Fund Description: KKR Income Opportunities Fund is an exchange-traded closed-end Fund or a closed-end ETF which is officially described as a non-diversified, closed-end investment management company. <p> INVESTMENT OBJECTIVE: The KKR Income Opportunities Fund seeks a high level of current income with a secondary objective of capital appreciation. <p> FUND STRATEGY: The Fund seeks to achieve its investment objectives by employing a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of U.S. and non-U.S. issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in loans and fixed-income instruments or other instruments, including derivative instruments, with similar economic characteristics. The Fund expects to invest primarily in first- and second-lien secured loans, unsecured loans and high-yield corporate debt instruments of varying maturities. The Fund will tactically and dynamically allocate its assets in varying types of credit instruments based on its analysis of the credit markets, which may result in the Fund's portfolio becoming concentrated in a particular type of credit instrument (such as senior secured floating rate and fixed-rate loans or corporate bonds and substantially less invested in other types of credit instruments). The instruments in which the Fund invests may be rated investment grade or below investment grade by a nationally recognized statistical rating organization, or unrated. The Fund may invest up to 20% of its Managed Assets in fixed-income instruments that are rated Caa1 or lower by Moody's Investors Service, Inc. or CCC+ or lower by S&P or Fitch Ratings, Inc. Unrated fixed-income instruments and equity securities will not be subject to this 20% limitation. The Fund may invest in debt instruments of financially troubled companies. The Fund also may invest in equity securities incidental to the purchase or ownership of fixed-income instruments. The Fund seeks to tactically and dynamically allocate capital across companies' capital structures where the Adviser believes its due diligence process has identified compelling investment opportunities, including where the Adviser has identified issuer distress, event-driven misvaluations of securities or capital market inefficiencies. The Fund may invest in any one or in any combination of fixed-rate and floating rate fixed-income instruments; listed and unlisted corporate debt obligations; convertible securities; collateralized debt obligations, collateralized bond and collateralized loan obligations; bank obligations; U.S. government securities. In pursuing its investment objectives or for hedging purposes, the Fund may engage in short selling and may invest in various types of derivatives, including structured products, swaps, forward contracts, futures contracts and options. <p> FUND MANAGEMENT: KKR Asset Management LLC serves as the Fund's Adviser.