# EDGAR Filing Document

**Accession Number:** 0002001586
**File Stem:** 0001049169-25-000909
**Filing Date:** 2025-11
**Character Count:** 39579
**Document Hash:** 4947172c1f049038faa24831ee74620e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000909.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001049169-25-000909

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CION Grosvenor Infrastructure Master Fund, LLC
- **CENTRAL INDEX KEY:** 0002001586

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24043
- **FILM NUMBER:** 251532952

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GCM CUSTOMIZED FUND INVESTMENT GROUP
- **STREET 2:** 767 FIFTH AVENUE, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 312-506-6500

**MAIL ADDRESS:**
- **STREET 1:** C/O GCM CUSTOMIZED FUND INVESTMENT GROUP
- **STREET 2:** 767 FIFTH AVENUE, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** CION Grosvenor Infrastructure Master Fund, LLC

- **b. Investment Company Act file number:** 811-24043

- **c. CIK number of Registrant:** 0002001586

- **d. LEI of Registrant:** 529900KLTOC34RKNY298

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

  - **Street Address 1:** 100 Park Ave 25th Floor

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 6464302384

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

- **a. Name of Series:** CION Grosvenor Infrastructure Master Fund, LLC

- **c. LEI of Series:** 529900KLTOC34RKNY298

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $310082139.21

**Total Liabilities:** $8199356.54

**Net Assets:** $301882782.67

**Cash Not Reported:** $156750.00

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.47%                | -1.22%               | 0.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4.00                   | $-2244869.85                               |
| Month 2  | $0.00                    | $-1370263.58                               |
| Month 3  | $0.00                    | $2873231.45                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                               | Novacap TMT V Co-Investment (Stratus), L.P.                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3630198 | OU      | $4012699.29   | 1.33%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2030                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-24564.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | KKR Apple Co-Invest L.P.                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3154529 | OU      | $4450364.79   | 1.47%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | EQT Active Core Infrastructure Co-Investment (B) SCSp                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4190811 | OU      | $4922806.80   | 1.63%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | BGIF IV PTI Co-Invest L.L.C.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4930677 | OU      | $5508808.90   | 1.82%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | EBC WI LP                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4468456 | OU      | $5757375.26   | 1.91%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | DB Dino Holdings I, LP                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |  13903096 | OU      | $15218835.00  | 5.04%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | InfraEuropa Co-Invest SCA                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   6642535 | OU      | $9289238.63   | 3.08%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Alba Topco S.a r.l.                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   3700232 | OU      | $6131434.95   | 2.03%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Dalmore Infrastructure Investments 40 LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |   3278819 | OU      | $4255760.29   | 1.41%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Avenue Golden Continuation Fund, L.P.                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |         0 | OU      | $167756.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Northern Institutional Treasury Portfolio                                                                       | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7643376 | NS      | $7643376.11   | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                               | FIC Matterhorn CF Feeder, LP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3444148 | OU      | $3492674.68   | 1.16%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Arclight Renewable Infrastructure Fund SM SPV, LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1872290 | OU      | $2079523.88   | 0.69%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | TW WTG CO-INVEST LP                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4584859 | OU      | $4613131.53   | 1.53%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-29730.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-3408.00     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Maxima Co-Invest, L.P.                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2480233 | OU      | $3618157.67   | 1.20%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2030                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-111470.00   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2027                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-18583.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | KSL Capital Partners CV II 1, L.P.                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3344352 | OU      | $3526148.72   | 1.17%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | ECP Calpine Continuation Fund, LP                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |    872725 | OU      | $4696337.00   | 1.56%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings Ltd. (Connect Plus (M25)) (241,041,937 Shares)                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        | 241041937 | OU      | $5104614.38   | 1.69%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | DB Aviator Europe, LP                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |    947341 | OU      | $1408890.63   | 0.47%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | DIV II Matrix Co-Invest II SCSp                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   2685714 | OU      | $4940437.45   | 1.64%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Fibre Networks Holdings S.a r.l.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |    756093 | OU      | $885823.76    | 0.29%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-670053.00   | -0.22%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Stonepeak Zeno Holdings (CYM) LP                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   3535768 | OU      | $4481573.04   | 1.48%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-30414.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Jpmorgan Us Treasury Plus Money Market Fund       | JPMorgan US Treasury Plus Money Market Fund                                                                     | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |   1698427 | NS      | $1698427.07   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-22607.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 01/09/2030                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-247134.00   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings 2 Ltd (M25 - Atkins) (10,658,007 Shares)                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |  10658007 | OU      | $205821.07    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Jacmel Renewables I, LP                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   8138602 | OU      | $8184269.54   | 2.71%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2030                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-541187.00   | -0.18%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Aviator DC REIT Holdings 2, LP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2914813 | OU      | $3746675.95   | 1.24%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | KSL Capital Partners CV I, L.P.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2710913 | OU      | $4233431.05   | 1.40%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | KKR GV Co-Invest L.P.