# EDGAR Filing Document

**Accession Number:** 0001751156
**File Stem:** 0000894189-25-013476
**Filing Date:** 2025-11
**Character Count:** 65540
**Document Hash:** edc285d5c86562c9cb9c626db97dc66d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013476.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000894189-25-013476

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELLINGTON INCOME OPPORTUNITIES FUND
- **CENTRAL INDEX KEY:** 0001751156

**ORGANIZATION NAME:**
- **EIN:** 831646576
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23389
- **FILM NUMBER:** 251473647

**BUSINESS ADDRESS:**
- **STREET 1:** 8000 NORMAN CENTER DRIVE
- **STREET 2:** SUITE 630
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55437
- **BUSINESS PHONE:** 952-897-5363

**MAIL ADDRESS:**
- **STREET 1:** 8000 NORMAN CENTER DRIVE
- **STREET 2:** SUITE 630
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55437

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ellington Income Opportunities Fund** | **Ellington Income Opportunities Fund** | |  | | |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | |  | | |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | |  | | |
| **Current Principal**<br> **Amount/**<br> **Shares** | **Description** | **Rate <sup>(2)</sup>** | **Maturity** | **Percentage of** <br> **Net Assets** | **Fair Value** |
| **Asset Backed Securities (92.76%)<sup>(1)</sup>** | **Asset Backed Securities (92.76%)<sup>(1)</sup>** | |  | | |
| **Aircraft Leases (9.24%)** | **Aircraft Leases (9.24%)** | |  | | |
| 102248 | AASET 2021-1A Class C <sup>(3)</sup> | 5.82% | 11/16/2041 | 0.22% | $83327 |
| 653433 | Blackbird Capital Aircraft 2021-1A Class B <sup>(3)</sup> | 3.45% | 07/15/2046 | 1.65% | 625709 |
| 741969 | Raptor Aircraft Finance LLC 2019-1 Class A <sup>(3)</sup> | 4.21% | 08/23/2044 | 1.79% | 677809 |
| 1050000 | Skyline Aircraft Finance LLC (Westjet) <sup>(5)</sup> | 0.00% | 07/27/2038 | 2.64% | 997500 |
| 784318 | SOLRR Aircraft 2021-1 Limited Class C <sup>(3)</sup> | 5.68% | 10/15/2046 | 2.01% | 759200 |
| 400746 | Stonepeak 2021-1A Class D <sup>(3)</sup> | 7.14% | 02/28/2033 | 0.93% | 352741 |
|  |  |  |  |  | 3496286 |
| **Asset Backed Securities by SBA Confirmation of Originator Fee Certificates (2.99%)** | **Asset Backed Securities by SBA Confirmation of Originator Fee Certificates (2.99%)** | **Asset Backed Securities by SBA Confirmation of Originator Fee Certificates (2.99%)** |  |  |  |
| 26764924 | Stifel SBA IO Trust Series 25-1A Class A1 <sup>(3)(5)</sup> | 1.84% | 08/15/2038 | 2.99% | 1132263 |
|  |  |  |  |  | 1132263 |
| **Auto Loans (5.84%)** | **Auto Loans (5.84%)** |  |  |  |  |
| 770000 | Flagship Credit Auto Trust Series 24-1 Class E SUB <sup>(3)</sup> | 8.60% | 05/15/2031 | 1.89% | 716100 |
| 1470000 | Santander Bank Auto Credit - Linked Notes 24-B Class F <sup>(3)</sup> | 8.88% | 01/18/2033 | 3.95% | 1494905 |
|  |  |  |  |  | 2211005 |
| **Collateralized Debt Obligations (2.64%)** | **Collateralized Debt Obligations (2.64%)** |  |  |  |  |
| 1000000 | BDS Ltd. 24FL 13 Class E (1 Month SOFR + 4.44%, 0.00% Floor) <sup>(3)</sup> | 8.57% | 09/19/2039 | 2.64% | 997825 |
|  |  |  |  |  | 997825 |
| **Collateralized Loan Obligations (33.72%)** | **Collateralized Loan Obligations (33.72%)** |  |  |  |  |
| 1200000 | Alinea CLO Ltd. Series 18-1A Class ER (3 Month SOFR + 5.95%, 0.00% Floor) <sup>(3)(4)</sup> | 10.28% | 07/20/2031 | 3.16% | 1196771 |
| 1500000 | ArrowMark Partners - Elevation CLO Ltd. Series 13-1A Class ER3 (3 Month SOFR + 7.75%, 7.75% Floor) <sup>(3)(4)</sup> | 11.97% | 07/25/2038 | 3.97% | 1498274 |
| 2100000 | AXA Investment Managers - Allegro CLO Ltd. 2018-1A SUB <sup>(3)(5)</sup> | 0.00% | 06/13/2031 | 0.06% | 23850 |
| 1500000 | Black Diamond CLO Ltd. Series 22-1A Class E (3 Month SOFR + 7.50%, 7.50% Floor) <sup>(3)</sup> | 11.82% | 10/25/2035 | 3.97% | 1499102 |
| 1230000 | BlackRock Financial Management - CLO Series 23-1A Class D (3 Month SOFR + 6.56%, 6.56% Floor) <sup>(3)(4)</sup> | 10.89% | 04/20/2035 | 3.24% | 1226505 |
| 1385000 | BlackRock Financial Management - Magnetite CLO Ltd. 2021-30A SUB <sup>(3)</sup> | 0.00% | 10/25/2037 | 2.20% | 831000 |
| 50000 | Blue Owl Capital - Tralee CDO Ltd. 2018-5A Class FR (3 Month SOFR + 0.26%, 8.89% Floor) <sup>(3)(5)</sup> | 13.48% | 10/20/2034 | 0.10% | 36938 |
| 800000 | Blue Owl Capital - Tralee CDO Ltd. 2018-5A Class SUB <sup>(3)(5)</sup> | 0.00% | 10/20/2034 | 0.23% | 87969 |
| 1250000 | Blue Owl Capital - Tralee CDO Ltd. Series 19-6A Class DRR (3 Month SOFR + 4.10%, 4.10% Floor) <sup>(3)(4)</sup> | 8.42% | 10/25/2032 | 3.29% | 1244168 |
| 1000000 | Crown Point CLO Ltd. 19-8A Class DR (3 Month SOFR + 3.70%, 3.96% Floor) <sup>(3)(4)</sup> | 8.29% | 10/20/2034 | 2.65% | 1003584 |
