# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001145549-23-018482
**Filing Date:** 2023-3
**Character Count:** 129925
**Document Hash:** 2a0b496d7066a3b5e319414508b76309
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018482.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018482

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001736510
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23336
- **FILM NUMBER:** 23767145

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 4142992200

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

## Nport-Ex

**Variant Alternative Income Fund**

**Schedule of Investments**

**January 31, 2023 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares/<br> Units | First<br> Acquisition<br> Date | Cost | Fair Value | Percent of<br> Net<br> Assets |
| **Investments in private investment companies - 26.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAJF ESQ FUND LP <sup>(a)(e)(f)</sup> |  | 5/26/2022 | $35000000 | $36543873 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Access Justice Fund LP <sup>(a)(e)(f)</sup> |  | 3/30/2021 | 45000000 | 49591572 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4 - Virage Capital Partners LP <sup>(a)(e)(f)</sup> |  | 9/1/2018 | 883896 | 1566435 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 6 - Virage Capital Partners LP <sup>(a)(e)(f)</sup> |  | 10/31/2019 | 16000000 | 21460977 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virage Recovery Fund (Cayman) LP <sup>(a)(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814489 | 8/6/2019 | 15313446 | 24951612 | 1 |
|  |  |  | 112197342 | 134114469 | 5.6 |
| &nbsp;&nbsp;&nbsp;**Portfolio Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C L Levi Co-Invest, L.P. <sup>(a)(e)(f)</sup> |  | 6/27/2022 | 11853832 | 12847907 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund II (US), L.P. <sup>(a)(e)(f)</sup> |  | 4/25/2018 | 1254068 | 1476966 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund Offshore B, L.P. and Subsidiary <sup>(a)(e)(f)</sup> |  | 8/26/2021 | 536712 | 763301 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Praeter, L.P. - Zoom <sup>(a)(e)(f)</sup> |  | 12/26/2019 | 2593168 | 3407409 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RIVER HORSE HOLDINGS II LP <sup>(a)(e)(f)</sup> | - | 1/6/2023 | 3600000 | 3642948 | 0.2 |
|  |  |  | 19837780 | 22138531 | 0.9 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Harbor Capital NPL VII, LLC <sup>(a)(e)(f)</sup> |  | 3/1/2019 | 7760297 | 9893911 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quiet Credit I LLC <sup>(a)(e)(f)</sup> |  | 7/15/2021 | 4478715 | 4780324 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setpoint Residential Fintech Fund LP <sup>(a)(e)(f)</sup> | - | 2/4/2022 | 12677105 | 12269404 | 0.5 |
|  |  |  | 24916117 | 26943639 | 1.1 |
| &nbsp;&nbsp;&nbsp;**Real Estate Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montreux Healthcare Fund PLC <sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48220 | 2/1/2018 | 63438713 | 75435522 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Storage Fund II (Cayman), LP <sup>(a)(e)(f)</sup> | - | 11/20/2017 | 996147 | 1553227 | 0.1 |
|  |  |  | 64434860 | 76988749 | 3.3 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital II LP <sup>(a)(e)(f)</sup> |  | 11/27/2020 | 8022340 | 8833199 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital II LP - Co-investment Sound Royalties <sup>(a)(e)(f)</sup> |  | 8/3/2021 | 2000000 | 2421014 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III LP <sup>(a)(e)(f)</sup> |  | 11/1/2021 | 13776406 | 14465878 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III LP - Co-investment Culture Works <sup>(a)(e)(f)</sup> |  | 11/3/2021 | 2000000 | 2278113 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III, L.P. - NGL <sup>(a)(e)(f)</sup> | - | 5/3/2022 | 8000000 | 8507527 | 0.4 |
|  |  |  | 33798746 | 36505731 | 1.6 |
| &nbsp;&nbsp;&nbsp;**Secondaries** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armadillo Financial Fund LP <sup>(a)(e)(f)</sup> |  | 12/28/2018 | 55955 | 5837 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Forest Structured Lending Fund <sup>(a)(e)(f)</sup> |  | 12/30/2022 | 3818272 | 5651404 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMPBELL OPPORTUNITY TIMBER FUND-A, L.P. <sup>(a)(e)(f)</sup> |  | 11/1/2021 | 135476 | 896967 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Offshore Infrastructure Partners A LP <sup>(a)(e)(f)</sup> |  | 7/18/2019 | 1566729 | 1522477 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWP Asset Based Income ASP Fund <sup>(a)(e)(f)</sup> |  | 3/29/2019 | 916560 | 1030820 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiga Special Opportunities LP <sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20687033 | 4/22/2022 | 14876901 | 19794782 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Urban Property Fund II, Inc. <sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35695 | 12/30/2019 | 4161214 | 321113 | 0 |
|  |  |  | 25531107 | 29223400 | 1.2 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM JEEVES CO-INVEST VEHICLE LLC <sup>(a)(e)(f)</sup> |  | 11/21/2022 | 4926108 | 5059476 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATALAYA EQUIPMENT LEASING FEEDER EVERGREEN LP <sup>(a)(e)(f)</sup> |  | 5/23/2022 | 23625000 | 24348316 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSRF Tax-Exempt LLC <sup>(a)(e)(f)</sup> |  | 5/17/2022 | 20000000 | 21060478 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - Amzn Credit Opportunities Fund LP <sup>(a)(e)(f)</sup> |  | 3/11/2021 | 30573720 | 30463762 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund LLC <sup>(a)(e)(f)</sup> |  | 2/28/2020 | 1000000 | 1011820 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund LLC (A-2 Series) <sup>(a)(e)(f)</sup> |  | 2/5/2021 | 3000000 | 3032784 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund LLC (A-3 Series) <sup>(a)(e)(f)</sup> |  | 7/12/2021 | 7500000 | 7573448 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture Credit Opportunities Partners Fund LP <sup>(a)(e)(f)</sup> |  | 12/12/2019 | 20000000 | 20734005 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DelGatto Diamond Fund QP, LP <sup>(a)(e)(f)</sup> |  | 10/3/2019 | 18750000 | 24587178 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHP II LP Class B <sup>(a)(e)(f)</sup> |  | 5/27/2021 | 2034193 | 1925057 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHPC LP Founders Class Interest 1.25% <sup>(a)(e)(f)</sup> |  | 3/7/2019 | 11206083 | 11340758 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RIVONIA ROAD FUND LP <sup>(a)(e)(f)</sup> |  | 7/29/2022 | 10000000 | 10460065 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silverpeak Special Situations Lending Onshore Fund LP <sup>(a)(e)(f)</sup> |  | 10/19/2021 | 6368475 | 7408213 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point Discovery Fund LLC <sup>(a)(e)(f)</sup> |  | 3/31/2022 | 10000000 | 10301628 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP TECHNOLOGY PAYMENTS II, LLC <sup>(a)(e)(f)</sup> |  | 11/10/2022 | 4480000 | 4510361 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Rock Fund I LP <sup>(a)(e)(f)</sup> |  | 11/29/2019 | 4279369 | 5243988 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Rock Fund II LP <sup>(a)(e)(f)</sup> |  | 12/29/2021 | 8954841 | 9667028 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper90 Fund III, LP <sup>(a)(e)(f)</sup> | - | 7/28/2022 | 1000000 | 1062747 | 0 |
|  |  |  | 187697789 | 199791112 | 8.4 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Fund, LP <sup>(a)(e)(f)</sup> |  | 1/17/2019 | 1546072 | 1744187 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Fund II, LP <sup>(a)(e)(f)</sup> |  | 9/16/2019 | 28201497 | 39489758 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Feeder Fund III, LP <sup>(a)(e)(f)</sup> |  | 9/13/2021 | 30809252 | 39456961 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Rivers Fund, LLC <sup>(a)(e)(f)</sup> |  | 5/2/2019 | 22972826 | 26878820 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Transport Real Asset Fund LP <sup>(a)(e)(f)</sup> |  | 8/31/2018 | 1189995 | 1528506 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITE Rail Fund, L.P. <sup>(a)(e)(f)</sup> | - | 5/25/2022 | 5412017 | 5556083 | 0.2 |
|  |  |  | 90131659 | 114654315 | 4.7 |
| **Total investments in private investment companies** |  |  | 558545400 | 640359946 | 26.8 |

