# EDGAR Filing Document

**Accession Number:** 0001990685
**File Stem:** 0000894189-26-005752
**Filing Date:** 2026-2
**Character Count:** 64910
**Document Hash:** a9fd2768653b98ed9f44d962da95d0f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005752.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005752

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26684032

**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** | |  | | |
| **December 31, 2025 (Unaudited)** | |  | | |
|  | **Shares / Units** | **First Acquisition**<br> **Date** | **Cost / Principal** | **Value** |
| **INVESTMENTS IN PRIVATE INVESTMENT VEHICLES - 40.7%** | |  | | |
| **Non-Listed BDC's - 2.5%** | |  | | |
| *Direct Lending* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Income Plus Corp (a) | 126953 | 3/8/2024 | $1300000 | $1275765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Churchill Private Capital Income Fund (a) | 91089 | 2/29/2024 | 2250000 | 2245977 |
| **Total Investment in Non-Listed BDC's** |  |  | **3550000** | **3521742** |
| **Partnerships - 38.2%** |  |  |  |  |
| *Asset Backed Lending - 9.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BasePoint Income Solutions Evergreen Fund LP (a)(b) |  | 9/30/2025 | 3250000 | 3325696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel Credit Income Evergreen Fund LP (a)(b) |  | 8/4/2025 | 9500000 | 9869104 |
| *Consumer Lending - 8.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSFA, LLC (a)(b) |  | 1/5/2024 | 12175000 | 12604631 |
| *Diversified Alternative Credit - 5.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Point Capital Partners II, LP (a)(b) |  | 7/31/2025 | 285793 | 295533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivy Evergreen Fund QP, LP (a)(b) |  | 12/1/2025 | 3041228 | 3066361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Specialty Finance Fund LP (a)(b) |  | 3/1/2024 | 3475000 | 3685297 |
| *Legal Finance - 5.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EAJF Leveraged Feeder (a)(b) |  | 3/1/2024 | 6400000 | 7584518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virage Opportunity Fund LP (a)(b) |  | 11/15/2024 | 482611 | 482611 |
| *Real Estate - 8.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Institutional Credit Solutions, LLC (a)(b) |  | 3/5/2024 | 4600000 | 4747251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Tactical Opportunities Fund IV (a)(b) |  | 5/1/2025 | 3000000 | 3070077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tailor Ridge Real Estate Lending Fund LP (a)(b) |  | 9/2/2025 | 3700000 | 3803193 |
| *Specialty Finance - 1.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aero Capital Solutions Fund IV LP (a)(b) |  | 2/7/2025 | 689862 | 821608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delgatto Diamond Finance Fund LP (a)(b) |  | 7/2/2024 | 1085847 | 1188552 |
| **Total Investment in Partnerships** |  |  | **51685341** | **54544432** |
| **Total Investment in Private Investment Vehicles** |  |  |  | **58066174** |
| **INVESTMENTS IN LOANS - 39.0%** |  |  |  |  |
| **Senior Secured Debt - 24.2%** |  |  |  |  |
| *Asset Backed Lending - 2.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 14 LLC - 03/01/2027, 12.87%, SOFR + 9.00% (c)(d) |  | 8/4/2025 | 2823413 | 2825161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 15 LLC - 03/08/2027, 12.87%, SOFR + 9.00% (c)(d) |  | 8/8/2025 | 200000 | 200248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS 16 LLC - 04/15/2027, 12.87%, SOFR + 9.00% (c)(d) |  | 9/15/2025 | 1000000 | 999622 |
| *Direct Lending - 9.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CA CO SPV, LLC, 6/30/2027, 12.00% (c)(e) |  | 7/3/2024 | 4850000 | 4868163 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Credit SPV, LLC, 06/30/2027, 12.50% (c) |  | 6/6/2024 | 2000000 | 2028426 |
| &nbsp;&nbsp;&nbsp;&nbsp; RIM SPV, LLC, 09/30/2028, 14.00% (c)(e) |  | 2/21/2025 | 5950000 | 6035965 |
