# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001145549-25-043743
**Filing Date:** 2025-6
**Character Count:** 75879
**Document Hash:** f8bdb710f6d38f3aae19f103c0f2f502
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043743.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001736510

**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:** 811-23336
- **FILM NUMBER:** 251085142

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 4142992200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **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 ALTERNATIVE INCOME FUND

- **b. Investment Company Act file number:** 811-23336

- **c. CIK number of Registrant:** 0001736510

- **d. LEI of Registrant:** 549300VKWK774XXSGI69

- **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 Alternative Income Fund

- **c. LEI of Series:** 549300VKWK774XXSGI69

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $2877472030.11

**Total Liabilities:** $132540963.81

**Net Assets:** $2744931066.30

**Cash Not Reported:** $13332878.95

**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:** 21079.874170702833 | **1-Year:** 118197.027525016236 | **5-Year:** 40389.333304973035 | **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%                | 0.61%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-152055.19              | $-10112985.04                              |
| Month 2  | $-2019219.33             | $-5339619.76                               |
| Month 3  | $-105777.26              | $-4075280.52                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1543 Capital Financi 1543 Capital Financi   / | 1543 Capital Financi 1543 Capital Financi   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26904541.80  | 0.98%             | 2029-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL CAPTIAL FAC AWAN TUNAI   /             | ACCIAL CAPTIAL FAC AWAN TUNAI   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17500200.00  | 0.64%             | 2026-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Accial (Awan Tunai) Facility - VCC   /        | Accial (Awan Tunai) Facility - VCC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9000000.00   | 0.33%             | 2026-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL EQUITY LINK CREDIT FACILITY   /        | ACCIAL EQUITY LINK CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6000000.00   | 0.22%             | 2026-10-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL CAPEM CREDIT FACILITY   /              | ACCIAL CAPEM CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13100000.00  | 0.48%             | 2027-08-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Argonaut - Filmrise    /                      | Argonaut - Filmrise    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $103674.71    | 0.00%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Argonaut - Harvest    /                       | Argonaut - Harvest    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3484032.82   | 0.13%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT INTO THE DEEP   /                    | ARGONAUT INTO THE DEEP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - THE MAGIC FARAWAY TREE BRIDGE   /  | ARGONAUT - THE MAGIC FARAWAY TREE BRIDGE   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $25167268.52  | 0.92%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION COM FINANCE CREDIT FACILITY   /       | BASTION COM FINANCE CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2187592.48   | 0.08%             | 2026-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BA TECH CREDIT FACILITY   /                   | BA TECH CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2444037.49   | 0.09%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEATBREAD II CREDIT FACILITY   /              | BEATBREAD II CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $39999990.00  | 1.46%             | 2025-11-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEATWAR  WARRANTS    /                        | BEATWAR  WARRANTS    /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $385890.12    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL CAPITAL L REVENUE SHARE   /        | COROMANDEL CAPITAL L REVENUE SHARE   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1013505.06   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture AMZN Credit Opps LP   /             | CoVenture AMZN Credit Opps LP   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20378936.00  | 0.74%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture Credit Opp Partners Fund LP   /     | CoVenture Credit Opp Partners Fund LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $19559189.01  | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture Vantage Credit Opps Fund LP   /     | CoVenture Vantage Credit Opps Fund LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1807406.00   | 0.07%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE JUN 2025   /                   | EUR/USD FUTURE JUN 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -77 | NC      | $-389115.17   | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| EDLY WH CREDIT FACILITY   /                   | EDLY WH CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26296242.79  | 0.96%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEB Equal Access Justice Fund LP   /          | BEB Equal Access Justice Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $63598390.57  | 2.32%             |  |  |  | No            | N/A                | On Loan: No      |
| BE Blank EAJF ESQ Fund LP   /                 | BE Blank EAJF ESQ Fund LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $46662673.72  | 1.70%             |  |  |  | No            | N/A                | On Loan: No      |
| FAIRWAY LOC 7%   /                            | FAIRWAY LOC 7%   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7500000.00   | 0.27%             | 2025-07-01      | 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        | 375152423 | PA      | $375152422.96 | 13.67%            |  |  |  | No            | N/A                | On Loan: No      |
