# EDGAR Filing Document

**Accession Number:** 0001881739
**File Stem:** 0001213900-25-061779
**Filing Date:** 2025-7
**Character Count:** 167046
**Document Hash:** eaa7754d339ef6d21731b10d341f8267
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-061779.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001213900-25-061779

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23741
- **FILM NUMBER:** 251108183

**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

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-23741
----------------------------------------------------------------

#### Variant Impact Fund (Exact name of registrant as specified in charter)
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c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

----------------------------------------------------------------

Registrant's telephone number, including area code: (414) 299-2271

Date of fiscal year end: April 30

Date of reporting period: April 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp; REPORTS TO STOCKHOLDERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Report to Shareholders is attached herewith.

 **VARIANT IMPACT FUND**<br>

#### Annual Report
April 30, 2025

------

---

| |
|:---|
| **Variant Impact Fund** |
| **Table of Contents**<br> **April 30, 2025** |

---

---

| | |
|:---|:---|
|  [Management Discussion of Fund Performance (Unaudited)](#T701) | 2-3 |
|  [Fund Performance (Unaudited)](#T702) | 4 |
|  [Report of Independent Registered Public Accounting Firm](#T703) | 5 |
|  [Schedule of Investments](#T704) | 6-9 |
|  [Portfolio Allocation (Unaudited)](#T705) | 10 |
|  [Statement of Assets and Liabilities](#T706) | 11 |
|  [Statement of Operations](#T707) | 12 |
|  [Statements of Changes in Net Assets](#T708) | 13 |
|  [Statement of Cash Flows](#T709) | 14 |
|  [Financial Highlights](#T710) | 15 |
|  [Notes to Financial Statements](#T711) | 16-31 |
|  [Fund Management (Unaudited)](#T712) | 32-34 |
|  [Other Information (Unaudited)](#T713) | 35-37 |

---

*This report and the financial statements contained herein are provided for the general information of the shareholders of the Variant Impact Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Management Discussion of Fund Performance (Unaudited)<br> April 30, 2025 |

---

Dear Shareholder,

Variant Investments, LLC ("Variant") is pleased to provide the audited annual financial statements for the Variant Impact Fund<sup>1</sup> (IMPCX, the "Fund") for the fiscal year that ended April 30, 2025.

This fiscal year represents the Fund's third full year since its inception<sup>2</sup> in November 2021. IMPCX is currently invested in 32 unique investment strategies across 9 IRIS+ impact themes and 27 countries. The Fund's continued growth has expanded its ability to generate positive social, environmental, and economic impact and broaden its reach globally. For more on the Fund's impact framework, theory of change, and details on the positive global impact delivered over the past fiscal year, we encourage you to review the 2025 edition of the Fund's Annual Impact Report.

Over the fiscal year, the Variant Impact Fund delivered a net total return<sup>3</sup> of 5.26%. For longer term performance, the Fund's 3-year and since inception<sup>3</sup> net total returns were 9.98% and 9.84%, respectively, as of April 30, 2025. We believe it compares favorably to many income-oriented risk assets over the same time horizon. The Fund also provided an 8.05% income distribution rate for the 2024 calendar year, surpassing the income distribution rate of the year prior by 1.15%. Income comprises the majority of the Fund's return profile, a consequence of the transition away from Private LP investments to senior credit facilities with contractual interest rates. By impact theme, investments in financial inclusion led the contribution to the Fund's returns this fiscal year, followed by investments in clean energy and affordable quality housing. Access to quality education was the main detractor to Fund performance, followed by a marginal negative performance from sustainable agriculture.

The Fund also grew in assets under management ("AUM") over the past fiscal year, expanding by $13.1 million and totaling $91.1 million as of April 30, 2025. The Fund satisfied all quarterly redemption requests throughout the fiscal year without any proration.

Finally, the accredited investor qualification requirement was removed from the Variant Impact Fund. Please reference the Fund's prospectus with the updated sticker for more information.

A complete listing of the Fund's investments can be found in the Schedule of Investments. Please do not hesitate to reach out with questions.

On behalf of the entire Variant team, we thank you for your investment in the Fund. We are honored to be trusted stewards of your capital. We are excited about the year ahead and look forward to working with each of you.

<u> Sincerely, </u>             <br>               <br> <u> JB Hayes, Principal </u>   <u> Curt Fintel, Principal </u>   <u> Bob Elsasser, Principal </u>    

<sup>1</sup> The Variant Impact Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund intends to operate as an interval fund. The Fund operates under an Agreement and Declaration of Trust ("Declaration of Trust") dated June 10, 2021 (the "Declaration of Trust"). Variant Investments, LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to qualify and elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

<sup>2</sup> Inception date is November 1, 2021.

<sup>3</sup> The net total return uses geometric returns and reflects the reinvestment of earnings.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Management Discussion of Fund Performance (Unaudited)<br> April 30, 2025 (continued) |

---

*The Variant Impact Fund is a continuously*-offered*, non*-diversified*, registered closed*-end *fund with limited liquidity. There is no guarantee the Fund will achieve its objective. An investment in the Fund should only be made by investors who understand the risks involved, who are able to withstand the loss of the entire amount invested and who can bear the risks associated with the limited liquidity of Shares.*

*Important Risks: Shares are an illiquid investment. You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs. Although the Fund is required to implement a Share repurchase program only a limited number of Shares will be eligible for repurchase by the Fund.*

*An investment in the Fund is speculative, involves substantial risks, including the risk that the entire amount invested may be lost, and should not constitute a complete investment program. The Fund may leverage its investments by borrowing, use of swap agreements, options or other derivative instruments. The Fund is a newly*-organized *closed*-end *management investment company that has limited operating history and no public trading of its shares. The Fund is a non*-diversified *management investment company, meaning it may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the fund is subject to investment related risks of the underlying funds, general economic and market condition risk.*

*Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. The Fund's investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and strategies. Such allocation could result in the Fund holding asset classes or investments that perform poorly or underperform. Investments and investment transactions are subject to various counterparty risks. The counterparties to transactions in over the*-counter *or "inter*-dealer*" markets are typically subject to lesser credit evaluation and regulatory oversight compared to members of "exchange*-based*" markets. This may increase the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer losses. The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity.*

*In implementing the Fund's impact investment strategy, the Investment Manager may select or exclude certain investments for reasons other than investment performance. For this reason, the Fund's impact strategy could cause it to perform differently compared to funds that do not have such strategy. There is no guarantee that the Investment Manager's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. Currently, there is a lack of common industry standards relating to the development and application of environmental, social and governance (ESG) criteria, which may make it difficult to compare the Funds' principal investment strategies with the investment strategies of other funds that integrate certain "impact" criteria.*

*BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED FROM (877) 770*-7717 *OR WWW.VARIANTINVESTMENTS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.*

*The Fund is distributed by Distribution Services, LLC. Variant Investments, LLC (the "Investment Manager") serves as the investment manager of the Fund. Distribution Services, LLC and the Investment Manager are unaffiliated.*

---

| |
|:---|
|  **Variant Impact Fund** |
| Fund Performance (Unaudited)<br> April 30, 2025 |

---

This graph compares a hypothetical $1,000,000 investment in the Fund's Institutional Class Shares with a similar investment in the Bloomberg U.S. Aggregate Bond Index. Results include the reinvestment of all dividends and capital gains. The index does not reflect expenses, fees, or sales charges, which would lower performance.

The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment grade, taxable, fixed income securities in the United States - including government, corporate and international dollar denominated bonds as well as mortgage-backed and asset-backed securities, all with maturities of less than one year. The index is unmanaged and it is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
|  **Average Annual Total Returns as of April 30, 2025** | **1 Year** | **3 Years** | **Since <br>Inception** |
|  Variant Impact Fund (Inception Date November 1, 2021) | 5.26% | 10.00% | 38.90% |
|  Bloomberg U.S. Aggregate Bond Index | 8.02% | 1.95% | -4.05% |

---

***The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1 (877) 770***-7717*.***

For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report.

Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Report of Independent Registered Public Accounting Firm<br> April 30, 2025 |

---

To the Shareholders and Board of Trustees of

Variant Impact Fund

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Variant Impact Fund (the "Fund") as of April 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period November 1, 2021 (commencement of operations) through April 30, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations, cash flows, the changes in net assets, and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian, brokers, borrowers, participating lenders and underlying fund administrators or managers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Variant Investments, LLC since 2018.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