| *Legal Finance - 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virage Opportunity Fund Credit Facility, 12/20/2028, 18.25% (c) |  | 12/20/2024 | 2065211 | 2097066 |
| *Media Finance 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C-Cubed 308 Productions, 10/17/2026, 21.60% (c)(f) |  | 10/17/2025 | 650000 | 647857 |
| *Specialty Finance - 4.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assil, 03/10/2026, 13.20% (c) |  | 9/10/2025 | 1500000 | 1500738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jewel, 06/09/2026, 13.20% (c) |  | 12/9/2025 | 250000 | 250131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nally, 05/03/2026, 13.20% (c) |  | 11/5/2025 | 200000 | 200056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Diamond 4A, 04/08/2026, 13.20% (c) |  | 9/24/2025 | 150000 | 150089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Diamond 4B, 04/08/2026, 13.20% (c) |  | 10/8/2025 | 200000 | 200119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safdico2, 04/18/2026, 13.20% (c) |  | 10/16/2025 | 1250000 | 1250281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safdico3, 05/28/2026, 13.20% (c) |  | 11/28/2025 | 1000000 | 1000558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sddia3, 06/03/2026, 13.20% (c) |  | 12/3/2025 | 325000 | 325126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yafasj2, 03/27/2026, 13.20% (c) |  | 9/26/2025 | 500000 | 500298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yafasj3, 04/08/2026, 13.20% (c) |  | 10/8/2025 | 625000 | 625318 |
| *Trade Receivables Finance - 6.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altriarch Specialty Finance SPV II, LLC, 12/31/2026, 8.00% (c)(e) |  | 4/1/2024 | 7313448 | 7386283 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRWD Specialty Finance LLC, 05/15/2026, 18.00% (c) |  | 5/17/2024 | 1500000 | 1502943 |
| **Total Investment in Senior Secured Debt** |  |  | **34352072** | **34594448** |
| **Senior Unsecured Debt - 3.8%** |  |  |  |  |
| *Diversified Alternative Credit* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivy Battery, LLC, 11/23/2026, 12.25% (c) |  | 2/22/2024 | 5395477 | 5397964 |
| **Total Investment in Senior Secured Debt** |  |  | **5395477** | **5397964** |
| **Subordinated Debt - 11.0%** |  |  |  |  |
| *Real Estate - 3.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EWP LS Funding, LLC, 12/15/2027, 7.50% + 7.50% PIK (c)(f) |  | 12/17/2025 | 1250000 | 1250295 |
| &nbsp;&nbsp;&nbsp;&nbsp; EWP Oceana Garage SPV LLC A, 10/30/2027, 5.00% + 11.00% PIK (c)(f) |  | 10/30/2025 | 2000000 | 2002306 |
| &nbsp;&nbsp;&nbsp;&nbsp; EWP Oceana Garage SPV LLC B, 10/30/2027, 18.00% (c) |  | 10/30/2025 | 1000000 | 1000941 |
| *Trade Receivables Finance - 8.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 1, 06/18/2026, 12.11% (c) |  | 12/18/2024 | 1762500 | 1767914 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 2, 12/18/2026, 12.61% (c) |  | 12/18/2024 | 1762500 | 1773586 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 3, 12/13/2026, 12.49% (c) |  | 12/13/2024 | 500000 | 502605 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 4, 08/20/2026, 12.28% (c) |  | 2/20/2025 | 300000 | 301181 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 5, 05/09/2026, 11.63% (c) |  | 5/9/2025 | 500000 | 500892 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 6, 05/21/2027, 12.25% (c) |  | 5/21/2025 | 500000 | 502682 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 7, 01/25/2026, 11.16% (c) |  | 7/25/2025 | 500000 | 500171 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 8, 02/15/2027, 11.97% (c) |  | 8/15/2025 | 750000 | 751990 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 9, 02/15/2026, 11.47% (c) |  | 8/15/2025 | 750000 | 750405 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 10, 10/24/2026, 15.00% (c) |  | 10/24/2025 | 2000000 | 2000510 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFF LLC 11, 10/24/2026, 15.00% (c) |  | 10/24/2025 | 2000000 | 1998546 |
| **Total Investment in Subordinated Debt** |  |  | **15575000** | **15604024** |
