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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, 50th Floor

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

Lori Hoffman

KKR Credit Advisors (US) LLC

555 California Street, 50th 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

Item 1. Reports to Stockholders.

KKR Credit Opportunities Portfolio

Semi-Annual Report

April 30, 2025


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Table of Contents

Management’s Discussion of Fund Performance			1


Consolidated Schedule of Investments			5
Consolidated Statement of Assets and Liabilities			25
Consolidated Statement of Operations			26
Consolidated Statements of Changes in Net Assets			27
Consolidated Statement of Cash Flows			29
Consolidated Financial Highlights			30
Notes to Consolidated Financial Statements			35





Privacy Notice			51

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/.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Management’s Discussion of Fund Performance

Looking Back on the Markets – April 30, 2025

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.

Traded Credit Markets

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[1] 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,[1] 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[2] 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.

_______________________________________

(1) Pitchbook | LCD, JPMorgan Research and KKR Credit Analysis as of March 31, 2025

(2) Pitchbook | LCD and KKR Credit Analysis as of March 31, 2025


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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[3] 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%[4] 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[5]. 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[6] 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.

Private Credit Markets

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.

_______________________________________

(3) Pitchbook | LCD and KKR Credit Analysis as of March 31, 2025

(4) Morningstar LSTA LL Index as of March 31, 2025

(5) ICE BofA HY Index as of March 31, 2025

(6) Morningstar LSTA LL Index as of April 30, 2025


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Fund Description & Performance

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:

•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

•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[7]. 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:


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

___________________

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


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Business Updates

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Consolidated Schedule of Investments

(in thousands, except share data)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Leveraged Loans - 72.96%

Aerospace & Defense - 0.26%

Altitude II IRL WH Borrower DAC

Revolver 1L 05/23

SOFR + 10.00%

1/12/2030

USD

(b) (g)

Ultra Electronics Holdings Ltd

TL 1L B 11/21

SOFR + 3.50%

8/3/2029

USD

130

128

Ultra Electronics Holdings Ltd

TL 1L B 11/21

EURIBOR + 3.25%

8/6/2029

EUR

104

117

Vertex Aerospace Services LLC

TL 1L B 12/21

SOFR + 2.25%

12/6/2030

USD

1,512

1,494

Agricultural Products & Services - 0.05%

Bloom Fresh International Limited

TL 1L B1 07/23

SOFR + 5.25%

8/9/2030

USD

275

278

(b)

Bloom Fresh International Limited

TL 1L B2 08/23

EURIBOR + 5.25%

8/9/2030

EUR

(b)

Air Freight & Logistics - 1.19%

CSafe Global

Revolver 1L 03/24

SOFR + 5.75%

3/8/2029

USD

(a) (b)

CSafe Global

TL 1L 03/24

SONIA + 5.75%

12/14/2028

GBP

(a) (b)

CSafe Global

TL 1L 03/24

SOFR + 5.75%

12/14/2028

USD

346

349

(a) (b)

CSafe Global

TL 1L DD 03/24

SOFR + 5.75%

12/14/2028

USD

(a) (b)

Envirotainer Ltd

TL 1L B3 01/25

EURIBOR + 5.00%

7/30/2029

EUR

4,740

5,394

(a) (b)

Envirotainer Ltd

TL 1L B4 01/25

SOFR + 5.00%

7/30/2029

USD

2,412

2,424

(a) (b)

Envirotainer Ltd

TL 1L DD 01/25

EURIBOR + 5.00%

7/30/2029

EUR

865

(a) (b) (g)

Alternative Carriers - 2.27%

Level 3 Financing Inc

TL 1L B 03/25

SOFR + 4.25%

3/27/2032

USD

6,168

6,165

Lumen Technologies Inc

TL 1L B2 03/24

SOFR + 2.35%

4/15/2030

USD

4,958

4,738

Zayo Group LLC

TL 1L B 03/20

SOFR + 3.00%

3/9/2027

USD

5,178

4,832

(a)

Application Software - 6.24%

Avetta LLC

Revolver 1L 07/24

SOFR + 4.50%

7/26/2030

USD

—

(a) (b) (g)

Avetta LLC

Revolver 1L 07/24

SOFR + 4.50%

7/26/2030

USD

—

(a) (b) (g)

Avetta LLC

TL 1L 07/24

SOFR + 4.50%

7/26/2031

USD

(a) (b)

Avetta LLC

TL 1L DD 07/24

SOFR + 4.50%

7/28/2031

USD

—

(a) (b) (g)

Cision Ltd

TL 1L 04/25

1.00% PIK, SOFR + 5.00%

4/29/2030

USD

2,164

2,158

(d)

Ellucian Inc

TL 2L 11/24

SOFR + 4.75%

11/22/2032

USD

1,478

1,484

Envestnet Inc

TL 1L 09/24

SOFR + 3.50%

11/25/2031

USD

3,081

3,076

Granicus Inc

Revolver 1L 01/24

SOFR + 5.25%

1/17/2031

USD

(a) (b) (g)

Granicus Inc

TL 1L 01/24

2.25% PIK, SOFR + 3.50%

1/17/2031

USD

165

167

(a) (b) (d)

Granicus Inc

TL 1L DD 01/24

2.25% PIK, SOFR + 3.00%

1/17/2031

USD

(a) (b) (d)

Med-Metrix

Revolver 1L 09/21

SOFR + 5.00%

9/15/2027

USD

159

—

(a) (b) (g)

Med-Metrix

TL 1L 09/21

SOFR + 5.00%

9/15/2027

USD

1,226

1,232

(a) (b)

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Personify Health Inc

TL 1L 11/23

3.00% PIK, SOFR + 3.25%

11/8/2029

USD

221

223

(b) (d)

Qlik Technologies Inc

TL 1L 11/24

SOFR + 3.25%

10/26/2030

USD

4,003

3,992

Qualtrics International Inc

TL 1L B2 02/25

SOFR + 2.25%

6/28/2030

USD

3,055

3,029

Solera LLC

TL 2L 06/21

SOFR + 9.00%

6/4/2029

USD

17,315

TIBCO Software Inc

TL 1L B1 11/24

SOFR + 3.50%

3/29/2029

USD

9,737

9,634

Zellis Holdings Ltd

TL 1L B1 06/24

SONIA + 4.90%

8/13/2031

GBP

177

233

(a) (b)

Zellis Holdings Ltd

TL 1L B2 DD 06/24

SONIA + 4.90%

8/13/2031

GBP

(a) (b) (g)

Asset Management & Custody Banks - 0.02%

Rockefeller Capital Management LP

TL 1L 04/24

SOFR + 4.75%

4/4/2031

USD

170

(a) (b)

Automotive Parts & Equipment - 3.44%

Belron Finance Ltd

TL 1L B 09/24

SOFR + 2.75%

10/16/2031

USD

3,056

3,052

Innovative XCessories & Services LLC

TL 1L 02/20

SOFR + 4.25%

3/5/2027

USD

12,481

11,959

Parts Authority Inc

TL 1L 10/20

SOFR + 3.75%

10/28/2027

USD

11,304

8,828

(a)

Broadcasting - 2.42%

EW Scripps Co/The

Revolver 1L 04/25

SOFR + 5.50%

3/31/2028

USD

381

175

(a) (b) (g)

NEP Broadcasting LLC

TL 1L B 12/23

1.50% PIK, EURIBOR + 3.50%

8/19/2026

EUR

6,760

6,732

(d)

NEP Broadcasting LLC

TL 1L B 12/23

1.50% PIK, SOFR + 3.25%

8/19/2026

USD

609

550

(d)

NEP Broadcasting LLC

TL 2L 09/18

SOFR + 7.00%

10/19/2026

USD

14,698

9,310

Broadline Retail - 0.41%

DiversiTech Holdings Inc

TL 2L B 12/21

SOFR + 6.75%

12/21/2029

USD

1,945

1,933

Foundation Building Materials LLC

TL 1L B3 04/25

SOFR + 5.25%

1/29/2031

USD

1,855

1,727

AutoScout24 GmbH

TL 1L B 10/24

EURIBOR + 3.75%

12/10/2031

EUR

2,501

2,836

Building Products - 0.53%

Quikrete Holdings, Inc.

TL 1L B3 01/25

SOFR + 2.25%

2/10/2032

USD

Cable & Satellite - 1.48%

Astound Broadband (RCN/Radiate)

TL 1L B 10/21

SOFR + 3.25%

9/25/2026

USD

9,899

8,728

(a)

Virgin Media Inc

TL 1L 09/19

SOFR + 2.50%

1/31/2028

USD

1,564

1,545

Cargo Ground Transportation - 0.04%

Lazer Logistics Inc

Revolver 1L 05/23

SOFR + 5.00%

5/4/2029

USD

(a) (b) (g)

Lazer Logistics Inc

TL 1L 11/23

SOFR + 5.00%

5/6/2030

USD

(a) (b)

Lazer Logistics Inc

TL 1L B 05/23

SOFR + 5.00%

5/6/2030

USD

195

196

(a) (b)

Lazer Logistics Inc

TL 1L DD 05/23

SOFR + 5.00%

5/6/2030

USD

(a) (b)

Lazer Logistics Inc

TL 1L DD 11/23

SOFR + 5.00%

5/6/2030

USD

(a) (b) (g)

Casinos & Gaming - 0.09%

Entain PLC

TL 1L B 04/24

SOFR + 2.75%

10/31/2029

USD

627

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Commercial Printing - 1.45%

Multi-Color Corp

TL 1L B 10/21

EURIBOR + 5.00%

10/30/2028

EUR

10,429

10,088

Commodity Chemicals - 3.30%

Ineos Quattro Holdings Ltd

TL 1L B 01/20

EURIBOR + 2.00%

1/29/2027

EUR

521

565

Plaskolite, LLC

TL 1L 04/21

SOFR + 4.00%

12/15/2025

USD

19,364

18,631

SI Group Inc

TL 1L B-1A 09/24

0.75% PIK, SOFR + 4.75%

10/16/2028

USD

4,328

2,127

(d)

SI Group Inc

TL 1L B-1B 09/24

0.75% PIK, SOFR + 4.75%

10/16/2028

USD

3,227

1,586

(d)

Construction & Engineering - 0.12%

Brand Energy & Infrastructure Services Inc

TL 1L B 04/24

SOFR + 4.50%

8/1/2030

USD

238

221

Fortna Group Inc

Revolver 1L 01/25

SOFR + 4.75%

6/1/2029

USD

513

342

(a) (b) (g)

Woolpert Inc

Revolver 1L 05/24

SOFR + 5.00%

4/5/2029

USD

(a) (b) (g)

Woolpert Inc

TL 1L 05/24

SOFR + 5.00%

4/5/2030

USD

247

250

(a) (b)

Woolpert Inc

TL 1L DD 05/24

SOFR + 5.00%

4/5/2030

USD

(a) (b) (g)

Construction Machinery & Heavy Transportation Equipment - 1.12%

Accuride Corp

TL Unsec 03/25

3.00% PIK, SOFR + 1.50%

3/7/2030

USD

3,187

7,654

(a) (b) (d)

Shaw Development LLC

TL 1L 10/23

SOFR + 6.00%

10/30/2029

USD

147

134

(a) (b)

Shaw Development LLC

TL 1L DD 10/23

SOFR + 6.00%

10/30/2029

USD

(2)

(a) (b) (g)

Construction Materials - 0.17%

Quimper AB

TL 1L B 11/24

EURIBOR + 3.75%

3/31/2030

EUR

1,012

1,147

Consumer Finance - 0.55%

Discover Financial Services

TL 1L DD 09/24

15.00%

9/6/2034

USD

767

(a) (b)

Edelman Financial Engines Center LLC/The

TL 1L B 12/24

SOFR + 3.00%

4/7/2028

USD

3,080

3,072

Consumer Staples Merchandise Retail - 0.18%

Morrisons (Market Bidco Limited)

TL 1L 10/24

EURIBOR + 4.50%

11/4/2030

EUR

1,110

1,223

Data Processing & Outsourced Services - 1.62%

Encora Digital LLC

TL 1L 12/21

9.75% PIK

12/20/2029

USD

586

572

(a) (b) (d)

West Corp

TL 1L B3 01/23

SOFR + 4.00%

4/10/2027

USD

14,707

10,677

Diversified Chemicals - 0.53%

Hexion International Cooperatief UA

TL 1L 12/24

SOFR + 4.00%

3/15/2029

USD

3,075

3,001

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%

Kestra Financial Inc

TL DD 02/25

12.00% PIK

USD

615

—

(a) (b) (d) (g)

Diversified Metals & Mining - 0.02%

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Diversified Support Services - 0.40%

Apex Service Partners LLC

Revolver 1L 09/24

SOFR + 5.00%

10/24/2029

USD

—

(a) (b) (g)

Apex Service Partners LLC

TL 1L 09/24

SOFR + 5.00%

10/24/2030

USD

301

305

(a) (b)

Apex Service Partners LLC

TL 1L 09/24

SOFR + 5.00%

10/24/2030

USD

(a) (b)

Apex Service Partners LLC

TL Unsec 10/23

14.25% PIK

4/23/2031

USD

(a) (b) (d)

Apex Service Partners LLC

TL Unsec DD 10/23

14.25% PIK

4/23/2031

USD

(a) (b) (d)

Legence Holdings LLC

TL 1L 01/25

SOFR + 3.25%

12/18/2028

USD

1,227

1,212

Magna Legal Services LLC

Revolver 1L 11/22

SOFR + 5.00%

11/22/2028

USD

—

(a) (b) (g)

Magna Legal Services LLC

TL 1L 11/22

SOFR + 5.00%

11/21/2029

USD

226

(a) (b)

Magna Legal Services LLC

TL 1L DD 11/22

SOFR + 5.00%

11/21/2029

USD

(a) (b)

Magna Legal Services LLC

TL 1L DD 12/23

SOFR + 5.00%

11/21/2029

USD

(a) (b) (g)

Service Express Inc

Revolver 1L 08/24

SOFR + 4.75%

8/15/2031

USD

—

(a) (b) (g)

Service Express Inc

TL 1L 08/24

SOFR + 4.75%

8/15/2031

USD

196

(a) (b)

Service Express Inc

TL 1L DD 08/24

SOFR + 4.75%

8/15/2031

USD

(a) (b) (g)

Trescal SA

TL 1L B1 05/23

EURIBOR + 5.50%

4/29/2030

EUR

197

224

(a) (b)