---

| |
|:---|
|  **Variant Impact Fund** |
|  Schedule of Investments<br> April 30, 2025 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in private <br>investment companies — 15.5%** | **Interest <br>Rate** | **Reference <br>Rate** | **Spread** | **Shares/ <br>Units** | **First <br>Acquisition <br>Date** | **Maturity <br>Date** | **Cost/<br>Principal** | **Fair Value** | **Percent <br>of Net <br>Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Equity — 1.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservation Resource Capital VI<sup>(c)(d)</sup> |  |  |  |  | 8/11/2022 |  | $1000000 | $923799 | 1.0% |
|  |  |  |  |  |  |  | 1000000 | 923799 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Secondaries — 6.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena Secondaries and Liquidity Solutions<sup>(c)(d)</sup> |  |  |  |  | 6/17/2024 |  | 144685 | 399158 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP<sup>(c)(d)(i)</sup> |  |  |  |  | 4/1/2024 |  | 413896 | 581915 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sky Clean Growth Fund III, LP<sup>(c)(d)</sup> |  |  |  |  | 12/29/2022 |  | 162732 | 98242 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sky Clean Growth Fund VI, LP<sup>(c)(d)(i)</sup> |  |  |  |  | 6/10/2022 |  | 2946909 | 4990877 | 5.5 |
|  |  |  |  |  |  |  | 3668222 | 6070192 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Specialty Finance — 7.9%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community EM Credit Fund I, LP<sup>(c)(d)</sup> |  |  |  |  | 10/28/2022 |  | 1250000 | 2400818 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVI Clean Energy Fund C II, LP<sup>(c)(d)(i)</sup> |  |  |  |  | 4/28/2023 |  | 1725000 | 1891891 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Growth Fund II SCSp, SICAV, SIF<sup>(c)(d)(i)</sup> |  |  |  |  | 5/8/2023 |  | 1973597 | 2741840 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WindSail Credit QP Fund, LP<sup>(c)(d)</sup> |  |  |  |  | 1/28/2022 |  | 600000 | 166385 | 0.2 |
|  |  |  |  |  |  |  | 5548597 | 7200934 | 7.9 |
|  **Total investment in private investment companies** | **Total investment in private investment companies** | **Total investment in private investment companies** | **Total investment in private investment companies** | **Total investment in private investment companies** | **Total investment in private investment companies** | **Total investment in private investment companies** | 10216819 | 14194925 | 15.5 |
|  **Investment in credit facilities — 49.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Finance — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marquis United, LLC<sup>(a)(f)(i)</sup> | 15.00%<br>PIK |  |  |  | 4/11/2025 | 2/13/2029 | 48705 | 48705 | 0.1 |
|  |  |  |  |  |  |  | 48705 | 48705 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Debt — 4.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Almond Estate Company Limited – Adah Gardens 2<sup>(a)(h)</sup> | 30.00% |  |  |  | 1/31/2022 | 6/30/2025 | 483000 | 483000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Almond Estate Company Limited – Kitsuru 2 Block A<sup>(a)(e)(h)</sup> | 16.00% |  |  |  | 12/15/2021 | 6/30/2025 | 689825 | 689825 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Almond Estate Company Limited – Kitisuru 2 Block B<sup>(a)(e)(h)</sup> | 15.66% |  |  |  | 11/29/2022 | 6/30/2025 | 606081 | 606081 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – Alliance Property Group<sup>(a)(e)(g)</sup> | 11.00% |  |  |  | 7/12/2022 | 7/15/2025 | 250000 | 250000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCC, LLC, Dyer 18 WHCC, LLC, and RW WHCC, LLC<sup>(a)(g)(j)</sup> | 16.00% |  |  |  | 3/24/2025 | 11/27/2026 | 1972250 | 1972250 | 2.2 |
|  |  |  |  |  |  |  | 4001156 | 4001156 | 4.4 |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Schedule of Investments<br> April 30, 2025 (continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investment in credit facilities — 49.4%** | **Interest <br>Rate** | **Reference <br>Rate** | **Spread** | **Shares/ <br>Units** | **First <br>Acquisition <br>Date** | **Maturity <br>Date** | **Cost/<br>Principal** | **Fair Value** | **Percent <br>of Net <br>Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Equity — 6.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRP Affordable Housing Fund, LLC<sup>(a)(h)(j)</sup> | 12.00% |  |  |  | 11/1/2021 |  | $5450000 | $5450000 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPES Fund 1, LLC<sup>(a)(f)(i)</sup> | 13.00%<br>PIK |  |  |  | 4/23/2025 | 4/17/2028 | 105481 | 105481 | 0.1 |
|  |  |  |  |  |  |  | 5555481 | 5555481 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Specialty Finance — 34.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A & T Investments SARL<sup>(a)(b)(l)(m)</sup> | 9.44% |  |  |  | 4/16/2024 |  | 4905409 | 5211284 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; App Academy Financial II, LLC<sup>(a)(o)</sup> | 17.00% |  |  |  | 11/30/2022 | 10/12/2025 | 5303938 | 4625905 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDXFI Specialty Finance, LLC<sup>(a)(n)</sup> | Blended |  |  |  | 9/18/2023 | 8/25/2026 | 775000 | 775000 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIBANCO, S.A. Institución De Banca Múltiple<sup>(a)(f)</sup> | 14.55%,<br>3.00%<br>PIK |  |  |  | 4/5/2023 | 3/27/2027 | 141432 | 141432 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copperpot Finance, LLC<sup>(a)(b)</sup> | 15.34% | 30 Day Avg. SOFR | 11.00% |  | 11/29/2024 | 11/26/2028 | 700000 | 700000 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivation Funding, LLC<sup>(a)(b)(o)</sup> | 17.33% | 30 Day Avg. SOFR | 13.00% |  | 8/9/2022 | 8/9/2025 | 2268741 | 912924 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envest (Canada) Holdings Corp.<sup>(a)</sup> | 15.00% |  |  |  | 11/30/2022 | 5/30/2025 | 1176634 | 1176634 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frictionless Enterprises Limited LLC<sup>(a)(b)(i)</sup> | 14.33% | 30 Day Avg. SOFR | 10.00% |  | 8/22/2024 | 8/2/2027 | 1120711 | 1120711 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jali Finance Ltd.<sup>(a)(b)</sup> | 15.33% | 30 Day Avg. SOFR | 11.00% |  | 12/13/2022 | 12/9/2025 | 2759256 | 2759256 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osprey AV I, LLC<sup>(a)(i)</sup> | 13.25% |  |  |  | 6/14/2023 | 6/12/2026 | 3601875 | 3601875 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osprey AV II, LLC<sup>(a)(b)(i)</sup> | 11.33% | 30 Day Avg. SOFR | 7.00% |  | 10/5/2023 | 4/9/2028 | 1657500 | 1657500 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RKB Bridge Solutions, LLC<sup>(a)(b)(i)</sup> | 9.75% | 30 Day Avg. SOFR | 6.75% |  | 4/21/2022 | 6/30/2025 | 1926164 | 1926164 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPC VAR, LLC<sup>(a)(b)(i)</sup> | 16.32% | 1-Month CME Term SOFR | 12.00% |  | 11/28/2023 | 10/17/2028 | 949500 | 949500 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSC SPV No. 2 LLC<sup>(a)(i)(p)</sup> | 14.00% |  |  |  | 9/11/2024 | 9/11/2027 | 86000 | 86000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – Blace, LLC<sup>(a)(e)(g)</sup> | 11.60% |  |  |  | 11/17/2022 | 10/31/2025 | 400926 | 400926 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – Chasm<sup>(a)(e)(g)(i)</sup> | 11.00% |  |  |  | 1/8/2024 | 1/8/2026 | 785000 | 785000 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – Prepped, Inc.<sup>(a)(e)(g)</sup> | 11.12% |  |  |  | 3/25/2022 | 12/31/2025 | 164427 | 164427 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – The Black Box Project, LLC<sup>(a)(e)(g)</sup> | 11.49% |  |  |  | 4/29/2022 | 10/31/2025 | 103233 | 103233 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Strong Master, LLC – The Financial Gym Inc.<sup>(a)(e)(g)</sup> | 11.32% |  |  |  | 3/7/2022 | 2/27/2026 | 466500 | 466500 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stride Alternative Education Fund 1<sup>(a)(o)</sup> | 17.00% |  |  |  | 6/13/2022 | 6/10/2029 | 682000 | 157704 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zanifu Limited<sup>(a)(b)</sup> | 17.33% | 30 Day Avg. SOFR | 13.00% |  | 4/18/2023 | 4/17/2026 | 3238030 | 3238030 | 3.5 |
|  |  |  |  |  |  |  | 33212276 | 30960005 | 34.0 |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Schedule of Investments<br> April 30, 2025 (continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investment in credit facilities — 49.4%** | **Interest <br>Rate** | **Reference <br>Rate** | **Spread** | **Shares/ <br>Units** | **First <br>Acquisition <br>Date** | **Maturity <br>Date** | **Cost/<br>Principal** | **Fair Value** | **Percent <br>of Net <br>Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trade Finance — 2.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drip Capital SPV Vasco, LLC – Series 2023-AW<sup>(a)</sup> | 9.00% |  |  |  | 11/1/2023 | 5/1/2025 | $1000000 | $1000000 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drip Capital SPV Vasco, LLC – Series 2024-J<sup>(a)</sup> | 9.00% |  |  |  | 3/5/2024 | 7/5/2025 | 1000000 | 1000000 | 1.1 |
|  |  |  |  |  |  |  | 2000000 | 2000000 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation Finance — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation Finance — 0.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inclusion South Africa Proprietary Limited<sup>(a)(b)(g)</sup> | 16.82% | 1-Month CME Term SOFR | 12.50% |  | 9/27/2022 | 9/23/2025 | 737308 | 604593 | 0.7 |
|  |  |  |  |  |  |  | 737308 | 604593 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Warehouse Facilities — 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Warehouse Facilities — 2.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunnova TEP Holdings, LLC<sup>(a)(b)(i)</sup> | 13.80% | 3-Month CME Term SOFR | 9.51% |  | 12/8/2023 | 11/20/2025 | 1860510 | 1813811 | 2.0 |
|  |  |  |  |  |  |  | 1860510 | 1813811 | 2.0 |
|  **Total investment in credit facilities** | **Total investment in credit facilities** | **Total investment in credit facilities** | **Total investment in credit facilities** | **Total investment in credit facilities** | **Total investment in credit facilities** | **Total investment in credit facilities** | 47415436 | 44983751 | 49.4 |
|  **Investment in special purpose vehicles — 4.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Equity — 2.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAG Minnesota Members Fund II, LLC<sup>(a)(c)(f)</sup> |  |  |  |  | 9/27/2024 |  | 2591789 | 2564744 | 2.8 |
|  |  |  |  |  |  |  | 2591789 | 2564744 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Special Finance — 1.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upper90 Crusoe Loan II SPV LLC<sup>(c)(d)(i)</sup> |  |  |  |  | 5/28/2024 |  | 1071302 | 1071035 | 1.2 |
|  |  |  |  |  |  |  | 1071302 | 1071035 | 1.2 |
|  **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | **Total investment in special purpose vehicles** | 3663091 | 3635779 | 4.0 |
|  **Investments in money market instruments — 28.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Government Portfolio, Institutional Class<sup>(q)</sup> | 4.18% |  |  | 159151 |  |  | 159151 | 159151 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, Institutional Shares<sup>(q)</sup> | 4.74% |  |  | 25471186 |  |  | 25471186 | 25471186 | 28.0 |
|  **Total investment in money market instruments** | **Total investment in money market instruments** | **Total investment in money market instruments** | **Total investment in money market instruments** | **Total investment in money market instruments** | **Total investment in money market instruments** | **Total investment in money market instruments** | 25630337 | 25630337 | 28.2 |
|  **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | **Total Investments (cost $86,925,683)** | $**88444792**  | **97.1%** |
|  Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | Other assets less liabilities | 2608147 | 2.9% |
|  **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | $**91052939**  | **100%** |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Schedule of Investments<br> April 30, 2025 (continued) |