| **Total Investment in Loans** |  |  |  | **55596436** |
| **INVESTMENTS IN LOAN PARTICIPATION - 7.2%** |  |  |  |  |
| **Other - 2.1%** |  |  |  |  |
| *Real Estate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere Capital Los Alamos MF LLC, 10.20% (c)(e)(g) |  | 6/27/2024 | 3100000 | 3112992 |
| **Total Investment in Other** |  |  | **3100000** | **3112992** |
| **Senior Secured Debt - 4.3%** |  |  |  |  |
| *Consumer Lending - 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere BCF Funding, LLC, 03/01/2029, 15.17%, SOFR + 11.30% (c)(d)(g) |  | 2/23/2024 | 500000 | 499474 |
| *Direct Lending - 1.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 1, 12/24/2025, 13.50% (c)(g) |  | 10/25/2024 | 500000 | 502087 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 2, 01/07/2026, 13.50% (c)(g) |  | 11/8/2024 | 300000 | 300041 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 3, 04/19/2026, 13.50% (c)(g) |  | 2/20/2025 | 250000 | 250474 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 4, 07/07/2026, 13.50% (c)(g) |  | 5/9/2025 | 500000 | 501190 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 5, 07/20/2026, 13.50% (c)(g) |  | 5/21/2025 | 500000 | 501433 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Auto 6, 08/10/2026, 13.50% (c)(g) |  | 6/11/2025 | 250000 | 250734 |
| *Diversified Alternative Credit - 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IVY Iron, LLC, 01/03/2026, 13.50% (c)(g) |  | 11/4/2024 | 500000 | 500045 |
| *Real Estate - 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciel at Cedar Mill Senior Living, 10/03/2027, 8.87%, SOFR + 5.00% (c)(d)(e)(g) |  | 10/3/2025 | 750000 | 750546 |
| *Real Estate Debt - 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS LLC Beta Corp, 06/30/2028, 13.82%, SOFR + 9.95% (c)(d)(g) |  | 4/29/2025 | 1006250 | 1007370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel LS LLC Beta SPV, 06/30/2028, 13.82%, SOFR + 9.95% (c)(d)(g) |  | 4/29/2025 | 743750 | 743242 |
| **Total Investment in Senior Secured Debt** |  |  | **5800000** | **5806636** |
| **Subordinated Debt - 0.8%** |  |  |  |  |
| *Real Estate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dodson Courtyard Apartments Owner, LLC, 02/27/2027, 10.62, SOFR + 6.75% (c)(d)(g) |  | 12/5/2025 | 750000 | 749906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC, 08/01/2028, 8.91%, SOFR + 5.04% (c)(d)(g) |  | 10/16/2025 | 420000 | 419256 |
| **Total Investment in Subordinated Debt** |  |  | **1170000** | **1169162** |
| **Total Investment in Loan Participation** |  |  |  | **10088790** |
| **INVESTMENTS IN PROFIT SHARE INTEREST - 4.0%** |  |  |  |  |
| **Equity in Credit Enhancements - 1.1%** |  |  |  |  |
| *Consumer Lending* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Winston Legal Capital LLC, 15.50% (c)(e) |  | 2/28/2025 | 1500000 | 1509252 |
| **Total Investment in Equity in Credit Enhancements** |  |  | **1500000** | **1509252** |
| **Participation - 2.9%** |  |  |  |  |
| *Specialty Finance* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bijan & Co, Inc, 03/10/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 9/10/2024 | 225000 | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BR Diamonds, 02/28/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 8/28/2025 | 162500 | 162500 |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxTech 2 Geneva SA, 04/28/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 10/25/2024 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxTech 3 Geneva SA, 05/12/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 12/11/2024 | 120000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGA Mastermind, LLC, 02/12/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 2/11/2025 | 750000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Diamond, 03/31/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 4/4/2025 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Diamond 3, 01/22/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 7/21/2025 | 650000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safdico Botswana Ltd, 05/08/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 10/31/2024 | 1075000 | 1075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sddia 2, 03/04/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 9/4/2025 | 310000 | 310000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoya, 06/05/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 6/5/2025 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoya 2, 02/04/2026, 1.15% monthly profit share interest (c)(e)(g) |  | 8/4/2025 | 200000 | 200000 |