Trescal SA

TL 1L B2 04/23

SOFR + 5.50%

4/29/2030

USD

216

(a) (b)

Trescal SA

TL 1L DD 05/23

EURIBOR + 5.50%

4/29/2030

EUR

114

129

(a) (b)

Education Services - 0.36%

Cadence Education LLC

Revolver 1L 05/24

SOFR + 5.00%

5/1/2030

USD

—

(a) (b) (g)

Cadence Education LLC

TL 1L 05/24

SOFR + 5.00%

5/1/2031

USD

115

(a) (b)

Cadence Education LLC

TL 1L DD 05/24

SOFR + 5.00%

5/1/2031

USD

(a) (b) (g)

IU Finance Management GmbH

TL 1L B 11/24

EURIBOR + 3.75%

12/8/2031

EUR

2,104

2,364

Electrical Components & Equipment - 0.06%

Clarience Technologies LLC

Revolver 1L 02/24

SOFR + 5.75%

2/13/2030

USD

(a) (b) (g)

Clarience Technologies LLC

TL 1L 02/24

SOFR + 5.75%

2/13/2031

USD

415

419

(a) (b)

Clarience Technologies LLC

TL 1L DD 02/24

SOFR + 5.75%

2/13/2031

USD

(a) (b) (g)

Electronic Equipment & Instruments - 0.59%

Excelitas Technologies Corp

Revolver 1L 08/22

SOFR + 5.25%

8/12/2028

USD

352

—

(a) (b) (g)

Excelitas Technologies Corp

TL 1L 08/22

SOFR + 5.25%

8/12/2029

USD

3,442

3,449

(a) (b)

Excelitas Technologies Corp

TL 1L 08/22

EURIBOR + 5.25%

8/12/2029

EUR

589

668

(a) (b)

Excelitas Technologies Corp

TL 1L DD 08/22

SOFR + 5.25%

8/12/2029

USD

117

—

(a) (b) (g)

Environmental & Facilities Services - 1.92%

48Forty Solutions LLC

Revolver 1L 03/22

SOFR + 6.00%

11/30/2029

USD

610

(a) (b) (g)

48Forty Solutions LLC

TL 1L 02/22

4.10% PIK, SOFR + 2.00%

11/30/2029

USD

4,564

3,373

(a) (b) (d)

48Forty Solutions LLC

TL 1L 03/22

3.60% PIK, SOFR + 2.50%

11/30/2029

USD

3,185

2,354

(a) (b) (d)

Brock Group LLC/The

TL 1L B 04/24

SOFR + 6.00%

5/2/2030

USD

7,425

7,348

Heritage Environmental Services Inc

Revolver 1L 01/24

SOFR + 5.25%

1/31/2030

USD

—

(a) (b) (g)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Heritage Environmental Services Inc

TL 1L 01/24

SOFR + 5.25%

1/31/2031

USD

166

167

(a) (b)

Financial Exchanges & Data - 0.44%

IntraFi Network LLC

TL 1L B 01/25

SOFR + 3.50%

7/31/2031

USD

3,088

3,083

Food Distributors - 0.12%

Lipari Foods LLC

TL 1L 10/22

SOFR + 6.50%

10/31/2028

USD

755

733

(b)

Lipari Foods LLC

TL 1L DD 10/22

SOFR + 6.50%

10/31/2028

USD

(b)

Health Care Equipment - 4.12%

Drive DeVilbiss Healthcare LLC

TL 1L 03/21

4.00% PIK, SOFR + 5.50%

6/1/2026

USD

20,988

20,778

(a) (d)

Drive DeVilbiss Healthcare LLC

TL 1L 09/22

9.00% PIK, SOFR + 1.00%

6/1/2026

USD

3,141

3,172

(a) (b) (d)

PartsSource Inc

Revolver 1L 10/21

SOFR + 5.75%

8/21/2026

USD

(a) (b) (g)

PartsSource Inc

TL 1L 10/21

SOFR + 5.75%

8/23/2028

USD

1,292

(a) (b)

PartsSource Inc

TL 1L DD 08/21

SOFR + 5.75%

8/23/2028

USD

(a) (b)

PartsSource Inc

TL 1L DD 10/23

SOFR + 5.75%

8/23/2028

USD

368

(a) (b) (g)

Siemens Audiology Solutions

TL 1L B3 09/24

EURIBOR + 4.00%

2/28/2029

EUR

1,320

1,494

Viant Medical Holdings Inc

TL 1L 10/24

SOFR + 4.00%

10/29/2031

USD

1,319

1,321

Zeus Industrial Products Inc

Revolver 1L 02/24

SOFR + 5.50%

2/28/2030

USD

—

(a) (b) (g)

Zeus Industrial Products Inc

TL 1L 02/24

SOFR + 5.50%

2/28/2031

USD

259

261

(a) (b)

Zeus Industrial Products Inc

TL 1L DD 02/24

SOFR + 5.50%

2/28/2031

USD

(a) (b) (g)

Health Care Facilities - 1.95%

Independent Vetcare Ltd

TL 1L 01/24

EURIBOR + 4.00%

11/20/2028

EUR

1,320

1,485

LifePoint Hospitals Inc

TL 1L B 09/24

SOFR + 3.75%

5/17/2031

USD

1,619

1,592

Mehilainen Oy

TL 1L 04/25

EURIBOR + 3.90%

8/5/2031

EUR

1,304

1,480

ScionHealth

TL 1L B 12/21

SOFR + 5.25%

12/23/2028

USD

2,378

1,108

(a)

VetCor Professional Practices LLC

Revolver 1L 08/22

SOFR + 5.75%

8/31/2029

USD

573

—

(b) (g)

VetCor Professional Practices LLC

TL 1L B 08/22

SOFR + 5.75%

8/31/2029

USD

7,867

(b)

Health Care Services - 2.62%

Affidea BV

TL 1L B 01/25

EURIBOR + 3.75%

7/2/2029

EUR

1,254

1,420

Affordable Care Inc

Revolver 1L 08/21

SOFR + 5.50%

8/2/2027

USD

177

(a) (b) (g)

Affordable Care Inc

TL 1L 08/21

3.25% PIK, SOFR + 2.75%

8/2/2028

USD

1,589

1,561

(a) (b) (d)

Affordable Care Inc

TL 1L DD 08/21

3.25% PIK, SOFR + 2.75%

8/2/2028

USD

286

281

(a) (b) (d)

Affordable Care Inc

TL 1L DD 08/23

3.25% PIK, SOFR + 2.75%

8/2/2028

USD

309

304

(a) (b) (d)

American Vision Partners

Revolver 1L 09/21

SOFR + 5.75%

9/30/2026

USD

158

(a) (b) (g)

American Vision Partners

TL 1L 09/21

SOFR + 5.75%

9/30/2027

USD

1,862

1,849

(a) (b)

American Vision Partners

TL 1L DD 09/21

SOFR + 5.75%

9/30/2027

USD

769

764

(a) (b)

Amerivet Partners Management Inc

Revolver 1L 02/22

SOFR + 5.50%

2/25/2028

USD

197

(1)

(a) (b) (g)

Amerivet Partners Management Inc

TL 1L 02/22

SOFR + 5.50%

2/25/2028

USD

1,138

1,131

(a) (b)

Amerivet Partners Management Inc

TL 1L DD 02/22

SOFR + 5.50%

2/25/2028

USD

(a) (b)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Amerivet Partners Management Inc

TL 1L DD 11/22

SOFR + 5.50%

2/25/2028

USD

527

524

(a) (b)

CHG Healthcare Services Inc

TL 1L B1 12/24

SOFR + 3.00%

9/29/2028

USD

1,480

1,478

Dental365 LLC

Revolver 1L 05/24

SOFR + 5.25%

5/5/2028

USD

(a) (b) (g)

Dental365 LLC

TL 1L 05/24

SOFR + 5.25%

8/5/2028

USD

(a) (b)

Dental365 LLC

TL 1L DD 05/24

SOFR + 5.25%

8/7/2028

USD

(a) (b) (g)

Dental365 LLC

TL 1L DD 05/24

SOFR + 5.25%

8/5/2028

USD

(a) (b)

Inizio Group Ltd

TL 1L B 08/21

EURIBOR + 4.00%

8/19/2028

EUR

1,322

1,445

MB2 Dental Solutions LLC

Revolver 1L 02/24

SOFR + 5.50%

2/13/2031

USD

(a) (b) (g)

MB2 Dental Solutions LLC

TL 1L 02/24

SOFR + 5.50%

2/13/2031

USD

303

307

(a) (b)

MB2 Dental Solutions LLC

TL 1L DD 1 02/24

SOFR + 5.50%

2/13/2031

USD

106

(a) (b) (g)

MB2 Dental Solutions LLC

TL 1L DD 2 02/24

SOFR + 5.50%

2/13/2031

USD

(a) (b)

MB2 Dental Solutions LLC

TL Mezz 10/24 PIK

14.50% PIK

8/13/2031

USD

546

529

(a) (b) (d)

Sotera Health Holdings LLC

TL 1L 05/24

SOFR + 3.25%

5/30/2031

USD

3,086

3,085

Southern Veterinary Partners LLC

TL 1L 10/24

SOFR + 3.25%

12/4/2031

USD

3,075

3,069

Health Care Technology - 1.48%

Milano Acquisition Corp

TL 1L 08/20

SOFR + 4.00%

10/1/2027

USD

7,762

7,242

Zelis Healthcare Corp

TL 1L B 01/24

SOFR + 2.75%

9/28/2029

USD

3,086

3,021

Hotels, Resorts & Cruise Lines - 0.41%

Highgate Hotels Inc

Revolver 1L 11/23

SOFR + 5.50%

11/5/2029

USD

(a) (b) (g)

Highgate Hotels Inc

TL 1L 11/23

SOFR + 5.50%

11/5/2029

USD

105

106

Playa Resorts Holding BV

TL 1L B 11/22

SOFR + 2.75%

1/5/2029

USD

1,866

1,867

Travel + Leisure Co

TL 1L B 12/24

SOFR + 2.50%

12/14/2029

USD

871

858

Human Resource & Employment Services - 2.37%

Insight Global LLC

Revolver 1L 11/24

SOFR + 5.00%

9/22/2028

USD

428

(a) (b) (g)

Insight Global LLC

TL 1L 11/24

SOFR + 5.00%

9/22/2028

USD

6,301

6,332

(a) (b)

Oxford Global Resources LLC

Revolver 1L 08/21

SOFR + 6.00%

8/17/2027

USD

129

—

(a) (b) (g)

Oxford Global Resources LLC

TL 1L 06/22

SOFR + 6.00%

8/17/2027

USD

6,461

(a) (b)

Oxford Global Resources LLC

TL 1L 08/21

SOFR + 6.00%

8/17/2027

USD

1,442

(a) (b)

Oxford Global Resources LLC

TL 1L DD 08/21

SOFR + 6.00%

8/17/2027

USD

120

(a) (b)

SIRVA Worldwide Inc

TL 1L 08/24

SOFR + 8.00%

2/20/2029

USD

269

(a) (b)

SIRVA Worldwide Inc

TL 1L 08/24

5.00% PIK, SOFR + 3.00%

8/20/2029

USD

1,122

(a) (b) (d)

SIRVA Worldwide Inc

TL 1L DD 08/24

SOFR + 8.00%

2/20/2029

USD

1,008

638

(a) (b) (g)

Industrial Machinery & Supplies & Components - 1.62%

Consilium Safety Group AB

TL 1L B 04/24

EURIBOR + 5.50%

4/7/2031

EUR

223

252

(b)

Consilium Safety Group AB

TL 1L B 04/24

SOFR + 5.50%

4/7/2031

USD

108

(b)

Consilium Safety Group AB

TL 1L DD 04/24

EURIBOR + 5.50%

4/7/2031

EUR

—

(b) (g)

CPM Holdings Inc

TL 1L 09/23

SOFR + 4.50%

9/28/2028

USD

2,056

1,995

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Dexko Global Inc

Dexko Global Inc - TL 1L 10/21

EURIBOR + 4.00%

10/4/2028

EUR

2,766

2,887

Dexko Global Inc

TL 1L B 09/21

SOFR + 3.75%

10/4/2028

USD

1,101

1,020

Dexko Global Inc

TL 1L B 09/21

EURIBOR + 4.00%

10/4/2028

EUR

1,915

1,999

Engineered Machinery Holdings Inc

TL 2L 08/21

SOFR + 6.00%

5/21/2029

USD

298

294

ProMach Group Inc

TL 1L B 02/25

SOFR + 2.75%

8/31/2028

USD

822

818

Time Manufacturing Co

Revolver 1L 12/21

SOFR + 6.50%

12/1/2027

USD

154

(a) (b) (g)

Time Manufacturing Co

TL 1L 06/22

2.00% PIK, EURIBOR + 4.50%

12/1/2027

EUR

374

372

(a) (b) (d)

Time Manufacturing Co

TL 1L 12/21

2.00% PIK, SOFR + 4.50%

12/1/2027

USD

925

813

(a) (b) (d)

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%

Alera Group Intermediate Holdings Inc

TL 1L 09/21

SOFR + 5.25%

10/2/2028

USD

640

(a) (b)

Alera Group Intermediate Holdings Inc

TL 1L DD 09/21

SOFR + 5.25%

10/2/2028

USD

182

(a) (b)

Alera Group Intermediate Holdings Inc

TL 1L DD 12/21

SOFR + 5.25%

10/2/2028

USD

526

(a) (b)

CFC Underwriting Ltd

TL 1L B 05/22

SOFR + 4.95%

5/16/2029

USD

5,343

(a) (b)

CFC Underwriting Ltd

TL 1L DD 05/22

SONIA + 4.95%

5/16/2029

GBP

631

—

(a) (b) (g)

DOXA Insurance Holdings LLC

Revolver 1L 12/23

SOFR + 5.25%

12/20/2029

USD

(a) (b) (g)

DOXA Insurance Holdings LLC

TL 1L 12/23

SOFR + 5.25%

12/20/2030

USD

(a) (b)

DOXA Insurance Holdings LLC

TL 1L DD 12/23

SOFR + 5.25%

12/20/2030

USD

(a) (b) (g)

Foundation Risk Partners Corp

Revolver 1L 10/21

SOFR + 5.25%

10/29/2029

USD

142

—

(a) (b) (g)

Foundation Risk Partners Corp

TL 1L 03/22

SOFR + 5.00%

10/29/2030

USD

815

(a) (b)

