VARIANT ALTERNATIVE LENDING FUND

Variant Alternative Lending Fund

Table of Contents

October 31, 2025 - (Unaudited)

Schedule of Investments (Unaudited)

2-4

Portfolio Allocation (Unaudited)

5

Statement of Assets and Liabilities (Unaudited)

6

Statement of Operations

7

Statement of Changes in Net Assets

8

Statement of Cash Flows (Unaudited)

9

Financial Highlights

10

Notes to Financial Statements (Unaudited)

11-25

Other Information (Unaudited)

26

Variant Alternative Lending Fund

Schedule of Investments

October 31, 2025 - (Unaudited)

Investment in
private investment
companies - 4.8%

Interest
Rate

Reference
Rate

Spread

Shares/
Units

First
Acquisition
Date

Maturity
Date

Cost/
Principal

Fair Value

Percent
of Net
Assets

Real Estate Debt - 1.1%

BlackRock Monticello Debt REIT (e)(f)

-

-

-

-

6/30/2025

$

900,000

$

913,229

1.1

%

900,000

913,229

1.1

Secondaries - 3.7%

Legalist DIP Fund I,
LP (e)(f)

-

-

-

-

6/30/2025

684,916

737,918

0.9

Legalist DIP Fund II,
LP (e)(f)

-

-

-

-

6/30/2025

1,195,677

1,419,904

1.7

Legalist DIP Offshore Fund I, LP (e)(f)

-

-

-

-

6/30/2025

142,606

156,306

0.2

Legalist DIP Offshore Fund II, LP (e)(f)

-

-

-

-

6/30/2025

440,312

534,792

0.6

Legalist DIP SPV II (e)(f)

-

-

-

-

6/30/2025

213,705

280,323

0.3

2,677,216

3,129,243

3.7

Total investment in private investment companies

3,577,216

4,042,472

4.8

Investment in credit
facilities - 79.7%

Interest
Rate

Reference
Rate

Spread

Shares/
Units

First
Acquisition
Date

Maturity
Date

Cost/
Principal

Fair Value

Percent
of Net
Assets

Litigation Finance - 14.0%

BEB SPV I LLC (a)(c)(o)

16.25

%

-

-

-

5/22/2025

5/21/2028

6,109,136

6,109,136

7.2

Steno Agency Funding I,
LLC (a)(b)(i)

13.63

%

1-Month CME Term SOFR

9.50

%

-

3/5/2025

5/8/2028

5,744,533

5,744,533

6.8

11,853,669

11,853,669

14.0

Portfolio Finance - 3.5%

Marquis United, LLC (a)(g)(l)

Blended

-

-

-

4/11/2025

2/13/2029

2,986,428

2,986,428

3.5

2,986,428

2,986,428

3.5

Real Estate Debt - 18.2%

Beehive Hospitality,
Integrity RS,
Beehive Hospitality Ascent PC, Lonestar Hospitality WX, Bayou Hospitality
SH, and Armanda
Prime (a)(h)(i)(j)(p)

15.00

%

-

-

-

12/19/2024

-

1,491,756

1,491,756

1.8

HomeLight Real Estate IV, LLC (a)

13.50

%

-

-

-

8/11/2025

2/8/2028

2,401,944

2,401,944

2.8

MFP Infrastructure
LLC (a)(b)

10.31

%

30-Day Avg. SOFR

6.00

%

-

8/4/2025

1/18/2026

1,863,090

1,863,090

2.2

Midway Farms 715 LLLP, Midway Farms 2795 LLLP, Sundance Farms 3060 LLLP, Sundance Farms 3070 LLLP, Sundance Farms 3093 LLLP, Skywalker Farms LLC, Skywalker Farms 2 LLC, Skywalker Farms 3 LLC, 1520 Sunset Farms LLP, Beach Farms LLC, Stephanie Mae Thurston, and Wright Thurston (a)(h)(i)(j)

14.00

%

-

-

-

6/26/2025

12/24/2025

4,844,112

4,844,112

5.7

TruNorth Star RTL Co-Invest, LLC (a)(c)(h)

16.00

%

-

-

-

5/22/2025

2/27/2026

2,850,000

2,850,000

3.4

WHCC, LLC, Dyer 18 WHCC, LLC, and RW WHCC,
LLC (a)(i)(k)

