# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001145549-23-010042
**Filing Date:** 2023-2
**Character Count:** 13060
**Document Hash:** c02defe06b5ce5db6f331ef38107e8de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010042.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-010042

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

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Impact Fund
- **CENTRAL INDEX KEY:** 0001881739
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23741
- **FILM NUMBER:** 23667820

**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:** 2023-04-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14600043.49

**Total Liabilities:** $231967.63

**Net Assets:** $14368075.86

**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:** 49.097798725329 | **1-Year:** 872.099022368388 | **5-Year:** 652.576775107512 | **10-Year:** 146.087030725092 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.88%                | 1.49%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-92412.46                                 |
| Month 2  | $0.00                    | $101632.02                                 |
| Month 3  | $0.00                    | $-13447.32                                 |

### Schedule of Portfolio Investments

| Name                                      | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ACCIAL MODALKU CREDIT FACILITY   /        | ACCIAL MODALKU CREDIT FACILITY   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1421053.00   | 9.89%             | 2024-01-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL AVISTA CREDIT FACILITY   /         | ACCIAL AVISTA CREDIT FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1000000.00   | 6.96%             | 2023-07-05      | 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    | 4.80%             | 2022-11-30      | 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    | 3.36%             | 2023-02-28      | 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      | $162946.58    | 1.13%             | 2024-04-30      | 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      | $0.00         | 0.00%             | 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      | $500000.00    | 3.48%             | 2025-07-13      | 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      | $1200000.00   | 8.35%             | 2023-11-01      | 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      | $650153.49    | 4.52%             |  |  |  | No            | N/A                | On Loan: No      |
| Conservation Farming    /                 | Conservation Farming    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $375522.66    | 2.61%             |  |  |  | No            | N/A                | On Loan: No      |
| DREAM AMERICA LLC `   /                   | DREAM AMERICA LLC `   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1250000.00   | 8.70%             | 2024-02-24      | 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        |   2813934 | PA      | $2813934.01   | 19.58%            |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Government Portfolio             | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     72000 | PA      | $72000.00     | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| FINANCIAL GYM LOAN    /                   | FINANCIAL GYM LOAN    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $316500.00    | 2.20%             | 2024-03-04      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KraneShares California Carbon             | KraneShares California Carbon                  | CUSIP: 500767553<br>LEI: 5493008A716IL4CVOR81 | Long             |  | RF                | US        |      4150 | NS      | $102712.50    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| NABOSO LOAN CREDIT FACILITY   /           | NABOSO LOAN CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $387374.55    | 2.70%             | 2026-12-13      | None          | 0.00%                 | 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      | $299506.02    | 2.08%             |  |  |  | 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      | $96175.00     | 0.67%             | 2025-04-30      | 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      | $160420.00    | 1.12%             | 2024-03-08      | 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      | $619850.00    | 4.31%             | 2025-07-31      | 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      | $580000.00    | 4.04%             | 2025-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Funding Equity   /            | Star Strong Funding Equity   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $200141.00    | 1.39%             |  |  |  | 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      | $682000.00    | 4.75%             | 2029-06-13      | 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            | N/A                | 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      | $601840.30    | 4.19%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2022-11-07

**Name of Applicant:** VARIANT IMPACT FUND

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

**Name of Signer:** Robert W Elsasser

**Title:** President