# EDGAR Filing Document

**Accession Number:** 0001812286
**File Stem:** 0001133228-25-007728
**Filing Date:** 2025-7
**Character Count:** 695002
**Document Hash:** e4babbd8d3d447bb0f6d4b5ff35a7abc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007728.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001133228-25-007728

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harrison Street Infrastructure Income Fund
- **CENTRAL INDEX KEY:** 0001812286

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23569
- **FILM NUMBER:** 251162742

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (877) 200-1878

**MAIL ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Infrastructure Income Fund
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Real Asset Debt Fund
- **DATE OF NAME CHANGE:** 20200515
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harrison Street Infrastructure Income Fund
- **CENTRAL INDEX KEY:** 0001812286

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-238296
- **FILM NUMBER:** 251162741

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (877) 200-1878

**MAIL ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Infrastructure Income Fund
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Real Asset Debt Fund
- **DATE OF NAME CHANGE:** 20200515

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on July 29, 2025.

SECURITIES ACT FILE NO. 333-238296

INVESTMENT COMPANY ACT FILE NO. 811-23569

---

| | |
|:---|:---|
| U.S. SECURITIES AND EXCHANGE COMMISSION |  |
| WASHINGTON, D.C. 20549 |  |
| **FORM N-2** |  |
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| PRE-EFFECTIVE AMENDMENT NO. | ☐ |
| POST-EFFECTIVE AMENDMENT NO. 4 | ☒ |
| AND/OR |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| AMENDMENT NO. 8 | ☒ |

---

**HARRISON STREET INFRASTRUCTURE INCOME FUND**

(Exact Name of Registrant as Specified in Charter)

5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (877) 200-1878

William R. Fuhs, Jr.

c/o Harrison Street Private Wealth LLC

5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Name and Address of Agent for Service)

COPY TO:

David C. Sullivan, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

---

| | |
|:---|:---|
| APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement. | APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement. |
| ☐ | Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
| ☒ | Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan. |
| ☐ | Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
| ☐ | Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
| ☐ | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;&nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) |
| ☐ | when declared effective pursuant to Section 8(c) of the Securities Act |
| *The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.* | *The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.* |
| ☒ | immediately upon filing pursuant to paragraph (b) |
| ☐ | on (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a) |
| ☐ | on (date) pursuant to paragraph (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;If appropriate, check the following box: | &nbsp;&nbsp;&nbsp;&nbsp;If appropriate, check the following box: |
| ☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment registration statement. |
| ☐ | This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| Check each box that appropriately characterizes the Registrant: | Check each box that appropriately characterizes the Registrant: |
| ☒ | Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")). |
| ☐ | Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). |
| ☒ | Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). |
| ☐ | A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
| ☐ | Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
| ☐ | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")). |
| ☐ | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| ☐ | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |

---

**Explanatory Note**

This Registration Statement on Form N-2 is being filed in order to bring the financial statements up to date and to make certain other updates to the Fund's Prospectus and Statement of Additional Information.

#### PROSPECTUS DATED JULY 29 , 2025
![](harrisonlogo.jpg)

HARRISON STREET INFRASTRUCTURE INCOME FUND

(formerly, Versus Capital Infrastructure Income Fund)

#### Shares of Beneficial Interest Common Shares (VCRDX)
Harrison Street Infrastructure Income Fund (the "Fund") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end investment management company that is operated as an interval fund. Shares of the Fund will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"), and repurchased by the Fund on a quarterly basis in an amount not less than 5% nor more than 25% of the Fund's outstanding Shares pursuant to Rule 23c-3 under the Investment Company Act. The time between the notification to shareholders and the repurchase request deadline is expected to be approximately 30 days, but may vary from no more than 42 days to no less than 21 days. Shares will be repurchased at the net asset value per Share determined as of the close of business typically as of the repurchase request deadline, but no later than the 14th day after the repurchase request deadline. Payment pursuant to the repurchase will be made no more than seven days after such repurchase pricing date. See "Prospectus Summary – Quarterly Repurchases of Shares." The Fund intends to elect and to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

#### Investment Objectives . The Fund's primary investment objective is to seek consistent current income, and the Fund's secondary objective is capital preservation.
***Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objectives by allocating at least 80% of its net assets (plus the amount of any borrowings for investment purposes) to income-oriented investments that provide exposure to infrastructure assets. The Fund will seek to obtain exposure to infrastructure assets primarily through (i) privately-issued debt investments backed by infrastructure assets ("Infrastructure Loans") that are originated by banks or non-bank lenders, including asset management firms, insurance companies and specialty finance companies; (ii) asset-backed securities representing ownership or participation in a pool of Infrastructure Loans or other infrastructure assets, including leasehold and fee simple interests in such assets; (iii) private funds and other investment vehicles that primarily invest in Infrastructure Loans; (iv) preferred equity securities of entities that own or operate infrastructure assets; (v) originating and syndicating Infrastructure Loans directly with infrastructure companies or in connection with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets; and (vi) publicly-traded equity and debt securities of infrastructure companies or securities backed by infrastructure assets. The Fund defines an "infrastructure company" as a company that directly or indirectly derives at least 50% of its revenues from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets. The Fund considers "infrastructure assets" to include, but not be limited to: (a) regulated assets (such as electricity transmission and distribution facilities, gas distribution systems, water distribution and waste water collection and processing facilities); (b) power and renewable energy assets (such as gas-fired power plants, wind, hydroelectric, and solar facilities); (c) transportation assets (such as toll roads, airports, seaports, and railway lines); (d) communications and digital infrastructure assets (such as broadcast and wireless towers, fiber optic networks and providers, satellite networks, and data storage centers); and (e) social infrastructure assets (such as schools, universities, hospitals and municipalities). The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments or more focused on a specific segment of infrastructure assets.***

***Shares. This Prospectus applies to the offering of a single class of shares of beneficial interest of the Fund (the "Shares"). The Shares are continuously offered at the Fund's net asset value ("NAV") per Share as of the date that the request to purchase Shares is received and accepted by or on behalf of the Fund. The NAV per Share is computed by dividing the Fund's NAV by the total number of Shares outstanding at the time the determination is made. The Shares***

i<br>

------

are not currently intended to be listed on any securities exchange and it is not anticipated that a secondary market for the Shares will develop. Moreover, these securities are subject to substantial restrictions on transferability and may only be transferred or resold in accordance with the Fund's Agreement and Declaration of Trust (as amended and restated from time to time, the "Declaration of Trust").

#### Investing in the Shares involves risks that are described in the "Risk Factors" section of this Prospectus.
&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund does not intend to list its Shares on any securities exchange during the offering period, and the Fund does not currently expect a secondary market in the Shares to develop. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **You should not expect to be able to sell your Shares other than through the Fund's repurchase offers, regardless of how the Fund performs. If you are able to sell your Shares, other than through the Fund's repurchase offers, you will likely receive less than your purchase price.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Even though the Fund will offer to repurchase Shares on a quarterly basis, you should consider Shares of the Fund to be an illiquid investment. There is no guarantee that you will be able to sell your Shares at any given time or in the quantity that you desire.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment. See "Risk Factors – Interval Fund Risk" and "– Liquidity Risk" in the Prospectus and "Conflicts of Interest" in the Statement of Additional Information (the "SAI").** 

&nbsp;&nbsp;&nbsp;&nbsp;• **You will bear substantial direct and indirect fees and expenses in connection with your investment in the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The underlying Private Funds involve a high degree of business and financial risk that can lead to substantial losses.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund, the Subsidiary, and the underlying Private Funds may utilize borrowings and financial leverage and significant risks may be assumed as a result. See "*Risk Factors – Leverage Risk*."** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The amount of distributions that the Fund may pay, if any, is uncertain**.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors, if any**.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund should be considered a complex investment and entails substantial risk. You should invest in the Fund only if you can sustain a substantial or complete loss of your investment.** 

This Prospectus sets forth the information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Statement of Additional Information (the "SAI"), dated July 29, 2025, has been filed with the U.S. Securities and Exchange Commission (the "SEC"). The SAI is incorporated by reference into this Prospectus in its entirety. You can request a copy of the SAI, the Fund's annual and semi-annual reports, or other information about the Fund without charge or make other shareholder inquiries by writing to the Fund at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237 or by calling (877) 200-1878. You can also obtain the SAI, the Fund's annual and semi-annual reports, and other information about the Fund on the Adviser's website, located at www.harrisonstpw.com. The SAI, material incorporated by reference, and other information about the Fund are also available on the SEC's website (http://www.sec.gov).

**Neither the SEC nor any state securities commission has approved or disapproved these securities or determined whether this Prospectus is truthful or complete, nor have they made, nor will they make, any determination as to whether anyone should buy these securities. Any representation to the contrary is a criminal offense. Shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

**Prospective investors should not construe the contents of this Prospectus as legal, tax, financial or other advice. Each prospective investor should consult with his, her or its own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.** 

ii<br>

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#### OFFERING PROCEEDS

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to Public<sup>(1)</sup>** | **Sales Load<sup>(2)</sup>** | **Proceeds to the Fund<sup>(1),(3)</sup>**  |
| Shares | At current NAV | $0.00 | Amount invested at current NAV |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) An indefinite number of Shares are offered on a best efforts basis and are offered on a continuous basis at a price equal to the Fund's NAV per Share as of the date that the request to purchase Shares is received and accepted by or on behalf of the Fund. The Shares do not carry a "sales load" so the price to the public will equate to the proceeds to the Fund. The proceeds set forth herein have not been reduced by the other expenses of issuance and distribution set forth in "Part C – Other Information – Other Expenses of Issuance and Distribution."

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Shares are not subject to a "sales load," as defined in the Investment Company Act. See "*Distribution Arrangements*."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Foreside Funds Distributors LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as the Fund's "statutory underwriter," within the meaning of the Securities Act, and "principal underwriter," within the meaning of the Investment Company Act, and facilitates the distribution of the Shares. The Fund, the Adviser, and/or the Distributor may authorize one or more financial intermediaries (e.g., banks, broker/dealers, investment advisers, trusts, financial industry professionals, etc., collectively referred to as "Intermediaries" and individually as "Intermediary") to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution and/or servicing agreements to compensate certain Intermediaries for distribution-related activities and/or for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Such compensation to the Intermediaries is paid by the Adviser out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict of interest for the Intermediaries by providing an incentive to recommend the Fund's shares over other potential investments that may also be appropriate for the clients of such Intermediaries. These payments may also have the effect of increasing the Fund's assets under management, which would increase management fees payable to the Adviser. There is no limit on the amount of such compensation paid by the Adviser to the Intermediaries, subject to the limitations imposed by FINRA. Such Intermediaries may provide varying investment products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund. Platform fees, administration fees, shareholder services fees and sub-transfer agent fees are not paid by the Fund as compensation for any sales or distribution activities.

iii<br>

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#new_id) | [1](#new_id) |
| [SUMMARY OF FUND EXPENSES](#new_id-0) | [23](#new_id-0) |
| [FINANCIAL HIGHLIGHTS](#new_id-1) | [25](#new_id-1) |
| [USE OF PROCEEDS](#new_id-2) | [26](#new_id-2) |
| [THE FUND](#new_id-3) | [26](#new_id-3) |
| [INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND INVESTMENT FEATURES](#new_id-4) | [26](#new_id-4) |
| [RISK FACTORS](#new_id-5) | [30](#new_id-5) |
| [MANAGEMENT OF THE FUND](#new_id-6) | [55](#new_id-6) |
| [SUITABILITY OF THE INVESTMENT](#new_id-7) | [59](#new_id-7) |
| [HOW TO PURCHASE SHARES](#new_id-8) | [60](#new_id-8) |
| [REPORTS TO SHAREHOLDERS](#new_id-9) | [61](#new_id-9) |
| [LEGAL PROCEEDINGS](#new_id-10) | [61](#new_id-10) |
| [REINVESTMENT OF DISTRIBUTIONS](#new_id-11) | [61](#new_id-11) |
| [QUARTERLY REPURCHASES OF SHARES](#new_id-12) | [61](#new_id-12) |
| [CALCULATION OF NET ASSET VALUE](#new_id-13) | [64](#new_id-13) |
| [DESCRIPTION OF SHARES](#new_id-14) | [66](#new_id-14) |
| [TAXES](#new_id-15) | [68](#new_id-15) |
| [DISTRIBUTION ARRANGEMENTS](#new_id-16) | [71](#new_id-16) |
| [PRIVACY NOTICE](#new_id-17) | [72](#new_id-17) |

---

You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer of securities in any state where the offer is not permitted. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus.

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#### PROSPECTUS SUMMARY
*This summary highlights information contained elsewhere in this Prospectus. It does not contain all of the information that may be important to you and your investment decision. You should carefully read this entire Prospectus, including the matters set forth under "Risk Factors," and the Statement of Additional Information (the "SAI"). In this Prospectus and the SAI, unless the context otherwise requires, references to "the Fund," "we," "us" and "our" refer to Harrison Street Infrastructure Income Fund.* 

#### The Fund
Harrison Street Infrastructure Income Fund (the "Fund") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end investment management company that is operated as an interval fund. Shares of the Fund will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"). Shares of the Fund have no history of public trading, nor is it currently intended that such shares will be listed on a public exchange, and therefore should be treated by investors as an illiquid investment (see "*Risk Factors*" below in this Prospectus). The Fund intends to elect and to qualify and be eligible to be treated each year as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code").

#### Adviser
The Fund's investment adviser is Harrison Street Private Wealth LLC (formerly, Versus Capital Advisors LLC) (the "Adviser"), a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). See "*Management of the Fund – Adviser and Investment Management Fee*." Headquartered in Denver, CO, the Adviser is an asset management firm that specializes in real asset investing with approximately $4.5 billion in assets under management as of June 30, 2025. The Adviser has entered into a sub-advisory agreement with Brookfield Public Securities Group LLC ("Brookfield" or the "Sub-Adviser") in connection with the management of a portion of the Fund's assets allocated to it by the Adviser. From time to time, the Adviser may determine not to allocate any of the Fund's assets to the Sub-Adviser. See "*Management of the Fund – Sub-Adviser and Sub-Advisory Fees*."

#### Continuous Offering
The Fund is offering shares of beneficial interest of the Fund (collectively, the "Shares") on a continuous basis at the Fund's NAV per Share. The NAV per Share is computed by dividing the Fund's NAV by the total number of Shares outstanding at the time the determination is made. The Fund may offer additional classes of Shares in the future in reliance on exemptive relief from the U.S. Securities and Exchange Commission (the "SEC") that would permit the Fund to issue multiple classes of Shares. The Fund may offer one or more additional classes of Shares, including a class of preferred shares, without the approval of shareholders. Until the Fund registers a new Share class, the Fund will only offer one class of Shares.

Shares of the Fund will be sold to (i) institutional investors, including registered investment advisers ("RIAs"), banks, brokers/dealers, trust companies or similar financial institutions investing for their own account or for accounts for which they act as a fiduciary and have authority to make investment decisions (subject to certain limitations) and clients of such institutional investors that have accounts for which such institutional investors are bound by an applicable fiduciary standard, and (ii) the executive officers, directors, trustees, general partners or employees of the Fund or the Adviser. The minimum initial investment per institutional investor of the Fund (including, with respect to clause (i) above, cumulative investments of the clients of any institutional investor of the Fund) is $10 million and the minimum for those investors referred to in clause (ii) above is $10,000. The Adviser has the authority to waive the minimum investment requirements or allow investors in the Fund who do not fit the above descriptions under certain circumstances. Investors should carefully consider the Fund's risks and investment objectives, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. An investment in the Fund involves a high degree of risk. It is possible that investing in the Fund may result in a loss of some or all of the amount invested. Before making an investment decision, investors should (i) consider the suitability of this investment with respect to an investor's or a client's investment objectives and individual situation and (ii) consider factors such as an investor's or a client's net worth, income, age and risk tolerance. Investment should be avoided where an investor (or an investor's client) has a short-term investing horizon and/or cannot bear the loss of some or all of their investment. Investing in the Shares involves risks that are described in the "*Risk Factors*" section of this Prospectus.

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#### **TABLE OF CONTENTS**
The Fund may close at any time to new investors and, during such closings, dividend reinvestment and additional or new Share purchases may only be executed by institutions that are existing shareholders and their clients. Following any such closure, the Fund may re-open to new investors and subsequently close again to new investors at any time at the discretion of the Adviser. Any such opening and closing of the Fund will be disclosed to the investors via a supplement to this Prospectus.

Foreside Funds Distributors LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as the Fund's principal underwriter and distributor of the Fund's Shares. The Adviser retains the right to approve any proposed investor in the Fund prior to its purchase of Shares through the Distributor. In addition, both the Adviser and the Fund reserve the right to reject any purchase order for any reason.

#### Interval Fund
Shares are not redeemable. The Fund is operated as an interval fund and, as such, has established a repurchase policy pursuant to Rule 23c-3 under the Investment Company Act that provides that each quarterly period the Fund will offer to repurchase not less than 5% nor more than 25% of the Fund's outstanding Shares. The Fund anticipates that such quarterly repurchases ordinarily will be limited to 5% of the Fund's outstanding Shares. However, the Fund may offer to repurchase higher amounts during the initial period after the Fund's launch, including amounts up to 25% of the Fund's outstanding Shares, in connection with the repurchase of Shares held by the Adviser received as a result of the Adviser's initial capital contributions to develop the Fund's portfolio. The Fund may also offer to repurchase outstanding Shares in accordance with paragraph (c) of Rule 23c-3 under the Investment Company Act, in addition to its quarterly repurchases of Shares, in order to fully repurchase the Shares held by the Adviser. The Fund will not be required to repurchase Shares at a shareholder's option nor will Shares be exchangeable for units, interests or shares of any investment of the Fund. As a result, an investor may not be able to sell or otherwise liquidate his, her or its Shares, whenever such investor would prefer. The Fund is intended for long-term investors and the liquidity risk may be greater for investors expecting to sell their Shares in a relatively short period after purchase. If and to the extent that a public trading market ever develops for the Shares, shares of closed-end investment companies frequently trade at a discount from their NAV per Share and initial offering prices. For those investors that cannot bear risk of loss or relative lack of liquidity, investment in the Fund may not be suitable. The Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment. There is no assurance that you will be able to tender your Shares when or in the amount that you desire. See "Quarterly Repurchases of Shares", "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

#### Use of Proceeds
The Fund will invest the net proceeds of any sales of Shares pursuant to this Prospectus in accordance with its investment objectives and policies reasonably promptly (and in any event, within six months) after receipt of such proceeds, depending on the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objectives and policies. In addition, for cash management purposes, the proceeds of this offering may be invested by the Fund in short-term, high-quality debt securities, money market instruments, money market funds and/or liquid infrastructure-focused exchange-traded funds, in addition to, or in lieu of, investments consistent with the Fund's investment objectives and investment policy. Additionally, the Fund anticipates that some portion of the proceeds of this offering may be held in cash to pay dividends or expenses, for temporary defensive purposes, or to repurchase the outstanding Shares held by the Fund shareholders in accordance with Rule 23c-3 under the Investment Company Act, including the Shares held by the Adviser received as a result of the Adviser's initial capital contributions to develop the Fund's portfolio. See "*Risk Factors*" for more discussion of the potential limitations on the Fund's ability to invest consistent with its investment objectives and investment policy.

#### Investment Objectives and Strategies
The Fund's primary investment objective is to seek consistent current income, and the Fund's secondary objective is capital preservation.

#### Investment Strategy
Under normal market conditions, the Fund seeks to achieve its investment objectives by allocating at least 80% of its net assets (plus the amount of any borrowings for investment purposes) to income-oriented investments that provide exposure to infrastructure assets. The Fund will seek to obtain exposure to infrastructure assets primarily through (i) Infrastructure Loans that are originated by banks or non-bank lenders, including asset management firms, insurance

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#### **TABLE OF CONTENTS**
companies and specialty finance companies; (ii) asset-backed securities representing ownership or participation in a pool of Infrastructure Loans or other infrastructure assets, including leasehold and fee simple interests in such assets; (iii) private funds and other investment vehicles that primarily invest in Infrastructure Loans; (iv) preferred equity securities of entities that own or operate infrastructure assets; (v) originating and syndicating Infrastructure Loans directly with infrastructure companies or with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets; and (vi) publicly-traded equity and debt securities of infrastructure companies or securities backed by infrastructure assets. The Fund defines an "infrastructure company" as a company that directly or indirectly derives at least 50% of its revenues from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets. The Fund considers infrastructure assets to include, but not be limited to: (a) regulated assets (such as electricity transmission and distribution facilities, gas distribution systems, water distribution and waste water collection and processing facilities); (b) power and renewable energy assets (such as gas-fired power plants, wind, hydroelectric, and solar facilities); (c) transportation assets (such as toll roads, airports, seaports and railway lines); (d) communications and digital infrastructure assets (such as broadcast and wireless towers, fiber optic networks and providers, satellite networks and data storage centers); and (e) social infrastructure assets (such as schools, universities, hospitals and municipalities). The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments or more focused on a specific segment of infrastructure assets. This 80% policy is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board" or the "Trustees") without shareholder approval upon 60 days' prior notice to shareholders. The principal investment strategies of the Fund reflect the aggregate operations of the Fund and its Subsidiaries (as defined below).

In identifying income-oriented infrastructure investments for the Fund, the Adviser seeks assets that feature, among other characteristics: (i) stable and predictable income and cash flow with low return correlations to traditional asset classes such as the broader public equities and fixed income markets; (ii) inelastic demand for their use as essential assets for a functioning society (*i.e.*, assets that are essential enough that demand remains relatively constant regardless of changes in price); (iii) monopolistic characteristics with high barriers to entry (*i.e.*, issuers that are dominant providers of an asset with limited competition); and (iv) low probability of default and strong default recovery rates. The Fund's investments are generally expected to provide infrastructure companies with capital for construction, acquisitions, and capital expenditures for infrastructure assets, and may include bridge loans, delayed draw construction loans and refinancing transactions. These investments may be sourced via the primary issuer or syndicator or by third party arrangers, directly originated by the Fund, or purchased in a secondary market.

The Adviser evaluates investment opportunities originated by or arranged through an extensive network of relationships with private credit asset managers, origination platforms, private equity asset managers, financial intermediaries and other parties ("Arrangers"). The Adviser evaluates opportunities involving a combination of direct lending Arrangers that focus on different sectors and different types of loans in an attempt to limit the Fund's concentration in any single infrastructure sector or risk and return profile. The Adviser has full discretion to increase or reduce the number of Arrangers through which it sources opportunities based on the market environment or Fund growth trajectory.

Many Infrastructure Loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to any Infrastructure Loan may generally be less extensive than that available for issuers of registered or exchange listed securities. The Fund may invest without limit in securities that are below investment grade (commonly referred to as "high yield" securities or "junk bonds") or securities that are unrated that the Adviser has determined have similar characteristics as below investment grade securities. There is no limit on the maturity or duration of any individual security and/or other investment in which the Fund may invest. The Fund may make non-U.S. investments, which may be denominated in currencies other than the U.S. dollar. The Fund will invest in securities that, at the time of investment, are illiquid. Although the Fund may invest in such instruments without limitation, pursuant to the requirements of the Investment Company Act, the Board has adopted, and the Fund follows, procedures designed to ensure that the Fund maintains sufficient liquidity to meet its periodic repurchase obligations as an interval fund. The Fund may also invest in securities that are unregistered (but are eligible for purchase and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. The Fund's investment program is speculative and entails substantial risks.

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Except as otherwise indicated, the Fund may change its investment objectives and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify shareholders of any changes to its investment objectives or any of its investment policies, restrictions or strategies. Fundamental investment restrictions contained in the SAI may not be changed without shareholder approval. See "*Additional Investment Policies – Fundamental Policies*" in the SAI for more information about the Fund's fundamental investment restrictions.

There can be no assurance that the Fund will achieve its investment objectives or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.

#### Portfolio Contents
The Fund may make or hold portfolio investments directly or indirectly through one or more wholly owned and/or controlled subsidiaries that engage in investment activities in securities or other assets (each a "Subsidiary") and/or through joint ventures with unaffiliated third parties. References herein to the Fund include references to a Subsidiary in respect of the Fund's investment exposure. The Fund will comply with certain provisions of the Investment Company Act applicable to the Fund on an aggregate basis with the Subsidiaries, including provisions relating to investment policies (Section 8), affiliated transactions and custody (Section 17), and capital structure and leverage (Section 18). To the extent that any Subsidiary directly incurs leverage in the form of debt, such leverage will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. VCRDX Subsidiary, LLC, a Delaware limited liability company (the "VCRDX Subsidiary"), has the same investment objective and strategies as the Fund and, like the Fund, is managed by the Adviser. The Fund may invest in the VCRDX Subsidiary in order to pursue its investment objective and strategies in a potentially tax-efficient manner.

#### Privately Issued Infrastructure Debt
The Fund may originate or otherwise invest in privately issued infrastructure debt. The Fund's privately issued infrastructure debt typically will consist of the following types of investments:

*Senior and Unitranche Debt. Senior and unitranche debt includes loans and loan-related investments structured with a senior security interest in infrastructure assets and/or cash flows from the operations of the infrastructure assets, including contract-backed revenues. These loans might be made at the operating company or holding company level. These loans are expected to vary in maturity.* 

*Subordinated Debt. Subordinated debt investments are secured by secondary claims against the infrastructure asset and its cash flow. These claims are subordinated to those of the senior debt, which has priority in collateral and cashflow. In certain instances, subordination may be in the form of a senior secured interest in the equity of the infrastructure operating company. This, indirectly through the ownership structure of the operating assets, subordinates any claims to the senior secured financing at the asset level. These loans might be made at the operating company or holding company level.* 

*Private Placements and 144A Project Financings. The Fund may invest in project bonds and similar types of project financing offerings. "Project bonds" typically refer to one of two types of offerings, but both such offerings involve a private issuance of notes. One type of offering is often referred to as a "traditional private placement," "Section 4(2) private placement" or a "Regulation D offering," which is a reference to Section 4(2) of the Securities Act and the regulations promulgated thereunder. The other type of offering is often referred to as a "Rule 144A offering," which is a reference to Rule 144A promulgated under the Securities Act. Although unregistered at issuance, an active public secondary market may exist for these securities.* 

#### Asset-Backed Securities
The Fund may invest in asset-backed securities representing ownership or participation in a pool of Infrastructure Loans or other infrastructure assets, including leasehold and fee simple interests in such assets. Asset-backed securities are typically issued through special purpose vehicles that are bankruptcy remote from the issuer of the collateral. The credit quality of an asset-backed securities transaction depends on the performance of the underlying assets and credit enhancements.

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#### Publicly Traded Infrastructure Investments
The Fund may invest in publicly traded debt and equity securities issued by infrastructure companies or backed by infrastructure assets. The Fund's publicly traded securities portfolio may consist of the following types of investments:

*Infrastructure Debt. Publicly traded debt issuances from infrastructure companies or backed by infrastructure assets, including but not limited to fixed- and floating-rate corporate debt securities, convertible securities and municipal bonds issued by state and local governments for the purpose of financing projects related to infrastructure assets.* 

*Infrastructure Equities. Equity securities issued by infrastructure companies, including but not limited to common stocks, traditional preferred securities, hybrid-preferred securities, rights or warrants to purchase common stocks, depository receipts, equity units, and any other securities with equity-like characteristics.* 

#### Term Loan B Facilities
The Fund may invest in "Term Loan B Facilities," which include syndicated loans made to below investment grade companies (both public and private) that are used to finance infrastructure projects on a limited recourse basis. These loans are typically secured by an equity interest in the borrower and, indirectly, in the infrastructure assets (including all contract rights and offtake agreements in the project). These are rated offerings and may be acquired as part of a syndication or traded in the secondary market with ratings typically ranging between single B to low investment grade. Term Loan B Facilities typically have floating interest rates and are non-amortizing loans, meaning the entire principal value is typically paid in one lump sum on its maturity date, rather than amortized over its lifetime.

#### Private Funds and Vehicles
The Fund may invest in private funds and other investment vehicles that primarily invest in Infrastructure Loans or are otherwise consistent with the Fund's investment objectives and policies. The private funds and other investment vehicles in which the Fund may invest include pooled investment vehicles that would qualify as "investment companies" under the Investment Company Act but for Sections 3(c)(1) or 3(c)(7) of the Investment Company Act and would not qualify for any other exemption ("3(c)(1)/3(c)(7) Funds"), as well as vehicles that would not be investment companies for reasons other than the exemptions in Sections 3(c)(1) or 3(c)(7) of the Investment Company Act ("Other Private Funds" and, together with 3(c)(1)/3(c)(7) Funds, "Private Funds"). Private Funds invest in the debt financings and equity (common and preferred) associated with infrastructure companies and infrastructure assets. Private Funds may invest in properties located outside of the United States.

#### Other Investment Companies
The Fund may invest in securities of other open-end, closed-end or unit investment trust investment companies, including exchange-traded funds ("ETFs"), to the extent that such investments are consistent with the Fund's investment objectives and policies and permissible under the Investment Company Act and related rules and any exemptive relief from or interpretations of the SEC. Investing in investment companies involves substantially the same risks as investing directly in the underlying instruments, but also involves expenses at the investment company-level, such as portfolio management fees and operating expenses. These expenses are in addition to the fees and expenses of the Fund itself, which may lead to duplication of expenses while the Fund owns another investment company's shares. In addition, investing in investment companies involves the risk that they will not perform in exactly the same manner, or in response to the same factors, as the underlying instruments or index.

#### Other
In certain circumstances or market environments, the Fund may reduce its investment in income-oriented infrastructure assets and hold a larger position in cash or cash equivalents.

#### Selection of Private Funds
The Adviser follows certain general guidelines when reviewing and selecting Private Funds. See "*Investment Objectives, Investment Strategies and Investment Features – Selection of Private Funds.*" Although the Adviser will attempt to apply the guidelines consistently, the guidelines involve the application of subjective and qualitative criteria, and the selection of Private Funds is a fundamentally subjective process. The use of the selection guidelines may be modified or eliminated at the discretion of the Adviser. There can be no assurance that the Adviser will be able to access Private Funds that will enable the Fund to meet its objective.

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#### Borrowing/Leverage
In pursuing its investment objective, the Fund (directly or indirectly, including through one or more Subsidiaries) intends to add leverage to its portfolio through borrowings, such as through bank loans or commercial paper and/or other credit facilities, or by utilizing reverse repurchase agreements and similar financing transactions, dollar rolls, and/or credit default swaps. The Fund currently intends to employ leverage through a secured credit facility to achieve its investment objectives and may consider other potential uses in the future. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to issue preferred shares or other types of senior securities to add leverage to its portfolio. The Fund's Board may authorize the issuance of preferred shares without the approval of shareholders. If the Fund issues preferred shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares will immediately be borne by the shareholders, and these costs and expenses may be significant. The Fund intends to utilize all forms of leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. By using leverage, the Fund seeks to obtain a higher return for holders of Shares than if the Fund did not use leverage. Leveraging is a speculative technique and the use of leverage involves increased costs and risk, including increased variability of the Fund's net income, distributions and net asset value in relation to market changes. There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed. The Fund may lose money through the use of leverage. See "*Risk Factors – Leverage Risk*." The Fund also may borrow money in order to repurchase its Shares, to facilitate investments or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions that otherwise might require untimely dispositions of portfolio securities held by the Fund.

#### Board of Trustees
The Fund's Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Trustees are not "interested persons" of the Fund, the Adviser, the Distributor, the Sub-Adviser, or any affiliates of any of the foregoing, as defined by the Investment Company Act (the "Independent Trustees"). See "*Management of the Fund – Independent Trustees*."

#### Investment Management Fee
The Fund pays the Adviser an investment management fee equal to 1.00% annually of the average daily NAV of the Fund (the "Investment Management Fee"). The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee is paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. To the extent the Fund makes investments through a Subsidiary, the Adviser may receive additional compensation at an annual rate based on the Subsidiary's average daily net assets for providing management services to the Subsidiary. The Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCRDX Subsidiary such that, for the collective net assets of the Fund and the VCRDX Subsidiary, the total Investment Management Fee is calculated at a rate of 1.00%.

The Adviser has entered into a sub-advisory agreement with the Sub-Adviser and pays the Sub-Adviser out of the Investment Management Fee it receives from the Fund. Pursuant to its sub-advisory agreement, Brookfield is paid a sub-advisory fee by the Adviser that is assessed on a sliding scale from 0.35% down to 0.20% based on the average daily NAV of the Fund's assets that are managed by Brookfield.

There may be a conflict of interest as a result of the fact that the Adviser will receive the Investment Management Fee irrespective of the allocations of the Fund's assets among the Adviser and the Sub-Adviser. Because the Adviser compensates the Sub-Adviser from its Investment Management Fee, the Adviser may have an economic incentive to allocate less capital to the securities in which the Sub-Adviser invests. The Board monitors these potential conflicts of interest and any effect they may have on the Fund.

To the extent that the Fund invests in Private Funds, the Fund will be subject to the management fees, including asset-based fees and, in some cases, performance fees, charged by the Private Funds on the portion of the Fund's assets invested in such Private Funds. The fees and expenses associated with the Fund's investments in Private Funds may be significant.

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See "*Summary of Fund Expenses*" and "*Management of the Fund – Adviser and Investment Management Fee*" for more information regarding the Investment Management Fee and other Fund expenses.

#### Other Fees and Expenses
The Bank of New York Mellon ("BNY Mellon") performs certain administrative and accounting services for the Fund. In consideration for providing such services, the Fund pays BNY Mellon fees of approximately 0.04% of the Fund's average annual NAV, assuming anticipated weighted average assets in the Fund of approximately $234 million over the fiscal year. This includes certain minimum payments for services provided. All such fees shall accrue daily and will be paid periodically.

BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent") performs certain transfer agency services for the Fund. In consideration for providing such services, the Fund pays the Transfer Agent fees of approximately 0.01% of the Fund's average annual NAV, assuming anticipated weighted average assets in the Fund of approximately $234 million over the fiscal year. This includes certain minimum payments for services provided. All such fees shall accrue daily.

UMB Fund Services, Inc., 235 W. Galena St., Milwaukee, WI 53212, is expected to replace BNY Mellon Investment Servicing (US) Inc. in providing transfer agency services and The Bank of New York Mellon in providing administrative and accounting services to the Fund on or around September 30, 2025.

UMB Bank, n.a. ("UMB Bank") performs custodial services for the Fund. In consideration for providing such services, the Fund pays UMB Bank annual fees of approximately 0.06%% of the Fund's average annual NAV, assuming anticipated weighted average assets in the Fund of approximately $234 million over the fiscal year.

The Fund's shareholders will bear all fees and expenses incurred in the business of the Fund, including all management fees and other expenses charged by, or otherwise attributable to the Fund's investment in, the Private Funds and any Subsidiary. Some of the Private Funds will simply charge an asset management fee on the net asset value of the Fund's investment. However, the Fund may invest in funds that assess a fee that is charged as an additional performance fee and applied as a percentage share of the returns in excess of a minimum hurdle rate of return to the investors (net of any management fees). In addition, to the extent investment opportunities are made available through Arrangers, the Fund may be responsible for sourcing fees and other compensation, such as ongoing monitoring fees, a portion of which may be charged based on the performance of certain investments. See "*Management of the Fund – Other Expenses of the Fund" and "Summary of Fund Expenses.*"

#### Suitability of Investment
Investing in the Fund involves a considerable amount of risk. Shareholders may lose some or all of their investment in the Fund. Investing in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. An investment in the Fund may not be suitable for investors who may need their investment or any return from their investment in the Fund in a specified time frame. Before making your investment decision, you and/or your personal financial advisor should (i) consider the suitability of this investment with respect to your investment objectives and personal situation, and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. The Fund should be considered to be an illiquid investment. You will not be able to redeem your Shares on a daily basis because the Fund is a closed-end fund. In addition, while a shareholder has a limited ability to transfer or resell Shares pursuant to the provisions of the Fund's Agreement and Declaration of Trust (as amended and restated from time to time, the "Declaration of Trust"), the Fund's Shares are not traded on an active market and there is currently no secondary market for the Shares. However, limited liquidity will be available through quarterly repurchases of Shares by the Fund of at least 5% of the outstanding Shares during each quarterly period. See "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

#### Reinvestment of Distributions
To qualify for treatment as a RIC, the Fund is required to distribute at least 90% of its "investment company taxable income" (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) to shareholders each year in accordance with the distribution requirements applicable to RICs under the Code. The Fund intends to satisfy this requirement through regular quarterly distributions to shareholders. In addition, the Fund may make distributions to shareholders of all or a portion of the Fund's net long term capital gains, which may include gains allocated to the Fund by the Private Funds or that the Fund realizes upon the disposition of an interest in a Private Fund.

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The Fund will establish reasonable cash reserves to meet Fund cash payment obligations prior to making distributions. For U.S. federal income tax purposes, the Fund's distributions may be treated in the hands of shareholders as, among other things, ordinary income, qualified dividends, capital gains, or returns of capital. The portion of a distribution treated as a return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent the distribution exceeds a shareholder's basis in its Shares, such shareholder will recognize a capital gain. See "*Taxes*."

All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder is ineligible or "opts out" (elects not to reinvest in additional Shares). A shareholder may elect initially not to reinvest by indicating that choice on their initial application in connection with the purchase of Shares. Thereafter, a shareholder is free to change his, her or its election on a quarterly basis by contacting the Transfer Agent, BNY Mellon Investment Servicing (US) Inc. (or, alternatively, by contacting the financial intermediary that sold such shareholder his, her or its Shares, who will inform the Fund). Shares purchased by reinvestment will be issued at their NAV on the ex-dividend date. A shareholder's initially purchased Shares will not be subject to a "sales load," as defined in the Investment Company Act, nor shall there be other charges for Shares issued upon reinvestment. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. The automatic reinvestment of dividends and capital gain distributions does not relieve shareholders of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions. See "*Taxes*" and "*Description of Shares*."

#### Quarterly Repurchases of Shares
The Fund provides liquidity through quarterly repurchase offers pursuant to Rule 23c-3 under the Investment Company Act (each, a "Repurchase Offer"). The Fund's fiscal year ends on the last day of March each year. Once each fiscal quarter, the Fund will offer to repurchase at NAV not less than 5% nor more than 25% of the outstanding Shares, unless such offer is suspended or postponed in accordance with regulatory requirements. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. The offer to repurchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities. Shareholders will be notified in writing of each Repurchase Offer and the date the Repurchase Offer ends (the "Repurchase Request Deadline"). Shares will be repurchased at the NAV per Share determined as of the close of business typically as of the Repurchase Request Deadline, but no later than the 14th day after the Repurchase Request Deadline (each, a "Repurchase Pricing Date").

Shareholders will be notified in writing about each Repurchase Offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline. Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to shareholders and the Repurchase Request Deadline is expected to be approximately 30 days, but may vary from no more than 42 days to no less than 21 days. Certain authorized institutions, including Intermediaries, custodians and clearing platforms, may set times prior to the Repurchase Request Deadline by which they must receive all shareholder repurchase requests and may require certain additional information. In addition, certain clearing houses may require shareholders to submit repurchase requests only on the Repurchase Request Deadline. Payment pursuant to the repurchase will be made by checks to the shareholder's address of record, or credited directly to a predetermined bank account no more than 7 days after the Repurchase Pricing Date (the "Repurchase Payment Date"). The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act, regulations thereunder and other applicable laws. The Shares will not be subject to an early withdrawal charge.

If Share repurchase requests exceed the number of Shares in the Fund's Repurchase Offer, the Fund may, in its sole discretion, (i) repurchase the number of Shares in the Fund's Repurchase Offer, allocating such repurchase among the shareholders on a pro rata basis based on the number of Shares tendered by each of the shareholders; or (ii) increase the number of Shares to be repurchased by up to 2.0% of the Fund's outstanding Shares. If the Fund determines to repurchase additional Shares beyond the Repurchase Offer amount and if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the shareholders. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. Because of the potential for proration, tendering shareholders may not have all of their tendered Shares repurchased by the Fund in any Repurchase Offer.

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In addition, in the event a Repurchase Offer is oversubscribed, the Fund may offer to repurchase at NAV outstanding Shares tendered by the estate of a deceased shareholder or such deceased shareholder's descendants (an "Estate Offer"). The amount of any Estate Offer (determined as a percentage of the Fund's outstanding Shares as of the Repurchase Pricing Date) will be approved by the Board, taking into account the liquidity of the Fund's assets. In the event an Estate Offer is oversubscribed, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each shareholder participating in the Estate Offer. The Adviser may require information it deems appropriate under the circumstances to verify a shareholder's eligibility to participate in an Estate Offer, and it is possible that certain Intermediaries may not be able to process or meet the requirements for Estate Offer requests.

#### Taxation
The Fund intends to elect and to qualify and be eligible to be treated each year as a RIC under the Code. Provided the Fund so qualifies and is eligible for such treatment, the Fund will not be subject to U.S. federal income tax on its taxable income and gains that it timely distributes to shareholders in accordance with the requirements of the Code. The Fund intends to distribute its income and gains in a way that it will not be subject to a federal excise tax on certain undistributed amounts. Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares.

Although the Fund is considered a non-diversified fund within the meaning of the Investment Company Act, the Fund must satisfy certain diversification tests under the Code in order to qualify as a RIC. For the purpose of satisfying those tests as well as the 90% gross income test, the Fund will in certain cases be required to "look through" to the character of the income, concentrations of any issuer's securities and investments held by the Private Funds or managed in the Fund's public securities portfolio. However, unlike registered investment companies, Private Funds are not obligated by regulation to disclose publicly the contents of their portfolios. Any lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with the requirements for taxation as a RIC under the Code, and ultimately may limit the universe of Private Funds in which the Fund can invest. If the Fund were to fail to qualify and be eligible to be treated as a RIC, the Fund would be subject to corporate-level taxation, thereby reducing the return on a shareholder's investment. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC. There can be no assurance given that the Fund will be able to qualify for and maintain RIC status. See "*Taxes*" and, in the SAI, "*Tax Aspects*."

