NPORT-EX 2 kio_html.htm SCHEDULE OF INVESTMENTS AND NOTES

  KKR Income Opportunities Fund           January 31, 2020
           
(Unaudited)
Schedule of Investments
  
               
       
Par†
    
Value
LEVERAGED LOANS - 82.1%
            
Aerospace & Defense - 1.6%
            
EaglePicher Technologies, LLC, TL 1L 02/18
           
4.895% (1 Month US LIBOR + 3.250%), 03/08/2025 (a)
    
3,567,316
   $
   3,556,169
EaglePicher Technologies, LLC, TL 2L 02/18
           
8.895% (1 Month US LIBOR + 7.250%), 03/08/2026 (a)
    
1,838,910
    
                     1,800,596 
             
                     5,356,765 
Building Products - 2.5%
            
MI Windows & Doors, Inc., TL 1L 10/19
            
7.234% (1 Month LIBOR USD + 5.500%), 11/06/2026 (a)
    
3,519,530
    
                     3,563,524 
Ply Gem Holdings, Inc., TL 1L B 03/18
           
5.434% (1 Month US LIBOR + 3.750%), 04/12/2025 (a)
    
2,550,661
    
                     2,552,268 
SRS Distribution, Inc., TL 1L B 05/18
           
4.895% (1 Month US LIBOR + 3.250%), 05/23/2025 (a)
    
2,265,589
    
                     2,256,742 
             
                     8,372,534 
Chemicals - 1.9%
            
Allnex USA, Inc., TL 1L B2 04/16
            
5.164% (3 Month LIBOR USD + 3.250%), 09/13/2023 (a)(b)
    
62,204
    
                           61,816 
Allnex USA, Inc., TL 1L B3 02/17
            
5.164% (3 Month LIBOR USD + 3.250%), 09/13/2023 (a)(b)
    
46,865
    
                           46,572 
Diversey, Inc., TL 1L 07/17
            
4.777% (3 Month LIBOR USD + 3.000%), 09/06/2024 (a)
    
399,341
    
                         389,358 
Emerald Performance Materials, LLC, TL 2L 07/14
         
9.395% (1 Month US LIBOR + 6.750%), 08/01/2022 (a)
    
2,486,319
    
                     2,478,562 
Invictus, TL 2L 01/18
           
8.529% (3 Month US LIBOR + 6.750%), 03/30/2026 (a)
    
536,695
    
                         491,076 
New Arclin US Holding Corp., TL 2L 02/17
           
10.395% (1 Month US LIBOR + 3.500%), 02/14/2025 (a)
    
282,363
    
                         280,245 
Vantage Specialty Chemicals, Inc., TL 1L B 10/17
          
5.361% (3 Month LIBOR USD + 3.500%), 10/26/2024 (a)
    
367,785
    
                         353,442 
Vantage Specialty Chemicals, Inc., TL 2L 10/17
         
10.159% (3 Month US LIBOR + 8.250%), 10/27/2025 (a)
    
2,397,730
    
                     2,095,017 
             
                     6,196,088 
Commercial Services & Supplies - 4.4%
            
Access CIG, LLC, TL 2L 02/18
           
9.527% (3 Month US LIBOR + 7.750%), 02/27/2026 (a)
    
1,292,375
    
                     1,290,760 
Advantage Sales & Marketing, Inc., TL 1L B 06/14
         
4.895% (1 Month US LIBOR + 3.250%), 07/23/2021 (a)
    
5,427,801
    
                     5,274,846 
Advantage Sales & Marketing, Inc., TL 2L 06/14
         
8.145% (1 Month US LIBOR + 6.500%), 07/25/2022 (a)
    
2,795,532
    
                     2,568,898 
ASP Acuren Merger Sub Inc., TL 1L B 01/20
            
6.001% (1 Month US LIBOR + 4.250%), 01/23/2027 (a)
    
567,940
    
                         575,039 
Monitronics International, Inc., TL 1L 08/19
           
8.145% (1 Month US LIBOR + 6.500%), 03/29/2024 (a)
    
5,633,723
    
                     4,864,720 
             
                   14,574,263 
Construction & Engineering - 4.2%
            
Brand Energy & Infrastructure Services, Inc., TL 1L 05/17
         
6.088% (3 Month US LIBOR + 4.250%), 06/21/2024 (a)
    
5,064,532
    
                     5,070,862 
Total Safety US, Inc., TL 1L B 07/19
           
7.920% (3 Month US LIBOR + 6.000%), 08/16/2025 (a)
    
3,858,408
    
                     3,785,099 
Yak Access, LLC, TL 1L B 05/18
           
6.645% (1 Month US LIBOR + 5.000%), 07/11/2025 (a)
    
