# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001193125-25-328161
**Filing Date:** 2025-12
**Character Count:** 81904
**Document Hash:** bc116b6a7b2b06f12cfcacd4ff723777
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-328161.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193125-25-328161

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant 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:** 251591059

**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:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2791508215.86

**Total Liabilities:** $146585862.74

**Net Assets:** $2644922353.12

**Cash Not Reported:** $14783232.38

**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:** 21146.043871495760 | **1-Year:** 100942.098452361611 | **5-Year:** 30185.980885643490 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.45%                | 0.96%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.02                   | $-3298516.10                               |
| Month 2  | $-421470.44              | $10655934.35                               |
| Month 3  | $-3684984.08             | $-2114971.29                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CL Levi Co-Invest L.P.   /                    | CL Levi Co-Invest L.P.   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $21497775.57  | 0.81%             |  |  |  | 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      | $3143724.57   | 0.12%             |  |  |  | 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      | $146340.74    | 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      | $13319837.13  | 0.50%             | 2025-12-31      | 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      | $4512661.81   | 0.17%             | 2025-12-31      | 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      | $7533614.14   | 0.28%             | 2025-12-31      | 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      | $5592296.90   | 0.21%             | 2025-12-31      | 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      | $6119814.63   | 0.23%             | 2025-12-31      | 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      | $3499812.53   | 0.13%             | 2025-12-31      | 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             | DBT              | CORP              | US        |         1 | PA      | $75940000.00  | 2.87%             | 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      | $25610381.97  | 0.97%             |  |  |  | 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      | $9105578.61   | 0.34%             | 2027-04-15      | None          | 0.00%                 | 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      | $3864463.64   | 0.15%             |  |  |  | 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      | $35883118.62  | 1.36%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE Dec 2025   /                   | EUR/USD FUTURE Dec 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -97 | NC      | $308079.16    | 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      | $16481681.45  | 0.62%             | 2027-03-31      | 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      | $3467243.60   | 0.13%             |  |  |  | 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      | $49138511.39  | 1.86%             |  |  |  | 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      | $4750000.00   | 0.18%             | 2025-12-27      | 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        | 187772874 | PA      | $187772874.10 | 7.10%             |  |  |  | No            | N/A                | On Loan: No      |
| BR AB LLC    /                                | BR AB LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2698646.87   | 0.10%             |  |  |  | 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      | $19080809.57  | 0.72%             | 2026-12-15      | 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      | $18837905.45  | 0.71%             | 2026-01-18      | None          | 0.00%                 | 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      | $24911942.07  | 0.94%             | 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      | $17500200.00  | 0.66%             | 2026-04-29      | 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      | $9000000.00   | 0.34%             | 2026-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Equity Link S.A.P.I . DE C.V. Sofom   /       | Equity Link S.A.P.I . DE C.V. Sofom   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6000000.00   | 0.23%             | 2026-10-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Grupo Olinx S.A.P.I . de C.V. SOFOM   /       | Grupo Olinx S.A.P.I . de C.V. SOFOM   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2527390.74   | 0.10%             | 2027-08-12      | 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      | $648859.96    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Fund LP   /            | Aero Capital Solutions Fund LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $357.69       | 0.00%             |  |  |  | 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      | $11699928.05  | 0.44%             |  |  |  | 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      | $62242734.36  | 2.35%             |  |  |  | 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      | $16866642.12  | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT DEC 25   /                 | AUD USD CURNCY FUT DEC 25   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -721 | NC      | $607054.13    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Aion Acquisition LLC    /                     | Aion Acquisition LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $245492.49    | 0.01%             | 2025-12-31      | 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      | $16680000.00  | 0.63%             | 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      | $20210594.11  | 0.76%             | 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      | $876977.22    | 0.03%             | 2025-12-31      | 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      | $6820798.52   | 0.26%             | 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%             | 2026-01-31      | 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      | $4351622.42   | 0.16%             | 2025-12-31      | 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   | 0.07%             | 2025-12-31      | 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   | 0.15%             | 2025-12-31      | 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      | $10570037.27  | 0.40%             | 2025-12-31      | 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      | $16033477.72  | 0.61%             | 2025-12-31      | 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      | $936955.78    | 0.04%             | 2025-12-31      | 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      | $22550000.00  | 0.85%             | 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      | $5558848.00   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                          | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -949 | OU      | $-621.07      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Lendable Asset Management LLC   /             | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3750000.00   | 0.14%             | 2026-05-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Pier Active Transactions LLC   /              | Pier Active Transactions LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.15%             | 2026-05-27      | 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      | $38481914.36  | 1.45%             | 2025-12-31      | 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      | $14634648.43  | 0.55%             | 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      | $93572761.70  | 3.54%             | 2026-07-31      | 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      | $13048.00     | 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      | $7803424.08   | 0.30%             |  |  |  | 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      | $14880101.11  | 0.56%             |  |  |  | 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      | $16088877.85  | 0.61%             |  |  |  | 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      | $2320000.00   | 0.09%             | 2029-12-24      | 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      | $8873486.33   | 0.34%             |  |  |  | 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      | $3318029.07   | 0.13%             |  |  |  | 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      | $46574689.32  | 1.76%             |  |  |  | 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      |
