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Text Content

 * Advisor Site
 * Investor Login

 * Variant Funds
    * Variant Alternative Income Fund (NICHX)
    * Variant Impact Fund (IMPCX)

 * Commentary
    * NICHX Commentary
    * IMPCX Commentary

 * Contact Us

 * Variant Funds
   * Variant Alternative Income Fund (NICHX)
   * Variant Impact Fund (IMPCX)
 * Commentary
   * NICHX Commentary
   * IMPCX Commentary
 * Contact Us

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VARIANT ALTERNATIVE INCOME FUND (NICHX)




INCOME DONE DIFFERENTLY



As of November 30, 2023

For use with accredited investors only  

Inception date = October 2, 2017

Past performance is not indicative of future results



Year to date
return  



8.32%



1-year
return  



9.28%



3-year
return  



10.15%



5-year
return  



9.62%



Since
inception  



8.96%



1-year distribution
rate  



5.99%



GROWTH OF $1,000,000  



Chart

Line chart with 4 lines.
View as data table, Chart
The chart has 1 X axis displaying Time. Data ranges from 2017-09-29 00:00:00 to
2023-11-30 00:00:00.
The chart has 1 Y axis displaying Millions. Data ranges from 0.9022 to 1.6948.


Created with Highcharts 11.2.0MillionsVariant | NICHXIG bonds | BBG AggHigh
yield | BBG HYHedge funds |
HFRXGL01-201807-201801-201907-201901-202007-202001-202107-202101-202207-202201-202307-2023$
0.8$ 1$ 1.2$ 1.4$ 1.6$ 1.8
 * 
 * 
 * 
 * 


End of interactive chart.

Menu
 * Overview
 * Portfolio
 * Performance
 * Fund Highlights
 * Documents


OVERVIEW



THE VARIANT ALTERNATIVE INCOME FUND, A CLOSED-END INTERVAL FUND, OFFERS
INVESTORS EFFICIENT ACCESS TO A DIVERSIFIED PORTFOLIO OF UNCONVENTIONAL
INCOME-GENERATING ASSETS. THE FUND INVESTS IN NICHE MARKET OPPORTUNITIES WITH
STRONG CASH FLOW CHARACTERISTICS AND LOW CORRELATIONS TO PUBLIC EQUITY AND BOND
MARKETS. THE FUND’S PRIMARY OBJECTIVE IS TO PROVIDE A HIGH LEVEL OF CURRENT
INCOME. CAPITAL APPRECIATION WILL BE CONSIDERED A SECONDARY OBJECTIVE. VARIANT,
AN INNOVATOR IN ALTERNATIVE INCOME INVESTING, IS LED BY AN INVESTMENT TEAM WITH
DECADES OF EXPERIENCE INVESTING IN MARKET NICHES. INTERVAL FUNDS PROVIDE
INVESTORS SUCH FEATURES AS DAILY PRICING, 1099 TAX REPORTING, AND QUARTERLY
LIQUIDITY WITH A FUND-LEVEL GATE OF 5-25% OF NAV. THE INTERVAL FUND STRUCTURE
ALLOWS ACCREDITED INVESTORS THE OPPORTUNITY TO ACCESS LESS LIQUID, POTENTIALLY
HIGHER YIELDING ALTERNATIVE INVESTMENTS.





PORTFOLIO



PORTFOLIO COMPOSITION BY ASSET CLASS  






PERFORMANCE

As of November 30, 2023

Inception date = October 2, 2017



SINCE INCEPTION RETURN  



Chart

Bar chart with 4 data series.
View as data table, Chart
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from 0 to 0.


Created with Highcharts 11.2.0ValuesVariant | NICHXIG bonds | BBG AggHigh yield
| BBG HYHedge funds | HFRXGL0
 * 
 * 
 * 
 * 


End of interactive chart.


NET PERFORMANCE  



1 yr3 yr5 yrSI Variant | NICHX9.28%10.15%9.62%8.96% T-bills | BBG 1-3
Mo5.01%1.97%1.84%1.80% IG bonds | BBG Agg1.18%-4.47%0.71%0.35% High yield | BBG
HY8.69%1.37%4.15%3.44% Hedge funds | HFRXGL1.63%1.06%2.77%1.66% Equity | S&P
50013.82%9.73%12.50%12.07%




MONTHLY RETURNS  



JanFebMarAprMayJunJulAugSepOctNovDecYTD 20170.120.190.420.73
20180.630.310.110.480.620.870.840.440.470.640.870.747.26
20190.480.591.980.821.051.071.351.070.520.760.641.2412.22
20201.170.48-0.50-0.270.870.340.760.080.560.720.451.065.87
20211.100.940.920.901.590.961.720.720.650.720.720.7212.29
20220.680.600.720.860.490.630.570.880.770.810.490.898.71
20230.770.690.610.590.760.710.930.580.760.820.788.32



YEAR TO DATE RETURNS  



NICHXBBG AggBBG HYHFRXGL Q4170.730.390.471.50 20187.260.01-2.08-6.72
201912.228.7214.328.62 20205.877.517.116.81 202112.29-1.545.283.65
20228.71-13.01-11.19-4.41 20238.321.649.371.69



The performance data quoted represents past performance and is no guarantee of
future results.  Investment return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher than the
performance data quoted.  Returns assume reinvestment of dividends and capital
gains. 





