# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001145549-25-043483
**Filing Date:** 2025-6
**Character Count:** 21866
**Document Hash:** 09756b4ad4cb22439faf159aba81fc66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043483.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043483

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Impact Fund
- **CENTRAL INDEX KEY:** 0001881739

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23741
- **FILM NUMBER:** 251083817

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VARIANT IMPACT FUND

- **b. Investment Company Act file number:** 811-23741

- **c. CIK number of Registrant:** 0001881739

- **d. LEI of Registrant:** 549300KSEZ2Y7CT74A16

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VARIANT IMPACT FUND

- **c. LEI of Series:** 549300KSEZ2Y7CT74A16

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $91444893.02

**Total Liabilities:** $352016.90

**Net Assets:** $91092876.12

**Cash Not Reported:** $840479.25

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 474.340909245093 | **1-Year:** 3956.968344916261 | **5-Year:** 1336.815670540412 | **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 | 0.07%                | 0.31%                | -0.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-315079.32                                |
| Month 2  | $0.00                    | $124755.04                                 |
| Month 3  | $-45528.94               | $-173593.35                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EUR/USD FUTURE JUN 2025   /                 | EUR/USD FUTURE JUN 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -58 | NC      | $-302518.28   | -0.33%            |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Financial Square              | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  25120024 | PA      | $25120024.12  | 27.58%            |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    159151 | PA      | $159150.65    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| FINANCIAL GYM LOAN    /                     | FINANCIAL GYM LOAN    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $466500.00    | 0.51%             | 2026-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Fundamental Partners IV   /                 | Fundamental Partners IV   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $580766.48    | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| Hawks Point Envest Renewable Energy TL   /  | Hawks Point Envest Renewable Energy TL   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1176633.92   | 1.29%             | 2026-03-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Henry Facility    /                         | Henry Facility    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $48705.01     | 0.05%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JALI TRANSPORT FACILITY   /                 | JALI TRANSPORT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2759256.29   | 3.03%             | 2025-12-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB (Woodland Hills) FACILITY   /           | JGB (Woodland Hills) FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1972250.00   | 2.17%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LIBREMAX (PREF) (BRICK BY BRICK)   /        | LIBREMAX (PREF) (BRICK BY BRICK)   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2564743.98   | 2.82%             | 2028-03-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| North Sky Clean Growth Fund III   /         | North Sky Clean Growth Fund III   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $98242.05     | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| North Sky Clean Growth Fund VI, LP   /      | North Sky Clean Growth Fund VI, LP   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4859665.53   | 5.33%             |  |  |  | No            | N/A                | On Loan: No      |
| Outcome Shared Income Facility   /          | Outcome Shared Income Facility   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $953230.25    | 1.05%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Power-Earned Wage Ac Credit Facility   /    | Power-Earned Wage Ac Credit Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1120711.00   | 1.23%             | 2028-01-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Prepped INC LOAN   /                        | Prepped INC LOAN   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $164426.70    | 0.18%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA - PLANET42 CREDIT FACILITY   /      | RIVONIA - PLANET42 CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $661434.64    | 0.73%             | 2025-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almavest Impact Debt 90 Day Facility   /    | Almavest Impact Debt 90 Day Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1657500.00   | 1.82%             | 2026-08-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Almavest Impact Debt Facility   /           | Almavest Impact Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3601874.99   | 3.95%             | 2026-05-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB ENERGY REBATES CREDIT FACILITY II   /   | RKB ENERGY REBATES CREDIT FACILITY II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1926164.46   | 2.11%             | 2025-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SGF II    /                                 | SGF II    /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2730538.15   | 3.00%             |  |  |  | No            | N/A                | On Loan: No      |