Foundation Risk Partners Corp

TL 1L 10/21

SOFR + 5.00%

10/29/2030

USD

1,302

(a) (b)

Foundation Risk Partners Corp

TL 1L DD 03/22

SOFR + 5.00%

10/29/2030

USD

3,293

(a) (b)

Foundation Risk Partners Corp

TL 1L DD 10/21

SOFR + 5.00%

10/29/2030

USD

283

(a) (b)

Galway Partners Holdings LLC

Revolver 1L 09/21

SOFR + 4.50%

9/29/2028

USD

205

(a) (b) (g)

Galway Partners Holdings LLC

TL 1L 07/24

SOFR + 4.50%

9/29/2028

USD

2,556

(a) (b)

Howden Group Holdings Ltd

TL 1L 11/24

EURIBOR + 3.50%

2/15/2031

EUR

2,612

2,959

Integrity Marketing Group LLC

TL 1L 08/24

SOFR + 5.00%

8/25/2028

USD

8,338

8,400

(a) (b)

Interactive Media & Services - 1.60%

Twitter Inc

TL 1L 02/25

9.50%

10/29/2029

USD

6,568

6,416

Twitter Inc

TL 1L B1 10/22

SOFR + 6.50%

10/26/2029

USD

4,864

4,723

Internet Services & Infrastructure - 0.41%

team.blue Finco SARL

TL 1L 06/24

EURIBOR + 3.70%

9/30/2029

EUR

2,507

2,831

IT Consulting & Other Services - 1.48%

3Pillar Global Inc

Revolver 1L 11/21

SOFR + 6.00%

11/23/2026

USD

186

(a) (b) (g)

3Pillar Global Inc

TL 1L 11/21

SOFR + 6.00%

11/23/2027

USD

1,892

1,819

(a) (b)

3Pillar Global Inc

TL 1L DD 11/21

SOFR + 6.00%

11/23/2027

USD

609

586

(a) (b)

Sabre Inc

TL 1L B1 06/21

SOFR + 3.50%

12/17/2027

USD

535

512

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Sabre Inc

TL 1L B1 11/24

SOFR + 6.00%

11/15/2029

USD

6,979

6,601

Sabre Inc

TL 1L B2 06/21

SOFR + 3.50%

12/17/2027

USD

510

488

Sabre Inc

TL 1L B2 11/24

SOFR + 6.00%

11/15/2029

USD

267

253

Leisure Facilities - 3.58%

Aimbridge Acquisition Co Inc

TL 1L 02/25

SOFR + 6.50%

3/11/2030

USD

2,699

(b)

Aimbridge Acquisition Co Inc

TL 2L 02/25

SOFR + 7.50%

3/11/2030

USD

1,774

(b)

ClubCorp Club Operations Inc

TL 1L 10/23

SOFR + 5.00%

9/18/2026

USD

15,143

15,181

World Choice Investments LLC

TL 1L B 07/24

SOFR + 4.75%

8/16/2031

USD

5,198

5,211

Leisure Products - 1.03%

Camping World Good Sam

TL 1L B 05/21

SOFR + 2.50%

6/3/2028

USD

3,746

3,571

Topgolf Callaway Brands Corp

TL 1L B 03/23

SOFR + 3.00%

3/15/2030

USD

3,761

3,553

Life Sciences Tools & Services - 0.12%

Clinigen Ltd

TL 1L B 01/25

EURIBOR + 3.75%

4/19/2029

EUR

760

857

Oil & Gas Equipment & Services - 0.80%

WaterBridge NDB Operating LLC

TL 1L B 04/24

SOFR + 4.00%

5/10/2029

USD

5,597

5,521

Oil & Gas Storage & Transportation - 1.31%

Brazos Midstream Holdings LLC

TL 1L B 02/25

SOFR + 3.00%

2/11/2030

USD

499

NGL Energy Partners LP / NGL Energy Finance Corp

TL 1L B 01/24

SOFR + 3.75%

2/3/2031

USD

1,621

1,543

UGI Energy Services LLC

TL 1L B 06/24

SOFR + 2.50%

2/22/2030

USD

1,525

1,527

WaterBridge Midstream Operating LLC

TL 1L B 06/24

SOFR + 4.75%

6/27/2029

USD

5,763

5,519

Other Specialized REITs - 0.54%

Pretium Partners LLC P1

P1 Mezz TL Unsec 08/19

5.25% PIK, 2.75%

10/22/2026

USD

532

(a) (b) (d)

Pretium Partners LLC P2

TL 1L 12/21

11.00%

12/16/2029

USD

3,271

3,205

(a) (b)

Other Specialty Retail - 0.29%

Harbor Freight Tools USA Inc

TL 1L B 05/24

SOFR + 2.50%

6/11/2031

USD

2,139

1,997

Packaged Foods & Meats - 0.20%

NovaTaste Austria GmbH

TL 1L B 05/23

EURIBOR + 5.50%

4/5/2030

EUR

372

423

(b)

NovaTaste Austria GmbH

TL 1L DD CAR 05/23

EURIBOR + 5.50%

4/5/2030

EUR

116

132

(b)

Valeo Foods Group Ltd

TL 1L 05/21

EURIBOR + 3.75%

9/29/2028

EUR

750

844

Paper & Plastic Packaging Products & Materials - 0.05%

Pretium Packaging LLC

TL 1L A 10/23

1.25% PIK, SOFR + 3.75%

10/2/2028

USD

(d)

Pretium Packaging LLC

TL 1L A1 10/23

0.71% PIK, SOFR + 3.90%

10/2/2028

USD

(d)

Pretium Packaging LLC

TL 2L 09/21

10/1/2029

USD

810

284

(b) (e)

Passenger Airlines - 0.18%

Vietjet Aviation JSC

TL 1L DD 03/25

9.96%

3/28/2037

USD

2,439

1,220

(b) (g)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Pharmaceuticals - 1.45%

Antigua Bidco Ltd

TL 1L 05/24

EURIBOR + 4.25%

2/28/2030

EUR

1,485

1,539

Arrotex Australia Group Pty Ltd

TL 1L B1 06/23

BBSY + 6.75%

6/30/2028

AUD

588

375

(b)

Arrotex Australia Group Pty Ltd

TL 1L B2 06/23

BBSY + 6.75%

6/30/2028

AUD

149

(b)

Dechra Pharmaceuticals Ltd

TL 1L B 12/24

EURIBOR + 3.50%

1/27/2032

EUR

2,091

2,352

iNova Pharmaceuticals (Australia) Pty Limited

TL 1L B 11/24

BBSY + 4.75%

11/15/2031

AUD

1,303

826

(b)

iNova Pharmaceuticals (Australia) Pty Limited

TL 1L DD C 11/24

BBSY + 4.75%

11/15/2031

AUD

149

(1)

(b) (g)

Laboratoires Vivacy SAS

TL 1L B 03/23

EURIBOR + 6.70%

3/20/2030

EUR

792

852

(a) (b)

Laboratoires Vivacy SAS

TL 1L DD 03/23

EURIBOR + 6.70%

3/20/2030

EUR

(a) (b) (g)

Nidda Healthcare Holding AG

TL 1L B3 06/24

EURIBOR + 4.00%

2/21/2030

EUR

1,070

1,214

Opella Healthcare LLC

TL 1L B 03/25

EURIBOR + 3.50%

3/31/2032

EUR

2,477

2,805

Property & Casualty Insurance - 0.59%

Alacrity Solutions Group LLC

Revolver 1L 02/25

SOFR + 5.25%

2/28/2030

USD

507

—

(a) (b) (g)

Alacrity Solutions Group LLC

TL 1L 02/25

SOFR + 5.25%

2/28/2030

USD

3,034

(a) (b)

Alacrity Solutions Group LLC

TL 1L 03/25

SOFR + 5.25%

2/28/2030

USD

(a) (b)

Alacrity Solutions Group LLC

TL 1L DD 02/25

SOFR + 5.25%

2/28/2030

USD

674

—

(a) (b) (g)

Alacrity Solutions Group LLC

TL Mezz 02/25 PIK

8.00% PIK

2/28/2030

USD

1,011

(a) (b) (d)

Publishing - 0.16%

Emerald Expositions Holding Inc

TL 1L B 01/25

SOFR + 3.75%

1/30/2032

USD

1,114

1,115

Real Estate Operating Companies - 0.14%

Opendoor Labs Inc

TL DD 02/25

12.50%

2/25/2029

USD

1,487

985

(a) (b) (g)

Real Estate Services - 0.17%

SitusAMC Holdings Corp

TL 1L 12/21

SOFR + 5.50%

12/22/2027

USD

1,176

(a) (b)

Renewable Electricity - 0.92%

WIN Waste Innovations

TL 1L B 03/21

SOFR + 2.75%

3/24/2028

USD

6,480

6,408

Research & Consulting Services - 1.06%

BDO USA PA

TL 1L 08/23

SOFR + 5.00%

8/31/2028

USD

145

(a) (b)

HKA

TL 1L B 08/22

SOFR + 5.50%

8/9/2029

USD

4,176

4,155

(b)

HKA

TL 1L DD (CAR) 08/22

SOFR + 5.50%

8/9/2029

USD

1,319

1,312

(b)

Kroll (fka Duff & Phelps)

TL 1L B 03/20

SOFR + 3.75%

4/9/2027

USD

1,832

1,741

Single-Family Residential REITs - 1.12%

Avenue One PropCo

TL Unsec DD 03/24

7.00% PIK

3/15/2034

USD

7,769

(a) (b) (d)

Soft Drinks & Non-alcoholic Beverages - 0.29%

Primo Brands Corp

TL 1L B 01/25

SOFR + 2.25%

3/31/2028

USD

1,615

1,604

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Specialized Consumer Services - 0.06%

Spotless Brands LLC

TL 1L 02/23

SOFR + 5.75%

7/25/2028

USD

153

155

(a) (b)

Spotless Brands LLC

TL 1L DD 02/23

SOFR + 5.75%

7/25/2028

USD

233

236

(a) (b)

Specialized Finance - 0.13%

Alter Domus Sarl

TL 1L B 05/24

SOFR + 3.50%

10/30/2031

USD

826

828

Alter Domus Sarl

TL 1L DD 05/24

SOFR + 3.50%

10/30/2031

USD

—

(g)

BHG FUNDING 05 LLC

TL 1L DD 11/22

Variable

11/8/2027

USD

110

107

(b) (h)

Specialty Chemicals - 3.09%

Champion/DSM engg

TL 1L B1 03/23

SOFR + 5.50%

3/29/2030

USD

7,249

6,530

Flint Group GmbH

TL 2L B 09/23 PIK

6.90% PIK, SOFR + 0.10%

12/31/2027

USD

380

(d)

Flint Group GmbH

TL 2L B 09/23 PIK

6.90% PIK, EURIBOR + 0.10%

12/31/2027

EUR

1,045

137

(d)

Solenis International LP

TL 1L B 05/24

EURIBOR + 3.75%

6/20/2031

EUR

719

807

Vantage Specialty Chemicals Inc

TL 1L B 02/23

SOFR + 4.75%

10/26/2026

USD

14,848

13,957

Systems Software - 1.81%

Aareon AG

TL 1L 09/24

EURIBOR + 4.75%

10/1/2031

EUR

376

426

(a) (b)

Aareon AG

TL 1L DD 09/24

EURIBOR + 4.75%

10/1/2031

EUR

—

(a) (b) (g)

Civica Group Ltd

TL 1L 08/23

BBSW + 5.50%

8/30/2030

AUD

(a) (b)

Civica Group Ltd

TL 1L 08/23

SONIA + 5.50%

8/30/2030

GBP

222

295

(a) (b)

Civica Group Ltd

TL 1L DD 08/23

SONIA + 5.50%

8/30/2030

GBP

(a) (b) (g)

Precisely Software Inc

TL 1L B 10/21

SOFR + 4.00%

4/24/2028

USD

3,129

2,918

OEConnection LLC

Revolver 1L 04/24

SOFR + 5.00%

4/22/2031

USD

—

(a) (b) (g)

OEConnection LLC

TL 1L 04/24

SOFR + 5.00%

4/22/2031

USD

184

183

(a) (b)

OEConnection LLC

TL 1L DD 04/24

SOFR + 5.00%

4/22/2031

USD

(a) (b)

Precisely Software Inc

TL 2L 03/21

SOFR + 7.25%

4/23/2029

USD

5,149

4,791

SolarWinds Holdings Inc

TL 1L 03/25

SOFR + 4.00%

4/16/2032

USD

3,965

3,837

Trading Companies & Distributors - 0.63%

FleetPride Corporation

TL 2L 01/19

SOFR + 8.75%

12/21/2026

USD

3,778

3,452

Radwell International LLC

Revolver 1L 04/22

SOFR + 5.50%

4/1/2028

USD

(a) (b) (g)

Radwell International LLC

TL 1L 04/22

SOFR + 5.50%

4/1/2029

USD

(a) (b)

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)

$506,530

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Par

Fair Value

Footnotes

High Yield Securities - 43.72%

Aerospace & Defense - 0.71%

Ultra Electronics Holdings Ltd

7.250% 01/2030

1/31/2030

USD

2,162

(a) (b)

Ultra Electronics Holdings Ltd

9.000% PIK 01/2031

1/31/2031

USD

2,798

(a) (b) (d)

Alternative Carriers - 3.22%

iliad SA

8.500% 04/2031

4/15/2031

USD

3,564

3,763

(f)

Level 3 Financing Inc

10.000% 10/2032

10/15/2032

USD

3,906

3,902

(f)

Level 3 Financing Inc

3.875% 10/2030

10/15/2030

USD

4,582

3,637

(f)

Level 3 Financing Inc

4.000% 04/2031

4/15/2031

USD

6,733

5,287

(f)

Zayo Group LLC

4.000% 03/2027

3/1/2027

USD

6,234

5,750

(a) (f)

Application Software - 1.55%

Cision Ltd

10.000% 06/2031

6/30/2031

USD

9,138

4,432

(f)

Cvent Holding Corp

8.000% 06/2030

6/15/2030

USD

(f)

Dye & Durham Ltd

8.625% 04/2029

4/15/2029

USD

6,163

6,275

(f)

TIBCO Software Inc

6.500% 03/2029

3/31/2029

USD

(f)

Asset Management & Custody Banks - 0.31%

Hightower Holding LLC

9.125% 01/2030

1/31/2030

USD

2,102

2,152

(f)