FUND HIGHLIGHTS  

As of November 30, 2023



Fund structureInterval closed-end fund Fund assets$3,066 million
QualificationsAccredited Investor   Subscriptions / NAVDaily RedemptionsQtrly 5%
of Fund NAV   Management fee0.95%  

Share classInstitutional Ticker / CUSIPNICHX / 92220Q103 Fund launchOctober 1,
2018 Min. investment$1,000,000 Gross expense ratio1.67% Net expense ratio1.67%  

AdministratorUMB Fund Services CounselFaegre Drinker AuditorCohen & Company
DistributorUMB Distribution Services, LLC DistributionsQuarterly   Tax
reporting1099  





DOCUMENTS



Account Application

IRA Account Application

Fact Sheet

Distribution History

2023 Redemption Dates



Prospectus

Statement of Additional Information

Semi-Annual Report October 31, 2022

Annual Report April 30, 2023




Quarterly Portfolio Holdings (January 31, 2023)

Quarterly Portfolio Holdings (July 31, 2023)

Forms 3 and 4

Form 19A – Notice Regarding Sources of Distributions

Form 8937 – Report of Organizational Actions Affecting Basis of Securities




Variant Investments, LLC, (“Variant”) is an alternative investments manager
based in Portland, OR. Variant was founded in 2017 and manages $3.1B in assets
across two interval fund products, the Variant Alternative Income Fund and the
Variant Impact Fund.

© Copyright 2022 Variant Investments, LLC. All rights reserved.



The Variant Alternative Income Fund (the "Fund") is a continuously-offered,
non-diversified, registered closed-end fund with limited liquidity. There is no
guarantee the Fund will achieve its objective.  An investment in the Fund should
only be made by investors who understand the risks involved, who are able to
withstand the loss of the entire amount invested and who can bear the risks
associated with the limited liquidity of Shares.  A prospective investor must
meet the definition of “accredited investor” under Regulation D under the
Securities Act of 1933. 

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

An investment in the Fund is speculative, involves substantial risks, including
the risk that the entire amount invested may be lost, and should not constitute
a complete investment program. The Fund may leverage its investments by
borrowing, use of swap agreements, options or other derivative instruments. The
Fund is a non-diversified, closed-end management investment company, meaning it
may be more susceptible to any single economic or regulatory occurrence than a
diversified investment company. In addition, the fund is subject to investment
related risks of the underlying funds, general economic and market condition
risk.

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



The Variant Impact Fund (the "Fund") is a continuously-offered, non-diversified,
registered closed-end fund with limited liquidity. The investment objective of
the Fund is to seek to provide a high level of current income. Capital
appreciation is considered a secondary objective. The Fund will also seek to
generate positive social and environmental impact by targeting investment
opportunities that are both aligned with the United Nations Sustainable
Development Goals ("UN SDGs") and consistent with the Fund's impact investing
framework. There is no guarantee the Fund will achieve its objective. An
investment in the Fund should only be made by investors who understand the risks
involved, who are able to withstand the loss of the entire amount invested and
who can bear the risks associated with the limited liquidity of Shares. A
prospective investor must meet the definition of "accredited investor" under
Regulation D under the Securities Act of 1933. Important Risks: In implementing
the Fund's impact investment strategy, the Investment Manager may select or
exclude certain investments for reasons other than investment performance. For
this reason, the Fund's impact strategy could cause it to perform differently
compared to funds that do not have such strategy. There is no guarantee that the
Investment Manager's definition of impact investing, security selection criteria
or investment judgment will reflect the beliefs or values of any particular
investor.



Currently, there is a lack of common industry standards relating to the
development and application of environmental, social and governance (ESG)
criteria, which may make it difficult to compare the Funds' principal investment
strategies with the investment strategies of other funds that integrate certain
"impact" criteria. The substantial investment by the Fund in private securities,
there is no reliable liquid market available for the purposes of valuing the
majority of the Fund's investments. There can be no guarantee that the basis of
calculation of the value of the Fund's investments used in the valuation process
will reflect the actual value on realization of those investments. Shares are an
illiquid investment. You should generally not expect to be able to sell your
Shares (other than through the repurchase process), regardless of how the Fund
performs. Although the Fund is required to implement a Share repurchase program
only a limited number of Shares will be eligible for repurchase by the Fund. The
investment in the Fund is speculative, involves substantial risks, including the
risk that the entire amount invested may be lost, and should not constitute a
complete investment program.



The Fund may leverage its investments by borrowing, use of swap agreements,
options or other derivative instruments. The Fund is a non-diversified
management investment company, meaning it may be more susceptible to any single
economic or regulatory occurrence than a diversified investment company. In
addition, the fund is subject to investment related risks of the underlying
funds, general economic and market condition risk. Alternative investments
provide limited liquidity and include, among other things, the risks inherent in
investing in securities, futures, commodities and derivatives, using leverage
and engaging in short sales. The Fund's investment performance depends, at least
in part, on how its assets are allocated and reallocated among asset classes and
strategies. Such allocation could result in the Fund holding asset classes or
investments that perform poorly or underperform. Investments and investment
transactions are subject to various counterparty risks. The counterparties to
transactions in over the-counter or "inter-dealer" markets are typically subject
to lesser credit evaluation and regulatory oversight compared to members of
"exchange-based" markets. This may increase the risk that a counterparty will
not settle a transaction because of a credit or liquidity problem, thus causing
the Fund to suffer losses. The Fund and its service providers may be prone to
operational and information security risks resulting from breaches in cyber
security. A breach in cyber security refers to both intentional and
unintentional events that may cause the Fund to lose proprietary information,
suffer data corruption, or lose operational capacity.



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

Funds Distributed by UMB Distribution Services, LLC.  Not affiliated with
Variant Investments

INVESTOR RESOURCES

 * Contact us
 * Legal Information
 * Privacy
 * Code of Ethics



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