#### Risk Factors
An investment in the Fund is subject to a high degree of risk. Risks of investing in the Fund, or in an investment vehicle managed by Managers (as defined below) utilized by the Fund, include, but are not limited to, those outlined below. For purposes of this section, references to "the Adviser" should be read to include the Sub-Adviser and the Managers and references to "the Fund" should be read to include the Private Funds and the Subsidiaries, in each case as applicable. See "*Risk Factors*" and elsewhere in this Prospectus where risks of investment are discussed in more detail. You should consider carefully the risks before investing in the Shares. You may also wish to consult with your legal and tax advisors before deciding whether to invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Infrastructure-Related Companies Risk**. The Fund intends to make direct and indirect investments in Infrastructure Loans, the equity and debt securities of infrastructure companies, or securities backed by infrastructure assets. As such, an investment in the Fund is subject to certain risks associated with the related ownership, use and operation of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; disruptive weather and environmental effects; changes in energy prices; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; insurance costs and industry competition; technological developments and disruptions; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund. In many cases, the rates, or the fees charged to end users, that are charged by suppliers of infrastructure assets are determined by regulators, concession agreements with governments

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(*i.e.*, agreements between a government and a private company in which the company is granted rights to operate, maintain, or develop specific assets for an agreed-upon period in exchange for fees), and long-term contracts. Owners of such assets in many cases have the ability to increase such rates or fees in connection with inflation, economic growth, or otherwise. Many of these factors could adversely affect an infrastructure company's ability to meet its obligations under any Infrastructure Loan the Fund holds or in which it otherwise holds an investment interest (including its ability to make timely payments of interest and principal or repay its loans when due). Additionally, many of these factors could adversely affect the Fund's equity interest in an infrastructure company or an infrastructure asset and thereby negatively affect the Fund's returns.

&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Securities and Related Investments Risk**. The Fund intends to invest in infrastructure debt securities, including but not limited to senior secured debt, subordinated debt, term loan B facilities, 144A project financings, senior loans, mezzanine debt, B-notes, agency debt and other infrastructure-related debt. In addition to risks generally associated with debt securities and related investments (*e.g.*, credit risk, interest rate risk), the Fund's infrastructure debt securities are subject to other risks. Certain factors may affect materially and adversely the market price and yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy and domestic or worldwide economic conditions. It is likely that many of the debt securities in which the Fund may invest will be unrated, or, if rated, below investment grade (commonly referred to as "high yield" securities or "junk bonds"), and whether or not rated, the debt securities may have speculative characteristics. Debt securities are regarded as predominantly speculative with respect to an infrastructure company's capacity to pay interest and repay principal in accordance with the terms of its obligations and involve risk exposure to adverse market and other financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loans and Loan-Related Investments Risk**. In addition to risks generally associated
 with debt securities and related investments (*e.g.*, credit risk, interest rate risk),
 loan-related investments such as loan participations and assignments are subject to other
 risks. Although a loan obligation may be fully collateralized at the time of acquisition,
 the collateral may decline in value, be or become illiquid or less liquid, or lose all or
 substantially all of its value subsequent to investment. Many loan investments are subject
 to legal or contractual restrictions on resale and certain loan investments may be or become
 illiquid or less liquid and more difficult to value, particularly in the event of a downgrade
 of the loan or the borrower. There is less readily available, reliable information about
 most loan investments than is the case for many other types of securities. Substantial increases
 in interest rates may cause an increase in loan obligation defaults.

The Fund may invest in loans in any part of the capital structure. Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Second lien loans are subordinated to the security interest of the senior lender or unsecured, and thus lower in priority of payment to senior loans and are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of covenants that impose restrictions and obligations on the borrower, including, in some cases, restrictions on ability of the borrower to further encumber its assets.

"Covenant-lite" agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (*e.g.*, issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Assignment and Participation Risk**. The Fund may purchase loan assignments and participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any

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associated collateral. Because assignments may be arranged through private negotiations, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could have a partial ownership interest in any collateral and could bear the costs and liabilities of owning and disposing of the collateral. In connection with purchasing participations, the Fund generally will not have any right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

&nbsp;&nbsp;&nbsp;&nbsp;• **Second Liens and Subordinated Loans**. The Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights the Fund may have with respect to the collateral securing the loans the Fund makes to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund rights are adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• **Unitranche Loans**. The Fund may invest in unitranche loans. Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the "first out" tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the "last out" tranche, which is generally paid after the "first out" tranche is paid. The Fund intends to participate in "first out" and "last out" tranches of unitranche loans and make single unitranche loans.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk**. The Fund will invest a substantial portion of its assets in debt securities, restricted securities and other investments that are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration under the Securities Act. The Fund may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which it purchased such securities. The Fund's portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability.

In addition, the Fund's interests in Private Funds are subject to substantial restrictions on transfer. The Fund may liquidate an interest and withdraw from a Private Fund pursuant to limited withdrawal rights. Some Private Funds may subject the Fund to a lockup period or otherwise suspend the repurchase rights of their shareholders, including the Fund, from time to time. Further, managers to the Private Funds ("Managers") may impose transfer restrictions on the Fund's interests. There may be no secondary market for the Fund's interests in Private Funds. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time.

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The Subsidiaries are expected to invest in illiquid assets, and the Fund's investments in such entities will be illiquid. The Subsidiaries may be unable to sell their assets, or be forced to sell them at reduced prices. The Fund also may invest directly in other private securities that it may not be able to sell at the Fund's current carrying value for the securities. The illiquidity of these securities may adversely affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk**. There are significant risks associated with borrowings and leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. There is no assurance that a leveraging strategy would be successful. Leverage involves risks and special considerations for shareholders including:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of greater volatility of NAV of the Shares, and of the investment return to shareholders, than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that fluctuations in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of leverage in a declining market or a rising interest rate environment, which would likely cause a greater decline in the NAV of the Shares than if the Fund were not leveraged;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for an increase in operating costs, which may reduce the Fund's total return; and

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility either that dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Shares will fluctuate because such costs vary over time.

The Fund may engage in borrowing for investment and/or cash management purposes through use of a secured credit facility. In addition, the VCRDX Subsidiary and the Private Funds in which the Fund invests may also utilize leverage. While leverage presents opportunities for increasing the Fund's, the VCRDX Subsidiary's, or a Private Fund's total return, it has the effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed funds are less than the required interest payments on the borrowings, the value of the Fund, the VCRDX Subsidiary, or the Private Fund will decrease. Additionally, any event which affects adversely the value of an investment by the Fund, the VCRDX Subsidiary, or a Private Fund would be magnified to the extent the Fund, the VCRDX Subsidiary, or such Private Fund is leveraged. Furthermore, because the Private Funds may themselves incur higher level of leverage than that which the Fund is permitted, the Fund could be effectively leveraged in an amount far greater than the limit imposed by the Investment Company Act.

To the extent the fund issues preferred shares, the Fund's assets attributable to any outstanding preferred shares or other forms of leverage, if any, will be invested in accordance with the Fund's investment objectives and policies as described herein. Dividends payable with respect to any preferred shares outstanding and interest expense payable by the Fund with respect to any other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund's portfolio, the interest and other costs to the Fund of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Fund shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by Fund shareholders (and not by preferred shareholders, if any) and will reduce the investment return of the Shares. Therefore, there can be no assurance that the Fund's use of leverage will result in a higher yield on the Shares, and it may result in losses. In addition, any preferred shares issued by the Fund are expected to pay cumulative dividends, which may tend to increase leverage risk.

The Fund's use of leverage will include investing in reverse repurchase agreements. Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund. There is no assurance that reverse repurchase agreements can be successfully employed.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interval Fund Risk**. The Fund is a closed-end investment company that provides limited liquidity through quarterly repurchase offers under Rule 23c-3 under the Investment Company Act and is designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly-traded. There is currently no secondary market for the Shares and the

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Fund expects that no secondary market will develop. Shares are subject to substantial restrictions on transferability and may only be transferred or resold in accordance with the Declaration of Trust, By-Laws and the Fund's repurchase policy. Shareholders should not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. Even though the Fund will offer to repurchase Shares on a quarterly basis, there is no guarantee that shareholders will be able to sell Shares at any given time or in the quantity desired. An investment in the Fund is considered an illiquid investment and the Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment. See "Quarterly Repurchases of Shares."

&nbsp;&nbsp;&nbsp;&nbsp;• **Unsecured Loans**. The Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the borrower's remaining assets, if any.

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation Risk**. The value of the Fund's investments will be difficult to ascertain, and the valuations provided in respect of the Private Funds, private debt investments and other private securities will likely vary from the amounts the Fund would receive upon withdrawal, realization or other disposition of these investments. While the value of the Fund's publicly-traded securities is more readily ascertainable, the Fund's ownership interest in Private Funds, private debt investments and other private securities that are not publicly traded will depend on appraisers, pricing agents and other service providers, Arrangers, and Managers to provide a valuation, or assistance with a valuation, of the Fund's investment. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide only an estimate of value.

For information about the value of the Fund's investment in Private Funds, the Adviser will be dependent on valuations or other information provided by the Private Funds and Managers, including quarterly unaudited financial statements. Such valuations may be based on fair valuation procedures and may prove to be inaccurate, which could adversely affect the Adviser's ability to value accurately the Fund's Shares. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a Manager as of a specific date, may vary from the fair value of the investment that may be obtained if such investment were sold to a third party.

In addition, the valuations of the Fund's investments in Private Funds, private debt investments and other private securities are subject to later adjustment or revision. If the Fund's NAV is adjusted after a shareholder receives their Shares upon purchase or receives repurchase proceeds in a repurchase offer, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the shareholder in a purchase or a shareholder's repurchase proceeds in a repurchase offer.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk**. The credit quality of securities held by the Fund can change rapidly in certain market environments, particularly during times of market volatility, and the default of a single holding could cause significant NAV deterioration. An issuer or guarantor of debt securities (or a borrower or counterparty to a repurchase agreement or reverse repurchase agreement) may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms and/or may go bankrupt. This is also sometimes described as counterparty risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Origination Risk.** The Fund may originate loans, including, without limitation, Infrastructure Loans issued directly to infrastructure companies or in connection with projects focused on the management, development, construction, renovation, enhancement, maintenance, and/or operation of infrastructure assets. Loans originated by the Fund may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. The Fund may originate loans to

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public or private entities of all types, including loans to U.S. and non-U.S. governmental entities or loans issued in connection with projects authorized or sponsored by such entities. The Fund may originate loans to borrowers that are unrated or have credit ratings that are determined by one or more nationally recognized statistical rating organizations ("NRSROs") and/or the Adviser to be below investment grade. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law.

A significant portion of the Fund's investments may be originated, although the Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to Fund shareholders. After origination, the Fund may offer such investments for sale to third parties; however, there is no assurance that the Fund will complete the sale of any such investment. If the Fund is unable to sell, assign, or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investments being concentrated in certain borrowers. The Fund will be responsible for the fees and expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be borne by the Fund and indirectly borne by the shareholders.

Loan origination subjects the Fund to risks associated with debt instruments more generally, including credit risk, prepayment risk, valuation risk, and interest rate risk. Competition for originations of and investments in the Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate desired returns. In addition, as a result of this competition, desirable investments in the Fund's target investments may be limited in the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can provide no assurance that the Adviser will be able to identify and make investments that are consistent with its investment objectives. In addition, the Fund may originate certain of its investments with the expectation of later syndicating a portion of such investment to third parties. Prior to such syndication, or if such syndication is not successful, the Fund's exposure to the originated investment may exceed the exposure that the Adviser intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

Loan originators are subject to certain state law licensing and regulatory requirements and loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations, regulatory actions, or private lawsuits may adversely affect such companies' financial results. To the extent the Fund engages in loan origination and/or servicing, the Fund will be subject to enhanced risks of litigation, regulatory actions, and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties, or other charges, any or all of which could materially adversely affect the Fund and its holdings.

&nbsp;&nbsp;&nbsp;&nbsp;• **Access Risk**. The Adviser is reliant on its relationships with Arrangers in connection with the Adviser's management of the Fund. To the extent the Adviser is unable to develop or maintain relationships with qualified Arrangers, the Adviser may have difficulty ensuring the Fund's access to suitable investment opportunities. On an ongoing basis, it cannot be certain that the Adviser and/or the Arrangers will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment strategy. In addition, privately negotiated investments in loans and illiquid securities of private companies require substantial due diligence and structuring, and the Fund may not be

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able to achieve its anticipated investment pace. These factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk**. High yield securities (commonly referred to as "junk bonds") are below investment grade debt securities or comparable unrated securities and are considered predominantly speculative. Lower rated and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. Changes in economic conditions are more likely to lead to a weakened capacity for the issuers of these securities to make principal payments and interest payments. An economic recession could disrupt the market for high yield securities and may have an adverse impact on the value of such securities. An economic downturn also could adversely affect the ability of leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the Fund's NAV to the extent that it invests in such securities. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed Securities Risk**. Asset-backed securities represent interests in "pools" of loans or other assets and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Some asset-backed securities are subject to interest rate risk and prepayment risk. A change in interest can affect the pace of payments on the underlying loans, which in turn affects total return on the securities. Asset-backed securities also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an asset-backed securities. In addition, asset-backed securities have structural risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most asset-backed securities are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk**. To the extent the Fund or the Subsidiaries enter into derivatives transactions (such as forward contracts and credit default swaps), the Fund may be exposed to risks different from, or greater than, the risks associated with investing in more traditional investments. Any use of derivatives strategies entails the risks of investing directly in the securities or instruments underlying the derivatives strategies, as well as the risks of using derivatives generally. Derivatives can be highly complex and may perform in ways unanticipated by the Adviser and may not be available at the time or price desired. Entering into derivatives contracts involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. In the event the counterparty to a derivative instrument defaults and/or becomes insolvent, the Fund potentially could be significantly delayed in recovering and/or lose all or a large portion of the value of its investment in the derivative instrument. Derivatives transactions can also expose the Fund to other risks, including leverage risk, market risk, liquidity risk and regulatory risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Environmental and Unforeseen Liabilities Risk**. The Fund could face substantial risk of loss from claims based on environmental problems associated with the real assets underlying the Fund's investments, including claims in connection with adverse effects from global climate change. For example, persistent wildfires, a rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause assets to lose value or become unmarketable altogether. Furthermore, changes in environmental laws or in the environmental condition of an asset may create liabilities that did not exist at the time of the acquisition of such investment by the Fund and that could not have been foreseen. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such environmental condition. Divestment trends tied to concerns about climate change could also adversely affect the value of certain assets. In addition, the Fund could be affected by undisclosed matters, including, but not

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limited to, legal easements, breaches of planning legislation, building regulations and statutory regimes, and duties payable to municipalities and counties. It is therefore possible that the Fund could acquire an investment affected by such matters, which may have a material adverse effect on the value of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Inflation/Deflation Risk**. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Inflation, and investors' expectation of future inflation, can impact the current value of portfolio investments, resulting in lower asset values and losses to Fund investors. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund shareholders or adversely affect the real value of investments in the Fund. Deflation risk is the risk that the prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk**. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds to rise (*e.g.*, central bank monetary policies, inflation rates, general economic conditions, reduced market demand for low yielding investments). In recent years, the U.S. Federal Reserve and other central banks have raised interest rates from historically low levels, resulting in rising interest rates across the financial system. These central banks may continue to increase interest rates or, alternatively, decrease them as inflationary and market conditions change. Interest rate increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **Reliance on Key Persons Risk**. The Fund relies on the services of certain executive officers who have relevant knowledge of the investments in which the Fund may invest and familiarity with the Fund's investment objectives, strategies and investment features. The loss of the services of any of these key personnel could have a material adverse impact on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fund Capitalization Risk**. There is a risk that the Fund may not continue to raise capital sufficient to maintain profitability and meet its investment objectives. An inability to continue to raise capital may adversely affect the Fund's diversification, financial condition, liquidity and results of operations, as well as its compliance with regulatory requirements and tax diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• **Business and Regulatory Risks**. Legal, tax and regulatory changes (including laws relating to taxation of the Fund's investments, trade barriers and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances, may adversely affect the Fund. To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (collectively "AI Technologies"), may pose risks to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Diversification Risk**. The Fund is a "non-diversified" management investment company under the Investment Company Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a "diversified" management investment company. Accordingly, the Fund may be subject to greater risk with respect to its portfolio securities than a "diversified" fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of its interests.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Private Funds Risk**. The Private Funds will not be subject to the Investment Company Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to shareholders under the Investment Company Act. These protections include, among others, certain corporate governance standards, such as the requirement of having a certain percentage of the directors serving on a board as independent directors, statutory protections against self-dealing by the Managers, and leverage limitations.

Further, the Private Funds are not subject to the same investment limitations as the Fund and may have different and contrary investment limitations and other policies. Unlike registered investment companies, the Private Funds currently are not obligated by regulations or law to disclose publicly the contents of their portfolios. As such, the Fund has limited visibility into the underlying investments of the Private Funds and is dependent on information provided by the Managers. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with regulations applicable to the Fund, may result in style drift, and ultimately may limit the universe of Private Funds in which the Fund can invest.

Investment in Private Funds carries the risk of loss due to Private Funds' fraud, intentional or inadvertent deviations from a predefined investment strategy (including excessive concentration, directional investing outside of predefined ranges, excessive leverage or new capital markets), or poor judgment. During the lifetime of the Fund, there could be material changes in one or more Private Funds, including changes in control and mergers. The effect of such changes on a Private Fund cannot be predicted but could be material and adverse. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any such changes, resulting in substantial losses from risks of Private Funds.

In order to meet its obligation to provide capital for unfunded commitments, the Fund may be required to hold some, or in certain cases a substantial amount, of its assets temporarily in money market securities, cash or cash equivalents, possibly for several months; liquidate portfolio securities at an inopportune time; or borrow under a line of credit. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser's strategy.

By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund. In the aggregate, these fees might exceed the fees that would typically be incurred by a direct investment with a single Private Fund.

The Fund's investments in Private Funds are priced according to their fair value, as determined in good faith by the Adviser. These valuations are based on estimates, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Adviser and the net asset value of the Fund's shares. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if readily available market values were available for all of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Rule 144A Securities Risk**. The Fund may invest in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the Securities Act. Rule 144A securities may be deemed illiquid, although the Fund may determine that certain Rule 144A securities are liquid.

&nbsp;&nbsp;&nbsp;&nbsp;• **Privately Placed Securities Risk**. The Fund may invest in non-exchange traded securities, including
 privately placed securities, which are subject to liquidity and valuation risks. These risks
 may make it difficult for those securities to be traded or valued, especially in the event
 of adverse economic and liquidity conditions or adverse changes in the issuer's financial
 condition. The market for certain non-exchange traded securities may be limited to institutional
 investors, subjecting such investments to further liquidity risk if a market were to limit
 institutional trading. There may also be less information available regarding such non-exchange
 traded securities than for publicly traded securities, which may make it more difficult for
 the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund's assets at greater risk of loss than if the Adviser had more complete
 information. In addition, the issuers of non-exchange traded securities

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may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible.

&nbsp;&nbsp;&nbsp;&nbsp;• **Preferred Securities Risk**. The Fund may invest in preferred shares of other issuers. Preferred shares are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common shareholders, but after bond holders and other creditors. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed (or floating) dividend payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund's fixed income securities. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock. Investments in preferred stock present market and liquidity risks. The value of a preferred stock may be highly sensitive to the economic condition of the issuer, and markets for preferred stock may be less liquid than the market for the issuer's common stock. In addition, the terms of preferred shares often do not include covenants that impose restrictions and obligations on the borrower to the degree that a lender may impose in connection with a loan.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Securities Risk**. The prices of equity and preferred securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Preferred securities may be subject to additional risks, such as risks of deferred distributions, liquidity risks, and differences in shareholder rights associated with such securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Securities Risk**. The Fund may invest in municipal securities issued by states, local municipalities, territories and possessions of the United States and the District of Columbia. The value of municipal securities can be affected by changes in their actual or perceived credit quality. The credit quality of municipal securities can be affected by, among other things, the financial condition of the issuer or guarantor, the issuer's future borrowing plans and sources of revenue, the economic feasibility of the revenue bond project or general borrowing purpose, political or economic developments in the state or region where the security is issued, and the liquidity of the security. Because municipal securities are generally traded over the counter, the liquidity of a particular issue often depends on the willingness of dealers to make a market in the security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Distressed Debt Risk.** Investments in the securities of financially distressed or defaulted issuers are speculative and involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Adviser's judgment about the credit quality of the issuer and the relative value and liquidity of its securities may prove to be wrong. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;• **Active Management Risk**. Identifying and allocating assets among appropriate investments is difficult and involves a high degree of uncertainty. The performance of the Fund depends in large part upon the Adviser's successful application of analytical skills and investment judgment; the ability of the Adviser to choose successful investments, sub-advisers and Managers; and the ability of the Adviser and Sub-Adviser to develop and implement investment strategies that achieve the Fund's investment objectives.

Although the Adviser monitors the Sub-Adviser and Managers, it is possible that the Sub-Adviser and/or one or more Managers may take substantial positions in the same instruments or markets at the same time, thereby interfering with the Fund's investment goal. The Adviser, Sub-Adviser and Managers are subject to various

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risks, including risks relating to operations and back office functions, property management, accounting, administration, risk management, valuation services and reporting, and may also face competition from other industry participants that may be more established, have larger asset bases and have larger numbers of qualified management and technical personnel.

While the Fund and the Adviser will evaluate regularly each Private Fund and its Manager and the Sub-Adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and whether the investment performance is satisfactory, the Adviser will not have any control over the investments made by a Private Fund and limited control over the investments made by the Sub-Adviser. The Adviser's or Sub-Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. Even though Private Funds are subject to certain constraints, the Managers may change aspects of their investment strategies without prior notice to the Fund.

Conflicts of interest may arise from the fact that the Adviser, the Sub-Adviser, the Managers and their respective affiliates may be carrying on substantial investment activities for other clients in which the Fund has no interest. In addition, the Adviser, the Sub-Adviser, the Managers and their respective affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in private investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. Furthermore, the Adviser, the Sub-Adviser, the Managers and their respective affiliates manage the assets of and/or provide advice to registered investment companies, private investment funds and individual accounts other than the Fund, which could compete for the same investment opportunities as the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fees and Expense Risk**. By investing in the Private Funds and the Subsidiaries indirectly through the Fund a shareholder bears two layers of fees and expenses – at the Fund level and the Private Fund or VCRDX Subsidiary. In the aggregate, these fees and expenses could be substantial and adversely affect the value of any investment in the Fund. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible for sourcing fees and other compensation. The Adviser has contractually agreed to reduce its Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCRDX Subsidiary in order to avoid "double-counting" assets. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible for sourcing fees and other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Payment in Kind Interest Risk**. To the extent that the Fund invests in loans with a payment in kind ("PIK") interest component and the accretion of PIK interest constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (iii) the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and (iv) even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan.

&nbsp;&nbsp;&nbsp;&nbsp;• **Floating and Variable Rate Obligations Risk**. Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically in response to changes in the market rate of interest on which the interest rate is based. There may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Capitalization Risk**. The Fund may invest in equity securities without restriction as to market capitalization, such as those issued by medium-sized and smaller capitalization companies, including

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micro-cap companies, which may involve higher risks in some respects than do investments in securities of larger companies. Those securities, particularly smaller-capitalization stocks, involve higher risks in some respects than do investments in securities of larger companies. Small-cap and micro-cap stocks typically involve greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable, their share prices tend to be more volatile, and their markets less liquid than stocks of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Subsidiary Risk**. By investing through one or more Subsidiaries, including the VCRDX Subsidiary, the Fund is exposed to the risks associated with such Subsidiary's investments, which are the same risks associated with the Fund's investments. There can be no assurance that the investment objective of a Subsidiary will be achieved. The Subsidiaries are not registered under the Investment Company Act and therefore are not subject to all of the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the jurisdiction in which a Subsidiary is organized could result in the inability of the Fund and/or the Subsidiary to operate as intended and could adversely affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Joint Venture Risk**. The Fund, directly or indirectly through a Subsidiary, may enter into joint ventures with unaffiliated third parties to make investments. In these joint ventures, the Fund would generally share control with the third-party partner (for example, the Fund may have approval rights over some or all of the joint venture's activities, and in limited circumstances, may have the ability to require that the joint venture take specific actions), even though the Fund may hold a majority of the economic interests of a joint venture. In many cases the third-party partner may provide services for the joint venture or its assets, including, without limitation, management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing or disposition related services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its joint venture partners may result in litigation or arbitration that would increase the Fund's expenses and prevent the Fund's Trustees and officers from focusing their time and efforts on the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investing Risk**. Foreign investments by the Fund and Private Funds may be subject to economic, political, regulatory and social risks, which may affect the liquidity of such investments. Foreign ownership of real asset-related investments may be restricted, requiring the Private Funds in which the Fund invests to share the applicable investment with local third-party shareholders or investors, and there may be significant local land use and permit restrictions, local taxes and other transaction costs that adversely affect the returns sought by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity Risk**. The Fund is susceptible to operational and information security risks relating to technologies such as the Internet. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability of the Fund to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting the Fund investments, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, banks, brokers, dealers, insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent cyber incidents in the future. The rapid development and increasingly widespread use of AI Technologies may increase cybersecurity risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk**. Investing in securities of companies based in emerging countries or issued by the governments of such countries involves certain considerations not usually associated with investing in securities of developed countries or of companies located in developed countries, including political and economic considerations. In addition, accounting and financial reporting standards that prevail in certain of such countries generally are not equivalent to standards in more developed countries and, consequently, less information is available to investors in companies located in these countries than is available to investors in companies located in more developed countries. There is also less regulation, generally, of the securities markets in emerging countries than there is in more developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;• **Concentration Risk**. The Fund will concentrate its investments in infrastructure-related industries and may focus its investments in one or more specific subset of infrastructure-related assets (*e.g.*, regulated assets, power and renewable energy assets, transportation assets, communications and digital infrastructure assets, social infrastructure assets). As a result, the Fund's portfolio is subject to greater risk and volatility than if

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investments had been made in a broader diversification of asset types and industries. In addition to its concentration in infrastructure-related assets, the Fund may, from time to time, invest a substantial portion of its assets in other particular asset types, industries, geographic locations or securities instruments. To the extent that the Fund's portfolio is concentrated in a property type, geographic location or securities instrument, the risk of any investment decision is increased.

&nbsp;&nbsp;&nbsp;&nbsp;• **Direct Lending Risk**. To the extent the Fund is the sole lender in privately offered debt, it may be solely responsible for the expense of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (*e.g.*, the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Fund compared to syndicated or publicly offered debt.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer Risk**. Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or service. The Fund may also invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as "distressed debt"). To the extent that the Fund invests in distressed debt, the Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt.

&nbsp;&nbsp;&nbsp;&nbsp;• **Limited Operating History Risk**. The Fund has limited operating history upon which prospective investors may evaluate the Fund's past performance and potential future returns. In addition, while the senior investment professionals and other individuals employed by the Adviser have prior experience investing in infrastructure investments and private debt, the Fund is the first vehicle managed by the Adviser with an infrastructure income strategy, certain of the Fund's portfolio managers are new to the Adviser's investment team, and past performance with respect to such activities is not a guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risks – Fund**. Special tax risks are associated with an investment in the
 Fund. Because the Fund intends to qualify and elect to be treated as a RIC under Subchapter
 M of the Code, it must satisfy, among other requirements, diversification and 90% gross income
 requirements, and a requirement that it distribute at least 90% of its ordinary income and
 net short-term gains in the form of deductible dividends. These requirements for qualification
 for the favorable tax treatment available to RICs require that the Adviser obtain information
 from or about the Private Funds in which the Fund is invested. However, Private Funds generally
 are not obligated to disclose the contents of their portfolios. This lack of transparency
 may make it difficult for the Adviser to monitor the sources of the Fund's income and
 the diversification of its assets, and otherwise to comply with Subchapter M of the Code.
 Ultimately, this may limit the universe of Private Funds in which the Fund can invest and
 may adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of
 the Code.

The Fund is permitted to invest up to 25% of its total assets in the VCRDX Subsidiary, which has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCRDX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund. Changes in the tax laws of the United States and/or any state in which a Subsidiary is organized could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• **Reference Benchmark Risk**. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party are tied to interest rates and other types of rates and indices which may be classed as "benchmarks." Such rates have been the subject of ongoing national and international regulatory reform, including the global transition away from the London Interbank Offered Rate ("LIBOR") to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global

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or regional economic, financial, political, regulatory, judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund. If the manner in which SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments. Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less volatile rates.

In addition, certain benchmarks have been the subject of regulatory reform under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Disruption, Health Crises, Terrorism and Geopolitical Risks**. The Fund's investments may be negatively affected by the broad investment environment in the market for infrastructure assets, the debt market and/or the equity securities market. The investment environment is influenced by, among other things, interest rates, inflation, politics, fiscal policy, current events, competition, productivity and technological and regulatory change. In addition, the Fund may be adversely affected by uncertainties such as war, terrorism, international political developments, sanctions or embargos, tariffs and trade wars, diplomatic events, changes in government policies, global health crises or similar pandemics, and other related geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities and the value of investments.

**You should invest in the Fund only if you can sustain a complete loss of your investment. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund's investment program will be successful.** 

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#### SUMMARY OF FUND EXPENSES
The following table summarizes the expenses of the Fund and is intended to assist shareholders and potential investors in understanding the various costs and expenses that they will bear, directly or indirectly, by investing in the Fund. Each figure below relates to a percentage of the Fund's daily NAV over the course of a year. The following table has been prepared under the assumption that the weighted average net assets over a fiscal year will be approximately $234 million, which is the Fund's net assets as of June 30, 2025.

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| | |
|:---|:---|
| **Annual Fund Expenses (as a percentage of net assets attributable to Shares) <sup>(1)</sup>** | **Annual Fund Expenses (as a percentage of net assets attributable to Shares) <sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;Investment Management Fee<sup>(2)</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(3)</sup> | 1.05% |
| &nbsp;&nbsp;&nbsp;Interest Payments on Borrowed Funds<sup>(4)</sup> | 1.40% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(5)</sup> | 0.10%  |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>(6)</sup> | 3.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total Annual Fund Operating Expenses represent the Fund's expenses estimated based on the Fund's net assets as of June 30 , 2025. The Fund's Total Annual Fund Operating Expenses do not include the indirect costs of the underlying Other Private Funds, as discussed further in footnote 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Investment Management Fee is paid to the Adviser at an annual rate of 1.00% of NAV, which accrues daily and is payable quarterly in arrears. To the extent the Fund utilizes a Subsidiary, the Adviser contractually agrees to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from a Subsidiary such that, for the collective net assets of the Fund and the Subsidiaries, the total Investment Management Fee is calculated at a rate of 1.00%. Such waiver will continue for so long as the Investment Management Agreement is in effect and may be terminated only upon approval by the Trustees of the Fund, including a majority of the Independent Trustees. The Adviser will pay the Sub-Adviser from its Investment Management Fee. Pursuant to the sub-advisory agreement, Brookfield is paid a sub-advisory fee by the Adviser that is assessed on a sliding scale from 0.35% down to 0.20% based on the average daily NAV of the Fund's assets that are managed by Brookfield.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "Other Expenses" are estimated based on the Fund's net assets as of June 30 , 2025. Such estimated expenses of the Fund, including, among other things, fees and other expenses that the Fund will bear directly, the Fund's ongoing offering costs, certain fees and expenses of the VCRDX Subsidiary, and fees and expenses of certain of the Fund's service providers, will vary. The Fund's annual expense ratio will increase if the Fund's asset level decreases. Given the variability in the Fund's Other Expenses, the Fund's Total Annual Fund Operating Expenses may increase as a percentage of the Fund's average net assets if the Fund's assets decrease. Actual fees and expenses may be greater or less than those shown. See "Management of the Fund – Other Expenses of the Fund."

&nbsp;&nbsp;&nbsp;&nbsp;(4) Assumes interest expense accrued at the estimated rate of 7.0 % on the estimated average borrowed funds used to employ leverage for the current fiscal year. The actual amount of borrowing costs borne by the Fund will vary over time based on the Fund's use of borrowings and variations in market interest rates. The Fund's interest expense, and therefore its borrowing costs, will increase in a rising interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Acquired Fund Fees and Expenses ("AFFE") include certain of the fees and expenses incurred indirectly by the Fund as a result of investment in shares of investment companies (including short-term cash sweep vehicles) and certain Private Funds. Although the Private Funds are not investment companies registered pursuant to the Investment Company Act, some of the fund structures may be 3(c)(1)/3(c)(7) Funds (which, for the avoidance of doubt, but for Section 3(c)(1) or 3(c)(7) would meet the definition of investment company under the Investment Company Act and not qualify for any other exemption) while many others are Other Private Funds that would not be investment companies for reasons other than the exemptions in Sections 3(c)(1) and 3(c)(7). AFFE includes certain of the fees and expenses, such as management fees (including performance fees, where applicable), audit, and legal expenses ("Operating Costs"), incurred indirectly by the Fund through its investments in 3(c)(1)/3(c)(7) Funds (based on information provided by the managers of such 3(c)(1)/3(c)(7) Funds), but excludes the Operating Costs incurred by the Fund through its investments in Other Private Funds that would not be investment companies for reasons other than the exemptions in Sections 3(c)(1) or 3(c)(7), if any. The contractual management fee rates associated with the 3(c)(1)/3(c)(7) Funds currently range from approximately 0.90 % to 1.75% per annum of the average NAV of the Fund's investment in each 3(c)(1)/3(c)(7) Fund. The Fund estimates that performance fees paid to 3(c)(1)/3(c)(7) Funds' managers or their affiliates will range from 10% to 20 % of any such 3(c)(1)/3(c)(7) Fund's realized and, in certain cases, unrealized annual returns that are in excess of a minimum annual return ranging from 6 % to 8 % provided to the investors of such 3(c)(1)/3(c)(7) Funds before the manager might share in any returns. Because these fees are based on the performance of 3(c)(1)/3(c)(7) Funds, which may fluctuate over time, future AFFE may be substantially higher or lower. The calculation of AFFE is based on the Fund's net assets of approximately $234 million as of June 30 , 2025 and assumes investments in 3(c)(1)/3(c)(7) Funds of approximately 4 % of the Fund's net assets, which is the Fund's actual June , 2025 allocation. These allocations may change substantially over time and such changes may significantly affect AFFE. As of June , 2025, 0 % of the Fund's net assets were invested in Other Private Funds. If the estimated Operating Costs of such Other Private Funds (which equal approximately 0 % of the Fund's net assets) were included in AFFE, the Fund's Total Annual Fund Operating Expenses would equal 3.55 %.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Total Annual Fund Operating Expenses provides a summary of all the direct fees and expenses of the Fund, as well as the indirect Operating Costs of the 3(c)(1)/3(c)(7) Funds, but excluding the Operating Costs of the Other Private Funds. See footnote 5.

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#### **TABLE OF CONTENTS**

#### Example
The following example illustrates the hypothetical Annual Fund Operating Expenses that you would pay on a $1,000 investment in the Fund assuming a 5% return and that annual expenses attributable to Shares remain unchanged. The example assumes that you invest $1,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. **The example does not present actual expenses and should not be considered a representation of future expenses. Actual Fund expenses may be greater or less than those shown.**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$388 |

---

**The purpose of the tables above is to assist you in understanding the various costs and expenses you would bear directly or indirectly as a shareholder of the Fund. For a more complete description of the various costs and expenses of the Fund. See "*Management of the Fund*."** 

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#### **TABLE OF CONTENTS**

#### FINANCIAL HIGHLIGHTS
The information in the table below for the fiscal year ended March 31, 2025 is derived from the Fund's financial statements for the fiscal year ended March 31, 2025 audited by Grant Thornton LLP, an independent registered public accounting firm, whose report on such financial statements is contained in the Fund's March 31, 2025 Annual Report and is incorporated by reference into the Statement of Additional Information.

---

| | |
|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp;&nbsp;&nbsp;$10.00  |
| Income from Investment Operations:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.95  |
| **Less Distributions to Shareholders from:**<br>|  |
| &nbsp;&nbsp;&nbsp;Distribution from net investment income and net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.83)  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.02)  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.85)  |
| **Net Asset Value, End of Year** | &nbsp;&nbsp;&nbsp;&nbsp;$10.10  |
| **Total Return Based On Net Asset Value** | &nbsp;&nbsp;&nbsp;&nbsp;9.80%  |
| **Ratios and Supplemental Data**<br>|  |
| Net assets, end of year (000's) | &nbsp;&nbsp;&nbsp;&nbsp;$201768 |
| Ratios of gross expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.93%  |
| Ratios of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.21%  |
| Ratios of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;9.24%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 Share amounts are calculated based on average outstanding shares.

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#### **TABLE OF CONTENTS**

#### USE OF PROCEEDS
The Fund will invest the proceeds of the continuous offering of Shares on an ongoing basis in accordance with its investment objectives and policies as stated below. In addition, for cash management purposes or while the Fund seeks investment opportunities, the proceeds of the offering may be invested by the Fund in short-term, high-quality debt securities, money market instruments, money market funds and/or liquid real asset-focused exchange-traded funds, in addition to, or in lieu of, investments consistent with the Fund's investment objectives and policies. Additionally, the Fund anticipates that some portion of the proceeds of this offering will be used to repurchase the outstanding Shares held by the Fund shareholders in accordance with Rule 23c-3 under the Investment Company Act, including the Shares held by the Adviser. It is currently anticipated that the Fund will be able to invest all or substantially all of the net proceeds according to its investment objectives and policies within approximately six months after receipt of the proceeds, depending on general economic and market conditions, the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objectives and policies, and except to the extent proceeds are held in cash to pay dividends or expenses, satisfy repurchase offers or pending capital calls, or for temporary defensive purposes. If the Fund is delayed in investing the proceeds of the offering, the Fund's distributions could consist, in whole or in part, of a return of capital. A return of capital represents a return of a portion of your investment. A return of capital is not taxable, but it reduces a shareholder's tax basis in the Shares, thus reducing any loss or increasing any gain on a subsequent disposition of the Shares. In addition, the Fund may maintain a portion of the proceeds in cash to meet operational needs. Thus, there is no guarantee that the Fund will be able to assemble and achieve its desired investment portfolio with the proceeds of the offering; and as a result, the Fund may be prevented from achieving its objectives during any time in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

#### THE FUND
The Fund is a trust formed under the laws of The Commonwealth of Massachusetts on May 11, 2020, and is registered under the Investment Company Act as a closed-end investment management company. The Fund is a "non-diversified company" under the Investment Company Act, meaning that it does not have at least 75% of the value of its total assets represented by cash and cash items (including receivables), government securities, securities of other investment companies, and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of its total assets and to not more than 10% of the outstanding voting securities of such issuer.

The Fund currently offers a single class of Shares designated as "common shares." Shares of the Fund are continuously offered under the Securities Act. Shares are not listed, and the Fund does not intend to list Shares for trading, on any national securities exchange. The Fund is an interval fund that provides limited liquidity through a quarterly Repurchase Offer of Shares at NAV pursuant to Rule 23c-3 under the Investment Company Act.

The Fund's address is 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237, and its telephone number is (877) 200-1878.

#### INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND INVESTMENT FEATURES

#### Investment Objectives
The Fund's primary investment objective is to seek consistent current income, and the Fund's secondary objective is capital preservation.

#### Investment Strategy
Under normal market conditions, the Fund seeks to achieve its investment objectives by allocating at least 80% of its net assets (plus the amount of any borrowings for investment purposes) to income-oriented investments that provide exposure to infrastructure assets. The Fund will seek to obtain exposure to infrastructure assets primarily through (i) Infrastructure Loans that are originated by banks or non-bank lenders, including asset management firms, insurance companies and specialty finance companies; (ii) asset-backed securities representing ownership or participation in a pool of Infrastructure Loans or other infrastructure assets, including leasehold and fee simple interests in such assets; (iii) private funds and other investment vehicles that primarily invest in Infrastructure Loans; (iv) preferred equity securities of entities that own or operate infrastructure assets; (v) originating and syndicating Infrastructure Loans directly with infrastructure companies or with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets; and (vi) publicly-traded equity and debt securities of infrastructure companies or securities backed by infrastructure assets. The Fund defines an

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"infrastructure company" as a company that directly or indirectly derives at least 50% of its revenues from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, maintenance and/or operation of infrastructure assets. The Fund considers "infrastructure assets" to include, but not be limited to: (a) regulated assets (such as electricity transmission and distribution facilities, gas distribution systems, water distribution and waste water collection and processing facilities); (b) power and renewable energy assets (such as gas-fired power plants, wind, hydroelectric, and solar facilities); (c) transportation assets (such as toll roads, airports, seaports and railway lines); (d) communications and digital infrastructure assets (such as broadcast and wireless towers, fiber optic networks and providers, satellite networks and data storage centers); and (e) social infrastructure assets (such as schools, universities, hospitals and municipalities). The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments or more focused on a specific segment of infrastructure assets. This 80% policy is not a fundamental policy of the Fund and may be changed by the Board without shareholder approval upon 60 days' prior notice to shareholders. The principal investment strategies of the Fund reflect the aggregate operations of the Fund and its Subsidiaries.

In identifying income-oriented infrastructure investments for the Fund, the Adviser seeks assets that feature, among other characteristics: (i) stable and predictable income and cash flow with low return correlations to traditional asset classes such as the broader public equities and fixed income markets; (ii) inelastic demand for their use as essential assets for a functioning society (*i.e.*, assets that are essential enough that demand remains relatively constant regardless of changes in price); (iii) monopolistic characteristics with high barriers to entry (*i.e.*, issuers that are dominant providers of an asset with limited competition); and (iv) low probability of default and strong default recovery rates. The Fund's investments are generally expected to provide infrastructure companies with capital for construction, acquisitions, and capital expenditures for infrastructure assets, and may include bridge loans and refinancing transactions. These investments may be sourced via the primary issuer or syndicator or by third party arrangers, directly originated by the Fund, or purchased in a secondary market.