Automotive Parts & Equipment - 0.93%

Adient Global Holdings Ltd

7.500% 02/2033

2/15/2033

USD

2,175

2,063

(f)

Garrett Motion Inc

7.750% 05/2032

5/31/2032

USD

1,851

1,849

(f)

Truck Hero Inc

6.250% 02/2029

2/1/2029

USD

3,372

2,519

(f)

Automotive Retail - 1.03%

Mavis Discount Tire Inc

6.500% 05/2029

5/15/2029

USD

7,716

7,127

(f)

Biotechnology - 0.27%

Immunocore Holdings PLC

2.500% 02/2030

2/1/2030

USD

2,163

1,851

Broadline Retail - 0.30%

Bubbles Bidco SPA

4.250% 09/2031

9/30/2031

EUR

1,831

2,069

(f)

Building Products - 2.99%

Oldcastle Buildingenvelope Inc

9.500% 04/2030

4/15/2030

USD

12,291

11,200

(f)

PrimeSource Building Products Inc

5.625% 02/2029

2/1/2029

USD

7,169

5,617

(f)

PrimeSource Building Products Inc

6.750% 08/2029

8/1/2029

USD

4,933

3,906

(f)

Cable & Satellite - 3.50%

Block Communications Inc

4.875% 03/2028

3/1/2028

USD

7,078

6,629

(f)

Cable One Inc

0.000% 03/2026

3/15/2026

USD

789

744

(c)

Cable One Inc

4.000% 11/2030

11/15/2030

USD

4,661

3,796

(f)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Par

Fair Value

Footnotes

Cablevision Lightpath LLC

5.625% 09/2028

9/15/2028

USD

8,333

7,726

(f)

CSC Holdings LLC (Altice USA)

11.750% 01/2029

1/31/2029

USD

706

668

(f)

CSC Holdings LLC (Altice USA)

4.125% 12/2030

12/1/2030

USD

6,904

4,738

(f)

Casinos & Gaming - 0.59%

Allwyn International AS

7.250% 04/2030

4/30/2030

EUR

1,353

1,622

(f)

Great Canadian Gaming Corp

8.750% 11/2029

11/15/2029

USD

2,459

2,440

(f)

Commercial Printing - 0.23%

Multi-Color Corp

10.500% 07/2027

7/15/2027

USD

399

358

(f)

Multi-Color Corp

9.500% 11/2028

11/1/2028

USD

1,388

1,214

(f)

Commodity Chemicals - 0.06%

Mativ Holdings Inc

8.000% 10/2029

10/1/2029

USD

508

423

(f)

Construction & Engineering - 1.72%

Brand Energy & Infrastructure Services Inc

10.375% 08/2030

8/1/2030

USD

4,344

4,132

(f)

Maxim Crane Works LP / Maxim Finance Corp

11.500% 09/2028

9/1/2028

USD

7,918

7,829

(f)

Consumer Finance - 0.11%

Global Lending Services LLC

12.500% 02/2033

2/5/2033

USD

150

(a) (b) (d)

Global Lending Services LLC

12.500% 12/2032

12/31/2032

USD

141

(a) (b) (d)

Global Lending Services LLC

12.500% 12/2032

12/31/2032

USD

140

(a) (b) (d)

Vehicle Secured Funding Trust

15.000% 01/2046

1/25/2046

USD

335

(b) (d)

Diversified Chemicals - 1.90%

Chemours Co/The

4.625% 11/2029

11/15/2029

USD

4,354

3,652

(f)

Chemours Co/The

5.375% 05/2027

5/15/2027

USD

745

726

Chemours Co/The

5.750% 11/2028

11/15/2028

USD

4,286

3,888

(f)

Chemours Co/The

8.000% 01/2033

1/15/2033

USD

3,750

3,383

(f)

Fire BC SpA

10.000% 02/2028

2/6/2028

EUR

1,276

1,519

(f)

Diversified Support Services - 2.48%

Allied Universal Holdco LLC

6.000% 06/2029

6/1/2029

USD

4,076

3,829

(f)

Allied Universal Holdco LLC

9.750% 07/2027

7/15/2027

USD

5,130

5,153

(f)

Garda World Security Corp

8.250% 08/2032

8/1/2032

USD

3,696

3,636

(f)

Garda World Security Corp

8.375% 10/2032

11/15/2032

USD

3,732

3,685

(f)

Techem Energy Services GmbH/Germany

6.000% 07/2026

7/30/2026

EUR

826

935

(f)

Electronic Components - 1.59%

CommScope Inc

5.000% 03/2027

3/15/2027

USD

5,889

5,131

(f)

CommScope Inc

8.250% 03/2027

3/1/2027

USD

6,460

5,893

(f)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Par

Fair Value

Footnotes

Health Care Facilities - 0.02%

AHP Health Partners Inc

5.750% 07/2029

7/15/2029

USD

109

101

(f)

Health Care Technology - 0.00%

Teladoc Health Inc

1.250% 06/2027

6/1/2027

USD

Hotels, Resorts & Cruise Lines - 2.39%

NCL Corp Ltd

1.125% 02/2027

2/15/2027

USD

17,549

16,623

Household Products - 0.10%

Energizer Holdings Inc

6.500% 12/2027

12/31/2027

USD

670

674

(f)

Industrial Machinery & Supplies & Components - 2.14%

SPX FLOW Inc

8.750% 04/2030

4/1/2030

USD

14,735

14,876

(f)

Integrated Telecommunication Services - 0.57%

Numericable-SFR

8.125% 02/2027

2/1/2027

USD

4,322

3,960

(f)

IT Consulting & Other Services - 0.45%

Centurion Bidco SpA

8.625% 02/2030

2/15/2030

EUR

628

737

(f)

Sabre Inc

10.750% 11/2029

11/15/2029

USD

595

569

(f)

Sabre Inc

8.625% 06/2027

6/1/2027

USD

1,900

1,821

(f)

Leisure Facilities - 2.79%

Merlin Entertainments PLC

4.500% 11/2027

11/15/2027

EUR

8,429

9,003

Merlin Entertainments PLC

6.625% 11/2027

11/15/2027

USD

9,030

8,549

(f)

Merlin Entertainments PLC

7.375% 06/2030

6/15/2030

EUR

(f)

Merlin Entertainments PLC

8.375% 02/2032

2/15/2032

USD

1,898

1,799

(f)

Leisure Products - 0.23%

Inter Media and Communication SpA

6.750% 02/2027

2/9/2027

EUR

1,416

1,625

(f)

Marine Ports & Services - 0.47%

Direct ChassisLink Inc

7.750% 11/2029

11/15/2029

USD

3,497

3,261

(f)

Oil & Gas Equipment & Services - 0.10%

Archrock Partners LP / Archrock Partners Finance Corp

6.875% 04/2027

4/1/2027

USD

176

(f)

Aris Water (fka Solaris Midstream Holdings LLC)

7.250% 04/2030

4/1/2030

USD

509

506

(f)

Oil & Gas Exploration & Production - 1.03%

Encino Acquisition Partners Holdings LLC

8.500% 05/2028

5/1/2028

USD

1,658

1,661

(f)

Northern Oil & Gas Inc

8.125% 03/2028

3/1/2028

USD

1,732

1,712

(f)

Sitio Royalties Corp

7.875% 11/2028

11/1/2028

USD

1,596

1,642

(f)

SM Energy Co

7.000% 08/2032

8/1/2032

USD

576

532

(f)

Talos Production Inc

9.375% 02/2031

2/1/2031

USD

1,697

1,598

(f)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Par

Fair Value

Footnotes

Oil & Gas Storage & Transportation - 1.34%

Genesis Energy

8.875% 04/2030

4/15/2030

USD

1,739

1,777

NGL Energy Partners LP / NGL Energy Finance Corp

8.125% 02/2029

2/15/2029

USD

2,984

2,808

(f)

NGL Energy Partners LP / NGL Energy Finance Corp

8.375% 02/2032

2/15/2032

USD

4,017

3,667

(f)

TransMontaigne Partners LLC

8.500% 06/2030

6/15/2030

USD

1,024

1,032

(f)

Packaged Foods & Meats - 0.21%

Chobani LLC

9.500% 10/2029 PIK

10/1/2029

USD

1,355

1,439

(d) (f)

Paper & Plastic Packaging Products & Materials - 0.85%

Novolex Holdings LLC

8.750% 04/2030

4/15/2030

USD

5,725

5,904

(f)

Paper Products - 0.41%

Fiber Bidco Spa

10.750% 06/2029

6/15/2029

EUR

2,739

2,859

(d) (f)

Passenger Airlines - 2.10%

JetBlue Airways Corp

0.500% 04/2026

4/1/2026

USD

15,437

14,588

Pharmaceuticals - 0.14%

Nidda Healthcare Holding AG

7.500% 08/2026

8/21/2026

EUR

868

1,002

(f)

Property & Casualty Insurance - 0.51%

IQUW UK Ltd

8.807% 01/2035

3/19/2035

USD

3,552

(a) (b)

Real Estate Services - 1.58%

Anywhere Real Estate Group LLC

0.250% 06/2026

6/15/2026

USD

11,184

10,488

Emeria Europe SAS

7.750% 03/2028

3/31/2028

EUR

456

466

(f)

Research & Consulting Services - 0.14%

Amentum Holdings Inc

7.250% 08/2032

8/1/2032

USD

948

965

(f)

Restaurants - 1.66%

Golden Nugget Inc.

6.750% 07/2030

1/15/2030

USD

13,128

11,500

(f)

Specialty Chemicals - 0.22%

Solenis International LP

9.625% 11/2028

11/15/2028

EUR

1,270

1,505

(f)

Trading Companies & Distributors - 0.80%

AerCap Holdings

6.500% 06/2045

6/15/2045

USD

5,559

5,564

(f)

TOTAL HIGH YIELD SECURITIES (Amortized cost $312,072)

303,542

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Asset Backed Securities - 12.86%

Diversified Real Estate Activities - 1.52%

Morgan Stanley Residential Mortgage Loan Trust 2025-HX1

MSRM 2025-HX1 AIOS

0.33%

3/25/2070

USD

49,945

360

(f) (h)

Morgan Stanley Residential Mortgage Loan Trust 2025-HX1

MSRM 2025-HX1 B1

7.32%

3/25/2070

USD

1,124

1,098

(f) (h)

Morgan Stanley Residential Mortgage Loan Trust 2025-HX1

MSRM 2025-HX1 B2

7.32%

3/25/2070

USD

1,248

1,186

(f) (h)

Morgan Stanley Residential Mortgage Loan Trust 2025-HX1

MSRM 2025-HX1 B3

7.32%

3/25/2070

USD

824

725

(f) (h)

Morgan Stanley Residential Mortgage Loan Trust 2025-HX1

MSRM 2025-HX1 XS

1.17%

3/25/2070

USD

49,945

1,666

(f) (h)

Santander Mortgage Asset Receivable Trust 2025-NQM1

SAN 2025-NQM1 AIOS

0.42%

1/25/2065

USD

46,622

395

(a) (b) (f) (h)

Santander Mortgage Asset Receivable Trust 2025-NQM1

SAN 2025-NQM1 B2

7.33%

1/25/2065

USD

757

734

(a) (b) (f) (h)

Santander Mortgage Asset Receivable Trust 2025-NQM1

SAN 2025-NQM1 B3

7.33%

1/25/2065

USD

781

762

(a) (b) (f) (h)

Santander Mortgage Asset Receivable Trust 2025-NQM1

SAN 2025-NQM1 XS

0.00%

1/25/2065

USD

46,622

1,632

(a) (b) (e) (f) (h)

Vontive Mortgage Trust 2025-RTL1

VNTV 2025-RTL1 A2

8.01%

3/25/2030

USD

571

577

(f) (i)

Vontive Mortgage Trust 2025-RTL1

VNTV 2025-RTL1 M

9.50%

3/25/2030

USD

1,386

1,384

(f) (i)

Specialized Finance - 11.36%

AGL CLO 7 Ltd

AGL 2020-7A ER

SOFR + 6.35%

7/15/2034

USD

1,188

1,165

(b) (f)

AMMC CLO 26 Ltd

AMMC 2023-26A ER

SOFR + 6.50%

4/15/2036

USD

500

498

(b) (f)

Anchorage Capital Clo 20 Ltd

ANCHC 2021-20A ER

SOFR + 7.00%

1/20/2035

USD

733

716

(b) (f)

Anchorage Capital CLO 21 Ltd

ANCHC 2021-21A ER

SOFR + 6.25%

10/20/2034

USD

897

870

(b) (f)

Anchorage Capital CLO 6 Ltd

ANCHC 2015-6A ER3

SOFR + 7.29%

4/22/2034

USD

376

372

(b) (f)

Apidos CLO XI

APID 2012-11A ER4

SOFR + 6.00%

4/17/2034

USD

2,064

(b) (f)

Apidos CLO XXIII

APID 2015-23A ERR

SOFR + 5.20%

4/15/2033

USD

1,565

1,513

(b) (f)

Arbour CLO VI DAC

ARBR 6A ER

EURIBOR + 6.01%

11/15/2037

EUR

611

682

(b) (f)

Ares LXII CLO Ltd

ARES 2021-62A E

SOFR + 6.76%

1/25/2034

USD

512

505

(b) (f)

Ares LXV CLO Ltd

ARES 2022-65A E

SOFR + 7.10%

7/25/2034

USD

1,078

1,063

(b) (f)

Ares XXVII CLO Ltd

ARES 2013-2A ER3

SOFR + 6.75%

10/28/2034

USD

903

901

(b) (f)

Bain Capital Credit Clo 2019-3 Ltd

BCC 2019-3A ERR

SOFR + 6.85%

10/21/2034

USD

488

468

(b) (f)

Bain Capital Credit CLO 2021-3 Ltd

BCC 2021-3A ER

SOFR + 6.25%

7/24/2034

USD

753

712

(b) (f)

Bain Capital Credit CLO 2021-6 Ltd

BCC 2021-6A E

SOFR + 6.76%

10/21/2034

USD

470

449

(b) (f)

Bain Capital Credit CLO 2022-2 Ltd

BCC 2022-2A E

SOFR + 7.84%

4/22/2035

USD

1,141

1,117

(b) (f)

Barings CLO Ltd 2022-I

BABSN 2022-1A E

SOFR + 7.00%

4/15/2035

USD

657

626

(b) (f)

Benefit Street Partners CLO XXV Ltd

BSP 2021-25A ER

SOFR + 4.60%

1/15/2035

USD

344

332

(b) (f)