---

#### FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration <br>Date** | **Number of <br>Contracts <br>Long (Short)** | **Notional <br>Value** | **Value at <br>April 30, <br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  **Foreign Exchange Futures** |  |  |  |  |  |
|  CME Euro Dollar | June 2025 | (58) | $(7947982) | $(8250500) | $(302518) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $**(7947982)** | $**(8250500)** | $**(302518)** |

---

**Investments Abbreviations:**

SOFR — Secured Overnight Financing Role

CME — Chicago Mercantile Exchange

EURIBOR — Euro Interbank Offered Rate

**Footnotes:**

<sup>(a)</sup> Value was determined using significant unobservable inputs.

<sup>(b)</sup> Variable rate security. Rate shown is the rate in effect as of April 30, 2025.

<sup>(c)</sup> Private investment company or special purpose vehicle does not issue shares or units.

<sup>(d)</sup> Investment valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>(e)</sup> This investment is structured with a profit sharing component, which includes a portion that is variable based on certain performance milestones of the underlying collateral. The rate disclosed as of April 30, 2025 is the effective rate.

<sup>(f)</sup> This security includes a component of paid-in-kind (PIK) interest. This means that a portion or all of the interest accrued during a specific period is capitalized to the principal balance of the security.

<sup>(g)</sup> This investment was made through a participation.

<sup>(h)</sup> This security includes an element of interest that is contingent upon a specific event. This means that a portion or the entirety of the interest accrued is received when a particular event takes place with the underlying collateral, resulting in the generation of cash. Typically, these cash receipts are allocated first to interest and then to principal.

<sup>(i)</sup> This investment has been commited to but has not been fully funded by the Fund as of April 30, 2025.

<sup>(j)</sup> The Fund receives additional fees (e.g., agent, management, monitoring, etc.) from this security.

<sup>(k)</sup> Each top-up participating note has a 12-month lock-up period with a maturity date defined as 15 years from the date of issuance. Early redemptions are permitted with a 60 day written notice for a withdrawal date of June 30 or December 31 of each calendar year.

<sup>(l)</sup> This investment has a six-month lock-up with a maturity date defined as the earlier of i) the third anniversary of the origination date, ii) three to nine months after rendering a partial or full redemption notice subject to the six-month lock-up, iii) a mandatory early redemption event as declared by the issuer, or iv) the date falling immediately after a Winddown Period (thirty months following issuance date) expires.

<sup>(m)</sup> This investment has a variable interest rate calculated with a base interest of 8%, adjusted by a commitment fee based on the outstanding par value, plus 1.8%, and less the delta between the 6M EURIBOR rate and 6 Month CME Term SOFR.

<sup>(n)</sup> This security has a blended interest rate of 13.25% for draws before November 1, 2023 and 13.09% for draws on or after November 2, 2023.

<sup>(o)</sup> Either part or all of this security's accrual rate is set to zero as it is non-income producing. The rate disclosed as of April 30, 2025 is the base rate.

<sup>(p)</sup> The investment has variable maturity dates maturing through the date listed.

<sup>(q)</sup> Rate listed is the annualized 7-day effective yield at April, 30, 2025.

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Portfolio Allocation (Unaudited)<br> April 30, 2025 |

---

**Investment Type as a Percentage of Total Net Assets As Follows:**

---

| | |
|:---|:---|
|  **Security Type/Sector** | **Percent of Total <br>Net Assets** |
|  Credit Facilites | 49.4% |
|  Money Market Instruments | 28.2% |
|  Private Investment Companies | 15.5% |
|  Special Purpose Vehicles | 4.0% |
|  **Total Investments** | **97.1%** |
|  Other assets less liabilities | 2.9% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Statement of Assets and Liabilities<br> As of April 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments, at fair value (cost $86,925,683) | $88444792 |
|  Cash deposited with broker for futures contracts | 791434  |
|  Due from Investment Manager | 21396  |
|  Interest receivable | 462818 |
|  Accrued interest on PIK securities | 15284  |
|  Accrued interest on Event-Based securities | 1830018 |
|  Dividends receivable | 25776 |
|  Prepaid expenses | 22571 |
|  **Total Assets** | 91614089  |
|  **Liabilities** |  |
|  Unrealized depreciation on open futures contracts | 302518 |
|  Audit and tax fees payable | 137000 |
|  Legal fees payable | 68000 |
|  Accounting and administration fees payable | 26200 |
|  Custody fees payable | 1800 |
|  Transfer agent fees payable | 5500 |
|  Sub-Transfer agent fees payable | 7402 |
|  Other liabilities | 12730 |
|  **Total Liabilities** | 561150 |
|  **Commitments and contingencies (Note 11)** |  |
|  **Net Assets** | $91052939  |
|  **Components of Net Assets:** |  |
|  Paid-in Capital (par value of $0.01 with an unlimited amount of shares authorized) | $89796260 |
|  Total distributable earnings/(accumulated loss) | 1256679 |
|  **Net Assets** | $91052939  |
|  **Institutional Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $91052939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 3343546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $27.23 |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Statement of Operations<br> For the Year Ended April 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Interest (net of withholding taxes, $0) | $5016582 |
|  Interest on PIK securities (net of withholding taxes, $0) | 111320 |
|  Interest on Event-Based (net of withholding taxes, $0) | 909754 |
|  Dividend | 996084 |
|  Distributions from private investment companies | 841739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 7875479 |
|  **Expenses** |  |
|  Investment management fees | 1119607 |
|  Legal fees | 267885 |
|  Audit and tax fees | 169000 |
|  Accounting and administration fees | 150966 |
|  Sub-Transfer agent fees | 88160 |
|  Trustee fees | 72000 |
|  Blue sky fees | 39339 |
|  Transfer agent fees | 32608 |
|  Chief Compliance Officer fees | 27409 |
|  Custody fees | 18377 |
|  Insurance fees | 5464 |
|  Other expenses | 55525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2046340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived by Investment Manager (see Note 7) | (478890) |
|  **Net Expenses** | 1567450 |
|  **Net Investment Income** | 6308029 |
|  **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (52000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (55941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1362890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (358000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1719865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1775806) |
|  **Net increase in net assets resulting from operations** | $4532223 |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Statement of Changes in Net Assets<br>|

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>April 30, 2025** | **For the <br>Year Ended <br>April 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6308029 | $3817457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (55941) | 16180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1719865) | 2289331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 4532223 | 6122968  |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5967001) | (4242085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital Institutional Class | (1686043) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7653044) | (4242085) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 31990500 | 44075823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 2497838 | 1551858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased | (18303825) | (3648994) |
|  **Net increase in net assets resulting from capital transactions** | 16184513 | 41978687 |
|  **Total increase in net assets** | 13063692  | 43859570  |
|  **Net Assets:** |  |  |
|  Beginning of year | 77989247 | 34129677 |
|  End of year | $91052939  | $77989247  |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1138713 | 1573862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 90530 | 55893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchased | (650220) | (129381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Institutional Class Shares | 579023 | 1500374 |

---

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Statement of Cash Flows<br> For the Year Ended April 30, 2025 |

---

---

| | |
|:---|:---|
|  **Cash flows provided by (used in) operating activities:** |  |
|  Net increase in net assets resulting from operations | $4532223 |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 52000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1362890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 358000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on paid in kind securities | (111320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments | (20615436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term investments sold | 16760905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of short-term investments, net | (9495019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Investment Manager | (21396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (89726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest on PIK securities | 1013092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest on event based security | (1830018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (3049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | (25679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Investment Manager | (27787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees payable | 37000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees payable | 58653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees payable | 4550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees payable | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Transfer agent fees payable | 7402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (7976) |
|  **Net cash used in operating activities** | (8031999) |
|  **Cash flows provided by (used in) financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for fund shares sold | 32002251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for shares repurchased | (18303825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders, net of reinvestments | (5155206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 8543220  |
|  Net Increase in Cash and Restricted Cash | 511221  |
|  Cash and Restricted Cash: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 280213  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year\* | $791434  |

---

Supplemental disclosure of cash flow information:

Non-cash financing activities not included consist of reinvestment of dividends and distributions of $2,497,838, and paid in kind income of $298,410.

\* Consist of cash deposited with broker for futures contracts of $791,434.