5,207,409
    
                     5,018,641 
             
                   13,874,602 
Construction Materials - 0.5%
            
Quimper AB, TL 2L 02/19
           
8.250% (3 Month EURIBOR + 8.250%), 02/15/2027 (a)(b)
EUR
  
1,464,440
    
                     1,591,659 
               
Containers & Packaging - 0.4%
            
Canister International Group, Inc., TL 1L 12/19
            
6.395% (1 Month US LIBOR + 4.750%), 12/20/2026 (a)
    
1,250,240
    
                     1,256,491 
               
Distributors - 2.8%
            
Distribution International, Inc., TL 1L 06/19
           
7.501% (3 Month US LIBOR + 5.750%), 12/15/2023 (a)
    
9,542,220
    
                     9,184,387 
               
Diversified Telecommunication Services - 1.3%
          
Onvoy LLC, TL 1L 01/17
           
7.320% (3 Month US LIBOR + 5.375%), 02/10/2024 (a)(c)(d)
    
3,484,590
    
                     3,168,799 
Peak 10 Holding Corp., TL 1L 07/17
           
5.445% (3 Month US LIBOR + 3.500%), 08/01/2024 (a)
    
1,263,973
    
                     1,021,341 
             
                     4,190,140 


Electronic Equipment, Instruments & Components - 4.8%
          
Excelitas Technologies Corp., TL 2L 10/17
           
9.408% (3 Month US LIBOR + 7.500%), 12/01/2025 (a)
    
10,572,030
    
                   10,360,589 
Laird PLC, TL 1L B 04/18
           
6.445% (3 Month US LIBOR + 4.500%), 07/09/2025 (a)(b)
    
30,415
    
                           30,462 
Vertiv Group Corp., TL 1L 03/17
           
5.645% (1 Month US LIBOR + 4.000%), 11/30/2023 (a)
    
5,206,400
    
                     5,209,655 
             
                   15,600,706 
Food  &  Staples  Retailing - 1.5%
            
Froneri Ltd., TL 2L 01/20 EUR
            
5.750%, 01/28/2028 (a)(b)
EUR
  
325,340
    
                         368,601 
Froneri Ltd., TL 2L 01/20 USD
            
7.412%, 01/29/2028 (a)(b)
    
555,410
    
                         566,518 
Smart & Final Stores LLC, TL 1L B 05/19
           
8.501% (1 Month US LIBOR + 6.750%), 06/20/2025 (a)
    
2,837,635
    
                     2,750,732 
Smart Foodservice, TL 1L B 05/19
           
6.549% (1 Month US LIBOR + 4.750%), 06/20/2026 (a)
    
1,341,857
    
                     1,348,566 
             
                     5,034,417 
Food Products - 1.7%
            
CSM Bakery Products, TL 1L B 07/13
           
5.870% (3 Monrg US LIBOR + 4.000%), 07/03/2020 (a)
    
4,155,571
    
                     4,050,642 
CSM Bakery Products, TL 2L 07/13
           
9.620% (3 Month US LIBOR + 7.750%), 07/05/2021 (a)
    
1,052,988
    
                     1,007,973 
CTI Foods Holding Co LLC, TL 1L 05/19 (Exit TL)
          
8.910% (3 Month US LIBOR + 7.250%), 05/03/2024 (a)(d)(e)
    
483,610
    
                         466,630 
             
                     5,525,245 
Health Care Providers & Services - 6.5%
            
Affordable Care Inc., TL 1L 10/15
           
6.512% (2 Month US LIBOR + 4.750%), 10/24/2022 (a)
    
3,880,141
    
                     3,783,137 
LifePoint Hospitals, Inc., TL 1L 10/18
           
5.549% (1 Month US LIBOR + 4.500%), 11/16/2025 (a)
    
38,245
    
                           38,491 
Paradigm Acquistion Corp., TL 2L 10/18 LC
           
9.409% (3 Month US LIBOR + 7.500%), 10/26/2026 (a)
    
555,010
    
                         552,235 
Quorum Health Corp., TL 1L 04/16
           
8.527% (3 Month US LIBOR + 6.750%), 04/29/2022 (a)(c)(d)
    
7,752,616
    
                     7,778,238 
Team Health, Inc., TL 1L 01/17
           
4.395% (1 Month US LIBOR + 2.750%), 02/06/2024 (a)
    
10,520,895
    
                     8,464,376 
WIRB-Copernicus Group, Inc., TL 1L B 08/17
            
5.872% (3 Month US LIBOR + 4.000%), 09/18/2024 (a)
    
