0001145549-21-040967.txt : 20210712 0001145549-21-040967.hdr.sgml : 20210712 20210712165255 ACCESSION NUMBER: 0001145549-21-040967 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210712 DATE AS OF CHANGE: 20210712 EFFECTIVENESS DATE: 20210712 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: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23336 FILM NUMBER: 211086009 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 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001736510 XXXXXXXX true false false N-2 VARIANT ALTERNATIVE INCOME FUND 811-23336 0001736510 549300VKWK774XXSGI69 235 WEST GALENA STREET MILWAUKEE 532123948 US-WI US 4142992000 UMB FUND SERVICES, INC. 235 WEST GALENA STREET MILWAUKEE 53212 4142992000 FUND ACCOUNTANT AND ADMINISTRATOR VARIANT INVESTMENTS LLC 10300 SW GREENBURG ROAD, SUITE 308 PORTLAND 97223 5035630700 ADVISOR FAEGRE DRINKER BIDDLE & REATH LLP ONE LOGAN SQUARE, STE 2000 PHILADELPHIA 19103 2159882700 LEGAL COUNSEL N N N N-2 N David G. Lee N/A N Robert Seyferth N/A N Gary Shugrue N/A N Terrance P. Gallagher N/A Y Perpetua Seidenberg 006308298 223 Wilmington W Chester Pike Chadds Ford 19317 XXXXXX N N N N N N N FORESIDE FUND SERVICES, LLC 8-51293 000046106 N/A N N COHEN & COMPANY, LTD 00925 N/A N N N N N N VARIANT ALTERNATIVE INCOME FUND 549300VKWK774XXSGI69 N Interval Fund Y N Y N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y VARIANT INVESTMENTS LLC 812-14922 N/A N/A N UMB FUND SERVICES, INC. 084-05792 N/A Y N N INTERCONTINENTAL EXCHANGE, INC. 5493000F4ZO33MV32P92 N N UMB BANK, NATIONAL ASSOCIATION VNOO6EITDJ2YUEBMSZ83 Y N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N UMB FUND SERVICES, INC. 084-05792 SEC File Number Y N N UMB FUND SERVICES, INC. 084-05792 Y N N INTERACTIVE BROKERS LLC 8-47257 000036418 50OBSE5T5521O6SMZR28 6689.000000000000 6689.000000000000 0.000000000000 N 579145490.000000000000 Common stock INVESTOR CLASS Common stock INSTITUTIONAL CLASS N N N N N N 0.950000000000 0 N/A 0 true INTERNAL CONTROL RPT 2 controlletter.txt INTERNAL CONTROL REPORT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Variant Alternative Income Fund In planning and performing our audit of the financial statements of Variant Alternative Income Fund (the Fund) as of and for the year ended April 30, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form NCEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A funds internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A funds internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a funds assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2021. This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. COHEN & COMPANY, LTD. Chicago, Illinois June 29, 2021