The Adviser evaluates investment opportunities originated by or arranged through an extensive network of relationships with Arrangers. The Adviser evaluates opportunities involving a combination of direct lending Arrangers that focus on different sectors and different types of loans in an attempt to limit the Fund's concentration in any single infrastructure sector or risk and return profile. The Fund will be able to adjust its dealings with Arrangers to the extent they are not performing as expected or adverse circumstances are affecting them, which may be particularly beneficial given the illiquid nature of the Fund's assets. Furthermore, the Adviser has full discretion to increase or reduce the number of Arrangers through which it sources opportunities based on the market environment or Fund growth trajectory.

Many infrastructure loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to any Infrastructure Loan may generally be less extensive than that available for issuers of registered or exchange listed securities. The Fund may make non-U.S. investments, which may be denominated in currencies other than the U.S. dollar. The Fund may invest without limit in securities that are below investment grade (commonly referred to as "high yield" securities or "junk bonds") or securities that are unrated that the Adviser has determined have similar characteristics as below investment grade securities. There is no limit on the maturity or duration of any individual security and/or other investment in which the Fund may invest. Duration is a measure of a debt instrument's sensitivity to interest rate changes. For example, if a loan has a duration of 5 years, the price of the loan will increase (decrease) by approximately 5% for every 1% decrease (increase) in interest rates.

The Fund will invest in securities that, at the time of investment, are illiquid. Although the Fund may invest in such instruments without limitation, pursuant to the requirements of the Investment Company Act, the Board has adopted, and the Fund follows, procedures designed to ensure that the Fund maintains sufficient liquidity to meet its periodic repurchase obligations as an interval fund. The Fund may also invest in securities that are unregistered (but are eligible for purchase and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. The Fund's investment program is speculative and entails substantial risks.

Except as otherwise indicated, the Fund may change its investment objectives and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify shareholders of any changes to its

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investment objectives or any of its investment policies, restrictions or strategies. Fundamental investment restrictions contained in the SAI may not be changed without shareholder approval. See "*Additional Investment Policies – Fundamental Policies*" in the SAI for more information about the Fund's fundamental investment restrictions.

There can be no assurance that the Fund will achieve its investment objectives or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.

#### Portfolio Contents
The Fund may make portfolio investments directly or indirectly through one or more Subsidiaries and/or through joint ventures with unaffiliated third parties. References herein to the Fund include references to a Subsidiary in respect of the Fund's investment exposure. The Fund will comply with certain provisions of the Investment Company Act applicable to the Fund on an aggregate basis with the Subsidiaries, including provisions relating to investment policies (Section 8), affiliated transactions and custody (Section 17), and capital structure and leverage (Section 18). To the extent that any Subsidiary directly incurs leverage in the form of debt, such leverage will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. The VCRDX Subsidiary has the same investment objective and strategies as the Fund and, like the Fund, is managed by the Adviser. The Fund may invest in the VCRDX Subsidiary in order to pursue its investment objective and strategies in a potentially tax-efficient manner.

***Privately Issued Infrastructure Debt. The Fund may originate or otherwise invest in privately issued infrastructure debt. The Fund's privately issued infrastructure debt typically will consist of the following types of investments:***

***Senior and Unitranche Debt. Senior and unitranche debt includes loans and loan-related investments structured with a senior security interest in infrastructure assets and/or cash flows from the operations of the infrastructure assets, including contract-backed revenues. These loans might be made at the operating company or holding company level. These loans are expected to vary in maturity.***

***Subordinated Debt. Subordinated debt investments are secured by secondary claims against the infrastructure asset and its cash flow. These claims are subordinated to those of the senior debt, which has priority in collateral and cashflow. In certain instances, subordination may be in the form of a senior secured interest in the equity of the infrastructure operating company. This, indirectly through the ownership structure of the operating assets, subordinates any claims to the senior secured financing at the asset level. These loans might be made at the operating company or holding company level.***

***Private Placements and 144A Project Financings. The Fund may invest in project bonds and similar types of project financing offerings. "Project bonds" typically refer to one of two types of offerings, but both such offerings involve a private issuance of notes. One type of offering is often referred to as a "traditional private placement," "Section 4(2) private placement" or a "Regulation D offering," which is a reference to Section 4(2) of the Securities Act and the regulations promulgated thereunder. The other type of offering is often referred to as a "Rule 144A offering," which is a reference to Rule 144A promulgated under the Securities Act. Although unregistered at issuance, an active public secondary market may exist for these securities.***

***Asset-Backed Securities. The Fund may invest in asset-backed securities representing ownership or participation in a pool of Infrastructure Loans or other infrastructure assets, including leasehold and fee simple interests in such assets. Asset-backed securities are typically issued through special purpose vehicles that are bankruptcy remote from the issuer of the collateral. The credit quality of an asset-backed securities transaction depends on the performance of the underlying assets and credit enhancements.***

***Publicly Traded Infrastructure Investments. The Fund may invest in publicly traded debt and equity securities issued by infrastructure companies or backed by infrastructure assets. The Fund's publicly traded securities portfolio may consist of the following types of investments:***

***Infrastructure Debt. Publicly traded debt issuances from infrastructure companies or backed by infrastructure assets, including but not limited to fixed- and floating-rate corporate debt securities, convertible securities and municipal bonds issued by state and local governments for the purpose of financing projects related to infrastructure assets.***

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***Infrastructure Equities. Equity securities issued by infrastructure companies, including but not limited to common stocks, traditional preferred securities, hybrid-preferred securities, rights or warrants to purchase common stocks, depository receipts, equity units, and any other securities with equity-like characteristics.***

***Term Loan B Facilities. The Fund may invest in "Term Loan B Facilities," which include syndicated loans made to below investment grade companies (both public and private) that are used to finance infrastructure projects on a limited recourse basis. These loans are typically secured by an equity interest in the borrower and, indirectly, in the infrastructure assets (including all contract rights and offtake agreements in the project). These are rated offerings and may be acquired as part of a syndication or traded in the secondary market with ratings typically ranging between single B to low investment grade. They typically have floating interest rates and are non-amortizing loans, meaning the entire principal value is typically paid in one lump sum on its maturity date, rather than amortized over its lifetime.***

***Private Funds and Vehicles. The Fund may invest in private funds and other investment vehicles that primarily invest in Infrastructure Loans or are otherwise consistent with the Fund's investment objectives and policies. Private Funds invest in the debt financings and equity (common and preferred) associated with infrastructure companies and infrastructure assets. Private Funds may invest in properties located outside of the United States.***

***Other. In certain circumstances or market environments, the Fund may reduce its investment in income-oriented infrastructure assets and hold a larger position in cash or cash equivalents.***

#### Selection of Private Funds
The Adviser follows certain general guidelines when reviewing and selecting Private Funds. The Adviser takes into consideration the following criteria, as applicable, when selecting the approved Managers: assets under management; length of time in the business; stability and depth of corporate management; stability and depth of investment management team; investment strategies, target returns and leverage limitations; investment process and research capacity; existing portfolio composition and valuation; structure of any Private Funds and tax considerations; historical performance and reputation; fees and expenses; conflicts policies; reporting and valuation policies/process; and investor rights and controls.

Although the Adviser will attempt to apply the guidelines consistently, the guidelines involve the application of subjective and qualitative criteria and, the selection of Private Funds is a fundamentally subjective process. The use of the selection guidelines may be modified or eliminated at the discretion of the Adviser. In addition, some Private Funds may be newly organized and have no, or only limited, operating histories. However, the Adviser typically will select Managers whose principals have substantial experience investing assets in income-oriented investments that provide exposure to infrastructure assets. There can be no assurance that the Adviser will be able to access Managers that can enable the Fund to meet its investment objectives.

Other than regulatory limitations applicable to a RIC, the Adviser is not bound by any fixed criteria in allocating assets to Private Funds. Private Funds have some flexibility to make investments in accordance with the market environment and employ leverage, as permitted within the operative documents for their investment vehicle. While the approved Private Funds have been reviewed and approved by the Adviser, there is no guarantee that any one Private Fund will receive an allocation of the Fund's assets for investment. When a Private Fund is selected, the allocation of assets may vary substantially for each. Additionally, there can be no assurance that a Private Fund will have the capacity to accept additional assets for management and there may be a delay in the acceptance of such an investment that may change the Fund's ability to utilize such approved Private Fund.

The current investment guidelines developed by the Adviser include a review of the Private Funds. In conducting this review, the Adviser will rely on its analysis and due diligence process for the selection of the appropriate Private Funds. The Adviser may engage research and consulting services to assist in the aggregation and review of due diligence materials for each of the Private Funds that it considers. In addition, the Adviser seeks to conduct a multi-step process to review and evaluate each potential Private Fund that includes: meetings, questionnaires, interviews, and reference calls. The goal of the due diligence process is to evaluate: (i) the background of the Manager's firm and its respective team; (ii) the infrastructure of the Manager's research, evaluation and investment procedures; (iii) the Manager's strategies and method of execution; (iv) the Manager's risk control and portfolio management processes; and (v) the differentiating factors that the Adviser believe give a Private Fund an advantage over other potential investment funds and Managers.

Once a Private Fund is selected, the Fund and the Adviser continue to review the investment process and performance of the Private Fund. The Adviser engages in the necessary due diligence to ensure that the Fund's assets are

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invested in Private Funds that provide reports that will enable them to monitor the Fund's investments as to their overall performance, sources of income, asset valuations and liabilities. The Adviser, subject to the repurchase policies of the Private Funds, may reallocate the Fund's assets among the Private Funds, redeem its investment in Private Funds, and/or select additional Private Funds.

#### Borrowing/Leverage
In pursuing its investment objective, the Fund (directly or indirectly, including through one or more Subsidiaries) intends to add leverage to its portfolio through borrowings, such as through bank loans or commercial paper and/or other credit facilities, or by utilizing reverse repurchase agreements and similar financing transactions, dollar rolls, and/or credit default swaps. The Fund currently intends to employ leverage through a secured credit facility to achieve its investment objectives and may consider other potential uses in the future. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to issue preferred shares or other types of senior securities to add leverage to its portfolio. The Fund's Board may authorize the issuance of preferred shares without the approval of shareholders. If the Fund issues preferred shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares will immediately be borne by the shareholders, and these costs and expenses may be significant. The Fund intends to utilize all forms of leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. By using leverage, the Fund seeks to obtain a higher return for holders of Shares than if the Fund did not use leverage. Leveraging is a speculative technique and the use of leverage involves increased costs and risk, including increased variability of the Fund's net income, distributions and net asset value in relation to market changes. There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed. The Fund may lose money through the use of leverage. See "*Risk Factors – Leverage Risk*." The Fund also may borrow money in order to repurchase its Shares, to facilitate investments or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions that otherwise might require untimely dispositions of portfolio securities held by the Fund.

As of the date of this prospectus, the Fund has a revolving credit agreement (the "Credit Facility") with Nomura Corporate Funding Americas, LLC (the "Lender"). The Credit Facility currently permits borrowings up to $75 million. The purpose of the Credit Facility is to provide working capital to the Fund to manage its liquidity needs. The Adviser also intends to use the Credit Facility as part of its leveraging strategy that seeks to enhance the Fund's returns. The Credit Facility has an interest rate equal to SOFR plus a 2.75% applicable margin per annum and if, on any day, the minimum utilization is below the minimum utilization percentage, a minimum utilization fee of 2.75% per annum of the amount the minimum utilization exceeds total outstanding borrowings. The Lender must provide notice to the Fund prior to terminating the Credit Facility. In the future, the Credit Facility may be replaced or refinanced by one or more credit facilities having substantially different terms or by the use of other forms of leverage.

#### RISK FACTORS
An investment in the Fund is subject to a high degree of risk. Risks of investing in the Fund, or an investment vehicle managed by Managers (as defined below) utilized by the Fund, include, but are not limited to, those outlined below. For purposes of this section, references to "the Adviser" should be read to include the Sub-Adviser and the Managers and references to "the Fund" should be read to include the Private Funds and the Subsidiaries, in each case as applicable. The principal risks of the Fund reflect the aggregate operations of the Fund and its Subsidiaries. You should consider carefully the risks before investing in the Shares. You may also wish to consult with your legal and tax advisors before deciding whether to invest in the Fund.

#### Infrastructure-Related Companies Risk
*General. The Fund intends to make direct and indirect investments in Infrastructure Loans, the equity and debt securities of infrastructure companies, or securities backed by infrastructure assets. As such, an investment in the Fund is subject to certain risks associated with the related ownership, use and operation of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and* 

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regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; disruptive weather and environmental effects; changes in energy prices; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; insurance costs and industry competition; technological developments and disruptions; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund. In many cases, the rates, or the fees charged to end users, that are charged by infrastructure assets are determined by regulators or through concession agreements with governments (*i.e.*, agreements between a government and a private company in which the company is granted rights to operate, maintain, or develop specific assets for an agreed-upon period in exchange for fees), and long-term contracts. Owners of such assets in many cases have the ability to increase such rates or fees in connection with inflation, economic growth, or otherwise. Many of these factors could adversely affect an infrastructure company's ability to meet its obligations under any Infrastructure Loan the Fund holds or in which it otherwise holds an investment interest (including its ability to make timely payments of interest and principal or repay its loans when due), or the value of any equity interest in which the Fund invests in such infrastructure company or any infrastructure asset and thereby cause the value of infrastructure investments to decline and negatively affect the Fund's returns. Specifically, such risks include, but are not limited to the following:

*Regulatory Risks. Government authorities at all levels are actively involved in the promulgation and enforcement of regulations relating to matters affecting the ownership, use and operation of infrastructure assets. The institution and enforcement of such regulations could have the effect of increasing the expenses, and lowering the income or rate of return, as well as adversely affecting the value, the Fund.* 

Many of the infrastructure investments may be subject to varying degrees of statutory and regulatory requirements, including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Such investments may require numerous regulatory approvals, licenses and permits to commence and continue their operations. Failure to obtain or a delay in obtaining relevant permits or approvals could hinder construction or operation and could result in fines or additional costs for an infrastructure company, loss of such rights to operate the affected business, or both, which in each case could have a material adverse effect on the investments. Where an infrastructure company's ability to operate a business is subject to a concession or lease from the government, the concession or lease may restrict its ability to operate the business in a way that maximizes cash flows and profitability. The impact of these requirements on an infrastructure company, and therefore on the Fund, may be complicated by the fact that such infrastructure company may operate in multiple jurisdictions.

Adoption of new laws or regulations, or changes in interpretations of existing ones, or any of the other regulatory risks mentioned above could have a material adverse effect on an investment and on the Fund's ability to meet its investment objectives.

*Operating and Technical Risks. Infrastructure investments may be subject to operating and technical risks, including risk of mechanical breakdown, failure to perform according to design specifications, labor and other work interruptions, and other unanticipated events that adversely affect operations. There can be no assurance that any or all such risk can be mitigated. An operating failure may lead to loss of a license, concession or contract on which an investment may depend.* 

The long-term profitability of an infrastructure project, once constructed, is partly dependent upon efficient operation and maintenance of the assets. Inefficient operations and maintenance and, in certain infrastructure sectors, latent defects in infrastructure assets may adversely affect the financial returns of the Fund.

*Government Contract Risk. To the extent that the Fund gains exposure to infrastructure assets that are governed by concession agreements with governmental authorities (i.e., agreements between a government, whether at the national, state, local, district or other level, and a private company in which the company is granted rights to operate, maintain, or develop specific assets for an agreed-upon period in exchange for fees), there is a risk that these authorities may not be able to or may choose not to honor their obligations under such agreement, especially over the long term.* 

Government leases or concessions may also contain clauses more favorable to the government counterparty than would a typical commercial contract. For instance, a lease or concession may enable the government to terminate the lease or concession in certain circumstances without requiring it to pay adequate compensation. In addition, government counterparties also may have the discretion to change or increase regulation of an issuer's or Private Fund's operations, or implement laws or regulations affecting such issuer's or fund's operations, separate from any contractual

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rights they may have. Governments have considerable discretion in implementing regulations that could impact infrastructure assets, and because infrastructure businesses provide, in many cases, basic, everyday services, and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect the infrastructure investments.

*Capital Expenditures. There is a risk that unforeseen factors may require capital expenditures in excess of forecasts and a risk that new or additional regulatory requirements, safety requirements or issues related to asset quality and integrity may result in the need for additional capital expenditure for refurbishment, reinforcement or replacement of infrastructure assets.* 

*Demand and User Risk. The revenue generated by infrastructure and infrastructure-related assets may be impacted by the demand of users or the number of users for the products or services provided by such assets (for example, traffic volume on a toll road). Demand for infrastructure assets may also be subject to seasonal variations. Any reduction in demand and/or the number of users may negatively impact the financial condition of an infrastructure company.* 

*Commodity Price Risk: The operation and cash flows of infrastructure assets may depend, in some cases to a significant extent, upon prevailing market prices for energy commodities. Historically, the markets for oil, gas, coal and power have been volatile. This volatility is likely to continue in the future and be beyond the control of an infrastructure company or the Fund.* 

*Lack of Liquidity of Infrastructure Assets. Although infrastructure assets may generate some current income, they are expected to be generally illiquid. In addition, public sentiment and political pressures may affect the ability of the Fund to foreclose upon any infrastructure assets securing any Infrastructure Loan or otherwise sell one or more of its infrastructure investments.* 

*Litigation Risk. Infrastructure assets are often governed by a complex series of legal documents and contracts. As a result, the risks of a dispute over interpretation or enforceability of the documentation and consequent costs and delays may be higher for infrastructure companies than for companies in other industries. In addition, an infrastructure company may be subject to claims by third parties (either public or private), including environmental claims, legal action arising out of acquisitions or dispositions, workers' compensation claims and third-party losses related to disruption of the provision of infrastructure services. Further, it is not uncommon for infrastructure assets to be exposed to legal action from special interest groups seeking to impede particular infrastructure projects to which they are opposed. If any of the infrastructure assets underling the Fund's investments become involved in material or protracted litigation, the litigation expenses and the liability threatened or imposed could have a material adverse effect on the infrastructure company or the infrastructure asset.* 

*Project Finance. Some infrastructure investments may be structured on a project finance basis. A project finance structure entails the assumption of "project risk" by equity investors, usually without recourse to a project sponsor. Such risk can include many, if not all of the risks discussed in this "Risk Factors" section. Some investments may relate to projects and facilities at an early stage of development. These projects involve additional uncertainties, including the possibility that the projects may not be completed, operating licenses may not be obtained, and permanent financing may be unavailable.* 

*Follow-On Investments. An infrastructure investor may be called upon to provide additional funding for an infrastructure investment or have the opportunity to increase such an investment. There can be no assurance that an issuer or Private Fund in which the Fund invests will wish to make follow-on investments or that it will have sufficient funds to do so. Other investors in infrastructure investments in which the Fund has a direct or indirect interest may decline to fund their pro rata share of any such follow-on investments. Any decision by an issuer or Private Fund or a co-investor not to make a follow-on investment or their inability to make them may have a substantial negative impact on such an infrastructure investment in need of further investment or may diminish the issuer or Private Fund's ability to influence the investments future development.* 

#### Debt Securities and Related Investments Risk
The Fund intends to invest in infrastructure debt securities, including but not limited to senior secured debt, subordinated debt, term loan B facilities, 144A project financings, senior loans, mezzanine debt, B-notes, agency debt and other infrastructure-related debt. In addition to risks generally associated with debt securities and related investments (*e.g.*, credit risk, interest rate risk), the Fund's infrastructure debt securities are subject to other risks. Certain factors may affect materially and adversely the market price and yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy and domestic or worldwide

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economic conditions. The Fund may invest in debt securities that are unrated, or, if rated, below investment grade (commonly referred to as "high yield" securities or "junk bonds"), and whether or not rated, the debt securities may have speculative characteristics. In addition, there may be transfer restrictions on the private debt securities or, if applicable, the secondary market on which such debt securities are traded may be less liquid than the market for investment-grade securities, meaning such debt securities are subject to greater liquidity risk than investment-grade securities, and it may be more difficult to hedge against the risks associated with such debt securities. Debt securities are regarded as predominantly speculative with respect to an infrastructure company's capacity to pay interest and repay principal in accordance with the terms of its obligations and involve risk exposure to adverse market and other financial conditions.

Investments of the Fund in the form of private debt securities generally are expected to be held for the duration of their term. While from time to time the Fund may seek to exit an investment prior to maturity, investments are likely to be relatively illiquid. The Fund's ability to dispose of investments in such situations may be constrained by a general shortage of local capital and the absence of interest from third parties who may be seeking to acquire the debt securities and any such exit or disposal may be at a discount.

#### Loans and Loan-Related Investments Risk
In addition to risks generally associated with debt securities and related investments (*e.g.*, credit risk, interest rate risk), loans and loan-related investments, including loan participations and assignments, are subject to other risks. Although a loan obligation may be fully collateralized at the time of origination or acquisition, the collateral may subsequently decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value. Many loans and loan-related investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower.

There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. Loans are subject to the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of the loan. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's performance could be adversely affected. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower's obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting the Fund to costs associated with owning and disposing of the collateral.

The Fund may not be entitled to rely on the anti-fraud protections of the federal securities laws in connection with its loan-related investments, although it may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's repurchase obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from a credit facility, if necessary to raise cash to meet its obligations. During periods of heightened repurchase activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available).

The Fund may invest in loans in any part of the capital structure. Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade (commonly referred to as "high yield" securities or "junk bonds"). Second lien loans are subordinated to the security interest of the senior lender or unsecured, and thus lower in priority of payment to senior loans, and are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower, have greater price volatility, and may be less liquid. Unsecured loans will not benefit from any interest in collateral of the borrower. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its

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outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund.

The Fund may have difficulty disposing of loans and loan participations because to do so it will have to assign or sell such securities to a third party. Because there is no liquid market for many such securities, the Fund anticipates that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and the Fund's ability to dispose of particular loans and loan participations when that would be desirable, including in response to a specific economic event such as a deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for loans and loan participations also may make it more difficult for the Fund to assign a value to these securities for purposes of valuing the Fund's portfolio.

Generally, loans have the benefit of covenants that impose restrictions and obligations on the borrower, including, in some cases, restrictions on ability of the borrower to further encumber its assets. "Covenant-lite" agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (*e.g.*, issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.

#### Loan Assignment and Participation Risk
The Fund may purchase loan assignments and participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral and may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest. Because assignments may be arranged through private negotiations, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could have a partial ownership interest in any collateral and could bear the costs and liabilities of owning and disposing of the collateral. In connection with purchasing participations, the Fund generally will not have any right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. The Fund may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower). As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

#### Second Liens and Subordinated Loans
The Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights the Fund may have with respect to the collateral securing the loans the Fund makes to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement

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proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund rights are adversely affected.

#### Unitranche Loans
The Fund may invest in unitranche loans. Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the "first out" tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the "last out" tranche, which is generally paid after the "first out" tranche is paid. The Fund intends to participate in "first out" and "last out" tranches of unitranche loans and make single unitranche loans.

#### Liquidity Risk
Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration under the Securities Act.

Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than the prevailing price when it decided to sell. The Fund may be unable to sell restricted and other illiquid securities at the most opportune times or at attractive prices or at prices approximating the value at which it purchased such securities. The Fund's portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability.

Additionally, the Fund's repurchase process could involve substantial complications and delays, as the ability of the Fund to honor repurchase requests is dependent in part upon the Fund's ability to make withdrawals from Private Funds which may be delayed, suspended altogether or not possible because, among other reasons, (i) many Private Funds permit withdrawals only on an infrequent basis, which timing is not likely to coincide with the repurchase dates of the Fund, (ii) some Private Funds may impose limits (known as "gates") on the aggregate amount that a shareholder or all shareholders in the Private Fund may withdraw on any single withdrawal date, and (iii) the Private Funds' portfolios may include investments that are difficult to value and that may only be able to be disposed of at substantial discounts or losses.

In addition, the Fund's interests in the Private Funds will likely be subject to substantial restrictions on transfer. The Fund may liquidate an interest and withdraw from a Private Fund pursuant to limited withdrawal rights. Some Private Funds may subject the Fund to a lockup period or otherwise suspend the repurchase rights of their shareholders, including the Fund, from time to time. Further, Private Fund managers may impose transfer restrictions on the Fund's interests. There may be no secondary market for the Fund's interests in the Private Funds. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time. Overall, the types of restrictions on investments by the Private Funds affect the Fund's ability to invest in, hold, vote the shares of, or sell the Private Funds. Furthermore, the Fund, upon its withdrawal of all or a portion of its interest in a Private Fund, may receive an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of. The Adviser may also invest directly in other private securities that they may not be able to sell at the Fund's current carrying value for the securities. In addition, the Subsidiaries are expected to invest in illiquid assets, and the Fund's investments in such entities will be illiquid. The Subsidiaries may be unable to sell their assets, or be forced to sell them at reduced prices. The Fund also may invest directly in other private securities that it may not be able to sell at the Fund's current carrying value for the securities. The illiquidity of these securities may adversely affect the Fund.

#### Leverage Risk
There are significant risks associated with borrowings and leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Investors in the Fund should consider the various risks of leverage, including, without limitation, the risks described below. There is no assurance that a leveraging strategy would be successful.

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Leverage involves risks and special considerations for shareholders including:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of greater volatility of NAV of the Shares, and of the investment return to shareholders, than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that fluctuations in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of leverage in a declining market or a rising interest rate environment, which would likely cause a greater decline in the NAV of the Shares than if the Fund were not leveraged;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for an increase in operating costs, which may reduce the Fund's total return; and

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility either that dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Shares will fluctuate because such costs vary over time.

In the event that the Fund would be required to sell assets at a loss, including in order to redeem or pay off any borrowing, such a sale would reduce the Fund's NAV and may make it difficult for the NAV to recover. The Fund nevertheless may continue to use leverage if the Adviser expects that the benefits to the shareholders of maintaining the leveraged position likely would outweigh a resulting reduction in the current return.

Certain types of borrowings by the Fund would result in the Fund being subject to covenants in credit agreements relating to asset coverage and Fund composition requirements that are more stringent than those currently imposed on the Fund by the Investment Company Act. In addition, borrowings by the Fund may be made on a secured basis. The Fund's Custodian will then either segregate the assets securing the Fund's borrowings for the benefit of the Fund's lenders or arrangements will be made with a suitable sub-custodian. If the assets used to secure a borrowing decrease in value, the Fund may be required to pledge additional collateral to the lender in the form of cash or securities to avoid liquidation of those assets. In the event of a default, the lenders will have the right, through the Fund's Custodian, to liquidate the Fund's assets, which may include redemption of the Fund's investments in underlying Private Funds, without consideration of whether doing so would be in the best interests of the Fund's shareholders. The rights of any lenders to the Fund to receive payments of interest on and repayments of principal of borrowings will be senior to the rights of the Fund's shareholders, and the terms of the Fund's borrowings may contain provisions that limit certain activities of the Fund and could result in precluding the purchase of instruments that the Fund would otherwise purchase.

The use of leverage involves financial risk and would increase the exposure of the Fund's investment returns to adverse economic factors such as rising interest rates, downturns in the economy or deterioration in the condition of the investments. There would be a risk that operating cash flow available to the Fund would be insufficient to meet required payments and a risk that it would not be possible to refinance existing indebtedness or that the terms of such refinancing would not be as favorable as the terms of existing indebtedness. Borrowings by the Fund may be secured by any or all of the assets of the Fund, with the consequences that the Fund may lose more than its equity stake in any one investment, and may lose all of its capital.

Interest or other expenses payable by the Fund with respect to its borrowings generally will be based on shorter-term interest rates that would be periodically reset. So long as the Fund's portfolio investments provide a higher rate of return (net of applicable Fund expenses) than the interest rates and other costs to the Fund of such leverage, the investment of the proceeds thereof will generate more income than will be needed to pay the costs of the leverage. If so, and all other things being equal, the excess may be used to pay higher dividends to shareholders than if the Fund were not so leveraged. If, however, shorter-term interest rates rise relative to the rate of return on the Fund's portfolio, the interest and other costs of leverage to the Fund (including interest expenses on borrowings) could exceed the rate of return on the investments held by the Fund, thereby reducing return to shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the shareholders and will reduce the investment return of the Shares. Therefore, there can be no assurance that the Fund's use of leverage will result in a higher yield on the Shares, and it may result in losses.

The Fund may engage in borrowing for investment and/or cash management purposes through use of a secured credit facility. In addition, the VCRDX Subsidiary and the Private Funds in which the Fund invests may also utilize leverage. The Private Funds may be able to borrow, subject to the limitations of their charters and operative documents. While leverage presents opportunities for increasing the Fund's, VCRDX Subsidiary's, or a Private Fund's total return, it has the effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed

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funds are less than the required interest payments on the borrowings, the value of the Fund, the VCRDX Subsidiary, or a Private Fund will decrease. Additionally, any event which adversely affects the value of an investment by the Fund, the VCRDX Subsidiary, or a Private Fund would be magnified to the extent the Fund, the VCRDX Subsidiary, or such Private Fund is leveraged. Furthermore, because the Private Funds may themselves incur higher level of leverage than that which the Fund is permitted, the Fund could be effectively leveraged in an amount far greater than the limit imposed by the Investment Company Act.

The cumulative effect of the use of leverage by a Private Fund in a market that moves adversely to such Private Fund's investments could result in a substantial loss which would be greater than if the Private Fund were not leveraged.

To the extent the Fund issues preferred shares, the Fund's assets attributable to any outstanding preferred shares or other forms of leverage, if any, will be invested in accordance with the Fund's investment objectives and policies as described herein. Dividends payable with respect to any preferred shares outstanding and interest expense payable by the Fund with respect to any other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund's portfolio, the interest and other costs to the Fund of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Fund shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by Fund shareholders (and not by preferred shareholders, if any) and will reduce the investment return of the Shares. Therefore, there can be no assurance that the Fund's use of leverage will result in a higher yield on the Shares, and it may result in losses. In addition, any preferred shares issued by the Fund are expected to pay cumulative dividends, which may tend to increase leverage risk.

The Fund's use of leverage will include investing in reverse repurchase agreements. Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund. There is no assurance that reverse repurchase agreements can be successfully employed.

#### Interval Fund Risk
The Fund is a closed-end investment company that provides limited liquidity through quarterly repurchase offers under Rule 23c-3 under the Investment Company Act and is designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly-traded. There is currently no secondary market for the Shares and the Fund expects that no secondary market will develop. Shares are subject to substantial restrictions on transferability and may only be transferred or resold in accordance with the Declaration of Trust, By-Laws and the Fund's repurchase policy. Shareholders should not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. Even though the Fund will offer to repurchase Shares on a quarterly basis, there is no guarantee that shareholders will be able to sell Shares at any given time or in the quantity desired. An investment in the Fund is considered an illiquid investment and the Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment.

In general, limited liquidity is provided to shareholders only through the Fund's quarterly Repurchase Offers for not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. There is no guarantee that shareholders will be able to sell all of the Shares they desire in a quarterly Repurchase Offer. The Fund's Repurchase Offers may be oversubscribed. In the event of oversubscription, the Fund may repurchase shares on a pro rata basis. Because of the potential for proration, some shareholders might tender more shares than they wish to have repurchased in order to ensure the repurchase of specific number of Shares. Additionally, in certain instances such Repurchase Offers may be suspended or postponed by a vote of a majority of the Board, including a vote by a majority of the Independent Trustees, as permitted by the Investment Company Act and other laws. See "Quarterly Repurchases of Shares."

#### Unsecured Loans
The Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the

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Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the borrower's remaining assets, if any.

#### Valuation Risk
The value of the Fund's investments will be difficult to ascertain, and the valuations provided in respect of the Private Funds, Subsidiaries, private debt investments and other private securities will likely vary from the amounts the Fund would receive upon withdrawal, realization or other disposition of these investments. While the value of the Fund's publicly-traded securities is more readily ascertainable, the Fund's ownership interest in Private Funds, Subsidiaries, private debt investments and other private securities that are not publicly traded will depend on appraisers, pricing agents and other service providers, Arrangers and Managers to provide a valuation, or assistance with a valuation, of the Fund's investment. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide only an estimate of value.

The process of valuing the Fund's private debt investments and other private investments for which reliable market quotations are not available is based on inherent uncertainties. Price estimates and other valuation information from third parties may at times be unavailable or unreliable. In particular, valuations of the Fund's privately-issued debt investments backed by infrastructure assets may fluctuate over short periods of time depending on the nature of the asset. Pricing may be based on valuation ranges as opposed to specific price estimates and the Adviser may seek to fair value such investments using inputs such as comparable public market valuations, comparable transaction prices, discounted cash flow analyses, assessments of borrower credit quality and other financial or other relevant information. The Fund's determination of fair value may differ materially from the values that would have been used if a liquid trading market for these securities existed. The Fund's NAV could be adversely affected if the determinations regarding the fair value of its private debt investments and other private investments were materially higher than the values that the Fund ultimately realizes upon the disposition of such investments.

The Adviser will be dependent on valuation or other information provided by the Private Funds and Managers about the value of the Fund's investment in the Private Funds. Such valuations may be based on fair valuation procedures and may prove to be inaccurate, which could adversely affect the Adviser's ability to accurately value the Fund's Shares. The Adviser may attempt to assess material differences between valuations reported by a Manager and the fair value as previously determined by the Adviser by seeking information from the Manager and reviewing all relevant available information. Such review may result in a determination to change the fair value of the Fund's investment.

In addition, the valuations of the Fund's investments in Private Funds, private debt investments and other private securities are subject to later adjustment or revision. If the Fund's NAV is adjusted after a shareholder receives their Shares upon purchase or receives repurchase proceeds in a repurchase offer, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the shareholder in a purchase or a shareholder's repurchase proceeds in a repurchase offer.

Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a Manager as of a specific date, may vary from the fair value of the investment that may be obtained if such investment were sold to a third party. As a result, the NAV of the Fund, as determined based on the fair value of its investments in Private Funds, may vary from the amount the Fund would realize on the withdrawal of its investments from the Private Funds. Shareholders in the Fund have no individual right to receive information about the Private Funds or the Managers, will not be shareholders in the Private Funds, and will have no rights with respect to or standing or recourse against the Private Funds, Managers, or any of their respective affiliates.

Shareholders should be aware that the situations involving uncertainties as to the valuation of the investments of the Fund could have an adverse effect on the NAV of the Fund if the judgments of the Adviser regarding appropriate valuations should prove incorrect. The Adviser faces conflicts of interest in assisting with the valuation of the Fund's investments, as the value of the Fund's investments will affect the Adviser's compensation. Accordingly, there can be no assurance that the stated NAV of the Fund, as calculated based on such valuations, will be accurate on any given date, nor can there be any assurance that the sale of any investment would be at a price equivalent to the last estimated value of such investment. If at any time the stated NAV of the Fund is lower than its true value, those investors who have their

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Shares repurchased at such time will be underpaid and investors who retain their Shares would be adversely affected if more Shares were to be issued at the low price than are repurchased at that price. Conversely, if the Fund's stated NAV is higher than its true value, those investors who purchase Shares at such time will overpay, and if repurchases of Shares based on a high stated NAV were to exceed purchases of Shares at that value, investors who do not have their Shares repurchased will be adversely affected. In addition, investors would be adversely affected by higher fees payable to the Adviser if the gross asset value of the Fund is overstated.

#### Credit Risk
The credit quality of securities held by the Fund can change rapidly in certain market environments, particularly during times of market volatility, and the default of a single holding could cause significant NAV deterioration. An issuer or guarantor of debt securities or the borrowers on a loan (or a borrower or counterparty to a repurchase agreement or reverse repurchase agreement) may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms and/or may go bankrupt. These risks are more pronounced in connection with the Fund's investments in non-investment grade fixed income securities. The Fund's returns would be adversely impacted if a borrower becomes unable to make such payments when due. Although the Fund will make investments that the Adviser believes are secured by specific collateral the value of which may initially exceed the principal amount of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Certain of the Fund's investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, the borrower's ability to repay the principal of an investment may be dependent upon a liquidity event or the long-term success of the borrower, the occurrence of which is uncertain.

#### Loan Origination Risk
The Fund may originate loans, including, without limitation, Infrastructure Loans issued directly to infrastructure companies or in connection with projects focused on the management, development, construction, renovation, enhancement, maintenance, and/or operation of infrastructure assets. Loans originated by the Fund may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. The Fund may originate loans to public or private entities of all types, including loans to U.S. and non-U.S. governmental entities or loans issued in connection with projects authorized or sponsored by such entities. The Fund may originate loans to borrowers that are unrated or have credit ratings that are determined by one or more NRSROs and/or the Adviser to be below investment grade. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. Bridge loans are generally made with the expectation that the borrower will be able to obtain permanent financing in the near future. Any delay in obtaining permanent financing subjects the bridge loan investor to increased risk. A borrower's use of bridge loans also involves the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

A significant portion of the Fund's investments may be originated, although the Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to Fund shareholders. After origination, the Fund may offer such investments for sale to third parties; however, there is no assurance that the Fund will complete the sale of any such investment. If the Fund is unable to sell, assign, or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investments being concentrated in certain borrowers. The Fund will be responsible for the fees and expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be borne by the Fund and indirectly borne by the shareholders.

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The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Loan origination subjects the Fund to risks associated with debt instruments more generally, including credit risk, prepayment risk, valuation risk, and interest rate risk. Competition for originations of and investments in the Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate desired returns. In addition, as a result of this competition, desirable investments in the Fund's target investments may be limited in the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can provide no assurance that the Adviser and/or the Sub-Adviser will be able to identify and make investments that are consistent with its investment objectives. In addition, the Fund may originate certain of its investments with the expectation of later syndicating a portion of such investment to third parties. Prior to such syndication, or if such syndication is not successful, the Fund's exposure to the originated investment may exceed the exposure that the Adviser and/or the Sub-Adviser intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

Loan originators are subject to certain state law licensing and regulatory requirements and loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations, regulatory actions, or private lawsuits may adversely affect such companies' financial results. To the extent the Fund engages in loan origination and/or servicing, the Fund will be subject to enhanced risks of litigation, regulatory actions, and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties, or other charges, any or all of which could materially adversely affect the Fund and its holdings.

#### Access Risk
The Adviser is reliant on its relationships with Arrangers in connection with the Adviser's management of the Fund. To the extent the Adviser is unable to develop or maintain relationships with qualified Arrangers, the Adviser may have difficulty ensuring the Fund's access to suitable investment opportunities. On an ongoing basis, it cannot be certain that the Adviser and/or the Arrangers will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment strategy. In addition, privately negotiated investments in loans and illiquid securities of private companies require substantial due diligence and structuring, and the Fund may not be able to achieve its anticipated investment pace. These factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

#### High Yield Securities Risk
High yield securities (commonly referred to as "junk bonds") are below investment grade debt securities or comparable unrated securities and are considered predominantly speculative. Lower rated and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. The issuers of high yield securities may be more adversely affected than issuers of higher rated securities by specific corporate or governmental developments or the issuers' inability to meet specific projected business forecasts. Changes in economic conditions are more likely to lead to a weakened capacity for the issuers of these securities to make principal payments and interest payments. The amount of high yield securities outstanding has proliferated as an increasing number of issuers have used high yield securities for corporate financing. An economic recession could disrupt the market for high yield securities and may have an adverse impact on the value of such securities. An economic downturn also could adversely affect the ability of leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the Fund's NAV to the extent that it invests in such securities. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer.

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The secondary market for high yield securities is not usually as liquid as the secondary market for more highly rated securities, a factor that may have an adverse effect on the Fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these and other circumstances, may be less than the prices used in calculating the Fund's NAV.

Since investors generally perceive that there are greater risks associated with lower quality debt securities, the yields and prices of such securities tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility.

#### Asset-Backed Securities Risk
Asset-backed securities represent interests in "pools" of loans or other assets and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Some asset-backed securities are subject to interest rate risk and prepayment risk. A change in interest can affect the pace of payments on the underlying loans, which in turn affects total return on the securities. Asset-backed securities also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an asset-backed securities. In addition, asset-backed securities have structural risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most asset-backed securities are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment.

#### Derivatives Risk
To the extent the Fund or the Subsidiaries enter into derivatives transactions (such as forward contracts and credit default swaps), the Fund may be exposed risks different from, or greater than, the risks associated with investing in more traditional investments. Any use of derivatives strategies entails the risks of investing directly in the securities or instruments underlying the derivatives strategies, as well as the risks of using derivatives generally. Derivatives can be highly complex and may perform in ways unanticipated by the Adviser and may not be available at the time or price desired. Entering into derivatives contracts involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. In the event the counterparty to a derivative instrument defaults and/or becomes insolvent, the Fund potentially could be significantly delayed in recovering and/or lose all or a large portion of the value of its investment in the derivative instrument. Derivatives transactions can also expose the Fund to other risks, including leverage risk, market risk, liquidity risk and regulatory risk.

#### Environmental and Unforeseen Liabilities Risk
The Fund could face substantial risk of loss from claims based on environmental problems associated with the real assets underlying the Fund's investments, including claims in connection with adverse effects from global climate change. For example, persistent wildfires, a rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause assets to lose value or become unmarketable altogether. Furthermore, changes in environmental laws or in the environmental condition of an asset may create liabilities that did not exist at the time of the acquisition of such investment by the Fund and that could not have been foreseen. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such environmental condition. In addition, divestment trends tied to concerns about climate change could also adversely affect the value of certain assets.

In addition to the risk of environmental liability attaching to an investment, it is possible that investments acquired by the Fund could be affected by undisclosed matters. In respect of acquired land, the Fund's investment in an entity that owns such land could be affected by undisclosed matters such as legal easements, leases and all charges on property that have been registered and all charges that the acquiring entity is or should have been aware of at the time of the acquisition. Liability could also arise from the breaches of planning legislation and building regulations. Undisclosed breaches of other statutory regimes such as health and safety, fire and public health legislation, could also give rise to

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liability. The property owner could also be liable for undisclosed duties payable to municipalities and counties as well as public claims deriving from supply to the property of water, electricity and other utilities and services (i.e., undisclosed liabilities). It is therefore possible that the Fund could acquire an investment affected by such matters, which may have a material adverse effect on the value of such investments.