Benefit Street Partners CLO XXXIV Ltd

BSP 2024-34A E

SOFR + 6.70%

7/25/2037

USD

367

366

(b) (f)

Birch Grove CLO 7 Ltd

BGCLO 2023-7A D

SOFR + 5.50%

10/20/2036

USD

283

285

(b) (f)

BlueMountain CLO XXVI Ltd

BLUEM 2019-26A ER

SOFR + 7.39%

10/20/2034

USD

754

728

(b) (f)

BlueMountain CLO XXVIII Ltd

BLUEM 2021-28A E

SOFR + 6.66%

4/15/2034

USD

768

741

(b) (f)

BlueMountain CLO XXXII Ltd

BLUEM 2021-32A ER

SOFR + 6.60%

10/15/2034

USD

1,093

1,054

(b) (f)

BlueMountain CLO XXXIV Ltd

BLUEM 2022-34A E

SOFR + 7.55%

4/20/2035

USD

1,278

1,249

(b) (f)

Broad River Bsl Funding Clo Ltd 2020-1

BDRVR 2020-1A ER

SOFR + 6.50%

7/20/2034

USD

1,500

1,508

(b) (f)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Capital Four CLO VII DAC

CFOUR 7A F

EURIBOR + 8.22%

4/25/2037

EUR

314

344

(b) (f)

Carlyle Euro CLO 2021-1 DAC

CGMSE 2021-1A D

EURIBOR + 6.12%

1/15/2034

EUR

589

655

(b) (f)

CARLYLE US CLO 2021-4 LTD

CGMS 2021-4A E

SOFR + 6.60%

4/20/2034

USD

473

(b) (f)

CARLYLE US CLO 2021-5 LTD

CGMS 2021-5A E

SOFR + 6.51%

7/20/2034

USD

332

330

(b) (f)

CARLYLE US CLO 2021-8 LTD

CGMS 2021-8A E

SOFR + 6.50%

10/15/2034

USD

371

369

(b) (f)

Carlyle US CLO 2021-9 Ltd

CGMS 2021-9A E

SOFR + 6.63%

10/20/2034

USD

820

816

(b) (f)

Carlyle US CLO 2024-2 Ltd

CGMS 2024-2A E

SOFR + 6.85%

4/25/2037

USD

451

(b) (f)

CarVal CLO IV Ltd

CARVL 2021-1A E

SOFR + 6.60%

7/20/2034

USD

2,000

1,967

(b) (f)

CarVal CLO VC Ltd

CARVL 2021-2A E

SOFR + 6.75%

10/15/2034

USD

447

432

(b) (f)

Cedar Funding XVIII CLO Ltd

CEDF 2024-18A E

SOFR + 6.65%

4/23/2037

USD

616

618

(b) (f)

Cifc Funding 2014-IV-R Ltd

CIFC 2014-4R1 DRR

SOFR + 5.80%

1/17/2035

USD

2,214

2,135

(b) (f)

CIFC Funding 2021-VII Ltd

CIFC 2021-7A E

SOFR + 6.35%

1/23/2035

USD

644

643

(b) (f)

CIFC Funding 2022-II Ltd

CIFC 2022-2A ER

SOFR + 4.75%

4/19/2035

USD

497

477

(b) (f)

Clonmore Park CLO DAC

CLONP 1A ER

EURIBOR + 6.82%

8/21/2035

EUR

406

459

(b) (f)

Empower CLO 2024-1 Ltd

EMPWR 2024-1A E

SOFR + 6.50%

4/25/2037

USD

354

349

(b) (f)

Fair Oaks Loan Funding V DAC

FOAKS 5A E

EURIBOR + 6.69%

10/15/2036

EUR

321

363

(b) (f)

Galaxy 33 CLO Ltd

GALXY 2024-33A E

SOFR + 6.65%

4/20/2037

USD

428

427

(b) (f)

Galaxy XXII CLO Ltd

GALXY 2016-22A ERRR

SOFR + 6.75%

4/16/2034

USD

421

416

(b) (f)

Galaxy XXV CLO Ltd

GALXY 2018-25A ER

SOFR + 6.50%

4/25/2036

USD

270

266

(b) (f)

Generate CLO Ltd

GNRT 2024-15A E

SOFR + 6.70%

7/20/2037

USD

493

492

(b) (f)

Golub Capital Partners CLO 50B-R Ltd

GCBSL 2020-50A ER

SOFR + 7.10%

4/20/2035

USD

819

821

(b) (f)

Golub Capital Partners CLO 53B Ltd

GCBSL 2021-53A ER

SOFR + 4.70%

7/20/2034

USD

515

495

(b) (f)

Golub Capital Partners CLO 58B Ltd

GCBSL 2021-58A E

SOFR + 6.81%

1/25/2035

USD

549

550

(b) (f)

Guardia 1 Ltd

GUARD 2019-1A D

7.11%

10/20/2037

USD

1,550

1,520

(b) (f)

HPS Loan Management 10-2016 Ltd

HLM 10A-16 DR3

SOFR + 6.45%

4/20/2034

USD

967

952

(b) (f)

HPS Loan Management 2021-16 Ltd

HLM 2021-16A E

SOFR + 6.50%

1/23/2035

USD

612

604

(b) (f)

Jamestown CLO XIV Ltd

JTWN 2019-14A DRR

SOFR + 5.65%

10/20/2034

USD

1,514

1,435

(b) (f)

Jamestown CLO XV Ltd

JTWN 2020-15A ER

SOFR + 7.06%

7/15/2035

USD

412

402

(b) (f)

Jamestown CLO XVI Ltd

JTWN 2021-16A ER

SOFR + 6.95%

7/25/2034

USD

724

703

(b) (f)

Jamestown CLO XVIII Ltd

JTWN 2022-18A E

SOFR + 7.87%

7/25/2035

USD

438

434

(b) (f)

Madison Park Funding XLIX Ltd

MDPK 2021-49A ER

SOFR + 4.60%

10/19/2034

USD

1,658

1,572

(b) (f)

Madison Park Funding XLVI Ltd

MDPK 2020-46A ERR

SOFR + 5.25%

10/15/2034

USD

1,786

1,727

(b) (f)

Madison Park Funding XXI Ltd

MDPK 2016-21A DRR

SOFR + 7.76%

10/15/2032

USD

2,504

2,503

(b) (f)

Madison Park Funding XXXVI Ltd

MDPK 2019-36A ERR

SOFR + 5.60%

4/15/2035

USD

974

941

(b) (f)

Marble Point CLO XVI Ltd

MP16 2019-2A ER

SOFR + 7.27%

11/16/2034

USD

691

660

(b) (f)

Neuberger Berman Loan Advisers CLO 35 Ltd

NEUB 2019-35A ER

SOFR + 5.95%

1/19/2033

USD

624

(b) (f)

Neuberger Berman Loan Advisers Clo 42 Ltd

NEUB 2021-42A ER

SOFR + 4.60%

7/16/2036

USD

436

420

(b) (f)

Neuberger Berman Loan Advisers Clo 43 Ltd

NEUB 2021-43A ER

SOFR + 4.60%

7/17/2036

USD

887

858

(b) (f)

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Reference Rate & Spread

Maturity Date

Currency

Par

Fair Value

Footnotes

Neuberger Berman Loan Advisers CLO 45 Ltd

NEUB 2021-45A ER

SOFR + 4.85%

10/14/2036

USD

1,956

1,886

(b) (f)

Neuberger Berman Loan Advisers CLO 46 Ltd

NEUB 2021-46A ER

SOFR + 5.15%

1/20/2037

USD

1,690

1,649

(b) (f)

Oaktree CLO 2021-2 Ltd

OAKCL 2021-2A ER

SOFR + 4.50%

1/15/2035

USD

1,504

1,421

(b) (f)

OCP CLO 2019-16 Ltd

OCP 2019-16A ER

SOFR + 6.61%

4/10/2033

USD

376

(b) (f)

Octagon Investment Partners 51 Ltd

OCT51 2021-1A ER

SOFR + 5.65%

7/20/2034

USD

1,714

1,664

(b) (f)

OHA Credit Funding 10 Ltd

OAKC 2021-10A E

SOFR + 6.25%

1/18/2036

USD

497

(b) (f)

Palmer Square Credit Funding 2019-1 Ltd

PFIXD 2019-1A E

7.11%

4/20/2037

USD

931

917

(b) (f)

Palmer Square European CLO 2023-2 DAC

PLMER 2023-2A F

EURIBOR + 8.39%

10/15/2036

EUR

368

407

(b) (f)

Palmer Square European Loan Funding 2025-1 DAC

PSTET 2025-1A E

EURIBOR + 4.70%

10/15/2034

EUR

337

382

(b) (f)

Parallel 2021-1 Ltd

PARL 2021-1A ER

SOFR + 6.25%

7/15/2034

USD

578

545

(b) (f)

Penta CLO 14 DAC

PENTA 2023-14A ER

EURIBOR + 6.35%

10/20/2037

EUR

449

507

(b) (f)

Penta CLO 16 DAC

PENTA 2024-16A E

EURIBOR + 6.79%

10/18/2036

EUR

420

472

(b) (f)

Pikes Peak CLO 9

PIPK 2021-9A E

SOFR + 6.58%

10/27/2034

USD

810

803

(b) (f)

Post CLO 2021-1 LTD

POST 2021-1A ER

SOFR + 5.70%

10/15/2034

USD

1,515

1,490

(b) (f)

Providus Clo X DAC

PRVD 10A E

EURIBOR + 6.74%

11/18/2038

EUR

251

283

(b) (f)

Rad CLO 14 Ltd

RAD 2021-14A E

SOFR + 6.50%

1/15/2035

USD

335

323

(b) (f)

Rad CLO 15 Ltd

RAD 2021-15A E

SOFR + 6.20%

1/20/2034

USD

928

896

(b) (f)

Rad CLO 4 Ltd

RAD 2019-4A ER

SOFR + 6.50%

4/25/2032

USD

338

(b) (f)

Rad CLO 7 Ltd

RAD 2020-7A ER

SOFR + 6.30%

4/17/2036

USD

310

306

(b) (f)

Regatta XXIII Funding Ltd

REG23 2021-4A E

SOFR + 6.70%

1/20/2035

USD

804

803

(b) (f)

Regatta XXVIII Funding Ltd

REG28 2024-2A E

SOFR + 7.00%

4/25/2037

USD

429

428

(b) (f)

Rockford Tower CLO 2020-1 Ltd

Rockford Tower 2020-1 ER

SOFR + 5.90%

1/20/2036

USD

496

470

(b) (f)

RR 18 Ltd

RRAM 2021-18A D

SOFR + 6.51%

10/15/2034

USD

553

552

(b) (f)

Sandstone Peak Ltd

SAND 2021-1A E

SOFR + 6.80%

10/15/2034

USD

643

639

(b) (f)

Sculptor CLO XXVIII Ltd

SCUL 28A ER

SOFR + 6.30%

1/20/2035

USD

1,066

1,011

(b) (f)

Sixth Street CLO VIII Ltd

SIXST 2017-8A DR2

SOFR + 6.75%

10/20/2034

USD

466

459

(b) (f)

TCW CLO 2022-1 Ltd

TCW 2022-1A DJR

SOFR + 4.28%

1/20/2038

USD

629

624

(b) (f)

TRESTLES CLO 2017-1 Ltd

TREST 2017-1A ERR

SOFR + 5.95%

7/25/2037

USD

334

324

(b) (f)

Trimaran Cavu 2021-2 Ltd

CAVU 2021-2A E

SOFR + 7.46%

10/25/2034

USD

452

443

(b) (f)

Trimaran Cavu 2021-3 Ltd

CAVU 2021-3A E

SOFR + 7.63%

1/18/2035

USD

408

404

(b) (f)

Trinitas Euro CLO VI DAC

TRNTE 6A F

EURIBOR + 8.31%

4/15/2037

EUR

1,192

1,314

(b) (f)

Trinitas Euro CLO VII DAC

TRNTE 7A E

EURIBOR + 6.55%

7/25/2037

EUR

338

381

(b) (f)

Voya CLO 2017-3 Ltd

VOYA 2017-3A DRR

SOFR + 5.80%

4/20/2034

USD

2,241

2,192

(b) (f)

Voya CLO 2019-3 Ltd

VOYA 2019-3A ER

SOFR + 6.76%

10/17/2032

USD

759

753

(b) (f)

Voya CLO 2019-4 Ltd

VOYA 2019-4A ER

SOFR + 6.97%

1/15/2035

USD

1,051

1,043

(b) (f)

Voya CLO 2021-1 Ltd

VOYA 2021-1A ER

SOFR + 5.75%

7/15/2034

USD

651

623

(b) (f)

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)

89,308

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Fair Value

Footnotes

Equity & Other Investments - 6.00%

Aerospace & Defense - 0.14%

Altitude II

Private Equity

USD

574,255

616

(a) (b)

Ultra Electronics Holdings Ltd

Private Equity (B Shares)

USD

43,729

(a) (b) (e)

Ultra Electronics Holdings Ltd

Private Equity

USD

13,548,132

251

(a) (b) (e)

Application Software - 0.02%

Med-Metrix

Common Stock

USD

597

102

(a) (b) (e)

Med-Metrix

8.000% 12/2050 PIK

USD

597

(a) (b) (d)

Broadline Retail - 0.04%

Belk Inc

Common Stock

USD

9,586

245

(a) (b) (e)

Construction & Engineering - 0.00%

Yak Access LLC

Common Stock

USD

11,000

(a)

Consumer Finance - 0.12%

Auxilior Capital Partners Inc

14.500% 04/2030

4/30/2030

USD

100

(a) (b) (d)

Discover Financial Services

Private Equity

USD

424,627

438

(a) (b)

Global Lending Services LLC

Private Equity

USD

107,831

125

(a) (b) (e)

SunPower Financial

Private Equity

USD

27,384

(a) (b)

Vehicle Secured Funding Trust

Private Equity

USD

111,575

119

(b) (e)

Diversified Financial Services - 0.02%

Kestra Financial Inc

12.000% PIK

USD

123

(a) (b) (d)

Diversified Metals & Mining - 0.01%

Foresight Energy LLC

Common Stock

USD

17,979

(a) (b) (e)

Diversified Real Estate Activities - 0.00%

Residential Opportunities I LLC

Private Equity

USD

(b)

Diversified Support Services - 0.01%

Magna Legal Services LLC

Common Stock

USD

618

(a) (b) (e)