747,640
    
                         753,718 
             
                   21,370,195 
Hotels, Restaurants & Leisure - 4.6%
            
ClubCorp Club Operations, Inc., TL 1L B 08/17
           
4.695% (3 Month US LIBOR + 2.750%), 09/18/2024 (a)
    
6,204,932
    
                     5,920,529 
Diamond Resorts International, Inc., TL 1L B 06/18
         
5.395% (1 Month US LIBOR + 3.750%), 09/02/2023 (a)
    
7,571,434
    
                     7,450,291 
NPC International, Inc., TL 1L 04/17
           
5.277% (3 Month US LIBOR + 3.500%), 04/19/2024 (a)(c)(d)(h)
    
2,808,455
    
                     1,271,612 
NPC International, Inc., Bridge Loan 1L 01/20
            
11.662%, 01/21/2021 (a)(c)(d)(e)
    
489,188
    
                         489,188 
             
                   15,131,620 
Household Products - 3.1%
            
Steinhoff, TL 1L 07/19 (SFH Super Senior)
            
10.000%, 12/31/2021 (b)(f)
EUR
  
171,652
    
                         192,275 
Steinhoff, TL 1L 08/19 (SFH A1)
            
0.000%, 12/31/2021 (b)(f)(h)
EUR
  
10,999,768
    
                   10,033,947 
             
                   10,226,222 
Industrial Conglomerates - 0.5%
            
Unifrax I LLC / Unifrax Holding Co., TL 1L B 10/18
          
5.501% (3 Month US LIBOR + 3.750%), 12/12/2025 (a)
    
1,557,867
    
                     1,472,667 
               
Insurance - 0.2%
            
Hub International Ltd., TL 1L B 10/19
            
5.903% (3 Month US LIBOR + 4.000%), 04/25/2025 (a)
    
746,290
    
                         753,678 
               
IT Services - 3.4%
            
PSAV, Inc., TL 2L 02/18
           
9.159% (3 Month US LIBOR + 7.250%), 09/01/2025 (a)
    
2,530,890
    
                     2,505,581 
Sutherland Global Services, Inc., TL 1L 10/14 _US Borrower
         
7.320% (3 Month US LIBOR + 5.000%), 04/23/2021 (a)
    
6,516,679
    
                     6,451,512 
Sutherland Global Services, Inc., TL 1L 10/14_Cayman Borrower
         
7.320% (3 Month US LIBOR + 5.000%), 04/23/2021 (a)
    
1,516,935
    
                     1,501,766 
Systems Maintenance Services Holdings, Inc., TL 1L B 10/16
         
6.645% (1 Month US LIBOR + 5.000%), 10/30/2023 (a)
    
569,868
    
                         452,409 
Xerox Business Services LLC, TL 1L B 12/16
           
4.145% (1 Month US LIBOR + 2.500%), 12/07/2023 (a)
    
347,459
    
                         345,809 
             
                   11,257,077 
Leisure Products - 0.5%
            
Camping World Good Sam, TL 1L B 03/18
           
4.485% (1 Month US LIBOR + 2.750%), 11/08/2023 (a)
    
1,744,090
    
                     1,665,388 
               


Life Sciences Tools & Services - 0.9%
            
Albany Molecular Research, Inc., TL 2L 07/17
           
8.645% (1 Month US LIBOR + 7.000%), 08/30/2025 (a)
    
2,174,190
    
                     2,175,886 
BioClinica-Synowledge Holdings, TL 1L 10/16
          
5.875% (1 Month US LIBOR + 4.500%), 10/20/2023 (a)
    
267,351
    
                         263,562 
PAREXEL International Corp., TL 1L 08/17
           
4.395% (1 Month US LIBOR + 2.750%), 09/27/2024 (a)
    
552,776
    
                         545,781 
             
                     2,985,229 
Machinery - 5.2%
            
Accuride Corp., TL 1L B 10/17
           
7.195% (3 Month US LIBOR + 5.250%), 11/17/2023 (a)
    
2,982,842
    
                     2,296,788 
CPM Holdings, Inc., TL 2L 10/18
           
10.049% (1 Month US LIBOR + 8.250%), 11/16/2026 (a)
    
1,655,830
    
                     1,632,806 
Utility One Source LP, TL 1L 03/17
           
7.145% (1 Month US LIBOR + 5.500%), 04/18/2023 (a)
    
4,580,075
    
                     4,597,250 
WireCo WorldGroup, Inc., TL 1L 07/16
           
6.645% (1 Month US LIBOR + 5.000%), 09/29/2023 (a)
    