#### Inflation/Deflation Risk
Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Inflation, and investors' expectation of future inflation, can impact the current value of portfolio investments, resulting in lower asset values and losses to Fund investors. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund shareholders or adversely affect the real value of investments in the Funds. Deflation risk is the risk that the prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

#### Interest Rate Risk
A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds to rise (*e.g.*, central bank monetary policies, inflation rates, general economic conditions, reduced market demand for low yielding investments, etc.). In recent years, the U.S. Federal Reserve and other central banks have raised interest rates from historically low levels, resulting in rising interest rates across the financial system. These central banks may continue to increase interest rates or, alternatively, decrease them as inflationary and market conditions change. Interest rate increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

#### Reliance on Key Persons Risk
The Fund relies on the services of certain executive officers who have relevant knowledge of the investments in which the Fund may invest and familiarity with the Fund's investment objectives, strategies and investment features. The loss of the services of any of these key personnel could have a material adverse impact on the Fund.

#### Fund Capitalization Risk
There is a risk that the Fund may not continue to raise capital sufficient to maintain profitability and meet its investment objectives. An inability to continue to raise capital may adversely affect the Fund's diversification, financial condition, liquidity and results of operations, as well as its compliance with regulatory requirements and tax diversification requirements.

#### Business and Regulatory Risks
Legal, tax and regulatory changes (including laws and regulations relating to registered funds, the securities and derivatives markets, taxation of the Fund's investments, trade barriers and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances, may adversely affect the Fund. These factors may affect, among other things, the level of volatility of the prices of securities and infrastructure assets, the liquidity of the Fund's investments, and the availability of certain securities and investments. Volatility or illiquidity could impair the Fund's returns or result in significant losses. To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of loans. Additionally, the securities markets are subject to comprehensive statutes and regulations and the regulatory environment for Private Funds and registered funds is evolving. In November 2022, the SEC proposed rule amendments

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which, among other things, would amend the liquidity rule framework for open-end funds. While the proposal is not directly applicable to the Fund, if the rule amendments are adopted as proposed, they could have a negative impact on the market for loans. The nature and extent of the proposal's impact will not be known unless and until any final rulemaking is adopted.

Changes in the regulation of registered funds, securities markets or Private Funds may adversely affect the value of investments held by the Fund and the ability of the Fund to pursue successfully its investment strategy. The effect of any future regulatory change on the Fund could be substantial and adverse.

Recent technological developments in, and the increasingly widespread use of, AI Technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI Technologies. As AI Technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI Technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

#### Diversification Risk
The Fund is a "non-diversified" management investment company under the Investment Company Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a "diversified" management investment company. Accordingly, the Fund may be subject to greater risk with respect to its portfolio securities than a "diversified" fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of its interests.

#### Private Funds Risk
The Private Funds will not be subject to the Investment Company Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to shareholders under the Investment Company Act. These protections include, among others, certain corporate governance standards, such as the requirement of having a certain percentage of the directors serving on a board as independent directors, statutory protections against self-dealing by the Managers, and leverage limitations, and investment restrictions. Further, the Fund's investments in Private Funds may be subject to heightened valuation, safekeeping, liquidity, and regulatory risks.

The Private Funds are not subject to the same investment limitations as the Fund and may have different and contrary investment limitations and other policies. Unlike registered investment companies, the Private Funds currently are not obligated by regulations or law to disclose publicly the contents of their portfolios. As such, the Fund has limited visibility into the underlying investments of the Private Funds, and is dependent on information provided by the Managers. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with regulations applicable to the Fund, may result in style drift, and ultimately may limit the universe of Private Funds in which the Fund can invest.

The Manager of a Private Fund may draw down on the Fund's capital commitment all at once or in a series of capital calls. The portion of the Fund's commitment to a Private Fund that has not been called is referred to as an "unfunded commitment." The Fund may have a contractual obligation to provide capital to meet its unfunded commitment when the Manager draws upon the commitment. At the time the Fund enters into an unfunded commitment, it must have a reasonable belief that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they come due. Under certain circumstances, this requirement could reduce the Fund's flexibility to make investments in Private Funds and the Fund may be required to hold a substantial amount of its assets in money market securities, cash or cash equivalents, possibly for prolong periods of time; liquidate portfolio securities at an inopportune time; or borrow under a line of credit. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser's strategy.

The Fund may also be required to indemnify certain of the Private Funds from any liability, damage, cost or expense arising out of breaches of representations and warranties included in the Private Fund's subscription documents and certain acts or omissions relating to the offer or sale of the Fund's Shares. In addition, Private Funds may have indemnification obligations to the respective service providers they employ, which may result in increases to the fees and expenses for such Private Funds.

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Prohibitions contained in the Investment Company Act on certain transactions between a registered investment company and its affiliated persons, or affiliated persons of those affiliated persons, restrict the Fund from investing in Private Funds sponsored or managed by the Adviser or its affiliates. In general, the Fund seeks to limit its investment in any one Private Fund to less than 25% of the Fund's assets. The Fund may invest substantially all of its assets in non-voting securities of Private Funds. To the extent the Fund holds non-voting securities of, or contractually foregoes the right to vote in respect of, a Private Fund (which it intends to do in order to avoid being considered an affiliated person of a Private Fund within the meaning of the Investment Company Act), it will not be able to vote to the full extent of its economic interest on matters that require the approval of the investors of the Private Fund, including a matter that could adversely affect the Fund's investment, such as changes to the Private Fund's investment objective or policies or the termination of the Private Fund. Notwithstanding these waivers and limitations, the Fund may nevertheless be considered, under certain circumstances, to be an affiliate of a Private Fund. As such, the Fund might be subject to limitations imposed by the Investment Company Act on purchasing more interests in, or redeeming its interests from, such Private Fund, even if the additional investment or redemption would be beneficial to the Fund.

By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by a Private Fund. Performance fees may create an incentive for a Manager to make investments that are riskier or more speculative than those it might have made in the absence of a performance fee, which may result in losses. In the aggregate, these fees might exceed the fees that would typically be incurred by a direct investment with a single Private Fund.

The Fund's investments in Private Funds are priced according to their fair value, as determined in good faith by the Adviser. These valuations are based on estimates, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Adviser and the net asset value of the Fund's shares. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if readily available market values were available for all of the Fund's investments.

Investment in Private Funds carries the risk of loss due to Private Funds' fraud, intentional or inadvertent deviations from a predefined investment strategy (including excessive concentration, directional investing outside of predefined ranges, excessive leverage or new capital markets), or poor judgment. During the lifetime of the Fund, there could be material changes in one or more Private Funds, including changes in control and mergers. The effect of such changes on a Private Fund cannot be predicted but could be material and adverse. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any such changes, resulting in substantial losses from risks of Private Funds.

#### Rule 144A Securities Risk
The Fund may invest in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the Securities Act. Rule 144A securities may be deemed illiquid, although the Fund may determine that certain Rule 144A securities are liquid.

#### Privately Placed Securities Risk
The Fund may invest in non-exchange traded securities, including privately placed securities, which are subject to liquidity and valuation risks. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer's financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund's assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delay in effecting registration.

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#### Preferred Securities Risk
The Fund may invest in preferred shares of other issuers. Preferred shares are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common shareholders, but after bond holders and other creditors. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed (or floating) dividend payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund's fixed income securities. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock. In addition, the terms of preferred shares often do not include covenants that impose restrictions and obligations on the borrower to the degree that a lender may impose in connection with a loan. Investments in preferred stock present market and liquidity risks. The value of a preferred stock may be highly sensitive to the economic condition of the issuer, and markets for preferred stock may be less liquid than the market for the issuer's common stock.

Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or noncumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

#### Equity Securities Risk
Common and preferred stocks represent equity ownership in a company. The prices of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. Stock markets are volatile and the value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

Investments in preferred stocks may also be subject to additional risks. For example, preferred stocks sometimes include provisions that permit the issuer to defer distributions for a period of time. When distributions are deferred, the Fund may be required to recognize income for tax purposes in excess of distributions received by the Fund. In addition, shareholder rights in preferred stocks often differ from shareholder rights in common stocks. There may be limited or no voting rights for preferred shareholders, and the issuer may have the right to redeem preferred stock without consent of preferred stock shareholders. Preferred securities may also be substantially less liquid than other equity securities and, therefore, may be subject to greater liquidity risk.

#### Municipal Securities Risk
The Fund may invest in municipal securities issued by states, local municipalities, territories and possessions of the United States and the District of Columbia. The value of municipal securities can be affected by changes in their actual or perceived credit quality. The credit quality of municipal securities can be affected by, among other things, the financial condition of the issuer or guarantor, the issuer's future borrowing plans and sources of revenue, the economic feasibility of the revenue bond project or general borrowing purpose, political or economic developments in the state or region where the security is issued, and the liquidity of the security. Because municipal securities are generally traded over the counter, the liquidity of a particular issue often depends on the willingness of dealers to make a market in the security. The liquidity of some municipal obligations may be enhanced by demand features, which may enable the Fund to demand payment on short notice from the issuer or a financial intermediary.

Securities of issuers of municipal securities are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the U.S. Bankruptcy Code. In addition, the obligations of such issuers may become subject to laws enacted in the future by Congress, state legislatures or referenda extending the time

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for payment of principal or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Furthermore, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal of and interest on its municipal obligations may be materially affected.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal bonds. Additionally, certain other proposals have been introduced that would have the effect of taxing a portion of exempt interest and/or reducing the tax benefits of receiving exempt interest. It can be expected that similar proposals may be introduced in the future. As a result of any such future legislation, the availability of such municipal bonds for investment by the Fund and the value of such municipal bonds held by the Fund may be affected. In addition, it is possible that events occurring after the date of a municipal bond's issuance, or after the Fund's acquisition of such obligation, may result in a determination that the interest paid on that obligation is taxable, in certain cases retroactively.

Municipal securities may include industrial development bonds and pollution control bonds, which in most cases are revenue bonds and generally are not payable from the unrestricted revenues of an issuer. They are issued by or on behalf of public authorities to raise money to finance privately operated facilities for business, manufacturing, housing, sport complexes, and pollution control. Consequently, the credit quality of these securities depend upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations.

#### Distressed Debt Risk
Investments in the securities of financially distressed or defaulted issuers are speculative and involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Adviser's judgment about the credit quality of the issuer and the relative value and liquidity of its securities may prove to be wrong. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

#### Active Management Risk
Identifying and allocating assets among the appropriate investments is difficult and involves a high degree of uncertainty. The performance of the Fund depends in large part upon the Adviser's successful application of analytical skills and investment judgement; the ability of the Adviser to choose successful sub-advisers and Managers; and the ability of the Adviser and Sub-Adviser to develop and implement investment strategies that achieve the Fund's investment objectives.

Although the Adviser monitors the Sub-Adviser and Managers, it is possible that the Sub-Adviser and/or one or more Managers may take substantial positions in the same instruments or markets at the same time, thereby interfering with the Fund's investment goals. In addition, the Sub-Adviser and/or Managers may make investment decisions that conflict with each other; for example, at any particular time, the Sub-Advisor and/or a Manager may be purchasing shares of an issuer whose shares are being sold by another Manager. Consequently, the Fund indirectly could incur transaction costs without accomplishing any net investment result.

Furthermore, the Sub-Adviser and Managers have varying levels of experience – some may be newly organized and have no, or limited, operating histories. Although the Adviser receives detailed information from the Sub-Adviser or each Manager regarding its historical performance and investment strategy, there may be some information that the Adviser cannot independently verify. In addition, the Sub-Adviser's or a particular Manager's past successful performance is not necessarily an indication of the Sub-Adviser's or such Manager's future performance. There can be no assurance that the Adviser's assessments of the Sub-Adviser and Managers will prove accurate or that the Fund will achieve its investment objectives.

In addition, the Adviser, Sub-Adviser, and Managers, like other Fund service providers, are subject to various risks, including risks relating to operations and back-office functions, property management, accounting, administration, risk management, valuation services and reporting. The Adviser, Sub-Adviser, and Managers may also face competition from other industry participants that may be more established, have larger asset bases and have larger

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numbers of qualified management and technical personnel. Additionally, the investment strategies pursued by the Sub-Adviser and certain Managers may evolve over time, which may limit the Adviser's ability to assess the Sub-Adviser's or a Manager's ability to achieve its long-term investment objectives.

While the Fund and the Adviser will evaluate regularly each Private Fund and its Manager and the Sub-Adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and whether the investment performance is satisfactory, the Adviser will not have any control over the investments made by a Private Fund and limited control over the investments made the Sub-Adviser. The Adviser's or Sub-Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, or investment strategy may prove to be incorrect, and may cause the Fund to incur losses.

Conflicts of interest may arise from the fact that the Adviser, the Sub-Adviser, the Managers and their respective affiliates may be carrying on substantial investment activities for other clients in which the Fund has no interest. The Adviser, the Sub-Adviser, the Managers and their respective affiliates manage the assets of and/or provide advice to registered investment companies, private investment funds and individual accounts (collectively, "Adviser Clients") other than the Fund, which could compete for the same investment opportunities as the Fund. In addition, the Adviser, the Sub-Adviser the Managers and their respective affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in private investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. The Adviser, the Sub-Adviser the Managers and their respective affiliates may determine that an investment opportunity in a particular investment vehicle is appropriate for a particular Adviser Client or for themselves or their officers, directors, partners, members or employees, but not for the Fund. Situations may arise in which the Adviser, the Sub-Adviser, the Managers and/or their respective affiliates or Adviser Clients have made investments that would have been suitable for investment by the Fund but, for various reasons, were not pursued by, or available to, the Fund. The investment activities of the Adviser, the Sub-Adviser, the Managers and their respective affiliates and any of their respective officers, directors, partners, members or employees may disadvantage the Fund in certain situations, if, among other reasons, the investment activities limit the Fund's ability to invest.

Furthermore, the officers or employees of the Adviser will be engaged in substantial activities other than on behalf of the Fund and may have conflicts of interest in allocating their time and activity among the Fund and Adviser Clients. The Adviser and their respective officers and employees will devote so much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

Personnel of the Adviser may also periodically discuss investment research and due diligence with portfolio managers and other senior personnel of the Sub-Adviser, the Managers and/or their respective affiliates. Investment decisions for the Fund are made independently from those of Adviser Clients. If, however, the Fund desires to invest in, or withdraw from, the same Private Fund as an Adviser Client, the opportunity will be allocated equitably. Decisions in this regard are necessarily subjective and there is no requirement that the Fund participate, or participate to the same extent as the Adviser Clients, in all available investments. In some cases, investments for Adviser Clients may be on terms different from, and sometimes more favorable than, an investment made on behalf of the Fund. In addition, the Fund may invest in a manner opposite to that of Adviser Clients (*i.e.*, the Fund buying an investment when Adviser Clients are selling, and vice-versa). Additionally, because any selling agents or their affiliates may provide brokerage, placement, investment banking and other financial or advisory services from time to time to one or more accounts or entities managed by the Sub-Adviser, the Managers or their affiliates, including the Private Funds, and receive compensation for providing these services, these relationships could preclude the Fund from engaging in certain transactions and could constrain the Fund's investment flexibility. In addition, the Fund is subject to certain limitations relating to joint transactions with affiliates, which in certain circumstances will limit the Fund's ability to make investments or enter into other transactions alongside other Adviser Clients. There can be no assurance that such regulatory restrictions will not adversely affect the Fund's ability to capitalize on attractive investment opportunities. The Sub-Adviser and Managers may also receive research products and services in connection with the brokerage services that the Adviser, the Sub-Adviser, the Managers managing Private Funds and their respective affiliates may provide from time to time to the Sub-Adviser and/or one or more Manager accounts or to the Fund.

In addition, there may be a conflict of interest as a result of the fact that the Adviser receives the Investment Management Fee irrespective of the allocation of the Fund's assets among the Adviser, the Sub-Adviser and the Private Funds. The Board monitors this potential conflict of interest and any effect it may have on the Fund and its shareholders.

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#### Fees and Expenses Risk
By investing in the Private Funds and Subsidiaries indirectly through the Fund, a shareholder bears two layers of fees and expenses – at the Fund level and the Private Fund or Subsidiary level. In the aggregate, these fees and expenses could be substantial and adversely affect the value of any investment in the Fund. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible for sourcing fees and other compensation. The Adviser has contractually agreed to reduce its Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCRDX Subsidiary in order to avoid "double-counting" assets. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible for sourcing fees and other compensation.

#### Payment in Kind Interest Risk
To the extent that the Fund invests in loans with a PIK interest component and the accretion of PIK interest constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (iii) the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and (iv) even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan.

#### Floating and Variable Rate Obligations Risk
Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically in response to changes in the market rate of interest on which the interest rate is based. There may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the "reference rate"). Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.

#### Market Capitalization Risk
The Fund may invest in equity securities without restriction as to market capitalization, such as those issued by medium-sized and smaller capitalization companies, including micro-cap companies. Those securities, particularly smaller-capitalization stocks, involve higher risks in some respects than do investments in securities of larger companies. The prices of the securities of some of these smaller companies are often more volatile and may be subject to more abrupt or erratic market movements than larger, more established companies, because they typically are more subject to changes in earnings and prospects, among other things. In addition, the risk of bankruptcy or insolvency of many smaller companies (with the attendant losses to shareholders) is higher than for larger, "blue-chip" companies, and, due to thin trading in some small-capitalization stocks, an investment in those securities may be highly illiquid. Some small companies have limited product lines, distribution channels and financial and managerial resources. Some of the companies in which the Fund invests may have product lines that have, in whole or in part, only recently been introduced to market or that may still be in the research or development stage. Such companies may also be dependent on key personnel with limited experience.

Micro-cap stocks typically involve greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable, their share prices tend to be more volatile, and their markets less liquid than stocks of companies with larger market capitalizations. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, and it can be difficult or impossible for the Fund to trade these securities at the desired time. Furthermore, publicly available information, including financial information, about micro-cap

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companies tends to be limited and some micro-cap companies trade over-the-counter or on a regional exchange with limited regulation. The relative lack of information, liquidity, and regulation results in an increased risk of corruption and fraud, including price manipulation, and the possibility of losses to the Fund.

#### Subsidiary Risk
By investing through one or more Subsidiaries, including the VCRDX Subsidiary, the Fund is exposed to the risks associated with such Subsidiary's investments, which are the same risks associated with the Fund's investments. The Subsidiaries are not registered under the Investment Company Act, and therefore are not subject to all of the investor protections of the Investment Company Act, although the VCRDX Subsidiary will comply with certain sections of the Investment Company Act on a consolidated basis with the Fund. The Fund wholly owns and controls the VCRDX Subsidiary, which, like the Fund, is managed by the Adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Adviser will manage the VCRDX Subsidiary's portfolio in accordance with the Fund's investment policies and restrictions. There can be no assurance that the VCRDX Subsidiary's investment objective will be achieved. Changes in the laws of the United States and/or the State of Delaware, under which the VCRDX Subsidiary is organized, could result in the inability of the VCRDX Subsidiary to operate as described in this Prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

#### Joint Venture Risk
The Fund, directly or indirectly through a Subsidiary, may enter into joint ventures with unaffiliated third parties to make investments. In these joint ventures, the Fund would generally share control with the third-party partner (for example, the Fund may have approval rights over some or all of the joint venture's activities, and in limited circumstances, may have the ability to require that the joint venture take specific actions), even though the Fund may hold a majority of the economic interests of a joint venture. In many cases the third-party partner may provide services for the joint venture or its assets, including, without limitation, management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing or disposition related services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its joint venture partners may result in litigation or arbitration that would increase the Fund's expenses and prevent the Fund's Trustees and officers from focusing their time and efforts on the Fund's business. The Fund may at times enter into arrangements that provide for unfunded commitments and, even when not contractually obligated to do so, may be incentivized to fund future commitments related to its investments.

#### Foreign Investing Risk
Foreign investments by the Fund and Private Funds may be subject to economic, political, regulatory and social risks, which may affect the liquidity of such investments. Foreign ownership of infrastructure-related investments may be restricted, requiring the Private Funds in which the Fund invests to share the applicable investment with local third party shareholders or investors, and there may be significant local land use and permit restrictions, local taxes and other transaction costs that adversely affect the returns sought by the Fund. These investments may be subject to additional risks relating to adverse political developments (including nationalization, confiscation without fair compensation, civil disturbances, unrest or war) and regulatory risks, which may affect the liquidity of such investments. Further, foreign governments may impose restrictions to prevent capital flight, which may, for example, involve punitive taxation (including high withholding or other taxes) on certain securities, transfers or asset sales or the imposition of exchange controls, making it difficult or impossible to exchange or repatriate the applicable currencies. Foreign investments also are subject to additional risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable changes in currency rates and exchange control regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced availability of information regarding foreign companies;

&nbsp;&nbsp;&nbsp;&nbsp;• different accounting, auditing and financial standards and possibly less stringent reporting standards and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity and greater volatility;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in obtaining or enforcing a judgment;

&nbsp;&nbsp;&nbsp;&nbsp;• increased brokerage commissions and custody fees; and

&nbsp;&nbsp;&nbsp;&nbsp;• increased potential for corrupt business practices in certain foreign countries.

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As a result of potential hurdles facing foreign parties in enforcing legal rights in certain jurisdictions, there can be no certainty that rights to investments in non-U.S. jurisdictions will be successfully upheld in the courts of such jurisdiction. With respect to investments in foreign jurisdictions, the Fund and certain Private Funds may have difficulty in successfully pursuing claims in the courts of such jurisdictions to enforce the rights as an investor therein, as compared to the courts of the United States. To the extent that a judgment is obtained, but enforcement thereof must be sought in the courts of another jurisdiction, there can be no assurance that such courts will enforce such judgment. Further, due to unpredictable political climates in certain jurisdictions and shifting relationships between the U.S. and various jurisdictions, the ability to liquidate collateral held in non-U.S. jurisdictions may become difficult.

The Fund does not intend to obtain political risk insurance. Accordingly, actions of foreign governments could have a significant effect on economic actions in their respective countries, which could affect private sector real asset and real asset-related companies and the prices and yields of investments. Exchange control regulations, expropriation, confiscatory taxation, sanctions against a particular country or countries, organizations, entities and/or individuals, embargos, nationalization, political, economic or social instability or other economic or political developments in such countries could adversely affect the assets of the Fund.

Political changes or a deterioration of a foreign nation's domestic economy or balance of trade may indirectly affect the Fund's investment in a particular real asset or real asset-related investment in that nation. Moreover, the investments could be adversely affected by changes in the general economic climate or the economic factors affecting real asset-related investments or related industries, changes in tax law or specific developments within such industries or interest rate movements. While the Adviser intends to manage foreign investments in a manner that it believes will minimize the Fund's exposure to such risks, there can be no assurance that adverse political or economic changes will not cause the Fund to suffer losses.

Global economies and financial markets are interconnected, and conditions in one country, region, or market could adversely impact economic conditions, market conditions, and issuers in other countries, regions, or markets. For example, a member state's decision to leave the European Economic and Monetary Union and/or the European Union, or any increased uncertainty as to the status of such entities, could have significant adverse effects on global currency and financial markets, and on the values of the Fund's investments. Additionally, certain European countries have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European issuers that rely on the U.S. for trade. Moreover, the national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

In addition to the risks associated with investments in foreign investments generally, such investments in particular regions or countries with emerging markets may face those risks to a greater degree and may face additional risks. See "*Risk Factors – Emerging Markets Risk*."

#### Cybersecurity Risk
The Fund is susceptible to operational and information security risks relating to technologies such as the Internet. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability of the Fund to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The widespread use of work-from-home arrangements and the increasing use of virtual meeting and other technologies in workplaces following the COVID-19 pandemic and the rapid development and increasingly widespread use of AI Technologies, may increase cybersecurity risk.

Similar adverse consequences could result from cyber incidents affecting the Fund investments, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, banks, brokers, dealers,

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insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent cyber incidents in the future. While the Fund's service providers, including the Adviser, may have established business continuity plans in the event of, and risk management policies and procedures and systems to prevent, such cyber incidents, there are inherent limitations in such plans, procedures and systems including the possibility that certain risks have not been identified. Furthermore, the Fund and the Adviser cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund and its shareholders. The Fund could be negatively impacted as a result.

#### Emerging Markets Risk
The non-U.S. securities in which the Fund or a Private Fund invests may include securities of companies based in emerging countries or issued by the governments of such countries. Investing in securities of certain of such countries and companies involves certain considerations not usually associated with investing in securities of developed countries or of companies located in developed countries, including political and economic considerations, such as greater risks of expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains, other income or gross sale or disposition proceeds, limitations on the removal of funds, nationalization and general social, political and economic instability; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and in price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; certain government policies that may restrict the Fund's or a Private Fund's investment opportunities; problems that may arise in connection with the clearance and settlement of trades; inflation and rapid fluctuations in inflation rates in the economies of certain emerging market countries; overdependence on exports, particularly with respect to primary commodities, which makes such economies vulnerable to volatile fluctuations in commodity prices; and overburdened infrastructure, such as delays in local postal, transport, banking or communications systems that could cause the Fund to lose rights, opportunities or entitlements and expose it to currency fluctuations. In addition, accounting and financial reporting standards that prevail in certain of such countries generally are not equivalent to standards in more developed countries and, consequently, less information is available to investors in companies located in these countries than is available to investors in companies located in more developed countries. There is also less regulation, generally, of the securities markets in emerging countries than there is in more developed countries. Placing securities with a custodian in an emerging country may also present considerable risks.

#### Concentration Risk
The Fund will concentrate its investments in infrastructure-related industries and may focus its investments in one or more specific subset of infrastructure-related assets (*e.g.*, regulated assets, power and renewable energy assets, transportation assets, communications and digital infrastructure assets, social infrastructure assets). As a result, the Fund's portfolio is subject to greater risk and volatility than if investments had been made in a broader diversification of asset types and industries. In addition to its concentration in infrastructure-related assets, the Fund may, from time to time, invest a substantial portion of its assets in other particular asset types, industries, geographic locations or securities instruments. To the extent that the Fund's portfolio is concentrated in a property type, geographic location or securities instrument, the risk of any investment decision is increased.

#### Direct Lending Risk
In making a direct loan, the Fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund may lose money on the loan depending on, among other things, the value of the underlying collateral and the Fund's rights to that collateral. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or to value the direct loan. When engaging in direct lending, the Fund's performance may depend, in part, on the ability of the Fund to originate loans on advantageous terms. In originating and purchasing loans, the Fund will compete with a broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on such loans, which could reduce Fund performance. To the extent the Fund is the sole lender in privately offered debt, it may be solely responsible for the expense of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (*e.g.*, the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Fund compared to syndicated or publicly offered debt.

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#### Issuer Risk
Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or service. The Fund may also invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as "distressed debt"). To the extent that the Fund invests in distressed debt, the Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt.

#### Limited Operating History Risk
The Fund has limited operating history upon which prospective investors may evaluate the Fund's past performance and potential future returns. In addition, while the senior investment professionals and other individuals employed by the Adviser have prior experience investing infrastructure investments and private debt, the Fund is the first vehicle managed by the Adviser with an infrastructure income strategy, certain of the Fund's portfolio managers are new to the Adviser's investment team, and past performance with respect to such activities is not a guarantee of future results.

#### Tax Risks – Fund
Special tax risks are associated with an investment in the Fund. The Fund intends to qualify and elect to be treated as a RIC under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, diversification and 90% gross income requirements, and a requirement that it distribute at least 90% of its ordinary income and net short-term gains in the form of deductible dividends.

Each of the aforementioned ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Fund obtain information from or about the Private Funds in which the Fund is invested. However, Private Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of the Code. Ultimately this may limit the universe of Private Funds in which the Fund can invest and may adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code. The Fund expects to receive information from each Private Fund regarding its investment performance on a regular basis.

Private Funds and other entities classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test. In order to meet the 90% gross income test, the Fund may structure its investments in a manner that potentially increases the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount or sources of such a Private Fund's income until such income has been earned by the Private Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Private Fund that limit utilization of this cure period.

If the Fund were to fail to satisfy the asset diversification or other RIC requirements, absent a cure, it would lose its status as a RIC under the Code. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of the Fund's taxable income to be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to shareholders. In addition, all distributions (including distributions of net capital gain) would be taxed to their recipients as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of the Shares.

The Fund must distribute at least 90% of its investment company taxable income, in a manner qualifying for the dividends-paid deduction, to qualify as a RIC, and must distribute substantially all its income in order to avoid a fund-level tax. In addition, if the Fund were to fail to distribute in a calendar year a sufficient amount of its income and gain for such year, it would be subject to an excise tax. The determination of the amount of distributions sufficient to qualify as a RIC and avoid a fund-level income or excise tax will depend on income and gain information that must be

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obtained from the underlying Private Funds. The Fund's investment in Private Funds may make it difficult to estimate the Fund's income and gains in a timely fashion, which may increase the likelihood that the Fund will be liable for the excise tax with respect to certain undistributed amounts. See "*Taxes*" and, in the SAI, "*Tax Aspects*." Investors will be required each year to pay applicable federal and state income taxes on their respective shares of any distributions from the Fund. Shareholders who reinvest their distributions will nonetheless be obligated to pay these taxes from sources other than Fund distributions.

The Fund may invest in Private Funds located outside the United States. Such Private Funds may be subject to withholding tax or other on their investments in such jurisdictions. Any such withholding or other tax would reduce the return on the Fund's investment in such Private Funds. See "*Taxes*" and, in the SAI, "*Tax Aspects*."

The Fund is permitted to invest up to 25% of its total assets in the VCRDX Subsidiary, which has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCRDX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund. Changes in the tax laws of the United States and/or any state in which a Subsidiary is organized could result in the inability of the Subsidiary to operate as described in this Prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

#### Reference Benchmark Risk
The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party are tied to interest rates and other types of rates and indices which may be classed as "benchmarks." Such rates have been the subject of ongoing national and international regulatory reform, including the global transition away from the LIBOR to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund. If the manner in which SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments. Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less volatile rates.

In addition, certain benchmarks have been the subject of regulatory reform under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

#### Market Disruption, Health Crises, Terrorism and Geopolitical Risks
The Fund's investments may be negatively affected by the broad investment environment in the market for infrastructure assets, the debt market and/or the equity securities market. The investment environment is influenced by, among other things, interest rates, inflation, politics, fiscal policy, current events, competition, productivity and technological and regulatory change. The Fund's investments values may experience greater volatility during periods of challenging market conditions, which periods may be similar to or worse than the conditions experienced from late 2007 through 2009. In addition, there can be severe limitations on an investor's ability to sell certain investments,

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including those that are of higher credit quality, during a period of reduced credit market liquidity. Therefore, the Fund's NAV will fluctuate. Shareholders may experience a significant decline in the value of their investment and could lose money. The Fund should be considered a speculative investment, and investors should invest in the Fund only if they can sustain a complete loss of their investment.

The Fund may be adversely affected by uncertainties such as war, terrorism, international political developments, sanctions or embargos, tariffs and trade wars, diplomatic events, changes in government policies, global health crises or similar pandemics, and other related geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities and the value of investments. For example, the U.S. has imposed economic sanctions, which consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions. In addition, trade disputes may affect investor and consumer confidence and adversely affect financial markets and the broader economy, perhaps suddenly and to a significant degree. These events, as well as other changes in world economic, political and health conditions and their impact on the Fund are difficult to predict and could adversely affect individual issuers or related groups of issuers, issuers located in a particular geographic region, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of investments. At such times, exposure to a number of other risks described elsewhere in this section can increase.

The impact of COVID-19, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crisis could cause significant market volatility and declines in global financial markets and may affect adversely the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, borrowers and sectors, and the health of capital markets and other markets generally in potentially significant and unforeseen ways. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. A global pandemic or other widespread health crisis could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates, and adverse effects on the values and liquidity of securities or other assets. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The foregoing could impair the Fund's ability to maintain operational standards (such as with respect to satisfying repurchase requests), disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the Fund. Other epidemics or pandemics that arise in the future may have similar impacts.

In March 2023, the shutdown of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Fund or issuers in which the Fund invests. In addition, issuers in which the Fund invests and the Fund may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.

#### Effects of Leverage
Assuming the Fund obtains bank borrowings with a repayment obligation equal to approximately 17% of the Fund's managed assets and an annual interest rate of 7.0% of such repayment obligation or principal balance (which rate is approximately the current rate which the Adviser expects the Fund to pay, based on market rates as of June 30, 2025, income generated by the Fund's portfolio (net of estimated expenses) would need to exceed 1.40% in order to cover such interest payments on the borrowings. Actual interest rates may vary and may be significantly higher or lower than the rate estimated above.

The following table illustrates the hypothetical effect on the return to a holder of the Fund's common Shares of the leverage obtained through bank borrowings equal to approximately 17% of the Fund's managed assets and interest paid on borrowings at an annual rate of 7.0%. It is designed to illustrate the effect of leverage on the total return of common

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Shares, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. See "Risk Factors – Leverage Risk."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed Portfolio Total Return<br>(Net of Expenses) | (10)% | (5)% | 0% | 5% | 10%  |
| Common Share Total Return | (13.40)% | (7.40)% | (1.40)% | 4.60% | 10.60% |

---

Total Return is composed of two main elements: the net investment income of the Fund after paying interest on its leverage and gains or losses on the value of the securities the Fund owns.

The Fund currently uses leverage (whether through the use of senior securities or otherwise) for investment purposes to achieve its investment objectives, as a liquidity source to Fund repurchases or for temporary and extraordinary purposes and may consider other potential uses in the future. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's assessment of the yield curve environment, interest rate trends, market conditions, and other factors.

#### MANAGEMENT OF THE FUND

#### Trustees and Officers
The Board has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of trustees of a registered investment company organized as a Massachusetts business trust. There are currently six trustees of the Fund, one of whom is treated by the Fund as "interested persons" (as defined in the Investment Company Act). The names and business addresses of the trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

#### Control Persons
A control person is one who beneficially **owns,** directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. As of June 30, 2025, the Adviser owned of record and beneficially 26.5% of the outstanding Shares of the Fund.

#### Adviser and Investment Management Fee
Under the ultimate supervision of and subject to any policies established by the Board, the Adviser provides investment advice to and manages the day-to-day business and affairs of the Fund pursuant to an investment management agreement between the Fund and the Adviser (the "Investment Management Agreement"). In addition to managing a portion of the Fund's assets directly, the Adviser has responsibility, subject to the review and approval of the Board, for selecting and hiring the sub-advisers to the Fund. The Adviser allocates the Fund's assets and monitors the sub-advisers' investment programs for consistency with the Fund's investment objectives and strategies. The Adviser may, at its discretion, reallocate the Fund's assets among itself and the sub-advisers, allocate assets away from sub-advisers, and/or terminate sub-advisers subject to review and approval of the Board. The Adviser also provides certain administrative services to the Fund, including: providing office space, handling of shareholder inquiries regarding the Fund, providing shareholders with information concerning their investment in the Fund, coordinating and organizing meetings of the Board, and providing other support services.

In consideration for its investment management services, the Fund pays the Adviser the Investment Management Fee equal to 1.00% annually of the average daily NAV of the Fund. The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee will be paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. To the extent the Fund makes investments through a Subsidiary, the Adviser may receive additional compensation at an annual rate based on the Subsidiary's average daily net assets for

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providing management services to the Subsidiary. The Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCRDX Subsidiary such that, for the collective net assets of the Fund and the VCRDX Subsidiary, the total Investment Management Fee is calculated at a rate of 1.00%.

In addition, subject to the limitations set forth below, the Adviser has agreed to voluntarily waive a portion of the Investment Management Fee and/or reimburse certain direct expenses of the Fund and the VCRDX Subsidiary such that the Total Annual Fund Expenses do not exceed an annualized rate, based on the average daily NAV of the Fund's assets, of 1.95% until December 31, 2025 (the "Expense Cap"). These arrangements are at the sole discretion of the Adviser and may be terminated at any time. Amounts waived and/or reimbursed pursuant to the Expense Cap will not be recouped by the Adviser. Notwithstanding the foregoing, the following expenses will not be limited by such waiver and are not subject to or included in the Expense Cap: (i) Acquired Fund Fees and Expenses, including any fees of the Private Funds; (ii) interest payments; (iii) extraordinary expenses; and (iv) taxes. The Expense Cap is estimated to result in an annualized waiver of Investment Management Fees approximating 0.10% of the Fund's June 30, 2025 net assets. As compensation for providing services to the Fund, the Adviser pays the Sub-Adviser a fee based on a negotiated rate applied to the assets of the Fund allocated to the Sub-Adviser.

Conflicts of interest exist as a result of the fact that the Adviser receives the Investment Management Fee irrespective of the allocation of the Fund's assets among the Adviser, the Sub-Adviser and the Private Funds. Because the Adviser compensates the Sub-Adviser from its Investment Management Fee, the Adviser may have an economic incentive to allocate less capital to the securities in which the Sub-Adviser invests. There may also be an incentive for the Adviser to allocate fewer assets to the Sub-Adviser overall. However, if the overall time, expense, and other resources expended by the Adviser to select and monitor sub-advisers of the Fund is less than what the Adviser expends to select and monitor direct investments or investments in Private Funds the Adviser will have an incentive to allocate more of the Fund's assets to sub-advisers. The Board monitors this potential conflict of interest and any effect it may have on the Fund and its shareholders. Under normal circumstances, the Adviser does not believe that its overall cost and expense will differ materially between selecting and monitoring direct investments on the one hand, or in compensating sub-advisers, on the other.

The Adviser is an asset management firm that specializes in real asset investing with approximately $4.5 billion in assets under management as of June 30, 2025. The Adviser is registered with the SEC as an investment adviser under the Advisers Act. The Adviser's offices are located at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237, and its telephone number is (877) 200-1878. Colliers International Group Inc., a publicly traded real estate services and investment management company ("Colliers") whose principal offices are at 1140 Bay Street, Suite 4000 Toronto, Ontario, Canada M5S 2B4, owns, directly and indirectly, approximately 75% of the outstanding securities of the Adviser. Effective July 28, 2025, in connection with the launch of a dedicated private wealth division by the Collier's investment management segment, Harrison Street Asset Management, the Adviser has rebranded as Harrison Street Private Wealth LLC.

The Investment Management Agreement may be terminated at any time by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on sixty days' written notice to the Adviser or by the Adviser on ninety days' written notice to the Fund. The Investment Management Agreement has an initial term that expires two years after the date of its execution. Thereafter, the Investment Management Agreement will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Fund, provided that, in either event, the continuance also is approved by a majority of the Independent Trustees. The Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment," as such term is defined in the Investment Company Act.

The Investment Management Agreement provides that in the absence of willful malfeasance, bad faith or gross negligence by the Adviser of its obligations to the Fund or reckless disregard of its obligations under the Investment Management Agreement, the Adviser and any of its members, directors, officers or employees, or any of their affiliates, will not be liable to the Fund for any error of judgment, mistake of law or any act or omission by such person in connection with the performance of services to the Fund. The Investment Management Agreement also provides that the Fund shall indemnify, to the fullest extent permitted by law, the Adviser and any of its members, directors, officers or employees, and any of their affiliates, against any liability or expense to which such person may be liable which arises in connection with the performance of services to the Fund; provided that the liability or expense is not incurred by reason of the person's willful malfeasance, bad faith or gross negligence or reckless disregard of its obligations to the Fund.

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A discussion regarding the basis for the Board's approval of the Investment Management Agreement is available in the Fund's semi-annual report to shareholders for the fiscal period ended September 30, 2024.

#### Key Personnel of the Adviser
The key personnel of the Adviser who currently have primary responsibility for management of the Fund (collectively, the "Portfolio Managers") are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience**  |
| Casey Frazier, CFA | Chief Investment Officer | Inception | Chief Investment Officer of the Adviser. Mr. Frazier is the Chairman of the Adviser's Investment Committee. He has served as the CIO since joining the Adviser in 2011. |
| Begaiym "Becca" Edil | Head of Real Asset Debt | Inception | Head of Real Asset Debt of the Adviser since January 2025. Ms. Edil previously served as Director of Investments of the Adviser from 2023-2024. Prior to joining the Adviser, she was a Vice President at JP Morgan Asset Management from 2022 to 2023, an Associate Director at IFM Investors from 2019-2022, and an Associate at BNP Paribas from 2018 to 2019.  |
| Philip Eichhorn, CFA | Director of Investments | Inception | Director of Investments of the Adviser. Mr. Eichhorn has served as Director of Investments since 2024 and previously served as a Senior Investment Analyst since joining the Adviser in 2021. Prior to joining the Adviser, he was a Senior Portfolio Analyst at Invesco Capital Management/OFI Global Asset Management, Inc. from 2014 to 2019.  |
| Chen "Alicia" Chen, CFA | Director of Investments | January 2025 | Director of Investments of the Adviser. Ms. Chen has served as Director of Investments since joining the Adviser in 2024. Prior to joining the Adviser, she was a Vice President at EIG Partners from 2022 to 2024. Prior thereto, Ms. Chen was a Vice President at Silicon Valley Bank and an associate at BNP Paribas from 2018 to 2022. |

---

The Portfolio Managers will not be employed by the Fund and do not receive direct compensation from the Fund in connection with their portfolio management activities. The SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership of securities of the Fund.

The Adviser maintains an Investment Committee, led by Casey Frazier, the Adviser's Chief Investment Officer, which provides general oversight of the Fund's investments. The senior executives on the Adviser's Investment Committee have substantial experience with the establishment, underwriting, and management of investment products consisting primarily of real asset investment products, including infrastructure investments, and real estate-related securities.

