You can model this shape in $\mathbb{R}^3$ with the equations:
$$\frac{H^2x^2}{a^2}+\frac{H^2y^2}{b^2}=(z-H)^2\\[.2in]z=0\\[.2in]z=h<H$$
where the base ellipse has axes of length $2a$ and $2b$, the top ellipse has axes of length $\frac{(2a)(H-h)}{H}$ and $\frac{(2b)(H-h)}{H}$, and the frustrum has height $h$. Here $H$ represents the height of the elliptic cone from which the frustrum was cut.
Now, notice for any given height $z$, the area of the cross section of our frustrum is:
$$A(z)=\frac{\pi ab(H-z)^2}{H^2}$$
We integrate this from $z=0$ to $z=h$ to obtain
$$V(a,b,h,H)=\frac{\pi abh(h^2-3hH+3H^2)}{3H^2}$$
If you wish to express this in terms of the dimensions of the top ellipse, notice by similar triangles we have the following formula:
$$\frac{a}{H}=\frac{c}{H-h}$$
where $2c$ is the length of the horizontal axis of the top ellipse. It follows that $H=\frac{ah}{a-c}$, so we get:
$$V(a,b,c,h)=\frac{\pi bh(c^2+ac+a^2)}{3a}$$
A similar formula exists if we replace $H$ with a function of $2d$, the length of the vertical axis of the top ellipse. If you want to express this in terms of the geometric means of the radii of the top and bottom, $n$ and $m$, you can check that you will obtain the formula:
$$\boxed{\displaystyle V(n,m,h)=\frac{1}{3}\pi h(n^2+nm+m^2)}$$