# EDGAR Filing Document

**Accession Number:** 0001990685
**File Stem:** 0000894189-25-014260
**Filing Date:** 2025-11
**Character Count:** 31162
**Document Hash:** 21fe6b52dfa72336e7be719b9b3af1f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014260.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014260

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Niagara Income Opportunities Fund
- **CENTRAL INDEX KEY:** 0001990685

**ORGANIZATION NAME:**
- **EIN:** 932832697
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23902
- **FILM NUMBER:** 251508382

**BUSINESS ADDRESS:**
- **STREET 1:** 3550 LENOX ROAD NE
- **STREET 2:** SUITE 2550
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** 770-350-8700

**MAIL ADDRESS:**
- **STREET 1:** 3550 LENOX ROAD NE
- **STREET 2:** SUITE 2550
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Niagara Income Opportunities Fund

- **b. Investment Company Act file number:** 811-23902

- **c. CIK number of Registrant:** 0001990685

- **d. LEI of Registrant:** 529900XNQ2EGEUW6XR21

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3550 Lenox Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

  - **Telephone number:** 770-350-8700

**Item A.2. Information about the Series.**

- **a. Name of Series:** Niagara Income Opportunities Fund

- **c. LEI of Series:** 529900XNQ2EGEUW6XR21

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $132013355.21

**Total Liabilities:** $3035163.01

**Net Assets:** $128978192.20

**Cash Not Reported:** $37355.80

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 758.628455000000 | **1-Year:** 1919.763957000000 | **5-Year:** 718.576556000000 | **10-Year:** 3.596159000000 | **30-Year:** 71.994596000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.89%                | 0.78%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-695709.06                                |
| Month 2  | $3388.80                 | $275542.20                                 |
| Month 3  | $0.00                    | $-75443.82                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| REVERE SPECIALTY FINANCE FUND LP    | REVERE SPECIALTY FINANCE FUND LP         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3475000 | PA      | $3651957.43   | 2.83%             |  |  |  | No            | N/A                | On Loan: No      |
| RevTek SPV Loan                     | RevTek SPV Loan                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   5950000 | PA      | $5950000.00   | 4.61%             | 2028-09-30      | Fixed         | 14.00%                | No            | 3                  | On Loan: No      |
| Virage                              | Virage                                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    404986 | PA      | $404985.72    | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| EAJF LEVERAGED FEEDER LP            | EAJF LEVERAGED FEEDER LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   6400000 | PA      | $7343609.60   | 5.69%             |  |  |  | No            | N/A                | On Loan: No      |
| C-Cubed NCF                         | C-Cubed NCF                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1800000 | PA      | $1800000.00   | 1.40%             | 2025-11-15      | Fixed         | 18.00%                | No            | 3                  | On Loan: No      |
| Delgatto Participation - SAFDICO    | Delgatto Participation - SAFDICO         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1075000 | PA      | $1075000.00   | 0.83%             | 2025-11-08      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - Zoya2      | Delgatto Participation - Zoya2           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.12%             | 2026-02-04      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| HFSA LLC                            | HFSA LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  12175000 | PA      | $12565500.95  | 9.74%             |  |  |  | No            | N/A                | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $300000.00    | 0.23%             | 2026-01-07      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-07-08      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    700000 | PA      | $700000.00    | 0.54%             | 2026-08-03      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Iron Note                       | Ivy Iron Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-01-03      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Oak Institutional Credit Solutions  | Oak Institutional Credit Solutions       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   4600000 | PA      | $4725143.00   | 3.66%             |  |  |  | No            | N/A                | On Loan: No      |
| Bank of Orrick                      | Bank of Orrick                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1521529.50   | 1.18%             | 2026-12-31      | Fixed         | 15.50%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.39%             | 2027-05-21      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-01-25      | Fixed         | 11.16%                | No            | 3                  | On Loan: No      |
| REVERE BC                           | REVERE BC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $522845.00    | 0.41%             | 2029-03-01      | Fixed         | 15.54%                | No            | 3                  | On Loan: No      |
| First American Treasury Obliga      | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  14075965 | NS      | $14075965.04  | 10.91%            |  |  |  | No            | 1                  | On Loan: No      |