#### Sub-Adviser and Sub-Advisory Fees
The Adviser has responsibility, subject to oversight by the Board, for overseeing the Sub-Adviser and any additional sub-advisers. The Adviser may only enter into new sub-advisory relationships for the Fund upon Board approval and upon the approval of a majority of the Fund's outstanding voting securities pursuant to the Investment Company Act. If such approval is obtained, the Adviser (or the Fund) may enter into sub-advisory relationships with registered investment advisers that possess skills that the Adviser believes will aid it in achieving the Fund's investment objectives.

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#### Brookfield Public Securities Group LLC
Brookfield Public Securities Group LLC ("PSG") serves as a sub-adviser for the Fund and has been managing real asset securities, including infrastructure securities, for 35 years. Brookfield PSG is an indirect wholly owned subsidiary of Brookfield Asset Management ULC, ("BAM ULC"). BAM ULC is a direct wholly owned subsidiary of Brookfield Asset Management Ltd., a publicly traded company (NYSE: BAM; TSX: BAMA). Brookfield Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 73% interest in Brookfield Asset Management Ltd.

Brookfield PSG focuses on investments in publicly traded real asset securities including both equity and debt investments globally. Brookfield is located at Brookfield Place, 225 Liberty Street, New York, New York 10281 and maintains offices in Chicago, Dubai, Houston, London, Singapore and Toronto. Brookfield is an SEC-registered investment adviser and an independent sub-adviser to the Fund. Brookfield typically seeks to provide exposure to public infrastructure debt on behalf of the Fund. Brookfield is paid a sub-advisory fee by the Adviser that is assessed on a sliding scale from 0.35% down to 0.20% based on assets under management.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience**  |
| Gaal Surugeon, CFA | Managing Director, Portfolio Manager | 2019 | Mr. Surugeon is a Managing Director and Portfolio Manager for Brookfield. Prior to joining the firm in 2019, Gaal was an Executive Director at Oppenheimer Asset Management where he served as manager of the firm's multi-asset portfolios and Director of Asset Allocation and Research.  |
| Riley O'Neal, CFA | Managing Director, Portfolio Manager | 2016 | Mr. O'Neal is a Managing Director and Portfolio Manager for Brookfield. Prior to joining the firm in 2016. Prior to joining the firm he worked at multi-strategy hedge funds for four years focusing primarily on portfolio risk analytics and overall market risk.  |
| Paula Horn | President, Chief Investment Officer, Portfolio Manager | 2021 | Ms. Horn is President, Portfolio Manager and Chief Investment Officer for Brookfield's Public Securities Group. Prior to joining Brookfield in 2021, Ms. Horn was the Chief Investment Officer of Ziegler Capital Management where she oversaw equity trading, fixed income and equity teams, and served as CIO and primary portfolio manager for all marketed fixed income products. |

---

A discussion regarding the basis for the Board's approval of the Investment Sub-Advisory Agreement between the Adviser and Brookfield (the "Brookfield Agreement")is available in the Fund's semi-annual report to shareholders for the fiscal period ended September 30, 2024.

#### Other Expenses of the Fund
The Fund bears all expenses incurred in connection with its operations, other than those specifically required to be borne by the Adviser and other service providers pursuant to their agreements with the Fund. For purposes of this section, "the Fund" includes the Subsidiaries. Expenses borne by the Fund may include:

&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses related to portfolio transactions and investments for the Fund's portfolio, including, but not limited to, arranger fees, brokerage commissions, research fees (including "soft dollars"), fees paid by the Fund in connection with its direct investment in loans, custodial fees, shareholder servicing fees, loan monitoring and loan servicing fees, margin fees, transfer taxes and premiums and taxes withheld on foreign dividends, and expenses from investments in Private Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the Fund's use of leverage, including but not limited to interest and commitment fees on loans and debt balances and costs and expenses relating to the issuance and ongoing maintenance of preferred shares, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the operation and registration of the Fund, offering costs and the costs of compliance with any applicable Federal or state laws;

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&nbsp;&nbsp;&nbsp;&nbsp;• the costs and expenses of holding any meetings of the Board that are regularly scheduled, permitted or required to be held under the terms of the Declaration of Trust, the Investment Company Act, or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and disbursements of any attorneys, accountants, auditors and other consultants and professionals engaged on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity bond and any liability or other insurance, including director and officer insurance, obtained on behalf of the Fund or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses of preparing, setting in type, printing and distributing reports and other communications to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• all expenses of computing the Fund's NAV, including any equipment or services obtained for the purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;• all charges for equipment or services used for communications between the Fund and any custodian, or other agent engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• the fees of BNY Mellon, UMB Bank and BNY Mellon Investment Servicing (US) Inc. and of custodians, transfer agents, and other persons providing administrative services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• personnel costs and expenses for the Fund's Chief Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;• such other types of expenses as may be approved from time to time by the Board.

The Fund will reimburse the Adviser for any of the above expenses that it pays on behalf of the Fund.

#### Additional Service Providers
BNY Mellon performs certain administrative and accounting services and shareholder services for the Fund and the Adviser. In consideration for these services, the Fund pays BNY Mellon a fee, which will accrue daily on the basis of a combination of fixed fees per service type and a percentage of the average daily NAV of the Fund, subject to a minimum annual fee, and also will reimburse certain of BNY Mellon's expenses.

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's transfer agent and maintains the Fund's accounts, books and other documents as required to be maintained under the Investment Company Act at 118 Flanders Road, Westborough, MA 01581, or at such other place as designated by the Adviser.

UMB Fund Services, Inc., 235 W. Galena St., Milwaukee, WI 53212, is expected to replace BNY Mellon Investment Servicing (US) Inc. in providing transfer agency services and The Bank of New York Mellon in providing administrative and accounting services to the Fund on or around September 30, 2025.

UMB Bank serves as the Fund's custodian. UMB Bank's principal business office is 1010 Grand Blvd., Kansas City, Missouri 64106.

#### SUITABILITY OF THE INVESTMENT
An investment in the Fund involves a considerable amount of risk. You may lose some or all of your entire investment in the Fund. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. An investment in the Fund may be appropriate for long-term investors seeking to add real asset exposure to their overall investment portfolio. Before making your investment decision, you and/or your personal financial adviser should consider (i) the suitability of this investment with respect to your investment objectives and personal situation and (ii) factors such as your personal net worth, income, age, risk tolerance and liquidity needs. The Fund should be considered an illiquid investment. You will not be able to redeem your Shares on a daily basis because the Fund is a closed-end fund; however, limited liquidity will be available through quarterly Repurchase Offers described in this Prospectus. In addition, the Shares are not traded on an exchange and there is currently no secondary market for the Shares. See "*Risk Factors –Liquidity Risk*" and "—*Interval Fund Risk*."

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#### HOW TO PURCHASE SHARES
The Fund offers Shares continuously at the prevailing NAV per Share. Shares are not subject to any upfront sales load, distribution fee or early withdrawal charge. Shares are only available for purchase by: (i) institutional investors, including registered investment advisers ("RIAs"), banks, brokers/dealers, trust companies or similar financial institutions investing for their own account or for accounts for which they act as a fiduciary and have authority to make investment decisions (subject to certain limitations) and clients of such institutional investors that have accounts for which such institutional investors are bound by an applicable fiduciary standard, and (ii) the executive officers, directors, trustees, general partners or employees of the Fund or the Adviser. The minimum initial investment per institutional investor of the Fund (including, with respect to clause (i) above, cumulative investments of the clients of any institutional investor of the Fund) is $10 million and the minimum for those investors referred to in clause (ii) above is $10,000. There is no minimum amount for subsequent purchases of Shares. The Adviser has the authority to waive the minimum investment requirements or allow investors in the Fund who do not fit the above descriptions under certain circumstances.

Shares generally will only be available through certain financial intermediaries that provide custodial and/or clearing services for the Fund's institutional investors (e.g., banks, broker/dealers, investment advisers, trusts, financial industry professionals, etc., collectively referred to as "Intermediaries" and individually as "Intermediary"). You may purchase Shares from any Intermediary by submitting an order to purchase Shares on any day that the New York Stock Exchange (the "NYSE") is open for business (each, a "Business Day"). An Intermediary can help you establish and maintain an account with such Intermediary and purchase Shares of the Fund for such account. The Fund has authorized one or more Intermediaries to receive orders to purchase Shares or repurchase orders in response to a repurchase offer, on its behalf. Further, Intermediaries are authorized to designate other Intermediaries to receive orders to purchase Shares and repurchase orders in response to a repurchase offer. Once an Intermediary has determined that your investment in the Fund is suitable for your investment profile, such Intermediary shall submit a purchase order for Shares to the Fund's Transfer Agent. The Fund will be deemed to have received a purchase or repurchase order when an Intermediary or its authorized designee receives the order. The Shares are offered at the NAV per Share next computed after the request to purchase Shares is received by the Fund, an Intermediary, or its authorized designee. The Fund expects to distribute Shares principally through Intermediaries. Because an investment in Shares involves many considerations, your financial advisor or other Intermediary may help you with your investment decision. You also should discuss with your financial advisor or Intermediary any payments received as a result of your investment in our Shares.

Intermediaries may impose additional or different conditions than the Fund on purchases of Shares or submission of shares for repurchase. They may also independently establish and charge their customers or program participants transaction fees, account fees, and other amounts in connection with purchases of Shares in addition to any fees imposed by the Fund. These additional fees may vary over time and could increase the cost of an investment in the Fund and lower investment returns. Each Intermediary is responsible for transmitting to its customers and program participants a schedule of any such fees and information regarding any additional or different conditions regarding purchases or any repurchases. Shareholders who are customers of these Intermediaries or participants in programs services by them should contact the Intermediary for information regarding these fees and conditions.

The Uniting and Strengthening America by Providing Appropriate Tools Required to Obstruct Terrorism Act (commonly referred to as the USA PATRIOT Act) may require an Intermediary or its authorized designee to obtain certain personal information from you, which will be used to verify your identity. If you do not provide information, it may not be possible to open your account. If the Intermediary or authorized designee is unable to verify your customer information, the Fund reserves the right to close your account or take other steps it deems reasonable.

***Inactive Accounts and Unclaimed Property. Shareholders should ensure that the address on file with the Transfer Agent is correct and current in order to prevent their accounts from being deemed abandoned in accordance with applicable state law. A shareholder's account may be deemed abandoned in accordance with state escheatment laws if no activity occurs in the account for a specified amount of time, which varies by state. The Fund is legally required to escheat (or transfer) abandoned property to the applicable state's unclaimed property administrator or other appropriate state authority. The investor's last known address of record determines which state has jurisdiction over an abandoned account. While the Transfer Agent will, if it receives returned mail, attempt to locate shareholders in accordance with applicable law, if the Transfer Agent is unable to locate the shareholder and the account is considered abandoned under applicable state law, then the Transfer Agent will escheat the account to the state. It is your responsibility to ensure that***

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you maintain accurate and current contact information for your account. You should contact the Transfer Agent at (855) 653-7173 or 118 Flanders Road, Westborough, MA 01581 at least annually to ensure your account remains in active status. Neither the Fund nor the Adviser will be liable to shareholders or their representatives for good faith compliance with escheatment laws.

#### REPORTS TO SHAREHOLDERS
The Fund issues periodic reports to all investors, including annual audited financial statements, which are available on the Fund's website at www.harrisonstpw.com. Paper copies of the Fund's periodic reports will no longer be sent by mail, as permitted by regulations adopted by the SEC. You will instead be notified by mail and provided with a link each time a report is posted to the website. If you already elected to receive reports electronically, you will not be affected by this change. Copies of the Prospectus and shareholder reports may be obtained by calling (877) 200-1878.

#### LEGAL PROCEEDINGS
The Fund may become involved in legal proceedings in the ordinary course of its business. The Fund is not currently involved in any material legal proceedings and, to the Fund's knowledge, no material legal proceedings are threatened against the Fund.

#### REINVESTMENT OF DISTRIBUTIONS
The Fund intends to make regular quarterly distributions to the shareholders of all or a portion of any dividends or investment income it earns on investments. In addition, the Fund will make regular distributions to the shareholders of all or a portion of capital gains distributed to the Fund by Private Funds and capital gains earned by the Fund from the disposition of Private Funds or other investments, together with any dividends or interest income earned from such investments, in accordance with the requirements of the Investment Company Act and the distribution requirements applicable to RICs under the Code. Distributions by the Fund may include returns of capital for U.S. federal income tax purposes. The Fund will establish reasonable cash reserves to meet Fund cash payment obligations prior to making distributions.

All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder is ineligible or "opts out" (elects not to reinvest in additional Shares). A shareholder may elect initially not to reinvest by indicating that choice on their initial application in connection with the purchase of Shares. Thereafter, a shareholder is free to change his, her or its election on a quarterly basis. Shareholders may change their election or receive additional information regarding distribution reinvestment by contacting BNY Mellon Investment Servicing (US) Inc., the Fund's Transfer Agent, at (855) 653-7173 or 118 Flanders Road, Westborough, MA 01581 (or, alternatively, by contacting the Intermediary through which the shareholder acquired his, her or its Shares, who will inform the Fund). Such changes will be effective immediately if notice is received by the Transfer Agent prior to any distribution record date; otherwise such termination will be effective, with respect to any subsequent distribution, on the first trading day after the distribution paid for such record date shall have been credited to such shareholder's account. Whenever the Board declares a distribution payable in Shares or cash, shareholders (unless they have "opted out") will take such distribution entirely in Shares to be issued by the Fund, and the Transfer Agent shall automatically receive such Shares, including fractions, for the shareholder's account. The number of Shares, including fractions, received by each shareholder in respect of the distribution will be based on the current NAV of the Fund on the ex-dividend date, as determined by or on behalf of the Fund. There is no sales load or other charge for Shares received pursuant to distribution reinvestment. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares. See "*Taxes*."

Any funds held by the Transfer Agent in connection with the reinvestment of distributions will not bear interest. The Transfer Agent has no responsibility as to the value of the Shares acquired for any shareholder's account and shall not be liable for loss or damage due to errors unless such error is caused by the Transfer Agent's negligence, bad faith or willful misconduct.

#### QUARTERLY REPURCHASES OF SHARES
The Fund has adopted a fundamental policy that it will make quarterly Repurchase Offers for not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. Each quarterly Repurchase Offer will be at the NAV per Share

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determined as of the Repurchase Pricing Date. Because this policy is "fundamental," it may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities. Shares will be repurchased at the NAV per Share determined as of the close of regular trading on the NYSE on the Repurchase Pricing Date.

Shareholders will be notified in writing about each quarterly Repurchase Offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline, which is the date the Repurchase Offer ends. The Repurchase Request Deadline will be determined by the Board and will be based on factors such as market conditions, liquidity of the Fund's assets and shareholder servicing conditions. The time between the notification to shareholders and the Repurchase Request Deadline may vary from no more than 42 days to no less than 21 days and is expected to be approximately 30 days. Certain authorized institutions, including Intermediaries, custodians and clearing platforms, may set times prior to the Repurchase Request Deadline by which they must receive all shareholder repurchase requests and may require certain additional information. In addition, certain clearing houses may require shareholders to submit repurchase requests only on the Repurchase Request Deadline. The repurchase price of the Shares will be the NAV as of the close of regular trading on the NYSE on the Repurchase Pricing Date. Payment pursuant to the repurchase will be made by checks to the shareholder's address of record, or credited directly to a predetermined bank account on the Repurchase Payment Date, which is within seven days of the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act and other applicable laws. Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. Repurchase proceeds will be paid to shareholders prior to the Repurchase Payment Date.

#### Repurchase Amounts
The Board, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer Amount will be determined by the Board before each Repurchase Offer.

If Share repurchase requests exceed the number of Shares in the Fund's Repurchase Offer, the Fund may, in its sole discretion, (i) repurchase the number of Shares in the Fund's Repurchase Offer, allocating such repurchase among the shareholders on a pro rata basis based on the number of Shares tendered by each of the shareholders; or (ii) increase the number of Shares to be repurchased by up to 2.0% of the Fund's outstanding Shares. If the Fund determines to repurchase additional Shares beyond the Repurchase Offer Amount and if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the Fund's shareholders. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred shares and who tender all of their Shares, before prorating other amounts tendered. Because of the potential for proration, tendering shareholders may not have all of their tendered Shares repurchased by the Fund in any Repurchase Offer. Shares repurchased by the Fund are not subject to an early withdrawal charge.

In addition, if a Repurchase Offer is oversubscribed, the Fund may offer to repurchase at NAV outstanding Shares tendered by the estate of a deceased shareholder or such deceased shareholder's descendants. The amount of any such Estate Offer will be approved by the Board, taking into account the liquidity of the Fund's assets. In the event an Estate Offer is oversubscribed, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the shareholders. The Adviser may require information it deems appropriate under the circumstances to verify a shareholder's eligibility to participate in an Estate Offer, and it is possible that certain Intermediaries may not be able to process or meet the requirements for Estate Offer requests.

#### Notice to Shareholders
Notice of each Repurchase Offer will be given to each beneficial owner of Shares between 21 and 42 days before each Repurchase Request Deadline. The notice will describe (i) instructions for shareholders to tender their Shares for repurchase, (ii) the procedures for the Fund to repurchase Shares on a pro rata basis, (iii) the circumstances in which the Fund may suspend or postpone a Repurchase Offer, and (iv) the procedures that will enable shareholders to withdraw or modify their tenders of Shares for repurchase until the Repurchase Request Deadline. The notice will also state the Repurchase Offer Amount, the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the scheduled Repurchase Payment Date. The notice will contain information shareholders should consider in deciding whether or not to tender their Shares for repurchase, including the risk of fluctuation in the NAV between the

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Repurchase Request Deadline and the Repurchase Pricing Date, if such dates do not coincide, and the possibility that the Fund may use an earlier Repurchase Pricing Date than the scheduled Repurchase Pricing Date (if the scheduled Repurchase Pricing Date is not the Repurchase Request Deadline).

#### Repurchase Price
The repurchase price of the Shares will be the NAV as of the close of regular trading on the NYSE on the Repurchase Pricing Date. The notice of the Repurchase Offer will set forth the NAV that has been computed no more than seven days before the date of notification, and how shareholders may ascertain the NAV after the notification date. The notice will also provide a toll-free number for information regarding the Repurchase Offer.

#### Suspension or Postponement of Repurchase Offer
The Fund may suspend or postpone a Repurchase Offer only: (i) if making or effecting the Repurchase Offer would cause the Fund to lose its status as a RIC under the Code; (ii) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (iii) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (iv) for such other periods as the SEC may by order permit for the protection of shareholders of the Fund. The Fund shall not suspend or postpone a Repurchase Offer under the foregoing circumstances except pursuant to a vote of a majority of the Trustees, including a majority of the Independent Trustees.

#### Liquidity Requirements
The Fund will maintain liquid assets equal to the Repurchase Offer Amount, plus the amount of any Estate Offer, from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of such amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Date.

The Fund has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with the Repurchase Offer, any Estate Offer, and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take any action it deems appropriate to ensure compliance.

#### Consequences of Repurchase Offers
Repurchase Offers typically will be funded from available cash or sales of portfolio securities. Payment for repurchased Shares, however, may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would, thus increasing the Fund's portfolio turnover and potentially causing the Fund to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares in a Repurchase Offer by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. In addition, the sale of portfolio securities to finance repurchases could reduce the market price of those underlying securities, which in turn would reduce the Fund's NAV.

Repurchase of the Shares will tend to reduce the amount of outstanding Shares and, depending upon the Fund's investment performance, its net assets. A reduction in the Fund's net assets would increase the Fund's expense ratio, to the extent that additional Shares are not sold and expenses otherwise remain the same (or increase). In addition, the repurchase of Shares by the Fund will be a taxable event to shareholders.

The Fund is intended as a long-term investment. Shareholders should view the Fund's quarterly Repurchase Offers as a shareholder's only means of liquidity with respect to his, her or its Shares. Shareholders have no rights to redeem or transfer their Shares, other than limited rights pursuant to certain conditions and restrictions in the Declaration of Trust. The Shares are not traded on a national securities exchange and no secondary market exists for the Shares, nor does the Fund expect a secondary market for the Shares to exist in the future.

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#### CALCULATION OF NET ASSET VALUE
The Fund calculates its NAV once each Business Day typically as of the regularly scheduled close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). If the regular schedule of the NYSE is for a close prior to 4:00 p.m. Eastern Time, such as on days in advance of holidays observed by the NYSE, the Fund typically will calculate its NAV as of such earlier closing time. In unusual circumstances, such as an unscheduled close or halt of trading on the NYSE, the Fund may calculate its NAV as of an alternative time. The NAV of the Fund will be equivalent to its assets less its liabilities valued on the basis of market quotations where available and otherwise in accordance with the policies and procedures as discussed below and specifically in the Fund's Valuation Policy. The NAV of the Fund and the NAV per Share will be calculated daily by BNY Mellon, as administrator, in accordance with the valuation methodologies approved by the Board, by the Adviser in its role as the Fund's valuation designee (the "Valuation Designee"), or as may otherwise be determined from time to time pursuant to policies established by the Board or the Valuation Designee.

#### Valuation Methodology – Securities with Readily Available Market Quotations
*Publicly Traded U.S. Listed Equity Securities, including certain Preferred Stock, Exchange-Traded Funds (ETFs) and Listed Closed End Funds. Investments in publicly traded, domestic equity securities that are listed on the NYSE are valued, except as indicated below, at the official closing price reflected at the close of the NYSE on the Business Day as of which such value is being determined. If there has been no published closing price on such day, the securities are fair valued in accordance with the procedures outlined below. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the closing price of the exchange representing the principal market for such securities on the Business Day as of which such value is being determined. If, after the close of a domestic or foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, the domestic or foreign securities may be valued pursuant to procedures established by the Board or the Valuation Designee.* 

*Open-End Mutual Funds. Investments in open-end mutual funds are valued at their closing NAV.* 

#### Fair Valuation Methodology – Securities without Readily Available Market Quotations, Priced by an Approved Pricing Source
Securities traded in the over-the-counter market, such as fixed-income securities and certain equities, including listed securities whose primary market is believed by the Valuation Designee to be over-the-counter, are valued at the official closing prices as reported by one or more pricing service providers as approved by the Board or the Valuation Designee ("Approved Pricing Sources"). If there has been no official closing price on such day, the securities are valued at the mean of the closing bid and ask prices for the day or, if no ask price is available, at the bid price.

Fixed income securities typically will be valued on the basis of prices provided by an Approved Pricing Source, generally an evaluated price or at the mean of closing bid and ask prices obtained by the Approved Pricing Source when such prices are believed by the Valuation Designee to reflect the fair market value of such securities.

Syndicated loans are valued by Approved Pricing Sources at the average of broker quotes obtained from market makers deemed reliable by their internal evaluation staff or by internally developed models that incorporate both indicative quotes and actual trade data for similar loans.

Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates fair value.

Securities for which market prices are unavailable, or securities for which the Adviser determines that the market quotation is unreliable, will be valued at fair value pursuant to procedures approved by the Board. In these circumstances, the Adviser determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable securities, information relating to the specific security and developments in the markets.

The Fund's use of fair value pricing may cause the NAV of the Shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of such security.

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#### Fair Valuation Methodology – Private Debt Investments
The Valuation Designee will use its best efforts to value each private debt investment at its fair value under current market conditions. In doing so, the Valuation Designee will engage external valuation consultants to aid in the fair value determination of each private debt investment.

The Valuation Designee will work with the external valuation consultants to select an appropriate fair valuation approach for each private debt investment, which may include, but is not limited to, yield, market and cost approaches, or a combination of approaches. The external valuation consultant, in consultation with the Valuation Designee, may develop a unique valuation model or method for each individual private debt investment. The models and/or methods used may consider, among other things, comparable sector curve information, public market valuations, transaction prices, discounted cash flow analyses, assessments of borrower credit quality, borrower- or project-specific financial information, and/or other relevant information. Models may apply changes to certain public market inputs, such as comparable sector curves and/or benchmarks, only upon a change exceeding predetermined volatility thresholds and may also incorporate adjustments to public market inputs, such as the application of haircuts at levels which may vary based on market circumstances. The models and/or methods used by the external valuation consultant will produce information such as a specific price estimate, an estimated valuation range or confirmation that the prior day's price estimate remains appropriate.

The Valuation Designee will review the intended valuation approach and/or valuation model for each private debt investment as developed by an external valuation consultant prior to its implementation. This review may consider numerous factors such as the particular investment's contractual cash flows, the financial strength and operational performance of the borrower, and the debt instrument's spread to relevant base rates. The Valuation Designee may receive certain initial and/or periodic financial information from the borrower, loan administrator, arranger, monitoring agent, and/or other external parties, and will provide this information to the external valuation consultant for consideration in the valuation model.

The Valuation Designee will determine a fair valuation for each private debt investment daily, typically based on information received from an external valuation consultant (*i.e.*, outputs from the models and/or methods described above). The Valuation Designee will review the valuation estimates provided by the external valuation consultants for reasonableness based on its knowledge of each investment and current market conditions. When a valuation range is provided, the Valuation Designee will generally determine to keep the valuation unchanged if the prior day's price falls within the current day's range. These valuation processes may result in a private debt investment's valuation being unchanged for a period of time.

In certain circumstances, an externally provided valuation range or specific price estimate may be unavailable or the Valuation Designee may determine that the valuation received does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will determine the fair value of the investment, in good faith, via alternative means which may include, among others, valuing the investment at its prior day's price, valuing the investment at its amortized cost, or implementing an internally developed model. In determining such a fair valuation, the Valuation Designee may consider any information it deems appropriate including as received directly from the borrower, as received from alternative external information sources, including monitoring agents, or as reflected by current general market conditions.

#### Fair Valuation Methodology – Private Funds
The Board has adopted procedures pursuant to which the Valuation Designee typically will fair value the Fund's investments in the Private Funds according to the value reported by each Private Fund's quarterly NAV statement. In certain circumstances, a Private Fund or its manager may provide information on a Private Fund's NAV on a basis more frequent than quarterly (daily or periodically). A Private Fund may provide a preliminary NAV that may differ from the Private Fund's final NAV. The Valuation Designee may rely on such preliminary NAV and subsequently adjust the Fund's NAV based on the Private Fund's final NAV. In addition, the valuations provided by the Private Funds may also be based on fair value valuation. The Private Fund's valuation and/or the Valuation Designee's fair values may prove to be inaccurate. Incorrect valuations of the Private Fund could have an adverse effect on the Fund's NAV and shareholder transactions in the Shares. See "Risk Factors – Valuation Risk."

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The Valuation Designee will review valuation information received from a Private Fund or its Manager for reasonableness based on its knowledge of current market conditions and the individual characteristics of each Private Fund and may clarify or validate the reported information with the applicable manager of the Private Fund. If determined reasonable, the Valuation Designee may value the Fund's investment in such Private Fund according to this information without further adjustments.

The Valuation Designee may conclude, in certain circumstances, that the information provided by any Private Fund or its manager does not represent the fair value of the Fund's investment in a Private Fund and is not indicative of what actual fair value would be under current market conditions. In those circumstances, the Valuation Designee may determine to value the Fund's investment in the Private Fund at a discount or a premium to the reported value received from the Private Fund. Any such decision will be made in good faith by the Valuation Designee and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting.

Additionally, between the quarterly valuation periods (and between other periodic valuation periods if determined appropriate by the Valuation Designee), the NAVs of such Private Funds are typically adjusted daily based on the total return that each Private Fund is estimated by the Valuation Designee to generate during the current quarter. The Valuation Designee monitors these estimates regularly and updates them as necessary if macro or individual fund changes warrant any adjustments.

The Valuation Designee shall use its best efforts to ensure that each Private Fund has in place policies and procedures that provide underlying principles behind the disclosure of reliable information with adequate supporting operational practices.

If the Valuation Designee determines that the Fund does not have the ability to sell shares of a Private Fund in its primary market through redemptions back to the Private Fund, the Valuation Designee may determine to fair value the Private Fund at a price other than its NAV. In such an instance, the Valuation Designee may consider any information it deems appropriate, including information received from broker-dealers and/or pricing services or comparable sales in the secondary market. Any such fair valuation determinations will be made in good faith by the Valuation Designee, may be based upon an internally developed pricing model, and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting.

#### NAV and NAV Per Share Calculation
The price at which an investor buys Shares or has Shares repurchased is the NAV per Share. BNY Mellon calculates the Fund's NAV once each Business Day as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Current value of the Fund's total assets, including the value of all investments held; and

&nbsp;&nbsp;&nbsp;&nbsp;• Less any liabilities including accrued fees and expenses of the Fund or distributions to be paid.

NAV per Share is calculated by taking the Fund's NAV divided by the total number of Shares outstanding at the time the determination is made. The NAV per Share is calculated before taking into consideration any additional investments to be made as of such date and prior to including any dividend reinvestment or any repurchase obligations to be paid in respect of a Repurchase Date that is as of such date.

#### DESCRIPTION OF SHARES
The Fund is authorized to issue an unlimited number of Shares of beneficial interest. The Board is authorized to change the number of Shares the Fund is authorized to issue. Each Share has one vote at all meetings of shareholders and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. The Fund may offer additional classes of Shares in the future in reliance on exemptive relief from the SEC that would permit the Fund to issue multiple classes of Shares. The Fund may offer one or more additional classes of Shares, including a class of preferred shares, without the approval of shareholders. Until the Fund registers a new Share class, the Fund will only offer one class of Shares.

All Shares have equal rights as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. Shareholders are not liable for further calls or assessments. The Fund will send periodic reports (including financial statements) to all shareholders. The Fund does not intend to hold annual meetings of shareholders. Shares are not available in certificated form. Any transfer of Shares will be void if made to an account held through a broker, dealer or other Intermediary that has not entered into an agreement for the provision of shareholder services to the Fund. In addition, in the event of any transfer that violates the foregoing transfer restrictions, such as

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pursuant to testate or intestate succession, the Fund will have the right (but not the obligation) to repurchase any such improperly transferred Shares at their then current NAV. This repurchase right is in addition to any other remedy that the Fund may have, including, when consistent with applicable law, refusing to recognize any such transfer. With very limited exceptions, Shares are not transferable and liquidity will be provided principally through limited Repurchase Offers. See "*Risk Factors – Interval Fund Risk*" and "*– Liquidity Risk*."

In general, any action requiring a vote of the holders of the Shares of the Fund shall be effective if taken or authorized by the affirmative vote of a majority of the quorum for the transaction of business at meeting of shareholders. Except when a larger quorum is required by law, 30% of the Shares entitled to vote on a particular matter shall constitute quorum. Any change in the Fund's fundamental policies may also be authorized by the vote of the holders of (a) two-thirds of the Shares present at a shareholders' meeting if the holders of a majority of the outstanding Shares are present or represented by proxy, or (b) a majority of the outstanding Shares of the Fund, whichever is less.

Dividends and capital gain distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder "opts out" (elects not to reinvest in Shares). Shareholders are free to change their election on a quarterly basis by contacting the Fund's Transfer Agent, BNY Mellon Investment Servicing (US) Inc. (or, alternatively, by contacting its Intermediary, who will inform the Fund). Shares purchased by reinvestment will be issued at their NAV on the ex-dividend date. There is no sales load or other charge for reinvestment. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. The automatic reinvestment of dividends and capital gain distributions does not relieve shareholders of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, shareholders are entitled to share ratably in all the remaining assets of the Fund.

The following table shows Shares of the Fund that were authorized and outstanding as June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| (1)<br>**Title of Class** | (2)<br>**Amount Authorized** | (3)<br>**Amount Held by the Fund for** <br>**its Account** | (4) <br>**Amount Outstanding Exclusive** <br>**of Amount Shown Under (3)** |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23121864.542 |

---

As a continuously offered closed-end fund, it is anticipated that the Fund will offer additional Shares subject to future registration statements. In deciding whether to make these sales, the Fund will take into account all factors it considers relevant, including market conditions and the cash available to it for investment.

#### Organizational Documents
The Fund's Declaration of Trust and the By-Laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status. As described below, the Declaration of Trust grants special approval rights with respect to certain matters to members of the Board who qualify as "Continuing Trustees," which term means a Trustee who either (i) has been a member of the Board since the date when shares are first sold pursuant to a public offering or (ii) was nominated to serve as a member of the Board, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board.

The Declaration of Trust requires the affirmative vote or consent of at least a majority of the Board and holders of at least a majority of the Fund's shares to authorize certain Fund transactions not in the ordinary course of business, including, among other matters, a merger or consolidation or share exchange. The Declaration of Trust also requires the affirmative vote or consent of holders of at least a majority of the Fund's shares entitled to vote on the matter to authorize a conversion of the Fund from a closed-end to an open-end investment company, unless the conversion is authorized by both a majority of the Trustees and a majority of the Continuing Trustees. Also, the Declaration of Trust provides that the Fund may be terminated at any time by vote or consent of at least seventy-five percent of the Fund's shares or, alternatively, by vote or consent of both a majority of the Trustees and a majority of the Continuing Trustees.

The Declaration of Trust provides that unless the Fund consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any action or proceeding brought by or on behalf of the Fund or shareholders against the Fund, the Fund's investment adviser, or the Trustees, officers, or employees of the Fund; (ii) any action arising under or to interpret, apply, enforce, or determine the validity of the Declaration of Trust or the By-Laws or any investment

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advisory agreement; or (iii) any action asserting a claim governed by the internal affairs doctrine shall be brought in either the federal courts sitting within the City of Boston in The Commonwealth of Massachusetts or the Business Litigation Session of the Massachusetts Superior Court in Suffolk County (each, a "Covered Action").

Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Fund will be (i) deemed to have notice of and consented to the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in the foregoing paragraph. This forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims and increase the costs for a shareholder to pursue such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions. This forum selection provision shall not apply to claims made under federal securities laws. The enforceability of exclusive forum provisions is questionable.

The Declaration of Trust contains provisions regarding derivative and direct claims of shareholders. As used in the Declaration of Trust, a "direct" shareholder claim refers to (i) a claim based upon alleged violations of a shareholder's individual rights independent of any harm to the Fund, including a shareholder's voting rights with respect to certain transactions under Section 5.2 of the Declaration of Trust or the By-Laws, rights to receive a dividend payment as may be declared from time to time, rights to inspect books and records, or other similar rights personal to the shareholder and independent of any harm to the Fund; and/or (ii) a claim for which a direct shareholder action is expressly provided under U.S. federal securities laws. Any claim asserted by a shareholder other than a direct claim, including without limitation any claims purporting to be brought on behalf of the Fund or other individual Shareholder or involving any alleged harm to the Fund or other individual shareholder, is considered a "derivative" claim.

A shareholder or group of shareholders may not bring or maintain any court action, proceeding or claim on behalf of the Fund or any class of shares or involving any alleged harm to the Fund, without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such demand within ninety (90) days of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Fund or a class of shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of shareholders shall be made by the Trustees in their business judgment and shall be binding upon the shareholders and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

A shareholder or group of shareholders may not bring or maintain a direct action or claim for monetary damages against the Fund or the Trustees predicated upon an express or implied right of action under the Declaration of Trust or the Investment Company Act (excepting rights of action permitted under Section 36(b) of the Investment Company Act), nor shall any single shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such request within ninety (90) days of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Fund or a class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made in their business judgment and shall be binding on all shareholders.

These provisions in the Declaration of Trust regarding derivative and direct claims of shareholders shall not apply to claims made under federal securities laws.

#### TAXES
This section summarizes some of the U.S. federal income tax consequences to U.S. persons of investing in the Fund; the consequences under other tax laws and to non-U.S. shareholders may differ. Shareholders should consult their tax advisors as to the possible application of federal, state, local or non-U.S. income tax laws. Please see the SAI for additional information regarding the tax aspects of investing in the Fund.

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#### Treatment as a Regulated Investment Company
The Fund intends to elect to be treated, and intends each year to qualify and be eligible to be treated, as a RIC under Subchapter M of the Code. A RIC is not subject to U.S. federal income tax at the corporate level on income and gains from investments that are timely distributed to shareholders. The Fund's failure to qualify as a RIC would result in corporate-level taxation, thereby reducing the return on your investment.

#### Taxes on Fund Distributions
A shareholder subject to U.S. federal income tax will generally be subject to tax on Fund distributions. For U.S. federal income tax purposes, Fund distributions will generally be taxable to a shareholder as either ordinary income or capital gains. Fund dividends consisting of distributions of investment income generally are taxable to shareholders as ordinary income. Federal taxes on Fund distributions of capital gains are determined by how long the Fund owned or is deemed to have owned the investments that generated the capital gains, rather than how long a shareholder has owned the shares. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends generally will be treated as long-term capital gains includible in a shareholder's net capital gains and taxed to individuals at reduced rates. Distributions of net short-term capital gains in excess of net long-term capital losses generally will be taxable to you as ordinary income.

The Code generally imposes a 3.8% Medicare contribution tax on the "net investment income" of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, including any capital gain dividends, and net capital gains recognized on the sale, redemption or exchange of shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

The ultimate tax characterization of the Fund's distributions made in a taxable year cannot be determined finally until after the end of that taxable year. As a result, the Fund may make total distributions during a taxable year in an amount that exceeds the Fund's current and accumulated earnings and profits. In that case, the excess generally would be treated as a return of capital and would reduce a shareholder's tax basis in the applicable shares, with any amounts exceeding such basis treated as gain from the sale of such shares. A return of capital is not taxable, but it reduces a shareholder's tax basis in the shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Fund distributions are taxable to shareholders as described above even if they are paid from income or gains earned by the Fund before a shareholder's investment (and thus were included in the price the shareholder paid).

#### Certain Fund Investments
Income and gains from certain of the Fund's activities, including fees received in connection with the origination of loans, may not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does cure such failure, including by paying a Fund-level tax.

The Fund's investments in certain debt instruments could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions). These dispositions may cause the Fund to realize higher amounts of capital gains (including short-term capital gains generally taxed to shareholders that are individuals at ordinary income tax rates). The Fund does not expect to qualify to pass through tax-exempt dividends to shareholders.

Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on a debt obligation; when the Fund may cease to accrue interest, original issue discount or market discount; when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

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The Fund is permitted to invest up to 25% of its total assets in the aggregate in the VCRDX Subsidiary, which has elected to be treated as a corporation for U.S. federal income tax purposes, and any other issuer that the Fund controls and that is engaged in the same, similar or related trade or business. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCRDX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund.

#### Private Funds
The Fund may invest in Private Funds that are classified as partnerships for U.S. federal income tax purposes. As such, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from the Private Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in other Private Funds, including when it is disadvantageous to do so, in order to make the distributions required to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

Private Funds classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof, including by holding such investments in the VCRDX Subsidiary.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Private Funds that are classified as partnerships for federal income tax purposes.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Private Funds that would otherwise be consistent with its investment strategy, may require the Fund to structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof (including, for example, holding such investments through the VCRDX Subsidiary) or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and/or taxes, thereby reducing the Fund's return to shareholders. The Fund's investment in Private Funds may also adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the investments, activities, income, gain, and loss attributable to the Fund as result of the Fund's investment in any Private Fund or other entity that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

#### Foreign (Non-U.S.) Taxes
Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. The Fund does not expect that shareholders will be entitled to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if the Fund were eligible to and did elect to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as individual retirement accounts ("IRAs") would not benefit from any such tax credit or deduction.

#### Taxes When You Dispose of Your Common Shares
Any gain resulting from the disposition of Shares that is treated as a sale or exchange for U.S. federal income tax purposes generally will be taxable to shareholders as capital gains for U.S. federal income tax purposes. Shareholders who offer and are able to sell all of the Shares they hold or are deemed to hold in response to a repurchase offer generally will be treated as having sold their shares and generally will recognize a capital gain or loss. In the case of shareholders who tender or are able to sell fewer than all of their shares, it is possible that any amounts that the shareholder receives in such repurchase will be taxable as a dividend to such shareholder. In addition, there is a risk that shareholders who do not tender any of their shares for repurchase, or whose percentage interest in the Fund otherwise increases as a result of the repurchase offer, will be treated for U.S. federal income tax purposes as having received a taxable dividend

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distribution as a result of their proportionate increase in the ownership of the Fund. The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether such distribution requirements are satisfied.

#### Backup Withholding
The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he, she or it is not subject to such withholding.

#### DISTRIBUTION ARRANGEMENTS

#### General
Foreside Funds Distributors LLC, the Fund's Distributor, serves as the Fund's "statutory underwriter," within the meaning of the Securities Act, and "principal underwriter," within the meaning of the Investment Company Act, and facilitates the distribution of the Shares. The Distributor's principal business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

The Distributor will offer the Shares on a best efforts basis, but is not obligated to sell any certain number of Shares. Under the Distribution Agreement between the Fund and the Distributor, the Fund has agreed to indemnify the Distributor or its designee, their respective affiliates, the Adviser, and certain other persons against certain liabilities, including liabilities under the Securities Act. However, the Fund will not be required to provide indemnification where it is determined that the liability resulted from the willful misfeasance, bad faith or gross negligence of the person seeking indemnification in the performance of such person's duties under the Distribution Agreement, or from the reckless disregard of such person's obligations under the Distribution Agreement.

#### Other Payments Made by the Fund, the Adviser, the Distributor and/or its Designee
The Fund, the Adviser, and/or the Distributor may authorize one or more Intermediaries to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution and/or servicing agreements to compensate Intermediaries for distribution-related activities and/or for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Distribution-related services may include, among other things, the provision of education and support for the Fund's sales team, the placement of the Fund on preferred lists and in advisory allocation models, and promotion of the Fund through conferences, roadshows, and newsletters. Shareholder servicing arrangements may include, among other things, electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request.

Compensation received by the Intermediaries is paid by the Adviser out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict of interest for the Intermediaries by providing an incentive to recommend the Shares over other potential investments that may also be appropriate for the clients of such Intermediaries. These payments may also have the effect of increasing the Fund's assets under management, which would increase the amount of the Investment Management Fee payable to the Adviser. There is no limit on the amount of such compensation paid by the Adviser to the Intermediaries, subject to the limitations imposed by the Financial Industry Regulatory Authority. Such professionals and Intermediaries may provide varying investment products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund. Platform fees, administration fees, shareholder services fees and sub-transfer agent fees are not paid by the Fund as compensation for any sales or distribution activities.