| SIXPOINT CAP CREDIT    /                    | SIXPOINT CAP CREDIT    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $949500.00    | 1.04%             | 2028-10-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Skydan Debt Facility   /                    | Skydan Debt Facility   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $105480.91    | 0.12%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Impact Facility   /             | Star Strong Impact Facility   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $86000.00     | 0.09%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STRIDE ISA MEZZANINE DEBT   /               | STRIDE ISA MEZZANINE DEBT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $157704.23    | 0.17%             | 2029-06-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SUNNOVA MEZZANINE PA    /                   | SUNNOVA MEZZANINE PA    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1860509.57   | 2.04%             | 2025-07-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TRG Credito Facil Credit Facility   /       | TRG Credito Facil Credit Facility   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $141432.21    | 0.16%             | 2027-03-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Upper90 Crusoe Loan LOAN II   /             | Upper90 Crusoe Loan LOAN II   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1071167.82   | 1.18%             | 2027-08-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Vanguard Federal Money Market               | Vanguard Federal Money Market Fund             | CUSIP: 922906300<br>LEI: NI8UG8EJBPTZ3Y6R3164 | Long             | STIV             | RF                | US        |         0 | PA      | $0.20         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WINDSAIL CREDIT QP FUND LP   /              | WINDSAIL CREDIT QP FUND LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $212311.00    | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| ZANIFU CREDIT FACILITY   /                  | ZANIFU CREDIT FACILITY   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3238029.90   | 3.55%             | 2026-04-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ALMOND AFRICAN AFFORABLE HOUSING   /        | ALMOND AFRICAN AFFORABLE HOUSING   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $689825.00    | 0.76%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ALMOND - KITISURU 2 BLOCK B   /             | ALMOND - KITISURU 2 BLOCK B   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $606081.00    | 0.67%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ALMOND AFRICAN AFFORABLE HOUSING   /        | ALMOND AFRICAN AFFORABLE HOUSING   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $483000.00    | 0.53%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ANIMAL REPAIR SHOP LOAN   /                 | ANIMAL REPAIR SHOP LOAN   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $103233.19    | 0.11%             | 2025-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| APP ACADEMY IMPACT CREDIT FACILITY   /      | APP ACADEMY IMPACT CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4625905.49   | 5.08%             | 2025-10-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BARTLESVILLE OK REAL ESTATE   /             | BARTLESVILLE OK REAL ESTATE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $250000.00    | 0.27%             | 2025-07-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG - BLACE    /                    | STAR STRONG - BLACE    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $400926.45    | 0.44%             | 2025-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Castellan Affordable Housing Fund LLC   /   | Castellan Affordable Housing Fund LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5450000.00   | 5.98%             | 2026-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cauris Facility    /                        | Cauris Facility    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $700000.00    | 0.77%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG - CHASM    /                    | STAR STRONG - CHASM    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $785000.00    | 0.86%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CIM EM Credit Fund    /                     | CIM EM Credit Fund    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2396877.17   | 2.63%             |  |  |  | No            | N/A                | On Loan: No      |
| CIRCULARIS CLIMATE CONT VEHICLE   /         | CIRCULARIS CLIMATE CONT VEHICLE   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $399167.29    | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| Conservation Farming    /                   | Conservation Farming    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $923799.41    | 1.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CREDIX EMERGING MARKETS FACILITY   /        | CREDIX EMERGING MARKETS FACILITY   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $775000.00    | 0.85%             | 2026-08-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CVI CLEAN ENERGY FUND II   /                | CVI CLEAN ENERGY FUND II   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1889514.84   | 2.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Drapo Contractor Sub Subsidiary Finance   / | Drapo Contractor Sub Subsidiary Finance   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | XX        |         1 | PA      | $5211283.56   | 5.72%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DRIP TRADE FINANCE SERIES - 2024-J   /      | DRIP TRADE FINANCE SERIES - 2024-J   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 1.10%             | 2025-05-05      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Drip Trade Finance Series-AW   /            | Drip Trade Finance Series-AW   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 1.10%             | 2025-05-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

**Name of Applicant:** VARIANT IMPACT FUND

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

**Name of Signer:** Robert W Elsasser

**Title:** President