| 1250000 | Greywolf Capital Management CLO Ltd. 2019-1A SUB <sup>(3)(5)</sup> | 0.00% | 04/17/2034 | 0.79% | 298980 |
| 1100000 | MJX Asset Management - Venture CDO Ltd. 2016-24A SUB <sup>(3)(5)</sup> | 0.00% | 10/20/2028 | 0.00% | 110 |
| 600000 | MJX Asset Management - Venture CDO Ltd. 2018-32A SUB <sup>(3)</sup> | 0.00% | 07/18/2031 | 0.00% | 60 |
| 470000 | MJX Asset Management - Venture CDO Ltd. 2018-34A SUB <sup>(3)(5)</sup> | 0.00% | 10/15/2031 | 0.01% | 3525 |
| 5000000 | Neuberger Berman CLO Ltd. Series 2019-35A Class BI <sup>(3)(5)</sup> | 3.64% | 01/19/2033 | 1.12% | 423680 |
| 990000 | New Your Life Investments - MCF CLO LLC Series 19-1A Class ER (3 Month SOFR + 8.06%, 8.06% Floor) <sup>(3)</sup> | 12.38% | 04/17/2036 | 2.63% | 995093 |
| 1400000 | OFS Capital Management OFSI Fund Ltd. 2018-1A SUB <sup>(3)(5)</sup> | 0.00% | 07/31/2118 | 0.03% | 10500 |
| 1332000 | OFSBS-2018-1A-FEE <sup>(5)</sup> | 0.00% | 10/15/2026 | 0.00% | 133 |
| 250000 | Seix Advisors - Mountain View CLO Ltd. Series 22-1A Class DR (3 Month SOFR + 4.19%, 4.19% Floor) <sup>(3)(5)</sup> | 8.51% | 04/15/2034 | 0.65% | 247307 |
| 1000000 | Sound Point Capital Management - Blue Mountain CLO Ltd. 2018-2A Class SUB <sup>(3)(5)</sup> | 0.00% | 08/15/2031 | 0.00% | 100 |
| 1200000 | Vibrant Partners CLO Ltd. 2018-8A Class SUB <sup>(3)</sup> | 0.00% | 01/20/2031 | 0.00% | 120 |
| 1100000 | Voya Alternative Asset Management CLO Ltd. 2018-1A SUB <sup>(3)(5)</sup> | 0.00% | 04/19/2031 | 0.23% | 88000 |
| 1040000 | Western Asset Management - Crown City CLO I Series 20-1A Class D1RR (3 Month SOFR + 3.00%, 3.00% Floor) <sup>(3)</sup> | 7.16% | 07/20/2038 | 2.75% | 1040862 |
| 1460000 | Zais Group CLO 6 Ltd. 2017-1A Class SUB <sup>(3)</sup> | 0.00% | 07/15/2029 | 0.00% | 146 |
| 1022084 | Zais Group CLO Ltd. 2017-1A Class E (3 Month SOFR + 7.00%, 0.00% Floor) <sup>(3)(4)</sup> | 11.58% | 07/15/2029 | 2.64% | 996804 |
| 1460000 | ZAIS6-2017-1A-FEE <sup>(5)</sup> | 0.00% | 10/15/2026 | 0.00% | - |
|  |  |  |  |  | 12753581 |
| **Commercial Mortgage-Backed Securities (17.04%)** | **Commercial Mortgage-Backed Securities (17.04%)** |  |  |  |  |
| 1000000 | Key Bank - BX Trust 2019-IMC Class G (1 Month SOFR + 3.60%, 3.60% Floor) <sup>(3)</sup> | 7.80% | 04/15/2034 | 2.54% | 961312 |
| 1051144 | Key Bank - BX Trust Series 25-LUNR Class E (1 Month SOFR + 3.95%, 3.95% Floor) <sup>(3)</sup> | 8.10% | 06/15/2040 | 2.78% | 1052794 |
| 1300000 | Key Bank - DBGS Mortgage Trust Series 21-W52 Class C (1 Month SOFR + 0.11%, 2.30% Floor) <sup>(3)</sup> | 6.56% | 10/15/2036 | 3.34% | 1261355 |
| 1000000 | Midland Loan Services - SFO Commercial Mortgage Trust 2021-555 Class E (1 Month SOFR + 0.11%, 2.90% Floor) <sup>(3)</sup> | 7.16% | 05/15/2038 | 2.59% | 980402 |
| 1390000 | Wells Fargo Bank - Barclays Commercial Mortgage 2018-CHRS Class E <sup>(3)</sup> | 4.41% | 08/05/2038 | 3.17% | 1198030 |
| 1000000 | Wells Fargo Bank - BPR Trust Series 21-TY Class F (1 Month SOFR + 11.45%, 4.20% Floor) <sup>(3)</sup> | 8.47% | 09/15/2038 | 2.62% | 989062 |
|  |  |  |  |  | 6442955 |
| **Confirmation of Originator Fee Certificates (1.61%)** | **Confirmation of Originator Fee Certificates (1.61%)** |  |  |  |  |
| 7636409 | SBA Confirmation of Originator Fee Certificates <sup>(5)(6)</sup> | Various <sup>(6)</sup> | Various <sup>(6)</sup> | 1.61% | 607324 |
|  |  |  |  |  | 607324 |
| **Consumer Loans (7.66%)** | **Consumer Loans (7.66%)** |  |  |  |  |
| 914613 | LendingPoint LLC Asset Securitization 23-1A Class C <sup>(3)(4)</sup> | 11.00% | 10/17/2033 | 2.39% | 904121 |
| 390959 | LendingPoint LLC Asset Securitization Trust Surveillance 20-REV1 Class C <sup>(3)</sup> | 7.70% | 10/15/2028 | 1.03% | 390663 |
| 1600000 | Oportun Funding LLC Series 25-A Class D <sup>(3)</sup> | 7.25% | 02/08/2033 | 4.24% | 1603050 |
|  |  |  |  |  | 2897834 |
| **Residential Mortgage-Backed Securities (9.29%)** | **Residential Mortgage-Backed Securities (9.29%)** |  |  |  |  |
| 1420000 | A&D Mortgage Trust Series 24-NQM1 Class B1 <sup>(3)</sup> | 8.49% | 02/25/2069 | 3.78% | 1431018 |
| 131217 | Countrywide Alternative Loan Trust Series 2006-J5 Class 1A4 | 6.50% | 09/25/2036 | 0.20% | 74590 |
| 22384 | Countrywide Home Loan Series 2003-49 Class B1 | 5.59% | 12/19/2033 | 0.05% | 20727 |
| 19107 | JP Morgan Mortgage Trust Series 2006-A1 | 6.34% | 02/25/2036 | 0.04% | 13309 |
| **Current Principal**<br> **Amount/**<br> **Shares** | **Description** | **Rate** | **Maturity** | **Percentage of** <br> **Net Assets** | **Fair Value** |
| **Asset Backed Securities (continued) (92.76%)<sup>(1)</sup>** | **Asset Backed Securities (continued) (92.76%)<sup>(1)</sup>** |  |  |  |  |