The aggregate amount of these payments may be substantial and may include amounts that are sometimes referred to as "revenue sharing" payments. Because these revenue sharing payments are paid by the Adviser and not from the Fund's assets, the amount of any revenue sharing payments is determined by the Adviser. The existence or level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the Intermediaries, the expected level of assets or sales of Shares, the placing of the Fund on a recommended or preferred

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list and/or access to an Intermediary's personnel and other factors. Payments may be based on current or past sales, current or historical assets or a flat fee for specific services provided. Shareholders should inquire of an Intermediary how the Intermediary will be compensated for investments made in the Fund.

The Adviser may manage and offer additional investment products other than the Fund. The compensation for services paid to Intermediaries may differ from one fund to another, even if the two funds are charged the same management fee or incentive-based fee (*i.e.*, even if, overall, an investor would pay the same amount in fees). The differences in compensation may create an incentive for Intermediaries to recommend funds for which they receive higher compensation. Shareholders should discuss this with their Intermediaries to learn more about the compensation they receive.

#### PRIVACY NOTICE
This notice describes the Fund's privacy policy. The Fund is committed to protecting the personal information that it collects about individuals who are prospective, former or current investors. The Fund collects personal information ("Personal Information") for business purposes, such as to process requests and transactions, to maintain accounts, and to provide customer service. Personal Information is obtained from the following sources.

&nbsp;&nbsp;&nbsp;&nbsp;• Investor applications and other forms, which may include your name(s), address, social security number or tax identification number;

&nbsp;&nbsp;&nbsp;&nbsp;• Written and electronic correspondence, including telephone contacts; and

&nbsp;&nbsp;&nbsp;&nbsp;• Transaction history, including information about the Fund's transactions and balances in your accounts with the Fund or its affiliates or other holdings of the Fund and any affiliation with the Adviser and its subsidiaries.

The Fund limits access to Personal Information to those employees and service providers who need to know that information for business purposes. Employees are required to maintain and protect the confidentiality of Personal Information. The Adviser, on behalf of the Fund, maintains written policies and procedures that address physical, electronic and administrative safeguards designed to protect Personal Information.

The Fund may share Personal Information described above with the Adviser and its various other affiliates or service providers for business purposes, such as to facilitate the servicing of accounts. The Fund may share the Personal Information described above for business purposes with a non-affiliated third party only as authorized by exceptions to Regulation S-P's opt-out requirements, for example, if it is necessary to effect, administer, or enforce a transaction that an investor requests or authorizes; (ii) in connection with processing or servicing a financial product or service an investor requests or authorizes; and (iii) in connection with maintaining or servicing the investor's account with the Fund. The Fund also may disclose Personal Information to regulatory authorities or otherwise as permitted by law. The Fund endeavors to keep its customer files complete and accurate. The Fund should be notified if any information needs to be corrected or updated.

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#### STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29 , 2025
HARRISON STREET INFRASTRUCTURE

INCOME FUND

#### Shares of Beneficial Interest: VCRDX
5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (877) 200-1878

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Prospectus of Harrison Street Infrastructure Income Fund (the "Fund"), dated July 29, 2025 (the "Prospectus"). Defined terms used herein, and not otherwise defined herein, have the same meanings as in the Prospectus. The financial statements, along with the accompanying notes and report of independent registered public accounting firm, which appear in the Fund's most recent [Annual Report](https://www.sec.gov/Archives/edgar/data/1812286/000119312525134764/d837791dncsr.htm) to shareholders, are incorporated by reference into this SAI. You can request a copy of the Prospectus, this SAI and the Fund's annual and semi-annual reports without charge by writing to the Fund at the address above or by calling (877) 200-1878 or by visiting www.harrisonstpw.com. This SAI, material incorporated by reference and other information about the Fund are also available on the SEC's website (http://www.sec.gov).

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE FUND](#tf2) | [3](#tf2) |
| [ADDITIONAL INVESTMENT POLICIES](#aip2) | [3](#aip2) |
| [TRUSTEES AND OFFICERS](#trust2) | [5](#trust2) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#cpa2) | [13](#cpa2) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#iaa2) | [14](#iaa2) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#rat2) | [15](#rat2) |
| [CUSTODIAN](#cust2) | [15](#cust2) |
| [LEGAL COUNSEL](#lc2) | [15](#lc2) |
| [PORTFOLIO MANAGERS](#pm2) | [16](#pm2) |
| [REPURCHASES AND TRANSFERS OF SHARES](#rato2) | [18](#rato2) |
| [CONVERSION TO OPEN-END FUND OR EXCHANGE LISTED FUND](#con) | [18](#con) |
| [CODE OF ETHICS](#co2) | [19](#co2) |
| [PROXY VOTING POLICIES AND PROCEDURES](#pvp2) | [19](#pvp2) |
| [CONFLICTS OF INTEREST](#coi2) | [20](#coi2) |
| [TAX ASPECTS](#ta2) | [22](#ta2) |
| [BROKERAGE](#bro2) | [34](#bro2) |
| [FINANCIAL STATEMENTS](#fn2) | [36](#fn2) |
| [APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES](#app2) | [A-1](#app2) |

---

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#### THE FUND
The Fund is a non-diversified, closed-end management investment company that continuously offers its shares and operates as an "interval fund" (as defined below). The Fund offers one class of shares. The Fund was formed on May 11, 2020 as a Massachusetts business trust.

#### ADDITIONAL INVESTMENT POLICIES
The investment objectives and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. See "*Investment Objectives, Investment Strategies and Investment Features*" in the Prospectus. Certain additional investment information is set forth below. Effective July 28, 2025, the Fund's name changed from Versus Capital Infrastructure Income Fund to Harrison Street Infrastructure Income Fund.

#### Fundamental Policies
The Fund's fundamental policies may be changed only by the affirmative vote of a majority of the outstanding shares of beneficial interest of the Fund (collectively, the "Shares"). Fundamental policies of the Fund are listed below. For the purposes of this SAI, "majority of the outstanding Shares of the Fund" means the vote, at an annual or special meeting of shareholders duly called, of (a) 67% or more of the Shares present at such meeting, if the holders of more than 50% of the outstanding Shares of the Fund are present or represented by proxy; or (b) more than 50% of the outstanding Shares of the Fund, whichever is less. As fundamental policies, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;• Invest 25% or more of
 its total assets (measured at current value at the time of investment) in a particular industry or group of industries (other than securities
 issued or guaranteed by the U.S. government or its agencies or instrumentalities); provided that the Fund will invest, directly or indirectly,
 25% or more of its total assets in infrastructure-related industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Borrow money, except
 to the extent permitted under the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;• Issue senior securities,
 except to the extent permitted under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;• Underwrite securities
 of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter
 under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Make loans, except to the
 extent permitted under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;• Purchase, sell or hold
 real estate, except to the extent permitted by applicable law. This restriction shall not prohibit the Fund from purchasing, selling,
 or holding securities of issuers that invest in real estate, including securities of real estate investment trusts ("REITs"),
 and securities that are secured by real estate or interests in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;• Purchase and sell commodities,
 except to the extent permitted by applicable law. This restriction shall not prohibit the Fund from purchasing, selling, or entering into
 futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related, or other derivative instrument,
 including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities
 or commodities laws.

In addition, the Fund has adopted the following fundamental policies with respect to the repurchase of Shares, which shall apply until such time as the Fund's board of trustees (the "Board") may approve the Fund's conversion to an open-end investment company, at which time the Fund will cease to operate under and pursuant to Rule 23c-3 under the Investment Company Act:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will make quarterly
 repurchase offers (each a "Repurchase Offer") pursuant to Rule 23c-3 under the Investment Company Act, as it may be amended
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will repurchase
 shares that are tendered by a specific date (the "Repurchase Request Deadline"), which will be established by the Board in
 accordance with Rule 23c-3, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;• There will be a maximum
 fourteen (14) calendar day period (or the next business day if the 14<sup>th</sup> calendar day is not a business day) between the
 Repurchase Request Deadline and the date on which the Fund's net asset value applicable to the repurchase offer is determined.

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Where applicable, the foregoing investment restrictions shall be interpreted based on the Investment Company Act and the rules and regulations thereunder, and the applicable statutes, rules, regulations, orders, guidance, and pronouncements of the U.S. Securities and Exchange Commission (the "SEC") and its staff, as such statutes, rules, regulations, orders, guidance, and pronouncements may be amended from time to time.

Unless otherwise indicated, all limitations applicable to the Fund's investments apply only at the time of investment. Any subsequent change in the percentage of the Fund's assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the Fund's total assets, will not require the Fund to dispose of an investment.

#### Certain Portfolio Securities and Other Operating Policies

#### Money Market Instruments
The Fund may invest, for defensive purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments, and money market mutual funds, or hold cash or cash equivalents in such amounts as the Fund or a sub-adviser to the Fund (the "Sub-Adviser") deems appropriate under the circumstances. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less, and may include U.S. Government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

#### Collateralized Bond Obligations
The Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other collateralized debt obligations ("CDOs"), as well as other similarly structured securities. CBOs, CLOs and CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high-yield debt, privately-issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses, which would be borne by the Fund.

The cash flows from these investments are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to these types of securities as a class. The Fund may invest in any tranche, including the equity tranche, of a CBO, CLO or other CDO. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests.

Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid investments; however an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition to the normal risks associated with debt instruments discussed in the Prospectus (*e.g.*, prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk, interest rate risk and default risk), CBOs, CLOs and other CDOs may carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default; (iii) the possibility that investments in CBOs, CLOs and other CDOs are subordinate to other classes or tranches thereof; and (iv) the fact that the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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#### **TABLE OF CONTENTS**

#### Short Sales
The Fund may, to a limited extent, engage in short sales of securities to the extent consistent with its investment objectives and policies. A short sale is a transaction in which the Fund sells a security it does not own as a means of attractive financing for purchasing other assets or in anticipation that the market price of that security will decline. If the price of the security in the short sale decreases, the Fund will realize a profit to the extent that the short sale price for the security exceeds the market price. If the price of the security increases, the Fund will realize a loss to the extent that the market price exceeds the short sale price.

Short selling involves a number of risks. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Selling securities short runs the risk of losing an amount greater than the initial investment therein. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. In addition, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

#### Options
The Fund may, to a limited extent, purchase put and call options and write covered call and put option contracts to the extent consistent with its investment objectives and policies. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying currency or security or its equivalent at a specified price at any time during the option period. A call option gives the purchaser the right to buy the underlying currency or security covered by the option or its equivalent from the writer of the option at the stated exercise price. A "covered call option" written by the Fund is a call option with respect to which the Fund owns the underlying security. A put option written by the Fund is covered when, among other things, the Fund sets aside assets having a value equal to or greater than the exercise price of the option to fulfill the obligation undertaken or otherwise covers the transaction. The Fund may also seek to terminate its option positions prior to their expiration by entering into closing transactions.

To the extent the Fund invests in options, some, but not all, of the Fund's options may be traded and listed on an exchange. There is no assurance that a liquid secondary market on an options exchange will exist for any particular option at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. The ability of the Fund to enter into a closing sale transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities on which the option is based. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for the Fund.

#### TRUSTEES AND OFFICERS

#### Trustees
The Board has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of trustees of a registered investment company organized as a Massachusetts business trust.

#### Board's Oversight Role in Management
The Board's role in management of the Fund is oversight. Harrison Street Private Wealth LLC (formerly, Versus Capital Advisors LLC), the Fund's investment adviser (the "Adviser"), has primary responsibility for the day-to-day management of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational

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#### **TABLE OF CONTENTS**
risk). As part of its oversight, the Board, acting at its scheduled meetings, or the Chairman of the Board, acting between Board meetings, regularly interacts with and receives risk management reports from senior personnel of the Adviser, including senior managerial and financial officers of the Adviser, the Fund's and the Adviser's Chief Compliance Officer and portfolio management personnel. The Board's Audit Committee (which consists of all of the Independent Trustees, as defined below) holds regularly scheduled meetings, and between meetings the Audit Committee chair receives updates from the Fund's independent registered public accounting firm and the Adviser's senior personnel. The Board receives periodic presentations from senior personnel of the Adviser regarding risk management, as well as periodic presentations regarding specific operational, compliance or investment risk areas such as business continuity, anti-money laundering, personal trading, valuation and investment research. The Board also receives reports from counsel to the Fund or counsel to the Adviser regarding regulatory compliance and governance matters. The Board will also review any proposals associated with the Adviser entering into sub-advisory relationships with the Sub-Adviser. Such relationships may only be entered into upon Board approval and upon the approval of a majority (as defined under the Investment Company Act) of the Fund's outstanding voting securities pursuant to the Investment Company Act.

The Board's oversight role does not make the Board a guarantor of the Fund's investments or activities.

#### Board Composition and Leadership Structure
The Investment Company Act requires that at least 40% of the Fund's trustees not be "interested persons," as defined in the Investment Company Act, of the Fund, the Adviser, the Sub-Adviser, Foreside Funds Distributors LLC (the "Distributor") or their designees, or any affiliate of the foregoing (such trustees, the "Independent Trustees"). For certain matters, such as the approval of investment advisory agreements or permitted transactions with affiliates, the Investment Company Act and/or the rules thereunder require the approval of a majority of the Independent Trustees. Five (5) of the Fund's six (6) trustees are Independent Trustees. A majority of the Trustees are not "interested persons" of the Fund, the Adviser, the Sub-Adviser, the Distributor or any affiliate of any of the foregoing, as defined by the Investment Company Act. The Fund's trustees, including its five (5) Independent Trustees, interact directly with senior management of the Adviser at scheduled meetings and between meetings as appropriate. Independent Trustees have been designated to chair the Audit Committee, Valuation Committee and the Nominating and Governance Committee. The Board has designated a Lead Independent Trustee to take the lead in addressing with management matters or issues of concern to the Board. In light of the Board's size and structure, and the cooperative working relationship among the Trustees, the Board has determined that it is appropriate to have an Interested Trustee serve as Chairman of the Board.

The address, year of birth, and descriptions of their principal occupations during the past five years are listed below for each trustee of the Fund. The Fund has divided the trustees into two groups: Independent Trustees and a trustee who is an "interested person," as defined in the Investment Company Act (the "Interested Trustee"):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**Year of Birth<sup>(1)</sup>** | **Position(s)** <br>**Held with** <br>**Fund** | **Term of** <br>**Office and** <br>**Length** <br>**of Time** <br>**Served<sup>(2)</sup>** | **Principal Occupation(s)** <br>**During Past 5 Years** | **Number of** <br>**Funds in Fund** <br>**Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other Public** <br>**Company** <br>**Directorships** <br>**Held by** <br>**Trustee** |
| *Independent Trustees* | *Independent Trustees* | *Independent Trustees* | *Independent Trustees* | *Independent Trustees* | *Independent Trustees* |
| Richard J. McCready; <br>1958 | Lead Independent Trustee | Since inception | President of The Davis Companies (Real Estate) (2014 – 2022). | 3 |  |
| Robert F. Doherty;<br>1964 | Independent Trustee | Since inception | Chief Financial Officer of Sustainable Living Partners (Building Technology Company) (2018 – present) and Partner of Renova Capital Partners (Venture Capital & Private Equity) (2010 – 2022). | 3 |  |
| Jeffry A. Jones;<br>1959 | Independent Trustee | Since inception | Principal of SmithJones (Real Estate) (2008 – present). | 3 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**Year of Birth<sup>(1)</sup>** | **Position(s)** <br>**Held with** <br>**Fund** | **Term of** <br>**Office and** <br>**Length** <br>**of Time** <br>**Served<sup>(2)</sup>** | **Principal Occupation(s)** <br>**During Past 5 Years** | **Number of** <br>**Funds in Fund** <br>**Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other Public** <br>**Company** <br>**Directorships** <br>**Held by** <br>**Trustee** |
| Paul E. Sveen;<br>1961 | Independent Trustee | Since inception | Chief Financial Officer of Paytient Technologies (Healthcare Technology)<br>(October 2024 – present); Beam Technologies (Insurtech) (February 2020 – September 2024) and Chief Financial Officer of Paypal's merchant lending platform (2018 – 2020). | 3 |  |
| Susan K. Wold;<br>1960 | Independent Trustee | Since inception | Senior Vice President, Global Ombudsman and Head of North American Compliance of Janus Henderson Investors (2017 – 2020); Vice President, Chief Compliance Officer and Anti Money Laundering Officer for Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust, and Clayton Street Trust (2017 – 2020). | 3 | ALPS ETF <br>Trust – 24 funds. |
| *Interested Trustee* | *Interested Trustee* | *Interested Trustee* | *Interested Trustee* | *Interested Trustee* | *Interested Trustee* |
| Casey Frazier;<br>1977 | Chair of the Board, Trustee, Chief Investment Officer | Since inception | Chief Investment Officer of the Adviser (2011 – present); Chief Investment Officer of Harrison Street Real Estate Fund LLC (2011 – present); Chief Investment Officer of Harrison Street Real Assets Fund LLC (2017 – present). | 3 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of
 each member of the Board is: c/o Harrison Street Infrastructure Income Fund, 5050 S. Syracuse Street, Suite 1100, Denver,
 Colorado 80237.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Trustee will serve for
 the duration of the Fund, or until his or her death, resignation, termination, removal or retirement.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The term "Fund
 Complex" as used herein includes the Fund, Harrison Street Real Assets Fund LLC and Harrison Street Real
 Estate Fund LLC.

Additional information about each trustee follows (supplementing the information provided in the table above) that describes certain specific experiences, qualifications, attributes or skills that each trustee possesses and that the Board believes has prepared them to be effective trustees.

#### Independent Trustees
***Robert F. Doherty co-founded and partner of Renova Capital Partners, a private equity company focusing on renewable and sustainable investments, in 2010 (and served as a partner until 2022) and has served as the Chief Financial Officer of Sustainable Living Partners since 2018. Prior to founding Renova, Mr. Doherty held the post of Managing Director and Deputy Head of Municipal and Infrastructure Finance at JP Morgan, where he directed the investment banking services to state and local government, water, energy, transport, housing, healthcare, and higher education clients. He also served as the co-head of UBS/Paine's Webber National Infrastructure Group. He was a Managing Director in Merrill Lynch's alternative investment, private equity and municipal finance groups. From 2013-2018, Mr. Doherty served as Chief Financial Officer for Ensyn Corporation, one of Renova's joint venture partners. One of Renova's initial investments was Main Street Power Company, Inc., a commercial solar developer and owner/operator of solar assets in the U.S. Mr. Doherty served on the Board of Directors of Main Street Power prior to***

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its sale to AES Corporation in 2015. He also serves on the management committee for Sustainable Living Partners. Mr. Doherty has a Bachelor of Science degree in Foreign Services from Georgetown University Edmund A. Walsh School of Foreign Service, and a Master of Business Administration from the University of Chicago Graduate School of Business.

***Jeffry A. Jones has over 35 years of real estate investment experience in multiple real estate product types in markets throughout the U.S. Mr. Jones is currently a Principal at SmithJones Partners. Mr. Jones was President and Executive Director of Ameriton Properties Inc. ("Ameriton"), as well as Executive Vice President of Archstone-Smith in Denver, Colorado from 2000 to November of 2007, where he had overall investment, management and asset management responsibility for more than $2.3 billion of apartment investments. Prior to joining Ameriton, Mr. Jones was Senior Vice President with Archstone-Smith in Austin, Texas where he was responsible for Archstone's multifamily acquisition and development activities throughout the central U.S. From 1995 to 1999, Mr. Jones was Senior Vice President of Homestead Village Inc. ("Homestead"), where he directed acquisition and development activities for its limited service extended-stay hotel product throughout the central part of the U.S. Prior to Homestead, Mr. Jones held development or investment positions with Sentre Partners, Stark Companies International, Maclachlan Investment Company and Trammell Crow Company. Mr. Jones received his Bachelor of Arts degree in Economics from Stanford University.***

***Richard J. McCready has been involved in commercial real estate investment and finance for over 30 years, gaining experience in capital markets, raising debt and equity capital, innovative transaction structuring, organization building, asset/risk management and value creation in a variety of real estate-related businesses. Mr. McCready retired in December 2022 from his full-time role as President of The Davis Companies, a Boston-based commercial real estate investment, development and management company, where he was responsible for firm-wide strategy and oversaw day-to-day management of all aspects of the firm's investment and asset management functions and operations. Prior to joining The Davis Companies, Mr. McCready was the Chief Operating Officer and Executive Vice President of NorthStar Realty Finance Corp (NYSE: NRF), formerly a publicly-traded commercial real estate finance company with over $10 billion in assets under management, prior to the company's merger with Colony Capital. He served as the President, Chief Operating Officer and Director of NRF's predecessor company, NorthStar Capital Investment Corp., a private equity fund business specializing in opportunistic investments in real estate assets and operating companies, where he spearheaded and managed the IPO spin-off of NRF. Prior to NorthStar, Mr. McCready served as the President, Chief Operating Officer and Director of Winthrop Financial Associates. From 1984 to 1990, he practiced law at Mintz Levin in Boston. In addition, Mr. McCready has served on numerous real estate company boards and has a broad knowledge of multiple real estate property types and strategies. Mr. McCready is a Phi Beta Kappa graduate of The University of New Hampshire and received his law degree, magna cum laude, from Boston College Law School.***

***Paul E. Sveen has over 35 years of experience in financial services across investment banking, structured finance, real estate investments, mortgage lending/servicing and small business lending. Since October 2024, Mr. Sveen has been CFO of Paytient Technologies. Paytient is a healthcare technology company on a mission to help people better access and afford care. Paytient partners with employers & insurers and provides affordability solutions for out-of-pocket healthcare expenses. The Company's core service is a Health Payment Account (HPA), that members use to more easily access and afford medical, dental, vision, veterinary and pharmaceutical care. Previously, Mr. Sveen has served as CFO of Beam Technologies Inc., a Columbus-based insurtech company that is seeking to blend innovative technology with traditional insurance policies to bring a differentiated value proposition to the employee benefits market and disrupt the traditional dental insurance market. He also was engaged in the fintech lending arena as CFO of Swift Financial, a leading alternative technology-enabled small business lender, which was acquired by PayPal in September 2017. After the merger, he was CFO of PayPal's merchant lending platform, where he focused on developing strategies to drive growth through strategic partnerships and a broader use of financial capital markets. Prior to Swift, Mr. Sveen spent a decade focused in the real estate investment sector, leading several businesses providing mortgage lending, default services and rental home investment opportunities. From 2013-2016, he served as Managing Partner of Pantelan Real Estate Services LLC. Pantelan, whose clients included institutional investors such as private equity firms and hedge funds, invested in single family residential portfolios and provided a suite of services to support the residential asset class across all phases of the investment life cycle. For two years prior, Mr. Sveen served as CEO and Chief Restructuring Officer for Integrated Asset Services, a mortgage default services provider. Since 2007, Mr. Sveen had been engaged by several private equity firms to advise on existing portfolio investments, and to lead the evaluation of investments in several new business ventures in the mortgage, structured finance and real estate industries. He has also worked extensively with banks on capital and liquidity enhancement initiatives, negotiating facility terminations, assignments, restructurings and sales. Mr. Sveen is a 19-year veteran of Lehman Brothers, where he was integral in***

8<br>

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building the structured finance business into one of Wall Street's leading securitization franchises. While a Managing Director at Lehman, he led several groups including asset-backed finance, principal finance, asset-backed commercial paper and structured finance client solutions. In 2004, Mr. Sveen was appointed CAO of Aurora Loan Services, a wholly-owned subsidiary of Lehman Brothers and one of the leading Alt-A mortgage originators and servicers in the US at that time. Mr. Sveen holds a BA in Economics from St. Lawrence University and attended The University of Oslo, Norway.

***Susan K. Wold has over 30 years of experience in financial services with broad expertise in global securities regulations, corporate governance and ethics, third party oversight, and mutual funds, exchange traded funds and private fund formation and oversight. Ms. Wold leverages her years in the asset management industry to navigate governance, regulation and risk, set strategic direction and enhance revenue growth. She was formerly the Senior Vice President, Global Ombudsman, Head of North American Compliance and interim Head of Risk for Janus Henderson Investors (2017-2020). She was also Vice President, Chief Compliance Officer and Anti Money Laundering Officer for Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust (2017-2020). Prior to that, Ms. Wold was Vice President and Head of Global Corporate Compliance and Chief Compliance Officer of Janus Capital Management LLC and Vice President of Compliance for Janus Capital Group and Janus Capital Management LLC (2005-2017). Prior to Janus Capital Group, Ms. Wold held a variety of positions in the asset management industry including Vice President, Deputy General Counsel and Chief Compliance Officer for National Planning Holdings (2003-2005). Ms. Wold was also Vice President and Group Counsel for American Express and American Express Financial Advisers (1993-2003). Ms. Wold started her career in private practice with a Minneapolis/St. Paul law firm and focused on advising both private and public businesses and business litigation. Ms. Wold holds a Juris Doctor from the University of Minnesota Sturm College of Law, a Business Administration degree from Colorado College and a Diversity, Equity, and Inclusion in the Workplace certificate from the University of South Florida MUMA College of Business. Ms. Wold's key board skills include strategic planning; corporate governance and regulatory issues; risk management; senior leadership experience; and mergers and acquisitions.***

#### Interested Trustee
***Casey Frazier joined the Adviser as the Chief Investment Officer in 2011. Previously, Mr. Frazier was a Senior Vice President of NRF Capital Markets LLC from 2010 to 2011, where he was responsible for product development and due diligence for the firm including helping to develop products to be sold in the retail broker-dealer channel, managing the due diligence process for existing products and overseeing the marketing efforts of the firm. Prior to that Mr. Frazier acted as the Chief Investment Officer for Welton Street Investments, LLC and Welton Street Advisors LLC from 2005 to 2010. In this capacity he reviewed and monitored all prospective securities offerings and investments. This included the review of over $7 billion in private real estate transactions. From 2004 to 2005 he was an Assistant Vice President, Asset Management of Curian Capital LLC ("Curian"), a registered investment adviser. In this capacity, Mr. Frazier helped supervise the asset allocation and money manager selection for Curian's turnkey asset management program. Mr. Frazier helped develop over 300 multi-disciplinary account portfolios. During his tenure he helped the firm grow assets from $200 million to over $1 billion. Previously, Mr. Frazier managed the due diligence process for the National Planning Holdings' ("NPH") broker/dealer network from 2003 to 2004. NPH is an organization with four separate broker dealers and over 3,000 registered representatives. This process included analyzing all potential investments to be sold within the broker dealer network including; mutual funds, variable annuities, private placements, REITs, hedge funds and derivative products. Mr. Frazier received a Bachelor of Arts degree in American Political Economy from The Colorado College, and has earned the CFA (Chartered Financial Analyst) designation. The Board is aided by Mr. Frazier's strong investment management skills.***

#### Board Participation and Committees
The Board believes that each Trustee's experience, qualifications, attributes and skills give each Trustee the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The charter for the Board's Nominating and Governance Committee contains factors considered by the Nominating and Governance Committee in identifying and evaluating potential Board member nominees. To assist them in evaluating matters under federal and state law, the Trustees may benefit from information provided by counsel to the Independent Trustees or counsel to the Fund; both Board and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.

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#### **TABLE OF CONTENTS**
Each Trustee serves on the Board for the duration of the Fund until his or her death, resignation or removal from office, or if sooner, until the next meeting of shareholders, if any, called for the purpose of electing Trustees, and until the election and qualification of his or her successor. A Trustee may resign or retire by an instrument in writing signed by him or her and delivered to the President or Secretary or a Trustee of the Trust, and such resignation or retirement shall be effective ninety (90) days or more after the receipt of such notice (or such lesser period agreeable to the other Trustees). Any Trustee may be removed from office with or without cause (i) by action of at least seventy-five percent (75%) of the outstanding Shares of the classes or series of Shares entitled to vote for the election of such Trustee, or (ii) by written instrument, signed by at least two-thirds (66⅔%) of the Trustees not subject to the removal. In the event of any vacancy in the position of a Trustee, the remaining Trustees may by a majority vote appoint an individual to serve as a Trustee, so long as immediately after such appointment at least two-thirds (66⅔%) of the Trustees then serving would have been elected by the shareholders, as required by the Investment Company Act. If there are no remaining Trustees elected by the shareholders, a majority of the entire Board may fill any such vacancy, provided that the Trustees shall call a shareholder meeting within 120 calendar days of such an appointment to elect a Trustee to fill such Board seat.

The Chairman of the Board is Mr. Frazier. The standing committees of the Board include the Audit Committee, Nominating and Governance Committee, Investment Committee, and Valuation Committee.

The Audit Committee is comprised of all of the Independent Trustees. The current Chairman of the Audit Committee is Mr. Doherty. The purpose of the Audit Committee, pursuant to its adopted written charter, is to (1) oversee the Fund's accounting and financial reporting processes, the audits of the Fund's financial statements and the Fund's internal controls over, among other things, financial reporting and disclosure controls and procedures, (2) oversee or assist in Board oversight of the integrity of the Fund's financial statements and the Fund's compliance with legal and regulatory requirements and (3) approve prior to appointment the engagement of the Fund's independent registered public accounting firm and review the independent registered public accounting firm's qualifications and independence and the performance of the independent registered public accounting firm. During the fiscal year ended March 31, 2025, the Audit Committee met two times.

The Nominating and Governance Committee is comprised of all of the Independent Trustees. The current Chairman of the Nominating and Governance Committee is Mr. Sveen. The purpose of the Nominating and Governance Committee, pursuant to its adopted written charter, is to (1) evaluate the suitability of potential candidates for election or appointment to the Board and recommend candidates for nomination; (2) recommend the appointment of members and chairs of each Board committee; (3) develop and recommend to the Board a set of corporate nominating principles applicable to the Fund and monitor corporate nominating matters; and (4) oversee periodic evaluations of the Board and its committees. The Nominating and Governance Committee reviews nominations of potential Trustees made by Fund management and by Fund shareholders, which includes all information relating to the recommended nominees that is required to be disclosed in solicitations or proxy statements for the election of trustees, including without limitation the biographical information and the qualifications of the proposed nominees. The Nominating and Governance Committee will consider nominations as it deems appropriate after taking into account, among other things, the factors listed in the charter. Nomination submissions by Fund shareholders must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Nominating and Governance Committee. The Nominating and Governance Committee meets as is necessary or appropriate. During the fiscal year ended March 31, 2025, the Nominating and Governance Committee met two times.

The Investment Committee is comprised of all of the Trustees, the majority of which are Independent Trustees. The current Chairman of the Investment Committee is Mr. Frazier. The purpose of the Investment Committee, pursuant to its adopted written charter, is to (1) oversee the Adviser's determination of, implementation of, and ongoing monitoring of investment strategies and objectives of the Fund, which include the Adviser's process for the selection and ongoing due diligence of Private Funds, sub-advisers, and other direct investments of the Fund; and (2) review and make recommendations to the Board regarding the initial approval and periodic renewal of advisory contracts between the Fund, the Adviser and the Sub-Adviser as required by Section 15 of the Investment Company Act. During the fiscal year ended March 31, 2025, the Investment Committee met four times.

The Valuation Committee is comprised of all of the Trustees, the majority of which are Independent Trustees. The current Chairman of the Valuation Committee is Mr. Jones. The purpose of the Valuation Committee, pursuant to its adopted written charter, is to oversee the development of Fund policies and procedures and the Adviser's implementation of those policies and procedures, for the calculation of the Fund's net asset value ("NAV") per Share.

10<br>

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The Valuation Committee reviews and oversees the policies and reporting of underlying asset values of the Private Funds as well as the portion of the Fund's assets that are sub-advised by the Sub-Adviser and invested directly by the Adviser. During the fiscal year ended March 31, 2025, the Valuation Committee met four times.

#### Officers
The address, year of birth, and a description of principal occupations during the past five years are listed below for each officer of the Fund:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address** <br>**and Year of Birth<sup>(1)</sup>** | **Position(s) Held** <br>**with Fund** | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>** | **Principal Occupation(s) During Past 5 Years** |
| Mark D. Quam;<br>1970 | Chief Executive Officer | Since inception | Chief Executive Officer of the Adviser (2010 to present); Chief Executive Officer of Harrison Street Real Assets Fund LLC (2017 to present); and Chief Executive Officer of Harrison Street Real Estate Fund LLC (2011 to present). |
| William R. Fuhs, Jr.;<br>1968 | President | Since inception | President of the Adviser (2010 to present); President of Harrison Street Real Assets Fund LLC (2017 to present); and President of Harrison Street Real Estate Fund LLC (2016 to present). |
| Casey Frazier; <br>1977 | Chief Investment Officer | Since inception | Chief Investment Officer of the Adviser (2011 to present); Chief Investment Officer of Harrison Street Real Assets Fund LLC (2017 to present); and Chief Investment Officer of Harrison Street Real Estate Fund LLC (2011 to present). |
| Begaiym "Becca" Edil; 1989 | Deputy Chief Investment Officer | Since inception | Head of Real Asset Debt of the Adviser (January 2025 – present); Director of Investments of the Adviser (August 2023 to December 2025); Vice President of JP Morgan Asset Management (July 2022 to August 2023); Associate Director of IFM Investors (June 2019 to July 2022). |
| Brian Petersen;<br>1970 | Chief Financial Officer, Treasurer | Since inception | Chief Financial Officer and Chief Operating Officer of the Adviser (January 2022 to present); Managing Director, Fund Financial Operations of the Adviser (July 2019 to December 2021); Chief Financial Officer and Treasurer of Harrison Street Real Assets Fund LLC (August 2019 to present); Chief Financial Officer and Treasurer of Harrison Street Real Estate Fund LLC (August 2019 to present). |
| Dustin C. Rose; <br>1983 | Assistant Treasurer | Since inception | Director of Fund Financial Operations of the Adviser (2020 to present); Assistant Treasurer of Harrison Street Real Assets Fund LLC (November 2021 to Present); Assistant Treasurer of Harrison Street Real Estate Fund LLC (November 2021 to Present); Director of Fund Financial Operations of the Adviser (2020 to present); and Assistant Vice President of OFI Global Asset Management, Inc. (2016 to 2020). |

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#### **TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
| **Name, Address** <br>**and Year of Birth<sup>(1)</sup>** | **Position(s) Held** <br>**with Fund** | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>** | **Principal Occupation(s) During Past 5 Years** |
| Kelly McEwen;<br>1984 | Assistant Treasurer | Since inception | Director, Fund Financial Operations of the Adviser (January 2022 to present); Assistant Treasurer of Harrison Street Real Assets Fund LLC (November 2022 to present); Assistant Treasurer of Harrison Street Real Estate Fund LLC (November 2022 to present); Vice President of SS&C ALPS and Treasurer/Principal Financial Officer of various investment companies (April 2020 to May 2021); and Fund Controller of SS&C ALPS (August 2019 to May 2021). |
| Jillian Varner; <br>1990 | Chief Compliance Officer and Secretary | Since inception | Chief Compliance Officer of Harrison Street Real Assets Fund LLC, Harrison Street Real Estate Fund LLC and the Adviser (July 2023 to present); Secretary of Harrison Street Real Assets Fund LLC (July 2023 to present); Secretary of Harrison Street Real Estate Fund LLC (July 2023 to present); Deputy Chief Compliance Officer of the Adviser (February 2022 to July 2023); Assistant Secretary of Harrison Street Real Assets Fund LLC (August 2020 to July 2023); Assistant Secretary of Harrison Street Real Estate Fund LLC (August 2020 to July 2023); and Director of Compliance and Operations of the Adviser (August 2019 to February 2022). |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of
 each Officer of the Fund is: c/o Harrison Street Infrastructure Income Fund, 5050 S. Syracuse Street, Suite 1100, Denver,
 Colorado 80237.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Officer will serve for
 the duration of the Fund, or until his or her death, resignation, termination, removal or retirement.

#### Trustee Ownership of Securities
The following table shows the dollar range of equity securities owned by the Trustees in the Fund and in other investment companies overseen by the Trustee within the same family of investment companies as of December 31, 2024. Investment companies are considered to be in the same family if they share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity** <br>**Securities in the Fund** | **Aggregate Dollar Range of Equity Securities in** <br>**All Registered Investment Companies Overseen** <br>**by Trustee in Family of Investment Companies** |
| *Independent Trustees* | *Independent Trustees* | *Independent Trustees* |
| Robert F. Doherty | 0 | Over $100,000 |
| Jeffry A. Jones | 0 | $50,001 to $100,000 |
| Richard J. McCready | 0 | Over $100,000 |
| Paul E. Sveen | 0 | $50,001 to $100,000 |
| Susan K. Wold | 0 | $0 |
| *Interested Trustee* | *Interested Trustee* | *Interested Trustee* |
| Casey Frazier | Over $100,000 | Over $1,000,000 |

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As of June 30, 2025, the Fund's directors and officers as a group owned less than 1% of the Fund's outstanding securities.

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#### **TABLE OF CONTENTS**
To the best of their knowledge, none of the Independent Trustees (nor or any of their immediate family members) have or hold any securities of the Adviser, the Sub-Adviser, the Distributor, nor any entities controlling or controlled by or under common control with the Adviser, the Sub-Adviser, or the Distributor as of December 31, 2024.

#### Compensation
The Fund Complex (as defined below) pays each Independent Trustee a per annum fee of $165,000 allocated as follows: fifty percent (50%) of such compensation will be allocated equally among the funds in the Fund Complex and fifty percent (50%) of such compensation will be allocated pro rata annually to each Fund on the basis of each Fund's assets under management as of December 31 of the preceding year (except that, for the 2024 calendar year, such allocation will take into account the Fund's average expected assets under management). The Fund reimburses each of the Independent Trustees for travel and other expenses incurred in connection with attendance at meetings. The Chairman of the Audit Committee receives an additional, per annum retainer of $30,000 from the Fund Complex allocated under the same methodology as described above for the per annum Independent Trustee fee. The Nominating and Governance Committee of the Board evaluates the compensation of the Board members on an ongoing basis and may increase or decrease such compensation based upon market factors and the ongoing responsibilities and commitment of the members, all of which will be subject to Board approval, including a majority of the Independent Trustees.

The following table summarizes the compensation paid by the Adviser, on behalf of the Fund, to the Independent Trustees, including Committee fees, and certain executive officers of the Fund for the Fund's initial fiscal year ended March 31, 2025. The Interested Trustee and executive officers of the Fund receive no compensation from the Fund, other than as noted in the table below. Compensation paid to the Trustees will continue to be evaluated by the Board on an ongoing basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br>**Compensation from** <br>**the Fund** | **Pension or** <br>**Retirement Benefits** <br>**Accrued as Part of** <br>**Fund Expenses** | **Estimated Annual** <br>**Benefits Upon** <br>**Retirement** | **Total Compensation From Fund** <br>**and Fund Complex<sup>(1)</sup> Paid to** <br>**Trustees/Officers** |
| *Independent Trustees* | *Independent Trustees* | *Independent Trustees* | *Independent Trustees* | *Independent Trustees* |
| Robert F. Doherty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37350 | N/A | N/A | $195000 |
| Jeffry A. Jones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31604 | N/A | N/A | $165000 |
| Richard T. McCready | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31604 | N/A | N/A | $165000 |
| Paul E. Sveen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31604 | N/A | N/A | $165000 |
| Susan K. Wold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31604 | N/A | N/A | $165000 |
| *Officers* | *Officers* | *Officers* | *Officers* | *Officers* |
| Jillian Varner as Chief Compliance Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40469<sup>(2)</sup> | N/A | N/A | $137531 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The term "Fund
 Complex" as used herein includes the Fund, Harrison Street Real Assets Fund LLC and Harrison Street Real
 Estate Fund LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund paid the Adviser as reimbursement for a portion of the compensation that it pays to the Fund's Chief Compliance Officer.

#### CONTROL PERSONS AND PRINCIPAL HOLDERS
A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. A control person may be able to determine the outcome of a matter put to a shareholder vote.

As of June 30, 2025, the Adviser, a Delaware limited liability company located at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237, controlled the Fund through record and beneficial ownership of 25.6% of the outstanding Shares of the Fund. As of the date of this SAI, Colliers VS Holdings, Inc., a wholly-owned indirect subsidiary of Colliers International Group Inc. (together, "Colliers"), owned, directly and indirectly, approximately 75% of the outstanding securities of the Adviser, with the Adviser's co-founders (who are also officers of the Fund) and other employees directly and indirectly owning the balance of the Adviser's outstanding securities.

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As of June 30, 2025, to the best knowledge of the Fund, no other person owned beneficially or of-record 5% or more of the outstanding shares of any class of the Fund or 5% or more of the outstanding shares of the Fund addressed herein, except as set forth in the table below.

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| | |
|:---|:---|
| **RECORD SHAREHOLDER** | **PERCENTAGE OF SHARES** |
| National Financial Services LLC<sup>(1)</sup> | 36.34% |
| Charles Schwab & Co., Inc<sup>(1)</sup> | 34.47% |
| Harrison Street Private Wealth LLC | 25.6% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund has no knowledge
 as to whether all or a portion of the shares owned of record are also owned beneficially.

#### INVESTMENT ADVISORY AND OTHER SERVICES

#### The Adviser
The Fund's investment adviser is Harrison Street Private Wealth LLC, a registered adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser's offices are located at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237. The Adviser is a Delaware limited liability company originally formed in March of 2007. Colliers owns, directly and indirectly, approximately 75% of the outstanding securities of the Adviser. The Adviser's co-founders, Mark D. Quam, William R. Fuhs, Jr. and Casey R. Frazier, along with certain other employees, own the remaining balance. Mr. Frazier also serves as Interested Trustee to the Fund. Effective July 28, 2025, in connection with the launch of a dedicated private wealth division by the Collier's investment management segment, Harrison Street Asset Management, the Adviser has rebranded as Harrison Street Private Wealth LLC.