| Aero Capital Solutions Fund IV, LP  | Aero Capital Solutions Fund IV, LP       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    689862 | PA      | $777508.28    | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Bay Point                           | Bay Point                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    285793 | PA      | $289976.28    | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel LS LLC - Funding Account | Coromandel LS LLC - Funding Account      | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9500000 | PA      | $9718889.50   | 7.54%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Note                     | Coromandel Note                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2823413 | PA      | $2823413.26   | 2.19%             | 2027-03-01      | Floating      | 13.24%                | No            | 3                  | On Loan: No      |
| Coromandel Note                     | Coromandel Note                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $1000000.00   | 0.78%             | 2027-04-15      | Floating      | 13.24%                | No            | 3                  | On Loan: No      |
| DELGATTO PARTICIPATION - ASSIL      | DELGATTO PARTICIPATION - ASSIL           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 1.16%             | 2026-03-10      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Delgatto Participation - LuxTech 2  | Delgatto Participation - LuxTech 2       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     25000 | PA      | $25000.00     | 0.02%             | 2025-10-28      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - RIODIA3    | Delgatto Participation - RIODIA3         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    650000 | PA      | $650000.00    | 0.50%             | 2026-01-22      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - Zoya       | Delgatto Participation - Zoya            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    300000 | PA      | $300000.00    | 0.23%             | 2025-12-05      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-07-20      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250000.00    | 0.19%             | 2026-08-10      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-07-20      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600000 | PA      | $600000.00    | 0.47%             | 2026-06-10      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $1000000.00   | 0.78%             | 2026-11-14      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $300000.00    | 0.23%             | 2026-05-31      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600000 | PA      | $600000.00    | 0.47%             | 2026-07-27      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| FBO Monroe Income Plus Corporation  | FBO Monroe Income Plus Corporation       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   1300000 | PA      | $1334036.60   | 1.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Revere Specialty The Hill           | Revere Specialty The Hill                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   3100000 | PA      | $3281923.50   | 2.54%             | 2026-12-31      | Fixed         | 10.20%                | No            | 3                  | On Loan: No      |
| Chicago Atlantic Note               | Chicago Atlantic Note                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $2000000.00   | 1.55%             | 2027-06-30      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| Coromandel Note                     | Coromandel Note                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    200000 | PA      | $200000.00    | 0.16%             | 2027-03-08      | Floating      | 13.24%                | No            | 3                  | On Loan: No      |
| Delgatto Participation - RIODIA4    | Delgatto Participation - RIODIA4         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.12%             | 2026-03-24      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $750000.00    | 0.58%             | 2027-02-15      | Fixed         | 11.97%                | No            | 3                  | On Loan: No      |
| TAIRIDGE                            | TAIRIDGE                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3000000 | PA      | $3029796.00   | 2.35%             |  |  |  | No            | N/A                | On Loan: No      |
| Delgatto Participation - PGAMM      | Delgatto Participation - PGAMM           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $750000.00    | 0.58%             | 2026-02-12      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-08-06      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1762500 | PA      | $1762500.00   | 1.37%             | 2026-06-18      | Fixed         | 12.11%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $750000.00    | 0.58%             | 2026-02-15      | Fixed         | 11.47%                | No            | 3                  | On Loan: No      |
| Delgatto Participation - SDDIA2     | Delgatto Participation - SDDIA2          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    310000 | PA      | $310000.00    | 0.24%             | 2026-03-04      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    400000 | PA      | $400000.00    | 0.31%             | 2025-10-19      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Revere Specialty Finance REFD       | Revere Specialty Finance REFD            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2000000 | PA      | $2081686.00   | 1.61%             |  |  |  | No            | N/A                | On Loan: No      |
| Delgatto Diamond Finance Fund LP    | Delgatto Diamond Finance Fund LP         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    700000 | PA      | $777742.00    | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1762500 | PA      | $1762500.00   | 1.37%             | 2026-12-18      | Fixed         | 12.61%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    300000 | PA      | $300000.00    | 0.23%             | 2026-08-20      | Fixed         | 12.28%                | No            | 3                  | On Loan: No      |