| Network Homes 2016 Ltd                        | Network Homes 2016 Ltd                         | CUSIP: 999999999<br>LEI: 2138006CCOMYKJXKJT11 | Long             | EC               | CORP              | GB        |         1 | NS      | $980438.21    | 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      | $2936736.39   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - No1 Credit   /                    | CoVenture - No1 Credit   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7373532.03   | 0.28%             |  |  |  | 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      | $19217206.48  | 0.73%             | 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      | $37217041.09  | 1.41%             | 2027-12-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Mesirow Financial Services Inc.   /           | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3438461.54   | 0.13%             | 2028-03-28      | 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      | $26776627.63  | 1.01%             | 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      | $1132830.00   | 0.04%             |  |  |  | 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      | $6729002.12   | 0.25%             |  |  |  | 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      | $13682835.77  | 0.52%             | 2025-12-31      | 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      | $10221261.27  | 0.39%             | 2026-11-09      | 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      | $10274080.91  | 0.39%             | 2026-02-09      | 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      | $418416.85    | 0.02%             |  |  |  | No            | N/A                | 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      | $3541739.83   | 0.13%             | 2026-09-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT DEC 2025   /                 | MEXICAN PESO FUT DEC 2025   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -714 | NC      | $-143648.57   | -0.01%            |  |  |  | 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      | $2700000.00   | 0.10%             | 2027-08-30      | 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      | $6676253.47   | 0.25%             | 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      | $12550985.51  | 0.47%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SEIA Purchasing LLC    /                      | SEIA Purchasing LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $969917.04    | 0.04%             | 2025-12-31      | 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      | $15327604.03  | 0.58%             | 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      | $482143.65    | 0.02%             |  |  |  | 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      | $13359666.30  | 0.51%             | 2027-04-03      | 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      | $8297917.46   | 0.31%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB Bridge Solutions LLC   /                  | RKB Bridge Solutions LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1770220.12   | 0.07%             | 2025-11-30      | 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      | $13582515.67  | 0.51%             |  |  |  | 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      | $6072968.00   | 0.23%             | 2025-12-31      | 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      | $45356324.80  | 1.71%             | 2026-04-07      | 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      | $4546912.36   | 0.17%             | 2025-12-11      | 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      | $19972043.70  | 0.76%             |  |  |  | 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      | $20863149.07  | 0.79%             |  |  |  | No            | N/A                | On Loan: No      |
| Broadway Capital Corp                         | Broadway Capital Corp                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $24205026.44  | 0.92%             |  |  |  | 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      | $4452197.43   | 0.17%             |  |  |  | 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      | $7433449.47   | 0.28%             | 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      | $1404870.92   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Copperpot Finance LLC   /                     | Copperpot Finance LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4400000.00   | 0.17%             | 2028-11-26      | 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      | $77238825.56  | 2.92%             | 2026-10-31      | 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      | $601353.29    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo Inc.    /                             | Salaryo Inc.    /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1050000.00   | 0.04%             | 2025-12-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Coromandel Credit Income Evergreen   /        | Coromandel Credit Income Evergreen   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $15746493.77  | 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    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Capital LLC   /                    | Coromandel Capital LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $941877.63    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - Amzn Credit   /                   | CoVenture - Amzn Credit   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $15316513.28  | 0.58%             |  |  |  | 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      | $19499133.59  | 0.74%             |  |  |  | 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%             | 2025-12-31      | 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      | $2185629.99   | 0.08%             | 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%             | 2025-12-31      | None          | 0.00%                 | 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      | $2795330.94   | 0.11%             | 2027-12-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Envest (Canada) Holdings Corp.   /            | Envest (Canada) Holdings Corp.   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $21321920.49  | 0.81%             | 2026-03-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marquis United LLC    /                       | Marquis United LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3220428.31   | 0.12%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SPC VAR LLC    /                              | SPC VAR LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9600500.00   | 0.36%             | 2028-10-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| VPES Fund 1 LLC Debt Facility   /             | VPES Fund 1 LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2866830.93   | 0.11%             | 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      | $42004915.10  | 1.59%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Mesirow Financial Services Inc.   /           | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3571820.44   | 0.14%             | 2027-06-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Mesirow Financial Services Inc.   /           | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1639341.38   | 0.06%             | 2026-03-31      | 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   | 0.09%             | 2025-12-31      | 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      | $44970331.82  | 1.70%             | 2025-11-23      | 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      | $475968.29    | 0.02%             |  |  |  | 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      | $59927654.10  | 2.27%             | 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      | $7915720.58   | 0.30%             | 2028-07-13      | 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      | $4706077.15   | 0.18%             | 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      | $59306005.06  | 2.24%             | 2025-12-31      | 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  | 1.18%             | 2026-05-17      | 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      | $14414783.15  | 0.54%             | 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   | 0.32%             | 2025-12-31      | 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  | 0.45%             | 2025-12-31      | 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   | 0.10%             |  |  |  | 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      | $2497019.03   | 0.09%             |  |  |  | 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      | $4412892.61   | 0.17%             |  |  |  | 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      | $1661865.15   | 0.06%             |  |  |  | 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      | $530120.89    | 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      | $901027.93    | 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      | $74687919.68  | 2.82%             | 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      |