3,300,709
    
                     3,165,594 
WireCo WorldGroup, Inc., TL 2L 07/16
           
10.645% (1 Month US LIBOR + 9.000%), 09/30/2024 (a)
    
5,918,991
    
                     5,386,282 
             
                   17,078,720 
Media - 2.2%
            
Emerald Expositions Holding Inc, TL 1L B 11/17
           
4.395% (1 Month US LIBOR + 2.750%), 05/22/2024 (a)
    
2,471,949
    
                     2,385,430 
NEP Broadcasting, LLC, TL 2L 09/18
           
8.645% (1 Month US LIBOR + 7.000%), 10/19/2026 (a)
    
5,063,000
    
                     4,691,730 
             
                     7,077,160 
Metals & Mining - 8.2%
            
Foresight Energy, LLC, TL 1L B 03/17
           
0.000% (3 Month US LIBOR + 5.750%), 03/28/2022 (a)(c)(d)(h)
  
10,910,430
    
                     3,912,808 
Sequa Corp., TL 1L B 11/17
           
6.904% (3 Month US LIBOR + 5.000%), 11/26/2021 (a)
    
5,885,900
    
                     5,916,800 
Sequa Corp., TL 2L 04/17
           
10.770% (3 Month US LIBOR + 9.000%), 04/28/2022 (a)
    
17,149,877
    
                   17,299,939 
             
                   27,129,547 
Multiline Retail - 2.4%
            
Belk, Inc., TL 1L B 10/19
            
8.803% (3 Month US LIBOR + 6.750%), 07/31/2025 (a)(c)(d)
    
10,594,944
    
                     7,942,447 
               
Professional Services - 0.9%
            
SIRVA Worldwide, Inc., TL 1L 07/18
           
7.216% (3 Month US LIBOR + 5.500%), 08/04/2025 (a)
    
1,968,417
    
                     1,953,654 
SIRVA Worldwide, Inc., TL 2L 07/18
           
11.377% (3 Month US LIBOR + 9.500%), 08/03/2026 (a)
    
1,149,740
    
                     1,103,750 
             
                     3,057,404 
Road & Rail - 1.9%
            
The Kenan Advantage Group, Inc., TL 1L B1 07/15
         
4.645% (1 Month US LIBOR + 3.000%), 07/31/2022 (a)
    
1,434,105
    
                     1,433,502 
The Kenan Advantage Group, Inc., TL 1L B2 07/15
         
4.645% (1 Month US LIBOR + 3.000%), 07/31/2022 (a)
    
341,033
    
                         340,890 
Transplace, TL 2L 09/17
           
10.395% (1 Month US LIBOR + 8.750%), 10/06/2025 (a)
    
4,532,039
    
                     4,418,738 
             
                     6,193,130 
Software - 9.4%
            
Applied Systems, Inc., TL 1L B 09/17
            
5.195% (3 Month US LIBOR + 3.250%), 09/19/2024 (a)
    
1,056,360
    
                     1,061,167 
Applied Systems, Inc., TL 2L 09/17
           
8.945% (3 Month US LIBOR + 7.000%), 09/19/2025 (a)
    
6,013,300
    
                     6,180,801 
Gigamon, Inc., TL 1L 11/17
           
5.895% (1 Month US LIBOR + 4.500%), 12/27/2024 (a)
    
3,409,500
    
                     3,413,762 
Misys Ltd., TL 1L 04/17
           
5.277% (3 Month US LIBOR + 3.500%), 06/13/2024 (a)
    
3,861,373
    
                     3,828,242 
Misys Ltd., TL 2L 04/17 USD
           
9.027% (3 Month US LIBOR + 7.250%), 06/16/2025 (a)
    
5,337,894
    
                     5,252,835 
Superion LLC, TL 1L 08/18
            
5.395% (1 Month US LIBOR + 3.750%), 08/15/2025 (a)
    
34,846
    
                           33,830 
Syncsort, Inc., TL 1L B 11/18
            
8.159% (3 Month US LIBOR + 6.250%), 08/16/2024 (a)
    
942,855
    
                         918,109 
Syncsort, Inc., TL 1L B 10/19 (Add-on)
            
7.914% (3 Month US LIBOR + 6.000%), 08/16/2024 (a)
    
1,527,162
    
                     1,480,714 
Vertafore, Inc., TL 2L 07/18
            
8.895% (1 Month US LIBOR + 7.250%), 07/02/2026 (a)
    
2,886,910
    
                     2,898,342 
Vertafore, Inc., TL 1L 05/18
           
4.895% (1 Month US LIBOR + 3.250%), 06/04/2025 (a)
    
5,930,960
    
                     5,879,064 
             
                   30,946,866 
Specialty Retail - 2.7%
            
Douglas Holding AG, TL 1L B1 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
486,444
    