16.00

%

-

-

-

3/24/2025

11/27/2026

1,972,250

1,972,250

2.3

15,423,152

15,423,152

18.2

Variant Alternative Lending Fund

Schedule of Investments

October 31, 2025 - (Unaudited) (continued)

Investment in credit
facilities - 79.7%

Interest
Rate

Reference
Rate

Spread

Shares/
Units

First
Acquisition
Date

Maturity
Date

Cost/
Principal

Fair Value

Percent
of Net
Assets

Real Estate Equity - 1.8%

VPES Fund 1 LLC (a)(g)

13.00%
PIK

-

-

-

4/23/2025

4/17/2028

$

1,301,229

$

1,301,229

1.6%

1,301,229

1,301,229

1.6

Royalties - 0.2%

Beatfund II, LLC (a)(b)(j)

12.31

%

30-Day Avg. SOFR

8.00

%

-

8/8/2025

7/29/2027

140,438

140,438

0.2

140,438

140,438

0.2

Specialty Finance - 42.0%

A & T Investments
SARL (a)(m)(n)

9.55

%

-

-

-

9/18/2025

4/12/2027

2,956,131

2,881,512

3.4

Cadence Group Platform,
LLC (a)

15.25

%

-

-

-

2/26/2025

12/2/2025

461,073

461,073

0.5

Copperpot Finance,
LLC (a)(b)

15.31

%

30-Day Avg. SOFR

11.00

%

-

11/29/2024

11/26/2028

2,900,000

2,900,000

3.4

IOM Media Ventures
Inc. (a)(i)(k)

14.00

%

-

-

-

12/24/2024

12/17/2028

580,000

580,000

0.8

Kili Purchasing, LLC (a)

13.40

%

-

-

-

12/20/2024

12/18/2027

3,952,443

3,952,443

4.7

Leasy Mexico, S.A.P.I.
DE C.V (a)(i)

15.75

%

-

-

-

8/4/2025

2/17/2028

100,000

100,000

0.1

Nexgen Funding 1B SPE, LLC (a)(b)(i)

16.23

%

3-Month CME Term SOFR

12.25

%

-

5/22/2025

3/28/2028

2,292,308

2,292,308

2.7

PATRIMONIO EN FIDEICOMISO, D. Leg. 861, no inscrito en la SMV, dirigido a Inversionistas Institucionales - Arrendamientos
Leasy II, (a)(i)

15.75

%

-

-

-

7/21/2025

2/17/2028

400,000

400,000

0.5

Pier Active Transactions LLC (Series 36) (a)(b)(i)

18.13

%

1-Month CME Term SOFR

14.00

%

-

8/27/2025

8/30/2027

1,300,000

1,300,000

1.5

Preferred Point LLC (a)

12.50

%

-

-

-

7/8/2025

6/5/2029

4,356,077

4,356,077

5.2

Station Road Capital Management II, LLC (a)

13.00

%

-

-

-

11/25/2024

1/12/2027

6,995,085

6,995,085

8.3

Stowe HM-PB, LLC
(Jardine Norton Capital E Ltd.) (a)(h)(i)(p)

10.75

%

-

-

-

8/19/2025

-

4,266,043

4,266,043

5.1

Terra Payment Services
Ltd (a)(i)

11.50

%

-

-

-

6/25/2025

12/31/2025

350,000

350,000

0.4

Unifund CCR, LLC (a)(b)(i)

16.31

%

30-Day Avg. SOFR

12.00

%

-

5/23/2025

12/11/2025

4,546,912

4,546,912

5.4

35,456,072

35,381,453

42.0

Trade Finance - 0.2%

Stowe HM-PB, LLC (Sauna Works, Inc.) (a)(h)(i)(p)

10.75

%

-

-

-

2/11/2025

-

181,272

181,272

0.2

181,272

181,272

0.2

Total investment in credit facilities

67,342,260

67,267,641

79.7

Investment in special
purpose vehicles - 1.3%

Interest
Rate

Reference
Rate

Spread

Shares/
Units

First
Acquisition
Date

Maturity
Date

Cost/
Principal

Fair Value

Percent
of Net
Assets

Real Estate Debt - 1.3%

MonticelloAM Funding, LLC Series SH-85 (e)(f)(j)

-

-

-

-

5/6/2025

1,061,701

1,073,837

1.3

Total investment in special purpose vehicles

1,061,701

1,073,837

1.3

Variant Alternative Lending Fund

Schedule of Investments

October 31, 2025 - (Unaudited) (continued)