---

**Variant Alternative Income Fund**

**Schedule of Investments**

**January 31, 2023 (Unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares/<br> Units** | **First<br> Acquisition<br> Date** | Principal | Fair Value | Percent of<br> Net<br> Assets |
| **Investments in credit facilities - 52.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C CUBED CAPITAL PARTNERS LLC, 14.00%, due 4/30/2025 <sup>(a)(b)</sup> |  | 4/18/2022 | $33899206 | $33899206 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experity Ventures, LLC, 13.00%, due 11/4/2026 <sup>(a)(b)</sup> |  | 11/10/2021 | 17381535 | 17381535 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management and SPV I, 17.00%, due 8/16/2024 <sup>(a)(b)</sup> |  | 12/29/2018 | 57086611 | 57086611 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management and SPV - (Luckett), 19.00%, due 8/16/2024 <sup>(a)(b)</sup> |  | 1/29/2020 | 8282200 | 8282200 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV I LLC (Pulvers), 20.00%, due 8/16/2024 <sup>(a)(b)</sup> |  | 11/19/2020 | 11974267 | 11974267 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV V, LLC, 15.00%, due 5/17/2026 <sup>(a)(b)</sup> |  | 5/17/2022 | 20477625 | 20477625 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Capital Products, LLC, 13.00%, due 10/7/2026 <sup>(a)(b)</sup> |  | 10/7/2021 | 14688831 | 14688831 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RIVONIA ROAD FUND LP, 1 Month LIBOR (3.00% Floor) + 11.00%, due 10/28/2023 <sup>(a)(b)(c)</sup> |  | 11/12/2021 | 3588678 | 3588678 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Syndicated Credit LLC, 20.00%, due 6/16/2026 <sup>(a)(b)</sup> |  | 8/15/2022 | 4000000 | 4000000 | 0.2 |
|  |  |  | 171378953 | 171378953 | 7.1 |
| &nbsp;&nbsp;&nbsp;**Portfolio Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BA Tech Master, LP, 19.50%, due 10/3/2023 <sup>(a)(b)</sup> |  | 10/2/2018 | 1710104 | 1710104 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrix Finance, LLC, 15.00%, due 3/31/2023 <sup>(a)(b)</sup> |  | 11/4/2021 | 20000000 | 20000000 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delgatto Diamond Finance Fund, L.P., 8.00%, due 3/31/2023 <sup>(a)(b)</sup> |  | 5/28/2021 | 63500000 | 63500000 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairway America Fund (VII and VIIQP) LP, 30 Day Avg. SOFR (4.00% Ceiling) + 6.00%, due 7/01/2023 <sup>(a)(b)(c)</sup> |  | 11/29/2019 | 7500000 | 7500000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stage Point Capital, LLC, 30 Day Avg. SOFR (2.00% Floor and a 4.00% Ceiling) + 6.00%, due 5/1/2023 <sup>(a)(b)(c)</sup> |  | 5/21/2019 | 15950000 | 15950000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viscogliosi Brothers, LLC, 30 Day Avg. SOFR (1.00% Floor) + 14.00%, due 10/31/2023 <sup>(a)(b)(c)</sup> |  | 10/27/2021 | 6043081 | 6043081 | 0.3 |
|  |  |  | 114703185 | 114703185 | 4.9 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artic Fox Joint Stock Company, 12.81%, due 11/24/2023 (a)(b) |  | 11/24/2021 | 720000 | 720000 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drummond Ross Limited, 10.00%, due 3/31/2023 <sup>(a)(b)</sup> |  | 1/7/2022 | 4314728 | 4412006 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDMX II Fund, LLC, 13.00%, due 12/27/2027 <sup>(a)(b)</sup> |  | 12/1/2022 | 5264000 | 5264000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAILOR RIDGE CAPITAL MANAGEMENT, LLC, 30 Day Avg. SOFR (2.00% Floor and a 4.00% Ceiling) + 6.00%, due 7/31/2023 <sup>(a)(b)(c)</sup> |  | 8/18/2021 | 2845000 | 2845000 | 0.1 |
|  |  |  | 13143728 | 13241006 | 0.5 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC LPW I, LLC, 13.00%, due 11/30/2025 <sup>(a)(b)</sup> |  | 9/26/2019 | 66044595 | 63116595 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASCADE ENERGY GROUP, LLC, 30 Day Avg. SOFR (1.00% Floor and 4.00% Ceiling) + 12.75%, due 7/20/2025 <sup>(a)(b)(c)</sup> |  | 7/20/2022 | 12359291 | 12359291 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marine Street, L.P., 9.00%, due 01/31/2026 <sup>(a)(b)</sup> |  | 3/22/2022 | 40987926 | 40987926 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEATFUND II, LLC, 30 Day Avg. SOFR (1.00% Floor) + 10.00%, due 11/11/2024 <sup>(a)(b)(c)</sup> |  | 11/25/2022 | 11505343 | 11505343 | 0.5 |
|  |  |  | 130897155 | 127969155 | 5.3 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Core Capital LLC, 13.00%, due 4/25/2026 <sup>(a)(b)</sup> |  | 10/28/2020 | 14632150 | 14632150 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACMV Factor Finance SPV LLC, 12.00%, due 11/8/2023 <sup>(a)(b)</sup> |  | 11/24/2021 | 27623673 | 27623673 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVANTECH SERVICIOS FINANCIEROS, SOCIEDAD ANÓNIMA PROMOTORA DE INVERSIÓN DE CAPITAL VARIABLE, 30 Day Avg. SOFR (1.00% Floor and a 3.50% Ceiling) + 8.00%, due 8/13/2026 <sup>(a)(b)(c)</sup> |  | 11/5/2020 | 18730000 | 18730000 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aion Acquisition, LLC, 0.00%, due 3/31/2023 <sup>(a)(b)</sup> |  | 3/31/2021 | 1217193 | 267676 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aion Acquisition, LLC, 0.00%, due 3/31/2023 <sup>(a)(b)</sup> |  | 3/31/2021 | 538513 | 203624 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Dart Milano S.R.L), 9.50%, due 12/31/2023 <sup>(a)(b)</sup> |  | 4/14/2021 | 12154496 | 12154496 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Dart Milano S.R.L 2), 8.68%, due 12/31/2023 <sup>(a)(b)</sup> |  | 12/17/2021 | 13748021 | 13748021 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Procacini S.L. - 1), 10.00%, due 12/31/2023 <sup>(a)(b)</sup> |  | 8/26/2020 | 1967917 | 1967917 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Procacini S.L. - 2), 9.50%, due 12/31/2023 <sup>(a)(b)</sup> |  | 4/14/2021 | 4047827 | 4047827 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Money International, Co., 8.00%, due 12/9/2023 <sup>(a)(b)</sup> |  | 12/9/2019 | 435000 | 435000 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Money U.S., Inc., 30 Day Avg. SOFR (2.00% Floor) + 10.00%, due 7/1/2023 <sup>(a)(b)(c)</sup> |  | 6/12/2018 | 6800000 | 6800000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVISTA COLOMBIA S.A.S, 12.59%, due 3/29/2023 <sup>(a)(b)</sup> |  | 3/29/2021 | 7200000 | 7200000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandon VAIF, LLC, 12.00%, due 1/24/2024 <sup>(a)(b)</sup> |  | 2/10/2020 | 4926925 | 2524480 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandon VAIF, LLC, 15.00%, due 1/31/2024 <sup>(a)(b)</sup> |  | 2/15/2022 | 73000 | 73000 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bastion Funding IV LLC (Community Finance), 3 Month LIBOR (1.00% Floor) + 11.00%, due 12/31/2024 <sup>(a)(b)(c)</sup> |  | 1/19/2022 | 4943825 | 4943825 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bastion Funding IV LLC (Expansion Capital Group), 3 Month LIBOR (1.00% Floor) + 10.00%, due 8/31/2024 <sup>(a)(b)(c)</sup> |  | 1/19/2022 | 8769231 | 8769231 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bastion Funding IV LLC (Kornerstone), 3 Month LIBOR (1.00% Floor) + 12.50%, due 7/15/2024 <sup>(a)(b)(c)</sup> |  | 1/19/2022 | 6000000 | 6000000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bastion Funding IV LLC (NextGen), 3 Month LIBOR (1.00% Floor) + 12.00%, due 1/29/2024 <sup>(a)(b)(c)</sup> |  | 9/23/2022 | 9999747 | 9999747 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPIIHR HOLDCO, LLC, 16.00%, due 10/28/2026 <sup>(a)(b)</sup> |  | 11/1/2021 | 3620000 | 3620000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUNDLED UP LLC, 30 Day Avg. SOFR (1.00% Floor) + 10.50%, due 10/01/2025 <sup>(a)(b)(c)</sup> |  | 11/18/2022 | 33884959 | 33884959 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Byzfunder Funding, LLC, 13.50%, due 9/5/2023 <sup>(a)(b)</sup> |  | 10/22/2021 | 4642715 | 4642715 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coromandel Credit Facility, 9.00%, due 7/1/2023 <sup>(a)(b)</sup> |  | 1/13/2020 | 78613549 | 78613549 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envest (Canada) Holdings Corp., due 11/30/2024 <sup>(a)(b)</sup> |  | 11/30/2022 | 19048000 | 19048000 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUITY LINK, S.A.P.I. DE C.V., SOFOM E.N.R., 30 Day Avg. SOFR (2.00% Floor) + 9.50%, due 4/12/2024 <sup>(a)(b)(c)</sup> |  | 4/29/2021 | 10530000 | 10530000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FilmRise Acquisitions LLC, 13.50%, due 10/01/2025 <sup>(a)(b)</sup> |  | 9/14/2022 | 6818523 | 6818523 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as trustee for the Oceana Australian Fixed Income Trust - 10.25%, due 4/15/2023 <sup>(a)(b)</sup> |  | 4/14/2021 | 7652000 | 7621117 | 0.3 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as trustee for the Oceana Australian Fixed Income Trust - 11.25%, due 1/19/2024 <sup>(a)(b)</sup> | 1/20/2021 | $10000000 | $9270451 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as trustee for the Oceana Australian Fixed Income Trust - 12.00%, due 11/09/2023 <sup>(a)(b)</sup> | 11/6/2020 | 30000000 | 30292804 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as trustee for the Oceana Australian Fixed Income Trust - B Class - 12.50%, due 9/06/2023 <sup>(a)(b)</sup> | 9/7/2021 | 10000000 | 10022582 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as trustee for the Oceana Australian Fixed Income Trust - C Class - 12.00%, due 3/21/2023 <sup>(a)(b)</sup> | 3/21/2022 | 5000000 | 5240795 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GREENHILL DEBT MANAGEMENT, LLC, due 12/22/2027 <sup>(a)(b)</sup> | 12/22/2022 | 2408928 | 2408928 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Olinx, S.A.P.I. de C.V., SOFOM, E.N.R., 12.11%, due 2/22/2025 <sup>(a)(b)</sup> | 8/12/2021 | 9500000 | 9500000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hash Maps Labs, Inc., 12.00%, due 3/31/2024 <sup>(a)(b)</sup> | 3/23/2021 | 2473447 | 2473447 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KY LAN ASSET FINANCE 1, 9.50%, due 1/26/2024 <sup>(a)(b)</sup> | 1/26/2022 | 12078947 | 12078947 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAMBDA SCHOOL III SPV LLC, 12.00%, due 5/17/2024 <sup>(a)(b)</sup> | 6/18/2021 | 3587847 | 3587847 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCA Crackpital, S.A.P.I. de C.V. SOFOM, E.N.R., 15.25%, due 4/21/2023 <sup>(a)(b)</sup> | 4/21/2021 | 1890047 | 1890047 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendable Asset Management LLC (Payjoy), 14.50%, due 11/25/2024 <sup>(a)(b)</sup> | 1/13/2021 | 5000000 | 5000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendable Asset Management LLC (Terrapay), 10.75%, due 12/26/2024 <sup>(a)(b)</sup> | 1/10/2022 | 5000000 | 5000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENDABLE S.A, SICAV-RAIF, 11.00%, due 5/04/2024 <sup>(a)(b)</sup> | 11/15/2022 | 4000000 | 4000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENDABLE SPC, ACTING FOR AND ON BEHALF OF SEGREGATED INVESTMENT VEHICLE I, SP, 11.00%, due 12/15/2023 <sup>(a)(b)</sup> | 1/13/2023 | 6750000 | 6750000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHPC LP, Prime (4.00% Floor) + 7.75%, due 2/18/2023 <sup>(a)(b)(c)</sup> | 10/31/2022 | 21021106 | 21021106 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pier Asset Management LLC (Series 6), SONIA (1.00% Floor) + 13.50%, due 2/17/2024 <sup>(a)(b)(c)</sup> | 2/9/2022 | 26053403 | 26053403 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pier Asset Management LLC (Series 9), 30 Day Avg. SOFR (1.00% Floor and 5.00% Ceiling) + 14.00%, due 5/31/2024 <sup>(a)(b)(c)</sup> | 12/23/2022 | 5913000 | 5913000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT AWAN TUNAI INDONESIA, 11.93%, due 5/19/2023 <sup>(a)(b)</sup> | 9/9/2020 | 22500200 | 22500200 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAINFOREST LIFE PTE. LTD., 14.00%, due 8/20/2024 <sup>(a)(b)</sup> | 8/20/2021 | 12337793 | 12337793 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKB Bridge Solutions, LLC, 7.75%, due 11/30/2023 <sup>(a)(b)</sup> | 12/13/2019 | 3536000 | 3536000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKB BRIDGE SOLUTIONS, LLC, 30 Day Avg. SOFR (1.00% Floor and a 9.75% Ceiling) + 6.75%, due 3/31/2025 <sup>(a)(b)(c)</sup> | 4/21/2022 | 3541500 | 3541500 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaryo Capital II LLC, 11.00%, due 4/15/2023 <sup>(a)(b)</sup> | 1/30/2020 | 8500000 | 8500000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEIA Purchasing LLC, 13.00%, due 10/31/2024 <sup>(a)(b)</sup> | 10/12/2022 | 24010945 | 24010945 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SQUARE KILOMETER CAPITAL SPV LLC, 30 Day Avg. SOFR + 11.00%, due 9/30/2024 <sup>(a)(b)(c)</sup> | 11/9/2022 | 3800000 | 3800000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSC SPV No.1 LLC, 9.00%, due 1/24/2025 <sup>(a)(b)</sup> | 8/9/2019 | 63171207 | 63171207 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Strong Funding LLC, 8.00%, due 12/31/2023 <sup>(a)(b)</sup> | 2/4/2022 | 697418 | 697418 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAT CAPITAL SPV LLC, 30 Day Avg. SOFR (1.00% Floor) + 9.75%, due 4/28/2026 <sup>(a)(b)(c)</sup> | 4/29/2022 | 12500000 | 12500000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRIDE ALTERNATIVE EDUCATION FUND 1, 14.00%, due 6/10/2029 <sup>(a)(b)</sup> | 6/13/2022 | 6818000 | 6818000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCM Produce LLC, 16.00%, due 5/15/2023 <sup>(a)(b)</sup> | 5/19/2021 | 10295000 | 10295000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Borrower SPV I LLC, 12.00%, due 4/30/2024 <sup>(a)(b)</sup> | 9/11/2020 | 3000000 | 3000000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wallace Management Co. LLC, 30 Day Avg. SOFR (1.00% Floor) + 13.00%, due 9/06/2023 <sup>(a)(b)(c)</sup> | 9/8/2022 | 7222222 | 7222222 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watu Holdings Ltd, 13.00%, due 5/07/2024 <sup>(a)(b)</sup> | 4/11/2022 | 10000000 | 10000000 | 0.4 |
|  |  | 661224274 | 657333172 | 27.5 |
| &nbsp;&nbsp;&nbsp;**Trade Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRIP CAPITAL SPV VASCO LLC - Series 2022-X, 8.00%, due 3/15/2023 <sup>(a)(b)</sup> | 12/14/2022 | 300000 | 300000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRIP CAPITAL SPV VASCO LLC - Series 2023-E, 8.00%, due 4/30/2023 <sup>(a)(b)</sup> | 1/31/2023 | 625000 | 625000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEDTRADE CAPITAL, LLC, 12.00%, due 7/31/2025 <sup>(a)(b)</sup> | 4/30/2022 | 122825191 | 117146261 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Asset Management, LLC - (Deal: Tru Grit 7), 24.00%, due 3/31/2023 <sup>(a)(b)</sup> | 3/9/2021 | 20978443 | 20978443 | 0.9 |
|  |  | 144728634 | 139049704 | 5.8 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivonia Road Accept, LLC, 30 Day Avg. SOFR (1.00% Floor) + 12.50%, due 07/31/2025 <sup>(a)(b)(c)</sup> | 9/27/2022 | 15665100 | 15665100 | 0.7 |
|  |  | 15665100 | 15665100 | 0.7 |