                         489,993 
Douglas Holding AG, TL 1L B2 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
176,701
    
                         177,990 
Douglas Holding AG, TL 1L B3 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
556,574
    
                         560,635 
Douglas Holding AG, TL 1L B4 08/17
            


3.500%, 08/12/2022 (a)(b)
EUR
  
517,662
    
                         521,440 
Douglas Holding AG, TL 1L B5 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
126,833
    
                         127,759 
Douglas Holding AG, TL 1L B6 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
383,812
    
                         386,613 
Douglas Holding AG, TL 1L B7 08/17
            
3.500%, 08/12/2022 (a)(b)
EUR
  
226,593
    
                         228,247 
Jo-Ann Stores, Inc., TL 1L B 09/16
           
6.660% (1 Month US LIBOR + 5.000%), 10/20/2023 (a)
    
2,579,277
    
                     1,891,900 
Jo-Ann Stores, Inc., TL 2L 04/18
           
10.910% (1 Month US LIBOR + 9.250%), 05/21/2024 (a)
    
1,704,670
    
                         638,033 
Talbots, Inc., TL 1L B 11/18
           
8.645% (1 Month US LIBOR + 7.000%), 11/28/2023 (a)
    
3,917,059
    
                     3,853,407 
             
                     8,876,017 
Technology Hardware, Storage & Peripherals - 1.2%
          
Electronics For Imaging, Inc., TL 1L 06/19
           
6.945% (3 Month US LIBOR + 5.000%), 07/23/2026 (a)
    
4,096,941
    
                     3,846,003 
               
Transportation Infrastructure - 0.7%
            
Direct ChassisLink, Inc., TL 2L 04/19
           
10.084% (3 Month US LIBOR + 8.250%), 04/10/2026 (a)
    
2,355,220
    
                     2,243,347 
               
               
TOTAL LEVERAGED LOANS (amortized cost $283,015,460)
        
                 270,010,014 
               
HIGH YIELD SECURITIES - 57.4%
            
Building Products - 3.3%
            
Ply Gem Holdings, Inc.
            
8.000%, 04/15/2026 (g)
    
4,827,000
    
                     5,074,504 
SRS Distribution, Inc.
            
8.250%, 07/01/2026 (g)
    
5,596,000
    
                     5,835,775 
             
                   10,910,279 
Chemicals - 0.7%
            
Consolidated Energy Finance SA
            
6.500%, 05/15/2026 (b)(g)
    
869,000
    
                         860,612 
Cornerstone Chemical Co.
            
6.750%, 08/15/2024 (g)
    
1,356,000
    
                     1,308,709 
             
                     2,169,321 
Commercial Services & Supplies - 6.7%
            
GFL Environmental, Inc.
            
7.000%, 06/01/2026 (b)(g)
    
423,000
    
                         442,055 
8.500%, 05/01/2027 (b)(g)
    
1,529,000
    
                     1,669,438 
Multi-Color Corp
            
6.750%, 07/15/2026 (g)
    
2,136,000
    
                     2,298,131 
10.500%, 07/15/2027 (g)
    
2,282,000
    
                     2,401,400 
Vivint, Inc.
            
8.750%, 12/01/2020
   
9,232,000
    
                     9,257,965 
7.875%, 12/01/2022
   
3,291,000
    
                     3,369,140 
7.625%, 09/01/2023
   
2,747,000
    
                     2,693,200 
             
                   22,131,329 
Construction & Engineering - 1.6%
            
Maxim Crane Works LP / Maxim Finance Corp.
            
10.125%, 08/01/2024 (g)
    
4,876,000
    
                     5,206,130 
               
Construction Materials - 4.4%
            
Cemex Materials LLC
            
7.700%, 07/21/2025 (g)
    
12,842,000
    
                   14,543,565 
               
Containers & Packaging - 1.3%
            
Plastipak Holdings, Inc.
            
6.250%, 10/15/2025 (g)
    
4,663,000
    
                     4,115,098 
               
Electronic Equipment, Instruments & Components - 8.1%
          
EnerSys
            
4.375%, 12/15/2027 (g)
    
425,000
    
                         425,000 
CommScope, Inc.
            
5.500%, 06/15/2024 (g)
    
8,571,000
    
                     8,549,487 
8.250%, 03/01/2027 (g)
    
1,948,000
    
                     2,005,174 
Vertiv Group Corp.
            
9.250%, 10/15/2024 (g)
    
14,648,000
    
                   15,731,439 
             
                   26,711,100 
Energy Equipment & Services - 0.9%
            
Transocean, Inc.
            