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Financial Highlights<br> Institutional Class |

---

*Per share operating performance. For a capital share outstanding throughout each year/period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br>Year Ended<br>April 30, <br>2025** | **For the<br>Year Ended<br>April 30,<br>2024** | **For the<br>Year Ended<br>April 30,<br>2023** | **For the<br>Period Ended<br>April 30,<br>2022<sup>1</sup>** |
|  **Net asset value, beginning of year/period** | $28.21 | $27.00 | $25.44 | $25.00  |
|  **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>2</sup> | 1.97 | 1.97 | 2.06 | 0.55  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | 1.27 | 1.06 | 0.53  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.44 | 3.24 | 3.12 | 1.08  |
|  **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.91) | (1.93) | (1.56) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; From return of capital | (0.51) | - | - | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | - | (0.10) | - | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.42) | (2.03) | (1.56) | (0.64) |
|  **Net asset value, end of year/period** | $27.23 | $28.21 | $27.00 | $25.44  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** <sup>3</sup> | 5.26% | 12.36% | 12.52% | 4.35%<sup>4</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |
|  Net assets, end of year/period (in thousands) | $91053 | $77989 | $34130 | $6576 |
|  Ratio of expenses to average net assets <sup>6</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived/recovered | 2.28% | 2.14% | 4.99% | 16.21%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived/recovered | 1.75% | 1.75% | 1.75% | 1.75%<sup>5</sup> |
|  Ratio of net investment income to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived/recovered | 7.04% | 7.03% | 7.73% | 4.37%<sup>5</sup> |
|  Portfolio turnover rate | 26% | 40% | 2% | 0%<sup>4</sup> |

---

 <sup>1</sup> For the period November 1, 2021 (commencement of operations) to April 30, 2022.

 <sup>2</sup> Based on average shares outstanding for the year/period.

 <sup>3</sup> Total returns would have been lower had expenses not been waived by the Investment Manager. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 <sup>4</sup> Not annualized.

 <sup>5</sup> Annualized.

 <sup>6</sup> The expenses and net investment loss ratios include income or expenses of the private investment companies valued at practical expedient in which the Fund invests.

*See accompanying Notes to Financial Statements.*

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 |
|  1. Organization |

---

The Variant Impact Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value ("NAV"). The Fund operates under an Agreement and Declaration of Trust ("Declaration of Trust") dated June 10, 2021 (the "Declaration of Trust"). Variant Investments, LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended.

The Fund has a primary objective of providing a high level of current income. Capital appreciation is a secondary objective of the Fund. The Fund seeks to generate positive social and environmental impact by targeting investment opportunities that are both aligned with the United Nations Sustainable Development Goals ("UN SDGs") and consistent with the Fund's impact investing framework. The Fund intends to invest in a wide range of opportunities to advance one or more UN SDGs across three core impact objectives: (i) financial inclusion; (ii) equitable growth; and (iii) responsible consumption. Such investments are typically domestic and foreign privately-held investments that are outside of traditional public equity and bond markets. The Fund cannot guarantee that its investment objective will be achieved or that its investment strategy will be successful.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Investment Manager to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The Investment Manager is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

2. **Accounting Policies**

#### Basis of Preparation and Use of Estimates
The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

#### Investment Transactions and Related Investment Income
Investment transactions are accounted for on a trade-date basis. Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Some or all of the interest payments of a loan or preferred equity may be structured in the form of PIK or Event-Based.

Event-Based structured loans or preferred equities imply that interest payments are not scheduled at regular intervals, such as monthly or quarterly. Instead, payments of interest or principal are triggered by a specific cash-generating event associated with the underlying collateral backing the investment.

Investments structured in the form of PIK accrue to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Investments structured in the form of Event-Based accrue to outstanding interest on a current basis and is paid as the investment's underlying assets and collateral generate cash to pay down interest and principal. As of April 30, 2025, the Fund separated PIK and Event-Based interest income and accrued interest, whereas in prior fiscal years, these were combined into PIK.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  2. **Accounting Policies** (continued) |

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Interest payments structured in the form of PIK and Event-Based are subject to the risk that a borrower could default when actual cash interest or principal payments are due. Dividends are recorded on the ex-dividend date and interest is recognized on an accrual basis. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

#### Distributions to Shareholders
Distributions are paid at least quarterly on the shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders. Distributions to shareholders are recorded on the ex-dividend date.

The exact amount of distributable income for each fiscal year can only be determined at the end of the Fund's tax year. Under Section 19 of the Investment Company Act, the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

#### Cash and Cash Equivalents
Cash and cash equivalents consist of cash and short-term investment which are readily convertible into cash and have an original maturity of three months or less. UMB Bank, n.a., serves as the Fund's custodian. Cash and cash equivalents are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations or Federal Deposit Insurance Corporation limitations.

Cash and Investments at value on the Statement of Assets and Liabilities can include deposits in money market funds, which are classified as Level 1 assets. As of April 30, 2025, the Fund held $25,630,337 in a short-term money market fund.

#### Valuation of Investments
The Fund calculates its NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board.

The Board has designated the Investment Manager as its valuation designee (in such capacity, the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act to perform fair value determinations for investments that do not have readily available market quotations. Under the valuation policy and procedures for the Fund (the "Valuation Procedures") adopted by the Fund, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board.

Short-term securities, including bonds, notes, debentures and other debt securities, such as certificates of deposit, commercial paper, bankers' acceptances and obligations of domestic and foreign banks, with maturities of 60 days or less, for which reliable market quotations are readily available shall each be valued at current market quotations as provided by an independent pricing service or principal market maker. Money market funds will be valued at NAV.

For equity, equity related securities, and options that are freely tradable and listed on a securities exchange or over-the-counter market, the Fund fair values those securities at their last sale price on that exchange or over-the-counter market on the valuation date. If the security is listed on more than one exchange, the Fund will use the price from the exchange that it considers to be the principal exchange on which the security is traded. Securities listed on the NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or over-the-counter market on such day, the security will be valued at the mean between the last bid price and last ask price on such day.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  2. **Accounting Policies** (continued) |

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Any direct equities held by the Fund in private investment or operating companies are valued using (a) readily available market quotations or (b) market value for securities with similar characteristics or (c) fair value methodologies approved by the Board in a manner that seeks to reflect the market value of the security on the valuation date based on considerations determined by the Valuation Designee.

Fixed income securities (other than the short-term securities as described above) shall be valued by (a) using readily available market quotations based upon the last updated sale price or (b) by a market value from an approved pricing service generated by a pricing matrix based upon yield data for securities with similar characteristics or (c) by obtaining a direct written broker-dealer quotation from a dealer who has made a market in the security. If no price is obtained for a security in accordance with the foregoing, because either an external price is not readily available or such external price is believed by the Investment Manager not to reflect the market value, the Valuation Designee will make a determination in good faith of the fair value of the security in accordance with the Valuation Procedures. The credit facilities the Fund invest in generally do not have a readily available external price. Under these circumstances, the Valuation Designee determines in good faith that cost is the best fair value for such securities in absence of material changes in market interest rates, the facility's pledged collateral, and/or the borrower's ability to pay. In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

Prior to investing in a wide range of private investment companies ("Underlying Fund(s)"), the Investment Manager will conduct an initial due diligence review of the valuation methodologies utilized by the Underlying Fund, which generally shall be based upon readily observable market values when available, and otherwise utilize principles of fair value that are reasonably consistent with those used by the Fund for valuing its own investments. Subsequent to investment in an Underlying Fund, the Investment Manager will monitor the valuation methodologies used by each Underlying Fund. The Fund bases its NAV on valuations of its interests in Underlying Funds provided by the managers of the Underlying Funds and/or their agents. These valuations involve significant judgment by the managers of the Underlying Funds and may differ from their actual realizable value. Under certain circumstances, the Valuation Designee may modify the managers' valuations based on updated information received since the last valuation date. The Valuation Designee may also modify valuations if the valuations are deemed to not fully reflect the fair value of the investment. Valuations will be provided to the Fund based on interim unaudited financial records of the Underlying Funds, and, therefore, will be estimates and may fluctuate as a result. The Board and the Valuation Designee may have limited ability to assess the accuracy of these valuations.

In circumstances in which market quotations are not readily available or are deemed unreliable, or in the case of the valuation of private, direct investments, such investments may be valued as determined in good faith using methodologies approved by the Board. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Valuation Designee of any information or factors deemed appropriate. The Valuation Designee may engage third party valuation consultants on an as-needed basis to assist in determining fair value.

Fair valuation involves subjective judgments, and there is no single methodology for determining the fair value of an investment. The fair value determined for an investment may differ materially from the value that could be realized upon the sale of the investment. Fair values used to determine the Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investment. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the NAV determined earlier. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund's NAV if the judgments of the Board or the Valuation Designee regarding appropriate valuations should prove incorrect.

#### Foreign Currency Exchange Future Contracts
The Fund may utilize foreign currency future contracts ("futures contracts") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All futures are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  2. **Accounting Policies** (continued) |

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unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the futures contract is settled. Counter-parties to these contracts are major U.S. financial institutions. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized in Level 1. As of April 30, 2025, all futures were entered in exchanges located in U.S. domestic markets.

Engaging in these transactions involves risk of loss, which could adversely affect the value of the Fund's net assets. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. Many exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses.

#### Foreign Currency Translation
The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using quoted exchange rates prior to when the Fund's NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

#### Participations and Assignments
The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the risk of both the borrower and the institution selling the participation.

#### Federal Income Taxes
The Fund intends to continue to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund utilizes a tax-year end of April 30 and the Fund's income and federal excise tax returns and all financial records supporting the 2023, 2024, and 2025 returns are subject to examination by the federal and Delaware revenue authorities. So long as the Fund qualifies as a regulated investment company, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund which did not meet the "more likely than not" standard as of April 30, 2025.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  3. Principal Risks |

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#### Impact Investing Risk
There is a risk that the investments identified by the Investment Manager as consistent with the Fund's impact investing framework do not operate as expected when addressing ESG impact. An issuer's ESG impact or the Investment Manager's assessment of an issuer's ESG impact could vary over time, which could cause the Fund to be temporarily invested in investments that do not comply with the Fund's approach to impact investing. There are significant differences in interpretations of what it means for an issuer to have a positive ESG impact. In implementing the Fund's impact investment strategy, the Investment Manager may select or exclude investment in certain industries, sectors, regions or countries for reasons other than investment performance. In addition, it may cause the Fund to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold those securities. The Fund's incorporation of ESG criteria into its investment process may cause the Fund to perform differently from a Fund that uses a different methodology to identify and/or incorporate ESG impact criteria or relies solely or primarily on financial metrics. Impact investing is qualitative and subjective by nature. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that the Investment Manager's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund's principal investment strategies with the investment strategies of other funds that integrate certain "impact" criteria. The investments selected by the Investment Manager as demonstrating certain ESG characteristics may not be the same as those selected by other investment managers as exhibiting those characteristics.