| **Residential Mortgage-Backed Securities (continued) (9.29%)** | **Residential Mortgage-Backed Securities (continued) (9.29%)** |  |  |  |  |
| 5337 | Prime Mortgage Trust Series 2003-3 Class B4 <sup>(3)(5)</sup> | 5.96% | 01/25/2034 | 0.00% | 91 |
| 750000 | Progress Residential Trust 2021 - SFR3 Class H <sup>(3)</sup> | 4.75% | 05/17/2026 | 1.96% | 740093 |
| 306196 | Residential Asset Securitization Trust 03-A15 Class B1 <sup>(5)</sup> | 5.58% | 02/25/2034 | 0.50% | 188464 |
| 959724 | STAR 2022-SFR3 Class F (1 Month SOFR + 4.50%, 4.50% Floor) <sup>(3)(4)</sup> | 8.65% | 05/17/2039 | 2.55% | 962686 |
| 118192 | Structured Asset Securities Corporation 2003-9A Class B2II <sup>(5)</sup> | 5.98% | 03/25/2033 | 0.21% | 78089 |
|  |  |  |  |  | 3509067 |
| **Supply Chain Receivable (2.73%)** | **Supply Chain Receivable (2.73%)** |  |  |  |  |
| 843941 | Raistone - First Brands Supply Chain Finance Program <sup>(5)</sup> | 0.00% | 10/01/2025 | 1.45% | 548561 |
| 744939 | Raistone - First Brands Supply Chain Finance Program <sup>(5)</sup> | 0.00% | 09/24/2025 | 1.28% | 484210 |
|  |  |  |  |  | 1032771 |
| **Total Asset Backed Securities (Cost $41,431,885)** | **Total Asset Backed Securities (Cost $41,431,885)** |  |  |  | **35080911** |
| **Ellington Income Opportunities Fund** | **Ellington Income Opportunities Fund** |  |  |  |  |
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |  |  |  |  |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |  |  |  |  |
| **Current Principal**<br> **Amount/**<br> **Shares** | **Description** | **Rate <sup>(2)</sup>** | **Maturity** | **Percentage of** <br> **Net Assets** | **Fair Value** |
| **Corporate Debt (4.49%) <sup>(1)</sup>** | **Corporate Debt (4.49%) <sup>(1)</sup>** |  |  |  |  |
| **High Tech Industries (4.49%)** | **High Tech Industries (4.49%)** |  |  |  |  |
|  | Aventive Technologies |  |  |  |  |
| 34168 | First Lien Term Loan (3 Month SOFR + 4.87%, 7.50% Floor), 12.37% <sup>(5)</sup> | 0.00% | 03/28/2026 | 0.09% | 34425 |
|  | Aventive Technologies |  |  |  |  |
| 787669 | First Lien Term Loan (3 Month SOFR + 4.26%, 1.00% Floor), 14.52% <sup>(5)</sup> | 0.00% | 04/24/2030 | 2.19% | 829679 |
|  | Lumen Technologies |  |  |  |  |
| 241304 | First Lien Term Loan (1 Month SOFR + 4.38%, 0.00% Floor) <sup>(5)</sup> | 0.00% | 03/15/2027 | 0.61% | 230445 |
|  | SIRVA Worldwide, Inc. |  |  |  |  |
| 645000 | First Lien Term Loan (1 Month SOFR + 4.35%, 8.00% Floor), 12.35% <sup>(5)</sup> | 0.00% | 02/20/2029 | 1.60% | 604200 |
|  |  |  |  |  | 1698749 |
| **Total Corporate Debt (Cost $1,628,336)** | **Total Corporate Debt (Cost $1,628,336)** |  |  |  | **1698749** |
| **Preferred Stocks (4.61%) <sup>(1)</sup>** | **Preferred Stocks (4.61%) <sup>(1)</sup>** |  |  |  |  |
| **Other REITS (4.61%)** | **Other REITS (4.61%)** |  |  |  |  |
| 49521 | AGNC Investment Corp, Series F | 6.13% |  | 3.32% | $1255852 |
| 1594 | Annaly Capital Management, Series G | 6.50% |  | 0.11% | 40042 |
| 11334 | MFA Financial Inc., Series F | 6.50% |  | 0.72% | 270543 |
| 7054 | New Residential Inv Corp, Series C | 6.38% |  | 0.46% | 173670 |
|  |  |  |  |  | 1740107 |
| **Total Preferred Stocks (Cost $1,742,243)** | **Total Preferred Stocks (Cost $1,742,243)** |  |  |  | **1740107** |
| **Short-Term Investment - Investment Companies (12.59%) <sup>(1)</sup>** | **Short-Term Investment - Investment Companies (12.59%) <sup>(1)</sup>** |  |  |  |  |
| 4761429 | First American Government Obligation - Class X | 4.05% |  | 12.59% | 4761429 |
| **Total Short-Term Investment - Investment Companies (Cost $4,761,429)** | **Total Short-Term Investment - Investment Companies (Cost $4,761,429)** |  |  |  | **4761429** |
| **Total Investments (114.45%) <sup>(1)</sup> (Cost $49,563,893)** | **Total Investments (114.45%) <sup>(1)</sup> (Cost $49,563,893)** |  |  |  | 43281196 |
| **Reverse Purchase Agreements (-18.01%)<sup>(1)</sup>** | **Reverse Purchase Agreements (-18.01%)<sup>(1)</sup>** |  |  |  | (6814000) |
| **Other Assets In Excess of Liabilities (3.56%) <sup>(1)</sup>** | **Other Assets In Excess of Liabilities (3.56%) <sup>(1)</sup>** |  |  |  | 1348818 |
| **Total Net Assets (100.00%) <sup>(1)</sup>** | **Total Net Assets (100.00%) <sup>(1)</sup>** |  |  |  | $**37816014** |
| 1 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 4.13%. | 1 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 4.13%. | 1 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 4.13%. | 1 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 4.13%. |  |  |
| 3 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 3.98%. | 3 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 3.98%. | 3 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 3.98%. | 3 Month Secured Overnight Financing Rate (SOFR) as of September 30, 2025 was 3.98%. |  |  |