---

**Variant Alternative Income Fund**

**Schedule of Investments**

**January 31, 2023 (Unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares/<br> Units | First<br> Acquisition<br> Date | Principal | Fair Value | Percent of<br> Net<br> Assets |
| &nbsp;&nbsp;&nbsp;**Warehouse Facilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;edly WH Investors 2019-1, LLC, 12.00%, due 12/04/2023 <sup>(a)(b)</sup> |  | 10/9/2019 | $1105318 | $1105318 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homelight Homes Real Estate, LLC, 12.00%, due 02/28/2023 <sup>(a)(b)</sup> |  | 10/8/2020 | 15858353 | 15858353 | 0.7 |
|  |  |  | 16963671 | 16963671 | 0.7 |
| &nbsp;&nbsp;&nbsp;**Total investments in credit facilities** |  |  | 1268704700 | 1256303946 | 52.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Cost |  |  |
| **Investments in special purpose vehicles - 10.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YS CF LawFF VII LLC <sup>(a)(b)</sup> | - | 4/5/2018 | 241115 | 241115 | 0 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDMX DEBT FUND, LLC <sup>(a)(b)</sup> |  | 4/25/2022 | 20974670 | 22772502 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series BTH 48 <sup>(a)(e)(f)</sup> |  | 7/23/2021 | 2250000 | 2280313 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series BTH 49 <sup>(a)(e)(f)</sup> |  | 8/16/2021 | 828947 | 838857 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series BTH 54 <sup>(a)(e)(f)</sup> |  | 12/17/2021 | 1990161 | 2014478 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series BTH 55 <sup>(a)(e)(f)</sup> |  | 12/17/2021 | 2500000 | 2520859 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series BTH 56 <sup>(a)(e)(f)</sup> |  | 12/17/2021 | 7333857 | 7408027 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Structured Products, LLC Series SH-52 <sup>(a)(e)(f)</sup> |  | 3/30/2022 | 1500000 | 1519343 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Structured Products, LLC Series SH-62 <sup>(a)(e)(f)</sup> | - | 5/6/2022 | 800000 | 807755 | 0 |
|  |  |  | 38177635 | 40162134 | 1.7 |
| &nbsp;&nbsp;&nbsp;**Real Estate Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArrowMark Commercial Real Estate Partners, LLC <sup>(a)(e)(f)</sup> |  | 12/20/2021 | 8493394 | 10456488 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX LIVELY INDIGO RUN DEPOSITOR, LLC <sup>(a)(b)</sup> |  | 5/9/2022 | 9266250 | 9266250 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Midwest Industrial Logistics Depositor, LLC <sup>(a)(b)</sup> |  | 6/24/2022 | 10000000 | 10000000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Mode at Hyattsville Depositor, LLC <sup>(a)(b)</sup> |  | 10/18/2022 | 12990000 | 12990000 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Owings Mills Multifamily Depositor, LLC <sup>(a)(b)</sup> |  | 7/12/2022 | 10000000 | 10000000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Residences at Congressional Village Depositor, LLC <sup>(a)(b)</sup> |  | 6/27/2022 | 10000000 | 10000000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Station at Clift Farm Depositor, LLC <sup>(a)(b)</sup> | - | 12/27/2021 | 11800000 | 11800000 | 0.5 |
|  |  |  | 72549644 | 74512738 | 3.1 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Round Hill Music Carlin Coinvest, LP <sup>(a)(d)(e)(f)</sup> | - | 10/1/2017 | 929104 | 1179564 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrix Investments, LLC <sup>(a)(e)(f)</sup> |  | 1/27/2022 | 5000000 | 5773449 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - Clearbanc Special Assets Fund LP <sup>(a)(e)(f)</sup> |  | 3/12/2019 | 788296 | 794061 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendable SPC <sup>(a)(e)(f)</sup> |  | 7/31/2020 | 102900000 | 99878471 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC US BADGER LLC <sup>(a)(e)(f)</sup> | - | 10/20/2021 | 18135988 | 18792059 | 0.8 |
|  |  |  | 126824284 | 125238040 | 5.2 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YS Vessel Deconstruction I <sup>(a)(b)</sup> | - | 8/26/2018 | 500000 | 200000 | 0 |
| **Total investments in special purpose vehicles** |  |  | 239221782 | 241533591 | 10.1 |
| **Investments in direct equities - 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV V, LLC <sup>(a)(b)</sup> | 5 | 5/17/2022 | 0 | 2845599 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aion Financial - Equity <sup>(a)(b)</sup> | 219220 | 3/31/2021 | 22 | 349125 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Dart Milano Profit Share) <sup>(a)(b)</sup> |  | 6/2/2021 | 0 | 36304 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Dart Milano 2 Profit Share) <sup>(a)(b)</sup> |  | 12/17/2021 | 0 | 249236 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Procacini S.L. - 1 Profit Share) <sup>(a)(b)</sup> |  | 8/26/2020 | 0 | 205561 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, Inc. (Procacini S.L. - 2 Profit Share) <sup>(a)(b)</sup> |  | 4/14/2021 | 0 | 464000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Money International, Co. - Convertible Shares <sup>(a)(b)</sup> |  | 11/5/2021 | 0 | 59661 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coromandel SPV LLC - Warrants <sup>(a)(b)</sup> |  | 9/8/2021 | 0 | 195255 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERNEX CAPITAL LLC <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359701 | 4/1/2022 | 1250000 | 1250000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAINFOREST LIFE PTE. LTD. - Warrants <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61370 | 8/20/2021 | 0 | 106200 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR STRONG FUNDING LLC <sup>(a)(b)</sup> |  | 4/27/2022 | 348000 | 1851219 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Borrower SPV I LLC - Warrants <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29207 | 1/27/2021 | 0 | 525915 | 0 |
|  |  |  | 1598022 | 5292476 | 0.2 |
| **Total investments in direct equities** |  |  | 1598022 | 8138075 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | | |
| **Investments in money market instruments - 9.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Financial Square Government Fund, Institutional Shares, 4.22% <sup>(a)(h)</sup> | 232781147 | 232781147 | 9.7 |
| **Total investments in money market instruments** |  | 232781147 | 9.7 |
| **Total Investments (cost $2,300,851,051)** |  | $**2379116705** | 99.4 |
| Other assets less liabilities |  | 14499496 | 0.6 |
| **Net Assets** |  | $**2393616201** | 100.0 |

---

<sup>(a)</sup> Security serves as collateral for the Fund's revolving credit facility, when in use during the year.

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

<sup>(c)</sup> Variable rate sercurity.

<sup>(d)</sup> 100% of this special purpose vehicle is invested in one music catalog.

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

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

<sup>(g)</sup> Private investment company is part of the MSPR SPAC. The Fund's valuation is made up of it's share of the SPAC plus a preferred return.

<sup>(h)</sup> Rate listed is the 7-day effective yield at 01/31/2023.

### Variant Alternative Income Fund

### Portfolio Allocation (Unaudited)

### January 31, 2023 (Unaudited)

### Investment Type as a percentage of Total Net Assets As Follows

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Credit Facilities | 52.5% |
| Private Investment Companies | 26.8% |
| Special Purpose Vehicles | 10.1% |
| Short-Term Investments | 9.7% |
| Direct Equities | 0.3% |
| **Total Investments** | **99.4%** |
| Other assets less liabilities | 0.6% |
| **Total Net Assets** | **100.0%** |

---

#### Variant Alternative Income Fund

#### Schedule of Investments

#### January 31, 2023 (Unaudited)

#### FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Expiration Date** | **Number of Contracts Long (Short)** | **Notional Value** | **Value at January 31, 2023** | **Unrealized Appreciation (Depreciation)** |
| **Foreign Exchange Futures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CME Australian Dollar | Mar 2023 | (891) | $(60987499) | $(62993700) | $(2006201) |
| &nbsp;&nbsp;&nbsp;CME British Pound | Mar 2023 | (115) | (8925773) | (8882313) | 43460 |
| &nbsp;&nbsp;&nbsp;CME Euro Dollar | Mar 2023 | (31) | (4158255) | (4223750) | (65495) |
| &nbsp;&nbsp;&nbsp;CME Mexican Peso | Mar 2023 | (850) | (21268239) | (22482500) | (1214261) |
| **TOTAL FUTURES CONTRACTS** |  |  | $**(95339766)** | $**(98582263)** | $**(3242497)** |

---

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023**

**1. 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.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the Investment Company Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Investment Manager as the Fund's valuation designee (in this capacity, the "Valuation Designee") to perform fair value determinations.

The Board has approved valuation procedures for the Fund (the "Valuation Procedures"). The Valuation Procedures provide that the Fund will value its investments at fair value. The Board has delegated the day to day responsibility for fair value determinations in accordance with the Valuation Procedures to the Valuation Designee, subject to oversight by 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.