Food Distributors - 0.00%

Lipari Foods LLC

Common Stock

USD

63,958

(b) (e)

Health Care Facilities - 0.00%

Quorum Health Corp

Trade Claim

USD

212,000

(b) (e)

Health Care Services - 0.14%

Affordable Care Inc

11.750% PIK

USD

677,000

680

(a) (b) (d)

American Vision Partners

Private Equity

USD

53,939

(a) (b) (e)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Issuer

Asset

Maturity Date

Currency

Fair Value

Footnotes

Amerivet Partners Management Inc

11.500% PIK

USD

298

214

(a) (b) (d)

MB2 Dental Solutions LLC

Warrants 08/15/2031

8/15/2031

USD

21,438

(a) (b) (e)

Health Care Technology - 2.62%

athenahealth Inc

Private Equity

USD

12,641,498

18,213

(b) (e)

Hotels, Resorts & Cruise Lines - 0.26%

NCL Corp Ltd

Common Stock

USD

111,996

1,795

(e)

Human Resource & Employment Services - 0.00%

SIRVA Worldwide Inc

Common Stock (Class A)

USD

2,131

—

(a) (b) (e)

SIRVA Worldwide Inc

Common Stock (Class B)

USD

1,646

—

(a) (b) (e)

SIRVA Worldwide Inc

15.250% 08/2030 (Class A)

8/20/2030

USD

490

(a) (b) (d)

SIRVA Worldwide Inc

15.250% 08/2030 (Class B)

8/20/2030

USD

—

(a) (b) (d)

Leisure Facilities - 1.86%

Aimbridge Acquisition Co Inc

Common Stock

USD

164,811

10,332

(b) (e)

Pure Gym Ltd

Private Equity

GBP

1,416,469

2,588

(a) (b) (e)

Marine Transportation - 0.01%

Australis Maritime II

Private Equity

USD

83,195

(b)

Property & Casualty Insurance - 0.14%

Alacrity Solutions Group LLC

Common Stock

USD

630

312

(a) (b) (e)

Alacrity Solutions Group LLC

8.000% Pref Equity

USD

674

(a) (b) (d)

Other Specialized REITs - 0.27%

Pretium Partners LLC P2

Private Equity

USD

1,635,306

1,842

(a) (b)

Single-Family Residential REITs - 0.30%

Avenue One PropCo

Private Equity

USD

2,443,830

2,061

(a) (b) (e)

Specialized Finance - 0.04%

TDC LLP

8.000% Pref Equity

GBP

201,765

273

(a) (b)

TDC LLP

Private Equity

GBP

9,880

(a) (b) (e)

TOTAL EQUITY & OTHER INVESTMENTS (Cost $42,473)

41,654

TOTAL INVESTMENTS (Cost $967,595) - 135.54%

941,034

LIABILITIES EXCEEDING OTHER ASSETS, NET - (35.54%)

(246,770)

NET ASSETS - 100.00%

694,264

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Consolidated Statement of Assets and Liabilities

As of April 30, 2025

(in thousands, except share and per share data)


Assets
Investments, at fair value (cost $967,595)	$	941,034
Cash	27,220
Foreign currencies, at value (cost $13,301)	13,597
Receivable for investments sold	23,979
Dividends and interest receivable	14,035


Other assets	162
Total assets	$	1,020,027

Liabilities
Credit facility (net of deferred financing costs of $179)	263,661
Payable for investments purchased	54,837
Distribution payable	1,722
Interest payable	2,401
Investment advisory fees payable	921
Trustees’ fees payable	627
Distribution fees payable	175
Shareholder servicing fees payable	88
Other accrued expenses	1,331
Total liabilities	325,763

Commitments and Contingencies (Note 8)
Net assets	$	694,264

Net Assets
Paid-in capital (unlimited shares authorized — $0.001 par value)	$	783,597
Accumulated deficit	(89,333)
Net assets	$	694,264

Class D:
Net asset value	$	1,769
Price per share (82,596 shares)	$	21.42

Class I:
Net asset value	$	259,904
Price per share (11,271,273 shares)	$	23.06

Class T:
Net asset value	$	32,269
Price per share (1,412,500 shares)	$	22.85

Class U:
Net asset value	$	400,033
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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Consolidated Statement of Operations

For the Six Months Ended April 30, 2025

(in thousands)


Investment income
Interest income	$	42,955
Payment-in-kind interest income	1,997
Other income	1,151
Total investment income	46,103

Expenses
Interest expense	7,482
Investment advisory fees	6,416
Distribution fees	1,124
Professional services	799
Shareholder servicing fees	564
Term loan fees	502
Administration fees	344
Trustees' fees	124
Other expenses	829
Total expenses prior to expense limitation agreement	18,184
Expense limitation	(577)

Net expenses	17,607
Net investment income	28,496

Realized and unrealized gains (losses)
Net realized losses on
Investments	(7,352)
Foreign currency transactions	142
Net realized losses	(7,210)
Net change in unrealized appreciation (depreciation) of
Investments	(34,424)
Foreign currency translation	327

Net change in unrealized depreciation	(34,097)
Net realized and unrealized losses	(41,307)
Net decrease in net assets resulting from operations	$	(12,811)

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Consolidated Statements of Changes in Net Assets
(in thousands)

	Six Months Ended April 30, 2025 (Unaudited)		Year Ended October 31, 2024

Increase (decrease) in net assets resulting from operations
Net investment income	$	28,496	$	61,656
Net realized losses	(7,210)		(24,567)
Net change in unrealized (depreciation) appreciation	(34,097)		69,004
Net (decrease) increase in net assets resulting from operations	(12,811)		106,093

Distributions to shareholders
Class D	(72)		(178)
Class I	(11,380)		(23,814)
Class T	(1,316)		(2,644)
Class U	(15,568)		(34,893)
Class PT	(7)		—
Total distributions to shareholders	(28,343)		(61,529)

Shareholder transactions (Note 7)
Class D
Subscriptions	—		—
Shares issued in reinvestment of distributions	—		—
Shares redeemed	—		(921)
Share class exchanges	—		—
Total Class D shareholder transactions	—		(921)

Class I
Subscriptions	11,983		32,654
Shares issued in reinvestment of distributions	5,107		11,955
Shares redeemed	(22,033)		(12,891)
Share class exchanges	30		—
Total Class I shareholder transactions	(4,913)		31,718

Class T
Subscriptions	2,163		6,614
Shares issued in reinvestment of distributions	1,057		2,247
Shares redeemed	(4,992)		(683)
Share class exchanges	798		—
Total Class T shareholder transactions	(974)		8,178

Class U
Subscriptions	16,525		57,441
Shares issued in reinvestment of distributions	11,437		27,981
Shares redeemed	(27,528)		(65,989)
Share class exchanges	(828)		—
Total Class U shareholder transactions	(394)		19,433

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Consolidated Statements of Changes in Net Assets
(in thousands)

	Six Months Ended April 30, 2025 (Unaudited)		Year Ended October 31, 2024
Class PT
Subscriptions	$	300	—
Shares issued in reinvestment of distributions	—		—
Shares redeemed	—		—
Share class exchanges	—		—
Total Class PT shareholder transactions	300		—

(Decrease) increase in net assets from shareholder transactions	(5,981)		58,408
Net (decrease) increase in net assets	(47,135)		102,972

Net assets
Beginning of year	741,399		638,427
End of year	$	694,264	$	741,399

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Consolidated Statement of Cash Flows

For the Six Months Ended April 30, 2025

(in thousands)



Cash Flows from Operating Activities:
Net decrease in net assets resulting from operations	$	(12,811)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	(308,979)
Proceeds from sales and repayments of investments	270,113
Net change in unrealized depreciation on investments	34,424
Net realized loss on investments	7,352
Net accretion of premiums and discounts and other adjustments to cost	(5,113)
Payment-in-kind interest	(1,997)
Net realized loss on investments (foreign currency related)	739
Net change in unrealized appreciation on foreign currency translation	(327)
Amortization of deferred financing costs	73

Changes in assets and liabilities:
Increase in receivable for investments sold	(19,453)
Increase in payable for investments purchased	11,657
Decrease in interest payable	(2,419)
Decrease in dividends and interest receivable	406
Decrease in other accrued expenses	(267)
Decrease in investment advisory fees payable	(102)
Increase in Trustees' fees payable	79
Decrease in distribution fees payable	(21)
Increase in other assets	(18)
Decrease in shareholder servicing fees payable	(11)

Net cash used in operating activities	(26,675)
Cash Flows from Financing Activities
Shares redeemed	(54,553)



Subscriptions for shares	32,867
Distributions paid to shareholders	(10,830)
Proceeds from credit facility	5,916


Net cash used in financing activities	(26,600)
Effect of exchange rate changes on cash	320
Net decrease in cash	(52,955)
Cash
Beginning balance	93,772
Ending balance	$	40,817

Supplemental disclosure of cash flow information and non-cash financing activities:
Cash paid for interest expense	$	10,361
Reinvestment of shareholder distributions	$	17,601

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31,
				2024			2023			2022(6)

Class D
Per share operating performance(1)
Net asset value, beginning of period	$	22.62		$	21.17		$	20.09		$	25.00
Income (loss) from investment operations
Net investment income	0.88			1.95			1.78			1.28
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
Net investment income	(0.87)			(1.95)			(1.79)			(1.50)
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(2)(3)	(1.45)		%	16.53		%	14.72		%	(14.09)		%

Ratios to average net assets(5)
Expenses, before reimbursement	4.76		%	4.98		%	5.30		%	3.60		%
Expenses, after reimbursement	4.60		%	4.93		%	5.10		%	3.52		%
Net investment income, before reimbursement	7.84		%	8.69		%	8.31		%	7.65		%
Net investment income, after reimbursement	8.00		%	8.74		%	8.51		%	7.74		%

Supplemental data
Net assets, end of period (000’s)	$	1,769		$	1,868		$	2,629		$	3,313
Portfolio turnover rate(2)(4)	29		%	48		%	39		%	25		%

(1)Per share calculations were performed using average shares.

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

(3)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.

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

(5)Annualized.

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

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31,
				2024			2023			2022			2021			2020(6)
Class I
Per share operating performance(1)
Net asset value, beginning of period	$	24.36		$	22.81		$	21.66		$	27.42		$	26.08		$	25.00
Income (loss) from investment operations
Net investment income	0.97			2.18			1.99			1.90			1.67			1.01
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
Net investment income	(0.97)			(2.17)			(1.99)			(2.11)			(1.66)			(1.03)
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(2)(3)	(1.36)		%	16.80		%	14.88		%	(13.72)		%	12.81		%	8.71		%

Ratios to average net assets(5)
Expenses, before reimbursement	4.51		%	4.73		%	5.07		%	3.14		%	2.32		%	3.84		%
Expenses, after reimbursement	4.35		%	4.68		%	4.86		%	3.09		%	2.02		%	1.68		%
Net investment income, before reimbursement	8.09		%	8.98		%	8.55		%	7.60		%	5.73		%	3.91		%
Net investment income, after reimbursement	8.25		%	9.03		%	8.77		%	7.65		%	6.03		%	6.06		%

Supplemental data
Net assets, end of period (000’s)	$	259,904		$	280,461		$	232,290		$	216,971		$	211,181		$	106,962
Portfolio turnover rate(2)(4)	29		%	48		%	39		%	25		%	78		%	66		%

(1)Per share calculations were performed using average shares.

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

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

(5)Annualized.

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

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31,
				2024			2023			2022			2021			2020(6)
Class T
Per share operating performance(1)
Net asset value, beginning of period	$	24.13		$	22.59		$	21.46		$	27.17		$	25.83		$	25.00
Income (loss) from investment operations
Net investment income	0.88			1.98			1.80			1.69			1.45			0.61
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
Net investment income	(0.87)			(1.98)			(1.81)			(1.90)			(1.43)			(0.61)
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(2)(3)	(1.70)		%	15.90		%	14.08		%	(14.40)		%	12.03		%	6.65		%

Ratios to average net assets(5)
Expenses, before reimbursement	5.25		%	5.48		%	5.82		%	3.86		%	3.04		%	3.54		%
Expenses, after reimbursement	5.09		%	5.43		%	5.61		%	3.82		%	2.78		%	2.49		%
Net investment income, before reimbursement	7.34		%	8.24		%	7.81		%	6.82		%	5.00		%	4.65		%
Net investment income, after reimbursement	7.50		%	8.29		%	8.02		%	6.86		%	5.27		%	5.70		%

Supplemental data
Net assets, end of period (000’s)	$	32,269		$	35,264		$	25,295		$	24,724		$	26,121		$	8,243
Portfolio turnover rate(2)(4)	29		%	48		%	39		%	25		%	78		%	66		%

(1)Per share calculations were performed using average shares.

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

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

(5)Annualized.

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

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31,
				2024			2023			2022			2021			2020(6)
Class U
Per share operating performance(1)
Net asset value, beginning of period	$	23.22		$	21.74		$	20.65		$	26.18		$	25.00		$	25.00
Income (loss) from investment operations
Net investment income	0.85			1.90			1.74			1.64			1.44			—
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
Net investment income	(0.84)			(1.90)			(1.74)			(1.87)			(1.42)			—
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(2)(3)	(1.68)		%	15.88		%	14.10		%	(14.48)		%	11.69		%	0.00		%

Ratios to average net assets(5)
Expenses, before reimbursement	5.25		%	5.50		%	5.83		%	3.92		%	3.01		%	0.00		%
Expenses, after reimbursement	5.09		%	5.44		%	5.62		%	3.86		%	2.87		%	0.00		%
Net investment income, before reimbursement	7.34		%	8.22		%	7.80		%	6.89		%	5.29		%	0.00		%
Net investment income, after reimbursement	7.50		%	8.27		%	8.01		%	6.94		%	5.43		%	0.00		%
Supplemental data
Net assets, end of period (000’s)	$	400,033		$	423,806		$	378,213		$	259,440		$	208,262		$	7,421
Portfolio turnover rate(2)(4)	29		%	48		%	39		%	25		%	78		%	66		%

(1)Per share calculations were performed using average shares.

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

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

(5)Annualized.