The Fund has engaged the Adviser to provide investment advice to, and manage the day-to-day business and affairs of, the Fund, in each case under the ultimate supervision of and subject to any policies established by the Board, pursuant to an investment management agreement entered into between the Fund and the Adviser. The Adviser may manage the Fund's assets directly and/or may delegate the management of all or any portion of the Fund's assets to one or more sub-advisers. The Adviser has the responsibility of selecting any sub-advisers and/or Private Funds. In selecting Private Funds and sub-advisers, the Adviser evaluates each Private Fund and sub-adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and strategies. The Adviser monitors the Private Funds and sub-advisers on an ongoing basis and may, at its discretion, subject to the repurchase policies of the Private Funds, reallocate the Fund's assets among the Private Funds and sub-advisers, terminate or redeem investments from existing Private Funds or sub-advisers, and select additional sub-advisers subject to review and approval of the Board. The Adviser also provides certain administrative services to the Fund, including: providing office space, handling shareholder inquiries regarding the Fund, providing shareholders with information concerning their investment in the Fund, coordinating and organizing meetings of the Board and providing other support services. The Adviser will perform its duties subject to any policies established by the Board.

The Adviser has claimed the relief provided to fund-of-funds operators pursuant to U.S. Commodity Futures Trading Commission ("CFTC") No-Action Letter 12-38 and is therefore not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund. For the Adviser to remain eligible for the relief, the Fund must comply with certain limitations, including limitations on its ability to gain exposure to certain financial instruments such as futures, options on futures, and certain swaps ("commodity interests"). These limitations may restrict the Fund's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses, and/or adversely affect its total return. In the event the Adviser believes that the Fund may no longer be able to comply with, or that it may no longer be desirable for it to comply with, these limitations, the Adviser may register as a commodity pool operator with the CFTC with respect to the Fund. Any such registration could adversely affect the Fund's total return by subjecting it to increased costs and expenses. If the Adviser registers as a commodity pool operator with the CFTC with respect to the Fund, the commodity pool operators of any shareholders that are pooled investment vehicles may be unable to rely on certain commodity pool operator registration exemptions.

In consideration for its investment management services, the Fund pays the Adviser an investment management fee (the "Investment Management Fee") equal to 1.00% annually of the average daily NAV of the Fund. The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee will be paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average

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#### **TABLE OF CONTENTS**
daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. To the extent the Fund makes investments through a Subsidiary, the Adviser may receive additional compensation at an annual rate based on the Subsidiary's average daily net assets for providing management services to the Subsidiary. The Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCRDX Subsidiary such that, for the collective net assets of the Fund and the VCRDX Subsidiary, the total Investment Management Fee is calculated at a rate of 1.00%. The Adviser was paid $0 and $1,315,987 in advisory fees for the fiscal year ended March 31, 2024 and the fiscal year ended March 31, 2025, respectively. The Adviser waived $657,993 in advisory fees for the fiscal year ended March 31, 2025. The Adviser voluntarily waived or reimbursed $1,602,165 in fees and expenses for the fiscal year ended March 31, 2025.

#### The Sub-Adviser
The Adviser has responsibility, subject to oversight by the Board, for overseeing any sub-advisers and for recommending their hiring, termination and replacement. The Adviser has entered into such sub-advisory agreement with the following Sub-Adviser:

#### Brookfield
The Adviser has engaged Brookfield Public Securities Group LLC ("Brookfield"), a registered adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. Brookfield has been managing real asset related securities for 34 years. Brookfield is an indirect subsidiary of Brookfield Corporation ("BN") and Brookfield Asset Management Ltd ("BAM"), each a publicly traded Canadian company. Brookfield focuses on investments in publicly traded real asset securities including both equity and debt investments across the globe. Brookfield is located at Brookfield Place, 225 Liberty Street, New York, New York 10281 and maintains offices in Chicago, Dubai, Houston, London, Singapore and Toronto.

The Adviser pays Brookfield a sub-advisory fee that decreases as assets under management increases. The fee is assessed on a sliding scale ranging from 0.35% down to 0.20% based on assets under management. Brookfield was paid $0 and $9,011 in Sub-Advisory fees for the fiscal periods ended March 31, 2024 and March 31, 2025, respectively.

#### Lazard
The Adviser previously engaged Lazard Asset Management, LLC ("Lazard"), a registered adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. The sub-advisory agreement between the Adviser and Lazard terminates on October 31, 2025 and will not be renewed. Lazard has been managing multi-asset portfolios since 2007 and is a wholly-owned, indirect subsidiary of Lazard Ltd., a public company listed on the NYSE. Lazard is located at 30 Rockefeller Plaza, New York, NY 10112.

The Adviser paid Lazard a sub-advisory fee equal to 0.30% based on assets under management. Lazard was paid $0 and $0 in Sub-Advisory fees for the fiscal periods ended March 31, 2024 and March 31, 2025, respectively.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Grant Thornton LLP, located at principal business address 171 N. Clark Street, Chicago, Illinois 60601, serves as the Fund's independent registered public accounting firm, providing audit and tax services.

#### CUSTODIAN
UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. The Custodian's principal business address is 1010 Grand Blvd., Kansas City, Missouri 64106.

#### LEGAL COUNSEL
Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, acts as legal counsel to the Fund.

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#### PORTFOLIO MANAGERS
The following tables identify, as of March 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the Fund's portfolio managers (collectively, "Other Accounts"); (ii) the total assets of such Other Accounts; and (iii) the number and total assets of Other Accounts with respect to which the management fee charged is based on performance.

#### The Adviser

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other Registered** <br>**Investment Companies** | **Other Registered** <br>**Investment Companies** | **Other Pooled** <br>**Investment Vehicles** | **Other Pooled** <br>**Investment Vehicles** | **Other Accounts**  | **Other Accounts**  |
| **Portfolio Manager** | **Number** | **Total Assets of** <br>**Other Registered** <br>**Investment** <br>**Companies** | **Number** | **Total Assets** | **Number** | **Total Assets of** <br>**Other Accounts**  |
| Casey Frazier, CFA | 2 | $4.41 billion | 3 | $1.4 million | 0 | N/A  |
| Begaiym "Becca" Edil | 0 | N/A | 0 | N/A | 0 | N/A  |
| Philip Eichhorn, CFA | 0 | N/A | 0 | N/A | 0 | N/A  |
| Chen "Alicia" Chen, CFA | 0 | N/A | 0 | N/A | 0 | N/A  |
| **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)**  |
| Casey Frazier, CFA | 0 | N/A | 0 | N/A | 0 | N/A  |
| Begaiym "Becca" Edil | 0 | N/A | 0 | N/A | 0 | N/A  |
| Philip Eichhorn, CFA | 0 | N/A | 0 | N/A | 0 | N/A  |
| Chen "Alicia" Chen, CFA | 0 | N/A | 0 | N/A | 0 | N/A |

---

#### Conflicts of Interest
In addition to the Fund, the Adviser provides investment advisory services to Harrison Street Real Assets Fund LLC and Harrison Street Real Estate Fund LLC, each a continuously offered registered closed-end management investment company that has elected to be treated as an interval fund, as well as three charitable pooled income funds, as defined under section 642(c)(5) of the Internal Revenue Code of 1986, as amended (the "Code"), and may provide investment advisory services to other funds and accounts in the future (collectively with the Fund, "Client Accounts"). Because there are different fee structures for each Client Account and because the Adviser's portfolio managers may have investments in one Client Account but not another (or they may invest different amounts in each Client Account), the Adviser's portfolio managers may have an incentive to dedicate more time and resources or to otherwise favor one Client Account over another. The Adviser anticipates that the Fund and another Client Account could have overlapping portfolio holdings or that an investment opportunity would be appropriate for multiple portfolios. As such, the Adviser has policies and procedures designed to allocate investment opportunities among the Client Accounts on a fair and equitable basis over time. Additional controls are in place to monitor the investment decisions and performance of Client Accounts and to address these and other conflicts of interest. See "*Conflicts of Interest*" below for an additional discussion of the Adviser's conflicts of interest.

#### Compensation
A team approach is used by the Adviser to manage the Fund. The Investment Committee of the Adviser is chaired by Casey Frazier. Mr. Frazier is a founding member of the Adviser and is paid a base salary and a discretionary bonus and is entitled to receive distributions of available cash flow from the profits of the Adviser, if any, due to his holdings of equity interests in the Adviser. Ms. Chen, Ms. Edil and Mr. Eichhorn are each paid a base salary and a discretionary bonus.

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#### **TABLE OF CONTENTS**

#### Ownership of Securities
The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Fund as of March 31, 2025.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund**  |
| Casey Frazier | $50,001 to $100,000  |
| Begaiym "Becca" Edil | $50,001 to $100,000  |
| Philip Eichhorn | $10,001 to $50,000  |
| Chen "Alicia" Chen |  |

---

#### Brookfield Public Securities Group LLC ("Brookfield")
As of March 31, 2025, in addition to the Fund, Brookfield's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other Registered** <br>**Investment Companies** | **Other Registered** <br>**Investment Companies** | **Other Pooled** <br>**Investment Vehicles** | **Other Pooled** <br>**Investment Vehicles** | **Other Accounts**  | **Other Accounts**  |
| **Portfolio Manager** | **Number** | **Total Assets of** <br>**Other Registered** <br>**Investment** <br>**Companies** | **Number** | **Total Assets of** <br>**Other Pooled** <br>**Investment** <br>**Vehicles** | **Number** | **Total Assets of** <br>**Other Accounts**  |
| Gaal Surugeon | 3 | $1,080.7 million | 6 | $845.7 million | 6 | $442.7 million  |
| Riley O'Neal | 3 | $1,080.7 million | 6 | $845.7 million | 6 | $442.7 million  |
| Paula Horn | 3 | $1,080.7 million | 6 | $845.7 million | 6 | $442.7 million  |
| **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  | **Performance Fee Based Fee Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with respect to which** <br>**the advisory fee is based on the performance of the account.)**  |
| Gaal Surugeon | 0 | N/A | 1 | $68.1 million | 1 | $26.5 million  |
| Riley O'Neal | 0 | N/A | 1 | $68.1 million | 1 | $26.5 million  |
| Paula Horn | 0 | N/A | 1 | $68.1 million | 1 | $26.5 million |

---

#### Conflicts of Interest
In the course of our normal business, Brookfield may encounter situations where Brookfield faces a conflict of interest or could be perceived to be in a conflict-of-interest situation. A conflict of interest occurs whenever the interests of Brookfield or its personnel diverge from those of a client or when Brookfield or its personnel have obligations to more than one party whose interests are different. In order to preserve its reputation and comply with applicable legal and regulatory requirements, Brookfield believes managing perceived conflicts is as important as managing actual conflicts.

A list of potential conflicts can be found in the Brookfield Public Securities Group LLC's Form ADV, Part 2A.

#### Compensation
Brookfield incentivizes its professionals by providing competitive compensation packages designed to strategically align employee, client and firm interests. Compensation packages typically include an attractive and appropriate balance of base salary and cash bonus; investment personnel also receive incentive-oriented compensation tied to client-generated performance fees for certain strategies.

Specifically, investment team member compensation is assessed over an appropriate time horizon (up to three years) and is based on an employee's investment decisions relative to the performance of his or her respective area of sector/geographical coverage, in addition to the team's performance relative to the benchmark and on an absolute basis. Team members are incentivized by an annual discretionary bonus, which is largely derived from their long-only product investment decisions. Investment team members share in an additional bonus pool to the extent that the team generates incentive fees in certain strategies.

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#### **TABLE OF CONTENTS**
To aid in retention, portfolio managers, senior analysts and other key personnel receive a portion of their bonus in the form of deferred compensation through Brookfield's Long-Term Incentive Plan ("LTIP"). LTIP compensation is invested in PSG's funds with a multi-year vesting schedule. LTIP deferred compensation amounts are approved annually by Brookfield's Board of Directors. To securely align Brookfield professionals' interests with those of its clients, the primary factor influencing compensation amount is achievement of client objectives. Relative performance of all strategies and clients is also taken under serious consideration.

#### Ownership of Securities
As of March 31, 2025, Brookfield's portfolio managers did not beneficially own any shares of the Fund.

#### REPURCHASES AND TRANSFERS OF SHARES

#### Quarterly Repurchases of Shares
Shares of the Fund will be continuously offered under the Securities Act and repurchased by the Fund on a quarterly basis in an amount no less than 5% and not more than 25% of the Fund's outstanding Shares, according to the Fund's repurchase policy established pursuant to Rule 23c-3 under the Investment Company Act.

#### Involuntary Repurchases
The Fund may, pursuant to the Declaration of Trust and in accordance with the Investment Company Act, including Rules 23c-2 and 23c-3 thereunder, and other applicable law, in connection with the Fund's quarterly Repurchase Offers, repurchase at NAV of a shareholder's Shares or Shares of any person acquiring Shares from or through a shareholder in the event that the Board determines or has reason to believe such repurchase would be in the best interest of the Fund, including in circumstances where, among other things: (a) all or part of such Shares have been transferred in violation of the Fund's Declaration of Trust, or such Shares have vested in any person by operation of law as the result of the death, dissolution, bankruptcy or incompetency of a shareholder; (b) ownership of Shares by a shareholder or other person will cause the Fund to be in violation of, or subject the Fund or any shareholder to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; (c) continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any shareholders to an undue risk of adverse tax or other fiscal consequences; or (d) any of the representations and warranties made by a shareholder in connection with the acquisition of Shares thereof was not true when made or has ceased to be true.

#### Transfers of Shares
Except pursuant to the Declaration of Trust, no person may become a substituted shareholder without the consent of the Board, which consent may be withheld for any reason in the Board's sole and absolute discretion. The Board may make such rules as it considers appropriate for the transfer of Shares. The Board may, in its discretion, delegate to the Adviser and/or officers of the Fund its authority to consent to transfers of Shares.

Each shareholder and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such transfer.

#### CONVERSION TO OPEN-END FUND OR EXCHANGE LISTED FUND
The Fund's Board may from time to time consider converting the Fund to an open-end investment company. In determining whether to exercise its sole discretion to submit this issue to shareholders, the Board would consider all factors then relevant, including the size of the Fund, the extent to which shareholders have adequate liquidity through repurchase offers, the extent to which the Fund's capital structure is leveraged and the possibility of re-leveraging if any, and general market and economic conditions. The Declaration of Trust requires the affirmative vote or consent of at least a majority (>50%) of the Fund's shares outstanding and entitled to vote on the matter to authorize a conversion of the Fund from a closed-end to an open-end investment company, unless the majority of Trustees and a majority of the Continuing Trustees (as defined below) entitled to vote on the matter approve such conversion and related actions. In the event that a conversion is approved by the Trustees as referred to in the preceding sentence, the Investment Company Act shall govern whether and to what extent a shareholder vote shall be required to approve such conversion and related actions. A "Continuing Trustee" is a Trustee who either (a) has been a member of the Board since the date when Shares are first sold pursuant to a public offering or (b) was nominated to serve as a member of the Board of Trustees, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board.

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#### **TABLE OF CONTENTS**
Shareholders of an open-end investment company may require the company to redeem their shares on any business day (except in certain circumstances as authorized by or under the Investment Company Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of redemption, whereas the Fund currently makes only quarterly offers to repurchase its Shares (typically 5% per quarter), and shareholders do not have the right to otherwise have shares redeemed. Open-end companies are thus subject to more frequent periodic out-flows that can complicate portfolio management in comparison to the Fund. The Fund, like an open-end company, engages in a continuous offering of its Shares.

The Fund's Shares are not currently listed for trading on any national securities exchange, and the Fund may or may not list its Shares for trading on any national securities exchange in the future. Unless the Fund lists its Shares for trading on a national securities exchange, it is not expected that there will be any secondary market for the Fund's Shares. Shares of closed-end investment companies that trade on a national securities exchange may trade at a discount from their NAV per Share.

#### CODE OF ETHICS
The Fund and the Adviser have each adopted a Joint Code of Ethics, and the Sub-Adviser has adopted a code of ethics, pursuant to Rule 17j-1 under the Investment Company Act, that permits its personnel, subject to the codes, to invest in securities, including securities that may be purchased or held by the Fund. Foreside Funds Distributors LLC, acting as Distributor, is exempt from Rule 17j-1. These codes of ethics are available on the Electronic Data-Gathering, Analysis, and Retrieval system (EDGAR) on the SEC's website at http://www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

#### PROXY VOTING POLICIES AND PROCEDURES
The Fund invests in Private Funds, which have investors other than the Fund. The Fund may invest some of its assets in non-voting securities of Private Funds.

The Fund has delegated voting of proxies in respect of portfolio holdings to the Adviser, to vote the Fund's proxies in accordance with the Adviser's proxy voting guidelines and procedures. For assets sub-advised by the Sub-Adviser, the Adviser has delegated its authority to vote proxies to the Sub-Adviser. The proxy voting policies and procedures of the Adviser and Sub-Adviser are set forth on <u>Appendix A</u> to this SAI. Private Funds typically do not submit matters to investors for vote; however, if a Private Fund submits a matter to the Fund for vote (and the Fund holds voting interests in the Private Fund), the Adviser will vote on the matter in a way that it believes is in the best interest of the Fund and in accordance with the following proxy voting guidelines (the "Voting Guidelines"):

&nbsp;&nbsp;&nbsp;&nbsp;• In voting proxies, the
 Adviser is guided by general fiduciary principles. The Adviser's goal is to act prudently, solely in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser attempts
 to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner that it believes
 will be consistent with efforts to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser, absent a
 particular reason to the contrary, generally will vote with management's recommendations on routine matters. Other matters will
 be voted on a case-by-case basis.

The Adviser applies its Voting Guidelines in a manner designed to identify and address material conflicts that may arise between the Adviser's interests and those of its clients before voting proxies on behalf of such clients. The Adviser relies on the following to seek to identify conflicts of interest with respect to proxy voting and assess their materiality:

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's employees
 are under an obligation (i) to be aware of the potential for conflicts of interest on the part of the Adviser with respect to voting proxies
 on behalf of client accounts both as a result of an employee's personal relationships and due to special circumstances that may
 arise during the conduct of the Adviser's business, and (ii) to bring conflicts of interest of which they become aware to the attention
 of the Adviser's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's Chief
 Compliance Officer will work with appropriate personnel of the Adviser to determine whether an identified conflict of interest is material.
 A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence
 the Adviser's decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular
 facts and circumstances. The Adviser shall maintain a written record of all materiality determinations.

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is not material, the Adviser may vote proxies notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is material, the Adviser may seek legal assistance from appropriate counsel for the Adviser to determine a method
 to resolve such conflict of interest before voting proxies affected by the conflict of interest. Such methods may include:

&nbsp;&nbsp;&nbsp;&nbsp;• disclosing the conflict
 to the Board and obtaining the consent of the Board before voting;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging another party on
 behalf of the Fund to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging a third party
 to recommend a vote with respect to the proxy based on application of the policies set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;• such other method as is
 deemed appropriate under the circumstances given the nature of the conflict.

The Adviser shall maintain a written record of the method used to resolve a material conflict of interest. Information regarding how the Adviser and Sub-Adviser voted the Fund's proxies related to the Fund's portfolio holdings during the most recent 12-month period is available without charge, upon request, by calling (877) 200-1878, and is available on the SEC's website at http://www.sec.gov.

#### CONFLICTS OF INTEREST

#### The Adviser, the Sub-Adviser and the Private Fund Managers
The Adviser, the Sub-Adviser, and the managers of the Private Funds (collectively referred to herein as "Managers") and their respective affiliates are actively engaged in transactions and in rendering discretionary or non-discretionary investment advice on behalf of the Fund, the Private Funds and other registered investment companies, private investment funds, and individual accounts (collectively, "Adviser Clients"). Each Manager will evaluate a variety of factors that may be relevant in determining whether a particular investment opportunity or strategy is appropriate and feasible for the Fund and other Adviser Clients at a particular time. Because these considerations may differ, the investment activities of the Fund, on the one hand, and other Adviser Clients, on the other hand, may differ considerably from time to time. In addition, the fees and expenses of the Fund may differ from those of the other Adviser Clients.

Other Adviser Clients may have investment objectives and strategies that are similar to those of the Fund and may involve the same types of investments as the Fund and/or the Private Funds. As a result, a Manager's other Adviser Clients may compete with the Fund and/or the Private Funds for appropriate investment opportunities and conflicts of interest may arise with respect to the allocation of the investment opportunities, particularly with respect to capacity constrained opportunities. It is the policy of each of the Adviser and Sub-Adviser, to the extent possible, to allocate investment opportunities to the Fund over a period of time on a fair and equitable basis relative to other Adviser Clients. Investment decisions for the Fund are made independently from those of other Adviser Clients. Neither the Adviser nor the Sub-Adviser has any obligation to invest on behalf of the Fund in any investment opportunity that the Adviser or Sub-Adviser invests in on behalf of other Adviser Clients if, in its opinion, such investment appears to be unsuitable, impractical, or undesirable for the Fund.

Conversely, certain portfolio strategies of the Managers and/or their respective affiliates used for other Adviser Clients could conflict with the strategies employed by the Managers in managing the Fund or the Private Funds, as applicable, particularly where a Manager has limited the capacity for a particular strategy or the number of accounts it will manage. As a result, the Fund may invest in a manner opposite to that of a Manager's other Adviser Clients – *i.e.*, the Fund buying an investment when other Adviser Clients are selling, and vice-versa. The Managers and/or their respective affiliates may give advice or take action with respect to any of their Adviser Clients that may differ in the nature or timing of any advice or action taken with respect to the Fund or the Private Funds. The Adviser may have relationships with certain Managers described herein for certain of its other Adviser Clients and the Adviser will have discretion in determining the Fund's level of participation with such Managers. In some cases, such relationships for other Adviser Clients may be on terms different from, and sometimes more favorable than, the terms for the Fund. The Adviser, the Managers, and/or their respective affiliates may have investments or other business relationships with each other or with the Private Funds, including acting as broker, prime broker, lender, counterparty, shareholder or financial adviser. These other relationships could be more valuable than the Adviser's or Manager's relationships with the Fund, either due to compensation arrangements or otherwise. In addition, the Adviser, the Sub-Adviser and/or their respective affiliates may receive research products and services in connection with the brokerage services that the Adviser, the

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Sub-Adviser, and/or their respective affiliates may provide from time to time. For these reasons, the Managers may have financial incentives to favor certain Adviser Clients over the Fund may be conflicted in providing services to the Fund relative to its other Adviser Clients, and the Adviser will face a conflict in evaluating such Managers. Due to the prohibitions contained in the Investment Company Act regarding certain transactions between a registered investment company and its affiliated persons, or affiliated persons of those affiliated persons, the Fund may not be able to invest in Private Funds and other Adviser Clients managed by certain Managers, even if the investment would be appropriate for the Fund.

The Adviser and the Sub-Adviser may have an incentive to favor certain accounts over the Fund to the extent they have proprietary investments in those accounts or receive greater compensation for managing them than they do for managing the Fund. The proprietary activities or portfolio strategies of the Adviser, the Sub-Adviser and their respective affiliates, and the activities or strategies used for accounts managed by the Adviser, the Sub-Adviser, and/or their respective affiliates for themselves or other Adviser Clients, could conflict with the transactions and strategies employed by the Fund, and could affect the prices and availability of the securities and instruments in which the Fund invests. Issuers of securities held by the Fund or a Private Fund may have publicly or privately traded securities in which the Adviser, the Managers, and/or their respective affiliates are investors or market makers. The trading activities of the Adviser, the Managers and their respective affiliates generally are carried out without reference to positions held directly or indirectly by the Fund or the Private Funds and may have an effect on the value of the positions so held. Any of their proprietary accounts and other customer accounts may compete with the Fund for specific trades, or may hold positions opposite to positions maintained on behalf of the Fund. The Sub-Adviser may give advice and recommend securities to, or buy or sell securities for the Fund, which advice or securities may differ from advice given to, or securities recommended or bought or sold for, other accounts and customers even though their investment objectives may be the same as, or similar to, those of the Fund. The managers of the Private Funds may have conflicts of interest with respect to the Private Funds that are similar to the conflicts of interest that the Sub-Adviser has with the Fund, which therefore indirectly impact the Fund.

As a diversified global real estate and investment management firm, Colliers, the parent company of the Adviser, engages in a broad spectrum of real estate and investment activities. In the ordinary course of its business, Colliers engages in activities where Colliers's interests or the interests of its clients may conflict with the interests of the Fund. Colliers holds ownership interests in, and is otherwise affiliated with, certain other investment managers ("Affiliated Managers"). Colliers and the Affiliated Managers advise clients with a wide variety of investment objectives that in some instances may overlap or conflict with the Fund's investment objectives and present conflicts of interest. The conflicts of interest described above apply to Colliers and the Affiliated Managers as "Managers." In addition, Colliers's financial interests in the Affiliated Managers may create an affiliation between the Adviser and the Affiliated Managers and will give rise to conflicts of interest between the Fund and other investment vehicles managed by other asset managers. For example, such financial interests create an incentive for the Adviser to invest in funds managed by an Affiliated Manager or hire an Affiliated Manager as a sub-adviser to the Fund or other funds sponsored by the Adviser. Further, if the Fund is invested in funds managed by an Affiliated Manager, there is a conflict between the Adviser's obligations to the Fund, on the one hand, and the Adviser's (or Colliers's) interest in the success of the Affiliated Manager, on the other hand.

The nature of the Adviser's and Colliers's relationship with the Affiliated Managers means that, due to the prohibitions contained in the Investment Company Act on certain transactions between a registered investment company and affiliated persons of it, or affiliated persons of those affiliated persons, the Fund may not be able to invest in Private Funds or other vehicles managed by Affiliated Managers, even if the investment would be appropriate for the Fund. These prohibitions are designed to prevent affiliates and insiders from using a registered investment company (such as the Fund) to benefit themselves to the detriment of the registered investment company and its shareholders. For investments in Private Funds managed by Affiliated Managers that predate Colliers's acquisition of the Adviser, or to the extent the Fund is invested in a Private Fund sponsored or managed by an entity that subsequently becomes a Affiliated Manager (*e.g.*, due to Colliers' acquisition of such entity), the Fund may not be able to make further investments in such Private Funds or redeem existing interests back to such Private Funds, even if the additional investment or redemption would be beneficial to the Fund. The Adviser and its affiliates will endeavor to manage these potential conflicts in a fair and equitable manner, subject to legal, regulatory, contractual, or other applicable considerations. There is no assurance that conflicts of interest will be resolved in favor of the Fund's shareholders, and, in fact, they may not be. Conflicts of interest not described herein may also exist.

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#### The Distributor and Intermediaries
Foreside Funds Distributors LLC serves as the Fund's "statutory underwriter," within the meaning of the Securities Act and "principal underwriter," within the meaning of the Investment Company Act, and facilitates the distribution of the Shares. The Fund, the Adviser and/or the Distributor may authorize one or more financial intermediaries (*e.g.*, banks, broker/dealers, investment advisers, trusts, financial industry professionals, etc., collectively referred to as "Intermediaries" and individually as "Intermediary") to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution and/or servicing agreements to compensate Intermediaries for distribution-related activities and/or for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Such compensation to the Intermediaries is paid by the Adviser out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict of interest for the Intermediaries by providing an incentive to recommend the Fund's Shares over other potential investments that may also be appropriate for the clients of such Intermediaries. Such professionals and Intermediaries may provide varying investment products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund. Platform fees, administration fees, shareholder services fees and sub-transfer agent fees paid to Intermediaries are not paid by the Fund.

Any Intermediaries or their respective affiliates may provide distribution, shareholder servicing, brokerage, placement, investment banking, or other financial or advisory services from time to time to one or more other funds, accounts, or entities managed by the Managers or their affiliates, including the Private Funds, and receive compensation for providing these services.

#### TAX ASPECTS
The following discussion of U.S. federal income tax consequences of an investment in Shares of the Fund is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in Shares of the Fund. This summary does not purport to be a complete description of the U.S. federal income tax considerations applicable to an investment in Shares of the Fund. There may be other tax considerations applicable to particular shareholders. For example, except as otherwise specifically noted herein, this summary has not described certain tax considerations that may be relevant to certain types of persons subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the U.S. federal alternative minimum tax, insurance companies, tax-exempt organizations, pension plans and trusts, regulated investment companies, dealers in securities, shareholders holding Shares through tax-advantaged accounts (such as 401(k) plans or individual retirement accounts ("IRAs")), financial institutions, shareholders holding Shares as part of a hedge, straddle, or conversion transaction, entities that are not organized under the laws of the United States or a political subdivision thereof, and persons who are neither citizens nor residents of the United States. This summary assumes that investors hold Shares as capital assets (within the meaning of the Code). Shareholders should consult their own tax advisors regarding their particular situation and the possible application of U.S. federal, state, local, non-U.S. or other tax laws, and any proposed tax law changes.

#### Taxation of the Fund
The Fund intends to elect and to qualify and be eligible to be treated each year as a regulated investment company ("RIC") under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to

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each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and any net tax-exempt interest income for such year.

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets certain holding period and other requirements in respect of the Fund's Shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, (i) be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable

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years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply such carryforwards first against gains of the same character.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income recognized for the one-year period ending on October 31 of such year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken into account after October 31 (or November 30 of that year if the RIC makes the election described above) generally are treated as arising on January 1 of the following calendar year; in the case of a RIC with a December 31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to or will do so.

#### Fund Distributions
The Fund intends to make distributions to shareholders quarterly. All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder affirmatively elects not to reinvest in additional Shares pursuant to the Fund's Distribution Reinvestment Policy (as described in the Prospectus). Shareholders whose distributions are so reinvested in Shares will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to the fair market value of the Shares issued to the shareholder, which amount will also be equal to the net asset value of such shares. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described herein, whether a shareholder takes them in cash or they are reinvested pursuant to the Distribution Reinvestment Policy in additional shares of the Fund.

Fund distributions generally will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. See the discussion below regarding distributions declared in October, November or December for further information. Distributions received by tax-exempt shareholders generally will not be subject to U.S. federal income tax to the extent permitted under applicable tax law.

For U.S. federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long a shareholder has owned his or her Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be

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taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be derived from qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year if certain holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be eligible for the dividends-received deduction.

Any distribution of income that is attributable to (i) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to non-corporate shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

If, in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated "earnings and profits," the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in his or her Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

A distribution by the Fund will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Dividends and distributions on Shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of Shares purchased at a time when the Fund's net asset value reflects unrealized gains or income or gains that are realized but not yet distributed. Such realized income and gains may be required to be distributed even when the Fund's net asset value also reflects unrealized losses.

#### Sales, Exchanges or Repurchases of Shares
The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash sale" rule if other substantially identical shares of the Fund are purchased (including via dividend reinvestment) within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

A repurchase by the Fund of a shareholder's shares pursuant to a repurchase offer generally will be treated as a sale or exchange of the shares by a shareholder provided that either (i) the shareholder tenders, and the Fund repurchases, all of such shareholder's shares, thereby reducing the shareholder's percentage ownership of the Fund, whether directly or by attribution under Section 318 of the Code, to 0%, (ii) the shareholder meets numerical safe harbors under the Code

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with respect to percentage voting interest and reduction in ownership of the Fund following completion of the repurchase offer, or (iii) the repurchase offer otherwise results in a "meaningful reduction" of the shareholder's ownership percentage interest in the Fund, which determination depends on a particular shareholder's facts and circumstances.

If a tendering shareholder's proportionate ownership of the Fund (determined after applying the ownership attribution rules under Section 318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to the shares held (or deemed held under Section 318 of the Code) by the shareholder after the repurchase offer (a "Section 301 distribution"). The amount of this distribution will equal the price paid by the Fund to such shareholder for the shares sold, and will be taxable as a dividend, i.e., as ordinary income, to the extent of the Fund's current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder's tax basis in the shares held after the repurchase offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a repurchase offer will be subject to basis adjustments in accordance with the provisions of the Code.

Provided that no tendering shareholder is treated as receiving a Section 301 distribution as a result of selling shares pursuant to a particular repurchase offer, shareholders who do not sell shares pursuant to that repurchase offer will not realize constructive distributions on their shares as a result of other shareholders selling shares in the repurchase offer. In the event that any tendering shareholder is deemed to receive a Section 301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that repurchase offer, including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the repurchase offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it.

Use of the Fund's cash to repurchase shares may adversely affect the Fund's ability to satisfy the distribution requirements for treatment as a RIC described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied.

The foregoing discussion does not address the tax treatment of tendering shareholders who do not hold their shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the repurchase offer.

#### Issuer Deductibility of Interest
A portion of the interest paid or accrued on certain high yield discount obligations owned by the Fund may not, and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the issuer or a related party will not be deductible to the issuer. This may affect the cash flow of the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible, that portion will be treated as a dividend paid by the issuer for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such accrued interest.

#### Original Issue Discount, Payment-in-Kind Securities, Market Discount and Preferred Securities
Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount ("OID"). Generally, the amount of the OID is treated as interest income and is included in the Fund's income and required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will generally be treated as OID.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the

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Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount on such debt obligation in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See "*Higher-Risk Securities*" below.

From time to time, a substantial portion of the Fund's investments in loans and other debt obligations could be treated as having OID and/or market discount, which, in some cases could be significant. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring the payment of its distributions, the Fund may be required to report income for U.S. federal income tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the cash distribution.

In addition, pay-in-kind obligations will give rise to income that is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by disposition of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such dispositions, including short-term capital gains taxable as ordinary income. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they might otherwise receive in the absence of such transactions.

#### Higher-Risk Securities
Any investments in debt obligations that are at risk of or in default may present special tax issues. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to federal income or excise tax.

#### Securities Purchased at a Premium
Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity (*i.e.*, at a premium), the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond

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by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

#### Passive Foreign Investment Companies
If the Fund were to make an equity investment in certain "passive foreign investment companies" ("PFICs") such investment could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid imposition of that tax. For example, the Fund may elect to treat the PFIC as a "qualified electing fund" (*i.e.*, make a "QEF election"), in which case the Fund would be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Because it is not always possible to identify a foreign corporation as a PFIC or to obtain the information necessary to make a QEF or mark-to-market election, the Fund may incur the tax and interest charges described above in some instances.

#### Controlled Foreign Corporations
If the Fund were to invest in a controlled foreign corporation ("CFC") in which it is a "U.S. Shareholder" under the Code, the Fund would be required to include in gross income for United States federal income tax purposes the Fund's share of the CFC's "subpart F income" and "global intangible low taxed income ("GILTI"), in each case whether or not such income is distributed by the CFC. "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets. Subpart F income and GILTI are generally treated as ordinary income, regardless of the character of the CFC's underlying income. Under final Treasury Regulations, such subpart F and GILTI inclusions by the Fund would constitute "qualifying income" for the purposes of the 90% gross income requirement to the extent such income is either (i) timely and currently repatriated or (ii) derived with respect to the Fund's business of investing in stock, securities or currencies.

#### Certain Fund Investments
The Fund is permitted to invest up to 25% of its total assets in the aggregate in the VCRDX Subsidiary, which has elected to be treated as a corporation for U.S. federal income tax purposes, and any other issuer that the Fund controls and that is engaged in the same, similar or related trade or business. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCRDX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund.

#### Municipal Bonds
The interest on municipal bonds is generally exempt from U.S. federal income tax. The Fund does not expect to invest 50% or more of its assets in municipal bonds on which the interest is exempt from U.S. federal income tax. As a result, it does not expect to be eligible to pay "exempt-interest dividends" to its shareholders under the applicable tax rules. As a result, interest on municipal bonds is taxable to shareholders of the Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on the sale or exchange of municipal bonds are taxable to shareholders of the Fund when distributed to shareholders.

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#### Foreign Currency Transactions
The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions and may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

#### Forward Contracts
The tax treatment of certain positions entered into by the Fund, including regulated futures contracts and certain foreign currency positions, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked-to-market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

#### Private Funds
The Fund may invest in Private Funds that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. As such, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from the Private Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in other Private Funds, including when it is disadvantageous to do so, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

In addition, the character of a partner's distributive share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Private Funds classified as partnerships for federal income tax purposes may therefore generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof, including holding such investments through the VCRDX Subsidiary.

Because the Fund may not have timely or complete information concerning the amount and sources of such a Private Fund's income until such income has been earned by the Private Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Private Funds that are classified as partnerships for federal income tax purposes. In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Private Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Private Funds that would otherwise be consistent with its investment strategy, may require the Fund to structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof (including, for example, holding such investments

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through the VCRDX Subsidiary) or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and thereby reducing the Fund's return to shareholders. The Fund's investment in Private Funds may also adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the investments, activities, income, gain, and loss attributable to the Fund as result of the Fund's investment in any Private Fund or other entity that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

#### Investments in Other RICs
The Fund's investment in shares of other mutual funds, ETFs or other companies that qualify as regulated investment companies (each, an "underlying RIC"), can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (*e.g.*, long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

#### Derivatives, Hedging, and Other Transactions
In addition to the special rules described above in respect of futures transactions, the Fund's transactions in other derivatives instruments (*e.g.*, forward contracts), as well as any of its hedging transactions, may be subject to one or more special tax rules. These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could, therefore, affect the amount, timing and/or character of distributions to shareholders. Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a fund-level tax.

#### Book-Tax Differences
Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income (if any), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

#### Mortgage-Related Securities
The Fund may invest directly or indirectly in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income distributed (or deemed distributed) to the Fund from a REIT or allocated to the Fund from a partnership or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP — referred to in the Code as an "excess inclusion"— will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, the Fund may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below.

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In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

#### Foreign (Non-U.S.) Taxation
Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

The Fund does not expect that shareholders will be entitled to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if the Fund were eligible to and did elect to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs would not benefit from any such tax credit or deduction.

#### Tax-exempt Shareholders
Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b). A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT, as defined in Section 664 of the Code, realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the Investment Company Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. CRTs and other tax-exempt shareholders are urged to consult their tax advisors concerning the consequences of investing in the Fund.

#### Non-U.S. Shareholders
Distributions by the Fund to shareholders that are not "United States persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, or (3) interest-related dividends, each as defined and subject to certain conditions described below generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not

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apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a United States person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation.

If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (*e.g.*, dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (i) such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States, (ii) in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund (as described below).

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE.

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If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder or any foreign shareholder if shares of the Fund are not considered regularly traded on an established securities market, in which case such foreign shareholder generally would also be required to file a U.S. tax return and pay any additional taxes due in connection with the redemption.

Moreover, if the Fund were a USRPHC or, very generally, had been one in the last five years, it would be required to withhold on amounts distributed to a greater-than-5% foreign shareholder or any foreign shareholder if shares of the Fund are not considered regularly traded on an established securities market to the extent such amounts would not be treated as a dividend, i.e., are in excess of the Fund's current and accumulated "earnings and profits" for the applicable taxable year. Such withholding generally is not required if the Fund is a domestically controlled QIE.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, or (ii) gains realized by the Fund on the disposition of USRPIs would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders, and would be subject to U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (*e.g.*, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

Foreign shareholders also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their tax advisors in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

A beneficial holder of shares who is a non-U.S. person may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal tax on income referred to above.

#### Backup Withholding
The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability provided the appropriate information is furnished to the IRS.

#### Tax Shelter Reporting Regulations
Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may

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extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

#### Other Reporting and Withholding Requirements
Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and Department of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (*e.g.*, short-term capital gain dividends and interest-related dividends).

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's foreign financial accounts, if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

#### Shares Purchased Through Tax-Qualified Plans
Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

#### BROKERAGE
When effecting portfolio transactions on behalf of the Fund, the Adviser seeks to obtain the best overall terms available for the Fund. While the Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily be paying the lowest spread or commission available. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including: (i) the nature, size and type of the security being traded and the character of the markets for which the security will be purchased or sold; (ii) the activity, existing and expected, in the market for the particular security and the desired timing of the trade; (iii) the proposed transaction price as compared to the current carrying cost of the investment; (iv) the speed and likelihood of execution; (v) the liquidity profile of the investment; (vi) the ability of a broker-dealer to maintain confidentiality, including trade anonymity; (vii) the quality of the execution, clearance, and settlement services of a broker-dealer; (viii) the liquidity needs, allocation requirements and investment guidelines of the broader Fund portfolio; and (ix) the ability to redeem or purchase shares directly from the issuer.

The Adviser and the Sub-Adviser is directly responsible for the execution of its portfolio investment transactions on behalf of the Fund and the allocation of brokerage. Transactions on U.S. stock exchanges and on some foreign stock exchanges involve the payment of negotiated brokerage commissions. On the great majority of foreign stock exchanges, commissions are fixed. No stated commission is generally applicable to securities traded in over-the-counter markets, but the prices of those securities include undisclosed commissions or mark-ups.

In executing transactions, the Adviser and the Sub-Adviser will seek to obtain the best execution for the transactions, and may take into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and, in the case of transactions effected by the Adviser and the Sub-Adviser with unaffiliated brokers, the firm's risk in positioning a block of securities. Although the Adviser and the Sub-Adviser

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generally will seek reasonably competitive commission rates, the Adviser and the Sub-Adviser will not necessarily pay the lowest commission available on each transaction. The Adviser and the Sub-Adviser will have no obligation to deal with any broker or group of brokers in executing transactions in portfolio securities.

Following the principle of seeking best execution, the Adviser and the Sub-Adviser may place brokerage business on behalf of the Fund with brokers that provide the Adviser, the Sub-Adviser and their affiliates with supplemental research, market and statistical information ("soft dollars"), including advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities, and furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. The expenses of the Adviser and the Sub-Adviser are not necessarily reduced as a result of the receipt of this supplemental information, which may be useful to the Adviser and the Sub-Adviser or their affiliates in providing services to clients other than the Fund. In addition, not all of the supplemental information is used by the Adviser and the Sub-Adviser in connection with the Fund. Conversely, the information provided to the Adviser and the Sub-Adviser by brokers and dealers through which other clients of the Adviser or the Sub-Adviser and their affiliates effect securities transactions may be useful to the Adviser and the Sub-Adviser in providing services to the Fund.

The Sub-Adviser may execute portfolio brokerage transactions through its affiliates and affiliates of the Adviser, in each case subject to compliance with the Investment Company Act.

