# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001145549-25-046370
**Filing Date:** 2025-7
**Character Count:** 21891
**Document Hash:** 2b958789e29de0f6d9aadbbf46caff9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046370.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046370

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**EFFECTIVENESS DATE**: 20250714

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23741
- **FILM NUMBER:** 251121815

**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

## Internal

```

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees
of
Variant Impact Fund

In planning and performing our audit of the
financial statements of Variant Impact Fund
(the "Fund") as of and for the year ended
April 30, 2025, in accordance with the
standards of the Public Company
Accounting Oversight Board (United States)
(PCAOB), we considered the Fund's internal
control over financial reporting, including
controls over safeguarding securities, as a
basis for designing our auditing procedures
for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-CEN, but
not for the purpose of expressing an
opinion on the effectiveness of the Fund's
internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Fund is responsible
for establishing and maintaining effective
internal control over financial reporting.  In
fulfilling this responsibility, estimates and
judgments by management are required to
assess the expected benefits and related
costs of controls.  A fund's internal control
over financial reporting is a process
designed to provide reasonable assurance
regarding the reliability of financial
reporting and the preparation of financial
statements for external purposes in
accordance with generally accepted
accounting principles (GAAP).  A fund's
internal control over financial reporting
includes those policies and procedures that
(1) pertain to the maintenance of records
that, in reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the fund; (2)
provide reasonable assurance that
transactions are recorded as necessary to
permit preparation of financial statements
in accordance with GAAP, and that receipts
and expenditures of the fund are being
made only in accordance with
authorizations of management and trustees
of the fund; and (3) provide reasonable
assurance regarding prevention or timely
detection of unauthorized acquisition, use
or disposition of a fund's assets that could
have a material effect on the financial
statements.

Because of its inherent limitations, internal
control over financial reporting may not
prevent or detect misstatements.  Also,
projections of any evaluation of
effectiveness to future periods are subject
to the risk that controls may become
inadequate because of changes in
conditions, or that the degree of
compliance with the policies or procedures
may deteriorate.

A deficiency in internal control over
financial reporting exists when the design
or operation of a control does not allow
management or employees, in the normal
course of performing their assigned
functions, to prevent or detect
misstatements on a timely basis.  A material
weakness is a deficiency, or combination of
deficiencies, in internal control over
financial reporting, such that there is a
reasonable possibility that a material
misstatement of the Fund's annual or
interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Fund's internal
control over financial reporting was for the
limited purpose described in the first
paragraph and would not necessarily
disclose all deficiencies in internal control
that might be material weaknesses under
standards established by the PCAOB.
However, we noted no deficiencies in the
Fund's internal control over financial
reporting and its operation, including
controls over safeguarding securities, that
we consider to be a material weakness as
defined above as of April 30, 2025.

This report is intended solely for the
information and use of management and
the Board of Trustees of the Fund and the
Securities and Exchange Commission and is
not intended to be and should not be used
by anyone other than these specified
parties.

/s/Cohen & Company, Ltd.
COHEN & COMPANY, LTD.
Cleveland, Ohio
June 27, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001881739

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-04-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** VARIANT IMPACT FUND

- **Item B.1.b - Investment Company Act file number:** 811-23741

- **Item B.1.c - CIK:** 0001881739

- **Item B.1.d - LEI:** 549300KSEZ2Y7CT74A16

- **Item B.2.a - Street 1:** 235 WEST GALENA STREET

- **Item B.2.b - City:** MILWAUKEE

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 532123948

- **Item B.2.f - Telephone:** 4142992000

- **Item B.2.g - Public Website:** www.variantinvestments.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC.