| **Total Investment in Participation** |  |  | **4117500** | **4117500** |
| **Total Investment in Profit Share Interest** |  |  |  | **5626752** |
| **INVESTMENTS IN EQUITY PARTICIPATION - 1.2%** |  |  |  |  |
| **Loan Portfolio** |  |  |  |  |
| *Real Estate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revere UPL Participation, 06/01/2025 (c)(e)(g) |  | 4/25/2025 | 1500000 | 1644411 |
| **Total Investment in Loan Portfolio** |  |  | **1500000** | **1644411** |
| **Total Investment in Equity Participation** |  |  |  | **1644411** |
| **INVESTMENTS IN PUBLIC SECURITIES - 2.2%** |  |  |  |  |
| **Closed-End Funds - 0.0% (h)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cliffwater Enhanced Lending Fund - Class I | 1743 |  | 18087 | 18837 |
| **Total Investment in Closed-End Funds** |  |  | **18087** | **18837** |
| **Open-End Funds - 2.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holbrook Structured Income Fund - Class I | 317574 |  | 3115000 | 3105877 |
| **Total Investment in Open-End Funds** |  |  | **3115000** | **3105877** |
| **Total Investment in Public Securities** |  |  |  | **3124714** |
| **INVESTMENTS IN MONEY MARKET INSTRUMENTS - 4.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund - Class X, 3.68% (i) | 6633501 |  | 6633501 | 6633501 |
| **Total Investment in Money Market Instruments** |  |  | **6633501** | **6633501** |
| **Total Investments - 99.0% (cost $138,511,978)** |  |  |  | **140780778** |
| Other Assets in Excess of Liabilities - 1.0% |  |  |  | 1474340 |
| **TOTAL NET ASSETS - 100.0%** |  |  |  | $**142255118** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. |  |
| LLC Limited Liability Company |  |
| LP Limited Partnership |  |
| PIK Payment in Kind |  |
| SOFR Secured Overnight Financing Rate |  |
| (a) Investment valued using net asset value per share (or its equivalent) as a practical expedient. |  |
| (b) Private investment company does not issue shares or units. |  |
| (c) Value was determined using significant unobservable inputs. |  |
| (d) Variable rate security. Rate shown is the rate in effect as of period end. |  |
| (e) 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. |  |
| (e) 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 stated investment interest rate reflects the total contractual coupon, which may include a combination of cash interest and PIK interest. PIK interest, if applicable, is accrued and added to the outstanding principal balance and may not be received in cash until repayment, refinancing, or maturity. |
| (g) The investment was made through a participation which is a form of indirect investment in loans made by third parties. | (f) The stated investment interest rate reflects the total contractual coupon, which may include a combination of cash interest and PIK interest. PIK interest, if applicable, is accrued and added to the outstanding principal balance and may not be received in cash until repayment, refinancing, or maturity. |
| (h) Represents less than 0.05% of net assets. | (f) The stated investment interest rate reflects the total contractual coupon, which may include a combination of cash interest and PIK interest. PIK interest, if applicable, is accrued and added to the outstanding principal balance and may not be received in cash until repayment, refinancing, or maturity. |
| (i) The rate shown represents the 7-day annualized yield as of December 31, 2025. |  |

