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        <name>BPR Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-JDI</title>
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          <isin value="US05594LAJ35"/>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
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          <isin value="US12668EAD94"/>
          <ticker value="CWALT"/>
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          <isin value="US12552NAA46"/>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
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          <isin value="US12669EF769"/>
          <ticker value="CWHL"/>
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      <invstOrSec>
        <name>Santander Bank Auto Credit-Lin</name>
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        <name>Santander Bank Auto Credit-Lin</name>
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      <invstOrSec>
        <name>SBA_JVB_03</name>
        <lei>N/A</lei>
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        <assetCat>LON</assetCat>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>984500E3BD374F778L95</lei>
        <title>A&amp;D Mortgage Trust 2024-NQM1</title>
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      <invstOrSec>
        <name>Alinea CLO LTD</name>
        <lei>N/A</lei>
        <title>Alinea CLO 2018-1 Ltd</title>
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          <isin value="US016268AD65"/>
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        <name>AGNC INVESTMENT CORP</name>
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      <invstOrSec>
        <name>Allegro CLO Ltd</name>
        <lei>635400EBXLHIKFL2MP73</lei>
        <title>Allegro CLO VII Ltd</title>
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          <isin value="US01750DAC56"/>
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      <invstOrSec>
        <name>Crown Point CLO Ltd</name>
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        <title>Crown Point CLO 8 Ltd</title>
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      <invstOrSec>
        <name>Crown City CLO I</name>
        <lei>549300K60T4GC7BSX929</lei>
        <title>Crown City CLO I</title>
        <cusip>22823RBE8</cusip>
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        <balance>440000.000000000000</balance>
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      <invstOrSec>
        <name>Elevation CLO Ltd</name>
        <lei>549300D7IKXB86IQMC13</lei>
        <title>Elevation CLO 2013-1 Ltd</title>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
        <title>Flagship Credit Auto Trust 2024-1</title>
        <cusip>33843VAN3</cusip>
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      <invstOrSec>
        <name>SIRVA WORLDWIDE INC EXIT FACILITY</name>
        <lei>N/A</lei>
        <title>SIRVA WORLDWIDE INC EXIT FACILITY</title>
        <cusip>N/A</cusip>
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        <name>Tralee CLO Ltd</name>
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        <name>Zais CLO 6 LTD</name>
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        <name>Greywolf CLO Ltd</name>
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        <name>OFSI Fund LTD</name>
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        <name>Residential Asset Securitizati</name>
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        <name>Raptor Aircraft Finance LLC</name>
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        <name>ZAIS6-2017-1A-FEE</name>
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          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T508</cusip>
        <identifiers>
          <isin value="US64828T5083"/>
          <ticker value="RITM"/>
        </identifiers>
        <balance>7054.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175432.980000000000</valUSD>
        <pctVal>0.4704590246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD REPO</name>
        <lei>N/A</lei>
        <title>USD REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="USDREPO"/>
        </identifiers>
        <balance>-722000</balance>
        <units>PA</units>
        <descOthUnits>Private Investment</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-722000</valUSD>
        <pctVal>-1.9361890549</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="J.P. MORGAN SECURITIES LLC" isCleared="Y"/>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.99959</repurchaseRt>
          <maturityDt>2026-03-10</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-722000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>-722000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD REPO</name>
        <lei>N/A</lei>
        <title>USD REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="USDREPO"/>
        </identifiers>
        <balance>-900000</balance>
        <units>PA</units>
        <descOthUnits>Private Investment</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-900000</valUSD>
        <pctVal>-2.4135320628</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="RBC CAPITAL MARKETS, LLC" isCleared="Y"/>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.86</repurchaseRt>
          <maturityDt>2026-01-12</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-900000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>-900000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD REPO</name>
        <lei>N/A</lei>
        <title>USD REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="USDREPO"/>
        </identifiers>
        <balance>-812000</balance>
        <units>PA</units>
        <descOthUnits>Private Investment</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-812000</valUSD>
        <pctVal>-2.1775422611</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="RBC CAPITAL MARKETS, LLC" isCleared="Y"/>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.64</repurchaseRt>
          <maturityDt>2026-02-27</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-812000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>-812000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD REPO</name>
        <lei>N/A</lei>
        <title>USD REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="USDREPO"/>
        </identifiers>
        <balance>-1042000</balance>
        <units>PA</units>
        <descOthUnits>Private Investment</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1042000</valUSD>
        <pctVal>-2.7943337883</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="RBC CAPITAL MARKETS, LLC" isCleared="Y"/>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.94</repurchaseRt>
          <maturityDt>2026-01-05</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-1042000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>-1042000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2006-A1</title>
        <cusip>466247E41</cusip>
        <identifiers>
          <isin value="US466247E417"/>
        </identifiers>
        <balance>18930</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13045</valUSD>
        <pctVal>0.0349828064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.0627</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Ellington Income Opportunities Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Michael Sabre</ncom:signature>
      <ncom:signerName>Michael Sabre</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
