# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001193125-26-287686
**Filing Date:** 2026-6
**Character Count:** 84336
**Document Hash:** a1c29d9f90668ae2e156b1b8a88d4682
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-287686.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001193125-26-287686

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant 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:** 261133321

**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:** 2026-04-30

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2645623074.25

**Total Liabilities:** $188139730.09

**Net Assets:** $2457483344.16

**Cash Not Reported:** $999969.00

**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:** 32310.207252369289 | **1-Year:** 83543.972325440819 | **5-Year:** 26779.050086059510 | **10-Year:** 0.000000000000 | **30-Year:** 1363.027778136403

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.65%                | 0.64%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6580459.69             | $2603703.27                                |
| Month 2  | $-720.18                 | $-1772023.46                               |
| Month 3  | $-955630.07              | $-5063857.13                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Art Lending Inc.    /                         | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2700000.00   | 0.11%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Money International Co.   /               | Art Money International Co.   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $487249.23    | 0.02%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Banco Actinver S.A. Institucion de   /        | Banco Actinver S.A. Institucion de   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13300000.00  | 0.54%             | 2026-05-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Blue Owl Asset Leasing Feeder   /             | Blue Owl Asset Leasing Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5661538.26   | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                          | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -974 | OU      | $-701.32      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Mesirow Financial Services Inc.   /           | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1283949.26   | 0.05%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BA Tech Master LP    /                        | BA Tech Master LP    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2444037.49   | 0.10%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Beatfund II LLC    /                          | Beatfund II LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $28527184.87  | 1.16%             | 2027-07-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Beatfund II LLC    /                          | Beatfund II LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $341887.45    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BEB SPV I LLC    /                            | BEB SPV I LLC    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $59434370.12  | 2.42%             | 2028-05-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RL SPV LLC    /                               | RL SPV LLC    /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7327158.15   | 0.30%             | 2028-07-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Bandon VAIF LLC    /                          | Bandon VAIF LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $566215.77    | 0.02%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Bandon VAIF LLC    /                          | Bandon VAIF LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $82000.00     | 0.00%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Broadway Facility    /                        | Broadway Facility    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $35031479.29  | 1.43%             | 2029-03-09      | 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      | $2461748.46   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| River Horse Holdings II LP   /                | River Horse Holdings II LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4713043.14   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| Spouting Rock(BYZFun der) Facility   /        | Spouting Rock(BYZFun der) Facility   /         | CUSIP: BYZ456729<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $499999.41    | 0.02%             | 2028-01-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Coromandel Capital LLC   /                    | Coromandel Capital LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $831946.49    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - Amzn Credit   /                   | CoVenture - Amzn Credit   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13530460.00  | 0.55%             |  |  |  | No            | N/A                | On Loan: No      |
| Treville Credit Fund LP   /                   | Treville Credit Fund LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $19255314.28  | 0.78%             |  |  |  | No            | N/A                | On Loan: No      |
| Vantage Borrower SPV I LLC   /                | Vantage Borrower SPV I LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1494000.00   | 0.06%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CDXFI Specialty Finance LLC   /               | CDXFI Specialty Finance LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2187591.99   | 0.09%             | 2026-08-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Viscogliosi Brothers LLC   /                  | Viscogliosi Brothers LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CL Levi Co-Invest L.P.   /                    | CL Levi Co-Invest L.P.   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $22752734.07  | 0.93%             |  |  |  | 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      | $2933975.35   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| Ranger Hill Run LLC    /                      | Ranger Hill Run LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $16399844.52  | 0.67%             | 2026-12-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Series 6 - Virage Capital Partners LP   /     | Series 6 - Virage Capital Partners LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10373354.83  | 0.42%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund II L.P   /  | Setpoint Residential Fintech Fund II L.P   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $21540023.93  | 0.88%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund L.P.   /    | Setpoint Residential Fintech Fund L.P.   