| ARGONAUT Olive House   /                      | ARGONAUT Olive House   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1458539.80   | 0.05%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT RI TAX CREDIT   /                    | ARGONAUT RI TAX CREDIT   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1639741.62   | 0.06%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Castle Rock Bridge   /             | ARGONAUT - Castle Rock Bridge   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13133788.88  | 0.48%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| FINITIVE IP LITIGATION FACILITY   /           | FINITIVE IP LITIGATION FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2577961.21   | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| FLEXPATH CAPITAL SENIOR DEBT FACILITY   /     | FLEXPATH CAPITAL SENIOR DEBT FACILITY   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20380259.07  | 0.74%             | 2026-12-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| GREENHILL DEBT MGMT CREDIT FACILITY   /       | GREENHILL DEBT MGMT CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2795330.94   | 0.10%             | 2027-12-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Hawks Point Envest Renewable Energy TL   /    | Hawks Point Envest Renewable Energy TL   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $23542566.08  | 0.86%             | 2025-05-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Henry Facility    /                           | Henry Facility    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $48705.01     | 0.00%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Automotive Participation   /         | Highmore Automotive Participation   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $633365.00    | 0.02%             | 2025-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT -THE SCURRY BRIDGE   /               | ARGONAUT -THE SCURRY BRIDGE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2159273.56   | 0.08%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Return to Silent Hill   /          | ARGONAUT - Return to Silent Hill   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12437937.34  | 0.45%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Sauna Works Participation   /        | Highmore Sauna Works Participation   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $499978.00    | 0.02%             | 2025-05-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HOMELIGHT HOMES CREDIT FACILITY   /           | HOMELIGHT HOMES CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3301840.39   | 0.12%             | 2025-10-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT Sneaks    /                          | ARGONAUT Sneaks    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $276932.47    | 0.01%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Argonaut- Tornado    /                        | Argonaut- Tornado    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2375605.16   | 0.09%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT VAT LOAN    /                        | ARGONAUT VAT LOAN    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $509774.34    | 0.02%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT WAR PAINT   /                        | ARGONAUT WAR PAINT   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $527778.78    | 0.02%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| H POINT Fix & Flip Facility   /               | H POINT Fix & Flip Facility   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $23019695.93  | 0.84%             | 2026-02-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HUDSON TRANSPORT REAL ASSET FUND LP   /       | HUDSON TRANSPORT REAL ASSET FUND LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $885836.11    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| ARGONAUT Young Weather   /                    | ARGONAUT Young Weather   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $710180.11    | 0.03%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AMP RSC INDUSTRIAL REAL ESTATE   /            | AMP RSC INDUSTRIAL REAL ESTATE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9012623.40   | 0.33%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Initiative Ireland Drummond Ross   /          | Initiative Ireland Drummond Ross   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |         1 | PA      | $4647449.95   | 0.17%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB (Woodland Hills) FACILITY   /             | JGB (Woodland Hills) FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7555500.00   | 0.28%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART FINANCE FUNDING LLC   /                   | ART FINANCE FUNDING LLC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1967916.95   | 0.07%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SHINNECOCK PROCACINI 2   /                    | SHINNECOCK PROCACINI 2   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4047826.89   | 0.15%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SHINNECOCK DART MILANO   /                    | SHINNECOCK DART MILANO   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13957599.95  | 0.51%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SHINNECOCK DART MILANO 2   /                  | SHINNECOCK DART MILANO 2   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15888770.29  | 0.58%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART MONEY CREDIT FACILITY   /                 | ART MONEY CREDIT FACILITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1077505.93   | 0.04%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ASPIRIA MXN SMALL BUSINESS FACILITY   /       | ASPIRIA MXN SMALL BUSINESS FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $36003000.00  | 1.31%             | 2026-05-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                          | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -924 | OU      | $-591.81      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| BASTION KORNERSTONE CREDIT FACILITY   /       | BASTION KORNERSTONE CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.15%             | 2027-06-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEST CASE CREDIT FACILITY   /                 | BEST CASE CREDIT FACILITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8001994.82   | 0.29%             | 2028-07-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BLACK FOREST STRUCTURED LENDING   /           | BLACK FOREST STRUCTURED LENDING   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $953660.00    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY   /                  | KERBEROS CREDIT FACILITY   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $56417036.06  | 2.06%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS SIPRUT PC EQUITY   /                 | KERBEROS SIPRUT PC EQUITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2769907.00   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| BP CURRENCY FUTURE JUN 2025   /               | BP CURRENCY FUTURE JUN 2025   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -120 | NC      | $-286621.42   | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| BANDON RIVER CREDIT FACILITY   /              | BANDON RIVER CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $566215.77    | 0.02%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BANDON RIVER ELECTRIC BROKERAGE   /           | BANDON RIVER ELECTRIC BROKERAGE   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $82000.00     | 0.00%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Broadway Capital Corp                         | Broadway Capital Corp                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $22845557.92  | 0.83%             |  |  |  | No            | N/A                | On Loan: No      |
