# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001193125-26-287682
**Filing Date:** 2026-6
**Character Count:** 25692
**Document Hash:** c3d8bbd8fcad4b52b7b1d548fac884b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-287682.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001193125-26-287682

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Impact Fund
- **CENTRAL INDEX KEY:** 0001881739

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23741
- **FILM NUMBER:** 261133242

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VARIANT IMPACT FUND

- **b. Investment Company Act file number:** 811-23741

- **c. CIK number of Registrant:** 0001881739

- **d. LEI of Registrant:** 549300KSEZ2Y7CT74A16

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

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** VARIANT IMPACT FUND

- **c. LEI of Series:** 549300KSEZ2Y7CT74A16

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-04-30

**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:** $89078617.81

**Total Liabilities:** $264798.13

**Net Assets:** $88813819.68

**Cash Not Reported:** $593811.78

**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:** 720.611656015518 | **1-Year:** 3035.575818669637 | **5-Year:** 1543.202931012542 | **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 | 0.52%                | 0.65%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-682000.00              | $666052.25                                 |
| Month 2  | $-272.80                 | $-221974.11                                |
| Month 3  | $8.13                    | $148365.77                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Spouting Rock (La Mo raleja) Facility   / | Spouting Rock (La Mo raleja) Facility   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 1.13%             | 2027-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SSC SPV No. 2 LLC Impact Facility   /     | SSC SPV No. 2 LLC Impact Facility   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $175000.00    | 0.20%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Sunnova TEP Holdings LLC   /              | Sunnova TEP Holdings LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1813810.78   | 2.04%             | 2028-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cibanco S.A. Institucion   /              | Cibanco S.A. Institucion   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26501.56     | 0.03%             | 2027-03-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| A & T Investments SARL   /                | A & T Investments SARL   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | XX        |         1 | PA      | $5399061.03   | 6.08%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE JUN 2026   /               | EUR/USD FUTURE JUN 2026   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -57 | NC      | $-129922.04   | -0.15%            |  |  |  | No            | 1                  | On Loan: No      |
| Envest (Canada) Holdings Corp. TL A   /   | Envest (Canada) Holdings Corp. TL A   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |         1 | PA      | $414797.78    | 0.47%             | 2026-11-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almavest (Carbonof) Facility   /          | Almavest (Carbonof) Facility   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $850000.00    | 0.96%             | 2029-02-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV II LLC Debt 90 Day Facility   / | Osprey AV II LLC Debt 90 Day Facility   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2913435.95   | 3.28%             | 2026-08-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV I LLC Debt Facility   /         | Osprey AV I LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3499851.13   | 3.94%             | 2026-05-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almond Estate Company Limited   /         | Almond Estate Company Limited   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almond Estate Company Limited   /         | Almond Estate Company Limited   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $606081.00    | 0.68%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almond Estate Company Limited   /         | Almond Estate Company Limited   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $483000.00    | 0.54%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Master LLC   /                | Star Strong Master LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $68266.31     | 0.08%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| App Academy Financial II LLC   /          | App Academy Financial II LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1896740.62   | 2.14%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Master LLC   /                | Star Strong Master LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $235786.10    | 0.27%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Master LLC   /                | Star Strong Master LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $370237.44    | 0.42%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CRP Affordable Housing Fund LLC   /       | CRP Affordable Housing Fund LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6450000.00   | 7.26%             | 2026-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Copperpot Finance LLC   /                 | Copperpot Finance LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1200000.66   | 1.35%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Envest (Canada) Holdings Corp. TL B   /   | Envest (Canada) Holdings Corp. TL B   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $733294.96    | 0.83%             | 2026-11-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Esme Grace Facility    /                  | Esme Grace Facility    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1255885.35   | 1.41%             | 2028-06-02      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Goldman Sachs Financial Square            | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3703197 | PA      | $3703196.65   | 4.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Rohatyn (AGSA) Facil ity   /              | Rohatyn (AGSA) Facil ity   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1074548.00   | 1.21%             | 2031-02-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Upper90 Crusoe Loan II SPV LLC   /        | Upper90 Crusoe Loan II SPV LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $543303.92    | 0.61%             | 2027-08-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Vanguard Federal Money Market             | Vanguard Federal Money Market Fund             | CUSIP: 922906300<br>LEI: NI8UG8EJBPTZ3Y6R3164 | Long             | STIV             | RF                | US        |         0 | PA      | $0.20         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WindSail Credit QP Fund L.P.   /          | WindSail Credit QP Fund L.P.   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $113552.00    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| Zanifu Limited    /                       | Zanifu Limited    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3238029.90   | 3.65%             | 2026-07-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CANADIAN DOLLAR FUT JUNE 26   /           | CANADIAN DOLLAR FUT JUNE 26   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |        -6 | NC      | $-284.82      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Star Strong Master L LC   /               | Star Strong Master L LC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $134741.64    | 0.15%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Fundamental Partners IV LP   /            | Fundamental Partners IV LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1412019.89   | 1.59%             |  |  |  | No            | N/A                | On Loan: No      |
| Marquis United LLC    /                   | Marquis United LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2895954.43   | 3.26%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Jali Finance Ltd    /                     | Jali Finance Ltd    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2759256.29   | 3.11%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB Management Inc.    /                  | JGB Management Inc.    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2029113.81   | 2.28%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CAG Minnesota Members Fund II LLC   /     | CAG Minnesota Members Fund II LLC   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2698674.44   | 3.04%             | 2028-03-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /         | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4016704.41   | 4.52%             |  |  |  | No            | N/A                | On Loan: No      |
| Lendable (Leasy) Facility II   /          | Lendable (Leasy) Facility II   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $100000.00    | 0.11%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Community EM Credit Fund I L.P.   /       | Community EM Credit Fund I L.P.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3047668.17   | 3.43%             |  |  |  | No            | N/A                | On Loan: No      |
| Arena Secondaries and Liquidity   /       | Arena Secondaries and Liquidity   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $565314.78    | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| Closed Loop Facility    /                 | Closed Loop Facility    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2000000.00   | 2.25%             | 2027-01-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Conservation Resource Capital   /         | Conservation Resource Capital   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $837475.13    | 0.94%             |  |  |  | No            | N/A                | On Loan: No      |
| Connect Facility    /                     | Connect Facility    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $211506.45    | 0.24%             | 2029-02-02      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CDXFI Specialty Finance LLC   /           | CDXFI Specialty Finance LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $313640.00    | 0.35%             | 2026-08-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CVI Clean Energy Fund C II LP   /         | CVI Clean Energy Fund C II LP   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2513370.89   | 2.83%             |  |  |  | No            | N/A                | On Loan: No      |
| Deep Ocean (Haven) Facility   /           | Deep Ocean (Haven) Facility   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $500000.00    | 0.56%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /         | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $400000.00    | 0.45%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BlackRock Monticello Debt REIT   /        | BlackRock Monticello Debt REIT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3286046.22   | 3.70%             |  |  |  | No            | N/A                | On Loan: No      |
| MAKE WHOLE RECEIVABLE   /                 | MAKE WHOLE RECEIVABLE   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| North Sky Clean Growth Fund III LP   /    | North Sky Clean Growth Fund III LP   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $39377.34     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| North Sky Clean Growth Fund VI LP   /     | North Sky Clean Growth Fund VI LP   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7903828.61   | 8.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Derivation Funding LLC   /                | Derivation Funding LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $601036.39    | 0.68%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Frictionless Enterprises Limited   /      | Frictionless Enterprises Limited   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1370711.00   | 1.54%             | 2028-01-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Master LLC   /                | Star Strong Master LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $164426.70    | 0.19%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                 | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $381472.73    | 0.43%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Sustainable Growth Fund II SCSp   /       | Sustainable Growth Fund II SCSp   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2797710.09   | 3.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Monticello Funding LLC Series SH75-B   /  | Monticello Funding LLC Series SH75-B   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $503573.17    | 0.57%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-85   / | MonticelloAM Funding LLC Series SH-85   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1072745.42   | 1.21%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-86   / | MonticelloAM Funding LLC Series SH-86   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $856128.90    | 0.96%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-88   / | MonticelloAM Funding LLC Series SH-88   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $513637.72    | 0.58%             |  |  |  | No            | N/A                | On Loan: No      |
| VPES Fund 1 LLC Debt Facility   /         | VPES Fund 1 LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1622682.50   | 1.83%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-05-18

**Name of Applicant:** VARIANT IMPACT FUND

**Signature:** /s/ Robert W Elsasser

**Name of Signer:** Robert W Elsasser

**Title:** President