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $138012.29    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Monticello Funding LLC Series SH75-B   /      | Monticello Funding LLC Series SH75-B   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $503573.17    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-85   /     | MonticelloAM Funding LLC Series SH-85   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1896119.63   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-86   /     | MonticelloAM Funding LLC Series SH-86   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5218803.92   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-88   /     | MonticelloAM Funding LLC Series SH-88   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $833724.76    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-89-B   /   | MonticelloAM Funding LLC Series SH-89-B   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1960200.09   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-92   /     | MonticelloAM Funding LLC Series SH-92   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2180359.07   | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Monticello Funding LLC Series SH-93-B   /     | Monticello Funding LLC Series SH-93-B   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2753169.02   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-94   /     | MonticelloAM Funding LLC Series SH-94   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3038468.90   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| Silverview Special Situations Lending   /     | Silverview Special Situations Lending   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7703483.61   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| VPES Fund 1 LLC Debt Facility   /             | VPES Fund 1 LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5241736.10   | 0.21%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Station Road Capital Management II LLC   /    | Station Road Capital Management II LLC   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $51969050.35  | 2.11%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Spouting Rock (La Mo raleja) Facility   /     | Spouting Rock (La Mo raleja) Facility   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $500000.00    | 0.02%             | 2027-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SSC SPV No.1 LLC SSC SPV No. 1 LLC   /        | SSC SPV No.1 LLC SSC SPV No. 1 LLC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $81867721.95  | 3.33%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stage Point Capital LLC Stage Point   /       | Stage Point Capital LLC Stage Point   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10900500.00  | 0.44%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Internex Capital LLC Series A   /             | Internex Capital LLC Series A   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1250000.00   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Stifel Syndicated Credit LLC   /              | Stifel Syndicated Credit LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7553495.05   | 0.31%             | 2026-06-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cibanco S.A. Institucion   /                  | Cibanco S.A. Institucion   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $198761.67    | 0.01%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Tailor Ridge REIT LLC   /                     | Tailor Ridge REIT LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6000000.00   | 0.24%             | 2026-12-31      | 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      | $259401.98    | 0.01%             |  |  |  | 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      | $17752472.01  | 0.72%             |  |  |  | No            | N/A                | On Loan: No      |
| Crusoe Energy Systems LLC   /                 | Crusoe Energy Systems LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6886995.30   | 0.28%             | 2027-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Upper90 Fund III LP    /                      | Upper90 Fund III LP    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7613568.82   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Series 4 - Virage Capital Partners LP   /     | Series 4 - Virage Capital Partners LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1617333.94   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - Vantage Credit Opportunities   /  | CoVenture - Vantage Credit Opportunities   /   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $0.01         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Wallace Management Co. LLC   /                | Wallace Management Co. LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12155723.83  | 0.49%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kettera Facility    /                         | Kettera Facility    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4532943.24   | 0.18%             | 2029-02-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Legalist DIP Fund I LP   /                    | Legalist DIP Fund I LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2041419.07   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Fund II LP   /                   | Legalist DIP Fund II LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4968744.53   | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Offshore Fund II LP   /          | Legalist DIP Offshore Fund II LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1715594.71   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Offshore Fund I LP   /           | Legalist DIP Offshore Fund I LP   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $429213.94    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP SPV II    /                      | Legalist DIP SPV II    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $842899.15    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /             | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $59263684.62  | 2.41%             | 2026-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable (Leasy) Facility II   /              | Lendable (Leasy) Facility II   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $300000.00    | 0.01%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /             | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1200000.00   | 0.05%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /             | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1250000.00   | 0.05%             | 2026-05-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MARCO UNDERWRITING (NO.1                      | Marcel Underwriting No 1 Pty Ltd               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |         1 | PA      | $1247868.00   | 0.05%             | 2026-06-26      | Floating      | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC    /                     | Medtrade Capital LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $27481914.36  | 1.12%             | 2026-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC Octagon (Gloves)   /     | Medtrade Capital LLC Octagon (Gloves)   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15951953.87  | 0.65%             | 2027-04-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC    /                     | Medtrade Capital LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $85194800.35  | 3.47%             | 2026-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Capital II L.P.    /                      | MEP Capital II L.P.    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7666180.10   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital III L.P .   /                     | MEP Capital III L.P .   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $15358870.12  | 0.62%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital Fund IV L.P.   /                  | MEP Capital Fund IV L.P.   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $27667367.82  | 1.13%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital LLC (Island Of Misfits)   /       | MEP Capital LLC (Island Of Misfits)   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2260000.00   | 0.09%             | 2029-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP (Island of Misfi ts) Warrants   /         | MEP (Island of Misfi ts) Warrants   /          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $149972.17    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| 1769 Capital LLC 1543 Capital Financi   /     | 1769 Capital LLC 1543 Capital Financi   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $27571432.63  | 1.12%             | 2029-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PT Awan Tunai Indonesia   /                   | PT Awan Tunai Indonesia   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10696494.67  | 0.44%             | 2026-07-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Nimbus Asset Finance A Sub-Fund of   /        | Nimbus Asset Finance A Sub-Fund of   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5500991.49   | 0.22%             | 2026-07-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rainforest Life PTE. LTD. - Warrants   /      | Rainforest Life PTE. LTD. - Warrants   /       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $587290.01    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Fund II   /            | Aero Capital Solutions Fund II   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6595510.51   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Feeder   /             | Aero Capital Solutions Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $58719497.16  | 2.39%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Feeder   /             | Aero Capital Solutions Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20175583.36  | 0.82%             |  |  |  | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT JUNE 26   /                | AUD USD CURNCY FUT JUNE 26   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -703 | NC      | $-784254.00   | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Alterfina    /                                | Alterfina    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | CA        |         1 | PA      | $18772084.81  | 0.76%             | 2028-11-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Aion Acquisition LLC    /                     | Aion Acquisition LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $184959.90    | 0.01%             | 2099-12-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV II LLC Debt 90 Day Facility   /     | Osprey AV II LLC Debt 90 Day Facility   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $16571564.05  | 0.67%             | 2026-08-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV I LLC Debt Facility   /             | Osprey AV I LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $19832489.68  | 0.81%             | 2026-05-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACMV Factor Finance SPV LLC   /               | ACMV Factor Finance SPV LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $677428.00    | 0.03%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| App Academy Financial LLC   /                 | App Academy Financial LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5579497.61   | 0.23%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cirrix Finance LLC    /                       | Cirrix Finance LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6325302.37   | 0.26%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cirrix Investments LLC   /                    | Cirrix Investments LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5431797.08   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| ARC LPW I LLC    /                            | ARC LPW I LLC    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $287568.60    | 0.01%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2101418.07   | 0.09%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10992219.86  | 0.45%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3620318.86   | 0.15%             | 2026-06-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $289256.70    | 0.01%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Argonaut (EITT & War path)   /                | Argonaut (EITT & War path)   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3472595.69   | 0.14%             | 2026-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Charlie   /                | Marine Street L.P. Charlie   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4290632.22   | 0.17%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3068990.76   | 0.12%             | 2026-05-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Copperpot Finance LLC   /                     | Copperpot Finance LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4900001.17   | 0.20%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB Management Inc.    /                      | JGB Management Inc.    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7773339.79   | 0.32%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Preferred Point LLC    /                      | Preferred Point LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14131077.15  | 0.58%             | 2029-06-05      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I LLC   /     | Kerberos Capital Management SPV I LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $60894583.12  | 2.48%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV V LLC   /     | Kerberos Capital Management SPV V LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $31252891.07  | 1.27%             | 2026-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Montreux Healthcare Fund PLC   /              | Montreux Healthcare Fund PLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $459184.41    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| MAKE WHOLE RECEIVABLE   /                     | MAKE WHOLE RECEIVABLE   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Network Homes 2016 Ltd                        | Network Homes 2016 Ltd                         | CUSIP: 999999999<br>LEI: 2138006CCOMYKJXKJT11 | Long             | EC               | CORP              | GB        |         1 | NS      | $982638.88    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - No1 Credit   /                    | CoVenture - No1 Credit   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2942679.07   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - No1 Credit   /                    | CoVenture - No1 Credit   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7389910.78   | 0.30%             |  |  |  | No            | N/A                | On Loan: No      |