Investments in
money market
instruments - 12.1%

Interest
Rate

Reference
Rate

Spread

Shares/
Units

First
Acquisition
Date

Maturity
Date

Cost/
Principal

Fair Value

Percent
of Net
Assets

Goldman Sachs Financial Square Government Fund, Institutional Shares (q)

4.20

%

-

-

10,246,181

-

-

$

10,246,181

$

10,246,181

12.1

%

Total investment in money market instruments

10,246,181

10,246,181

12.1

Total Investments
(cost $82,227,358)

$

82,630,131

97.9

%

Other assets less liabilities

1,794,510

2.1

%

Net Assets

$

84,424,641

100.0

%

FUTURES CONTRACTS

Expiration
Date

Number of
Contracts
Long
(Short)

Notional
Value

Value at
October 31,
2025

Unrealized
Appreciation
(Depreciation)

Foreign Exchange Futures

CME Euro Dollar

December 2025

(20)

$

(2,984,701

)

$

(2,888,000

)

$

96,701

TOTAL FUTURES CONTRACTS

$

(2,984,701

)

$

(2,888,000

)

$

96,701

​(a)

Value was determined using significant unobservable inputs.

​(b)

Variable rate security. Rate shown is the rate in effect as of October 31, 2025.

​(c)

This investment is structured with a profit sharing component. The rate disclosed as of October 31, 2025 is the effective rate.

​(d)

This investment has variable maturity dates maturing through the date listed.

​(e)

Private investment company or special purpose vehicle that does not issue shares or units.

​(f)

Investment valued using net asset value per share (or its equivalent) as a practical expedient.

​(g)

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

​(h)

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

​(i)

This investment was made through a participation. See Note 2.

​(j)

This investment has been commited to but has not been fully funded by the Fund as of October 31, 2025.

​(k)

The Fund receives additional fees (e.g., agent, management, monitoring, etc.) from this security.

​(l)

This security has a blended interest rate of 15.00% on $1,561,053, and 13.00% on $1,425,375.

​(m)

This investment has a six-month lock-up with a maturity date defined as the earlier of i) the third anniversary of the origination date (April 12, 2027), ii) three to nine months after rendering a partial or full redemption notice subject to the six-month lock-up, iii) a mandatory early redemption event as declared by the issuer, or iv) the date falling immediately after a wind-down period (thirty months following issuance date) expires.

​(n)

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

​(o)

As determined at the end of each waterfall period, a portion of this security's outstanding interest may, from time to time, be capitalized into its principal balance.

​(p)

This security is in wind-down with no specific maturity date.

​(q)

Rate listed is the annualized 7-day effective yield at October, 31, 2025.

Variant Alternative Lending Fund

Portfolio Allocation

October 31, 2025 - (Unaudited)

Security Type/Sector

Percent of
Total
Net Assets

Credit Facilites

79.7

%

Money Market Instruments

12.1

%

Private Investment Companies

4.8

%

Special Purpose Vehicles

1.3

%

Total Investments

97.9

%

Other assets less liabilities

2.1

%

Total Net Assets

100.0

%

Variant Alternative Lending Fund

Statement of Assets and Liabilities

As of October 31, 2025 (Unaudited)

Assets

Investments, at fair value (cost $82,227,358)

$

82,630,131

Unrealized appreciation (depreciation) on open futures contracts

96,701

Cash deposited with broker for futures contracts

500,579

Interest receivable

653,723

Accrued interest on PIK securities

190,935

Accrued interest on Event-Based securities

709,290

Prepaid expenses

113,890

Total Assets

84,895,429

Liabilities

Due to Counterparty

349,125

Due to Investment Manager

21,795

Audit and tax fees payable

12,342

Legal fees payable

40,201

Accounting and administration fees payable

19,837

Transfer agent fees payable

8,356

Sub-Transfer agent fees payable

8,338

Chief Compliance Officer fees payable

282

Custody fees payable

484

Other liabilities

10,028

Total Liabilities

470,788

Commitments and contingencies (Note 11)

Net Assets

$

84,424,641

Components of Net Assets:

Paid-in Capital (par value of $0.001 with an unlimited amount of shares authorized)

$

82,827,083

Total distributable earnings

1,597,558

Net Assets

$

84,424,641

Institutional Class Shares:

Net assets applicable to shares outstanding

$

84,424,641

Shares of beneficial interest issued and outstanding

3,296,687

Net asset value per share

$

25.61

Variant Alternative Lending Fund

Statement of Operations

For the Six Months Ended October 31, 2025 (Unaudited)