There is a risk that information used by the Investment Manager to evaluate environmental, social and governance ("Impact") factors may not be readily available, complete, or accurate, which could negatively impact the Investment Manager's ability to evaluate such factors. The Investment Manager relies on various sources of information to evaluate an opportunity, including information that may be based on assumptions and estimates. To the extent that the Investment Manager references ESG information from third-party data providers in conducting its proprietary analysis, such information may be incomplete, inaccurate or unavailable. Neither the Fund nor the Investment Manager can offer assurances that the Investment Manager's investment process or sources of information will provide an accurate assessment of the Fund's investments. The Investment Manager uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and "impact" practices or the Investment Manager's or data providers' assessment of ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of "impact" criteria could have a material adverse effect on a Fund's ability to invest in accordance with its investment strategies and/or achieve its investment objective.

#### Borrowing, Use of Leverage
The Fund may leverage its investments by "borrowing," use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk of loss and profit potential. The Investment Manager may cause the Fund to use various methods to leverage investments, including (i) borrowing, (ii) issuing preferred stock or preferred debt, (iii) swap agreements or other derivative instruments, or (iv) a combination of these methods. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing.

Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  3. Principal Risks (continued) |

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position that can be financed), the Fund could be subject to a "margin call," pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses.

#### Indemnifications
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, the risk of loss from such claims is considered remote.

#### Limited Liquidity
Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. There is no assurance that you will be able to tender your Shares when or in the amount that you desire. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

#### Non-Diversified Status
The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund's assets, losses suffered by such securities could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

#### Private Markets Risk
The securities in which the Fund, directly or indirectly, may invest include privately issued securities of both public and private companies. Private securities have additional risk considerations than investments in comparable public investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a greater degree of investment risk and reliance upon the Investment Manager's ability to obtain and evaluate applicable information concerning such companies' creditworthiness and other investment considerations. Certain private securities may be illiquid. Because there is often no readily available trading market for private securities, the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell them if they were more widely traded. Private securities that are debt securities generally are of below-investment grade quality, frequently are unrated and present many of the same risks as investing in below-investment grade public debt securities. Investing in private debt instruments is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of obligations.

#### SOFR Risk
SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  3. Principal Risks (continued) |

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Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or a similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

#### Repurchase Offers
The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer.

Under current regulations, such offers must be for not less than 5% nor more than 25% of the Fund's Shares outstanding on the repurchase request deadline. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased.

#### Market Disruption and Geopolitical Risks
Certain local, regional or global events such as war (including Russia's invasion of Ukraine and the Israel-Hamas war), acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, tariffs, political actions, supply chain disruptions, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of Market Disruptions and Geopolitical Risks on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

4. Fair Value of Investments

***(a) Fair value - Definition***

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  4. Fair Value of Investments (continued) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

***(b) Fair Value - Valuation Techniques and Inputs***

When determining fair value, the Fund uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

#### Investments in Private Investment Companies
The Fund values private investment companies using the NAVs provided by the underlying private investment companies as a practical expedient. The Fund applies the practical expedient to private investment companies on an investment-by-investment basis, and consistently with the Fund's entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the NAV of the investment. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time. The management agreements of the private investment companies provide for compensation to the managers in the form of fees ranging from 0% to 1.75% annually of net assets and performance incentive allocations or fees ranging from 0% to 20% on net profits earned.

#### Investments in Credit Facilities
The Fund has invested in credit facilities that are either secured by the borrower's assets or are unsecured in nature. The credit facilities have been made directly or through participation with private investment or operating companies. The cost of investments in credit facilities generally represents the fair value of the investment. These investments are monitored and adjusted accordingly for certain changes, such as (i) a material change in interest rates for similar notes or (ii) if the Investment Manager becomes aware of a fundamental change that has not been reflected in the cost such as collectability or other credit issues.

For credit facilities where cost does not reflect fair value, the Fund determined its fair value through a discounted cash flow or market approach method as of April 30, 2025. The methodology applied is based on the structure of the credit facility, the type of collateral pledged to the facility, and the information available on the pledged assets. The discounted cash flow method is based on the future cash flows generated by the underlying collateral, which are discounted to present value using an appropriate rate of return. Adjustments may be made based on expected performance and other market-based inputs. The market approach method is based on the relevant market value of the underlying asset and is generally adjusted for factors such as lack of marketability, lack of control, or recoverability percentage. When appropriate, the adjusted value may be present valued using a relevant rate of return. Investments in credit facilities are categorized in Level 3 of the fair value hierarchy.

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|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  4. Fair Value of Investments (continued) |

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#### Investments in Special Purpose Vehicles
Special purpose vehicles ("SPV") consist of an investment by the Fund in an entity that invests directly or indirectly in a note secured by the expected value of contingency fees received from future case settlements, real estate, specialty finance investments, and royalties. The debt offerings are short-term in nature and carry a fixed interest rate. During the year ended April 30, 2025, the Investment Manager determined there were minimal credit impairments. Investments in SPV are generally measured based on NAV as a practical expedient. For investments that cannot be measured based on NAV as a practical expedient as of April 30, 2025, the Fund determined its value through a market approach method. These investments are categorized as Level 3 in the fair value hierarchy.

***(c) Fair Value - Hierarchy***

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of April 30, 2025. Assets valued using NAV as a practical expedient, an indicator of fair value, are listed in a separate column to permit reconciliation to totals in the Statement of Assets and Liabilities:

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|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Investments <br>Valued at Net <br>Asset Value** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investment Companies | $— | $— | $— | $14194925 | $14194925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Facilities |  |  | 44983751  |  | 44983751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicles |  |  | 2564744 | 1071035 | 3635779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Instruments | 25630337 |  |  |  | 25630337 |
|  **Total Investments** | $**25630337** | $**—** | $**47548495**  | $**15265960** | $**88444792** |
|  **Other Financial Instruments¹** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Contracts | (302518) |  |  |  | (302518) |
|  **Total Assets** | $**25327819** | $**—** | $**47548495** | $**15265960** | $**88142274** |

---

¹ Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

***(d) Fair Value - Changes in Level 3 Measurements***

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Credit <br>Facilities** | **Special <br>Purpose <br>Vehicles** | **Direct <br>Equities** | **Total** |
|  **April 30, 2024** | $43604008 | $— | $203210 | $43807218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) |  |  | (52000) | (52000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized gains (losses) | (1911225) | (27045) | (151210) | (2089480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer into level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer out of level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recategorized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 14574982 | 2591789 |  | 17166771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | (11284014) |  |  | (11284014) |
|  **April 30, 2025** | $**44983751** | $**2564744** | $**—** | $**47548495** |
|  Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at April 30, 2025 | $(1911225) | $(27045) | $— | $(1938270) |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  4. Fair Value of Investments (continued) |

---

***(e) Fair Value - Significant Unobservable Inputs***

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br>Category** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average¹** | **Impact on <br>Valuation from <br>an increase in <br>Input** |
|  Credit Facilities | $40200142 | Market Approach | Recent transaction price | $100.00 | $100.00 | Increase |
|  |  |  | Recovery % | 40.24% –<br>97.49% | 78.99% | Increase |
|  | 4783609 | Income Approach | Discount Rate | 10.00% –<br>14.00% | 10.13% | Decrease |
|  Special Purpose Vehicles | 2564744 | Market Approach | Incentive Fee | 15.00% | 15.00% | Decrease |

---

¹ Unobservable inputs were weighted by the fair value of the instruments as of period ended April 30, 2025.

**5. Derivative and Hedging Disclosure**

U.S. GAAP requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in futures contracts for the year ended April 30, 2025.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of April 30, 2025, by risk category are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Derivatives not <br>designated as hedging <br>instruments** | **Asset <br>Derivatives** | **Liability <br>Derivatives** |
| **Statement of Assets and Liabilities** | **Derivatives not <br>designated as hedging <br>instruments** | **Value** | **Value** |
|  Unrealized appreciation/depreciation on open futures currency contracts | Futures contracts | $— | $(302518) |

---

The effects of derivative instruments on the Statement of Operations for the year ended April 30, 2025, are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives not designated as hedging instruments** | **Futures Contracts** |
|  Futures contracts (currency risk) | $(8228) |
|  Total | $(8228) |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not designated as hedging instruments** | **Futures Contracts** |
|  Futures contracts (currency risk) | $(358000) |
|  Total | $(358000) |

---

The number of contracts outstanding as of April 30, 2025 is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of April 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | **Quarterly Average** | **Amount** |
|  Futures contracts | Average Notional Value | $(7796489) |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  **6. Capital Stock** |

---

The Fund is authorized to offer Shares designated as Institutional Class Shares. While the Fund presently offers a single class of Shares, it may offer other classes of Shares as well in the future. From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of the Institutional Class Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5)differences in any dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) the addition of sales loads; (7) any conversion features, as permitted under the Investment Company Act.

The minimum initial investment in Institutional Class Shares by any investor is $1 million. However, the Fund, in its sole discretion, may accept investments below the minimum with respect to Institutional Class Shares. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. The purchase price for each class of Shares is based on the NAV per Share of that Class as of the date such Shares are purchased.

The Institutional Class Shares are not subject to any initial sales charge.

Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in cash. Orders will be priced at the appropriate price next computed after the order is received by the Fund. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Shares in the Fund at any time.

A substantial portion of the Fund's investments are illiquid. For this reason, the Fund is structured as a closed-end interval fund, which means that the Shareholders will not have the right to redeem their Shares on a daily basis. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares.

Pursuant to Rule 23c-3 under the Investment Company Act, on a quarterly basis, the Fund offers shareholders the option of redeeming Shares at NAV. The Board determines the quarterly repurchase offer amount ("Repurchase Offer Amount"), which can be no less than 5% and no more than 25% of all Shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of all outstanding Shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of all outstanding Shares on the repurchase request deadline, the Fund shall repurchase the Shares tendered on a pro rata basis. There is no guarantee that a shareholder will be able to sell all of the Shares tendered in a quarterly repurchase offer. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Repurchase <br>Offer** | **Repurchase <br>Offer** | **Repurchase <br>Offer** | **Repurchase <br>Offer** |
|  Commencement Date | May 24, 2024 | August 23, 2024 | November 22, 2024 | February 21, 2025 |
|  Repurchase Request Deadline | June 14, 2024 | September 13, 2024 | December 13, 2024 | March 14, 2025 |
|  Repurchase Pricing Date | June 14, 2024 | September 13, 2024 | December 13, 2024 | March 14, 2025 |
|  Net Asset Value as of Repurchase Offer Date |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $28.45 | $28.23 | $28.38 | $27.82 |
|  Amount Repurchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $2741411 | $6347426 | $3132308 | $6082680 |
|  Percentage of Outstanding Shares Repurchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3.17% | 6.86% | 3.35% | 6.27% |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  **7. Investment Management and Other Agreements** |

---

The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Investment Manager. Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.25% of the average daily "Managed Assets." "Managed Assets" means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares). Average daily Managed Assets is the sum of the Managed Assets at the beginning of each business day and the Managed assets at the end of such business day and divided by two. There were no borrowings in the current year thus averaged managed assets were equivalent to average net assets. Accrued liabilities are expenses incurred in the normal course of the Fund's operations.

The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 1.75% of the average daily net assets of Institutional Class Shares (the "Expense Limit"). Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.75% of the average daily net assets of Institutional Class Shares. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit at the time of the recoupment. The Expense Limitation and Reimbursement Agreement is in effect until October 1, 2025. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter. This Agreement may be terminated at any time by the Fund's Board of Trustees (the "Board" and the members thereof, "Trustees") upon thirty (30) days' written notice to the Investment Manager. This Agreement may be terminated by the Investment Manager as of the end of its then-current term upon thirty (30) days' written notice to the Fund.

For the fiscal year ended April 30, 2025, the Investment Manager waived fees totaling $478,890. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit. Total waived fees of $1,252,005 consist of waived fees of $575,068 for the year ended April 30, 2023, which are eligible for recoupment until April 30, 2026, and waived fees of $198,047 for the period ended April 30, 2024, which are eligible for recoupment until April 30, 2027, and waived fees of $478,890 for period ended April 30, 2025, which are eligible for recoupment until April 30, 2028.

UMB Distribution Services, LLC serves as the Fund's principal underwriter.

The Fund has retained an administrator, UMB Fund Services, Inc. (the "Administrator") to provide administrative services, and to assist with operational needs. In consideration for these services, the Fund pays the Administrator a minimum monthly administration fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund and receives a fee for transfer agency services. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund management and the Administrator.

A Trustee and an officer of the Fund are employees of the Administrator. The Fund does not compensate the Trustee or officer affiliated with the Fund's Administrator. For the period ended April 30, 2025, the Fund's allocated fees incurred for Trustees are reported on the Statement of Operations.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  **7. Investment Management and Other Agreements** (continued) |

---

UMB Bank, n.a. (the "Custodian"), an affiliate of the Administrator, serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with U.S. and non-U.S. sub custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Investment Manager or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub custodians in a securities depository, clearing agency or omnibus customer account of such custodian. In consideration for these services, the Fund pays the Custodian a minimum monthly custodian fee.

8. Related Party Transactions

At April 30, 2025, the Investment Manager and its affiliates owned $21,232,003 (or 23.22% of net assets) of the Fund.

9. Federal Income Taxes

At April 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of Investments | $87146396 |
|  Gross Unrealized Appreciation | $4615573 |
|  Gross Unrealized Depreciation | (3317177) |
|  Net Unrealized Appreciation/(Depreciation) | $1298396 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended April 30, 2025, permanent differences in book and tax accounting are from permanent adjustments due to the non-deductible partnership expenses and prior year true ups and have been reclassified to paid-in capital and total distributable earnings as follows:

---

| | | |
|:---|:---|:---|
| **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| **Paid in Capital** | **Paid in Capital** | **Total Distributable Earnings** |
|  $ | 34694 | $(34694) |

---

As of April 30, 2025 the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $— |
|  Undistributed long-term gains |  |
|  Tax accumulated earnings |  |
|  Accumulated capital and other losses | (42713) |
|  Unrealized appreciation/depreciation on investments | 1298396 |
|  Foreign currency translations | 996 |
|  Total accumulated earnings/(deficit) | $1256679 |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  9. Federal Income Taxes (continued) |

---

The tax character of the distribution paid during the fiscal year ended April 30, 2025 and April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $5967001 | $4020996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long term capital gains |  | 181305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 1686043 | 39784 |
|  Total distributions paid | $7653044 | $4242085 |

---

As of April 30, 2025, the fund had accumulated capital loss carryforwards as follows:

---

| | |
|:---|:---|
| **Not subject to expiration:** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term | $2431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term | 40282 |
|  | $42713 |

---

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

10. Investment Transactions

For the fiscal year ended April 30, 2025, purchases and sales of investments, excluding short-term investments, were $20,615,436 and $18,760,905 respectively.

11. Commitments

Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of interest income in the Statement of Operations As of April 30, 2025, the Fund had unfunded loan commitments to credit facilities of $11,504,627.

The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Name** | **Fair Value** | **Total <br>Uncalled** | **Redemption <br>Frequency** |
|  Arena Secondaries and Liquidity Solutions<br> Private Investment Company<sup>(3)</sup> | $399158 | $0 | None<br> N |
|  Clean Growth Fund III, LP<br> Private Investment Company<sup>(3)</sup> | 98242 | 0 | None<br> N |
|  Clean Growth Fund VI, LP<br> Private Investment Company<sup>(3)</sup> | 4990877 | 3016187 | None<br> N |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  11. Commitments (continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Name** | **Vehicle Type** | **Fair Value** | **Total <br>Uncalled** | **Redemption <br>Frequency** | **Redemption Notice Period** |
|  Community EM Credit Fund I, L.P. | Private Investment Company<sup>(1)</sup> | 2400818 | 0 | Monthly | At least a 30 days' written notice to the general partner prior to each calendar month end. Withdrawal Gate is 2.5% of the Master Fund's aggregated net asset value. |
|  Conservation Resource Capital VI | Private Investment Company<sup>(2)</sup> | 923799 | 0 |  | N |
|  CVI Clean Energy Fund C II, LP | Private Investment Company<sup>(1)</sup> | 1891891 | 1275000 |  | N |
|  Fundamental Partners IV LP | Private Investment Company<sup>(3)</sup> | 581915 | 183854 |  | N |
|  Sustainable Growth Fund II SCSp, SICAV, SIF | Private Investment Company<sup>(1)</sup> | 2741840 | 29 |  | N |
|  Upper90 Crusoe Loan II SPV LLC | Special Purpose Vehicle<sup>(1)</sup> | 1071035 | 428698 |  | N |
|  WindSail Credit QP Fund, L.P. | Private Investment Company<sup>(1)</sup> | 166385 | 0 | Quarterly | At least a 60 days' written notice to the general partner prior to each calendar quarter-end. Withdrawal Gate is 20% of the net asset value of the Master Fund |
|  | **Total** | $**15265960** | $**4903768** |  |  |

---

 <sup>(1)</sup> Private partnerships or credit facilities that are in specialty finance investments. Such partnerships invest in institutional loans to a non-bank, private lender, which uses the capital to make loans in their particular vehicle.

 <sup>(2)</sup> Real estate equity partnerships that consist of equity investments backed by commercial real estate.

 <sup>(3)</sup> Private partnerships that are secondaries positions. These investments are purchased in the secondary market of a limited partner's interest in a private credit fund from the primary owner.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Notes to Financial Statements<br> April 30, 2025 (continued) |
|  12. Subsequent Events |

---

In preparing these financial statements, management has evaluated subsequent events through the date of issuance of the financial statements included herein.

The Fund commenced a repurchase offer on May 23, 2025 and the results are as follows:

---

| | |
|:---|:---|
|  | **Repurchase Offer** |
|  Commencement Date | May 23, 2025 |
|  Repurchase Request Deadline | June 13, 2025 |
|  Repurchase Pricing Date | June 13, 2025 |
|  Net Asset Value as of Repurchase Offer Date |  |
|  Institutional Class | $27.37 |
|  Amount Repurchased |  |
|  Institutional Class | $8006714 |
|  Percentage of Outstanding Shares Repurchased |  |
|  Institutional Class | 8.64% |

---

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's financial statements.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Fund Management (Unaudited)<br> April 30, 2025 |

---

The identity of the members of the Board and the Fund's officers and brief biographical information as of April 30, 2025 is set forth below. The Fund's Statement of Additional Information includes additional information about the membership of the Board, and is available without charge, upon request, by calling the Fund at 1-877-770-7717.