| COMBINED WAREHOUSE CREDIT FACILITY   /        | COMBINED WAREHOUSE CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $79384883.24  | 2.89%             | 2026-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE PAYJOY CREDIT FACILITY   /           | LENDABLE PAYJOY CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5000000.00   | 0.18%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-48   /                  | MONTICELLO SERIES BTH-48   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $773689.19    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-54   /                  | MONTICELLO SERIES BTH-54   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1977071.99   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-55   /                  | MONTICELLO SERIES BTH-55   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2498536.16   | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Bullpen GP Bridge Financing   /               | Bullpen GP Bridge Financing   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4032000.00   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| LENDABLE WATU 2 CREDIT FACILITY   /           | LENDABLE WATU 2 CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6250000.00   | 0.23%             | 2026-05-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDSPARK CREDIT FACILITY   /                 | LENDSPARK CREDIT FACILITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5329150.00   | 0.19%             | 2026-04-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEDTRADE CAPITAL 2 CREDIT FACILITY   /        | MEDTRADE CAPITAL 2 CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26095963.18  | 0.95%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEDTRADE CAPITAL LLC MEDTRADE CAPITAL LLC   / | MEDTRADE CAPITAL LLC MEDTRADE CAPITAL LLC   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $109198293.51 | 3.98%             | 2026-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP CULTUREWORKS CREDIT FACITILY   /          | MEP CULTUREWORKS CREDIT FACITILY   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20261.00     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP CAPITAL FUND II   /                       | MEP CAPITAL FUND II   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7742269.73   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP CAPITAL FUND III   /                      | MEP CAPITAL FUND III   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18118008.73  | 0.66%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital Fund IV FUND IV   /               | MEP Capital Fund IV FUND IV   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18237521.19  | 0.66%             |  |  |  | No            | N/A                | On Loan: No      |
| CAGE Health LLC Allia Medical Facil   /       | CAGE Health LLC Allia Medical Facil   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5938452.14   | 0.22%             | 2027-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ROUND HILL MUSIC CARLIN COINVEST LP   /       | ROUND HILL MUSIC CARLIN COINVEST LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1377299.37   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Loan (Island Of Misfits)   /              | MEP Loan (Island Of Misfits)   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2380000.00   | 0.09%             | 2029-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP NGL MEP CAPITAL III LP   /                | MEP NGL MEP CAPITAL III LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8660007.93   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| Cauris Facility    /                          | Cauris Facility    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2400000.00   | 0.09%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| C CUBED CREDIT FACILITY   /                   | C CUBED CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $77238825.56  | 2.81%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Co-Investment    /                        | MEP Co-Investment    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3208301.02   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTREUX HEALTHCARE FUND   /                  | MONTREUX HEALTHCARE FUND   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $459184.41    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| CAMPBELL OPPORTUNITY TIMBER FUND   /          | CAMPBELL OPPORTUNITY TIMBER FUND   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $591199.69    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| CONSOLIDATED SALARYO PROMISSORY NOTES   /     | CONSOLIDATED SALARYO PROMISSORY NOTES   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $800000.00    | 0.03%             | 2025-12-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Coromandel Credit Income Evergreen   /        | Coromandel Credit Income Evergreen   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16041188.63  | 0.58%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL CREDIT FACILITY   /                | COROMANDEL CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $28973012.18  | 1.06%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Network Homes 2016 Ltd                        | Network Homes 2016 Ltd                         | CUSIP: 999999999<br>LEI: 2138006CCOMYKJXKJT11 | Long             | EC               | CORP              | GB        |         1 | NS      | $988448.04    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| COVENTURE NO 1 CREDIT OPPS FUND A-2   /       | COVENTURE NO 1 CREDIT OPPS FUND A-2   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2962685.23   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL WARRANTS    /                      | COROMANDEL WARRANTS    /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $614704.00    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE PORTFOLIO FINANCING FUND II   /     | CRESTLINE PORTFOLIO FINANCING FUND II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3158373.99   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| COVENTURE NO 1 CREDIT OPPS FUND A-3   /       | COVENTURE NO 1 CREDIT OPPS FUND A-3   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7419391.05   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| NEW HARBOR CREDIT FACILITY   /                | NEW HARBOR CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |         1 | PA      | $18205903.50  | 0.66%             | 2027-04-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| YS LAW FIRM FINANCING VII   /                 | YS LAW FIRM FINANCING VII   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $295609.50    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| ZANIFU CREDIT FACILITY   /                    | ZANIFU CREDIT FACILITY   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1387727.10   | 0.05%             | 2026-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CRESTLINE PORTFOLIO FINANCING FUND   /        | CRESTLINE PORTFOLIO FINANCING FUND   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $138468.46    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Carter Congressional Village   /              | Carter Congressional Village   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12014369.63  | 0.44%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CARTER LIVELY INDIGO RUN   /                  | CARTER LIVELY INDIGO RUN   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4709031.21   | 0.17%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL RAINFOREST WARRANTS   /                | ACCIAL RAINFOREST WARRANTS   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $648859.96    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP   /            | AERO CAPITAL SOLUTIONS FUND LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $38828.17     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP 2   /          | AERO CAPITAL SOLUTIONS FUND LP 2   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $23251838.59  | 0.85%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP 3   /          | AERO CAPITAL SOLUTIONS FUND LP 3   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $59625575.94  | 2.17%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP IV   /         | AERO CAPITAL SOLUTIONS FUND LP IV   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14948449.03  | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT JUNE 25   /                | AUD USD CURNCY FUT JUNE 25   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -708 | NC      | $-690758.85   | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| AION CLN CREDIT FACILITY   /                  | AION CLN CREDIT FACILITY   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $228416.06    | 0.01%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almavest Impact Debt 90 Day Facility   /      | Almavest Impact Debt 90 Day Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6205000.00   | 0.23%             | 2026-08-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almavest Impact Debt Facility   /             | Almavest Impact Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20410624.96  | 0.74%             | 2026-05-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ALTRIARCH INVOICE FACTORING FACILITY   /      | ALTRIARCH INVOICE FACTORING FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1741214.68   | 0.06%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| APP ACADEMY INCOME SHARE FACILITY   /         | APP ACADEMY INCOME SHARE FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10356448.83  | 0.38%             | 2025-05-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARCADIA CIRRIX FINANCE NOTE   /               | ARCADIA CIRRIX FINANCE NOTE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5730069.00   | 0.21%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Arcadia Cirrix Capital LP   /                 | Arcadia Cirrix Capital LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5902660.00   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| ARC CREDIT FACILITY    /                      | ARC CREDIT FACILITY    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5341449.40   | 0.19%             | 2025-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT CHIEF OF STATION   /                 | ARGONAUT CHIEF OF STATION   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2101418.07   | 0.08%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - The Crow    /                      | ARGONAUT - The Crow    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10992219.86  | 0.40%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Deep Fear    /                     | ARGONAUT - Deep Fear    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3843504.07   | 0.14%             | 2026-06-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Duchess    /                       | ARGONAUT - Duchess    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $297971.80    | 0.01%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Fast Charlie   /                   | ARGONAUT - Fast Charlie   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4783399.08   | 0.17%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Recovery Index                                | Recovery Index                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |         1 | NS      | $3295023.19   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| RIVONIA ROAD STENO CREDIT FACILITY   /        | RIVONIA ROAD STENO CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10359135.86  | 0.38%             | 2027-04-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA - PLANET42 CREDIT FACILITY   /        | RIVONIA - PLANET42 CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12410395.98  | 0.45%             | 2025-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB ENERGY REBATES CREDIT FACILITY II   /     | RKB ENERGY REBATES CREDIT FACILITY II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5823835.54   | 0.21%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX STATION AT CLIFT FARM DEPOSITOR   /        | CX STATION AT CLIFT FARM DEPOSITOR   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4404904.29   | 0.16%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DELGATTO DIAMOND FINANCE FUND FACILIT   /     | DELGATTO DIAMOND FINANCE FUND FACILIT   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $75940000.00  | 2.77%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| NORTH HAVEN OFFSHORE INFRA PARTNERS A LP   /  | NORTH HAVEN OFFSHORE INFRA PARTNERS A LP   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1101502.05   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| OAK HARBOR CAPITAL NPL VII FUND   /           | OAK HARBOR CAPITAL NPL VII FUND   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6115414.53   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| DELGATTO DIAMOND FINANCE FUND QP, LP   /      | DELGATTO DIAMOND FINANCE FUND QP, LP   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $24690517.10  | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Drapo