| Terra Payment Services Ltd   /                | Terra Payment Services Ltd   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1800000.00   | 0.07%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SP Technology Payments II LLC   /             | SP Technology Payments II LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Square Kilometer Capital SPV LLC   /          | Square Kilometer Capital SPV LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $657137.56    | 0.02%             | 2025-12-31      | 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      | $84640978.54  | 3.20%             | 2025-12-31      | 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      | $10663000.00  | 0.40%             | 2025-12-31      | 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      |
| Stat Capital SPV LLC    /                     | Stat Capital SPV LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $174698.01    | 0.01%             | 2026-04-28      | None          | 0.00%                 | 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      | $6378908.66   | 0.24%             | 2026-06-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SCPFL I LLC    /                              | SCPFL I LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $144319834.12 | 5.46%             | 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      | $16194201.53  | 0.61%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stride Alternative Education Fund 1   /       | Stride Alternative Education Fund 1   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $732042.80    | 0.03%             | 2029-06-13      | 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      | $13517808.49  | 0.51%             |  |  |  | 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      | $8517420.45   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| Thor Urban Property Fund II Inc   /           | Thor Urban Property Fund II Inc   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $233720.00    | 0.01%             |  |  |  | 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      | $569969.00    | 0.02%             | 2027-03-31      | 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      | $2915644.63   | 0.11%             |  |  |  | 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      | $17029497.36  | 0.64%             |  |  |  | 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      | $9340607.31   | 0.35%             | 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      | $6578361.84   | 0.25%             |  |  |  | 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      | $1613972.25   | 0.06%             |  |  |  | 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      | $11855723.83  | 0.45%             | 2025-11-30      | None          | 0.00%                 | 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      | $35638103.55  | 1.35%             | 2025-11-30      | 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      | $26541790.66  | 1.00%             |  |  |  | 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      | $13299262.77  | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| BP CURRENCY FUTURE DEC 2025   /               | BP CURRENCY FUTURE DEC 2025   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -114 | NC      | $289943.42    | 0.01%             |  |  |  | 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%             | 2025-12-31      | 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%             | 2025-12-31      | 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      | $7555500.00   | 0.29%             | 2026-11-27      | 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      | $10331950.66  | 0.39%             | 2026-02-19      | 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      | $2290665.43   | 0.09%             |  |  |  | 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      | $33908470.59  | 1.28%             | 2025-12-24      | 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   | 0.23%             | 2026-02-07      | 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      | $5865859.96   | 0.22%             | 2025-12-31      | 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      | $5601622.26   | 0.21%             |  |  |  | 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      | $58550.19     | 0.00%             | 2025-11-30      | 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   | 0.08%             | 2026-01-31      | 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  | 0.42%             | 2026-01-31      | 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      | $3696727.13   | 0.14%             | 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%             | 2026-01-31      | 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   | 0.16%             | 2026-01-31      | 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%             | 2026-01-31      | 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      | $0.00         | 0.00%             | 2026-01-31      | 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      | $25167268.52  | 0.95%             | 2026-01-31      | 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%             | 2026-01-31      | 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   | 0.06%             | 2026-01-31      | 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  | 0.45%             | 2026-01-31      | 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      | $2159273.56   | 0.08%             | 2026-01-31      | 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      | $11531014.27  | 0.44%             | 2026-01-31      | 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      | $1571251.75   | 0.06%             | 2026-01-31      | 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%             | 2026-01-31      | 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%             | 2026-01-31      | None          | 0.00%                 | 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      | $10812226.78  | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| Monticello Funding LLC Series SH75-B   /      | Monticello Funding LLC Series SH75-B   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $504125.93    | 0.02%             |  |  |  | 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      | $1898049.48   | 0.07%             |  |  |  | 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      | $5224303.00   | 0.20%             |  |  |  | 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      | $834629.65    | 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      | $2023223.60   | 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      | $2183225.90   | 0.08%             |  |  |  | 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      | $2755882.69   | 0.10%             |  |  |  | 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      | $3006399.31   | 0.11%             |  |  |  | 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      | $9621856.31   | 0.36%             |  |  |  | No            | N/A                | On Loan: No      |
| Highmore (Jardine) Participation   /          | Highmore (Jardine) Participation   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17064172.04  | 0.65%             | 2025-11-11      | 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    | 0.02%             | 2025-12-31      | 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      | $1494890.20   | 0.06%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Homelight Homes Real Estate LLC   /           | Homelight Homes Real Estate LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1490699.00   | 0.06%             | 2025-11-30      | 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      | $7623631.25   | 0.29%             | 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      | $42097645.93  | 1.59%             | 2026-02-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Hudson Transport Real Asset Fund LP   /       | Hudson Transport Real Asset Fund LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $977678.77    | 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      | $4728335.72   | 0.18%             | 2025-12-31      | 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      | $75563.68     | 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   | 0.05%             | 2026-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President