7.250%, 11/01/2025 (g)
    
3,247,000
    
                     3,068,383 
               
Health Care Providers & Services - 6.2%
            
CHS/Community Health Systems, Inc.
            
6.625%, 02/15/2025 (g)
    
1,234,000
    
                     1,249,647 
8.000%, 03/15/2026 (g)
    
3,161,000
    
                     3,300,318 


LifePoint Hospitals, Inc.
            
9.750%, 12/01/2026 (g)
    
4,133,000
    
                     4,623,897 
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA
          
7.250%, 02/01/2028 (g)
    
699,000
    
                         713,071 
Quorum Health Corp.
            
11.625%, 04/15/2023 (c)(d)
    
4,797,000
    
                     4,091,433 
Radiology Partners, Inc.
            
9.250%, 02/01/2028 (g)
    
1,569,000
    
                     1,643,527 
Surgery Partners Holdings, LLC
            
6.750%, 07/01/2025 (g)
    
1,528,000
    
                     1,554,106 
Team Health, Inc.
            
6.375%, 02/01/2025 (g)
    
5,271,000
    
                     3,112,236 
             
                   20,288,235 
Health Care Technology - 0.5%
            
Verscend Holding Corp.
            
9.750%, 08/15/2026 (g)
    
1,416,000
    
                     1,543,475 
               
Hotels, Restaurants & Leisure - 6.1%
            
ClubCorp Club Operations, Inc.
            
8.500%, 09/15/2025 (g)
    
12,529,000
    
                   11,437,912 
Diamond Resorts International, Inc.
            
7.750%, 09/01/2023 (g)
    
1,401,000
    
                     1,444,417 
10.750%, 09/01/2024 (g)
    
1,675,000
    
                     1,746,883 
Enterprise Development Authority
            
12.000%, 07/15/2024 (g)
    
1,255,000
    
                     1,442,729 
Merlin Entertainments PLC
            
6.625%, 11/15/2027 (b)(g)
    
3,746,000
    
                     3,998,855 
             
                   20,070,796 
Insurance - 1.9%
            
Alliant Holdings I, Inc.
            
6.750%, 10/15/2027 (g)
    
3,525,000
    
                     3,716,584 
AmWINS Group, Inc.
            
7.750%, 07/01/2026 (g)
    
1,148,000
    
                     1,256,489 
Hub International Ltd.
            
7.000%, 05/01/2026 (g)
    
1,169,000
    
                     1,206,963 
             
                     6,180,036 
IT Services - 0.0%
            
Dun & Bradstreet Corp.
            
10.250%, 02/15/2027 (g)
    
93,000
    
                         106,778 
               
Life Sciences Tools & Services - 1.6%
            
PAREXEL International Corp.
            
6.375%, 09/01/2025 (g)
    
5,246,000
    
                     5,180,373 
               
Machinery - 0.9%
            
Cleaver-Brooks, Inc.
            
7.875%, 03/01/2023 (g)
    
2,857,000
    
                     2,848,672 
               
Media - 0.9%
            
Intelsat Jackson Holdings SA
            
5.500%, 08/01/2023 (b)
    
3,631,000
    
                     2,975,913 
               
Metals & Mining - 0.1%
            
Foresight Energy, LLC
            
04/01/2023 (c)(d)(g)(h)
    
7,479,000
    
                         186,975 
               
Multiline Retail - 0.0%
            
J.C. Penney Corp., Inc.
            
5.650%, 06/01/2020
   
60,000
    
                           56,302 
               
Oil, Gas & Consumable Fuels - 2.3%
            
Centennial Resource Production LLC
            
5.375%, 01/15/2026 (g)
    
2,253,000
    
                     2,124,236 
Global Partners LP / GLP Finance Corp.
            
7.000%, 08/01/2027 (g)
    
1,272,000
    
                     1,367,842 
Indigo Natural Resources, LLC
            
6.875%, 02/15/2026 (g)
    
709,000
    
                         650,525 
PBF Holding Co. LLC / PBF Finance Corp.
            
6.000%, 02/15/2028 (g)
    
1,046,000
    
                     1,072,255 
Whiting Petroleum Corp.
            
1.250%, 04/01/2020
   
1,766,000
    
                     1,754,998 
6.625%, 01/15/2026
   
1,367,000
    
                         768,903 
             
                     7,738,759 
Personal Products - 0.0%
            
Coty, Inc.
            
6.500%, 04/15/2026 (g)
    
114,000
    
                         119,133 
               
Pharmaceuticals - 1.9%
            
AbbVie, Inc.
            