#### INDEPENDENT TRUSTEES AND ADVISORY BOARD MEMBER

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>And Year of Birth** | **Position(s)<br>Held With <br>the Fund** | **Term Of <br>Office And <br>Length of <br>Time<br>Served\*** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\*\* <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by Trustees** |
|  David G. Lee <br>Year of Birth: 1952<br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Chairman and Trustee | Since Inception | Retired (since 2012); President and Director, Client Opinions, Inc. (2003 – 2012); Chief Operating Officer, Brandywine Global Investment Management (1998 – 2002). | 26 |  |
|  Robert Seyferth <br>Year of Birth: 1952<br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Trustee | Since Inception | Retired (since 2009); Chief Procurement Officer/Senior Managing Director, Bear Stearns/JP Morgan Chase (1993 – 2009). | 26 |  |
|  Gary E. Shugrue <br>Year of Birth: 1954<br> c/o UMB Fund <br>Services, Inc.<br>235 W. Galena St. <br>Milwaukee, WI 53212 | Trustee | Since Inception | Retired (since 2023); Managing Director, Veritable LP (investment advisory firm) (2016 – 2023); Founder/President, Ascendant Capital Partners, LP (private equity firm)(2001 – 2015). | 26 | Trustee, Quaker Investment Trust (3 portfolios) (registered investment company). |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Fund Management (Unaudited)<br> April 30, 2025 (continued) |
|  **INTERESTED TRUSTEES AND OFFICERS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>And Year of Birth** | **Position(s)<br>Held With <br>the Fund** | **Length of <br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by Trustees** |
|  Terrance <br>P. Gallagher\*\*\*<br>Year of Birth: 1958<br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Trustee | Since Inception | Executive Vice President and Trust Platform Director, UMB Fund Services, Inc. (2024 – Present); President, Investment Managers Series Trust II (registered investment company) (2013 – May 2025); Trustee, Investment Managers Series Trust II (registered investment company) (2013 – Present); Executive Vice President and Director of Fund Accounting, Administration and Tax, UMB Fund Services, Inc. (2007 – 2023). | 26 | President and Trustee, Investment Managers Series Trust II (31 portfolios) (registered investment company). |
|  Robert W. Elsasser <br>Year of Birth: 1968<br> c/o UMB Fund <br>Services, Inc.<br>235 W. Galena St. <br>Milwaukee, WI 53212 | President | Since Inception | Principal, Variant Investments, LLC (2017 – Present); Director of Fixed Income, CTC myCFO (2010 – 2016). | N/A | N/A |
|  Curtis Fintel <br>Year of Birth: 1970<br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Treasurer | Since Inception | Principal, Variant Investments, LLC (2017 – Present); Chief Investment Strategist, CTC myCFO (2006 – 2016). | N/A | N/A |
|  Bernadette Murphy <br>Year of Birth: 1964<br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Chief Compliance Officer | Since Inception | Director, Vigilant Compliance, LLC (investment management solutions firm) (2018 – Present). | N/A | N/A |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Fund Management (Unaudited)<br> April 30, 2025 (continued) |
|  **INTERESTED TRUSTEES AND OFFICERS (continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>And Year of Birth** | **Position(s)<br>Held With <br>the Fund** | **Length of <br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by Trustees** |
|  Ann Maurer <br>Year of Birth: 1972 <br> c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Secretary | Since Inception | Senior Vice President, Client Services (2017 – Present), Vice President, Senior Client Service Manager (2013 – 2017), Assistant Vice President, Client Relations Manager (2002 – 2013), UMB Fund Services, Inc. | N/A | N/A |

---

---

| | |
|:---|:---|
|  <sup>\*</sup> | Trustees serve on the Board for terms of indefinite duration. A Trustee's position in that capacity will terminate if the Trustee is removed or resigns or, among other events, upon the Trustee's death, incapacity or retirement. Officers hold office until their successors are chosen and qualified and serve at the pleasure of the Trustees. |
|  <sup>\*\*</sup> | As of April 30, 2025, the fund complex consists of the AFA Private Credit Fund, Agility Multi-Asset Income Fund, Aspiriant Risk-Managed Capital Appreciation Fund, Aspiriant Risk-Managed Real Assets Fund, Destiny Alternative Fund LLC, Destiny Alternative Fund (TEI) LLC, Felicitas Private Markets Fund, First Trust Alternative Opportunities Fund, First Trust Enhanced Private Credit Fund, First Trust Hedged Strategies Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Hedged Equity Income Fund: Series B1, FT Vest Rising Dividend Achievers Total Return Fund, FT Vest Total Return Income Fund: Series A2, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4, FT Vest Total Return Income Fund: Series B1, Infinity Core Alternative Fund, Pender Real Estate Credit Fund, Variant Alternative Income Fund, Variant Alternative Lending Fund and Variant Impact Fund. |
|  <sup>\*\*\*</sup> | Mr. Gallagher is deemed to be an interested person of the Fund because of his affiliation with the Fund's Administrator. |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Other Information (Unaudited)<br> April 30, 2025 |

---

**Proxy Voting**

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing and a description of the Fund's proxy voting policies and procedures are available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;without charge, upon request, by calling the Fund at 1-877-770-7717 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by visiting the SEC's website at www.sec.gov.

**Availability of Quarterly Portfolio Schedules**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or by calling the Fund at 1-877-770-7717.

**Tax Information**

For the year ended April 30, 2025, 2.76% of dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as qualified dividend income.

For the year ended April 30, 2025, 2.76% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as dividends received deduction available to corporate shareholders.

For the year ended April 30, 2025, the Fund designates $0 as long-term capital gain distributions.

---

| |
|:---|
|  **Variant Impact Fund** |
|  Other Information (Unaudited)<br> April 30, 2025 (continued) |

---

### PRIVACY POLICY

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|  **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> • Social Security number<br> • account balances<br> • account transactions<br> • transaction history<br> • wire transfer instructions<br> • checking account information<br> Even when you are *no longer* our customer, we continue to share your information as described in this notice. |
|  **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
|  **Reasons we can share your personal information** | **Does the <br>Fund share?** | **Can you limit <br>this sharing?** |
| &nbsp;&nbsp; **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp; **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp; **For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp; **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp; **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp; **For our affiliates to market to you** | No | We don't share |
| &nbsp;&nbsp; **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
|  **Questions?** | Call 1-877-770-7717 |

---

---

| |
|:---|
|  **Variant Impact Fund** |
|  Other Information (Unaudited)<br> April 30, 2025 (continued) |

---

---

| | |
|:---|:---|
|  **What we do** |  |
|  **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
|  **How does the Fund collect my personal information?** | We collect your personal information, for example, when you <br> • open an account <br> • provide account information <br> • give us your contact information <br> • make a wire transfer <br> • tell us where to send money <br> We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
|  **Why can't I limit all sharing?** | Federal law gives you the right to limit only <br> • sharing for affiliates' everyday business purposes – information about your creditworthiness <br> • sharing for affiliates from using your information to market to you <br> • sharing for nonaffiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing. |
|  **Definitions** |  |
|  **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> *• Our affiliates include companies such as Variant Investments, LLC and UMB Fund Services, Inc.* |
|  **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> *• The Fund doesn't share with nonaffiliates so they can market to you.* |
|  **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> *• The Fund doesn't jointly market.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp; CODE OF ETHICS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The registrant does not intend to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; The registrant has included with this filing, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE FINANCIAL EXPERT.**

As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. David G. Lee and Mr. Robert Seyferth are qualified to serve as the audit committee financial experts serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees</u>

The aggregate fees billed for the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

---

| | |
|:---|:---|
|  Fiscal year ended April 30, 2025: | $125000 |
|  Fiscal year ended April 30, 2024: | $95000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit-Related Fees</u>

The aggregate fees billed for the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are noted in the below table. The fees listed in item 4 (b) are related to out-of-pocket expenses in relation to the annual audit of the registrant:

---

| | |
|:---|:---|
|  Fiscal year ended April 30, 2025: | $0.00 |
|  Fiscal year ended April 30, 2024: | $0.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees</u>

The aggregate fees billed for the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

---

| | |
|:---|:---|
|  Fiscal year ended April 30, 2025: | $10000 |
|  Fiscal year ended April 30, 2024: | $7000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees</u>

The aggregate fees billed for the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

---

| | |
|:---|:---|
|  Fiscal year ended April 30, 2025: | $0.00 |
|  Fiscal year ended April 30, 2024: | $0.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Committee's pre-approval policies and procedures.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; During the last two fiscal years, there were no other non-audit services rendered by the Registrant's independent auditors to the Registrant, its investment adviser or any entity controlling, controlled by or under the common control with the investment adviser that provides ongoing services to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable.

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp; SCHEDULE OF INVESTMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 (a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

------

**ITEM 7.&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN**-END **MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN**-END **MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp; PROXY DISCLOSURES FOR OPEN**-END **MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN**-END **MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 11.&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not applicable. Included on semi-annual report.

**ITEM 12.&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED**-END **MANAGEMENT INVESTMENT COMPANIES.**

#### Proxy Voting Policies and Procedures
For most fixed income investments, voting matters generally involve amendments to loan documentation, borrower compliance with financial covenants, registration rights, prepayments, insolvency, and other distressed creditor situations. Variant Investments LLC (the "Investment Manager") does not have specific proxy voting policies or guidelines regarding categories of proxy matters submitted to fixed income security holders. Instead, the Investment Manager votes fixed income proxy matters on a case-by-case basis, taking into account the unique circumstances related to a particular borrower and other relevant factors.

The Investment Manager also votes proxies related to equity securities held in discretionary portfolios. Additionally, the Investment Manager may vote proxies or other matters on the closed end funds, BDCs, Private Funds and other vehicles, exchange traded notes or exchange traded funds in which it invests.