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 a market value from an approved pricing service generated by a pricing matrix based upon yield data for securities with similar characteristics or (b) 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. 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 any private investment companies or special purpose vehicles (collectively, "Underlying Funds"), 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 values its interests in Underlying Funds using the NAV 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, the Investment Manager and the Valuation Designee may have limited ability to assess the accuracy of these valuations.

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023 (continued)**

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 standard 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.

**Written Options**

The Fund may write call and put options. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedule of Investments. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such in the Schedule of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk exists that the Fund may not be able to enter into a closing transaction because of an illiquid market.

**Futures**

The Fund may enter into futures contracts in U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits that might be realized in trading could be eliminated by adverse changes in the exchange rate, or a loss could be incurred as a result of those changes. Transactions on foreign exchanges may include both commodities which are traded on domestic exchanges and those which are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the Commodity Futures Trading Commission.

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 futures 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.

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023 (continued)**

**2. 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:

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

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

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

Investments in private investment companies measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

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 NAV's 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 2% annually of net assets and performance incentive allocations or fees ranging from 0% to 20% on net profits earned.

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023 (continued)**

At January 31, 2023, the Fund had a private investment company of $24,951,612 that did not qualify for the practical expedient because it is probable that the Fund could sell these investments for amounts that differ from the NAV's provided by the underlying private investment companies. Private investment companies not qualifying for the practical expedient were valued by the Fund through application of adjustments to the stated NAV's reported by the underlying private investment companies. These adjustments are based on other relevant information available that the Fund feels has not been reflected in the most recent fair value. As a result, a premium of 1.02x has been applied to the investment's stated NAV reported by the private investment company. Investments in private investment companies that do not qualify for the practical expedient are categorized in Level 3 of the fair value hierarchy.

**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 expected value of contingency fees received from future case settlements, real estate, specialty finance investments, and royalties. The debt offerings are generally short-term in nature and carry a fixed interest rate. During the period ended January 31, 2023, the Investment Manager determined there were minimal credit impairments. Investments in SPV are generally measured based on NAV as practical expedient, while others are categorized as Level 3 of the fair value hierarchy.

**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 investments in credit facilities will generally be held at cost subject to certain revisions, 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. The Fund has determined to value its investments in credit facilities generally at cost although some are above or below cost as of January 31, 2023. During the period ended January 31, 2023, the Investment Manager determined there were no material changes in interest rates or fundamental changes. Investments in credit facilities are categorized in Level 3 of the fair value hierarchy.

**Investments in Direct Equities**

As a part of some of the credit facilities, the Fund receives direct equity in the private investments or operating companies of the borrower via common stock shares, warrants, or profit sharing instruments. The Fund has determined to value its investments in direct equities through a discounted cash flow or market approach method as of January 31, 2023. Investments in direct equities are categorized in Level 3 of the fair value hierarchy.

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023 (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;***(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 January 31, 2023. 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | <br>**Level 3** | **Investments Valued at Net Asset Value** | **Total** |
| Private Investment Companies | $- | $- | $24951612 | $615408334 | $640359946 |
| Credit Facilities |  |  | 1256303946 |  | 1256303946 |
| Special Purpose Vehicles |  |  | 87269868 | 154263723 | 241533591 |
| Direct Equities |  |  | 8138075 |  | 8138075 |
| Short-Term Investments | 232781147 | - | - | - | 232781147 |
| **Total Investments** | $232781147 | $- | $1376663501 | $769672057 | $2379116705 |
| &nbsp;&nbsp;&nbsp;<br>Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| Futures Contracts | 3242497 | - | - | - | 3242397 |
| **Total Assets** | $236023644 | $- | $1376663501 | $769672057 | $2382359202 |

---

 ****

<sup>1</sup>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 January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Private Investment Companies** | **Credit Facilities** | **Special Purpose Vehicles** | <br>**Direct Equities** |
| **April 30, 2022** | $35587842 | $933343913 | $66579260 | $4678276 |
| Realized gains (losses) |  |  |  | 9778 |
| Unrealized gains (losses) | (10636230) | (6518136) | (1766178) | 3450021 |
| Transfers Into Level 3 |  |  | 28540178 |  |
| Transfers Out of Level 3 |  |  |  |  |
| Purchases |  | 691775613 | 62431136 |  |
| Sales | - | (362297444) | (68514528) | - |
| January 31, 2023 | $24951612 | $1256303946 | $87269868 | $8138075 |

---

**Variant Alternative Income Fund**

**Notes to Financial Statements** 

**January 31, 2023 (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 January 31, 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;**Range of Inputs** | &nbsp;&nbsp;**Weighted Average (1)** | &nbsp;&nbsp;**Impact on Valuation from an increase in input** |
| Private Investment Companies | &nbsp;&nbsp;$24951612 | &nbsp;&nbsp;Market Approach | &nbsp;&nbsp;Ownership %<br> Carried Interest<br> Preferred Return | &nbsp;&nbsp;3.19%<br> 35.00%<br> 20.00% | &nbsp;&nbsp;N/A<br> N/A<br> N/A | &nbsp;&nbsp;Increase<br> Decrease<br> Increase |
| Credit Facilities | &nbsp;&nbsp;1256303946 | &nbsp;&nbsp;Market Approach<br>Discounted Cash Flow<br>| &nbsp;&nbsp;Recent transaction price<br>Interest Rate<br> Discount Rate | &nbsp;&nbsp;N/A<br>10.25% - 12.00%<br> 10.00% | &nbsp;&nbsp;N/A<br>11.96%<br> N/A | &nbsp;&nbsp;Increase<br>Decrease<br> Decrease |
| Special Purpose Vehicles | &nbsp;&nbsp;87269868 | &nbsp;&nbsp;Market Approach<br>Income Approach | &nbsp;&nbsp;Recent transaction price<br>Preferred Return | &nbsp;&nbsp;N/A<br>12.00% | &nbsp;&nbsp;N/A<br>12.00% | &nbsp;&nbsp;Increase<br>Increase |
| Direct Equities | &nbsp;&nbsp;8138075 | &nbsp;&nbsp;Discounted Cash Flow<br>Market Approach<br>| &nbsp;&nbsp;Discount Rate<br> Growth Rate<br> Market Multiple<br> Ownership %<br>Discount Rate<br> Market Multiple<br> Market Valuation<br>Ownership %<br> Price Per Share | &nbsp;&nbsp;15.00% - 30.00%<br> 3.00%<br> 8.15<br> 1.95%<br>15.00% - 35.00%<br> 10.00<br> $600,000 - $50,000,000<br> 0.089% - 10.00%<br> $3.48 - $18.01 | &nbsp;&nbsp;20.24%<br> N/A<br> N/A<br> N/A<br>21.51%<br> N/A<br> $18,703,959<br> 9.53%<br> $7.78 | &nbsp;&nbsp;Decrease<br> Increase<br> Increase<br> Increase<br>Decrease<br> Increase<br> Increase<br> Increase<br> Increase |

---

<sup>(1)</sup> Unobservable inputs were weighted by the fair value of the instruments as of period ended 1/31/23.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VARIANT ALTERNATIVE INCOME FUND

- **b. Investment Company Act file number:** 811-23336

- **c. CIK number of Registrant:** 0001736510

- **d. LEI of Registrant:** 549300VKWK774XXSGI69

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

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

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** Variant Alternative Income Fund

- **c. LEI of Series:** 549300VKWK774XXSGI69

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2428964958.00

**Total Liabilities:** $41100693.31

**Net Assets:** $2387864265.00

**Cash Not Reported:** $8681620.30

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 12671.118017030370 | **1-Year:** 97349.230592747663 | **5-Year:** 46831.803246375560 | **10-Year:** 2329.090176638725 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.49%                | 0.89%                | 0.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $246526.49                                 |
| Month 2  | $64213.96                | $4877308.95                                |
| Month 3  | $68392.53                | $5688801.16                                |