2.950%, 11/21/2026 (g)
    
1,195,000
    
                     1,235,362 


Teva Pharmaceutical Industries Ltd
            
2.200%, 07/21/2021 (b)
    
3,000
    
                             2,960 
2.950%, 12/18/2022 (b)
    
130,000
    
                         125,031 
2.800%, 07/21/2023 (b)
    
556,000
    
                         518,145 
Theravance Biopharma, Inc.
            
3.250%, 11/01/2023
   
3,900,000
    
                     4,326,489 
             
                     6,207,987 
Road & Rail - 4.3%
            
The Kenan Advantage Group, Inc.
            
7.875%, 07/31/2023 (g)
    
14,441,000
    
                   14,085,968 
               
Software - 0.7%
            
Solera Holdings, Inc.
            
10.500%, 03/01/2024 (g)
    
2,116,000
    
                     2,241,997 
TIBCO Software, Inc.
            
11.375%, 12/01/2021 (g)
    
118,000
    
                         122,056 
             
                     2,364,053 
Textiles, Apparel & Luxury Goods - 1.9%
            
Lycra
            
5.375%, 05/01/2023 (b)(g)
EUR
  
1,117,000
    
                         984,385 
7.500%, 05/01/2025 (b)(g)
    
6,537,000
    
                     5,232,313 
             
                     6,216,698 
Trading Companies & Distributors - 1.1%
            
Neon Holdings, Inc.
            
10.125%, 04/01/2026 (g)
    
1,820,000
    
                     1,833,418 
TruckPro LLC
            
11.000%, 10/15/2024 (g)
    
1,744,000
    
                     1,796,320 
             
                     3,629,738 
               
TOTAL HIGH YIELD SECURITIES (amortized cost $194,945,913)
        
                 188,655,096 
               
       
Shares
      
COMMON STOCKS - 0.8%
            
Energy Equipment & Services - 0.2%
            
Proserv Acquisition LLC (b)(c)(d)(e)(h)
    
114,010
    
                         624,894 
               
Food Products - 0.0%
            
CTI Foods Holding Co LLC (c)(d)(e)(h)
    
955
    
                           80,167 
               
Hotels, Restaurants & Leisure - 0.6%
            
VICI Properties, Inc.
   
73,140
    
                     1,960,152 
               
Specialty Retail - 0.0%
            
Charlotte Russe, Inc. (c)(d)(e)(h)
    
3,649
    
                                     -  
               
TOTAL COMMON STOCKS (cost $3,161,442)
          
                     2,665,213 
               
PREFERRED STOCK - 0.1%
            
Energy Equipment & Services - 0.1%
            
Proserv Acquisition LLC (b)(c)(d)(e)(h)
    
36,249
    
                         409,050 
               
TOTAL PREFERRED STOCK (cost $233,307)
          
                         409,050 
               
TOTAL INVESTMENTS (amortized cost $481,356,122) (i)  - 140.4%
    
                 461,739,373 
LIABILITIES EXCEEDING OTHER ASSETS, NET - (40.4)%
      
               (132,810,717)
NET ASSETS - 100.0%
         $
  328,928,656 
 
              
† 
In U.S. Dollars unless otherwise indicated.
            
EUR 
Euro
            
TL 
Term Loan
            
(a) 
Variable rate security, the coupon rate shown is the effective rate as of January 31, 2020.
  
(b) 
Non-U.S. security.
            
(c) 
Security considered restricted due to the Adviser's knowledge of material non-public information. The total value of these securities as of January 31, 2020 was $29,955,611 and represented 9.1% of net assets.
  
(d) 
Security considered illiquid, as defined by the Securities and Exchange Commission.  The total value of these securities as of January 31, 2020 was $30,422,241 and represented 9.2% of net assets.
  
(e) 
Value determined using significant unobservable inputs.
      
(f) 
Represents a payment-in-kind ("PIK") security which may pay interest/dividend in additional par/shares.
  
(g) 
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.  The total value of these securities as of January 31, 2020 was $158,714,617, which represent 48.3% of net assets.
(h) 
Non-income producing security.
            
(i) 
All investments are held as collateral for the Fund’s credit facility.
     


The following are the details of the restricted securities held by the Fund:
                  
                   
 
Issuer (1)
  
Par/Shares
  
Acquisition date(s)
  
Amortized Cost
    
Value
    
% of Net Assets
  
 
Belk Inc.
    
10,594,944
  
10/29/2019
    
9,543,822
      
7,942,447
      
2.4
%
 
CTI Foods Holding Co. LLC, Common Stock
    
955
  
05/03/2019
    
112,798
      
80,167
      
0.0
%
 
Foresight Energy, LLC
    
7,479,000
  
02/05/2018-09/10/2018
    
6,741,337
      
186,975
      
0.2
%
 
Foresight Energy, LLC
    
10,910,430
  
03/16/2017-06/22/2018
    
10,791,608
      
3,912,808
      
0.1
%
 
NPC International, Inc.
    