| Altriarch SPV Loan                  | Altriarch SPV Loan                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   8300000 | PA      | $8300000.00   | 6.44%             | 2025-12-31      | Fixed         | 8.00%                 | No            | 3                  | On Loan: No      |
| Coromandel LS LLC                   | Coromandel LS LLC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1006250 | PA      | $1018290.79   | 0.79%             | 2028-06-30      | Floating      | 14.19%                | No            | 3                  | On Loan: No      |
| Holbrook Structured Income Fun      | Holbrook Structured Income Fund          | CUSIP: 90214Q626<br>LEI: 549300VN9LSTDZVMEG10 | Long             | EC               | RF                | US        |    317574 | NS      | $3109052.97   | 2.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Coromandel LS LLC                   | Coromandel LS LLC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    743750 | PA      | $752592.44    | 0.58%             | 2028-06-30      | Floating      | 14.19%                | No            | 3                  | On Loan: No      |
| Delgatto Participation 1            | Delgatto Participation 1                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    225000 | PA      | $225000.00    | 0.17%             | 2026-03-10      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| DELGATTO PARTICIPATION-BRDIA        | DELGATTO PARTICIPATION-BRDIA             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    162500 | PA      | $162500.00    | 0.13%             | 2026-02-28      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - WRISTA2    | Delgatto Participation - WRISTA2         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.78%             | 2025-12-18      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation- YAFASJ2     | Delgatto Participation- YAFASJ2          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-03-27      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2025-12-24      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250000.00    | 0.19%             | 2026-04-19      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Auto Note                       | Ivy Auto Note                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-07-07      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $750000.00    | 0.58%             | 2026-07-01      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250000.00    | 0.19%             | 2026-05-18      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-12-13      | Fixed         | 12.49%                | No            | 3                  | On Loan: No      |
| Parabilis Note                      | Parabilis Note                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-05-09      | Fixed         | 11.63%                | No            | 3                  | On Loan: No      |
| Cliffwater Enhanced Lending Fu      | Cliffwater Enhanced Lending Fund         | CUSIP: 18685P108<br>LEI: 549300GSOYHH68H7U345 | Long             | EC               | RF                | US        |      1650 | NS      | $18334.56     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Atlantic Fund Note          | Chicago Atlantic Fund Note               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   4850000 | PA      | $4850000.00   | 3.76%             | 2027-06-30      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| Delgatto Participation - Auro       | Delgatto Participation - Auro            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    984631 | PA      | $984630.77    | 0.76%             | 2026-03-03      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - LuxTech 3  | Delgatto Participation - LuxTech 3       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    120000 | PA      | $120000.00    | 0.09%             | 2025-12-12      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - RAFKA      | Delgatto Participation - RAFKA           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    300000 | PA      | $300000.00    | 0.23%             | 2025-10-02      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1750000 | PA      | $1750000.00   | 1.36%             | 2026-04-22      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-06-25      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| Ivy Battery Note                    | Ivy Battery Note                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500000.00    | 0.39%             | 2026-02-03      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| NUVEEN/CHURCHILL PCAP               | NUVEEN/CHURCHILL PCAP                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2250000 | PA      | $2263324.50   | 1.75%             |  |  |  | No            | N/A                | On Loan: No      |
| Revere Specialty The Hill           | Revere Specialty The Hill                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1591479.00   | 1.23%             | 2025-06-01      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| VOF Loan                            | VOF Loan                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | PF                | US        |   1874914 | PA      | $1874914.33   | 1.45%             | 2028-12-20      | Fixed         | 18.25%                | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-20

**Name of Applicant:** Niagara Income Opportunities Fund

**Signature:** /s/ Parimal Patel

**Name of Signer:** Parimal Patel

**Title:** Chief Compliance Officer