### Schedule of Portfolio Investments

| Name                                         | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ACCIAL CAPTIAL FAC AWAN TUNAI   /            | ACCIAL CAPTIAL FAC AWAN TUNAI   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $22500200.00  | 0.94%             | 2023-09-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ALTRIARCH INVOICE FACTORING FACILITY   /     | ALTRIARCH INVOICE FACTORING FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $27623673.05  | 1.16%             | 2023-11-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| APP ACADEMY INCOME SHARE FACILITY   /        | APP ACADEMY INCOME SHARE FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2473446.60   | 0.10%             | 2024-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARCADIA CIRRIX FINANCE NOTE   /              | ARCADIA CIRRIX FINANCE NOTE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20000000.00  | 0.84%             | 2023-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - 3 Days in Malay   /               | ARGONAUT - 3 Days in Malay   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $596165.30    | 0.02%             | 2023-06-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - 57 Seconds   /                    | ARGONAUT - 57 Seconds   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2120383.69   | 0.09%             | 2023-05-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - The Crow    /                     | ARGONAUT - The Crow    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15817128.11  | 0.66%             | 2023-11-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Deep Fear    /                    | ARGONAUT - Deep Fear    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5747075.79   | 0.24%             | 2026-06-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Duchess    /                      | ARGONAUT - Duchess    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1707531.68   | 0.07%             | 2023-07-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - Fast Charlie   /                  | ARGONAUT - Fast Charlie   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11891150.96  | 0.50%             | 2023-07-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT - The Flood    /                    | ARGONAUT - The Flood    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1068936.87   | 0.04%             | 2023-05-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT RADIAL SKYBRIDGE   /                | ARGONAUT RADIAL SKYBRIDGE   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1337608.64   | 0.06%             | 2024-05-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT WAR PAINT   /                       | ARGONAUT WAR PAINT   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $527778.78    | 0.02%             | 2024-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARGONAUT WATER & POWER   /                   | ARGONAUT WATER & POWER   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $174166.67    | 0.01%             | 2023-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARMADILLO FINANCIAL FUND LP   /              | ARMADILLO FINANCIAL FUND LP   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5837.00      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| AMP RSC INDUSTRIAL REAL ESTATE   /           | AMP RSC INDUSTRIAL REAL ESTATE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10549800.71  | 0.44%             | 2024-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART FINANCE FUNDING LLC   /                  | ART FINANCE FUNDING LLC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1967916.95   | 0.08%             | 2023-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART FINANCE 4 PROFIT SHARE   /               | ART FINANCE 4 PROFIT SHARE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $195783.72    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BLACKROCK SPECIAL CREDIT OPPORTUNITIES   /   | BLACKROCK SPECIAL CREDIT OPPORTUNITIES   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| LENDSPARK CREDIT FACILITY   /                | LENDSPARK CREDIT FACILITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14632150.00  | 0.61%             | 2026-04-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Recovery Index                               | Recovery Index                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |         1 | NS      | $24951611.98  | 1.04%             |  |  |  | No            | N/A                | On Loan: No      |
| ACCIAL MODALKU CREDIT FACILITY   /           | ACCIAL MODALKU CREDIT FACILITY   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12078947.00  | 0.51%             | 2024-01-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL AVISTA CREDIT FACILITY   /            | ACCIAL AVISTA CREDIT FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7200000.00   | 0.30%             | 2025-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL RAINFOREST CREDIT FACILITY   /        | ACCIAL RAINFOREST CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12337793.45  | 0.52%             | 2024-08-20      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL RAINFOREST WARRANTS   /               | ACCIAL RAINFOREST WARRANTS   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $106200.00    | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP   /           | AERO CAPITAL SOLUTIONS FUND LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1744482.14   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP 2   /         | AERO CAPITAL SOLUTIONS FUND LP 2   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $39490788.88  | 1.65%             |  |  |  | No            | N/A                | On Loan: No      |
| AERO CAPITAL SOLUTIONS FUND LP 3   /         | AERO CAPITAL SOLUTIONS FUND LP 3   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $39518399.22  | 1.65%             |  |  |  | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT MAR 23   /                | AUD USD CURNCY FUT MAR 23   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -891 | NC      | $-2006200.77  | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| AION CLN CREDIT FACILITY   /                 | AION CLN CREDIT FACILITY   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $123318.89    | 0.01%             | 2023-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AION EQUITY    /                             | AION EQUITY    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $349125.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Arcadia Cirrix Capital LP   /                | Arcadia Cirrix Capital LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5791510.32   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| ARC CREDIT FACILITY    /                     | ARC CREDIT FACILITY    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $63116594.76  | 2.64%             | 2024-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARC WARRANTS    /                            | ARC WARRANTS    /                              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ARTFIN7 PROFIT SHARE   /                     | ARTFIN7 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $36303.75     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| SHINNECOCK DART MILANO 2   /                 | SHINNECOCK DART MILANO 2   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13748021.29  | 0.58%             | 2023-05-19      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTFIN8 PROFIT SHARE   /                     | ARTFIN8 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $249236.36    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| ART MONEY CONVERTIBLE NOTE   /               | ART MONEY CONVERTIBLE NOTE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $435000.00    | 0.02%             | 2023-12-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ART MONEY CREDIT FACILITY   /                | ART MONEY CREDIT FACILITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6800000.00   | 0.28%             | 2023-07-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTMONUS WARRANTS    /                       | ARTMONUS WARRANTS    /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $59661.32     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ASPIRIA MXN SMALL BUSINESS FACILITY   /      | ASPIRIA MXN SMALL BUSINESS FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $18730000.00  | 0.78%             | 2026-05-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ATALAYA JEEVES CO-INVEST FUND LLC   /        | ATALAYA JEEVES CO-INVEST FUND LLC   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5059475.51   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| ATALAYA EQUIPMENT LEASING EVERGREEN LP   /   | ATALAYA EQUIPMENT LEASING EVERGREEN LP   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $24463146.68  | 1.02%             |  |  |  | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                         | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -815 | OU      | $-575.02      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| BASELINE GROWTH CREDIT FACILITY   /          | BASELINE GROWTH CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3620000.00   | 0.15%             | 2026-10-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BLACK FOREST STRUCTURED LENDING   /          | BLACK FOREST STRUCTURED LENDING   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5651404.38   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| BP CURRENCY FUTURE MAR 23   /                | BP CURRENCY FUTURE MAR 23   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -115 | NC      | $43459.70     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BANDON RIVER CREDIT FACILITY   /             | BANDON RIVER CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2565751.33   | 0.11%             | 2024-01-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BANDON RIVER ELECTRIC BROKERAGE   /          | BANDON RIVER ELECTRIC BROKERAGE   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $73000.00     | 0.00%             | 2024-01-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-48   /                 | MONTICELLO SERIES BTH-48   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2280862.74   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-49   /                 | MONTICELLO SERIES BTH-49   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $839040.92    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-54   /                 | MONTICELLO SERIES BTH-54   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2020688.11   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-55   /                 | MONTICELLO SERIES BTH-55   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2528513.85   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES BTH-56   /                 | MONTICELLO SERIES BTH-56   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7405774.17   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Bullpen GP Bridge Financing   /              | Bullpen GP Bridge Financing   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3642947.74   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| ROUND HILL MUSIC CARLIN COINVEST LP   /      | ROUND HILL MUSIC CARLIN COINVEST LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1174632.16   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| C CUBED CREDIT FACILITY   /                  | C CUBED CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $33899205.83  | 1.42%             | 2025-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COVENTURE CLEARBANC SPECIAL ASSETS LP   /    | COVENTURE CLEARBANC SPECIAL ASSETS LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $795364.53    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| CAMPBELL OPPORTUNITY TIMBER FUND   /         | CAMPBELL OPPORTUNITY TIMBER FUND   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $903662.76    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| COROMANDEL CREDIT FACILITY   /               | COROMANDEL CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $78613549.23  | 3.29%             | 2024-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COROMANDEL WARRANTS    /                     | COROMANDEL WARRANTS    /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $195255.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture AMZN Credit Opps LP   /            | CoVenture AMZN Credit Opps LP   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $30531618.40  | 1.28%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture Credit Opp Partners Fund LP   /    | CoVenture Credit Opp Partners Fund LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20550621.42  | 0.86%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture Vantage Credit Opps Fund LP   /    | CoVenture Vantage Credit Opps Fund LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3478469.81   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Crestline Healthcare CREDIT FACILITY   /     | Crestline Healthcare CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6043081.21   | 0.25%             | 2023-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Crestline Mining Fund Co-Investment   /      | Crestline Mining Fund Co-Investment   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $12899603.82  | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| CreditSpring Credit Facility   /             | CreditSpring Credit Facility   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26053403.20  | 1.09%             | 2024-02-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Carter Riverstone at Owing Mills   /         | Carter Riverstone at Owing Mills   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10153303.41  | 0.43%             |  |  |  | No            | N/A                | On Loan: No      |
