# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001145549-23-010040
**Filing Date:** 2023-2
**Character Count:** 69565
**Document Hash:** 0c6f6bbe22a6a8ec6dbae5ac202ce809
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010040.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-010040

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001736510
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23336
- **FILM NUMBER:** 23667817

**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:** 2023-04-30

- **b. Date as of which information is reported:** 2022-10-31

**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:** $2257095741.73

**Total Liabilities:** $43113489.13

**Net Assets:** $2213982252.60

**Cash Not Reported:** $4679968.25

**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:** 10203.976456996393 | **1-Year:** 93386.571752322280 | **5-Year:** 39535.639211083857 | **10-Year:** 2986.975670329262 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.88%                | 0.77%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $52890.41                | $3354097.09                                |
| Month 2  | $-47592.63               | $-747424.72                                |
| Month 3  | $268.86                  | $3730391.24                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ACCIAL INVESTREE INDONENSIA SMB   /          | ACCIAL INVESTREE INDONENSIA SMB   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3800000.00   | 0.17%             | 2022-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL AVISTA CREDIT FACILITY   /            | ACCIAL AVISTA CREDIT FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7200000.00   | 0.33%             | 2023-02-05      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL A55 CREDIT FACILITY   /               | ACCIAL A55 CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3500086.44   | 0.16%             | 2023-03-12      | 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      | $8030000.00   | 0.36%             | 2024-04-25      | 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      | $9500000.00   | 0.43%             | 2024-08-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL RAINFOREST CREDIT FACILITY   /        | ACCIAL RAINFOREST CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12337793.45  | 0.56%             | 2024-08-20      | 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      | $106200.00    | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ACCIAL HOMEBASE CREDIT FACILITY   /          | ACCIAL HOMEBASE CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $720000.00    | 0.03%             | 2023-11-24      | None          | 0.00%                 | 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      | $1810120.05   | 0.08%             |  |  |  | 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      | $41674538.30  | 1.88%             |  |  |  | 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      | $38974937.43  | 1.76%             |  |  |  | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT DEC 2022   /              | AUD USD CURNCY FUT DEC 2022   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -935 | NC      | $4743025.55   | 0.21%             |  |  |  | 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      | $138386.85    | 0.01%             | 2023-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AION EQUITY    /                             | AION EQUITY    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $349125.00    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| AION CREDIT FACILITY   /                     | AION CREDIT FACILITY   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $266239.37    | 0.01%             | 2022-12-31      | 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      | $23660000.00  | 1.07%             | 2023-11-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EXPERITY VENTURES CREDIT FACILITY   /        | EXPERITY VENTURES CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11471795.53  | 0.52%             | 2026-11-04      | 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      | $2474446.60   | 0.11%             | 2024-03-31      | 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      | $20000000.00  | 0.90%             | 2022-12-28      | 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      | $5697483.92   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| ARC CREDIT FACILITY    /                     | ARC CREDIT FACILITY    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $77881357.29  | 3.52%             | 2024-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARC WARRANTS    /                            | ARC WARRANTS    /                              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $22358.00     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ARGONAUT - 3 Days in Malay   /               | ARGONAUT - 3 Days in Malay   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $596165.30    | 0.03%             | 2023-06-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - 57 Seconds   /                    | ARGONAUT - 57 Seconds   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2120383.69   | 0.10%             | 2023-05-14      | 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      | $15842028.23  | 0.72%             | 2023-11-01      | 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      | $5747075.79   | 0.26%             | 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      | $1707531.68   | 0.08%             | 2023-07-07      | 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      | $11891150.96  | 0.54%             | 2023-07-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - The Flood    /                    | ARGONAUT - The Flood    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1068936.87   | 0.05%             | 2023-05-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARMADILLO FINANCIAL FUND LP   /              | ARMADILLO FINANCIAL FUND LP   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7922.00      | 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      | $11496779.41  | 0.52%             | 2024-12-31      | 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   | 0.09%             | 2022-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART FINANCE 4 PROFIT SHARE   /               | ART FINANCE 4 PROFIT SHARE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $195783.72    | 0.01%             |  |  |  | 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   | 0.18%             | 2024-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTFIN5 PROFIT SHARE   /                     | ARTFIN5 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $433698.98    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| SHINNECOCK DART MILANO   /                   | SHINNECOCK DART MILANO   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12154495.50  | 0.55%             | 2023-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTFIN7 PROFIT SHARE   /                     | ARTFIN7 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $32673.37     | 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      | $13957125.80  | 0.63%             | 2022-12-20      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTFIN8 PROFIT SHARE   /                     | ARTFIN8 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $249236.36    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| ART MONEY CONVERTIBLE NOTE   /               | ART MONEY CONVERTIBLE NOTE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $435000.00    | 0.02%             | 2023-12-09      | 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      | $5500000.00   | 0.25%             | 2023-07-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTMONUS WARRANTS    /                       | ARTMONUS WARRANTS    /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $59661.32     | 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      | $16300000.00  | 0.74%             | 2026-05-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ATALAYA EQUIPMENT LEASING EVERGREEN LP   /   | ATALAYA EQUIPMENT LEASING EVERGREEN LP   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $21867422.96  | 0.99%             |  |  |  | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                         | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -806 | OU      | $-515.63      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| BASELINE GROWTH CREDIT FACILITY   /          | BASELINE GROWTH CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3620000.00   | 0.16%             | 2026-10-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION NEXGEN PARTICIPATION   /             | BASTION NEXGEN PARTICIPATION   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6258253.37   | 0.28%             | 2024-01-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION KORNERSTONE CREDIT FACILITY   /      | BASTION KORNERSTONE CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6276000.00   | 0.28%             | 2024-07-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION ECG CREDIT FACILITY   /              | BASTION ECG CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8846153.86   | 0.40%             | 2024-08-31      | 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      | $5481702.97   | 0.25%             | 2024-12-31      | 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      | $5408007.51   | 0.24%             | 2023-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PIER BEATBREAD CREDIT FACILITY   /           | PIER BEATBREAD CREDIT FACILITY   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8000000.00   | 0.36%             | 2023-06-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BANDON RIVER CREDIT FACILITY   /             | BANDON RIVER CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2866239.19   | 0.13%             | 2024-01-24      | 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      | $70000.00     | 0.00%             | 2023-01-31      | 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      | $20113036.56  | 0.91%             |  |  |  | No            | N/A                | On Loan: No      |
| BLACKROCK SPECIAL CREDIT OPPORTUNITIES   /   | BLACKROCK SPECIAL CREDIT OPPORTUNITIES   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-31   /                 | MONTICELLO SERIES BTH-31   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $250792.83    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-47   /                 | MONTICELLO SERIES BTH-47   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3036371.84   | 0.14%             |  |  |  | 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      | $2279321.78   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-49   /                 | MONTICELLO SERIES BTH-49   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $838462.38    | 0.04%             |  |  |  | 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      | $2019332.04   | 0.09%             |  |  |  | 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      | $2526831.34   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-56   /                 | MONTICELLO SERIES BTH-56   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7405870.57   | 0.33%             |  |  |  | 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      | $1171570.50   | 0.05%             |  |  |  | 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      | $28070378.91  | 1.27%             | 2025-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COVENTURE CLEARBANC SPECIAL ASSETS LP   /    | COVENTURE CLEARBANC SPECIAL ASSETS LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1281253.79   | 0.06%             |  |  |  | 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      | $898591.64    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL CREDIT FACILITY   /               | COROMANDEL CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $59156429.23  | 2.67%             | 2023-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COROMANDEL WARRANTS    /                     | COROMANDEL WARRANTS    /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $107553.00    | 0.00%             |  |  |  | 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      | $31525064.42  | 1.42%             |  |  |  | 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      | $20801653.96  | 0.94%             |  |  |  | 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             | EC               | CORP              | US        |         1 | NS      | $3416646.90   | 0.15%             |  |  |  | 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%             | 2023-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Crestline Healthcare CREDIT FACILITY   /     | Crestline Healthcare CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5716710.40   | 0.26%             | 2023-10-31      | 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      | $12487945.71  | 0.56%             |  |  |  | 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      | $1778833.15   | 0.08%             |  |  |  | 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      | $867386.28    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE PRAETER LP - ZOOM   /              | CRESTLINE PRAETER LP - ZOOM   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3333692.38   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| CreditSpring Credit Facility   /             | CreditSpring Credit Facility   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $22909031.20  | 1.03%             | 2024-02-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CARTER AMAZON WAREHOUSE   /                  | CARTER AMAZON WAREHOUSE   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1066614.07   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Carter Congressional Village   /             | Carter Congressional Village   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10619502.85  | 0.48%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER LIVELY INDIGO RUN   /                 | CARTER LIVELY INDIGO RUN   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $9706027.59   | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER MIDWEST INDUSTRIAL LOG   /            | CARTER MIDWEST INDUSTRIAL LOG   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10407633.21  | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER MODE at HYATTSVILLE   /               | CARTER MODE at HYATTSVILLE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13310915.88  | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Carter Riverstone at Owing Mills   /         | Carter Riverstone at Owing Mills   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10203886.05  | 0.46%             |  |  |  | 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             | EC               | CORP              | US        |         1 | NS      | $12759680.15  | 0.58%             |  |  |  | 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      | $63500000.00  | 2.87%             | 2022-11-26      | None          | 0.00%                 | 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      | $23657376.38  | 1.07%             |  |  |  | No            | N/A                | On Loan: No      |