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   4574189 | OU      | $6146897.12   | 2.04%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | CAV UK JV Limited                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |   4235272 | OU      | $4915559.33   | 1.63%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Viridor Energy (Investments) Limited                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |   2516639 | OU      | $4079044.93   | 1.35%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | QE Lux Holding SCS                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2562193 | OU      | $2620489.93   | 0.87%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-6496.00     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | WD Thunder CV LP                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3812780 | OU      | $4407999.00   | 1.46%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Moon UK Midco Limited                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   4315401 | OU      | $4864875.59   | 1.61%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | University College London Hospital Class B (93 Shares)                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |        93 | OU      | $12453444.52  | 4.13%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings 2 Ltd (M25 - Atkins), 6.50% due 03/31/2033, Principal GBP 456,699                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |    456699 | PA      | $720821.26    | 0.24%             | 2033-03-31      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-197936.00   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings 2 Ltd (M25 - Atkins), 11.85% due 03/31/2033, Principal GBP 63,671                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     63671 | PA      | $348265.03    | 0.12%             | 2033-03-31      | Fixed         | 11.85%                | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-701387.00   | -0.23%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | WSC Noble SCA SICAV RAIF                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | LU        |   1513813 | OU      | $1809199.19   | 0.60%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings Ltd. (Connect Plus (M25)), 11.85% due 03/31/2033, Principal GBP 4,458,946                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |   4458946 | PA      | $7609215.41   | 2.52%             | 2033-03-31      | Fixed         | 11.85%                | No            | 3                  | On Loan: No      |
| N/A                                               | Zephyr IA Partners LP                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1854483 | OU      | $2293219.78   | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2027                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-123458.00   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 06/26/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $92941.00     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 08/19/2027                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-179599.00   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $3371.00      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 11/08/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-224430.00   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-3479.00     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/23/2026                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-220227.00   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | WD Thanos Blocker Feeder LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4327499 | OU      | $6176183.67   | 2.05%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Crown Co-Investment Fund SCSp                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |   1169648 | OU      | $1791945.11   | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/20/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-11593.00    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-19376.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Stonepeak Tiger (Co-Invest) Holdings (I-B) LP                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1808625 | OU      | $1859867.59   | 0.62%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 02/22/2027                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-199139.00   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Rand Holdings II, LP                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3844723 | OU      | $5300722.28   | 1.76%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Goldman Sachs Financial Square Treasury Obligations Fund                                                        | CUSIP: 38141W323<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1698425 | NS      | $1698424.95   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class                                          | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   5944477 | NS      | $5944476.51   | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 11/08/2029                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-210528.00   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-51068.00    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | University College London Hospital Class C                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | GB        |        14 | OU      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Vantage Airport Group (New York) LLC                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   8928826 | OU      | $9178885.39   | 3.04%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Rand Holdings II, LP TL, 9.75% due 06/30/2030, Principal $356,483                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    356483 | PA      | $340366.93    | 0.11%             | 2030-06-30      | Fixed         | 9.75%                 | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-537081.00   | -0.18%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | University College London Hospital Subordinated Unsecured Loan, 10.25% due 03/31/2040, Principal GBP 16,048,836 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |  16048836 | PA      | $16675056.96  | 5.52%             | 2040-03-31      | Fixed         | 10.25%                | No            | 3                  | On Loan: No      |
| N/A                                               | EDGE Orbital Holdings Ltd. (Connect Plus (M25)), 6.50% due 03/31/2033, Principal GBP 9,929,320                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |   9929320 | PA      | $15367283.64  | 5.09%             | 2033-03-31      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| N/A                                               | Sculptor Real Estate MWID Co-Investment Fund LP                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2074107 | OU      | $2526896.39   | 0.84%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Barings Transportation Fund LP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1555298 | OU      | $3212740.81   | 1.06%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2028                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-426869.00   | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Corsair-Vantage Airport Fund, L.P.                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |    601132 | OU      | $-43084.00    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | ECP V (Bears Co-Invest), LP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   2019017 | OU      | $3008735.84   | 1.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Duration Ports America Capital Partners, L.P.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   3207193 | OU      | $4862552.55   | 1.61%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Volt Parent, LP (Calpine Corporation)                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |  22013456 | OU      | $39351020.00  | 13.04%            |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                               | Forward Contracts: GBP 07/31/2030                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-485567.00   | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | Forward Contracts: EUR 02/22/2027                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-55236.00    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                               | AL GCX Co-Invest Feeder, L.P.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   4000212 | OU      | $4867779.41   | 1.61%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                               | Strategic Value Spurs A, L.P.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   8455633 | OU      | $9496237.25   | 3.15%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** CION Grosvenor Infrastructure Master Fund, LLC

**Signature:** Robert Lehr

**Name of Signer:** Robert Lehr

**Title:** Chief Financial Officer