---

------

#### 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 loans that are either secured by the borrower's assets or are unsecured in nature. The loans have been made directly or through participation with private investment or operating companies. The investments in loans 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 loans generally at cost although some are above or below cost as of December 31, 2025. Investments in loans are categorized in Level 3 of the fair value hierarchy.

The Fund values private investment companies using the net asset value ("NAV") 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 December 31, 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>**  | |
|  | **Level 1** | **Level 2** | **Level 3** | **Practical Expedient** | **Total** | |
| **Assets:** | | | | | | |
| Private Investment Vehicles | $- | $- | $- | $58066174 | $58066174 |  |
| Loans | - | - | 55596436 | - | 55596436 |  |
| Loan Participation | - | - | 10088790 | - | 10088790 |  |
| Profit Share Interest | - | - | 5626752 | - | 5626752 |  |
| Equity Participation | - | - | 1644411 | - | 1644411 |  |
| Public Securities | 3124714 | - | - | - | 3124714 |  |
| Money Market Instruments | 6633501 | - | - | - | 6633501 |  |
| **Total Assets:** | $9758215 | $- | $72956389 | $58066174 | $140780778 |  |
| Refer to the Schedule of Investments for industry classifications. | Refer to the Schedule of Investments for industry 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025: |  |
|  |  |  | **Loans** | **Loan Participation** | **Profit Share Interest** | **Equity**<br> **Participation** |
| **March 31, 2025** |  |  | $**40300000** | $**5300000** | $**6285000** | $**-** |
| Realized gains (losses) |  |  | (413295) | - | - | - |
| Change in unrealized appreciation (depreciation) |  |  | 273887 | 18790 | 9252 | 144411 |
| Transfers into Level 3 |  |  | - | - | - | - |
| Transfers out of Level 3 |  |  | - | - | - | - |
| Purchases |  |  | 35458413 | 6220000 | 2291731 | 1500000 |
| Sales |  |  | (20022569) | (1450000) | (2959231) | - |
| **December 31, 2025** |  |  | $**55596436** | $**10088790** | $**5626752** | $**1644411** |
| **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at December 31, 2025** | **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at December 31, 2025** | **Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at December 31, 2025** | $**273887** | $**18790** | $**9252** | $**144411** |
| 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025: |
| **Investments** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Input Value** | **Impact on Valuation from<br> an increase in Input** |  |
| Loans | $55596436 | Market Approach | Transaction Price | 100 | Increase |  |
| Loan Participation | 10088790 | Market Approach | Transaction Price | 100 | Increase |  |
| Profit Share Interest | 5626752 | Market Approach | Transaction Price | 100 | Increase |  |
| Equity Participation | 1644411 | Market Approach | Transaction Price | 100 | Increase |  |
| Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. | Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025: |  |
| **Investment Name** | **Investment Strategy** | **Fair Value** | **Total Unfunded**<br> **Commitments** | **Redemption**<br> **Frequency** | **Redemption Notice**<br> **Period** | **Lockup Period** | **Gate** |
| Aero Capital Solutions Fund IV LP | Specialty Finance | $821608 | $110200 | N/A | N/A | N/A | N/A |
| BasePoint Income Solutions Evergreen Fund LP | Asset Backed Lending | 3325696 | - | Quarterly | 90 days | 2 years | 25% |
| Bay Point Capital Partners II, LP | Diversified Alternative Credit | 295533 | - | Quarterly | 30 days | 1 year | 25% |
| Coromandel Credit Income Evergreen Fund LP | Asset Backed Lending | 9869104 | - | Quarterly | 90 days | 2 years | 25% |
| Delgatto Diamond Finance Fund LP | Specialty Finance | 1188552 | - | Monthly | 90 days | 1 year | 25% |
| EAJF Leveraged Feeder | Legal Finance | 7584518 | - | Quarterly | 60 days | 3 years | 15% |
| HFSA, LLC | Consumer Lending | 12604631 | - | Monthly except<br> Sept, Oct, Nov, Dec | 90 days | N/A | 5% |
| Ivy Evergreen Fund QP, LP | Diversified Alternative Credit | 3066361 |  | Monthly | 45 days | 0.5 years | N/A |
| Monroe Capital Income Plus Corp | Direct Lending | 1275765 | - | Quarterly | N/A | 1 year | 5% |
| Nuveen Churchill Private Capital Income Fund - Class I | Direct Lending | 2245977 | - | Quarterly | 180 days | 1 year | N/A |
| Oak Institutional Credit Solutions, LLC | Real Estate | 4747251 | - | Quarterly | 90 days | 1 year | 5% |
| Revere Specialty Finance Fund LP | Diversified Alternative Credit | 3685297 | - | Quarterly | 60 days | 2 years | N/A |
| Revere Tactical Opportunities Fund IV | Real Estate | 3070077 | - | Quarterly | 60 days | 2 years | N/A |
| Tailor Ridge Real Estate Lending Fund LP | Real Estate | 3803193 | - | Quarterly | 90 days | 6 years | 25% |
| Virage Opportunities Fund | Legal Finance | 482611 | 17390 | N/A | N/A | N/A | N/A |
|  | Total | $58066174 | $127590 |  |  |  |  |

