Michael E. Cahill - Feb 28, 2023 Form 4 Insider Report for KKR Income Opportunities Fund (KIO)

Role: Director
Signature: /s/ Mike Nguyen, Attorney-in-Fact
Stock symbol: KIO
Transactions as of: Feb 28, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/3/2023, 12:42 PM
Previous filing: Feb 21, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KIO	Common Stock	Exercise of in-the-money or at-the-money derivative security		+917	+12.51%		8.25K	Feb 28, 2023	Direct	F1, F2, F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	KIO	Oversubscription Privilege (contingent right to buy)	Exercise of in-the-money or at-the-money derivative security		-917	-100%		0	Feb 28, 2023	Common Stock	917		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On January 12, 2023, KKR Income Opportunities Fund (the "Fund") announced the commencement of a pro rata offering (the "Rights Offering") of transferable rights (the "Rights") to holders of the Fund's common shares, as of the record date of January 23, 2023 ("Record Date Shareholder"), entitling the holders of such rights to subscribe for up to an aggregate of 6,780,105 of the Fund's common shares. Record Date Shareholders received one Right for each outstanding whole common share held on the record date. The Rights entitle their holders to purchase one new common share for every three Rights held. The subscription price per common share is $10.75 (the "basic subscription privilege"). The Rights Offering also includes an oversubscription privilege, which will entitle holders who fully exercise their basic subscription privilege the right to purchase at a price of $10.75 per common share, additional common shares of the Fund, (continued in footnote 2)
F2	subject to availability and pro rata allocation of shares among Record Date Shareholders exercising such oversubscription privilege. The reporting person exercised his basic subscription privilege and oversubscription privilege and expects to participate in the Fund's allocation of available shares at the close of the subscription period. The subscription rights expired if they were not exercised by 5:00 p.m. Eastern time on February 16, 2023.
F3	Following the conclusion of the Rights Offering, the common shares that were not purchased by other Record Date Shareholders were allocated pro rata among Rights holders exercising their oversubscription privileges based on the number of common shares of the Fund each of those Rights holders owned on the record date and subject to the amount of shares such holder subscribed for. On February 16, 2023, the reporting person exercised his basic subscription rights and oversubscription privileges in full to purchase common shares of the Fund issued in the Rights Offering. The reporting person purchased 1,833 common shares of the Fund from the exercise of his basic subscription rights (previously reported in a Form 4 filed on February 21, 2023), plus an additional 917 common shares of the Fund pursuant to the oversubscription privileges associated with the reporting person's subscription rights on the basis of the Fund's allocation of common shares, (continued in footnote 4)
F4	as of the closing of the subscription period. On February 28, 2023, the third-party subscription agent for the Rights Offering determined the allocations to be made to the Record Date Shareholders who exercised their oversubscription privileges.