Contractor Sub Subsidiary Finance   /   | Drapo Contractor Sub Subsidiary Finance   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | XX        |         1 | PA      | $6117593.75   | 0.22%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITY FUND   /       | DRAWBRIDGE SPECIAL OPPORTUNITY FUND   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4577325.03   | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| ECHELON MEDICAL REC CREDIT FACILITY   /       | ECHELON MEDICAL REC CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $39861358.33  | 1.45%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS SIPRUT PC   /                        | KERBEROS SIPRUT PC   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $23623257.93  | 0.86%             | 2026-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY 11   /               | KERBEROS CREDIT FACILITY 11   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14606683.15  | 0.53%             | 2028-02-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Business   /          | Oceana Australian Small Business   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $13404492.09  | 0.49%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility   /      | Oceana Australian Small Bus Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10051419.91  | 0.37%             | 2025-11-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility   /      | Oceana Australian Small Bus Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10102077.53  | 0.37%             | 2026-02-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Oceana Note 10.25%   /      | Oceana Australian Oceana Note 10.25%   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10099674.09  | 0.37%             | 2026-02-19      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY 3   /                | KERBEROS CREDIT FACILITY 3   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8282200.00   | 0.30%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY 4   /                | KERBEROS CREDIT FACILITY 4   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11974267.26  | 0.44%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OHPC LP OHPC   /                              | OHPC LP OHPC   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5839871.75   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| Okoa (Park City) Facility   /                 | Okoa (Park City) Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5234800.52   | 0.19%             | 2026-02-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| The New Harbor CDMX II   /                    | The New Harbor CDMX II   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $32909346.02  | 1.20%             | 2027-12-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| NORTHLIGHT CCW SENIOR RE LOAN   /             | NORTHLIGHT CCW SENIOR RE LOAN   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26343620.50  | 0.96%             | 2026-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OLD HILL PARTNER INC OHP II LP   /            | OLD HILL PARTNER INC OHP II LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $464525.06    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT JUN 2025   /                 | MEXICAN PESO FUT JUN 2025   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -714 | NC      | $-636153.55   | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| PERCENT CREDIT FACIL    /                     | PERCENT CREDIT FACIL    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3925755.05   | 0.14%             | 2026-09-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PRIME STORAGE FUND II (CAYMAN), LP   /        | PRIME STORAGE FUND II (CAYMAN), LP   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| PRODUCTION LENDING CREDIT FACILITY 2   /      | PRODUCTION LENDING CREDIT FACILITY 2   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6565275.74   | 0.24%             | 2025-07-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PRODUCE PAY CREDIT FACILITY   /               | PRODUCE PAY CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4582935.65   | 0.17%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Raistone Facility II    /                     | Raistone Facility II    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12448719.06  | 0.45%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RAISTONE TAX CREDIT FACTORING   /             | RAISTONE TAX CREDIT FACTORING   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3872019.00   | 0.14%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RapidFunds Senior Credit Facility   /         | RapidFunds Senior Credit Facility   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $16480572.99  | 0.60%             | 2026-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA ROAD FUND LP   /                      | RIVONIA ROAD FUND LP   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $12942427.99  | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| SALARY EQUITY    /                            | SALARY EQUITY    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2000000.00   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo CREDIT FACILITY   /                   | Salaryo CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5604431.00   | 0.20%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Seaport Specialty Debt Collection   /         | Seaport Specialty Debt Collection   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $52704167.03  | 1.92%             | 2026-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Seaport (River) Participation   /             | Seaport (River) Participation   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $551430.96    | 0.02%             | 2028-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CREDIX EMERGING MARKETS FACILITY   /          | CREDIX EMERGING MARKETS FACILITY   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2675000.00   | 0.10%             | 2026-08-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| VIRAGE CAPITAL LP - Series 6   /              | VIRAGE CAPITAL LP - Series 6   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $23890796.16  | 0.87%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund II LP   /   | Setpoint Residential Fintech Fund II LP   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20635440.06  | 0.75%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE 1.5% ADDTL INT AGREEMENT   /        | CRESTLINE 1.5% ADDTL INT AGREEMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Crestline Mining Fund Co-Investment   /       | Crestline Mining Fund Co-Investment   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20071840.48  | 0.73%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund LP   /      | Setpoint Residential Fintech Fund LP   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $12230176.18  | 0.45%             |  |  |  | No            | N/A                | On Loan: No      |