---

## 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:** 2025-12-31

**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:** $143011700.29

**Total Liabilities:** $757142.59

**Net Assets:** $142254557.70

**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:** 8731.604762000000 | **1-Year:** -5634.020457000000 | **5-Year:** 663.572346000000 | **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 | 0.69%                | 0.88%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-419049.89                                |
| Month 2  | $-413295.00              | $454630.63                                 |
| Month 3  | $0.00                    | $715745.15                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| First American Treasury Obliga                      | First American Treasury Obligations Fund            | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6633501 | NS      | $6633501.09   | 4.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Holbrook Structured Income Fun                      | Holbrook Structured Income Fund                     | CUSIP: 90214Q626<br>LEI: 549300VN9LSTDZVMEG10 | Long             |  | RF                | US        |    317574 | NS      | $3105877.23   | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Safdico2                                            | Safdico2                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1250000 | PA      | $1250281.25   | 0.88%             | 2026-04-18      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| EWP Oceana Garage SPV LLC A                         | EWP Oceana Garage SPV LLC A                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $2002306.00   | 1.41%             | 2027-10-30      | Fixed         | 5.00%                 | No            | 3                  | On Loan: No      |
| HSFA, LLC                                           | HSFA, LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  12175000 | PA      | $12604631.40  | 8.86%             |  |  |  | No            | N/A                | On Loan: No      |
| IVY Auto 1                                          | IVY Auto 1                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $502086.50    | 0.35%             | 2026-12-24      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| IVY Iron, LLC                                       | IVY Iron, LLC                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500044.50    | 0.35%             | 2026-01-03      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| PFF LLC 5                                           | PFF LLC 5                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500891.50    | 0.35%             | 2026-05-09      | Fixed         | 11.63%                | No            | 3                  | On Loan: No      |
| Revere Tactical Opportunities Fund IV               | Revere Tactical Opportunities Fund IV               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3000000 | PA      | $3070077.00   | 2.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Fund IV LP                   | Aero Capital Solutions Fund IV LP                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    689862 | PA      | $821608.40    | 0.58%             |  |  |  | No            | N/A                | On Loan: No      |
| CA Credit SPV, LLC                                  | CA Credit SPV, LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $2028426.00   | 1.43%             | 2027-06-30      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| Coromandel LS 14 LLC                                | Coromandel LS 14 LLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2823413 | PA      | $2825160.95   | 1.99%             | 2027-03-01      | Floating      | 12.87%                | No            | 3                  | On Loan: No      |
| Coromandel LS LLC Beta Corp                         | Coromandel LS LLC Beta Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1006250 | PA      | $1007369.96   | 0.71%             | 2028-06-30      | Floating      | 13.82%                | 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        |   1085847 | PA      | $1188551.51   | 0.84%             |  |  |  | No            | N/A                | On Loan: No      |
| Sddia3                                              | Sddia3                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    325000 | PA      | $325125.78    | 0.23%             | 2026-06-03      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| LuxTech 2 Geneva SA                                 | LuxTech 2 Geneva SA                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     25000 | PA      | $25000.00     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| PGA Mastermind, LLC                                 | PGA Mastermind, LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $750000.00    | 0.53%             |  |  |  | No            | 3                  | On Loan: No      |
| Rio Diamond                                         | Rio Diamond                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $300000.00    | 0.21%             |  |  |  | No            | 3                  | On Loan: No      |
| Zoya                                                | Zoya                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $300000.00    | 0.21%             |  |  |  | No            | 3                  | On Loan: No      |
| EWP Oceana Garage SPV LLC B                         | EWP Oceana Garage SPV LLC B                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $1000941.00   | 0.70%             | 2027-10-30      | Fixed         | 18.00%                | No            | 3                  | On Loan: No      |
| PFF LLC 2                                           | PFF LLC 2                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1762500 | PA      | $1773586.13   | 1.25%             | 2026-12-18      | Fixed         | 12.61%                | 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        |   7313448 | PA      | $7386283.06   | 5.19%             | 2026-12-31      | Fixed         | 8.00%                 | No            | 3                  | On Loan: No      |
| CA CO SPV, LLC                                      | CA CO SPV, LLC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   4850000 | PA      | $4868163.25   | 3.42%             | 2027-06-30      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| PFF LLC 6                                           | PFF LLC 6                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $502682.50    | 0.35%             | 2027-05-21      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| PFF LLC 8                                           | PFF LLC 8                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $751990.50    | 0.53%             | 2027-02-15      | Fixed         | 11.97%                | No            | 3                  | On Loan: No      |
| Revere BCF Funding, LLC                             | Revere BCF Funding, LLC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $499473.50    | 0.35%             | 2029-03-01      | Floating      | 15.17%                | No            | 3                  | On Loan: No      |
