Variant Impact Fund changed Institutional Class Shares terms, setting the investment minimum at $1,000 and increasing the expense cap from 1.75% to 2.00%. Investors are subject to net annual expenses listed at 2.26% under the revised fee waiver framework.

Variant Impact Fund opened a quarterly repurchase offer for up to 5% of outstanding shares, with requests due September 15, 2026 and Institutional net asset value of $26.45 on August 24. Shareholders must submit forms by 4:00 p.m. Eastern Time.

Variant Impact Fund reported a 2026 annual proxy voting notice for the year ended June 30, 2026, with zero series listed and no proxy voting matters disclosed. Investors are not presented with voting records or ballot-level outcomes.

Variant Impact Fund reported $18.6 million of securities sold and $19.0 million redeemed or repurchased for the fiscal year ending April 30, 2026, resulting in $0 net sales. No registration fee or interest is due.

Variant Impact Fund announced a quarterly repurchase offer to buy back up to 5% of its issued and outstanding shares at NAV, with the offer period running from May 22, 2026 to June 15, 2026 and Institutional share NAV at $26.81 on May 21, 2026. Shareholders may tender shares by June 15, 2026 for payment within seven calendar days of the pricing date.

Variant Impact Fund reported that Lisa Zhu resigned as Chief Compliance Officer of the Fund's Adviser on May 15, 2026, effective upon the Adviser's acceptance.

Variant Impact Fund’s Investment Adviser CCO, Michael Richard Holman, reported no securities owned in the fund as of May 15, 2026.

Variant Impact Fund updated its Prospectus and SAI to disclose potential conflicts of interest arising from the Investment Manager's separate loan transaction business and its ability to allocate or withhold investment opportunities. The disclosures state the Fund may not receive all allocations or compensation on opportunities pursued elsewhere.

Variant Alternative Income Fund renewed a joint fidelity bond for the 12/31/2025 to 12/31/2026 period with $2.5 million coverage and a $250,000 sub-limit for electronic mail initiated transfer fraud. The bond also adds multiple additional insured funds and automatically extends coverage for newly established Investment Companies and required SEC Rule 17g-1 limit increases.

Variant Impact Fund will change its distribution policy effective April 1, 2026, increasing distribution frequency from quarterly to monthly. The prospectus is amended to reflect monthly distributions.