Investment Income

Interest (net of withholding taxes, $0)

$

3,108,133

Interest on PIK securities (net of withholding taxes, $0)

218,236

Interest on Event-Based securities (net of withholding taxes, $0)

1,101,177

Dividend income

234,795

Distributions from private investment companies

79,364

Total Investment Income

4,741,705

Expenses

Investment management fees

450,738

Offering cost

96,748

Accounting and administration fees

54,719

Legal fees

51,149

Sub-Transfer agent fees

41,102

Other expenses

38,136

Audit and tax fees

34,621

Transfer agent fees

32,693

Trustee fees

14,308

Chief Compliance Officer fees

11,043

Blue sky fees

7,550

Custody fees

3,541

Insurance fees

1,703

Total expenses

838,051

Management fees recovered

-

Less fees waived by Investment Manager (see Note 7)

(359,803

)

Net Expenses

478,248

Net Investment Income

4,263,457

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investments

-

Futures contracts

(155,970

)

Foreign currency transactions

206,720

Net realized gain

50,750

Net change in unrealized appreciation (depreciation) on:

Investments

347,125

Foreign currency translations

(1,877

)

Futures contracts

173,066

Net change in unrealized appreciation (depreciation)

518,314

Net realized and unrealized gain (loss)

569,064

Net increase in net assets resulting from operations

$

4,832,521

Variant Alternative Lending Fund

Statement of Changes in Net Assets

For the
Six Months
Ended
October 31,
2025
(Unaudited)

For the
Period
Ended
April 30,
20251

Increase (Decrease) in Net Assets from:

Operations:

Net investment income

$

4,263,457

$

904,520

Net realized gain

50,750

22,869

Net change in unrealized appreciation (depreciation)

518,314

(19,076

)

Net increase in net assets resulting from operations

4,832,521

908,313

Distributions to Shareholders:

Distributions:

Institutional Class

(3,289,934

)

(853,342

)

From return of capital:

Institutional Class

-

(413,675

)

Total distributions to shareholders

(3,289,934

)

(1,267,017

)

Capital Share Transactions:

Institutional Class Shares

Proceeds from shares sold

26,427,340

54,698,719

Reinvestment of distributions

1,583,882

747,752

Cost of shares repurchased

(303,061

)

(13,874

)

Net increase in net assets resulting from capital transactions

27,708,161

55,432,597

Total increase in net assets

29,250,748

55,073,893

Net Assets:

Beginning of period

55,173,893

100,000

End of period

$

84,424,641

$

55,173,893

Share Transactions:

Institutional Class Shares

Issued

1,037,796

2,174,820

Reinvested

62,479

30,083

Repurchased

(11,941

)

(550

)

Change in Institutional Class Shares

1,088,334

2,204,353

​1

For the period November 1, 2024 (commencement of operations) to April 30, 2025.

Variant Alternative Lending Fund

Statement of Cash Flows

For the Six Months Ended October 31, 2025 (Unaudited)

Cash flows provided by (used in) operating activities:

Net increase in net assets resulting from operations

$

4,832,521

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

Net realized (gain) loss on:

Futures contracts

155,970

Net change in unrealized (appreciation) depreciation on:

Investments

(347,125

)

Futures contracts

(173,066

)

Interest on PIK securities

(218,236

)

Purchases of long-term investments

(59,468,130

)

Proceeds from long-term investments sold

13,344,877

Purchase of short-term investments, net

18,422,107

Changes in operating assets and liabilities:

Due from Investment Manager

8,288

Interest receivable

(257,086

)

Prepaid expenses

(84,343

)

Due to Investment Manager

21,795

Accrued interest on PIK securities

(190,935

)

Accrued interest on event based security

(709,290

)

Prepaid offering

96,748

Audit and tax fees payable

(27,879

)

Due to Counterparty

349,125

Legal fees payable

(36,992

)

Accounting and administration fees payable

4,855

Trustee fees payable

(123

)

Custody fees payable

(2,193

)

Transfer agent fees payable

(2,042

)

Sub-Transfer agent fees payable

3,917

Chief Compliance Officer fees payable

244

Purchases payable

(85,000

)

Other liabilities

1,549

Net cash used in operating activities

(24,360,444

)

Cash flows provided by (used in) financing activities:

Proceeds from shares sold, net of receivable for fund shares sold

26,543,340

Payments for shares repurchased

(303,061

)

Distributions to shareholders, net of reinvestments

(1,706,052

)

Net cash provided by financing activities

24,534,227

Net Decrease in Cash and Restricted Cash

173,783

Cash and Restricted Cash:

Beginning of period

326,976

End of period*

$

500,759

Variant Alternative Lending Fund

Financial Highlights

Institutional Class

For the
Six Months
Ended
October 31,
2025
(Unaudited)

For the
Year Ended
April 30,
2025

Net asset value, beginning of year/period

$

24.98

$

25.00

​1

Income from Investment Operations:

Net investment income2

1.51

0.88

Net realized and unrealized gain (loss)

0.28

0.22

Total from investment operations

1.79

1.10

Less Distributions:

From net investment income

(1.16

)

(0.72

)

From return of capital

−

(0.40

)

From net realized gains

−

Total distributions

(1.16

)

(1.12

)

Net asset value, end of year/period

$

25.61

$

24.98

Total return3

7.25

%4

4.43

%4

Ratios and Supplemental Data:

Net assets, end of year/period (in thousands)

$

84,425

$

55,174

Ratio of expenses to average net assets:6

Before fees waived/recovered

2.30

%5

3.98

%5

After fees waived/recovered

1.32

%5

1.25

%5

Ratio of net investment income to average net assets:

Before fees waived/recovered

10.77

%5

4.30

%5

After fees waived/recovered

11.75

%5

7.03

%5

Portfolio turnover rate

23

%4

0

%4

​1

For the period November 1, 2024 (commencement of operations) to April 30, 2025.

​2

Based on average shares outstanding for the year/period.

​3

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

​4

Not annualized.

​5

Annualized.

​6

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

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited)

1. Organization

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

2. Accounting Policies (continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

2. Accounting Policies (continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

2. Accounting Policies (continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

2. Accounting Policies (continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

3. Principal Risks(continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

3. Principal Risks(continued)

•

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.

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

4. Fair Value of Investments(continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

4. Fair Value of Investments(continued)

Investments

Level 1

Level 2

Level 3

Investments
Valued at Net
Asset Value

Total

Private Investment Companies

$

-

$

-

$

-

$

4,042,472

$

4,042,472

Credit Facilities

-

-

67,267,641

-

67,267,641

Special Purpose Vehicles

-

-

-

1,073,837

1,073,837

Money Market Instruments

10,246,181

-

-

-

10,246,181

Total Investments

$

10,246,181

$

-

$

67,267,641

$

5,116,309

$

82,630,131

Other Financial Instruments¹

Future Contracts

96,701

-

-

-

96,701

Total Assets

$

10,342,882

$

-

$

67,267,641

$

5,116,309

$

82,726,832

Credit
Facilities

Total

April 30, 2025

$

25,851,306

$

25,851,306

Realized gains (losses)

207,374

207,374

Change in Unrealized gains (losses)

(130,267

)

(130,267

)

Transfer into level 3

-

-

Transfer out of level 3

-

-

Recategorized

-

-

Purchases

54,351,568

54,351,568

Sales

(13,012,340

)

(13,012,340

)

October 31, 2025

$

67,267,641

$

67,267,641

Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at October 31, 2025

$

(74,619

)

$

(74,619

)

Investment
Category

Fair Value

Valuation
Technique

Unobservable
Inputs

Range
of Inputs

Weighted
Average(1)

Impact on
Valuation from
an increase in
Input

Credit Facilities

$

67,267,641

Market Approach

Recent
Transaction Price

$100.00

$100.00

Increase

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

Asset Derivatives

Liability Derivatives

Statement of Assets and Liabilities

Derivatives not
designated as hedging
instruments

Value

Value

Unrealized appreciation/(depreciation) on open futures currency risk

Future contracts

$

96,701

$

-

Derivatives not designated as hedging instruments

Futures
Contracts

Future currency risk contracts

$

(155,970

)

Total

$

(155,970

)