| CDMX Debt Fund LLC    /                       | CDMX Debt Fund LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |         1 | PA      | $20438324.45  | 0.83%             | 2027-04-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CDMX II Fund LLC    /                         | CDMX II Fund LLC    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $47810009.11  | 1.95%             | 2027-12-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Northlight Capital Partners   /               | Northlight Capital Partners   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $27181258.62  | 1.11%             | 2026-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| North Haven Offshore Infrastructure   /       | North Haven Offshore Infrastructure   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1167006.00   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Oak Harbor Capital NPL VII LLC   /            | Oak Harbor Capital NPL VII LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6287570.64   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| Oceana Note 10.25% - 2/23/2026   /            | Oceana Note 10.25% - 2/23/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $22582557.24  | 0.92%             | 2027-02-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /            | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $15032883.87  | 0.61%             | 2026-09-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /            | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $11246300.11  | 0.46%             | 2026-11-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OHPC LP    /                                  | OHPC LP    /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1780101.42   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Okoa Capital LLC Facility   /                 | Okoa Capital LLC Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $36123290.28  | 1.47%             | 2026-06-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Okoa Capital LLC Facility   /                 | Okoa Capital LLC Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5967023.79   | 0.24%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OHP II LP Class B    /                        | OHP II LP Class B    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $424002.93    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT JUN 2026   /                 | MEXICAN PESO FUT JUN 2026   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -868 | NC      | $-602984.01   | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Percent U.S. ABS I LLC   /                    | Percent U.S. ABS I LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10310854.34  | 0.42%             | 2026-09-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Pier Active Transact ions LLC (Series 36)   / | Pier Active Transact ions LLC (Series 36)   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1738445.22   | 0.07%             | 2027-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| 888 Fund I LLC    /                           | 888 Fund I LLC    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $78764277.84  | 3.21%             | 2026-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CANADIAN DOLLAR FUT JUNE 26   /               | CANADIAN DOLLAR FUT JUNE 26   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -375 | NC      | $-16266.25    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Envest (Canada) Holdings Corp. TL A   /       | Envest (Canada) Holdings Corp. TL A   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |         1 | PA      | $8296623.49   | 0.34%             | 2026-11-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Envest (Canada) Holdings Corp. TL B   /       | Envest (Canada) Holdings Corp. TL B   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14667079.85  | 0.60%             | 2026-11-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Equal Access Justice Fund LP   /              | Equal Access Justice Fund LP   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3453005.64   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| Esme Grace Facility    /                      | Esme Grace Facility    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2273802.49   | 0.09%             | 2028-06-02      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EAJF ESQ FUND LP Fund LP   /                  | EAJF ESQ FUND LP Fund LP   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $51841561.17  | 2.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Fairway America Fund (VII and VIIQP)   /      | Fairway America Fund (VII and VIIQP)   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4099987.58   | 0.17%             | 2026-06-30      | 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        |  50346328 | PA      | $50346328.24  | 2.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BR AB LLC    /                                | BR AB LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2847200.40   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| Highmore (Jardine) Participation   /          | Highmore (Jardine) Participation   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11163051.42  | 0.45%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Group Advisor LLC   /                | Highmore Group Advisor LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $620000.00    | 0.03%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Group Advisor LLC   /                | Highmore Group Advisor LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1190080.00   | 0.05%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HomeLight Real Estate IV, LLC   /             | HomeLight Real Estate IV, LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2949120.12   | 0.12%             | 2028-02-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TruNorth Star RTL Co-Invest LLC   /           | TruNorth Star RTL Co-Invest LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $38703301.42  | 1.57%             | 2026-06-30      | 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      | $937404.80    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Drummond Ross Limited   /                     | Drummond Ross Limited   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |         1 | PA      | $5050897.78   | 0.21%             | 2026-06-30      | 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      |