2,808,455
  
4/22/2019-06/03/2019
    
2,332,601
      
1,271,612
      
0.4
%
 
NPC International, Inc.
    
489,188
  
01/21/2020
    
489,188
      
489,188
      
0.1
%
 
Onvoy, LLC
    
3,484,590
  
12/15/2017-10/18/2018
    
3,145,778
      
3,168,799
      
1.2
%
 
Proserv Acquisition LLC, Common Stock
    
114,010
  
05/08/2018
    
1,585,844
      
624,894
      
0.1
%
 
Proserv Acquisition LLC, Preferred Stock
    
36,249
  
05/08/2018
    
233,307
      
409,050
      
1.2
%
 
Quorum Health Corp.
    
4,797,000
  
11/26/2018-09/11/2018
    
4,793,334
      
4,091,433
      
1.0
%
 
Quorum Health Corp.
    
7,752,615
  
12/15/2016-12/14/2017
    
7,693,874
      
7,778,238
      
2.4
%
                                     
 
(1) Refer to the Schedule of Investments for more details on securities listed.
                  

The following table represents the Fund's investments categorized by country of risk as of January 31, 2020:
  
                             
   
Country:
  
% of Net Assets
                    
   
United States
    
130.3
%
                  
   
Luxembourg
    
4.0
%
          
       
   
Netherlands
    
1.9
%
                  
 
   
Canada
    
0.6
%
                      
   
United Kingdom
    
1.8
%
    
                 
   
Sweden
    
0.5
%
                        
   
Switzerland
    
0.3
%
                        
   
Israel
    
0.2
%
                        
   
Germany
    
0.8
%
                        
         
140.4
%
                        
   
Liabilities Exceeding Other Assets, Net
    
(40.4
)%
                        
         
100.0
%
                        
                                     

The following table presents information about the Fund's assets measured on a recurring basis as of January 31, 2020 and indicates the fair value hierarchy of the inputs utilized by the Fund to determine such fair value:
  

Investments in Securities
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Leveraged Loans
        
269,054,196
    
955,818
    
270,010,014
  
High Yield Securities
        
188,655,096
          
188,655,096
  
Preferred Stocks
              
409,050
    
409,050
  
Common Stocks
    
1,960,152
          
705,061
    
2,665,213
  
Cash equivalents
    
7,070,806
                
7,070,806
  
Total Investments in securities and cash equivalents
    
9,030,958
 #
  
457,709,292
    
2,069,929
 #
  
468,810,179
  

The following is a reconciliation of the investments in which significant unobservable inputs (level 3) were used in determining value.
  
            
     
Leveraged Loans
    
Common Stocks
    
Preferred Stocks
  
Balance at October 31, 2019
    
$
481,963
    
$
642,741
    
$
409,050
  
Purchases
      
489,188
      
-
      
-
  
Sales and paydowns
      
(1,215
)
    
-
      
-
  
Settlements
      
213
      
-
      
-
  
Net change in appreciation/(depreciation)
      
(14,354
)
    
62,320
      
-
  
Net realized gain/(loss)
      
23
      
-
      
-
  
Balance as of January 31, 2020
    
$
955,818
    
$
705,061
    
$
409,050
  
                           
Net change in appreciation/(depreciation) on investments held at January 31, 2020
    
$
(14,354
)
  
$
62,320
    
$
-
  


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 January 31, 2020:
               
Financial
   Asset
  
Fair Value
  
Valuation
Technique(1)
Unobservable
Inputs (2)
  
Range
(Weighted
Average)(3)
Leveraged Loans (4)
  
$
955,818
  
Yield Analysis
Yield
    
10%
             
EBITDA Multiple
    
11.9x
             
Net Leverage
    
7.0x
             
Discount Margin
    
2%
Common Stocks
  
$
705,061
  
Market Comparables
LTM EBITDA Multiple
    
1.8x - 11.8x (3.0x)
             
Fwd EBITDA Multiple
    
6.8x - 8.9x (8.7x)
             
Illiquidity Discount
    
15%
Preferred Stocks
  
$
409,050
  
Market Comparables
LTM EBITDA Multiple
    
1.8x
             
Fwd EBITDA Multiple
    
8.9x

(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 0-100%. 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% 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.   
(3)
Weighted average amounts are based on the estimated fair values.
(4)
Of the total $955,818 of leveraged loans, $489,188 was valued solely based on transaction value.