- **b. Street 1:** 235 WEST GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** UMB BANK, N.A.

- **b. Street 1:** 928 GRAND BOULEVARD, 5TH FLOOR

- **c. City:** KANSAS CITY

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 8168601142

- **h. Briefly describe the books and records kept at this location:** CUSTODIAN

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** VARIANT INVESTMENTS LLC

- **b. Street 1:** 10200 SW GREENBURG ROAD, SUITE 760

- **c. City:** PORTLAND

- **d. State, if applicable:** OR

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 97223

- **g. Telephone number:** 5035630700

- **h. Briefly describe the books and records kept at this location:** ADVISOR

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Distribution Services, LLC

- **b. Street 1:** 3 Canal Plaza

- **Street 2:** Suite 100

- **c. City:** PORTLAND

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** DISTRIBUTOR

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** FAEGRE DRINKER BIDDLE & REATH LLP

- **b. Street 1:** ONE LOGAN SQUARE, STE 2000

- **c. City:** PHILADELPHIA

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19103

- **g. Telephone number:** 2159882700

- **h. Briefly describe the books and records kept at this location:** LEGAL COUNSEL

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Variant

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                  | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| David G. Lee          | No                      | 811-22466, 811-23806, 811-23857, 811-23482, 811-22923, 811-23814, 811-23792, 811-23791, 811-23336, 811-23636, 811-23619, 811-23616, 811-23813, 811-23179, 811-23963, 811-23763, 811-23948, 811-23985, 811-24012, 811-24053, 811-24004, 811-23969, 811-23991, 811-24011, 811-24054, 811-23965, 811-23842 |
| Robert Seyferth       | No                      | 811-23806, 811-23792, 811-22466, 811-22923, 811-23842, 811-23336, 811-23791, 811-23814, 811-23482, 811-23636, 811-23619, 811-23616, 811-23813, 811-23179, 811-23963, 811-23857, 811-23763, 811-23948, 811-23985, 811-24012, 811-24053, 811-24004, 811-23969, 811-23991, 811-24011, 811-24054, 811-23965 |
| Gary Shugrue          | No                      | 811-22923, 811-23741, 811-23814, 811-23806, 811-23792, 811-22466, 811-23336, 811-23482, 811-23842, 811-23636, 811-23619, 811-23616, 811-23813, 811-23179, 811-23963, 811-23857, 811-23763, 811-23948, 811-23985, 811-24012, 811-24053, 811-24004, 811-23969, 811-23991, 811-24011, 811-24054, 811-23965 |
| Terrance P. Gallagher | Yes                     | 811-23791, 811-23806, 811-23814, 811-23482, 811-23336, 811-23792, 811-22466, 811-22923, 811-23842, 811-23636, 811-23619, 811-23616, 811-23813, 811-23179, 811-23963, 811-23857, 811-23763, 811-23948, 811-23985, 811-24012, 811-24053, 811-24004, 811-23969, 811-23991, 811-24011, 811-24054, 811-23965 |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Bernadette Murphy

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 223 Wilmington W Chester Pike

- **   Street Address 2:** Suite 216

- **d. City:** Chadds Ford

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 19317

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Distribution Services, LLC

- **ii. SEC file number:** 8-51293

- **iii. CRD number:** 000025938

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** UMB Distribution Services, LLC

- **ii. SEC file number:** 8-42106

- **iii. CRD number:** 000025938

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** Yes

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** COHEN & COMPANY, LTD

- **b. PCAOB Number:** 00925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - VARIANT IMPACT FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** VARIANT IMPACT FUND

- **c. LEI:** 549300KSEZ2Y7CT74A16

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** VARIANT INVESTMENTS LLC

- **ii. SEC file number:** 801-113357

- **iii. CRD number:** 000289261

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OR

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** INTERCONTINENTAL EXCHANGE, INC.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, NATIONAL ASSOCIATION

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any, or other identifying number:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** INTERACTIVE BROKERS LLC

- **ii. SEC file number:** 8-47257

- **iii. CRD number:** 000036418

- **iv. LEI, if any:** 50OBSE5T5521O6SMZR28

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,191.00

**Aggregate Commission:** $1,191.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $89,337,616.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** VARIANT IMPACT FUND

**Date:** 2025-07-14

**Signature:** /s/ ROBERT W. ELSASSER

**Title:** President