| CX STATION AT CLIFT FARM DEPOSITOR   /       | CX STATION AT CLIFT FARM DEPOSITOR   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $12042517.38  | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| DELGATTO DIAMOND FINANCE FUND FACILIT   /    | DELGATTO DIAMOND FINANCE FUND FACILIT   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $63500000.00  | 2.66%             | 2023-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DELGATTO DIAMOND FINANCE FUND QP, LP   /     | DELGATTO DIAMOND FINANCE FUND QP, LP   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $24269981.09  | 1.02%             |  |  |  | No            | N/A                | On Loan: No      |
| DRIP TRADE FINANCE SERIES 2022-X   /         | DRIP TRADE FINANCE SERIES 2022-X   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $300000.00    | 0.01%             | 2023-03-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DRIP TRADE FINANCE SERIES 2023-E   /         | DRIP TRADE FINANCE SERIES 2023-E   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $625000.00    | 0.03%             | 2023-04-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE MAR 2023   /                  | EUR/USD FUTURE MAR 2023   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -31 | NC      | $-65495.32    | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| ECHELON MEDICAL REC CREDIT FACILITY   /      | ECHELON MEDICAL REC CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14688831.31  | 0.62%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BE Blank EAJF ESQ Fund LP   /                | BE Blank EAJF ESQ Fund LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $37782753.48  | 1.58%             |  |  |  | No            | N/A                | On Loan: No      |
| FAIRWAY LOC 7%   /                           | FAIRWAY LOC 7%   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7500000.00   | 0.31%             | 2023-07-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Goldman Sachs Financial Square               | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        | 231195245 | PA      | $231195245.14 | 9.68%             |  |  |  | No            | N/A                | On Loan: No      |
| GREENHILL DEBT MGMT CREDIT FACILITY   /      | GREENHILL DEBT MGMT CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2408927.57   | 0.10%             | 2027-12-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Hawks Point Envest Renewable Energy TL   /   | Hawks Point Envest Renewable Energy TL   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $19048000.00  | 0.80%             | 2024-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HOMELIGHT HOMES CREDIT FACILITY   /          | HOMELIGHT HOMES CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15858352.66  | 0.66%             | 2023-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HUDSON TRANSPORT REAL ASSET FUND LP   /      | HUDSON TRANSPORT REAL ASSET FUND LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1538885.20   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Initiative Ireland Drummond Ross   /         | Initiative Ireland Drummond Ross   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |         1 | PA      | $4162830.71   | 0.17%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ITE Rail Fund LP    /                        | ITE Rail Fund LP    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5544341.97   | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| KERBEROS SIPRUT PC EQUITY   /                | KERBEROS SIPRUT PC EQUITY   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2845599.00   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY   /                 | KERBEROS CREDIT FACILITY   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $57086611.10  | 2.39%             | 2024-08-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE - F88    /                          | LENDABLE - F88    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6750000.00   | 0.28%             | 2023-12-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE PAYJOY CREDIT FACILITY   /          | LENDABLE PAYJOY CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5000000.00   | 0.21%             | 2024-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE TERRAPAY CREDIT FACILITY   /        | LENDABLE TERRAPAY CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5000000.00   | 0.21%             | 2024-12-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEDTRADE CAPITAL 2 CREDIT FACILITY   /       | MEDTRADE CAPITAL 2 CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26904681.83  | 1.13%             | 2025-04-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEDTRADE CAPITAL LLC    /                    | MEDTRADE CAPITAL LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $90241579.65  | 3.78%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP CULTUREWORKS CREDIT FACITILY   /         | MEP CULTUREWORKS CREDIT FACITILY   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2328414.83   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP CAPITAL FUND II   /                      | MEP CAPITAL FUND II   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8897930.65   | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP NGL MEP CAPITAL III LP   /               | MEP NGL MEP CAPITAL III LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8886284.32   | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Co-Investment    /                       | MEP Co-Investment    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2453279.82   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTREUX HEALTHCARE FUND   /                 | MONTREUX HEALTHCARE FUND   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $75378297.35  | 3.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Network Homes 2016 Ltd                       | Network Homes 2016 Ltd                         | CUSIP: 999999999<br>LEI: 2138006CCOMYKJXKJT11 | Long             | EC               | CORP              | GB        |         1 | NS      | $1012063.92   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| COVENTURE NO 1 CREDIT OPPS FUND A-2   /      | COVENTURE NO 1 CREDIT OPPS FUND A-2   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3033508.69   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| COVENTURE NO 1 CREDIT OPPS FUND A-3   /      | COVENTURE NO 1 CREDIT OPPS FUND A-3   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7573653.45   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| NEW HARBOR CREDIT FACILITY   /               | NEW HARBOR CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |         1 | PA      | $22565293.96  | 0.94%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| The New Harbor CDMX II   /                   | The New Harbor CDMX II   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5264000.00   | 0.22%             | 2027-12-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| NORTH HAVEN OFFSHORE INFRA PARTNERS A LP   / | NORTH HAVEN OFFSHORE INFRA PARTNERS A LP   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1522477.00   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| OAK HARBOR CAPITAL NPL VII FUND   /          | OAK HARBOR CAPITAL NPL VII FUND   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $9931980.02   | 0.42%             |  |  |  | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility   /     | Oceana Australian Small Bus Facility   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $29508382.60  | 1.24%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 2   /   | Oceana Australian Small Bus Facility 2   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $9234015.97   | 0.39%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 3   /   | Oceana Australian Small Bus Facility 3   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $7058657.44   | 0.30%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 4   /   | Oceana Australian Small Bus Facility 4   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $9572305.07   | 0.40%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Small Bus Facility 5   /   | Oceana Australian Small Bus Facility 5   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $4757148.84   | 0.20%             | 2099-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OLD HILL PARTNER INC OHP II LP   /           | OLD HILL PARTNER INC OHP II LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1930137.87   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| POLLEN STREET CAPITAL BADGER SPV   /         | POLLEN STREET CAPITAL BADGER SPV   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18535624.28  | 0.78%             |  |  |  | No            | N/A                | On Loan: No      |
| PRIME STORAGE FUND II (CAYMAN), LP   /       | PRIME STORAGE FUND II (CAYMAN), LP   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1547166.04   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| PRODUCTION LENDING CREDIT FACILITY   /       | PRODUCTION LENDING CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12359290.88  | 0.52%             | 2025-07-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PRODUCE PAY CREDIT FACILITY   /              | PRODUCE PAY CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10295000.00  | 0.43%             | 2023-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PWP ASSET BASED INCOME ASP FUND   /          | PWP ASSET BASED INCOME ASP FUND   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1031133.08   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| QUIET CREDIT I LLC KNOCK LP   /              | QUIET CREDIT I LLC KNOCK LP   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4538560.05   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| RAISTONE TAX CREDIT FACTORING   /            | RAISTONE TAX CREDIT FACTORING   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $24010945.08  | 1.01%             | 2024-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AMERICAN RIVERS FUND, LLC   /                | AMERICAN RIVERS FUND, LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $26887159.98  | 1.13%             |  |  |  | No            | N/A                | On Loan: No      |
| RIVONIA ROAD STENO CREDIT FACILITY   /       | RIVONIA ROAD STENO CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3588677.78   | 0.15%             | 2024-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA - PLANET42 CREDIT FACILITY   /       | RIVONIA - PLANET42 CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15665100.00  | 0.66%             | 2025-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB BRIDGE SOLUTIONS CREDIT FACILITY   /     | RKB BRIDGE SOLUTIONS CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3536000.00   | 0.15%             | 2023-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA ROAD FUND LP   /                     | RIVONIA ROAD FUND LP   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10461873.50  | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo CREDIT FACILITY   /                  | Salaryo CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8500000.00   | 0.36%             | 2023-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Square Kilometer ERTC CREDIT FACILITY   /    | Square Kilometer ERTC CREDIT FACILITY   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3800000.00   | 0.16%             | 2024-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG CAPITAL SSC SPV No. 1 LLC   /    | STAR STRONG CAPITAL SSC SPV No. 1 LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $63171207.43  | 2.65%             | 2023-11-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STAR STRONG CAPITAL PROMISSORY NOTE   /      | STAR STRONG CAPITAL PROMISSORY NOTE   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $697418.00    | 0.03%             | 2024-02-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Funding Equity   /               | Star Strong Funding Equity   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1851219.00   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| STAGE POINT CREDIT FACILITY   /              | STAGE POINT CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15950000.00  | 0.67%             | 2023-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Star Strong Internex Equity   /              | Star Strong Internex Equity   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1250000.00   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| STAT CAPITAL CREDIT FACILITY   /             | STAT CAPITAL CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12500000.00  | 0.52%             | 2026-04-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STIFEL-MSP RECOVERY LAW FIRM LOAN   /        | STIFEL-MSP RECOVERY LAW FIRM LOAN   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.17%             | 2026-06-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| STRIDE ISA MEZZANINE DEBT   /                | STRIDE ISA MEZZANINE DEBT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6818000.00   | 0.29%             | 2029-06-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TAIGA SECONDARY    /                         | TAIGA SECONDARY    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $19725727.52  | 0.83%             |  |  |  | No            | N/A                | On Loan: No      |