---

---

| |
|:---|
| *<sup>(1)</sup> Percentages are stated as a percent of net assets.* |
| (2) Rate reported is the current yield as of September 30, 2025. |
| (3) 144(a) - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of September 30, 2025, these securities amounted to $32,068,004 or 84.80% of net assets. |
| (4) Collateral or partial collateral for securities sold subject to repurchase. As of September 30, 2025, these securities amounted to $9,032,913 or 23.89% of net assets. |
| (5) Security is categorized as Level 3 per the Fund's fair value hierarchy. As of September 30, 2025, these securities amounted to $6,956,343 or 18.40% of net assets. |
| *<sup>(6)</sup> This security represents a basket of interest only strips. Please refer to Note 7 in these financial statements regarding "Additional Disclosure of SBA Confirmation of Originator Fee Certificates Custom Basket Holdings" for additional information.* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | | | | | | | |
| **Counterparty** | **Fixed Annual Rate** | **Floating** <br> **Rate Index** | <br>**Floating Rate** <br> **Paid or Received** | <br>**Payment** <br> **Frequency** | <br>**Maturity Date** | <br>**Notional Amount** | <br>**Upfront Premium** <br> **Paid / (Received)** | <br>**Unrealized** <br> **Appreciation /** <br> (Depreciation) | <br>**Fair Value** |
| J.P. Morgan | 2.61% | SOFR | Paid | Annually | 08/09/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339223 | $&nbsp;&nbsp;&nbsp;&nbsp; (31702) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13608<br>| $&nbsp;&nbsp;&nbsp;&nbsp;(18094) |
| J.P. Morgan | 3.89% | SOFR | Received | Daily | 06/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15673) | &nbsp;&nbsp;&nbsp;&nbsp; (15673) |
| J.P. Morgan | 4.04% | SOFR | Received | Daily | 02/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9961) | &nbsp;&nbsp;&nbsp;&nbsp; (9961) |
| J.P. Morgan | 3.46%  | SOFR  | &nbsp;&nbsp;&nbsp;&nbsp;Received  | Daily  | 08/12/2030  | 1130000  | $- | (3999) | (3999) |
| J.P. Morgan | 3.33%  | SOFR  | Paid  | Annually  | 09/02/2030  | 1017000  | -  | (2253)  | (2253)  |
|  |  |  |  |  |  |  | $**(31702)**  | $**(18278)**  | $**(49980)**  |

---

---

| |
|:---|
| **Ellington Income Opportunities Fund** |
| **Notes to Schedule of Investments** <br>|
| **September 30, 2025 (Unaudited)** |

---

#### VALUATION
The following is a description of the valuation methodologies used for the Fund's financial instruments. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 valuation methodologies include the observation of quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 valuation methodologies include the observation of (i) quoted prices for similar assets or liabilities in active markets, (ii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves) in active markets and (iii) quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3 fair value methodologies include (i) the solicitation of valuations from third parties (typically, broker-dealers), (ii) the use of proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, prepayment assumptions and default rate assumptions, and (iii) the assessment of observable or reported recent trading activity. The Fund utilizes such information to assign a good faith fair value (the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction at the valuation date) to each such financial instrument.

Market quotations are not typically readily available for the majority of the Fund's securities, they are often valued at fair value as determined by the Fund's Advisor, in its capacity as Valuation Designee (the "Valuation Designee"). The Valuation Designee seeks to obtain at least one third-party indicative valuation for each instrument and obtains multiple indicative valuations when available. Third-party valuation providers often utilize proprietary models that are highly subjective and also require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, prepayment and default rate assumptions. The Valuation Designee has been able to obtain third-party indicative valuations on the vast majority of the Fund's investments and expects to continue to solicit third-party valuations on substantially all investments in the future to the extent practical. The Valuation Designee generally values each financial instrument using a third-party valuation received. However, such third-party valuations are not binding, and while the Valuation Designee generally does not adjust such valuations, the Valuation Designee may challenge or reject a valuation when, based on validation criteria, the Valuation Designee determines that such valuation is unreasonable or erroneous. Furthermore, the Valuation Designee may determine, based on validation criteria, that for a given instrument the third-party valuations received does not result in what the Valuation Designee believes to be fair value, and in such circumstances the Valuation Designee may override the third-party valuation with its own good faith valuation. The validation criteria include the use of the Valuation Designee's own models, recent trading activity in the same or similar instruments, and valuations received from third parties.

The Valuation Designee's valuation process, including the application of validation criteria, is overseen and periodically reviewed by the Fund's Board of Trustees. Because of the inherent uncertainty of valuations, these estimated values may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the financial statements.

The table below reflects the value of the Fund's Level 1, Level 2 and Level 3 financial instruments measured at fair value as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities | $- | $29823317 | $5257594 | $35080911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt | - | - | 1698749 | 1698749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 1740107 | - | - | 1740107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 4761429 | - | - | 4761429 |
| Total Investments | $6501536 | $29823317 | $6956343 | $43281196 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | $- | $(49980) | $- | $(49980) |
| Total Swaps Contracts | $- | $(49980) | $- | $(49980) |
| <br> \*Other financial instruments are derivative instruments, such as swap contacts, which are reported at market value. | <br> \*Other financial instruments are derivative instruments, such as swap contacts, which are reported at market value. | <br> \*Other financial instruments are derivative instruments, such as swap contacts, which are reported at market value. | <br> \*Other financial instruments are derivative instruments, such as swap contacts, which are reported at market value. | <br> \*Other financial instruments are derivative instruments, such as swap contacts, which are reported at market value. |

---

The Fund generally uses prices provided by an independent pricing service, broker, or agent bank, which provide non-binding indicative prices on or near the valuation date as the primary basis for fair value determinations for certain instruments. The independent pricing services typically value such securities based on one or more inputs, including but not limited to benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities, and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, mortgage-backed and asset-backed obligations may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, and specific deal information. These values are non-binding, and may not be determinative of fair value. Values are evaluated during the Fund's valuation process by management in conjunction with additional information about the instrument, similar instruments, market indicators and other information.

---

| |
|:---|
| **Ellington Income Opportunities Fund** |
| **Notes to Schedule of Investments (continued)** |
| **September 30, 2025 (Unaudited)** |

---

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **<u>Description</u>** | |
| Balance as of December 31, 2024 | $6987909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 3807436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | (2221756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain / (loss) | 50713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain / (loss) | (837155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 | 166180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer out of Level 3 | (996984) |
| Ending Balance – September 30, 2025 | $6956343 |
| Change in unrealized appreciation / (depreciation) during the period for Level 3 investments held at September 30, 2025 | $(484304) |

---

The following table presents information about unobservable inputs related to the Fund's categories of Level 3 investments as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br> **9/30/2025** | **Valuation Methodology** | **Unobservable Inputs** | **Input Value / Range** | **Weighted Average<sup>(1)</sup>** |
| Asset-Back Securities backed by Aircraft Leases | $997500 | Discounted Cash Flows | Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75% to 12.75% | 12.75% |
| Asset-Back Securities backed by SBA Confirmation of Originator Fee Certificates | 1132263 | Discounted Cash Flows | SOFR OAS<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526.14 to 526.14 | 526.14 |
| <br> Collateralized Loan Obligation | 707925<br>| <br> Dealer Marked with Odd Lot Sizing Adjustment<br>| <br> Odd Lot Sizing Adjustment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> (0.74)% to (1.50)%<br>| (1.10)%<br>|
|  | 88000 | Market Quotes | Non-Binding Indicative Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 to 8.00 | 8.00) |
|  | 425167 | Discounted Cash Flows | Yield<br>Projected Collateral Prepayments<br>Projected Collateral Losses<br>Projected Collateral Recoveries<br>Projected Collateral Scheduled Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88% to 33.06%<br>35.39% to 47.69%<br>4.26% to 5.66%<br>5.48% to 6.73%<br>42.51% to 53.39%<br>| 19.84%<br>46.92%<br>4.34%<br>5.76%<br>43.00% |
| Corporate Debt | 1698750 | Market Quotes | Non-Binding Indicative Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.50 to 105.33 | 100.81 |
| Residential Mortgage-Backed Securities | 266644<br>| Discounted Cash Flows | Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.03% to 13.40%<br>| 13.30%<br>|
| SBA Confirmation of Originator Fee Certificates | 607324<br>| Option Adjusted Spread ("OAS") | SOFR OAS<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276.40 to 276.40 | 276.40<br>|
| Supply Chain Receivable | 1032772 | Market Quotes | Non-Binding Indicative Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 to 65.00 | 65.00 |
| Total | $6956343 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Averages are weighted based on the fair value of the related instrument.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shown in basis points.

A change in unobserved inputs might result in significantly higher or lower fair value measurement as of September 30, 2025.

---

| |
|:---|
| **Ellington Income Opportunities Fund** |
| **Notes to Schedule of Investments (continued)** |
| **September 30, 2025 (Unaudited)** |

---

#### <br>

#### BORROWING<br>

------

** 

<br> *Reverse Repurchase Agreements:* As of September 30, 2025, the Fund had the following reverse repurchase agreements outstanding, which were equal to 18.01% of the Fund's net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Amount Borrowed | Borrowing Rate | Borrowing Date | Maturity Date | Borrowing & Interest |
| JP Morgan Securities | $720000 | 5.33% | 09/25/25 | 12/09/25 | $720640 |
| Lucid Management LP | 736000 | 5.67% | 07/16/25 | 10/16/25 | 744930 |
| RBC Capital Markets | 894000 | 5.28% | 08/04/25 | 10/06/25 | 901605 |
| RBC Capital Markets | 915000 | 5.12% | 09/08/25 | 11/10/25 | 917993 |
| RBC Capital Markets | 809000 | 5.16% | 08/25/25 | 10/27/25 | 813290 |
| RBC Capital Markets | 1050000 | 5.20% | 09/05/25 | 11/05/25 | 1053943 |
| RBC Capital Markets | 1007000 | 4.83% | 09/18/25 | 11/18/25 | 1008756 |
| RBC Capital Markets | 683000 | 5.41% | 09/23/25 | 10/23/25 | 683821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Totals | $**6814000** |  |  |  | $**6844979** |