| SILVERPEAK SPECIAL SITUATION LENDING LP   /   | SILVERPEAK SPECIAL SITUATION LENDING LP   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10200087.88  | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER MIDWEST INDUSTRIAL LOG   /             | CARTER MIDWEST INDUSTRIAL LOG   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7513104.88   | 0.27%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CARTER MODE at HYATTSVILLE   /                | CARTER MODE at HYATTSVILLE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5943684.85   | 0.22%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SIXPOINT CAP CREDIT    /                      | SIXPOINT CAP CREDIT    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9600500.00   | 0.35%             | 2028-10-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Skydan Debt Facility   /                      | Skydan Debt Facility   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $266213.71    | 0.01%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SPECIALTY CAPITAL CREDIT FACILITY   /         | SPECIALTY CAPITAL CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8991050.90   | 0.33%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Specialty Capital Facility II   /             | Specialty Capital Facility II   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $30129030.00  | 1.10%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SOUND POINT SQUARE LOAN CO-INVEST   /         | SOUND POINT SQUARE LOAN CO-INVEST   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Square Kilometer ERTC CREDIT FACILITY   /     | Square Kilometer ERTC CREDIT FACILITY   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6588742.85   | 0.24%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG CAPITAL SSC SPV No. 1 LLC   /     | STAR STRONG CAPITAL SSC SPV No. 1 LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $84954012.36  | 3.09%             | 2025-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAGE POINT CREDIT FACILITY   /               | STAGE POINT CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10000000.00  | 0.36%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Internex Equity   /               | Star Strong Internex Equity   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1250000.00   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| STAT CAPITAL CREDIT FACILITY   /              | STAT CAPITAL CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3796000.00   | 0.14%             | 2026-04-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STIFEL-MSP RECOVERY LAW FIRM LOAN   /         | STIFEL-MSP RECOVERY LAW FIRM LOAN   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6193326.63   | 0.23%             | 2026-06-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STRATFORD CRESSON MEDICAL RECEIVABLES   /     | STRATFORD CRESSON MEDICAL RECEIVABLES   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $135496883.65 | 4.94%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Carter Riverstone at Owing Mills   /          | Carter Riverstone at Owing Mills   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6144803.56   | 0.22%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TURNING ROCK FUND I LP   /                    | TURNING ROCK FUND I LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3515644.09   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| TURNING ROCK FUND II LP   /                   | TURNING ROCK FUND II LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16405509.76  | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| UPPER90 CRUSOE LOAN   /                       | UPPER90 CRUSOE LOAN   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11595623.69  | 0.42%             | 2027-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| UPPER90 FUND III   /                          | UPPER90 FUND III   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5142162.92   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| VIRAGE CAPITAL PARTNERS LP   /                | VIRAGE CAPITAL PARTNERS LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1631629.47   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| VANTAGE WARRANTS    /                         | VANTAGE WARRANTS    /                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $0.01         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| WALLACE FINANCE CONSUMER FACILITY   /         | WALLACE FINANCE CONSUMER FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11831744.83  | 0.43%             | 2025-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Wallace Finance Consumer Lending   /          | Wallace Finance Consumer Lending   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $34445060.17  | 1.25%             | 2025-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| YS VESSEL DECONSTRUCTION 1   /                | YS VESSEL DECONSTRUCTION 1   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $200000.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Stratford Mass Torts CREDIT FACILITY   /      | Stratford Mass Torts CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15575430.08  | 0.57%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STRIDE ISA MEZZANINE DEBT   /                 | STRIDE ISA MEZZANINE DEBT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1576584.55   | 0.06%             | 2029-06-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TAIGA SECONDARY    /                          | TAIGA SECONDARY    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13811539.86  | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| TAIGA 2023 SECONDARY    /                     | TAIGA 2023 SECONDARY    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8485983.69   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| THOR URBAN PROPERTIES FUND II   /             | THOR URBAN PROPERTIES FUND II   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $233720.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| TRG Credito Facil Credit Facility   /         | TRG Credito Facil Credit Facility   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1060741.51   | 0.04%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TAILOR RIDGE FACILITY II   /                  | TAILOR RIDGE FACILITY II   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13749450.00  | 0.50%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-06-10

**Name of Applicant:** VARIANT ALTERNATIVE INCOME FUND

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

**Name of Signer:** Robert W Elsasser

**Title:** President