# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001193125-25-328193
**Filing Date:** 2025-12
**Character Count:** 24169
**Document Hash:** ab55587654ad388571080b23c2a81070
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-328193.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193125-25-328193

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**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:** 251591157

**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:** 2025-10-31

**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:** $86839690.36

**Total Liabilities:** $348840.41

**Net Assets:** $86490849.95

**Cash Not Reported:** $493685.95

**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:** 571.901676643573 | **1-Year:** 3565.790433872322 | **5-Year:** 1547.690778425083 | **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 | 0.41%                | 0.95%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $93040.44                                  |
| Month 2  | $0.00                    | $380976.77                                 |
| Month 3  | $369.33                  | $-424859.02                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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      | $2932500.00   | 3.39%             | 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      | $3566575.44   | 4.12%             | 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      | $689825.00    | 0.80%             | 2025-12-31      | 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      | $1452197.79   | 1.68%             |  |  |  | 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      | $482459.11    | 0.56%             |  |  |  | No            | N/A                | On Loan: No      |
| Conservation Resource Capital   /         | Conservation Resource Capital   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $924677.11    | 1.07%             |  |  |  | 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      | $311678.00    | 0.36%             | 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      | $2126716.44   | 2.46%             |  |  |  | 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      | $5301982.48   | 6.13%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE Dec 2025   /               | EUR/USD FUTURE Dec 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -57 | NC      | $156580.71    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Financial Square            | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   8214264 | PA      | $8214263.66   | 9.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Government Portfolio             | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    162524 | PA      | $162524.19    | 0.19%             |  |  |  | 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    | 0.16%             | 2026-02-28      | 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      | $578542.18    | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| Envest (Canada) Holdings Corp.   /        | Envest (Canada) Holdings Corp.   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1066037.33   | 1.23%             | 2026-03-15      | None          | 0.00%                 | 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   | 3.35%             | 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   | 3.19%             | 2025-12-13      | 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      | $1972250.00   | 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      | $2631062.72   | 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      | $4016970.08   | 4.64%             |  |  |  | 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    | 0.12%             | 2028-02-17      | 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    | 0.46%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Zanifu Limited    /                       | Zanifu Limited    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3238029.90   | 3.74%             | 2026-04-18      | 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    | 0.70%             | 2025-12-31      | 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    | 0.56%             | 2025-12-31      | 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      | $84496.91     | 0.10%             | 2025-11-30      | 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      | $2936341.27   | 3.39%             | 2025-11-30      | 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      | $250000.00    | 0.29%             | 2025-12-31      | 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      | $385199.07    | 0.45%             | 2025-11-30      | 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   | 7.46%             | 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      | $700000.00    | 0.81%             | 2028-11-26      | 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      | $785000.00    | 0.91%             | 2026-12-31      | 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      | $75996.00     | 0.09%             | 2027-03-27      | 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      | $807991.36    | 0.93%             | 2027-08-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Terra Payment Services Ltd   /            | Terra Payment Services Ltd   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $350000.00    | 0.40%             | 2025-12-31      | 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      | $3272449.99   | 3.78%             |  |  |  | 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      | $65554.00     | 0.08%             |  |  |  | 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      | $7282650.07   | 8.42%             |  |  |  | No            | N/A                | On Loan: No      |
| Derivation Funding LLC   /                | Derivation Funding LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $769417.92    | 0.89%             | 2025-12-31      | 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   | 1.58%             | 2028-01-03      | 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      | $151752.00    | 0.18%             |  |  |  | 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%             | 2025-12-31      | 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      | $442252.62    | 0.51%             | 2025-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB Bridge Solutions LLC   /              | RKB Bridge Solutions LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $174779.88    | 0.20%             | 2025-11-30      | 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      | $2763291.19   | 3.19%             |  |  |  | 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      | $504125.93    | 0.58%             |  |  |  | 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      | $1073837.25   | 1.24%             |  |  |  | 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      | $857031.02    | 0.99%             |  |  |  | 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      | $514195.18    | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| SPC VAR LLC    /                          | SPC VAR LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $949500.00    | 1.10%             | 2028-10-17      | None          | 0.00%                 | 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      | $1142846.52   | 1.32%             | 2028-04-17      | 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      | $160000.00    | 0.18%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stride Alternative Education Fund 1   /   | Stride Alternative Education Fund 1   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $73297.44     | 0.08%             | 2029-06-13      | 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   | 2.10%             | 2028-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-11-10

**Name of Applicant:** VARIANT IMPACT FUND

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

**Name of Signer:** Robert W Elsasser

**Title:** President