---

As of September 30, 2025, the fair value of securities held as collateral for reverse repurchase agreements was $9,032,913 as noted on the Schedule of Investments. Reverse repurchase agreements are not included in the fair value hierarchy because they are carried at face value. For the period ended September 30, 2025, the average daily balance and average interest rate in effect for reverse repurchase agreements were $6,725,037 and 5.53%, respectively.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23389

- **c. CIK number of Registrant:** 0001751156

- **d. LEI of Registrant:** 549300AZITG6Y38UKP98

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

  - **Street Address 1:** 8500 Normandale Lake Blvd

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55437

  - **Telephone number:** 952-897-5395

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

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

- **c. LEI of Series:** 549300AZITG6Y38UKP98

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

- **a. Date of fiscal year-end:** 2025-12-31

- **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:** $46686253.39

**Total Liabilities:** $8870238.41

**Net Assets:** $37816014.98

**Cash Not Reported:** $4866749.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1071.210000000000 | **1-Year:** 433.170000000000 | **5-Year:** 186.390000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1815.610000000000 | **1-Year:** 1272.830000000000 | **5-Year:** 391.760000000000 | **10-Year:** 164.430000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.80%                | 1.02%                | -0.26%               |
| Class ID N/A | 0.81%                | 1.03%                | -0.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $131.07                  | $-104127.56                                |
| Month 2  | $18350.00                | $128386.32                                 |
| Month 3  | $0.00                    | $-210182.20                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -894000 | OU      | $-894000.00   | -2.36%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -736000 | OU      | $-736000.00   | -1.95%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -720000 | OU      | $-720000.00   | -1.90%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -915000 | OU      | $-915000.00   | -2.42%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -809000 | OU      | $-809000.00   | -2.14%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1050000 | OU      | $-1050000.00  | -2.78%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1007000 | OU      | $-1007000.00  | -2.66%            |  |  |  | No            | N/A                | On Loan: No      |
| USD REPO                                                      | USD REPO                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -683000 | OU      | $-683000.00   | -1.81%            |  |  |  | No            | N/A                | On Loan: No      |
| ANN 08/09/32 @ 2.61%                                          | ANN 08/09/32 @ 2.61%                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-18093.82    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| ANN 6/17/2031 @ 3.888500%                                     | ANN 6/17/2031 @ 3.888500%                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-15673.45    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| ANN 2/25/2027 @ 4.037500%                                     | ANN 2/25/2027 @ 4.037500%                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-9961.00     | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| SWAP25-1248                                                   | SWAP25-1248                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-3999.07     | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| ANN 09/02/30 @ 3.3332%                                        | ANN 09/02/30 @ 3.3332%                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-2252.65     | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| ZAIS6-2017-1A-FEE                                             | ZAIS6-2017-1A-FEE                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |   1460000 | PA      | $0.00         | 0.00%             | 2029-07-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Zais CLO 6 LTD                                                | Zais Clo 6 Ltd                                                          | CUSIP: 98887UAB1<br>LEI: 549300ZPQFDVEE67IB71 | Long             | ABS-CBDO         | CORP              | KY        |   1460000 | PA      | $146.00       | 0.00%             | 2029-07-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Zais CLO 6 LTD                                                | Zais Clo 6 Ltd                                                          | CUSIP: 98887UAA3<br>LEI: 549300ZPQFDVEE67IB71 | Long             | ABS-CBDO         | CORP              | KY        |   1022084 | PA      | $996804.00    | 2.64%             | 2029-07-15      | Floating      | 11.58%                | No            | 2                  | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2018-1 Ltd                                                     | CUSIP: 92917BAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $88000.00     | 0.23%             | 2031-04-19      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Vibrant CLO Ltd                                               | Vibrant ClO VIII Ltd                                                    | CUSIP: 92557RAC8<br>LEI: 5493007UH0SOAZ6NCZ28 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $120.00       | 0.00%             | 2031-01-20      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Venture CDO Ltd                                               | Venture 32 CLO Ltd                                                      | CUSIP: 92325RAE5<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $60.00        | 0.00%             | 2031-07-18      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Venture CDO Ltd                                               | Venture 34 CLO Ltd                                                      | CUSIP: 92332EAB1<br>LEI: 549300MYRV6PEDBLPL32 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $3525.00      | 0.01%             | 2031-10-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Venture CDO Ltd                                               | Venture XXIV CLO Ltd                                                    | CUSIP: 92330RAC2<br>LEI: 549300EDZDHKTKE7JV77 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $110.00       | 0.00%             | 2028-10-20      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                                                | Tralee CLO V Ltd                                                        | CUSIP: 89300GAE4<br>LEI: 54930005YIOSJ9Z81114 | Long             | ABS-CBDO         | CORP              | KY        |     50000 | PA      | $36938.25     | 0.10%             | 2034-10-20      | Floating      | 13.48%                | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                                                | Tralee CLO V Ltd                                                        | CUSIP: 89300GAA2<br>LEI: 54930005YIOSJ9Z81114 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $87968.80     | 0.23%             | 2034-10-20      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Tralee CDO Ltd                                                | Tralee Clo VI Ltd                                                       | CUSIP: 89289EBW3<br>LEI: 5493008UP9ZP8RMZTC21 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1244167.50   | 3.29%             | 2032-10-25      | Floating      | 8.42%                 | No            | 2                  | On Loan: No      |
| Structured Asset Securities Co                                | Structured Asset Securities Corp Mortgage Pass-Through Ctfs Ser 2003-9A | CUSIP: 86359ARP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    118192 | PA      | $78089.15     | 0.21%             | 2033-03-25      | Variable      | 5.98%                 | No            | 3                  | On Loan: No      |
| Stonepeak                                                     | Stonepeak 2021-1 ABS                                                    | CUSIP: 78433XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400746 | PA      | $352741.34    | 0.93%             | 2033-02-28      | Fixed         | 7.14%                 | No            | 2                  | On Loan: No      |
