KIO - KKR Income Opportunities Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. May 12, 2026

   Morgan Stanley now owns 5.6%, as a passive investor.

   Original document →

2. Sept 19, 2025

   The fund said it may sell new shares.

   Original document →

3. July 7, 2025

   Sit Investment sold down below 5% and stopped reporting.

   Original document →

4. May 12, 2025

   The fund said it may sell new shares.

   Original document →

5. May 12, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by KKR Credit Advisors (US) LLC. Part of the KKR Real Estate Select Trust, KKR Credit Opportunities Portfolio, KKR Asset-Based Income Fund, and KKR US Direct Lending Fund-U Inc fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $486 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 18% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -16.1%; at +10%, about +12.5%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 1.4% a year in management fees; 4.1% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 63 charge a lower management fee and 63 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $40 in the first year and about $415 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.43 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.70. The shares traded at $12.11, about 4.7% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10.9% below to 9.8% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 0.3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

How this has changed

• Payouts per share: $1.43 in the fiscal year ended Oct 31, 2025; $1.46 in the year ended Oct 31, 2024; $1.40 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.09% a year in the fiscal year ended Oct 31, 2025; 5.32% a year in the year ended Oct 31, 2024; 4.95% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $521 million at Oct 31, 2025; $369 million at Oct 31, 2024; $342 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 36% on top of its own money at Oct 31, 2025; 39% at Oct 31, 2024; 39% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 41 million shares at Oct 31, 2025, up 51.1% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned -2.5%, counting payouts. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +37.1%, counting payouts. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +15.5%, counting payouts. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -27%, counting payouts. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +36.2%, counting payouts. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +53.5%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $15,300 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -2.2%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 59 funds that invest in bonds with a fiscal year ending within six months of this one, 52 reported a higher share return for that year and 6 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly loans (50%), the rest bonds, asset-backed bonds and shares. About 73% issued in the U.S.

1. Cwgs Group LLC - 4.4%
2. Motion Bondco Dac - 4.3%
3. Gainwell Acquisition - 4.2%
4. Pai Holdco - 3.7%
5. Nep Group - 3.6%
6. Verifone Systems - 3.1%
7. Mcafee - 3%
8. Ncl Corporation - 2.4%
9. Burgess Point Purchaser - 2.3%
10. Capstone Borrower - 2.2%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →