# EDGAR Filing Document

**Accession Number:** 0001990685
**File Stem:** 0000894189-25-006457
**Filing Date:** 2025-8
**Character Count:** 62000
**Document Hash:** 0191a6c5e8f8f208be306d2cc569c3f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006457.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006457

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251277985

**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

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Niagara Income Opportunities Fund** | |  | | | |
| **Schedule of Investments** | |  | | | |
| **June 30, 2025 (Unaudited)** | |  | | | |
|  | **Shares / Units** | **First Acquisition Date** | **Cost / Principal** | **Value** | **Percent of Net Assets** |
| **INVESTMENTS IN PRIVATE INVESTMENT VEHICLES - 31.1%** | |  | | | |
| **Partnerships** | |  | | | |
| *Consumer Lending* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HFSA, LLC (c) | 10425 | 1/5/2024 | $10425000 | $10765668 | 10.1% |
| *Legal Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EAJF Leveraged Feeder LP (b)(c) |  | 3/1/2024 | 6400000 | 7232768 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virage Opportunity Fund LP (b)(c) |  | 11/15/2024 | 381334 | 381334 | 0.4 |
| *Real Estate Debt* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Institutional Credit Solutions LLC (b)(c) |  | 3/5/2024 | 4100000 | 4193550 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Tactical Opportunities Fund IV (b)(c) |  | 5/1/2025 | 2000000 | 2029042 | 1.9 |
| *Specialty Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aero Capital Solutions Fund IV LP (b)(c) |  | 2/7/2025 | 689862 | 739372 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delgatto Diamond Finance Fund L.P. (b)(c) |  | 7/2/2024 | 700000 | 765764 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Specialty Finance Fund LP (b)(c) |  | 3/1/2024 | 3475000 | 3616655 | 3.3 |
| **Total Investment in Partnerships** |  |  | **28171196** | **29724153** | 27.7 |
| **Non-Listed Business Development Companies (BDCs)** |  |  |  |  |  |
| *Direct Lending BDCs* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Income Plus Corporation (c) | 126953 | 3/8/2024 | 1300000 | 1343837 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Churchill Private Capital Income Fund - Class I (c) | 91089 | 2/29/2024 | 2250000 | 2275472 | 2.1 |
| **Total Investment in Non-Listed BDCs** |  |  | **3550000** | **3619309** | 3.4 |
| **Total Investment in Private Investment Vehicles** |  |  |  | **33343462** | 31.1 |
| **INVESTMENTS IN CREDIT FACILITIES - 48.0%** |  |  |  |  |  |
| **Senior Debt** |  |  |  |  |  |
| *Legal Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virage Opportunity Fund Credit Facility, 12/20/2027, 18.25% (a) |  | 12/20/2024 | 1433767 | 1433767 | 1.3 |
| **Total Investment in Senior Debt** |  |  | **1433767** | **1433767** | 1.3 |
| **Senior Secured Debt** |  |  |  |  |  |
| *Direct Lending* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CA CO SPV, LLC, 6/30/2027, 12.00% (a) |  | 7/3/2024 | 4850000 | 4850000 | 4.5 |
| *Specialty Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 1 LLC - 03/01/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 3/1/2024 | 3800000 | 3800000 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 2 LLC - 03/15/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 3/15/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 3 LLC - 04/01/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 4/1/2024 | 800000 | 800000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 4 LLC - 04/26/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 4/26/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 5 LLC - 06/03/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 6/3/2024 | 1500000 | 1500000 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 6 LLC - 06/10/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 6/10/2024 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 7 LLC - 07/12/2027, 12.45%, SOFR + 8.00% (a)(d) |  | 7/12/2024 | 400000 | 400000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 8 LLC - 11/27/2027, 13.45%, SOFR + 9.00% (a)(d) |  | 11/27/2024 | 800000 | 800000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 9 LLC - 12/06/2027, 13.45%, SOFR + 9.00% (a)(d) |  | 12/6/2024 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 10 LLC - 05/08/2028, 13.45%, SOFR + 9.00% (a)(d) |  | 5/8/2025 | 250000 | 250000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 11 LLC - 05/22/2028, 13.45%, SOFR + 9.00% (a)(d) |  | 5/23/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 12 LLC - 06/10/2028, 13.45%, SOFR + 9.00% (a)(d) |  | 6/11/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS LLC Beta, 04/29/28, 14.39%, SOFR + 9.94% (a)(d) |  | 4/29/2025 | 1750000 | 1750000 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 1, 12/25/2025, 13.50% (a) |  | 10/25/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 2, 01/08/2026, 13.50% (a) |  | 11/8/2024 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 3, 04/20/2026, 13.50% (a) |  | 2/20/2025 | 250000 | 250000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 4, 07/09/2026, 13.50% (a) |  | 5/9/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 5, 07/22/2026, 13.50% (a) |  | 5/21/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 6, 08/11/2026, 13.50% (a) |  | 6/11/2025 | 250000 | 250000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; RevTek SPV, 02/21/2028, 14.00% (a) |  | 2/21/2025 | 4750000 | 4750000 | 4.4 |
| *Trade Receivables Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Cooper 1, 12/25/2025, 14.00% (a) |  | 10/25/2024 | 750000 | 750000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Cooper 2, 04/20/2026, 14.00% (a) |  | 2/20/2025 | 250000 | 250000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Cooper Plus, 06/11/2026, 15.50% (a) |  | 4/11/2025 | 500000 | 500000 | 0.5 |
| **Total Investment in Senior Secured Debt** |  |  | **25300000** | **25300000** | 23.7 |
| **Senior Unsecured Debt** |  |  |  |  |  |
| *Diversified Alternative Credit* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 1, 04/22/2026, 12.25% (a) |  | 2/22/2024 | 1750000 | 1750000 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 2, 05/18/2026, 12.25% (a) |  | 3/19/2024 | 250000 | 250000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 3, 06/01/2026, 12.25% (a) |  | 4/1/2024 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 4, 06/26/2026, 12.25% (a) |  | 4/26/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 5, 07/28/2025, 12.25% (a) |  | 5/28/2024 | 600000 | 600000 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 6, 08/04/2025, 12.25% (a) |  | 6/4/2024 | 700000 | 700000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 7, 08/07/2025, 12.25% (a) |  | 6/7/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 8, 10/20/2025, 12.25% (a) |  | 8/20/2024 | 400000 | 400000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 9, 02/06/2026, 12.25% (a) |  | 12/6/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 10, 07/02/2026, 12.25% (a) |  | 5/2/2025 | 750000 | 750000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 11, 07/09/2026, 12.25% (a) |  | 5/9/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 12, 07/22/2026, 12.25% (a) |  | 5/21/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Battery, LLC 13, 08/11/2026, 12.25% (a) |  | 6/11/2025 | 600000 | 600000 | 0.6 |
| *Trade Receivables Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altriarch Specialty Finance SPV II, LLC, 8.00%, 12/31/2025 (a)(f) |  | 4/1/2024 | 8300000 | 8300000 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Iron, 01/04/2026, 13.50% (a) |  | 11/4/2024 | 500000 | 500000 | 0.5 |
| **Total Investment in Senior Unsecured Debt** |  |  | **16650000** | **16650000** | 15.9 |
| **Subordinated Debt** |  |  |  |  |  |
| *Trade Receivables Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 1, 06/18/2026, 12.36% (a) |  | 12/18/2024 | 1762500 | 1762500 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 2, 12/18/2026, 12.61% (a) |  | 12/18/2024 | 1762500 | 1762500 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 3, 12/13/2026, 12.49% (a) |  | 12/13/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 4, 08/20/2026, 12.28% (a) |  | 2/20/2025 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 5, 05/09/2026, 11.53% (a) |  | 5/9/2025 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 6, 05/22/2026, 12.22% (a) |  | 5/21/2025 | 500000 | 500000 | 0.5 |
| *Direct Lending* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Credit SPV, LLC, 05/31/2027, 12.50% (a) |  | 6/6/2024 | 2000000 | 2000000 | 1.9 |
| **Total Investment in Subordinated Debt** |  |  | **7325000** | **7325000** | 7.1 |
| **Total Investment in Credit Facilities** |  |  |  | **50708767** | 48.0 |
| **INVESTMENTS IN PROFIT SHARE INTEREST - 9.8%** |  |  |  |  |  |
| **Consumer Lending** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BCF Funding LLC (a)(d)(e)(f) |  | 2/23/2024 | 500000 | 500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winston Legal Capital LLC (a)(f) |  | 2/28/2025 | 1500000 | 1500000 | 1.4 |
| **Total Investment in Consumer Lending** |  |  | **2000000** | **2000000** | 1.9 |
| **Preferred Equity** |  |  |  |  |  |
| *Real Estate* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Capital Los Alamos MF LLC, 07/30/2025, 16.00% (a)(e)(f) |  | 6/27/2024 | 1800000 | 1800000 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Specialty The Hill (a)(c)(e)(f) |  | 4/25/2025 | 1500000 | 1500000 | 1.4 |
| **Total Investment in Preferred Equity** |  |  | **3300000** | **3300000** | 3.1 |
| **Specialty Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bijan & Co, Inc, 09/11/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 9/10/2024 | 225000 | 225000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; iSparkle Ltd, 09/13/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 9/13/2024 | 100000 | 100000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxTech Geneva SA, 10/25/2025, 1.15% monthly profit share interest (a)(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; LuxTech Geneva SA, 10/25/2025, 1.15% monthly profit share interest (a)(e)(f) | 10/25/2024 | 25000 | 25000 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxTech Geneva SA, 12/11/2025, 1.15% monthly profit share interest (a)(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; LuxTech Geneva SA, 12/11/2025, 1.15% monthly profit share interest (a)(e)(f) | 12/11/2024 | 120000 | 120000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safdico Botswana Ltd, 10/30/2025, 1.15% monthly profit share interest (a)(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; Safdico Botswana Ltd, 10/30/2025, 1.15% monthly profit share interest (a)(e)(f) | 10/31/2024 | 1075000 | 1075000 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGA Mastermind, LLC, 08/11/2025, 1.15% monthly profit share interest (a)(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; PGA Mastermind, LLC, 08/11/2025, 1.15% monthly profit share interest (a)(e)(f) | 2/11/2025 | 750000 | 750000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurostar DMCC, 08/25/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 2/28/2025 | 1000000 | 1000000 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Diamond, 10/01/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 4/4/2025 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wrista, 12/18/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 6/18/2025 | 1000000 | 1000000 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoya, 12/02/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 6/5/2025 | 300000 | 300000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; XL Diamond, 12/13/2025, 1.15% monthly profit share interest (a)(e)(f) |  | 5/30/2025 | 370000 | 370000 | 0.3 |
| **Total Investment in Specialty Finance** |  |  | **5265000** | **5265000** | 4.8 |
| **Total Investment in Profit Share Interest** |  |  |  | **10565000** | 9.8 |
| **INVESTMENTS IN LOAN PARTICIPATION - 3.1%** |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |
| *Specialty Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel Alpha Participation, 01/24/2026, 17.45%, SOFR + 13.00% (a)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; Coromandel Alpha Participation, 01/24/2026, 17.45%, SOFR + 13.00% (a)(d)(e) | 8/30/2024 | 1450000 | 1450000 | 1.4 |
| *Trade Receivables Finance* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRWD Specialty Finance LLC, 05/17/2025, 18.00% (a)(e) |  | 5/17/2024 | 1800000 | 1800000 | 1.7 |
| **Total Investment in Senior Secured Debt** |  |  | **3250000** | **3250000** | 3.1 |
| **Total Investment in Loan Participation** |  |  |  | **3250000** | 3.1 |
| **INVESTMENTS IN PUBLIC SECURITIES - 2.9%** |  |  |  |  |  |
| **Open-End Funds** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holbrook Structured Income Fund - Class I | 317574 |  | 3115000 | 3105877 | 2.9 |
| **Total Investment in Open-End Funds** |  |  | **3115000** | **3105877** | 2.9 |
| **Closed-End Funds** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cliffwater Enhanced Lending Fund - Class I | 1605 |  | 17256 | 17912 | 0.0 |
| **Total Investment in Closed-End Funds** |  |  | **17256** | **17912** | 0.0 |
| **Total Investment in Public Securities** |  |  |  | **3123789** | 2.9 |
| **INVESTMENTS IN MONEY MARKET INSTRUMENTS - 5.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund - Class X, 4.24% (g) | 6159265 |  | 6159265 | 6159265 | 5.8 |
| **Total Investment in Money Market Instruments** |  |  | **6159265** | **6159265** | 5.8 |
| **Total Investments - 100.7% (cost $105,536,484)** |  |  |  | **107150283** | 100.7 |
| Liabilities in Excess of Other Funds - (0.7)% |  |  |  | (355325) | (0.7) |
| **TOTAL NET ASSETS - 100.0%** |  |  |  | $**106794958** | 100.0% |
| Percentages are stated as a percent of net assets. |  |  |  |  |  |
| SOFR Secured Overnight Financing Rate |  |  |  |  |  |
| (a) Value was determined using significant unobservable inputs. |  |  |  |  |  |
| (b) Private investment company does not issue shares or units. |  |  |  |  |  |
| (c) Investment valued using net asset value per share (or its equivalent) as a practical expedient. | (c) Investment valued using net asset value per share (or its equivalent) as a practical expedient. | (c) Investment valued using net asset value per share (or its equivalent) as a practical expedient. |  |  |  |
| (d) Variable rate security. Rate shown is the rate in effect as of period end. |  |  |  |  |  |
| (e) The investment was made through a participation which is a form of indirect loans made by third parties. | (e) The investment was made through a participation which is a form of indirect loans made by third parties. | (e) The investment was made through a participation which is a form of indirect loans made by third parties. | (e) The investment was made through a participation which is a form of indirect loans made by third parties. |  |  |
| (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. | (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. | (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. | (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. | (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. | (f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios. |
| (g) The rate shown represents the 7-day annualized effective yield as of June 30, 2025. | (g) The rate shown represents the 7-day annualized effective yield as of June 30, 2025. |  |  |  |  |

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#### Fair Value of Financial Instruments (Unaudited)
The Fund has adopted the authoritative fair valuation accounting standards of ASC 820, Fair Value Measurements and Disclosures, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Valuations based primarily on inputs that are unobservable and significant.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Adviser, in its capacity as the Valuation Designee (the "Valuation Designee") assesses the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The following section describes the valuation techniques used by the Valuation Designee to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

Investments whose values are based on quoted market prices in active markets are classified within Level 1. These investments generally include equity securities traded on a national securities exchange, registered investment companies, certain U.S. government securities and certain money market securities. The Valuation Designee does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably be expected to impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs, are classified within Level 2. These investments generally include certain U.S. government and sovereign obligations, most government agency securities, and investment grade corporate bonds.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. These investments generally include private equity investments and less liquid corporate debt securities. When observable prices are not available for these investments, the Valuation Designee uses one or more valuation techniques (e.g., the market approach or income approach) for which sufficient data is available. The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may not be equally representative of fair value, due to factors such as assumptions made in the valuation. In some situations, the Valuation Designee may determine it appropriate to evaluate and weigh the results, as appropriate, to develop a range of possible values, with the fair value based on the Valuation Designee's assessment of the most representative point within the range.

The Fund has invested in credit facilities that are either secured by the borrower's assets or are unsecured in nature. The credit facilities have been made directly or through participation with private investment or operating companies. The investments in credit facilities will generally be held at cost subject to certain revisions, such as (i) a material change in interest rates for similar notes or (ii) if the Investment Manager becomes aware of a fundamental change that has not been reflected in the cost. The Fund has determined to value its investments in credit facilities generally at cost although some are above or below cost as of June 30, 2025. Investments in credit facilities are categorized in Level 3 of the fair value hierarchy.

The Fund values private investment companies using the NAVs provided by the underlying private investment companies as a practical expedient. The Fund applies the practical expedient to private investment companies on an investment-by-investment basis, and consistently with the Fund's entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the NAV of the investment. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025. Assets valued using NAV as a practical expedient, an indicator of fair value, are listed in a separate column to permit reconciliation to totals in the Schedule of Investments.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fair Value Measurements at Reporting Date Using:**<br> ****  | **Fair Value Measurements at Reporting Date Using:**<br> ****  | **Fair Value Measurements at Reporting Date Using:**<br> ****  | **Fair Value Measurements at Reporting Date Using:**<br> ****  | **Fair Value Measurements at Reporting Date Using:**<br> ****  | **Fair Value Measurements at Reporting Date Using:**<br> ****  |
|  | **Quoted Prices In Active markets for Identical Assets (Level 1)** | **Significant Other**<br> **Observable Inputs**<br> **(Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Practical**<br> **Expedient** | **Total** |
| **Assets:** | | | | | |
| Private Investment Vehicles | $- | $- | $- | $33343462 | $33343462 |
| Credit Facilities | - | - | 50708767 | - | 50708767 |
| Profit Share Interest | - | - | 10565000 | - | 10565000 |
| Loan Participation | - | - | 3250000 | - | 3250000 |
| Public Securities | 3123789 | - | - | - | 3123789 |
| Money Market Instruments | 6159265 | - | - | - | 6159265 |
| **Total Assets:** | $9283054 | $- | $64523767 | $33343462 | $107150283 |
| Refer to the Schedule of Investments for classifications. | Refer to the Schedule of Investments for classifications. | Refer to the Schedule of Investments for classifications. |  |  |  |
| The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: | The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: | The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: | The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: | The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: | The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025: |
|  |  |  | **Credit Facilities** | **Profit Share**<br> **Interest** | **Loan Participation** |
| **March 31, 2025** |  |  | $**40050000** | $**8585000** | $**3250000** |
| Realized gains (losses) |  |  | - | - | - |
| Change in unrealized appreciation (depreciation) | Change in unrealized appreciation (depreciation) |  | - | - | - |
| Transfers into Level 3 |  |  | - | - | - |
| Transfers out of Level 3 |  |  | - | - | - |
| Purchases |  |  | 10725000 | 4370000 | - |
| Sales |  |  | (66233) | (2390000) | - |
| **June 30, 2025** |  |  | $**50708767** | $**10565000** | $**3250000** |
| **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at June 30, 2025** | **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at June 30, 2025** | **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at June 30, 2025** | $**-** | $**-** | $**-** |
|  |  |  | $- | $- |  |
| The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: | The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: | The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: | The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: | The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: | The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025: |
| **Investments** | **Fair Value** | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | **Input Value** | **Impact on Valuation**<br> **from an increase in**<br> **Input** |
| Credit Facilities | $50708767 | Market Approach | Transaction Price | 100 | Increase |
| Profit Share Interest | 10565000 | Market Approach | Transaction Price | 100 | Increase |
| Loan Participation | 3250000 | Market Approach | Transaction Price | 100 | Increase |
| Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. | Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. | Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. | Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. | Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. | Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: | The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: | The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: | The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: | The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: | The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025: |  |  |
| **Investment Name** | **Investment**<br> **Strategy** | **Fair Value** | **Total Unfunded**<br> **Commitments** | **Redemption Frequency** | **Redemption**<br> **Notice Period** | **Lockup Period** | **Gate** |
| Aero Capital Solutions Fund IV LP | Aircraft Leasing | $739372 | $110138 | N/A | N/A | 7 Years | N/A |
| Delgatto Diamond Finance Fund LP | Specialty Finance | 765764 | - | Monthly | 90 days | 1 Year | 5% |
| EAJF Leveraged Feeder LP | Specialty Finance | 7232768 | - | Quarterly | 60 days | 3 Years | 25% |
| HFSA LLC | Consumer Lending | 10765668 | - | Monthly; except for September, October, November, and December | 90 days | N/A | 5% |
| Monroe Capital Income Plus Corp | Private Credit | 1343837 | - | Quarterly | 180 days | 1 Year | 5% |
| Nuveen Churchill Private Capital Income Fund - Class I | Private Credit | 2275472 | - | Quarterly | 180 days | 1 Year | 5% |
| Oak Institutional Credit Solutions LLC | Real Estate Debt | 4193550 | - | Quarterly | 90 days | 1 Year | N/A |
| Revere Specialty Finance Fund LP | Specialty Finance | 3616655 | - | Quarterly | 60 days | 2 Years | N/A |
| Virage Opportunities Fund | Litigation Finance | 381334 | 118666 | N/A | N/A | 7 Years | N/A |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $31314420 | $228804 |  |  |  |  |

---

## 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:** 2025-06-30

**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:** $108652485.64

**Total Liabilities:** $2635869.25

**Net Assets:** $106016616.39

**Cash Not Reported:** $64249.06

**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:** 2694.962249000000 | **1-Year:** 5945.285355000000 | **5-Year:** 1481.527662000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.90%                | 0.89%                | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-313967.62                                |
| Month 2  | $0.00                    | $295337.80                                 |
| Month 3  | $0.00                    | $794754.38                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Aero Capital Solutions Fund IV, LP     | Aero Capital Solutions Fund IV, LP       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    689862 | PA      | $739372.02    | 0.70%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel LS LLC - Funding Account    | Coromandel LS LLC - Funding Account      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $507089.50    | 0.48%             | 2028-05-22      | Variable      | 0.13%                 | No            | 3                  | On Loan: No      |
| Coromandel LS LLC - Funding Account    | Coromandel LS LLC - Funding Account      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $503638.50    | 0.48%             | 2028-06-10      | Variable      | 0.13%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    800000 | PA      | $817754.40    | 0.77%             | 2027-11-27      | Variable      | 0.13%                 | No            | 3                  | On Loan: No      |
| Chicago Atlantic Manager, LLC          | Chicago Atlantic Manager, LLC            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $2063164.00   | 1.95%             | 2027-05-31      | Fixed         | 0.13%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1530783.00   | 1.44%             | 2027-06-03      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - LuxTech 3     | Delgatto Participation - LuxTech 3       | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    120000 | PA      | $120000.00    | 0.11%             |  |  |  | No            | 3                  | On Loan: No      |
| First American Treasury Obliga         | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6112179 | NS      | $6112179.41   | 5.77%             |  |  |  | No            | 1                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $306657.90    | 0.29%             | 2027-12-06      | Variable      | 0.13%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - SAFDICO       | Delgatto Participation - SAFDICO         | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1075000 | PA      | $1075000.00   | 1.01%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505010.00    | 0.48%             | 2025-08-07      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| REVERE SPECIALTY FINANCE FUND LP       | REVERE SPECIALTY FINANCE FUND LP         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3475000 | PA      | $3616654.90   | 3.41%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    800000 | PA      | $816417.60    | 0.77%             | 2027-04-01      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - LuxTech 2     | Delgatto Participation - LuxTech 2       | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |     25000 | PA      | $25000.00     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY Auto                               | IVY Auto                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $506177.00    | 0.48%             | 2026-07-22      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $252505.00    | 0.24%             | 2026-05-18      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $506010.00    | 0.48%             | 2026-02-06      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| EAJF LEVERAGED FEEDER LP               | EAJF LEVERAGED FEEDER LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   6400000 | PA      | $7232768.00   | 6.82%             |  |  |  | No            | N/A                | On Loan: No      |
| Delgatto Participation - PGAMM         | Delgatto Participation - PGAMM           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    750000 | PA      | $750000.00    | 0.71%             |  |  |  | No            | 3                  | On Loan: No      |
| Delgatto Participation - RAFKA         | Delgatto Participation - RAFKA           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    300000 | PA      | $300000.00    | 0.28%             |  |  |  | No            | 3                  | On Loan: No      |
| HFSA LLC                               | HFSA LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  10425000 | PA      | $10765668.15  | 10.15%            |  |  |  | No            | N/A                | On Loan: No      |
| IVY AUTO                               | IVY AUTO                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $302934.90    | 0.29%             | 2026-01-08      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY                            | IVY BATTERY                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505403.50    | 0.48%             | 2026-07-09      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY Battery LLC                        | IVY Battery LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600000 | PA      | $604083.60    | 0.57%             | 2026-08-11      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| NUVEEN/CHURCHILL PCAP                  | NUVEEN/CHURCHILL PCAP                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2250000 | PA      | $2275472.25   | 2.15%             |  |  |  | No            | N/A                | On Loan: No      |
| PFF 24M LLC                            | PFF 24M LLC                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1762500 | PA      | $1817911.24   | 1.71%             | 2026-12-18      | Fixed         | 0.13%                 | No            | 3                  | On Loan: No      |
| PFF LLC                                | PFF LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $506863.50    | 0.48%             | 2027-05-22      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| Revere Tactical Opportunities Fund     | Revere Specialty The Hill                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   1500000 | PA      | $1538548.50   | 1.45%             |  |  |  | No            | N/A                | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1750000 | PA      | $1767535.00   | 1.67%             | 2026-04-22      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $303006.00    | 0.29%             | 2026-06-01      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| CRWD SPECIALTY FINANCE LLC             | CRWD SPECIALTY FINANCE LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1800000 | PA      | $1812205.80   | 1.71%             | 2025-05-17      | Fixed         | 0.18%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   3800000 | PA      | $3877983.60   | 3.66%             | 2027-03-01      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $510261.00    | 0.48%             | 2027-04-26      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation 2               | Delgatto Participation 2                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    370000 | PA      | $370000.00    | 0.35%             |  |  |  | No            | 3                  | On Loan: No      |
| Holbrook Structured Income Fun         | Holbrook Structured Income Fund          | CUSIP: 90214Q626<br>LEI: 549300VN9LSTDZVMEG10 | Long             | EC               | RF                | US        |    317574 | NS      | $3105877.23   | 2.93%             |  |  |  | No            | 1                  | On Loan: No      |
| IVY AUTO                               | IVY AUTO                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $504891.50    | 0.48%             | 2025-12-25      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY Battery LLC                        | IVY Battery LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505333.00    | 0.48%             | 2026-07-22      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505010.00    | 0.48%             | 2026-06-26      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    400000 | PA      | $404008.00    | 0.38%             | 2025-10-20      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| PFF LLC                                | PFF LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1762500 | PA      | $1816811.44   | 1.71%             | 2026-06-18      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| PFF 24M LLC                            | PFF 24M LLC                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $309184.80    | 0.29%             | 2026-08-20      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| IVY COOPER                             | IVY COOPER                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $755833.50    | 0.71%             | 2025-12-25      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY IRON                               | IVY IRON                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505625.00    | 0.48%             | 2026-01-04      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| REVTEK RIM SPV                         | REVTEK RIM SPV                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   4750000 | PA      | $4893929.75   | 4.62%             | 2028-02-21      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| Coromandel LS LLC - Funding Account    | Coromandel LS LLC - Funding Account      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $254916.25    | 0.24%             | 2028-05-08      | Variable      | 0.13%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    400000 | PA      | $408208.80    | 0.39%             | 2027-07-12      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| Coromandel Alpha Participation         | Coromandel Alpha Participation           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1450000 | PA      | $1486348.60   | 1.40%             | 2026-01-24      | Variable      | 0.17%                 | No            | 3                  | 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      | $765764.30    | 0.72%             |  |  |  | No            | N/A                | On Loan: No      |
| Delgatto Participation 2               | Delgatto Participation 2                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    100000 | PA      | $100000.00    | 0.09%             |  |  |  | No            | 3                  | On Loan: No      |
| Delgatto Participation - Zoya          | Delgatto Participation - Zoya            | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    300000 | PA      | $300000.00    | 0.28%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY AUTO                               | IVY AUTO                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $506614.00    | 0.48%             | 2026-07-09      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600000 | PA      | $606012.00    | 0.57%             | 2025-07-28      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| PFF LLC                                | PFF LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $515569.50    | 0.49%             | 2026-12-13      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| REVERE BC                              | REVERE BC                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    500000 | PA      | $526400.50    | 0.50%             |  |  |  | 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      | $2029042.00   | 1.91%             |  |  |  | No            | N/A                | On Loan: No      |
| Revere Specialty The Hill              | Revere Specialty The Hill                | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1800000 | PA      | $1914166.80   | 1.81%             | 2025-07-30      | Fixed         | 0.16%                 | No            | 3                  | On Loan: No      |
| IVY AUTO 3                             | IVY AUTO 3                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $252445.75    | 0.24%             | 2026-04-20      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY COOPER2                            | IVY COOPER2                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $251944.50    | 0.24%             | 2026-04-20      | Fixed         | 0.14%                 | No            | 3                  | On Loan: No      |
| IVY COOPER PLUS                        | IVY COOPER PLUS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $505159.50    | 0.48%             | 2026-06-11      | Fixed         | 0.15%                 | No            | 3                  | On Loan: No      |
| PFF LLC                                | PFF LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $508371.00    | 0.48%             | 2026-05-09      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| VIRAGE DEBT FACILITY                   | VIRAGE DEBT FACILITY                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1433767 | PA      | $1499931.37   | 1.41%             | 2027-12-20      | Fixed         | 0.18%                 | No            | 3                  | On Loan: No      |
| Oak Institutional Credit Solutions     | Oak Institutional Credit Solutions       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   4100000 | PA      | $4193549.70   | 3.96%             |  |  |  | No            | N/A                | On Loan: No      |
| Virage                                 | Virage                                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    381334 | PA      | $381334.02    | 0.36%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $510261.00    | 0.48%             | 2027-03-15      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| COROMANDEL LS LLC - FUNDING ACCOUNT    | COROMANDEL LS LLC - FUNDING ACCOUNT      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $306156.60    | 0.29%             | 2027-06-10      | Variable      | 0.12%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - WRISTA2       | Delgatto Participation - WRISTA2         | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1000000 | PA      | $1000000.00   | 0.94%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY BATTERY                            | IVY BATTERY                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $758166.75    | 0.72%             | 2026-07-02      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| Bank of Orrick                         | Bank of Orrick                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1500000 | PA      | $1521051.00   | 1.43%             |  |  |  | No            | 3                  | On Loan: No      |
| ALTRIARCH SPECIALTY FINANCE SPV II,LLC | ALTRIARCH SPECIALTY FINANCE SPV II,LLC   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   8300000 | PA      | $8486525.90   | 8.00%             | 2025-12-31      | Fixed         | 0.08%                 | No            | 3                  | On Loan: No      |
| Chicago Atlantic Admin, LLC            | Chicago Atlantic Admin, LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   4850000 | PA      | $5034683.15   | 4.75%             | 2027-06-30      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |
| Coromandel LS LLC - Funding Account    | Coromandel LS LLC - Funding Account      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1750000 | PA      | $1783001.50   | 1.68%             | 2028-04-29      | Variable      | 0.14%                 | No            | 3                  | On Loan: No      |
| Delgatto Participation - Auro          | Delgatto Participation - Auro            | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1000000 | PA      | $1000000.00   | 0.94%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY Auto                               | IVY Auto                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $251875.00    | 0.24%             | 2026-08-11      | Fixed         | 0.14%                 | 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      | $1343837.30   | 1.27%             |  |  |  | No            | N/A                | On Loan: No      |
| Cliffwater Enhanced Lending Fu         | Cliffwater Enhanced Lending Fund         | CUSIP: 18685P108<br>LEI: 549300GSOYHH68H7U345 | Long             | EC               | RF                | US        |      1605 | NS      | $17911.55     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Delgatto Participation 1               | Delgatto Participation 1                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    225000 | PA      | $225000.00    | 0.21%             |  |  |  | No            | 3                  | On Loan: No      |
| IVY BATTERY, LLC                       | IVY BATTERY, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    700000 | PA      | $707014.00    | 0.67%             | 2025-08-04      | Fixed         | 0.12%                 | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

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

**Signature:** /s/ Adam Stewart

**Name of Signer:** Adam Stewart

**Title:** President