Derivatives not designated as hedging instruments

Futures
Contracts

Future currency risk contracts

$

173,066

Total

$

173,066

Derivative

Quarterly Average

Amount

Future contracts

Average Notional Value

$

(4,507,337

)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

6. Capital Stock(continued)

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

6. Capital Stock(continued)

Tender Offer

Commencement Date

July 18, 2025

Notice Due Date

August 15, 2025

Valuation Date

August 15, 2025

Net Asset Value as of Tender Offer Date

Institutional Class

$ 25.62

Amount Repurchased

Institutional Class

$ 172,445

Percentage of Outstanding Shares Repurchased

Institutional Class

0.22%

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

7. Investment Management and Other Agreements(continued)

Cost of Investments

$

82,227,358

Gross Unrealized Appreciation

550,129

Gross Unrealized Depreciation

(147,356

)

Net Unrealized Appreciation (Depreciation)

$

402,773

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

Undistributed ordinary income

$

-

Undistributed long-term capital gains

-

Accumulated capital and other losses

-

Unrealized appreciation on investments

402,773

Total distributable earnings

$

402,773

2025

Distribution paid from:

Ordinary income

$

4,556,947

Net long-term capital gains

-

Return of capital

-

Total distributions paid

$

4,556,947

Variant Alternative Lending Fund

Notes to Financial Statements

October 31, 2025 (Unaudited) (continued)

11. Commitments (continued)

Investment Name

Vehicle Type

Fair
Value

Total
Uncalled

Redemption
Frequency

Redemption
Notice Period

BlackRock Monticello Debt REIT

Private Investment Companies(2)

913,229

-

Quarterly

After a 2-year lock-up period, each limited partner may submit a withdrawal request 2 days prior to each calendar quarter-end.

Legalist DIP Fund I, LP

Private Investment Companies(1)

737,918

-

None

N

Legalist DIP Fund II, LP

Private Investment Companies(1)

1,419,904

-

None

N

Legalist DIP Offshore Fund I, LP

Private Investment Companies(1)

156,306

-

None

N

Legalist DIP Offshore Fund II, LP

Private Investment Companies(1)

534,792

-

None

N

Legalist DIP SPV II

Private Investment Companies(1)

280,323

-

None

N

MonticelloAM Funding, LLC Series SH-85

Special Purpose Vehicles(2)

1,073,837

111,173

None

N

Total

$

5,116,310

$

111,173

Tender Offer

Commencement Date

October 16, 2025

Notice Due Date

November 14, 2025

Valuation Date

November 14, 2025

Net Asset Value as of Tender Offer Date

Institutional Class

$

25.43

Amount Repurchased

Institutional Class

$

4,191,743

Percentage of Outstanding Shares Repurchased

Institutional Class

5.00

%

Variant Alternative Lending Fund

Other Information

October 31, 2025 (Unaudited)

For

Against

Abstain

2,949,775

0

0

Variant Alternative Lending Fund

Other Information

October 31, 2025 (Unaudited) (continued)

Variant Alternative Lending Fund

Other Information

October 31, 2025 (Unaudited) (continued)

FACTS

WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

• Social Security number

• account balances

• account transactions

• transaction history

• wire transfer instructions

• checking account information

Even when you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does the
Fund share?

Can you limit
this sharing?

For our everyday business purposes -
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes -
to offer our products and services to you

No

We don't share

For joint marketing with other financial companies

No

We don't share

For our affiliates' everyday business purposes -
information about your transactions and experiences

Yes

No

For our affiliates' everyday business purposes -
information about your creditworthiness

No

We don't share

For our affiliates to market to you

No

We don't share

For nonaffiliates to market to you

No

We don't share

Questions?

Call 1-877-770-7717.

Variant Alternative Lending Fund

Other Information

October 31, 2025 (Unaudited) (continued)

What we do

How does the Fund protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does the Fund collect my personal information?

We collect your personal information, for example, when you

• open an account

• provide account information

• give us your contact information

• make a wire transfer

• tell us where to send money

We also collect your information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

• sharing for affiliates' everyday business purposes - information about your creditworthiness

• sharing for affiliates from using your information to market to you

• sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

• Our affiliates include companies such as Variant Investments, LLC and UMB Fund Services, Inc.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

• The Fund doesn't share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

• The Fund doesn't jointly market.

(registrant)

Variant Alternative Lending Fund

By (Signature and Title)*

/s/ Robert W. Elsasser

Robert W. Elsasser, President

(Principal Executive Officer)

Date

January 9, 2026

By (Signature and Title)*

/s/ Robert W. Elsasser

Robert W. Elsasser, President

(Principal Executive Officer)

Date

January 9, 2026

By (Signature and Title)*

/s/ Curt Fintel

Curt Fintel, Treasurer

(Principal Financial Officer)

Date

January 9, 2026