[SCHEDULE 13G/A] KKR INCOME OPPORTUNITIES FUND SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A Amendment No. 1 highlights Sit Investment Associates, Inc. (SIA) and Sit Fixed Income Advisors II, LLC (SFI) as institutional investors in KKR Income Opportunities Fund (ticker: KIO). The filing, triggered by the 30 June 2025 measurement date, states that the two registered investment advisers jointly hold 1,763,303 shares of KIO common stock, representing 4.3 % of the outstanding 40,870,580 shares as disclosed in the issuer’s 30 April 2025 Form N-CSRS.

Voting and dispositive powers: SIA and SFI report shared voting and shared dispositive power over 1,763,303 shares and no sole power. All shares are owned by client accounts managed by the advisers; the firms expressly disclaim beneficial ownership under Rule 13d-4.

Regulatory classification: Each filer is classified as an Investment Adviser (IA) under Rule 13d-1(b)(1)(ii)(E). The certification section confirms that the shares were acquired in the ordinary course of business, not to influence control of the issuer.

Ownership threshold: Item 5 indicates the ownership now stands at “5 percent or less of a class,” explaining the amendment to Schedule 13G rather than Schedule 13D.

Key dates and signatories: The filing is signed by Paul E. Rasmussen, Vice President, on 3 July 2025.

Positive

• None.

Negative

• Institutional ownership now below the 5 % reporting threshold, implying reduced stake or dilution and slightly less potential influence by Sit Investment Associates.

Insights

Institutional Ownership Analyst

TL;DR 4.3 % stake by Sit group keeps KIO below 5 % threshold; signals limited influence, modest liquidity event.

The amendment shows that Sit Investment Associates and its subsidiary collectively manage 4.3 % of KIO’s shares, falling under the 5 % level that triggers heightened disclosure. Shared, rather than sole, voting and dispositive power underscores that the position is spread across multiple client accounts, not a concentrated house position. Because the advisers disclaim beneficial ownership and certify ordinary-course activity, this does not suggest an activist stance. The filing neither reveals buying nor selling detail, yet the move from over 5 % (implied by the need for an amendment) to 4.3 % hints at net sales or dilution. For investors, the impact is neutral-to-slightly-negative: a well-known institutional holder’s stake is modest but still material, while the step below 5 % removes the visibility of future 13G updates unless the threshold is crossed again.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

KKR Income Opportunities Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

48249T106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 48249T106

1

Names of Reporting Persons

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,763,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,763,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,763,303.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 48249T106

1

Names of Reporting Persons

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,763,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,763,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,763,303.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KKR Income Opportunities Fund
(b)	Address of issuer's principal executive offices: 555 California Street, 50th Floor, San Francisco, CA 94104
Item 2.
(a)	Name of person filing: Sit Investment Associates, Inc. Sit Fixed Income Advisors II, LLC
(b)	Address or principal business office or, if none, residence: c/o Sit Investment Associates, Inc. 80 South Eighth Street, Suite 3300 Minneapolis, MN 55402
(c)	Citizenship: Sit Investment Associates, Inc. Minnesota Sit Fixed Income Advisors II, LLC Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 48249T106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to item 9 on each cover page.
(b)	Percent of class: See response to item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to item 8 on each cover page. The ownership percentages reported are based on 40,870,580 shares of common stock outstanding as of April 30, 2025, as reported in the Issuer's Report on Form N-CSRS. Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities. Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

FAQ

How many KIO shares do Sit Investment Associates and its affiliate own?

They report 1,763,303 KIO common shares.

What percentage of KIO’s outstanding shares does this represent?

The stake equals 4.3 % of the 40,870,580 shares outstanding as of 30 April 2025.

Do Sit Investment Associates and Sit Fixed Income Advisors have sole or shared voting power?

They have shared voting and shared dispositive power over all reported shares and no sole power.

Why was a Schedule 13G/A amendment filed?

Because their ownership is now at or below 5 %, necessitating an update under Rule 13d-2 to reflect the new level.

Are the shares held for control purposes?

No. The certification states the securities were acquired in the ordinary course of business, not to change or influence control of KIO.