| Stifel SBA IO Trust                                           | Stifel SBA IO Trust Series 2025-1                                       | CUSIP: 86063CAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26764924 | PA      | $1132263.36   | 2.99%             | 2038-08-15      | Variable      | 1.84%                 | No            | 3                  | On Loan: No      |
| STAR 2022-SFR3 Trust                                          | STAR 2022-SFR3 Trust                                                    | CUSIP: 78474PAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    959724 | PA      | $962686.30    | 2.55%             | 2039-05-17      | Floating      | 8.65%                 | No            | 2                  | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                                 | Lunar 2021-1 Structured Aircraft Portfolio Notes                        | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    784318 | PA      | $759199.83    | 2.01%             | 2046-10-15      | Fixed         | 5.68%                 | No            | 2                  | On Loan: No      |
| SKYAF III E (Westjet)                                         | SKYAF III E (Westjet)                                                   | CUSIP: 830849105<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $997500.00    | 2.64%             | 2038-07-27      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| SIRVA WORLDWIDE INC EXIT FACILITY                             | SIRVA WORLDWIDE INC EXIT FACILITY                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1020000 | PA      | $604200.00    | 1.60%             | 2029-02-20      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| SFO Commerical Mortgage Trust                                 | SFO Commercial Mortgage Trust 2021-555                                  | CUSIP: 78432WAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $980402.00    | 2.59%             | 2038-05-15      | Floating      | 7.16%                 | No            | 2                  | On Loan: No      |
| SBA_JVB_03                                                    | SBA_JVB_03                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7636409 | PA      | $607323.57    | 1.61%             | 2035-05-01      | Fixed         | 2.51%                 | No            | 3                  | On Loan: No      |
| Santander Bank Auto Credit-Lin                                | Santander Bank Auto Credit-Linked Notes Series 2024-B                   | CUSIP: 80280BAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1470000 | PA      | $1494904.74   | 3.95%             | 2033-01-18      | Fixed         | 8.88%                 | No            | 2                  | On Loan: No      |
| RITHM CAPITAL CORP                                            | Rithm Capital Corp                                                      | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      7054 | NS      | $173669.48    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Residential Asset Securitizati                                | Residential Asset Securitization Trust 2003-A15                         | CUSIP: 45660NXK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306196 | PA      | $188463.64    | 0.50%             | 2034-02-25      | Variable      | 5.58%                 | No            | 3                  | On Loan: No      |
| Raptor Aircraft Finance LLC                                   | Raptor Aircraft Finance I LLC                                           | CUSIP: 75383HAA9<br>LEI: 549300QFYP8PTWJMXQ65 | Long             | ABS-O            | CORP              | KY        |    741969 | PA      | $677809.05    | 1.79%             | 2044-08-23      | Fixed         | 4.21%                 | No            | 2                  | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2003-49                                 | CUSIP: 12669EF76<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22384 | PA      | $20726.41     | 0.05%             | 2033-12-19      | Variable      | 5.59%                 | No            | 2                  | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-J5                                          | CUSIP: 12668EAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131217 | PA      | $74590.28     | 0.20%             | 2036-09-25      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| CENTURYLINK INC TERM B 1L GTD SR. SECD                        | CENTURYLINK INC TERM B 1L GTD SR. SECD                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    241304 | PA      | $230445.58    | 0.61%             | 2027-03-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-LUNR                                                      | CUSIP: 05594CAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1051144 | PA      | $1052793.80   | 2.78%             | 2040-06-15      | Floating      | 8.10%                 | No            | 2                  | On Loan: No      |
| Raistone - First Brands Supply Chain Finance Program 10/01/25 | Raistone - First Brands Supply Chain Finance Program 10/01/25           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    843941 | PA      | $548561.40    | 1.45%             | 2025-10-01      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Raistone - First Brands Supply Chain Finance Program 09/24/25 | Raistone - First Brands Supply Chain Finance Program 09/24/25           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    744939 | PA      | $484210.53    | 1.28%             | 2025-09-24      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2021-SFR3                                          | CUSIP: 74333VAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $740093.25    | 1.96%             | 2026-05-17      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Prime Mortgage Trust                                          | Prime Mortgage Trust 2003-3                                             | CUSIP: 74160MDA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5337 | PA      | $90.72        | 0.00%             | 2034-01-25      | Variable      | 5.96%                 | No            | 3                  | On Loan: No      |
| Oportun Funding LLC                                           | Oportun Issuance Trust 2025-A                                           | CUSIP: 68377TAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1603049.60   | 4.24%             | 2033-02-08      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| OFSI Fund LTD                                                 | OFSI BSL IX Ltd                                                         | CUSIP: 67112NAC7<br>LEI: 549300ISCSFRB3LRFG70 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $10500.00     | 0.03%             | 2118-07-31      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| OFSBS-2018-1A-FEE                                             | OFSBS-2018-1A-FEE                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |   1332000 | PA      | $133.20       | 0.00%             | 2026-10-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman Loan Advisers CLO 35 Ltd                               | CUSIP: 64133CAE9<br>LEI: 549300MYVO80EQUJK294 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $423680.00    | 1.12%             | 2033-01-19      | Fixed         | 3.64%                 | No            | 3                  | On Loan: No      |
| MOUNTAIN VIEW CLO                                             | Mountain View CLO XVI Ltd                                               | CUSIP: 62432UAU5<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247306.50    | 0.65%             | 2034-04-15      | Floating      | 8.51%                 | No            | 3                  | On Loan: No      |
| MFA FINANCIAL INC                                             | MFA Financial Inc                                                       | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     11334 | NS      | $270542.58    | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| MCF CLO LLC                                                   | MCF CLO IX Ltd                                                          | CUSIP: 55282EAE2<br>LEI: 2549007R1O92GDXNLZ38 | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $995092.56    | 2.63%             | 2036-04-17      | Floating      | 12.38%                | No            | 2                  | On Loan: No      |