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

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Financial Highlights


			Period from Commencement of Operations to April 30, 2025(6)

Class PT
Per share operating performance(1)
Net asset value, beginning of period			$25.00
Income (loss) from investment operations
Net investment income			0.60
Net realized and unrealized losses			(0.95)
Total from investment operations			(0.35)

Distributions from
Net investment income			(0.60)

Total distributions			(0.60)
Net asset value, end of period			$24.05
Total return(2)(3)			(1.42)%

Ratios to average net assets(5)
Expenses, before reimbursement			5.25%
Expenses, after reimbursement			5.05%
Net investment income, before reimbursement			7.15%
Net investment income, after reimbursement			7.35%
Supplemental data
Net assets, end of period (000’s)			$289
Portfolio turnover rate(2)(4)			29%

(1)Per share calculations were performed using average shares.

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

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

(5)Annualized.

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

See accompanying notes to consolidated financial statements.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

Notes to Consolidated Financial Statements

1. 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. 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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

3. 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


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

and exchanges); differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with investments in emerging markets.

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

4. Agreements

Investment Advisory Agreement — The Adviser provides day-to-day portfolio management services to the Fund and has discretion to purchase and sell investments in accordance with the Fund’s objectives, policies, and restrictions. For the services it provides to the Fund, the Adviser receives an annual fee, payable monthly by the Fund, in an amount equal to 1.3% 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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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


For the period ended	Amount of Expense Limitation Payment		Eligible for Reimbursement Payment through

October 31, 2022	$	454	October 31, 2025
October 31, 2023	1,239		October 31, 2026
October 31, 2024	441		October 31, 2027
April 30, 2025	577		April 30, 2028
	$	2,711

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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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. 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):


Investments in securities	Level 1		Level 2		Level 3		Total

Leveraged Loans	$	—	$	353,563	$	152,967	$	506,530
High Yield Securities	—		294,264		9,278		303,542
Asset Backed Securities	—		6,996		82,312		89,308
Equity & Other Investments	1,795		29		39,830		41,654
Total investments in securities	$	1,795	$	654,852	$	284,387	$	941,034

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


Issuer(1)	Asset	Par/Shares	Cost		Fair Value		Acquisition Date	% of Net Assets

Leveraged Loans
3Pillar Global Inc	TL 1L 11/21	1,892	$	1,889	$	1,819	11/23/2021	0.26	%
3Pillar Global Inc	TL 1L DD 11/21	609	609		586		11/23/2021	0.08	%
48Forty Solutions LLC	TL 1L 02/22	4,564	4,527		3,373		2/11/2022	0.49	%
48Forty Solutions LLC	TL 1L 03/22	3,185	3,167		2,354		3/11/2022	0.34	%
Aareon AG	TL 1L 09/24	376	415		426		9/30/2024	0.06	%
Aareon AG	TL 1L DD 09/24	86	—		—		9/30/2024	0.00	%
Accuride Corp	TL Unsec 03/25	3,187	4,253		7,654		3/7/2025	1.10	%
Affordable Care Inc	TL 1L 08/21	1,589	1,573		1,561		8/2/2021	0.22	%
Affordable Care Inc	TL 1L DD 08/21	286	285		281		8/2/2021	0.04	%
Affordable Care Inc	TL 1L DD 08/23	309	309		304		7/7/2023	0.04	%
Alacrity Solutions Group LLC	TL 1L 02/25	3,034	3,752		3,034		2/28/2025	0.44	%
Alacrity Solutions Group LLC	TL 1L 03/25	42	—		42		2/28/2025	0.01	%
Alacrity Solutions Group LLC	TL 1L DD 02/25	674	—		—		2/28/2025	0.00	%
Alacrity Solutions Group LLC	TL Mezz 02/25 PIK	1,011	1,251		1,011		2/28/2025	0.15	%
Alera Group Intermediate Holdings Inc	TL 1L 09/21	640	634		640		9/30/2021	0.09	%
Alera Group Intermediate Holdings Inc	TL 1L DD 09/21	182	181		182		9/30/2021	0.03	%
Alera Group Intermediate Holdings Inc	TL 1L DD 12/21	526	526		526		12/16/2021	0.08	%
American Vision Partners	TL 1L 09/21	1,862	1,843		1,849		9/30/2021	0.27	%
American Vision Partners	TL 1L DD 09/21	769	766		764		9/30/2021	0.11	%
Amerivet Partners Management Inc	TL 1L 02/22	1,138	1,125		1,131		2/25/2022	0.16	%
Amerivet Partners Management Inc	TL 1L DD 02/22	69	69		69		2/25/2022	0.01	%
Amerivet Partners Management Inc	TL 1L DD 11/22	527	527		524		9/29/2023	0.08	%
Apex Service Partners LLC	TL 1L 09/24	301	297		305		10/24/2023	0.04	%


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Issuer(1)	Asset	Par/Shares	Cost		Fair Value		Acquisition Date	% of Net Assets

Apex Service Partners LLC	TL 1L 09/24	77	$	77	$	78	10/24/2023	0.01	%
Apex Service Partners LLC	TL Unsec 10/23 PIK	79	78		82		10/24/2023	0.01	%
Apex Service Partners LLC	TL Unsec DD 10/23 PIK	38	38		40		10/24/2023	0.01	%
Astound Broadband (RCN/Radiate)	TL 1L B 10/21	9,899	8,991		8,728		6/29/2023	1.26	%
Avenue One PropCo	TL Unsec DD 03/24	7,769	7,769		7,769		3/15/2024	1.12	%
Avetta LLC	TL 1L 07/24	94	93		94		7/26/2024	0.01	%
Avetta LLC	TL 1L DD 07/24	23	—		—		7/26/2024	0.00	%
BDO USA PA	TL 1L 08/23	145	143		145		8/31/2023	0.02	%
Cadence Education LLC	TL 1L 05/24	115	114		115		5/1/2024	0.02	%
Cadence Education LLC	TL 1L DD 05/24	30	12		12		5/1/2024	0.00	%
CFC Underwriting Ltd	TL 1L B 05/22	5,343	5,252		5,343		5/16/2022	0.77	%
CFC Underwriting Ltd	TL 1L DD 05/22	631	—		—		5/16/2022	0.00	%
Civica Group Ltd	TL 1L 08/23	12	8		8		8/29/2023	0.00	%
Civica Group Ltd	TL 1L 08/23	222	274		295		8/30/2023	0.04	%
Civica Group Ltd	TL 1L DD 08/23	94	39		42		8/30/2023	0.01	%
Clarience Technologies LLC	TL 1L 02/24	415	411		419		2/13/2024	0.06	%
Clarience Technologies LLC	TL 1L DD 02/24	45	29		29		2/13/2024	0.00	%
CSafe Global	TL 1L 03/24	48	62		65		3/8/2024	0.01	%
CSafe Global	TL 1L 03/24	346	346		349		3/8/2024	0.05	%
CSafe Global	TL 1L DD 03/24	15	15		15		3/8/2024	0.00	%
Dental365 LLC	TL 1L 05/24	87	87		87		5/31/2024	0.01	%
Dental365 LLC	TL 1L DD 05/24	86	49		49		5/31/2024	0.01	%
Dental365 LLC	TL 1L DD 05/24	47	47		47		5/31/2024	0.01	%
Discover Financial Services	TL 1L DD 09/24	767	824		767		9/6/2024	0.11	%
DOXA Insurance Holdings LLC	TL 1L 12/23	48	47		48		12/20/2023	0.01	%
DOXA Insurance Holdings LLC	TL 1L DD 12/23	45	44		44		12/20/2023	0.01	%
Drive DeVilbiss Healthcare LLC	TL 1L 03/21	20,988	20,963		20,778		3/31/2021	2.99	%
Drive DeVilbiss Healthcare LLC	TL 1L 09/22 PIK	3,141	3,141		3,172		9/26/2022	0.46	%
Encora Digital LLC	TL 1L 12/21 PIK	586	577		572		12/20/2021	0.08	%
Envirotainer Ltd	TL 1L B3 01/25	4,740	4,761		5,394		12/30/2024	0.78	%
Envirotainer Ltd	TL 1L B4 01/25	2,412	2,370		2,424		12/30/2024	0.35	%
Envirotainer Ltd	TL 1L DD 01/25	865	—		5		12/13/2024	0.00	%
Excelitas Technologies Corp	TL 1L 08/22	3,442	3,414		3,449		8/11/2022	0.50	%
Excelitas Technologies Corp	TL 1L 08/22	589	602		668		8/11/2022	0.10	%
Excelitas Technologies Corp	TL 1L DD 08/22	117	—		—		8/11/2022	0.00	%
Foresight Energy LLC	TL 1L A 06/20	118	118		114		6/30/2020	0.02	%
Foundation Risk Partners Corp	TL 1L 03/22	815	807		815		4/14/2022	0.12	%
Foundation Risk Partners Corp	TL 1L 10/21	1,302	1,283		1,302		10/29/2021	0.19	%
Foundation Risk Partners Corp	TL 1L DD 03/22	3,293	3,288		3,293		4/14/2022	0.47	%
Foundation Risk Partners Corp	TL 1L DD 10/21	283	281		283		10/29/2021	0.04	%
Galway Partners Holdings LLC	TL 1L 07/24	2,556	2,532		2,556		9/30/2021	0.37	%
Granicus Inc	TL 1L 01/24	165	164		167		1/17/2024	0.02	%
Granicus Inc	TL 1L DD 01/24	24	24		25		1/17/2024	0.00	%
Heritage Environmental Services Inc	TL 1L 01/24	166	164		167		1/31/2024	0.02	%
Highgate Hotels Inc	TL 1L 11/23	105	104		106		11/3/2023	0.02	%
Insight Global LLC	TL 1L 11/24	6,301	6,244		6,332		11/1/2024	0.91	%
Integrity Marketing Group LLC	TL 1L 08/24	8,338	8,337		8,400		12/3/2021	1.21	%
Kestra Financial Inc	TL DD 02/25	615	—		—		2/3/2025	0.00	%
Laboratoires Vivacy SAS	TL 1L B 03/23	792	823		852		3/20/2023	0.12	%
Laboratoires Vivacy SAS	TL 1L DD 03/23	63	11		8		3/20/2023	0.00	%
Lazer Logistics Inc	TL 1L 11/23	4	4		4		11/6/2023	0.00	%
Lazer Logistics Inc	TL 1L B 05/23	195	193		196		5/4/2023	0.03	%


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Issuer(1)	Asset	Par/Shares	Cost		Fair Value		Acquisition Date	% of Net Assets

Lazer Logistics Inc	TL 1L DD 05/23	30	$	29	$	30	5/4/2023	0.00	%
Lazer Logistics Inc	TL 1L DD 11/23	18	7		7		11/6/2023	0.00	%
Magna Legal Services LLC	TL 1L 11/22	226	224		226		11/22/2022	0.03	%
Magna Legal Services LLC	TL 1L DD 11/22	63	63		63		11/22/2022	0.01	%
Magna Legal Services LLC	TL 1L DD 12/23	13	11		11		12/22/2023	0.00	%
MB2 Dental Solutions LLC	TL 1L 02/24	303	300		307		2/13/2024	0.04	%
MB2 Dental Solutions LLC	TL 1L DD 1 02/24	106	34		36		2/13/2024	0.01	%
MB2 Dental Solutions LLC	TL 1L DD 2 02/24	44	43		44		2/13/2024	0.01	%
MB2 Dental Solutions LLC	TL Mezz 10/24 PIK	546	523		529		11/8/2024	0.08	%
Med-Metrix	TL 1L 09/21	1,226	1,214		1,232		9/15/2021	0.18	%
Med-Metrix	TL 1L DD 09/21	624	624		627		9/15/2021	0.09	%
OEConnection LLC	TL 1L 04/24	184	183		183		4/22/2024	0.03	%
OEConnection LLC	TL 1L DD 04/24	32	32		32		4/22/2024	0.00	%
Opendoor Labs Inc	TL DD 02/25	1,487	991		985		2/25/2025	0.14	%
Oxford Global Resources LLC	TL 1L 06/22	6,461	6,380		6,461		6/17/2022	0.93	%
Oxford Global Resources LLC	TL 1L 08/21	1,442	1,428		1,442		8/17/2021	0.21	%
Oxford Global Resources LLC	TL 1L DD 08/21	120	120		120		8/17/2021	0.02	%
Parts Authority Inc	TL 1L 10/20	11,304	10,564		8,828		3/8/2023	1.27	%
PartsSource Inc	TL 1L 10/21	1,292	1,277		1,292		10/18/2021	0.19	%
PartsSource Inc	TL 1L DD 08/21	95	95		95		10/18/2021	0.01	%
PartsSource Inc	TL 1L DD 10/23	368	63		63		3/28/2024	0.01	%
Plaskolite, LLC	TL 1L 04/21	19,364	19,169		18,631		12/21/2023	2.68	%
Pretium Partners LLC P1	P1 Mezz TL Unsec 08/19	532	517		532		6/10/2024	0.08	%
Pretium Partners LLC P2	TL 1L 12/21	3,271	3,203		3,205		12/16/2021	0.46	%
Radwell International LLC	TL 1L 04/22	24	24		24		8/16/2022	0.00	%
Radwell International LLC	TL 1L 12/22	888	888		891		12/1/2022	0.13	%
Rockefeller Capital Management LP	TL 1L 04/24	170	168		170		4/4/2024	0.02	%
ScionHealth	TL 1L B 12/21	2,378	2,269		1,108		12/17/2021	0.16	%
Service Express Inc	TL 1L 08/24	196	195		196		8/15/2024	0.03	%
Service Express Inc	TL 1L DD 08/24	47	10		10		8/15/2024	0.00	%
Shaw Development LLC	TL 1L 10/23	147	146		134		10/30/2023	0.02	%
Shaw Development LLC	TL 1L DD 10/23	18	18		(2)		10/30/2023	0.00	%
SIRVA Worldwide Inc	TL 1L 08/24	269	269		269		8/20/2024	0.04	%
SIRVA Worldwide Inc	TL 1L 08/24	1,122	1,100		1,122		8/20/2024	0.16	%
SIRVA Worldwide Inc	TL 1L DD 08/24	1,008	626		638		8/22/2024	0.09	%
SitusAMC Holdings Corp	TL 1L 12/21	1,176	1,164		1,176		12/22/2021	0.17	%
Spotless Brands LLC	TL 1L 02/23	153	151		155		2/16/2023	0.02	%
Spotless Brands LLC	TL 1L DD 02/23	233	230		236		2/16/2023	0.03	%
Time Manufacturing Co	TL 1L 06/22	374	395		372		6/24/2022	0.05	%
Time Manufacturing Co	TL 1L 12/21	925	914		813		12/1/2021	0.12	%
Time Manufacturing Co	TL 1L 12/21	597	667		594		12/1/2021	0.09	%
Trescal SA	TL 1L B1 05/23	197	213		224		5/3/2023	0.03	%
Trescal SA	TL 1L B2 04/23	216	210		216		4/28/2023	0.03	%
Trescal SA	TL 1L DD 05/23	114	123		129		5/3/2023	0.02	%
Woolpert Inc	TL 1L 05/24	247	247		250		5/8/2024	0.04	%
Woolpert Inc	TL 1L DD 05/24	77	31		32		5/8/2024	0.00	%
Zayo Group LLC	TL 1L B 03/20	5,178	4,768		4,832		3/19/2025	0.70	%
Zellis Holdings Ltd	TL 1L B1 06/24	177	224		233		8/13/2024	0.03	%
Zellis Holdings Ltd	TL 1L B2 DD 06/24	39	18		19		8/13/2024	0.00	%
Zeus Industrial Products Inc	TL 1L 02/24	259	257		261		2/28/2024	0.04	%
Zeus Industrial Products Inc	TL 1L DD 02/24	48	24		25		2/28/2024	0.00	%