Routine proxy matters associated with equity securities (including but not limited to electing boards of directors, selecting auditors, shareholder rights, proxy contests, corporate governance matters, and executive and director compensation) typically are voted in accordance with the recommendations of management of the issuer. In the event it is determined to be in the best interests of shareholders to vote against issuer management recommendations, the reasons for such determination will be documented. On non-routine matters, such as amendments to governing instruments, proposals relating to compensation and stock option and equity compensation plans, corporate governance proposals and shareholder proposals, the Investment Manager will vote, or abstain from voting if deemed appropriate, on a case-by-case basis in a manner it believes to be in the best economic interest of the relevant Fund's shareholders.

For the Variant Impact Fund (the "Fund"), the Investment Manager will also prioritize consistency with the Fund's Impact Investing Framework in determining its vote.

The Investment Manager may delegate our responsibilities under the Proxy Policy to a third-party proxy voting service, however, no such delegation will relieve the Investment Manager of its responsibilities. The Investment Manager will retain final authority and fiduciary responsibility for such proxy voting.

The portfolio managers are responsible for monitoring proxy voting actions and ensuring that (i) proxies are received and forwarded to the appropriate decision makers; and (ii) proxies are voted in a timely manner upon receipt of voting instructions. The Investment Manager is not responsible for voting proxies that are not received but will make reasonable efforts to obtain missing proxies. The Chief Compliance Officer shall identify and monitor potential

------

conflicts of interest that could affect the proxy voting process, including (i) significant client relationships; (ii) other potential material business relationships; and (iii) material personal and family relationships. The Investment Manager may determine not to vote a particular proxy if the costs and burdens exceed the benefits of voting.

**ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO MANAGERS OF CLOSED**-END **MANAGEMENT INVESTMENT COMPANIES.**

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following table provides biographical information about the members of Variant Investments LLC (the "Investment Manager"), who are primarily responsible for the day-to-day portfolio management of Variant Impact Fund (the "Fund") as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Portfolio <br>Management Team <br>Member** | **Title** | **Length of Time of <br>Service to the Fund** | **Business Experience During the Past <br>5 Years** | **Role of Portfolio <br>Management Team <br>Member** |
|  Robert W. Elsasser | President | Since Inception | Principal, Variant Investments LLC <br>(2017-Present) | Portfolio Management |
|  Curt Fintel | Treasurer | Since Inception | Principal, Variant Investments LLC <br>(2017-Present) | Portfolio Management |
|  J.B. Hayes | Principal | Since Inception | Principal, Variant Investments LLC <br>(2017-Present) | Portfolio Management |

---

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following table provides information about portfolios and accounts, other than Variant Impact Fund, for which personnel of the Investment Manager are primarily responsible for the day-to-day portfolio management as of April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of Portfolio<br>Management Team <br>Member** | **Number of Accounts and Total Value<br>of Assets for Which Advisory Fee is<br>Performance-Based:** | **Number of Accounts and Total Value<br>of Assets for Which Advisory Fee is<br>Performance-Based:** | **Number of Accounts and Total Value<br>of Assets for Which Advisory Fee is<br>Performance-Based:** | **Number of Other Accounts Managed<br>and Total Value of Assets by Account<br>Type for Which There is No<br>Performance-Based Fee:** | **Number of Other Accounts Managed<br>and Total Value of Assets by Account<br>Type for Which There is No<br>Performance-Based Fee:** | **Number of Other Accounts Managed<br>and Total Value of Assets by Account<br>Type for Which There is No<br>Performance-Based Fee:** |
|  **Name** | **Registered <br>investment <br>companies** | **Other <br>pooled <br>investment <br>vehicles** | **Other <br>accounts** | **Registered <br>investment <br>companies** | **Other <br>pooled <br>investment <br>vehicles** | **Other <br>accounts** |
|  Robert W. Elsasser | $0 | $0 | $0 | 2 accounts<br>$2.923 billion | $0 | $0 |
|  Curt Fintel | $0 | $0 | $0 | 2 accounts<br> $2.923 billion | $0 | $0 |
|  J.B. Hayes | $0 | $0 | $0 | 2 accounts<br> $2.923 billion | $0 | $0 |

---

#### Conflicts of Interest
The Fund may be subject to a number of actual and potential conflicts of interest.

The Investment Manager and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Investment Manager and its affiliates may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; which may compete with the Fund for investment opportunities; and which may, subject to applicable law, co-invest with the Fund in certain transactions. In addition, the Investment Manager and its affiliates and respective clients may themselves invest in securities that would be appropriate for the Fund.

------

Although the Investment Manager and its affiliates seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Investment Manager or its affiliates will be appropriate for the Fund or will be referred to the Fund. The Investment Manager and its affiliates are not obligated to refer any investment opportunity to the Fund.

The directors, partners, trustees, managers, members, officers and employees of the Investment Manager and its affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Investment Manager or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund and the Investment Manager have individually adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund.

(a)(3) Compensation Structure of Portfolio Manager

As of April 30, 2025, total compensation paid to each Portfolio Manager includes a base salary fixed from year to year and a variable performance bonus consisting of cash incentives. The amounts paid to the Portfolio Managers are based on a percentage of the fees earned by the Investment Manager from managing the Fund and other investment accounts. The performance bonus reflects individual performance and the performance of the Investment Manager's business as a whole. These individuals will also participate in a 401K program and receive medical/dental insurance benefits on the same basis as other officers of the Investment Manager. The compensation structure of key investment professionals is structured to incent long-term client retention and client service.

(a)(4) Disclosure of Securities Ownership

#### Portfolio Management Team's Ownership of Shares
The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in the Fund as of April 30, 2025:

---

| | |
|:---|:---|
|  **Name of Portfolio Management Team Member:** | **Dollar Range of Shares Beneficially Owned by <br>Portfolio Management Team Member:** |
|  Curt Fintel | $500001 - 1000000 |
|  J.B. Hayes | $100001 - $500000 |
|  Robert Elsasser | $100001 - $500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

**ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;PURCHASES OF EQUITY SECURITIES BY CLOSED**-END **MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17CFR 229.407), or this Item.

**ITEM 16.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17.&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED**-END **MANAGEMENT COMPANIES.**

Not applicable.

**ITEM 18.&nbsp;&nbsp;&nbsp;&nbsp;RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**ITEM 19.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS.**

(a)(1) [Code of ethics or any amendments thereto, that is subject to disclosure required by item 2 is attached hereto.](ea0243232-01_ex99codeeth.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. (a)(3) Not applicable.](ea0243232-01_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0243232-01_ex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  (registrant) | Variant Impact Fund |
|  By (Signature and Title)\* | /s/ Robert W. Elsasser |
|  | Robert W. Elsasser, President |
|  | (Principal Executive Officer) |
|  Date | July 02, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | /s/ Robert W. Elsasser |
|  | Robert W. Elsasser, President |
|  | (Principal Executive Officer) |
|  Date | July 02, 2025 |
|  By (Signature and Title)\* | /s/ Curt Fintel |
|  | Curt Fintel, Treasurer |
|  | (Principal Financial Officer) |
|  Date | July 02, 2025 |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print the name and title of each signing officer under his or her signature.

------

## Ex-99.Code

**Exhibit 99.CODE ETH**

**<u>Exhibit P</u>**

**The Variant Impact Fund**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code of Ethics</u>

The reputation and integrity of the Variant Impact Fund (the "Fund") are valuable assets that are vital to the Fund's success. Each officer and employee of the Fund, including each of the Fund's senior financial officers ("SFOs"), is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function. The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and

● Accountability for adherence to the Code of Ethics.

This Code of Ethics should be read in conjunction with the Fund's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund's financial statements. Specifically, persons subject to this Code of Ethics shall:

● Act with honesty and integrity

● Avoid actual or apparent conflicts of interest with the Fund in personal and professional relationships

● Provide information to the Fund's employees and service providers (Adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

● Record (or participate in the recording of) entries in the Fund's books and records that are accurate

● Refrain from using confidential information for personal advantage

<u>Violations of the Code of Ethics</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code of Ethics unless good cause for such apparent contravention is found to exist. Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code of Ethics, regardless of whether this Code of Ethics refers to that particular conduct. A violation of this Code of Ethics may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the Code</u>

*Violations*

All persons subject to this Code of Ethics who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code of Ethics must immediately report the violation in writing to the Compliance Officer, another member of the Fund's senior management, or to the Audit Committee of the Board. An example of a possible Code of Ethics violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

*Disclosures*

All persons subject to this Code of Ethics shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund's senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Fund.

*Outside Service Providers*

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

*Non-Retaliation Policy*

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code of Ethics and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

Q<u>uestions about the Code of Ethics</u>

The Fund's Board of Trustees has designated Bernadette Murphy to be the Compliance Officer for purposes of implementing and administering this Code of Ethics. Any questions about this Code of Ethics should be directed to the Compliance Officer.

Effective: July 2021

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Robert W. Elsasser, certify that:

1. I have reviewed this report on Form N-CSR of Variant Impact Fund;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 02, 2025 | /s/ Robert W. Elsasser |
|  |  | Robert W. Elsasser, President |
|  |  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Curt Fintel, certify that:

1. I have reviewed this report on Form N-CSR of Variant Impact Fund;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 02, 2025 | /s/ Curt Fintel |
|  |  | Curt Fintel, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Robert W. Elsasser, President of Variant Impact Fund, certify that to my knowledge:

1. The Form N-CSR of the registrant for the period ended April 30, 2025 (the "Report") fully complies with the requirements
of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Robert W. Elsasser |
| Robert W. Elsasser |
| President and Principal Executive Officer |
| July 02, 2025 |

---

I, Curt Fintel, Treasurer of Variant Impact Fund, certify that to my knowledge:

1. The Form N-CSR of the registrant for the period ended April 30, 2025 (the "Report") fully complies with the requirements
of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Curt Fintel |
| Curt Fintel |
| Treasurer and Principal Financial Officer |
| July 02, 2025 |

---

These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.