| TAILOR RIDGE CREDIT FACILITY   /             | TAILOR RIDGE CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2845000.00   | 0.12%             | 2023-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| THOR URBAN PROPERTIES FUND II   /            | THOR URBAN PROPERTIES FUND II   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $321113.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CTI TRU GRIT7 CREDIT FACILITY   /            | CTI TRU GRIT7 CREDIT FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20978443.17  | 0.88%             | 2023-04-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TURNING ROCK FUND I LP   /                   | TURNING ROCK FUND I LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5250194.82   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| TURNING ROCK FUND II LP   /                  | TURNING ROCK FUND II LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $9566943.54   | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| UPPER90 FILMRISE LOAN   /                    | UPPER90 FILMRISE LOAN   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6818522.90   | 0.29%             | 2023-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| UPPER90 FUND III   /                         | UPPER90 FUND III   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1062715.57   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| VIRAGE CAPITAL PARTNERS LP   /               | VIRAGE CAPITAL PARTNERS LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1563337.36   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| VANTAGE WARRANTS    /                        | VANTAGE WARRANTS    /                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $1391902.96   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| WALLACE FINANCE CONSUMER FACILITY   /        | WALLACE FINANCE CONSUMER FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7222222.00   | 0.30%             | 2023-09-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL A55 CREDIT FACILITY   /               | ACCIAL A55 CREDIT FACILITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1890046.68   | 0.08%             | 2023-06-06      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL EQUITY LINK CREDIT FACILITY   /       | ACCIAL EQUITY LINK CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10530000.00  | 0.44%             | 2024-04-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL CAPEM CREDIT FACILITY   /             | ACCIAL CAPEM CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9500000.00   | 0.40%             | 2024-08-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCIAL HOMEBASE CREDIT FACILITY   /          | ACCIAL HOMEBASE CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $720000.00    | 0.03%             | 2023-11-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AION CREDIT FACILITY   /                     | AION CREDIT FACILITY   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $261516.52    | 0.01%             | 2023-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EXPERITY VENTURES CREDIT FACILITY   /        | EXPERITY VENTURES CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17381534.84  | 0.73%             | 2026-11-04      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SHINNECOCK PROCACINI 2   /                   | SHINNECOCK PROCACINI 2   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4047826.89   | 0.17%             | 2024-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTFIN5 PROFIT SHARE   /                     | ARTFIN5 PROFIT SHARE   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $463999.77    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| SHINNECOCK DART MILANO   /                   | SHINNECOCK DART MILANO   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12154495.50  | 0.51%             | 2023-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION NEXGEN PARTICIPATION   /             | BASTION NEXGEN PARTICIPATION   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9999747.06   | 0.42%             | 2024-01-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION KORNERSTONE CREDIT FACILITY   /      | BASTION KORNERSTONE CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6000000.00   | 0.25%             | 2024-07-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION ECG CREDIT FACILITY   /              | BASTION ECG CREDIT FACILITY   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8769230.78   | 0.37%             | 2024-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BASTION COM FINANCE CREDIT FACILITY   /      | BASTION COM FINANCE CREDIT FACILITY   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4943824.92   | 0.21%             | 2024-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BA TECH CREDIT FACILITY   /                  | BA TECH CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1710104.43   | 0.07%             | 2023-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEATBREAD II CREDIT FACILITY   /             | BEATBREAD II CREDIT FACILITY   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11505343.40  | 0.48%             | 2024-11-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Broadway Capital Corp                        | Broadway Capital Corp                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20981488.90  | 0.88%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE 1.5% ADDTL INT AGREEMENT   /       | CRESTLINE 1.5% ADDTL INT AGREEMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2023-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CRESTLINE PORTFOLIO FINANCING FUND II   /    | CRESTLINE PORTFOLIO FINANCING FUND II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1479242.52   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE PORTFOLIO FINANCING FUND   /       | CRESTLINE PORTFOLIO FINANCING FUND   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $808190.90    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE PRAETER LP - ZOOM   /              | CRESTLINE PRAETER LP - ZOOM   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3407323.40   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| Carter Congressional Village   /             | Carter Congressional Village   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10613640.21  | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER LIVELY INDIGO RUN   /                 | CARTER LIVELY INDIGO RUN   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $9407277.17   | 0.39%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER MIDWEST INDUSTRIAL LOG   /            | CARTER MIDWEST INDUSTRIAL LOG   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10304527.76  | 0.43%             |  |  |  | No            | N/A                | On Loan: No      |
| CARTER MODE at HYATTSVILLE   /               | CARTER MODE at HYATTSVILLE   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13193009.95  | 0.55%             |  |  |  | No            | N/A                | On Loan: No      |
| EDLY WH CREDIT FACILITY   /                  | EDLY WH CREDIT FACILITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1105318.20   | 0.05%             | 2023-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEB Equal Access Justice Fund LP   /         | BEB Equal Access Justice Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $50383835.77  | 2.11%             |  |  |  | No            | N/A                | On Loan: No      |
| KERBEROS SIPRUT PC   /                       | KERBEROS SIPRUT PC   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20477625.00  | 0.86%             | 2024-08-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY 3   /               | KERBEROS CREDIT FACILITY 3   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8282200.00   | 0.35%             | 2024-08-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KERBEROS CREDIT FACILITY 4   /               | KERBEROS CREDIT FACILITY 4   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11974267.26  | 0.50%             | 2024-08-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EDLY LAMBDA ISA REVOLVING FACILITY   /       | EDLY LAMBDA ISA REVOLVING FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3587847.04   | 0.15%             | 2024-06-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE AMARTHA CREDIT FACILITY   /         | LENDABLE AMARTHA CREDIT FACILITY   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.17%             | 2024-05-04      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COMBINED WAREHOUSE CREDIT FACILITY   /       | COMBINED WAREHOUSE CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $99878470.79  | 4.18%             | 2023-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| LENDABLE WATU 2 CREDIT FACILITY   /          | LENDABLE WATU 2 CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10000000.00  | 0.42%             | 2024-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP CAPITAL FUND III   /                     | MEP CAPITAL FUND III   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14509278.32  | 0.61%             |  |  |  | No            | N/A                | On Loan: No      |
| OHPC LP OHPC   /                             | OHPC LP OHPC   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $11347880.15  | 0.48%             |  |  |  | No            | N/A                | On Loan: No      |
| OLD HILL MCA II CREDIT FACILITY   /          | OLD HILL MCA II CREDIT FACILITY   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4642714.80   | 0.19%             | 2024-04-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OLD HILL WSF CO-LEND CREDIT FACILITY   /     | OLD HILL WSF CO-LEND CREDIT FACILITY   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $21021105.91  | 0.88%             | 2023-05-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT MAR 2023   /                | MEXICAN PESO FUT MAR 2023   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -850 | NC      | $-1214260.86  | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| RKB ENERGY REBATES CREDIT FACILITY II   /    | RKB ENERGY REBATES CREDIT FACILITY II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3541500.00   | 0.15%             | 2023-04-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| VIRAGE CAPITAL LP - Series 6   /             | VIRAGE CAPITAL LP - Series 6   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $21464304.60  | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund LP   /     | Setpoint Residential Fintech Fund LP   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $12273875.04  | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES SH-52   /                  | MONTICELLO SERIES SH-52   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1519948.43   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| MONTICELLO SERIES SH-62   /                  | MONTICELLO SERIES SH-62   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $807813.41    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| SILVERPEAK SPECIAL SITUATION LENDING LP   /  | SILVERPEAK SPECIAL SITUATION LENDING LP   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7399313.39   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| SOUND POINT DISCOVERY FUND   /               | SOUND POINT DISCOVERY FUND   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10331422.88  | 0.43%             |  |  |  | No            | N/A                | On Loan: No      |
| SPECIALTY CAPITAL CREDIT FACILITY   /        | SPECIALTY CAPITAL CREDIT FACILITY   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5913000.00   | 0.25%             | 2024-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SOUND POINT SQUARE LOAN CO-INVEST   /        | SOUND POINT SQUARE LOAN CO-INVEST   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4570028.21   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| Wallace Finance Consumer Lending   /         | Wallace Finance Consumer Lending   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $33884959.16  | 1.42%             | 2025-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| YS VESSEL DECONSTRUCTION 1   /               | YS VESSEL DECONSTRUCTION 1   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $200000.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| YS LAW FIRM FINANCING VII   /                | YS LAW FIRM FINANCING VII   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $344039.27    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President