| Cascade Energy Group LLC   /                  | Cascade Energy Group LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7769814.97   | 0.32%             | 2027-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kili Purchasing LLC    /                      | Kili Purchasing LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2516560.90   | 0.10%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Nighthawk Borrower SPV LLC   /                | Nighthawk Borrower SPV LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17618972.03  | 0.72%             | 2026-08-30      | 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      | $51017.27     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Rivonia Road (Steno) Warrants   /             | Rivonia Road (Steno) Warrants   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $192761.18    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                     | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13809523.82  | 0.56%             | 2027-04-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road (Steno) Tranche II   /           | Rivonia Road (Steno) Tranche II   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 0.04%             | 2028-05-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                     | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7157513.63   | 0.29%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                     | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14458892.02  | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| Preteur Inc.    /                             | Preteur Inc.    /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2043243.00   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo Capital II LLC   /                    | Salaryo Capital II LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5572968.00   | 0.23%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Preteur Inc.    /                             | Preteur Inc.    /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $200000.00    | 0.01%             | 2030-05-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Salaryo Note 03/03/ 26   /                    | Salaryo Note 03/03/ 26   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $120000.00    | 0.00%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Preteur Note 03/03/ 26   /                    | Preteur Note 03/03/ 26   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $100000.00    | 0.00%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Salaryo (LCS) Note II   /                     | Salaryo (LCS) Note II   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $252000.00    | 0.01%             | 2026-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| William Properties (Page 600)   /             | William Properties (Page 600)   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3664450.43   | 0.15%             | 2026-12-31      | 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      | $79416.32     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Zanifu Limited    /                           | Zanifu Limited    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1387727.10   | 0.06%             | 2026-07-30      | 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      | $137132.36    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CX Residences at Congressional   /            | CX Residences at Congressional   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13319495.44  | 0.54%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Lively Indigo Run Depositor LLC   /        | CX Lively Indigo Run Depositor LLC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4294278.54   | 0.17%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Midwest Industrial   /                     | CX Midwest Industrial   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7612486.84   | 0.31%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Mode at Hyattsville   /                    | CX Mode at Hyattsville   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5332097.77   | 0.22%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Owings Mills Multifamily   /               | CX Owings Mills Multifamily   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6966546.61   | 0.28%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Station at Clift Farm Depositor LLC   /    | CX Station at Clift Farm Depositor LLC   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3104054.53   | 0.13%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Deep Ocean Facility    /                      | Deep Ocean Facility    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8968957.30   | 0.36%             | 2028-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DelGatto Diamond Finance Fund LP   /          | DelGatto Diamond Finance Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $75940000.00  | 3.09%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DelGatto Diamond Finance Fund LP   /          | DelGatto Diamond Finance Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $26617998.85  | 1.08%             |  |  |  | No            | N/A                | On Loan: No      |
| A & T Investments SARL   /                    | A & T Investments SARL   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | XX        |         1 | PA      | $9272300.47   | 0.38%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2159273.56   | 0.09%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Silent Hill   /            | Marine Street L.P. Silent Hill   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9164046.57   | 0.37%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $533945.28    | 0.02%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $509774.34    | 0.02%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $527778.78    | 0.02%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Young Weather   /          | Marine Street L.P. Young Weather   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $710180.11    | 0.03%             | 2026-05-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PHX Industrial Portfolio AMP SPV   /          | PHX Industrial Portfolio AMP SPV   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4886427.39   | 0.20%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                         | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1967916.95   | 0.08%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                         | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4047826.89   | 0.16%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                         | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10595221.54  | 0.43%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                         | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $16253023.84  | 0.66%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $25167268.52  | 1.02%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Olive House   /            | Marine Street L.P. Olive House   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1458539.80   | 0.06%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                       | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1639741.62   | 0.07%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Rock Bridge   /            | Marine Street L.P. Rock Bridge   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11818249.99  | 0.48%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Campbell Opportunity Timber Fund-A L.P.   /   | Campbell Opportunity Timber Fund-A L.P.   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $605208.28    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Connect Facility    /                         | Connect Facility    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4860243.46   | 0.20%             | 2029-02-02      | 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      | $14636738.51  | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Capital LLC   /                    | Coromandel Capital LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $614704.00    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /         | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14414783.15  | 0.59%             | 2028-02-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /         | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8382200.00   | 0.34%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /         | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11974267.26  | 0.49%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV V LLC   /     | Kerberos Capital Management SPV V LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2769907.00   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo (LCS) Note I II   /                   | Salaryo (LCS) Note I II   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $120000.00    | 0.00%             | 2026-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Salaryo (LCS) Note I V   /                    | Salaryo (LCS) Note I V   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $70000.00     | 0.00%             | 2026-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SSL DB West LLC Debt Collection   /           | SSL DB West LLC Debt Collection   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $41177676.13  | 1.68%             | 2027-03-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Unifund CCR LLC Lending   /                   | Unifund CCR LLC Lending   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3904383.54   | 0.16%             | 2027-08-11      | None          | 0.00%                 | 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      | $8552307.08   | 0.35%             | 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      | $1559948.14   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Drawbridge Special Opportunities Fund   /     | Drawbridge Special Opportunities Fund   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3433593.08   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| Legal Capital Products LLC   /                | Legal Capital Products LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $25307556.30  | 1.03%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE JUN 2026   /                   | EUR/USD FUTURE JUN 2026   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -100 | NC      | $-225409.50   | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| edly WH Investors 2019-1 LLC   /              | edly WH Investors 2019-1 LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11358212.27  | 0.46%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MFP Infrastructure L    /                     | MFP Infrastructure L    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $23275242.44  | 0.95%             | 2026-05-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Fundamental Partners IV LP   /                | Fundamental Partners IV LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4477266.64   | 0.18%             |  |  |  | No            | N/A                | On Loan: No      |
| Steel River Systems LLC   /                   | Steel River Systems LLC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2803274.94   | 0.11%             | 2027-12-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marquis United LLC    /                       | Marquis United LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11310549.58  | 0.46%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Capital III L.P .  - Co-Investment   /    | MEP Capital III L.P .  - Co-Investment   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $9180408.63   | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital II L.P. - Co-investment   /       | MEP Capital II L.P. - Co-investment   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3397534.91   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| Mesa Bridge Facility Services Inc.   /        | Mesa Bridge Facility Services Inc.   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6286300.00   | 0.26%             | 2028-12-19      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BlackRock Monticello Debt REIT   /            | BlackRock Monticello Debt REIT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $46749786.22  | 1.90%             |  |  |  | No            | N/A                | On Loan: No      |
| SCPFL I LLC    /                              | SCPFL I LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $157069641.57 | 6.39%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stratford Cresson MT2 LLC   /                 | Stratford Cresson MT2 LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $16934201.53  | 0.69%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Taiga Special Opportunities LP   /            | Taiga Special Opportunities LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7879510.07   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| Taiga Special Opportunities LP   /            | Taiga Special Opportunities LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6570702.63   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| Bundled Up LLC Consumer Lending   /           | Bundled Up LLC Consumer Lending   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $38428626.44  | 1.56%             | 2026-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| White Oak YieldSpect rum (Cayman) Fund   /    | White Oak YieldSpect rum (Cayman) Fund   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $38606365.80  | 1.57%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President