| RIM SPV, LLC                                        | RIM SPV, LLC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   5950000 | PA      | $6035965.60   | 4.24%             | 2028-09-30      | Fixed         | 14.00%                | No            | 3                  | On Loan: No      |
| Safdico3                                            | Safdico3                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $1000558.00   | 0.70%             | 2026-05-28      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| IVY Auto 4                                          | IVY Auto 4                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $501189.50    | 0.35%             | 2026-07-07      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| PFF LLC 11                                          | PFF LLC 11                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $1998546.00   | 1.40%             | 2026-10-24      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| PFF LLC 1                                           | PFF LLC 1                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1762500 | PA      | $1767914.40   | 1.24%             | 2026-06-18      | Fixed         | 12.11%                | 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      | $3685296.58   | 2.59%             |  |  |  | No            | N/A                | On Loan: No      |
| Revere Capital Los Alamos MF LLC                    | Revere Capital Los Alamos MF LLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |   3100000 | PA      | $3112992.10   | 2.19%             | 2026-12-31      | Fixed         | 10.20%                | No            | 3                  | On Loan: No      |
| Ivy Battery, LLC                                    | Ivy Battery, LLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   5395477 | PA      | $5397963.99   | 3.79%             | 2026-11-23      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| PFF LLC 9                                           | PFF LLC 9                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $750405.75    | 0.53%             | 2026-02-15      | Fixed         | 11.47%                | No            | 3                  | On Loan: No      |
| Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC | Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    420000 | PA      | $419256.18    | 0.29%             | 2028-08-01      | Floating      | 8.91%                 | No            | 3                  | On Loan: No      |
| Revere UPL Participation                            | Revere UPL Participation                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1500000 | PA      | $1644411.00   | 1.16%             |  |  |  | No            | 3                  | On Loan: No      |
| BasePoint Income Solutions Evergreen Fund LP        | BasePoint Income Solutions Evergreen Fund LP        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3250000 | PA      | $3325695.75   | 2.34%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Credit Income Evergreen Fund LP          | Coromandel Credit Income Evergreen Fund LP          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9500000 | PA      | $9869103.50   | 6.94%             |  |  |  | No            | N/A                | On Loan: No      |
| Assil                                               | Assil                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1500738.00   | 1.05%             | 2026-03-10      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Nally                                               | Nally                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    200000 | PA      | $200055.80    | 0.14%             | 2026-05-03      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| CRWD Specialty Finance LLC                          | CRWD Specialty Finance LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1502943.00   | 1.06%             | 2026-05-15      | Fixed         | 18.00%                | No            | 3                  | On Loan: No      |
| PFF LLC 4                                           | PFF LLC 4                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $301180.80    | 0.21%             | 2026-08-20      | Fixed         | 12.28%                | No            | 3                  | On Loan: No      |
| Cliffwater Enhanced Lending Fu                      | Cliffwater Enhanced Lending Fund                    | CUSIP: 18685P108<br>LEI: 549300GSOYHH68H7U345 | Long             | EC               | RF                | US        |      1743 | NS      | $18837.27     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Coromandel LS 16 LLC                                | Coromandel LS 16 LLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $999622.00    | 0.70%             | 2027-04-15      | Floating      | 12.87%                | No            | 3                  | On Loan: No      |
| Ivy Evergreen Fund QP, LP                           | Ivy Evergreen Fund QP, LP                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3041228 | PA      | $3066361.03   | 2.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Nuveen Churchill Private Capital Income Fund        | Nuveen Churchill Private Capital Income Fund        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2250000 | PA      | $2245977.00   | 1.58%             |  |  |  | No            | N/A                | On Loan: No      |
| Bay Point Capital Partners II, LP                   | Bay Point Capital Partners II, LP                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    285793 | PA      | $295532.66    | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| C-Cubed 308 Productions                             | C-Cubed 308 Productions                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    650000 | PA      | $647856.95    | 0.46%             | 2026-10-17      | Fixed         | 21.60%                | No            | 3                  | On Loan: No      |
| Coromandel LS LLC Beta SPV                          | Coromandel LS LLC Beta SPV                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    743750 | PA      | $743242.02    | 0.52%             | 2028-06-30      | Floating      | 13.82%                | No            | 3                  | On Loan: No      |
| Jewel                                               | Jewel                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250131.25    | 0.18%             | 2026-06-09      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Safdico Botswana Ltd                                | Safdico Botswana Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1075000 | PA      | $1075000.00   | 0.76%             |  |  |  | No            | 3                  | On Loan: No      |