| Magnetite CLO Ltd                                             | Magnetite Xxx Ltd                                                       | CUSIP: 55953VAC6<br>LEI: 549300RI4HRUG7CFWM27 | Long             | ABS-CBDO         | CORP              | KY        |   1385000 | PA      | $831000.00    | 2.20%             | 2037-10-25      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| LP LMS Asset Securitization Tr                                | LP LMS 2023-1 Asset Securitization Trust                                | CUSIP: 50214VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    914613 | PA      | $904120.92    | 2.39%             | 2033-10-17      | Fixed         | 11.00%                | No            | 2                  | On Loan: No      |
| LendingPoint Asset Securitizat                                | LendingPoint 2020-REV1 Asset Securitization Trust                       | CUSIP: 52606YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390959 | PA      | $390664.06    | 1.03%             | 2028-10-15      | Fixed         | 7.70%                 | No            | 2                  | On Loan: No      |
| Greywolf CLO Ltd                                              | Greywolf CLO IV Ltd                                                     | CUSIP: 39810JAL0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $298980.00    | 0.79%             | 2034-04-17      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Flagship Credit Auto Trust                                    | Flagship Credit Auto Trust 2024-1                                       | CUSIP: 33843VAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    770000 | PA      | $716100.00    | 1.89%             | 2031-05-15      | Fixed         | 8.60%                 | No            | 2                  | On Loan: No      |
| Elevation CLO Ltd                                             | Elevation CLO 2013-1 Ltd                                                | CUSIP: 28623GAE2<br>LEI: 549300D7IKXB86IQMC13 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1498273.50   | 3.96%             | 2038-07-25      | Floating      | 11.97%                | No            | 2                  | On Loan: No      |
| DBGS Mortgage Trust                                           | DBGS 2021-W52 Mortgage Trust                                            | CUSIP: 23308LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1261356.20   | 3.34%             | 2036-10-15      | Floating      | 6.56%                 | No            | 2                  | On Loan: No      |
| Crown Point CLO Ltd                                           | Crown Point CLO 8 Ltd                                                   | CUSIP: 22846BAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003584.00   | 2.65%             | 2034-10-20      | Floating      | 8.29%                 | No            | 2                  | On Loan: No      |
| Crown City CLO I                                              | Crown City CLO I                                                        | CUSIP: 22823RBE8<br>LEI: 549300K60T4GC7BSX929 | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1040862.16   | 2.75%             | 2038-07-20      | Floating      | 7.16%                 | No            | 2                  | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2019-IMC                                   | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $961312.00    | 2.54%             | 2034-04-15      | Floating      | 7.80%                 | No            | 2                  | On Loan: No      |
| BPR Trust                                                     | BPR Trust 2021-TY                                                       | CUSIP: 05592AAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $989062.00    | 2.62%             | 2038-09-15      | Floating      | 8.47%                 | No            | 2                  | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2018-2 Ltd                                             | CUSIP: 09629WAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $100.00       | 0.00%             | 2031-08-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Blackrock CLO                                                 | Blackrock MT Hood CLO X LLC                                             | CUSIP: 09263GAU1<br>LEI: 549300N3N5OOLMSHXG32 | Long             | ABS-CBDO         | CORP              | US        |   1230000 | PA      | $1226505.57   | 3.24%             | 2035-04-20      | Floating      | 10.89%                | No            | 2                  | On Loan: No      |
| Blackbird Capital Aircraft                                    | Blackbird Capital II Aircraft Lease Ltd                                 | CUSIP: 09229CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    653433 | PA      | $625709.36    | 1.65%             | 2046-07-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| Black Diamond CLO Ltd                                         | Black Diamond CLO 2022-1 Ltd                                            | CUSIP: 09203GAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1499101.50   | 3.96%             | 2035-10-25      | Floating      | 11.82%                | No            | 2                  | On Loan: No      |
| BDS Ltd                                                       | BDS 2024-FL13 LLC                                                       | CUSIP: 05555MAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $997825.00    | 2.64%             | 2039-09-19      | Floating      | 8.57%                 | No            | 2                  | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS 2018-CHRS Mortgage Trust                                          | CUSIP: 05491VAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1390000 | PA      | $1198029.88   | 3.17%             | 2038-08-05      | Variable      | 4.27%                 | No            | 2                  | On Loan: No      |
| AVENTIV TECHNOLOGIES LLC SECOND OUT TL                        | AVENTIV TECHNOLOGIES LLC SECOND OUT TL                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     34168 | PA      | $34424.70     | 0.09%             | 2025-07-31      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| AVENTIV TECHNOLOGIES LLC NEW MONEY LOAN                       | AVENTIV TECHNOLOGIES LLC NEW MONEY LOAN                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    787669 | PA      | $829679.39    | 2.19%             | 2030-04-24      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| ANNALY CAPITAL MGMT                                           | Annaly Capital Management Inc                                           | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |      1594 | NS      | $40041.28     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Allegro CLO Ltd                                               | Allegro CLO VII Ltd                                                     | CUSIP: 01750DAC5<br>LEI: 635400EBXLHIKFL2MP73 | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $23849.70     | 0.06%             | 2031-06-13      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Alinea CLO LTD                                                | Alinea CLO 2018-1 Ltd                                                   | CUSIP: 016268AD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1196770.80   | 3.16%             | 2031-07-20      | Floating      | 10.28%                | No            | 2                  | On Loan: No      |
| AGNC INVESTMENT CORP                                          | AGNC Investment Corp                                                    | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     49521 | NS      | $1255852.56   | 3.32%             |  |  |  | No            | 1                  | On Loan: No      |
| AASET 2021-1 Trust                                            | Aaset 2021-1 Trust                                                      | CUSIP: 00038PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102248 | PA      | $83326.74     | 0.22%             | 2041-11-16      | Fixed         | 5.82%                 | No            | 2                  | On Loan: No      |
| A&D Mortgage Trust                                            | A&D Mortgage Trust 2024-NQM1                                            | CUSIP: 00039GAE9<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |   1420000 | PA      | $1431017.78   | 3.78%             | 2069-02-25      | Variable      | 8.49%                 | No            | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust 2006-A1                                        | CUSIP: 466247E41<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19108 | PA      | $13309.16     | 0.04%             | 2036-02-25      | Variable      | 6.34%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-12

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

**Signature:** /s/ Michael Sabre

**Name of Signer:** Michael Sabre

**Title:** Treasurer