |  |  |
| Class PT |  |  |  |  |
| **Net (Decrease) Increase in Net Assets** | (332604) | $(5981) | 2477837 | $58408 |

---

**8.&nbsp;&nbsp;&nbsp;&nbsp;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 $10.6 million and the cumulative unrealized losses on these unfunded commitments were approximately $0.1 million.

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.

**9. 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 permanent differences reclassified (to)/from Accumulated Deficit and Paid-in Capital were not material to the Fund's consolidated financial statements.

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\* | $28343 | $28343 |
| October 31, 2024 | 61529 | 61529 |

---

\*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.

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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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 Appreciation | Other Temporary Differences | Total Accumulated Losses |
| $1217 | $5071 | $(54468) | $(48180) |

---

Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of October 31, 2024, the Fund had non-expiring capital loss carry-forwards of $52.2 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 Appreciation |
| $943163 | $30266 | $(25195) | $5071 |

---

**10.&nbsp;&nbsp;&nbsp;&nbsp; Borrowings**

***Credit facility*:** On July 13, 2023, the Fund entered into a multi-currency credit facility agreement (the "BNP Credit Facility") with BNP Paribas SA to borrow up to $300.0 million, with options to increase the commitment in $5.0 million increments. Borrowings accrue interest based on the Secured Overnight Financing Rate, or at a rate applicable to each currency's borrowings, plus a spread of 1.90%. Commitment fees accrue daily at a rate of 0.35% or 0.65%, depending on the utilization levels. The BNP Credit Facility's commitment terminates on July 13, 2026, with an option to extend the term. The BNP Credit Facility contains certain covenants, that require the maintenance of ratios throughout the borrowing period. As of April 30, 2025, the Fund is in compliance with these covenants. The fair value of the BNP Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. This 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 BNP Credit Facility during the six months ended April 30, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| Stated interest expense | $7336 |
| Unused commitment fees | 73 |
| Amortization of deferred financing costs | 73 |
| Total interest expense | $7482 |
| Weighted average interest rate | 5.73% |
| Average borrowings | $258245 |

---

***Reverse Repurchase Agreements*:** On May 25, 2022, the Fund executed a Master Repurchase Agreement ("MRA") with J.P. Morgan Securities LLC ("JPM") as the counterparty to the agreement. In this reverse repurchase agreement, the Fund delivers a security in exchange for cash to JPM with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Fund is entitled to receive the principal and interest payments, if any, made on the security delivered to JPM during the term of the agreement.

Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

---

be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreements.

As of April 30, 2025, the Fund had no reverse repurchase agreements outstanding under the MRA.

**11.&nbsp;&nbsp;&nbsp;&nbsp; Segment Reporting**

The Fund operates through a single operating and reporting segment with a principal objective of providing attractive risk-adjusted returns and generating current income. 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 Consolidated Statement of Assets and Liabilities, and significant segment expenses are the same as those listed on the Consolidated Statement of Operations.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

On May 29, 2025, the Board approved certain changes necessary to convert the Fund to KKR Asset-Based Finance Fund, with an investment strategy and portfolio focused on a multi-sector approach to investing in privately sourced and structured Asset-Based Finance investments. At the same meeting, the Board also approved a new investment advisory agreement (the "New Advisory Agreement") between the Fund and the Adviser and changes to the Fund's fundamental policy to make quarterly offers to repurchase its outstanding shares, each of which remains subject to shareholder approval.

The Board has conditionally approved, subject to shareholder approval of the New Advisory Agreement, an Amended and Restated Expense Limitation and Reimbursement Agreement (the "Amended and Restated Expense Limitation Agreement"), through February 28, 2027, to waive its fees and/or reimburse expenses of the Fund so that Specified Expenses will not exceed 0.60% of the average daily value of the Fund's net assets (annualized). At the request of the Board, the Adviser has agreed to temporarily waive the Investment Advisory Fee and fees payable under the New Advisory Agreement from May 31, 2025 through December 31, 2025, and ensure fees payable under the New Advisory Agreement do not exceed 1.74% (annualized) of the Fund's average net assets from January 1, 2026 through December 31, 2026. The fees waived during this period are not subject to recoupment by the Adviser under the Amended and Restated Expense Limitation Agreement. The Fund expects to hold a special meeting of shareholders to approve certain of the changes that require shareholder approval on August 25, 2025.

------

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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**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.

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| | | |
|:---|:---|:---|
| ![kkr.gif](kkr.gif) | Credit Opportunities Portfolio | April 30, 2025 (Unaudited) |
| ![kkr.gif](kkr.gif) | | |

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&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-99a2certkcop43025.htm)</u>

<u>[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](ex-99906bcertkcop43025.htm)</u>

------

**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 Credit Opportunities Portfolio</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 Credit Opportunities Portfolio, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the KKR Credit Opportunities Portfolio 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 Credit Opportunities Portfolio for the stated period.

---

| | |
|:---|:---|
| <u>/s/ Rudy Pimentel</u> | <u>/s/ Thomas Murphy</u> |
| Rudy Pimentel | Thomas Murphy |
| President | Treasurer, Chief Accounting Officer & Chief Financial Officer |
| KKR Credit Opportunities Portfolio | KKR Credit Opportunities Portfolio |
| Dated: <u>June 25, 2025</u>  | 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 Credit Opportunities Portfolio for purposes of Section 18 of the Securities Exchange Act of 1934.

## Ex-99.B

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 Credit Opportunities Portfolio;

&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/ Rudy Pimentel</u> |
| | Rudy Pimentel |
| | President |

---

------

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 Credit Opportunities Portfolio;

&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> |
| | Thomas Murphy |
| | Treasurer, Chief Accounting Officer & Chief Financial Officer |

---

<br>