| EWP LS Funding, LLC                                 | EWP LS Funding, LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1250000 | PA      | $1250295.00   | 0.88%             | 2027-12-15      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| IVY Auto 3                                          | IVY Auto 3                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250474.00    | 0.18%             | 2026-04-19      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Dodson Courtyard Apartments Owner, LLC              | Dodson Courtyard Apartments Owner, LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $749905.50    | 0.53%             | 2027-02-27      | Floating      | 10.62%                | No            | 3                  | On Loan: No      |
| Winston Legal Capital LLC                           | Winston Legal Capital LLC                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   1500000 | PA      | $1509252.00   | 1.06%             | 2026-12-31      | Fixed         | 15.50%                | No            | 3                  | On Loan: No      |
| PFF LLC 10                                          | PFF LLC 10                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2000000 | PA      | $2000510.00   | 1.41%             | 2026-10-24      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| PFF LLC 3                                           | PFF LLC 3                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $502604.50    | 0.35%             | 2026-12-13      | Fixed         | 12.49%                | No            | 3                  | On Loan: No      |
| Bijan & Co, Inc                                     | Bijan & Co, Inc                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    225000 | PA      | $225000.00    | 0.16%             |  |  |  | No            | 3                  | On Loan: No      |
| BR Diamonds                                         | BR Diamonds                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    162500 | PA      | $162500.00    | 0.11%             |  |  |  | No            | 3                  | On Loan: No      |
| LuxTech 3 Geneva SA                                 | LuxTech 3 Geneva SA                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    120000 | PA      | $120000.00    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| Rio Diamond 3                                       | Rio Diamond 3                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    650000 | PA      | $650000.00    | 0.46%             |  |  |  | No            | 3                  | On Loan: No      |
| Sddia 2                                             | Sddia 2                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    310000 | PA      | $310000.00    | 0.22%             |  |  |  | No            | 3                  | On Loan: No      |
| Zoya 2                                              | Zoya 2                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    200000 | PA      | $200000.00    | 0.14%             |  |  |  | No            | 3                  | On Loan: No      |
| Yafasj3                                             | Yafasj3                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    625000 | PA      | $625318.13    | 0.44%             | 2026-04-08      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| IVY Auto 2                                          | IVY Auto 2                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    300000 | PA      | $300041.10    | 0.21%             | 2026-01-07      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Monroe Capital Income Plus Corp                     | Monroe Capital Income Plus Corp                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   1300000 | PA      | $1275765.40   | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Virage Opportunity Fund Credit Facility             | Virage Opportunity Fund Credit Facility             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2065211 | PA      | $2097066.51   | 1.47%             | 2028-12-20      | Fixed         | 18.25%                | No            | 3                  | On Loan: No      |
| Virage Opportunity Fund LP                          | Virage Opportunity Fund LP                          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    482611 | PA      | $482610.82    | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| EAJF Leveraged Feeder                               | EAJF Leveraged Feeder                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   6400000 | PA      | $7584518.40   | 5.33%             |  |  |  | No            | N/A                | On Loan: No      |
| IVY Auto 5                                          | IVY Auto 5                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $501432.50    | 0.35%             | 2026-07-20      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| IVY Auto 6                                          | IVY Auto 6                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250000 | PA      | $250733.75    | 0.18%             | 2026-08-10      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| Oak Institutional Credit Solutions, LLC             | Oak Institutional Credit Solutions, LLC             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   4600000 | PA      | $4747250.60   | 3.34%             |  |  |  | No            | N/A                | On Loan: No      |
| Ciel at Cedar Mill Senior Living                    | Ciel at Cedar Mill Senior Living                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    750000 | PA      | $750546.00    | 0.53%             | 2027-10-03      | Floating      | 8.87%                 | No            | 3                  | On Loan: No      |
| PFF LLC 7                                           | PFF LLC 7                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500170.50    | 0.35%             | 2026-01-25      | Fixed         | 11.16%                | No            | 3                  | On Loan: No      |
| Tailor Ridge Real Estate Lending Fund LP            | Tailor Ridge Real Estate Lending Fund LP            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3700000 | PA      | $3803193.00   | 2.67%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel LS 15 LLC                                | Coromandel LS 15 LLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    200000 | PA      | $200248.40    | 0.14%             | 2027-03-08      | Floating      | 12.87%                | No            | 3                  | On Loan: No      |
| Rio Diamond 4A                                      | Rio Diamond 4A                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    150000 | PA      | $150089.25    | 0.11%             | 2026-04-08      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Rio Diamond 4B                                      | Rio Diamond 4B                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    200000 | PA      | $200119.00    | 0.14%             | 2026-04-08      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |
| Yafasj2                                             | Yafasj2                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $500298.50    | 0.35%             | 2026-03-27      | Fixed         | 13.20%                | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

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

**Signature:** /s/ Adam Stewart

**Name of Signer:** Adam Stewart

**Title:** President