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Issuer(1)	Asset	Par/Shares	Cost		Fair Value		Acquisition Date	% of Net Assets

Revolver
3Pillar Global Inc	Revolver 1L 11/21	186	$	58	$	51	11/23/2021	0.01	%
48Forty Solutions LLC	Revolver 1L 03/22	610	232		73		3/11/2022	0.01	%
Affordable Care Inc	Revolver 1L 08/21	177	21		18		8/2/2021	0.00	%
Alacrity Solutions Group LLC	Revolver 1L 02/25	507	—		—		2/28/2025	0.00	%
American Vision Partners	Revolver 1L 09/21	158	76		75		9/30/2021	0.01	%
Amerivet Partners Management Inc	Revolver 1L 02/22	197	—		(1)		2/25/2022	0.00	%
Apex Service Partners LLC	Revolver 1L 09/24	26	—		—		9/24/2024	0.00	%
Avetta LLC	Revolver 1L 07/24	5	5		—		7/26/2024	0.00	%
Avetta LLC	Revolver 1L 07/24	11	—		—		7/26/2024	0.00	%
Cadence Education LLC	Revolver 1L 05/24	18	—		—		5/1/2024	0.00	%
Clarience Technologies LLC	Revolver 1L 02/24	45	3		3		2/13/2024	0.00	%
CSafe Global	Revolver 1L 03/24	36	36		36		3/8/2024	0.01	%
Dental365 LLC	Revolver 1L 05/24	32	4		4		5/31/2024	0.00	%
DOXA Insurance Holdings LLC	Revolver 1L 12/23	10	1		1		12/20/2023	0.00	%
EW Scripps Co/The	Revolver 1L 04/25	381	175		175		4/10/2025	0.03	%
Excelitas Technologies Corp	Revolver 1L 08/22	352	—		—		8/11/2022	0.00	%
Fortna Group Inc	Revolver 1L 01/25	513	342		342		1/24/2025	0.05	%
Foundation Risk Partners Corp	Revolver 1L 10/21	142	—		—		10/29/2021	0.00	%
Galway Partners Holdings LLC	Revolver 1L 09/21	205	80		80		9/30/2021	0.01	%
Granicus Inc	Revolver 1L 01/24	23	2		2		1/17/2024	0.00	%
Heritage Environmental Services Inc	Revolver 1L 01/24	23	—		—		1/31/2024	0.00	%
Highgate Hotels Inc	Revolver 1L 11/23	13	5		5		11/3/2023	0.00	%
Insight Global LLC	Revolver 1L 11/24	428	55		55		11/1/2024	0.01	%
Lazer Logistics Inc	Revolver 1L 05/23	24	6		6		5/4/2023	0.00	%
Magna Legal Services LLC	Revolver 1L 11/22	27	—		—		11/22/2022	0.00	%
MB2 Dental Solutions LLC	Revolver 1L 02/24	21	2		2		2/13/2024	0.00	%
Med-Metrix	Revolver 1L 09/21	159	—		—		9/15/2021	0.00	%
OEConnection LLC	Revolver 1L 04/24	20	20		—		4/22/2024	0.00	%
Oxford Global Resources LLC	Revolver 1L 08/21	129	—		—		8/17/2021	0.00	%
PartsSource Inc	Revolver 1L 10/21	87	80		80		10/18/2021	0.01	%
Radwell International LLC	Revolver 1L 04/22	68	14		14		12/1/2022	0.00	%
Service Express Inc	Revolver 1L 08/24	27	—		—		8/15/2024	0.00	%
Time Manufacturing Co	Revolver 1L 12/21	154	111		92		12/1/2021	0.01	%
Tropicana Products Inc	Revolver 1L 02/25	530	424		424		2/27/2025	0.06	%
Woolpert Inc	Revolver 1L 05/24	39	3		3		5/8/2024	0.00	%
Zeus Industrial Products Inc	Revolver 1L 02/24	36	—		—		2/28/2024	0.00	%
High Yield
Global Lending Services LLC	12.500% 02/2033	150	150		150		2/5/2025	0.02	%
Global Lending Services LLC	12.500% 12/2032	141	141		141		8/5/2024	0.02	%
Global Lending Services LLC	12.500% 12/2032	140	140		140		11/5/2024	0.02	%
IQUW UK Ltd	8.807% 01/2035	3,552	3,552		3,552		3/19/2025	0.51	%
Ultra Electronics Holdings Ltd	7.25% 01/2030	2,162	2,116		2,162		8/4/2022	0.31	%
Ultra Electronics Holdings Ltd	9.0% PIK 01/2031	2,798	2,744		2,798		8/4/2022	0.40	%
Zayo Group LLC	4.000% 03/2027	6,234	5,812		5,750		10/17/2023	0.83	%
Asset Backed Securities
Santander Mortgage Asset Receivable Trust 2025-NQM1	SAN 2025-NQM1 AIOS	46,622	384		395		3/14/2025	0.06	%
Santander Mortgage Asset Receivable Trust 2025-NQM1	SAN 2025-NQM1 B2	757	734		734		3/14/2025	0.11	%
Santander Mortgage Asset Receivable Trust 2025-NQM1	SAN 2025-NQM1 B3	781	762		762		3/14/2025	0.11	%
Santander Mortgage Asset Receivable Trust 2025-NQM1	SAN 2025-NQM1 XS	46,622	1,596		1,632		3/14/2025	0.24	%
Equity & Other Investments
Affordable Care Inc	11.750% 12/2069 PIK	677,000	664		680		8/2/2021	0.10	%


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


Issuer(1)	Asset	Par/Shares	Cost		Fair Value		Acquisition Date	% of Net Assets

Alacrity Solutions Group LLC	8.000% Pref Equity	674	834		674		2/28/2025	0.10	%
Alacrity Solutions Group LLC	Common Stock	630	$	699	$	312	2/28/2025	0.04	%
Altitude II	Private Equity	574,255	574		616		12/15/2022	0.09	%
American Vision Partners	Private Equity	53,939	55		41		9/30/2021	0.01	%
Amerivet Partners Management Inc	11.500% 12/2059 PIK	298	289		214		2/25/2022	0.03	%
Auxilior Capital Partners Inc	14.500% 04/2030	1	100		100		4/30/2024	0.01	%
Avenue One PropCo	Private Equity	2,443,830	2,444		2,061		3/15/2024	0.30	%
Belk Inc	Common Stock	9,586	149		245		7/22/2024	0.04	%
Discover Financial Services	Private Equity	424,627	425		438		9/6/2024	0.06	%
Foresight Energy LLC	Common Stock	17,979	205		57		6/30/2020	0.01	%
Global Lending Services LLC	Private Equity	107,831	108		125		8/5/2024	0.02	%
Kestra Financial Inc	12.000% PIK 12/2031	123	123		123		2/3/2025	0.02	%
Magna Legal Services LLC	Common Stock	618	62		88		11/22/2022	0.01	%
MB2 Dental Solutions LLC	Warrants 08/15/2031	21,438	10		9		11/14/2024	0.00	%
Med-Metrix	8.000% 12/2050 PIK	597	30		60		9/15/2021	0.01	%
Med-Metrix	Common Stock	597	30		102		9/15/2021	0.01	%
Pretium Partners LLC P2	Private Equity	1,635,306	1,603		1,842		12/16/2021	0.27	%
Pure Gym Ltd	Private Equity	1,416,469	1,925		2,588		1/28/2022	0.37	%
SIRVA Worldwide Inc	15.250% 08/2030 (Class A)	490	486		15		8/20/2024	0.00	%
SIRVA Worldwide Inc	15.250% 08/2030 (Class B)	15	7		—		8/20/2024	0.00	%
SIRVA Worldwide Inc	Common Stock (Class A)	2,131	6		—		8/20/2024	0.00	%
SIRVA Worldwide Inc	Common Stock (Class B)	1,646	2		—		8/20/2024	0.00	%
SunPower Financial	Private Equity	27,384	27		29		6/7/2023	0.00	%
TDC LLP	Private Equity	9,880	12		13		6/29/2023	0.00	%
TDC LLP	8.000% 06/2049 Pref Equity	201,765	256		273		4/24/2023	0.04	%
Ultra Electronics Holdings Ltd	Private Equity (B Shares)	43,729	—		81		9/8/2022	0.01	%
Ultra Electronics Holdings Ltd	Private Equity	13,548,132	156		251		8/2/2022	0.04	%
Yak Access LLC	Common Stock	11,000	—		29		3/10/2023	0.00	%
			$	206,662	$	204,117

(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 Securities		Asset Backed Securities		Equity & Other Investments

Balances as of October 31, 2024	$	150,874	$	5,018	$	66,168	$	27,563
Purchases	26,772		4,170		59,367		18,470
Sales and paydowns	(19,959)		—		(41,064)		(98)
Accretion of discounts (premiums)	131		7		5		(4)
Net change in appreciation (depreciation)	5,527		83		(2,205)		(6,101)
Net realized gains (losses)	(10,378)		—		41		—


Balances as of April 30, 2025	$	152,967	$	9,278	$	82,312	$	39,830
Net change in appreciation (depreciation) on investments held at April 30, 2025	$	4,619	$	83	$	(1,542)	$	(6,031)


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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(1)

Unobservable Inputs(2)

Range (Weighted Average)(3)

Impact to Valuation from an Increase in Input

Leveraged Loans

152,967

Yield Analysis

Yield

2.9% - 17.5% (10.2%)

Decrease

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

82,312

Yield Analysis

Discount Margin

1.0% - 9.1% (6.8%)

Decrease

Discounted Cash Flows

Probability of Default

2.0%

Decrease

Constant Prepayment Rate (4)

20.0%

Increase

Equity & Other Investments

39,830

Market Comparables

LTM EBITDA Multiple

3.0x - 15.0x (7.9x)

Increase

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

9,278

Yield Analysis

Yield

11.6% - 13.5% (12.8%)

Decrease

Discount Margin

1.7%

Decrease

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. 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	$	308,979
Sales	$	270,113

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

7. 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


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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 Request Deadline	Percentage of Outstanding Shares the Fund Offered to Repurchase(1)	Repurchase Pricing Date	Pricing Date NAV		Amount Repurchased (in thousands)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased

1/10/2025	10%	1/10/2025	$	23.29	$	13,093	565,770	1.86%
4/11/2025	10%	4/11/2025	$	22.20	$	41,460	1,857,278	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			Year Ended October 31, 2024
	Shares	Amount (in thousands)		Shares	Amount (in thousands)
Shares Sold
Class D	—	$	—	—	$	—
Class I	499,157	11,983		1,363,559	32,654
Class T	93,144	2,163		276,336	6,614
Class U	722,875	16,525		2,500,271	57,441
Class PT	12,000	300		—	—

Reinvested Dividends
Class D	—	—		—	—
Class I	214,891	5,107		496,430	11,955
Class T	44,906	1,057		94,044	2,247
Class U	504,917	11,437		1,219,045	27,981
Class PT	—	—		—	—


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)


	Six Months Ended April 30, 2025			Year Ended October 31, 2024
	Shares	Amount (in thousands)		Shares	Amount (in thousands)
Shares Redeemed
Class D	—	—		(41,570)	(921)
Class I	(958,047)	(22,033)		(531,477)	(12,891)
Class T	(219,852)	(4,992)		(28,755)	(683)
Class U	(1,245,149)	(27,528)		(2,870,046)	(65,989)
Class PT	—	—		—	—

Shares Exchanged
Class D	—	—		—	—
Class I	1,266	30		—	—
Class T	33,168	798		—	—
Class U	(35,880)	(828)		—	—
Class PT	—	—		—	—
Net (Decrease) Increase in Net Assets	(332,604)	$	(5,981)	2,477,837	$	58,408

8. 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*	$	28,343	$	28,343
October 31, 2024	61,529		61,529

*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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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

$	1,217	$	5,071	$	(54,468)	$	(48,180)

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

$	943,163	$	30,266	$	(25,195)	$	5,071

10. 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	$	7,336
Unused commitment fees	73
Amortization of deferred financing costs	73
Total interest expense	$	7,482
Weighted average interest rate	5.73		%
Average borrowings	$	258,245

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


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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. 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. 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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

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.

The Personal Information We Collect and How We Collect It

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

•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;

•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

•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.

How and Why We Share Personal Information

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.

•For everyday business purposes: KKR shares personal information for everyday business purposes, such as to

•process your transactions;

•provide financial products or services to you;

•maintain your investment(s);

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

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

•respond to court orders and legal investigations.

You cannot limit sharing by KKR for everyday business purposes.

•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.

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

•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.


			Credit Opportunities Portfolio			April 30, 2025 (Unaudited)

•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.

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

•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.

How We Protect Your Personal Information

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.

Definitions

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.

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable for semi-annual report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual report.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(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.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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).

Item 15. Submission of Matters to a Vote of Security Holders.

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.

Item 16. Controls and Procedures.

(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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Item 18. Recovery of Erroneously Awarded Compensation

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

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

(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.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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.

KKR Credit Opportunities Portfolio

By /s/ Rudy Pimentel

Rudy Pimentel, President

Date June 25, 2025

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 /s/ Rudy Pimentel

Rudy Pimentel, President

Date June 25, 2025

By /s/ Thomas Murphy

Thomas Murphy, Treasurer, Chief Accounting

Officer & Chief Financial Officer

Date June 25, 2025