| DRIP TRADE FINANCE SERIES 2020-W   /         | DRIP TRADE FINANCE SERIES 2020-W   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 0.05%             | 2022-11-30      | None          | 0.00%                 | 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      | $13733831.31  | 0.62%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE DEC 2022   /                  | EUR/USD FUTURE DEC 2022   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -31 | NC      | $110879.68    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| EDLY WH CREDIT FACILITY   /                  | EDLY WH CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6603877.49   | 0.30%             | 2023-09-30      | 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      | $49077311.70  | 2.22%             |  |  |  | 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      | $36810242.23  | 1.66%             |  |  |  | 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   | 0.34%             | 2023-07-01      | 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        | 184352432 | PA      | $184352432.17 | 8.33%             |  |  |  | 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      | $49982513.85  | 2.26%             | 2023-02-28      | 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      | $1645512.63   | 0.07%             |  |  |  | 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      | $3559834.66   | 0.16%             | 2022-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ITE Rail Fund LP    /                        | ITE Rail Fund LP    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5474148.67   | 0.25%             |  |  |  | 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      | $2845599.00   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY   /                 | KERBEROS CREDIT FACILITY   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $53021706.10  | 2.39%             | 2024-08-16      | 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      | $20475000.00  | 0.92%             | 2024-08-16      | 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   | 0.37%             | 2024-08-16      | 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      | $10729963.26  | 0.48%             | 2024-08-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EDLY LAMBDA ISA REVOLVING FACILITY   /       | EDLY LAMBDA ISA REVOLVING FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3789478.00   | 0.17%             | 2024-06-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COMBINED WAREHOUSE CREDIT FACILITY   /       | COMBINED WAREHOUSE CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $99865094.98  | 4.51%             | 2023-09-30      | 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   | 0.23%             | 2024-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE TERRAPAY CREDIT FACILITY   /        | LENDABLE TERRAPAY CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5000000.00   | 0.23%             | 2024-12-07      | None          | 0.00%                 | 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      | $10000000.00  | 0.45%             | 2024-05-31      | 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      | $13532150.00  | 0.61%             | 2022-12-31      | 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      | $21986006.43  | 0.99%             | 2025-04-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEDTRADE CAPITAL LLC    /                    | MEDTRADE CAPITAL LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $89645000.47  | 4.05%             |  |  |  | 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      | $2202179.77   | 0.10%             |  |  |  | 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      | $9127614.40   | 0.41%             |  |  |  | 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      | $10326941.19  | 0.47%             |  |  |  | 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      | $8414185.41   | 0.38%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Co-Investment    /                       | MEP Co-Investment    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2365392.74   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTREUX HEALTHCARE FUND   /                 | MONTREUX HEALTHCARE FUND   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $74743567.66  | 3.38%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO MSP-17   /                        | MONTICELLO MSP-17   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13382.89     | 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      | $1012062.38   | 0.05%             |  |  |  | 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      | $3033502.26   | 0.14%             |  |  |  | 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      | $7573642.10   | 0.34%             |  |  |  | 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      | $25684240.68  | 1.16%             | 2024-09-30      | 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      | $1551093.00   | 0.07%             |  |  |  | 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      | $10569599.31  | 0.48%             |  |  |  | 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      | $26400755.33  | 1.19%             | 2023-11-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 2   /   | Oceana Australian Small Bus Facility 2   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $8291753.88   | 0.37%             | 2023-01-20      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 3   /   | Oceana Australian Small Bus Facility 3   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $6396315.72   | 0.29%             | 2023-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 4   /   | Oceana Australian Small Bus Facility 4   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $8727958.97   | 0.39%             | 2023-09-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 5   /   | Oceana Australian Small Bus Facility 5   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $4310766.76   | 0.19%             | 2023-03-10      | 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      | $11359796.43  | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| OLD HILL MCA II CREDIT FACILITY   /          | OLD HILL MCA II CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4803982.27   | 0.22%             | 2024-04-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OLD HILL WSF CO-LEND CREDIT FACILITY   /     | OLD HILL WSF CO-LEND CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $19600000.00  | 0.89%             | 2023-02-18      | 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      | $3020552.40   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT DEC 2022   /                | MEXICAN PESO FUT DEC 2022   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |     -1035 | NC      | $-289896.45   | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| POLLEN STREET CAPITAL BADGER SPV   /         | POLLEN STREET CAPITAL BADGER SPV   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18582170.19  | 0.84%             |  |  |  | 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      | $1515753.00   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| PRODUCTION LENDING CREDIT FACILITY   /       | PRODUCTION LENDING CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8864000.90   | 0.40%             | 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      | $10295000.00  | 0.46%             | 2022-11-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PWP ASSET BASED INCOME ASP FUND   /          | PWP ASSET BASED INCOME ASP FUND   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1106934.56   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| QUIET CREDIT I LLC KNOCK LP   /              | QUIET CREDIT I LLC KNOCK LP   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6257078.62   | 0.28%             |  |  |  | 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      | $8896248.57   | 0.40%             | 2024-10-31      | 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      | $24724336.50  | 1.12%             |  |  |  | No            | N/A                | On Loan: No      |
| AMERICAN RIVERS FUND, LLC   /                | AMERICAN RIVERS FUND, LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $27825913.02  | 1.26%             |  |  |  | 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      | $3726804.89   | 0.17%             | 2024-10-31      | 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      | $11630150.00  | 0.53%             | 2025-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB BRIDGE SOLUTIONS CREDIT FACILITY   /     | RKB BRIDGE SOLUTIONS CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13580000.00  | 0.61%             | 2022-11-30      | 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      | $4820000.00   | 0.22%             | 2023-04-21      | 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      | $10192726.28  | 0.46%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo CREDIT FACILITY   /                  | Salaryo CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10000000.00  | 0.45%             | 2023-06-30      | 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      | $20974208.76  | 0.95%             |  |  |  | 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      | $12587617.14  | 0.57%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES SH-52   /                  | MONTICELLO SERIES SH-52   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1518351.11   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES SH-62   /                  | MONTICELLO SERIES SH-62   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $807820.62    | 0.04%             |  |  |  | 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      | $7355252.91   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| SOUND POINT DISCOVERY FUND   /               | SOUND POINT DISCOVERY FUND   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10391358.33  | 0.47%             |  |  |  | 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      | $62171207.43  | 2.81%             | 2023-11-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG CAPITAL PROMISSORY NOTE   /      | STAR STRONG CAPITAL PROMISSORY NOTE   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $697418.00    | 0.03%             | 2024-02-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Funding Equity   /               | Star Strong Funding Equity   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1851219.00   | 0.08%             |  |  |  | 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      | $13000000.00  | 0.59%             | 2022-11-30      | 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   | 0.06%             |  |  |  | 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      | $11000000.00  | 0.50%             | 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      | $4000000.00   | 0.18%             | 2026-06-16      | 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      | $6818000.00   | 0.31%             | 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      | $20016620.12  | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| TAILOR RIDGE CREDIT FACILITY   /             | TAILOR RIDGE CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5345000.00   | 0.24%             | 2023-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TRU GRIT 7 WARRANTS    /                     | TRU GRIT 7 WARRANTS    /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $292500.00    | 0.01%             |  |  |  | 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      | $306604.01    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CTI TRU GRIT7 CREDIT FACILITY   /            | CTI TRU GRIT7 CREDIT FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20902460.57  | 0.94%             | 2022-12-31      | 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      | $6362538.06   | 0.29%             |  |  |  | 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      | $9378237.97   | 0.42%             |  |  |  | No            | N/A                | On Loan: No      |
| UPPER90 FILMRISE LOAN   /                    | UPPER90 FILMRISE LOAN   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6818522.90   | 0.31%             | 2023-01-01      | 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      | $1039490.11   | 0.05%             |  |  |  | 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      | $1617799.05   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| VANTAGE WARRANTS    /                        | VANTAGE WARRANTS    /                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $1391902.96   | 0.06%             |  |  |  | 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      | $5000000.00   | 0.23%             | 2023-01-03      | 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      |
| YS LAW FIRM FINANCING VII   /                | YS LAW FIRM FINANCING VII   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $335357.52    | 0.02%             |  |  |  | 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      | $22500200.00  | 1.02%             | 2023-09-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL MODALKU CREDIT FACILITY   /           | ACCIAL MODALKU CREDIT FACILITY   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12078947.00  | 0.55%             | 2024-01-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President