#### Regular Broker Dealers
The Fund is required to identify the securities of its regular brokers or dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parent companies held by the Fund as of the close of its most recent fiscal year and state the value of such holdings. As of the date of this SAI, the Fund did not hold any securities of its regular brokers or dealers or their parent companies.

#### Brokerage Commissions
The table below sets forth information concerning the payment of brokerage commissions (which do not include dealer "spreads" (markups or markdowns) on principal trades) in connection with portfolio transactions executed by the Fund's Adviser and Sub-Adviser for the indicated fiscal years. None of these amounts were paid to any broker affiliated with the Adviser or relevant Sub-Adviser.

---

| | | |
|:---|:---|:---|
| **Total Brokerage Commissions Paid\*** | **2025** | **2024** |
| Portion of Fund managed by the Adviser | $0 | $0 |
| Portion of the Fund managed by Brookfield | $942 | $0 |
| Total<sup>(1)</sup> | $942 | $0 |

---

*\** <br> *Fiscal year ending 3/31* 

#### Brookfield
In evaluating the best execution of client transactions, Brookfield will consider the full range and quality of a broker's services, taking into account all relevant factors. Although it is not possible to create a definitive list of factors to guide this determination, Brookfield may consider some or all of the following: price of security; commission rate; execution capability, including execution speed and reliability; trading expertise and knowledge of the other side of the trade; financial responsibility; responsiveness; reputation and integrity; capital commitment; value of research or brokerage services or products provided; access to underwritten and secondary market offerings; confidentiality; reliability in keeping records; fairness in resolving disputes; market depth and available liquidity; recent order flow; timing and size of an order; and current market conditions.

In selecting broker-dealers to execute client transactions, Brookfield will bear in mind that no factor is necessarily determinative and that seeking to obtain best execution for all client trades must take precedence over all other considerations.

Brookfield pays for some services with soft dollars; however, it generally limits its participation in these arrangements annually to an amount that, in its judgment, ensures best execution of client transactions. It is their policy to use all soft dollar credits generated by brokerage commissions attributable to client accounts in a manner consistent

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with the "safe harbor" established by Section 28(e) of the Securities Exchange Act. During the Fund's Fiscal year ending March 31, 2025, the Fund traded approximately $104 through brokers where it has a soft dollar relationship. The Fund paid approximately $837 in commissions to these brokers.

#### FINANCIAL STATEMENTS
The Fund's audited financial statements appearing in the Fund's [Annual Report](https://www.sec.gov/Archives/edgar/data/1812286/000119312525134764/d837791dncsr.htm) on Form N-CSR for the fiscal year ended March 31, 2025 are incorporated by reference in this Statement of Additional Information and have been so incorporated in reliance upon the report of Grant Thornton LLP, independent registered public accounting firm for the Fund, whose report is included in such Annual Report.

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#### APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES

#### HARRISON STREET PRIVATE WEALTH – PROXY VOTING POLICY
Most Recently Revised: May 20, 2024

#### Background
Rules 206(4)-6 and 204-2 under the Investment Advisers Act of 1940 (the "Adviser's Act") help regulate proxy voting by investment advisers with authority to vote their clients' proxies. Under the Advisers Act, an adviser is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf. To satisfy its duty of loyalty, the adviser should cast proxy votes in a way that will advance the best interest of its client. The adviser should not put its own interests ahead of the client's. Under Rule 206(4)-6, it is a fraudulent, deceptive, or manipulative act, practice or course of business for investment advisers to exercise voting authority over client proxies unless they:

&nbsp;&nbsp;&nbsp;&nbsp;• Adopt and implement written
 policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the client's best interest;

&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to clients how
 they may obtain information regarding how their proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;• Describe proxy voting
 policies and procedures and furnish a copy of the policies and procedures to the client when requested to do so.

#### Policies and Procedures

#### Voting Guidelines
Harrison Street Private Wealth (the "Company") may be delegated the authority to vote proxies on behalf of its clients, which as of the date of this policy include private charitable trusts established as pooled income funds ("PIFs") under Section 642(c)(5) of the Internal Revenue Code of 1986, as amended, and closed-end interval funds registered under the Investment Company Act of 1940 ("Registered Funds", and collectively with the PIFs referred herein as "Clients"). The PIFs are managed for the benefit of a single non-profit entity (the "Non-Profit"), and the Non-Profit votes all proxies of the underlying mutual funds held by each PIF. For the Registered Funds, the Company is delegated the authority to vote proxies and in turn delegates its authority to vote proxies of publicly traded securities managed by sub-advisers to each respective sub-adviser, subject to Board approval and ongoing oversight of the proxy voting policies and procedures of each Sub-Adviser. If an issuer of a direct investment or a private institutional investment fund held by a Registered Fund submits a matter for a vote, the Company will vote on the matter in a way that it believes is in the best interest of the Registered Fund and in accordance with the following proxy voting guidelines (the "Voting Guidelines"):

&nbsp;&nbsp;&nbsp;&nbsp;• In voting proxies, the
 Company is guided by general fiduciary principles. The Company's goal is to act prudently, solely in the best interest of its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;• The Company attempts
 to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner that it believes
 will be consistent with efforts to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Company, absent particular
 reason, will generally vote with management's recommendations on routine matters. Other matters will be voted on a case-by-case
 basis.

The Company applies its Voting Guidelines in a manner designed to identify and address material conflicts that may arise between the Company's interests and those of its Clients before voting proxies on behalf of such Clients. Versus Capital relies on the following to seek to identify conflicts of interest with respect to proxy voting and assess their materiality:

&nbsp;&nbsp;&nbsp;&nbsp;• The Company's employees
 are under an obligation (i) to be aware of the potential for conflicts of interest on the part of the Company with respect to voting proxies
 on behalf of Clients, both as a result of an employee's personal relationships and due to special circumstances that may arise during
 the conduct of the Company's business, and (ii) to bring conflicts of interest of which they become aware to the attention of the
 Company's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;• The CCO works with appropriate
 personnel of the Company to determine whether an identified conflict of interest is material. A conflict of interest will be considered
 material to the extent that it is determined that

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such conflict has the potential to influence the Company's decision making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances. The Company shall maintain a written record of all materiality determinations.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is not material, the Company may vote proxies notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is material, the Company may seek legal assistance from appropriate counsel for the Company to determine a method
 to resolve such conflict of interest before voting proxies affected by the conflict of interest. Such methods may include:

&nbsp;&nbsp;&nbsp;&nbsp;• disclosing the conflict
 to a Client's Board and obtaining the consent from a Client's Board before voting;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging another party on
 behalf of a Client to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging a third-party
 to recommend a vote with respect to the proxy based on application of the policies set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;• such other method as is
 deemed appropriate under the circumstances given the nature of the conflict.

#### Books and Records
The Company's CCO is responsible for ensuring the appropriate books and records are maintained for each proxy voted on behalf of a client when the Company has proxy voting authority. As the Registered Funds' investments in publicly traded securities are generally the responsibility of each Fund's sub-advisers, all sub-advisers will be contractually required to maintain the necessary books and records and will be asked to certify to this fact on a periodic basis. In the event the Company directly votes a proxy, appropriate records will be maintained in accordance with Rule 204-2, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Copies of all policies and
 procedures required by Rule 206(4)-6.

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each proxy
 statement that the investment adviser receives regarding a Client's securities. (An adviser may satisfy this requirement by relying
 on a third-party, such as a proxy voting service, or the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.)

&nbsp;&nbsp;&nbsp;&nbsp;• A record of each vote
 cast by the Company on behalf of a Client. (The Company may satisfy this requirement by relying on a third-party service to provide these
 records. The third party should be capable of providing documents promptly upon request.)

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any document

 basis for that decision.

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each written
 Client request for information on how the Company voted proxies on the Client's behalf, as well as a copy of any written response
 by the Company to any written or oral client request for information.

A-2<br>

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#### **TABLE OF CONTENTS**

#### Brookfield Public Securities Group LLC ("PSG")

#### Proxy Voting Policy and Procedures

#### Effective and Approved as of August 23, 2018

#### Update as of March 2025
Brookfield Public Securities Group LLC and affiliates (collectively referred to as "PSG") have adopted this policy and procedures to guide PSG's voting of proxies related to securities for the client accounts over which PSG has been delegated and/or granted proxy voting authority. PSG is an Investment Advisers registered with the U.S. Securities Exchange Commission. PSG is an indirect wholly owned subsidiary of Brookfield Corporation and Brookfield Asset Management Ltd.

#### Policy & Procedures
It is the policy and practice of Brookfield Public Securities Group LLC ("PSG") to vote proxies consistent with its: fiduciary duty, the PSG Proxy Voting Policy and Procedures, and the best interests of clients, in compliance with Rule 206(4)-6 under the Advisers Act. In most, if not all cases, the best interest of clients will mean that the proxy ballot proposals which PSG believes will maximize the value of portfolio securities will be approved.

PSG clients generally grant PSG the authority to vote proxies in accordance with PSG's Proxy Voting Policy and Procedures. In meeting its fiduciary duty to clients, PSG will monitor corporate and regulatory events and to vote proxies consistent with the best interests of its clients. In this regard, PSG seeks to ensure that all votes are free from unwarranted and inappropriate influences.

Accordingly, PSG generally votes proxies in a uniform manner for its clients and in accordance with this Policy and Procedures.

However, in certain cases, a PSG client will require PSG to vote proxies on behalf of that client's account or fund in accordance with the client's proxy voting policy and procedures.

#### Proxy Voting Working Group
PSG has established a cross-functional Proxy Voting Working Group. The Proxy Voting Working Group is responsible for overseeing the proxy voting process and ensuring that PSG meets its regulatory and corporate governance obligations in the voting of proxies relating to securities held in client accounts.

The PSG Proxy Voting Working Group meets regularly with representatives of the: Legal, Compliance, Operations, and Investment Teams.

#### Proxy Voting Controls
PSG has engaged Institutional Shareholder Services Inc. ("ISS"), an independent, third party, subject matter expert to act as our agent to vote proxies. PSG generally adopts ISS' Proxy Voting Guidelines as the PSG's proxy voting guidelines after review, consideration and determinations, if any, made by the PSG Proxy Voting Working Group ("PSG Proxy Voting Guidelines"). PSG believes that having an independent third party's framework, background information, recommendations and analysis helps to ensure that all proxy voting decisions are made by PSG in the best interest of PSG's clients.<sup>1</sup> Unless otherwise specifically provided in the agreement between the client and PSG, ISS will generally be responsible for voting on proxy ballot issues as the agent of PSG pursuant the PSG Proxy Voting Guidelines as incorporated into this PSG Proxy Voting Policy and Procedures. A copy of the PSG Proxy Voting Guidelines is available upon request.

There may be instances in which a PSG investment professional may cast a vote different from an ISS recommendation if PSG has identified it would be in the best interest of its clients to do so. Such instances receive scrutiny from the Proxy Voting Working Group and are recorded for books and records.

<sup>1</sup> The "ISS Proxy Voting Guidelines" are opened to comment period annually, allowing the PSG Proxy Voting Working Group an opportunity to review, provide comments and incorporate current views and enables PSG to follow industry best practices. After such comment period ISS makes its Guidelines available to the public on their web site. 

A-3<br>

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#### **TABLE OF CONTENTS**

#### Control of Possible Conflicts
PSG votes proxies without regard to any other business relationship between PSG and the company to which the proxy relates.

PSG will seek to identify material conflicts of interest that may arise between a company for which it votes proxies ("Company") and PSG, such as the following relationships:

&nbsp;&nbsp;&nbsp;&nbsp;• PSG serves as an investment
 advisor to the pension or other investment account of the Company or PSG is seeking to serve in that capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;• PSG provides or is seeking
 to provide material investment advisory or other services to a portfolio company or its affiliates whose management is soliciting proxies;
 or

&nbsp;&nbsp;&nbsp;&nbsp;• PSG and the Company have
 a lending or other financial relationship.

PSG will recuse itself from any voting of proxies in the event a conflict is identified. PSG will instruct ISS to prohibit PSG to vote and will rely entirely on ISS to vote or take other appropriate action.

PSG must identify and assess material conflicts of interest which may arise between ISS and any company to which ISS provides services. This includes both initial and ongoing assessments (as ISS's business and/or policies and procedures regarding conflicts of interest may change over time). For the ongoing assessment, PSG will establish and implement measures reasonably designed to identify and address conflicts that may arise, such as by requiring ISS to update PSG of changes to ISS conflict policies and procedures or business changes including ownership of ISS. On an annual basis PSG will conduct an on-site or virtual due diligence review of ISS.

#### Special Controls
Proxies relating to **foreign securities** held by Clients are also subject to the PSG Proxy Voting Policy and Procedures. In certain foreign jurisdictions, however, the voting of proxies can result in additional restrictions that have an economic impact to the security, such as "share-blocking."

If PSG votes on the proxy, share-blocking may prevent PSG from selling the shares of the foreign security for a period. In determining whether to vote proxies subject to such restrictions, PSG, in consultation with the PSG Proxy Voting Working Group, considers whether the vote, either or together with the votes of other shareholders, is expected to affect the value of the security that outweighs the cost of voting. If PSG votes a proxy, and during the "share-blocking period" PSG would like to sell the affected foreign security, PSG, in consultation with the PSG Proxy Voting Working Group, will attempt to recall the shares (as allowable within the market timeframe and practices).

Sometimes securities held in client accounts will be the subject of class action lawsuits. PSG actively seeks out any open and eligible class action lawsuits for client accounts. To this end, PSG has retained a third-party service provider to review class action lawsuits, determine client account's eligibility, file claim forms and other required documentation monitor progress and ultimate resolution of class actions, and ensure receipt of class action proceeds and payment to client accounts.

#### Proxy Voting Testing and Oversight
Representatives of the PSG Proxy Voting Working Group monitor the actions taken by the third-party proxy voting agent through the ISS web portal.

PSG will, on an annual basis, perform due diligence of ISS. Cross functional representatives from both PSG and ISS participate to:

&nbsp;&nbsp;&nbsp;&nbsp;• Address any material deficiencies
 in the execution of ISS' duties on behalf of PSG and its client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• Discuss or propose any changes
 or additions to the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• Discuss any material
 business issues of ISS which may impact the services it provides to PSG including any possible conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;• Discuss regulatory changes
 that impact both ISS and PSG and corresponding steps leading to compliance.

&nbsp;&nbsp;&nbsp;&nbsp;• Review independent audit
 reports.

A-4<br>

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#### **TABLE OF CONTENTS**

#### Special Considerations for Reporting to Fund Boards
PSG will prepare periodic reports for submission to the Boards of Directors of its affiliated funds (the "Funds") describing:

&nbsp;&nbsp;&nbsp;&nbsp;• Any issues arising under
 the PSG Proxy Voting Policy and Procedures since the last report to the Funds' Boards of Directors/Trustees and the resolution of
 such issues, including but not limited to, information about conflicts of interest not addressed in the PSG Proxy Voting Policy and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;• any proxy votes made
 by PSG on behalf of the Funds since the last report to such Funds' Boards of Directors/Trustees that deviated from the PSG Proxy
 Voting Policy and Procedures, with reasons for any such deviations.

&nbsp;&nbsp;&nbsp;&nbsp;• In addition, no less
 frequently than annually, PSG will provide the Boards of Directors/Trustees of the Funds with a written report of any recommended changes
 based upon PSG's experience under the PSG Proxy Voting Policy and Procedures, evolving industry practices and developments in the
 applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• The PSG Proxy Voting
 Working Group shall periodically review and update the PSG Proxy Voting Policies and Procedures as necessary. Any material amendments
 to the PSG Proxy Voting Policy and Procedures (including the material changes to the PSG Proxy Voting Guidelines) shall be provided to
 the Boards of Directors of the Brookfield Funds for review and approval.

#### Special Considerations for Books & Records
&nbsp;&nbsp;&nbsp;&nbsp;• PSG will maintain all
 records that are required under, and in accordance with, all applicable regulations, including the Investment Company Act of 1940, as
 amended, and the Investment Advisers Act of 1940, which include, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• The PSG Proxy Voting Policy
 and Procedures, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;• Records of votes cast
 with respect to proxies, reflecting the information required to be included in Form N-PX filings for each of the (i) Brookfield Funds,
 and (ii) PSG, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;• Records of written client
 requests for proxy voting information and any written responses of PSG to such requests; and any written materials prepared by PSG that
 were material to making a decision in how to vote, or that memorialized the basis for the decision.

&nbsp;&nbsp;&nbsp;&nbsp;• PSG maintains a separate
 "PSG Books and Records Policy and Procedures" which is available upon request.

A-5<br>

**PART C. OTHER INFORMATION**

Item 25. <u>Financial Statements and Exhibits</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements

**Included in Part A**: Financial highlights for the fiscal year ended March 31, 2025.

**Included in Part B**: Reference is made to the Registrant's financial statements, accompanying notes and report of the independent registered public accounting firm thereon for the fiscal year ended March 31, 2025 which were included with the Registrant's [Annual Report](https://www.sec.gov/Archives/edgar/data/1812286/000119312525134764/d837791dncsr.htm) on Form N-CSR filed with the Commission on June 4, 2025 (File No. 811-23569), which is incorporated by reference into this Post-Effective Amendment in its entirety.

The 2025 Annual Report is also available for download free of charge at https://www.harrisonstpw.com/investment-funds/vcrdx/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:

---

| | |
|:---|:---|
| a(1). | [Third Amended and Restated Agreement and Declaration of Trust dated October 20, 2023, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99a.htm). |
| a(2). | [Amendment to Third Amended and Restated Agreement and Declaration of Trust – Filed herewith.](hsrefl-efp16871_ex99a2.htm) |
| b(1). | [Second Amended and Restated Bylaws of Registrant, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99b.htm). |
| b(2). | [Amendment to Second Amended and Restated Bylaws of Registrant – Filed herewith.](hsrefl-efp16871_ex99b2.htm) |
| c. | None. |
| d(1). | [Article 3 (Shares) and Article 5 (Shareholders' Voting Powers and Meetings) of the Third Amended and Restated Agreement and Declaration of Trust, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99a.htm). |
| d(2). | [Article 10 (Shareholders' Voting Powers and Meeting) of the Second Amended and Restated Bylaws of Registrant, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99b.htm). |
| e. | None. |
| f. | None. |
| g(1). | [Investment Management Agreement between Registrant and the Adviser, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99g1.htm). |

---

---

| | |
|:---|:---|
| g(2). | [Investment Sub-Advisory Agreement between the Adviser and Brookfield Public Securities Group LLC, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99g2.htm). |
| g(3) | [Investment Management Agreement between VCRDX Subsidiary, LLC and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 2 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on July 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/0001812286/000113322824007069/vciif-html8184_ex99g4.htm). |
| g(4) | [Management Fee Waiver Agreement between the Registrant and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 2 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on July 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824007069/vciif-html8184_ex99g5.htm). |
| h(1). | [Distribution Agreement between the Registrant and Foreside Funds Distributors LLC, as amended (the "Distribution Agreement"), previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 4 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on February 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824001141/vciif-html7270_ex99h1.htm). |
| h(2). | [First Amendment to the Distribution Agreement between the Registrant and Foreside Funds Distributors LLC, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99h.htm). |
| i. | None. |
| j(1). | [Custody Agreement between the Registrant and UMB Bank, n.a., previously filed as an exhibit to the Registrant's Post-Effective Amendment No.1 to its Registration Statement filed on Form N-2 (File No. 333-238296) on March 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1812286/000113322824002111/vciif-html7513_ex99j1.htm) |
| j(2) | [Foreign Custody Delegation Agreement between the Registrant and UMB Bank, n.a., previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 1 to its Registration Statement filed on Form N-2 (File No. 333-238296) on March 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1812286/000113322824002111/vciif-html7513_ex99j2.htm) |
| k(1). | [Fund Administration and Accounting Agreement between the Registrant and The Bank of New York Mellon, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 4 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on February 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824001141/vciif-html7270_ex99k1.htm). |
| k(2). | [Transfer Agency and Shareholder Services Agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 4 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on February 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824001141/vciif-html7270_ex99k2.htm). |
| k(3). | [Administration and Fund Accounting Agreement between the Registrant and UMB Fund Services, Inc., previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on May 30, 2025 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322825005811/vciif-efp16028_ex99k3.htm). |
| k(4). | [Transfer Agency Agreement between the between the Registrant and UMB Fund Services, Inc. previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on May 30, 2025 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322825005811/vciif-efp16028_ex99k4.htm). |

---

---

| | |
|:---|:---|
| l. | [Opinion and Consent of Ropes & Gray LLP, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 4 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on February 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824001141/vciif-html7270_ex99l.htm). |
| m. | None. |
| n. | [Consent of Independent Registered Public Accounting Firm – Filed herewith.](hsrefl-efp16871_ex99n.htm) |
| o. | None. |
| p. | [Subscription Agreement between the Registrant and the Adviser, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99p.htm). |
| q. | None. |
| r(1). | [Joint Code of Ethics of the Adviser and the Registrant – Filed herewith.](hsrefl-efp16871_ex99r1.htm) |
| r(2). | [Code of Ethics of Brookfield Public Securities Group LLC, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on November 9, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322823005992/vciif-html6973_ex99r2.htm). |
| s. | [Powers of Attorney dated May 29, 2024, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 2 to its Registration Statement filed on Form N-2 (File Nos. 333-238296; 811-23569) on July 26, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1812286/000113322824007069/vciif-html8184_ex99s.htm). |

---

Item 26. <u>Marketing Arrangements</u>:

See the [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1812286/000113322824001141/vciif-html7270_ex99h1.htm), filed as Exhibit h(1) to the Registrant's Pre-Effective Amendment No. 4 to its Registration Statement filed on February 26, 2024 and incorporated herein by reference.

Item 27. <u>Other Expenses of Issuance and Distribution</u>:

Not applicable

Item 28. <u>Persons Controlled by or Under Common Control</u>:

VCRDX Subsidiary LLC, a Delaware limited liability company, is a wholly-owned subsidiary of the Fund and is consolidated for financial reporting purposes.

Item 29. <u>Number of Holders of Securities as of June 30, 2025</u>:

Set forth is the number of record holders as of the date of this Registration Statement of each class of securities of the Registrant:

<u>Title of Class</u> <u>Number of Record Holders</u> <br> Shares of beneficial interest 1,791

Item 30. <u>Indemnification</u>:

The Registrant's Agreement and Declaration of Trust (as amended and restated from time to time, the "Declaration of Trust"), incorporated herein by reference, contains provisions limiting the liability, and providing for indemnification, of the Trustees, officers and other "Covered Persons" to the fullest extent permitted by law, including advancement of payments of all expenses incurred in connection with the preparation and presentation of any defense (subject to repayment obligations in certain circumstances).

The Registrant's Trustees and officers are expected to be insured under a standard investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their official capacities as such.

The Distribution Agreement, incorporated herein by reference, contains provisions limiting the liability of Foreside Funds Distributors LLC and other "Distributor Indemnitees" to the maximum extent permitted by law.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the Trust's Declaration of Trust, its Amended and Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 31. <u>Business and Other Connections of Investment Adviser</u>:

A description of certain other business, profession, vocation, or employment of a substantial nature in which an investment adviser of the Registrant, and each member, trustee, executive officer, or partner of any such investment adviser, is or has been, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or trustee, is set forth in the Registrant's prospectus in Part A herein in the section entitled "Management of the Fund," regarding the Registrant's adviser, Harrison Street Private Wealth LLC (the "Adviser"), a registered adviser under the Investment Advisers Act of 1940, as amended. Further information as to the members and officers of the Adviser is included in the Adviser's Form ADV as filed with the Commission (File No. 801-72298) and is incorporated herein by reference.

Item 32. <u>Location of Accounts and Records</u>:

BNY Mellon maintains certain required accounting-related and financial books and records of the Registrant at 240 Greenwich Street, New York, NY 10286. All other required books and records are maintained by the Adviser and the Registrant at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237 and the Registrant's sub-adviser, Brookfield Public Securities Group LLC, Brookfield Place, 225 Liberty Street, New York, New York 10281.

Item 33. <u>Management Services</u>:

Not applicable.

Item 34. <u>Undertakings</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.

Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B under the Securities Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under the Securities Act for the purpose of providing the information required by Section 10 (a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the

offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C under the Securities Act: Each prospectus filed pursuant to Rule 424 under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

5. Not applicable.

6. Insofar as indemnification for liabilities
 arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
 to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
 such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
 for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
 officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
 director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
 of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
 such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such
 issue.

7. The Registrant undertakes to send by first class mail or
 other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any Prospectus
 or Statement of Additional Information.

**NOTICE**

A copy of the Third Amended and Restated Agreement and Declaration of Trust of the Fund, together with all amendments thereto, is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer or Trustee of the Fund as an officer or Trustee and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets and property of the Fund.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, each as amended, the Registrant certifies that this Registration Statement meets all of the requirements for effectiveness and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on the 29<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
| **HARRISON STREET INFRASTRUCTURE INCOME FUND** | **HARRISON STREET INFRASTRUCTURE INCOME FUND** |
| By: | /s/ Mark D. Quam |
| Name: | Mark D. Quam |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on July 29, 2025.

---

| | |
|:---|:---|
| **<u>Name:</u>** | **<u>Title:</u>** |
| /s/ Mark D. Quam |  |
| Mark D. Quam | Chief Executive Officer (Principal Executive Officer) |
| /s/ Casey R. Frazier |  |
| Casey R. Frazier\* | Trustee and Chief Investment Officer |
| /s/ Jeffry A. Jones |  |
| Jeffry A. Jones\* | Trustee |
| /s/ Richard J. McCready |  |
| Richard J. McCready\* | Trustee |
| /s/ Paul E. Sveen |  |
| Paul E. Sveen\* | Trustee |
| /s/ Robert F. Doherty |  |
| Robert F. Doherty\* | Trustee |
| /s/ Susan K. Wold |  |
| Susan K. Wold\* | Trustee |
| /s/ Brian Petersen | Chief Financial Officer and Treasurer |
| Brian Petersen | (Principal Financial Officer and Principal Accounting Officer) |

---

---

| | |
|:---|:---|
| \*By: | /s/ Jillian Varner |
|  | Jillian Varner\*\* |
|  | Chief Compliance Officer and Secretary |

---

<sup>\*\*</sup> Attorney-in-fact pursuant to the powers of attorney that are filed as Exhibit s to the Fund's Post-Effective Amendment No. 2 to the Fund's Registration Statement on Form N-2, Registration Nos. 333-238296 and 811-23569 (filed July 29, 2024).

EXHIBIT INDEX

---

| | |
|:---|:---|
| (a)(2) | [Amendment to Third Amended and Restated Agreement and Declaration of Trust](hsrefl-efp16871_ex99a2.htm)<br>|
| (b)(2) | [Amendment to Second Amended and Restated Bylaws of Registrant](hsrefl-efp16871_ex99b2.htm)<br>|
| n | [Consent of Independent Registered Public Accounting Firm](hsrefl-efp16871_ex99n.htm)<br>|
| r(1) | [Joint Code of Ethics of the Adviser and the Registrant](hsrefl-efp16871_ex99r1.htm) |

---

## Ex-99.(A)(2)

**Exhibit (a)(2)** 

**VERSUS CAPITAL INFRASTRUCTURE INCOME FUND**

**AMENDMENT NO. 1 TO**

**THE THIRD AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST**

The undersigned, being at least a majority of the Trustees of Versus Capital Infrastructure Income Fund (the "Trust"), hereby amend the Trust's Third Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust"), a copy of which is on file in the office of the Secretary of State of the Commonwealth of Massachusetts, as follows:

WHEREAS, Section 9.9(b) of Article 9 of the Declaration of Trust provides that the Trustees may, without any shareholder vote, amend the Declaration of Trust to change the name of the Trust; and

WHEREAS, The Trustees desire to change the name of the Trust to "Harrison Street Infrastructure Income Fund".

NOW, THEREFORE, the Declaration of Trust is hereby amended, effective as of July 29, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Section 1.1 of Article I of the Declaration
of Trust is hereby amended to read in its entirety as follows:

"<u>Name</u>*.* This Trust, previously known as "Versus Capital Real Asset Debt Fund" and "Versus Capital Infrastructure Income Fund", shall be known as "Harrison Street Infrastructure Income Fund" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine*.*"

&nbsp;&nbsp;&nbsp;&nbsp;2. Section 9.10 of Article 9 of the Declaration
of Trust is hereby amended to read in its entirety as follows:

"<u>Address of the Trust</u>. As of the date hereof, the principal address of the Trust is c/o Harrison Street Infrastructure Income Fund, 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237. The Trustees may change the principal address of the Trust to any location within or without The Commonwealth of Massachusetts as they shall determine in their sole discretion."

The foregoing amendment may be signed in counterparts with the same effect as if all signatories had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this instrument as of July 21, 2025.

---

| | |
|:---|:---|
| By: | /s/ Casey R. Frazier |
|  | Casey R. Frazier, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffry A. Jones |
|  | Jeffry A. Jones, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Richard J. McCready |
|  | Richard J. McCready, Director |
| By: | /s/ Paul E. Sveen |
|  | Paul E. Sveen, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Robert F. Doherty |
|  | Robert F. Doherty, Director<br>|

---

---

| | |
|:---|:---|
| By: | /s/ Susan K. Wold |
|  | Susan K. Wold, Director |

---

## Ex-99.(B)(2)

**Exhibit (b)(2)**

**VERSUS CAPITAL INFRASTRUCTURE INCOME FUND**

Amendment No. 1 to Second Amended and Restated Bylaws

WHEREAS, ARTICLE 12 of the Second Amended and Restated Bylaws (the "Bylaws") of Versus Capital Infrastructure Income Fund (the "Trust") permits the Board of Trustees of the Trust (the "Trustees") to amend, change, alter or repeal, in whole or part, the Bylaws;

WHEREAS, the Trustees desire to amend the Bylaws to change the name of the Trust to "Harrison Street Infrastructure Income Fund";

NOW, THEREFORE, the Bylaws are hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 1.2 of Article 1 is hereby amended to read in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Agreement and Declaration of Trust</u>. These Amended and Restated Bylaws (the "<u>Bylaws</u>") shall be subject to the Third Amended and Restated Agreement and Declaration of Trust, as further amended or restated from time to time (the "<u>Declaration of Trust</u>"), of Harrison Street Infrastructure Income Fund (formerly, Versus Capital Infrastructure Income Fund, which was formerly Versus Capital Real Asset Debt Fund), the Massachusetts voluntary association with transferable shares established by the Declaration of Trust (the "<u>Trust</u>"). Capitalized terms used in these Bylaws and not otherwise defined herein shall have the meanings given to such terms in the Declaration of Trust.

This Amendment is effective as of July 28, 2025.

## Ex-99.N

**Exhibit n**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated May 29, 2025, with respect to the financial statements and financial highlights of Harrison Street Infrastructure Income Fund (formerly, Versus Capital Infrastructure Income Fund) for the year ended March 31, 2025, which are incorporated by reference in the Prospectus and Statement of Additional Information contained in this Registration Statement. We consent to the incorporation by reference of the aforementioned report in the Prospectus and Statement of Additional Information contained in this Registration Statement, and to the use of our name as it appears under the captions "Financial Highlights", "Independent Registered Public Accounting Firm" and "Financial Statements".

/s/ GRANT THORNTON LLP

Philadelphia, Pennsylvania

July 29, 2025

## Ex-99.R(1)

**Exhibit r(1)**

![](image_001.jpg)

**Harrison Street Private Wealth LLC, Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC &**

**Harrison Street Infrastructure Income Fund**

Joint Code of Ethics,

Personal Investment and Trading Policy and

Statement on Insider Trading

Last Updated: July 29, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Table of Contents** | **Table of Contents** |  |
| **I.** |  | **INTRODUCTION** | **3** |
| **II.** |  | **DEFINITIONS** | **4** |
| **III.** |  | **PERSONAL INVESTMENT AND TRADING POLICY** | **7** |
| **IV.** |  | **OTHER COMPLIANCE, ADMINISTRATIVE AND PROCEDURAL MATTERS** | **12** |
| **V.** |  | **FUND REQUIREMENTS UNDER SARBANES-OXLEY ACT OF 2002** | **14** |
| **VI.** |  | **POLICY ON GIFTS** | **14** |
| **VII.** |  | **POLICY ON ENTERTAINMENT** | **14** |
| **VIII.** |  | **POLICY ON OUTSIDE BUSINESS ACTIVITIES** | **14** |
| **IX.** |  | **STATEMENT ON INSIDER TRADING** | **15** |
| **X.** |  | **INDEPENDENT DIRECTOR REQUIREMENTS** | **18** |
|  | A. | Personal Investment and Trading Policy for Independent Directors | 18 |
|  | B. | Statement on Insider Trading for Independent Directors | 19 |
| **Exhibit I : Funds Covered by this Code of Ethics** | **Exhibit I : Funds Covered by this Code of Ethics** | **Exhibit I : Funds Covered by this Code of Ethics** | **21** |
| **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **22** |
|  | Appendix A | Appendix A | 27 |
|  | Appendix B | Appendix B | 28 |
|  | Appendix C | Appendix C | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Policy Statement** 

At Harrison Street Private Wealth LLC (the "**Adviser**", "**HSPW**"), we intend to maintain a reputation for conducting our business activities in the highest ethical and professional manner. Such a reputation for integrity is instrumental in the success of our business. Each employee, officer and director of the Adviser and the investment companies registered under the Investment Company Act of 1940, as amended (the "IC Act") that are managed by the Adviser (the "Funds", each of which is listed in Exhibit I attached hereto) - whatever his or her position - is responsible for upholding the highest ethical and professional standards. This includes a commitment to conducting business in accordance with applicable laws, rules and regulations, and to full and accurate financial disclosure in compliance with applicable laws and this Joint Code of Ethics, Personal Investment and Trading Policy and Statement on Insider Trading (collectively hereafter, the "**Joint Code of Ethics**"), which has been developed by the Adviser and Funds pursuant to Rules 204A-1 under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), and Rule 17j-1 under the Investment Company Act of 1940, as amended (the *"***IC Act***"*). As such, the Adviser, the Funds and their Covered Persons must not act or behave in any manner or engage in any activity that creates even the appearance of the misuse of material non-public information ("**MNPI**") or gives rise to, or appears to give rise to, any breach of fiduciary duty owed to any Client.

The fiduciary duty owed to a given Client differs depending on the role of the Covered Person. A Covered Person who is an employee, officer or director of the Adviser (a "**Covered Employee**") owes a fiduciary duty to all of the Adviser's Clients, whereas a Covered Person who is an Access Person of a Fund solely by virtue of being a director of the Fund in question, but who is not an "interested person" (as defined in the IC Act) with respect to the Fund in question (each, an "**Independent Director**") owes a fiduciary duty only to the Fund(s) for which he or she serves as an Independent Director.

As such, while much of this code applies only to Covered Employees, certain portions will apply to Independent Directors. Unless explicitly noted otherwise, all requirements of Covered Employees will be outlined in this introductory statement and in sections III through IV of this code. **<u>Requirements of Independent Directors are included in this introductory statement and in section X of this code.</u>**

Because of the potential conflicts of interest inherent in our business, Covered Persons are expected to behave in a manner that seeks to avoid even the appearance of a conflict of interest with our Clients whenever possible. Covered Persons are expected to disclose all material conflicts of interest between themselves and our Clients to the Adviser's and Funds' Chief Compliance Officer (the "**CCO**"), including any outside business activities, and to avoid personal investment and trading activity which creates actual or potential conflicts of interest with our Clients. Duties prescribed to the CCO in this code may also be performed by a delegate of the CCO unless explicitly noted otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Requirements of this Joint Code of Ethics** 

---

| | |
|:---|:---|
| 1. | *Duty to Comply with Applicable Laws.* Covered Persons are required to adhere to the Federal Securities Laws, including Rule 204A-1 under the Advisers Act, and Rule 17j-1 under the IC Act, the fiduciary duty owed to our Clients, and this Joint Code of Ethics. |
| 2. | *Duty to Report Violations.* Each Covered Person is required by law to promptly notify the CCO in the event they know or have reason to believe that they or any other Covered Person has violated any provision of this Joint Code of Ethics. If a Covered Person knows or has reason to believe that the CCO has violated any provision of this Joint Code of Ethics, such Covered Person must promptly notify the President of the Adviser (the "**President**") and is not required to notify the CCO. |
|  | The Adviser and the Funds are committed to fostering a culture of compliance and therefore urge Covered Persons to contact the CCO if they believe there is any reason to do so. Covered Persons will not be penalized and their status at the Adviser or the Funds will not be jeopardized by communicating with the CCO or reporting a suspected violation in good faith. Reports of violations or suspected violations also may be submitted anonymously to the CCO. Any retaliatory action taken against any person who reports a violation, or a suspected violation, of this Joint Code of Ethics is itself a violation of this Joint Code of Ethics and cause for appropriate corrective action, up to and including dismissal. |
| 3. | *Duty to Provide Copy of the Code of Ethics and Related Certification.* The Adviser and the Funds shall provide all Covered Persons with a copy of this Joint Code of Ethics and all subsequent amendments hereto. By law, all Covered Persons must in turn provide written acknowledgement to the CCO of their initial receipt and review of this Joint Code of Ethics, their annual review of this Joint Code of Ethics and their receipt and review of any subsequent amendments to this Joint Code of Ethics. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **DEFINITIONS** 

**<u>Access Person</u>**. An "**Access Person**" of the Adviser is any employee, officer or director of the Adviser who has access to non-public information regarding the purchases or sales of any Client holding or non-public information regarding the portfolio holdings of any Client account. Given the current size of our operations, all employees, officers and directors of the Adviser are considered Access Persons of both the Adviser and the Funds. In addition, all employees, officers and directors of the Adviser are considered "**Investment Persons**" as defined in Rule 17j-1 under the IC Act, and are subject to the requirement to pre-clear transactions in limited offerings, as discussed in section III.A.1 below. Contract employees of the Adviser who have access to the non-public information described above will typically be deemed Access and Investment Persons for the purposes of this Joint Code of Ethics, as determined by the CCO. Independent Directors are considered Access Persons of the Fund(s) for which he or she serves as an Independent Director.

**<u>Automatic Investment Plan</u>**. An "**Automatic Investment Plan**" is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts according to a predetermined schedule and allocation. This includes dividend reinvestment plans.

**<u>Beneficial Ownership</u>**. Covered Persons will be considered to have "**Beneficial Ownership**" in a Covered Security if: (i) he or she has a direct or indirect financial interest in such Covered Security; (ii) he or she has voting power with respect to the Covered Security, meaning the power to vote or direct the voting of such Covered Security; or (iii) he or she has the power to dispose, or direct the disposition of, such Covered Security. This includes Covered Securities held in accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support (collectively, your "**Immediate Family**"). This may include trusts for which you are a trustee or a beneficiary, but due to the complexity and variety of trust agreements, will be reviewed on a case-by-case basis . If a Covered Person has any question about whether an interest in a Covered Security or an account constitutes Beneficial Ownership, they should contact the CCO.

**<u>Client</u>**. The term "**Client**" means any investment vehicle, including the Funds, advised or managed by the Adviser and the owner of any separate account managed by the Adviser, if any.

**<u>Covered Employee</u>**. The term "**Covered Employee**" means employees, officers and directors of the Adviser to whom this Joint Code of Ethics applies. It also includes any contractors or other persons employed by the Adviser in such a way that they are deemed an Access Person by the CCO.

**<u>Covered Person</u>**. The term "**Covered Person**" means persons to whom this Joint Code of Ethics applies, which includes all Access Persons (both Covered Employees and Independent Directors).

**<u>Covered Security</u>**. The term "**Covered Security**" has the same meaning as it has in section 2(a)(36) of the IC Act. It generally includes all securities, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual stocks and bonds;

• exchange-traded products;

• closed-end funds;

• private placements; and

• Limited Offerings.

It shall <u>not</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities issued by the government of the United States;

• short-term securities which are "government securities" as defined in Section 2(a)(16) of the IC Act;

• bankers' acceptances, bank certificates of deposit or commercial paper;

• shares of registered open-end investment companies; and

• such other money market instruments as are designated by the Adviser and/or the Board of Directors of the Funds.

For the avoidance of doubt, the term Covered Security includes Reportable Funds and interests in Private Investment Funds, as well as any derivative contract where a Covered Security is the underlying asset. The term Covered Security and Reportable Security are used throughout this document and should generally be interpreted to mean the same thing, with the more conservative definition prevailing when discrepancies arise.

**<u>Federal Securities Laws</u>**. The term "**Federal Securities Laws**" means the Securities Act of 1933 (the "**Securities Act**"), as amended, the Securities Exchange Act of 1934 (the "**Exchange Act**"), as amended, the Sarbanes-Oxley Act of 2002, the IC Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission ("**SEC**") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**<u>Initial Public Offering</u>**. The term "**Initial Public Offering**" (or "**IPO**") means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**<u>Private Investment Funds</u>**. The term "**Private Investment Funds**" means privately offered institutional investment funds that invest in real estate and other real assets through entities that qualify as real estate investment trusts for federal income tax purposes under the Internal Revenue Code of 1986 or other entities that would be investment companies but for Section 3(c)(1) or Section 3(c)(7) of the IC Act.

**<u>Limited Offering</u>**. The term "**Limited Offering**" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) thereof or pursuant to Rule 504 or Rule 506 thereunder.

**<u>Real Asset Security</u>**. The term "**Real Asset Security**" includes all Covered Securities that the Funds may invest in that relate to real assets, such as farmland, agriculture, timberland, and infrastructure related investments. If a Covered Person has any question about whether a security falls into this category, such Covered Person should contact the CCO prior to trading.

**<u>Real Estate Security</u>**. The term "**Real Estate Security**" includes all Covered Securities that the Funds may invest in that relate to real estate and real estate assets. If a Covered Person has any question about whether a security falls into this category, such Covered Person should contact the CCO prior to trading.

**<u>Reportable Fund</u>**. The term "**Reportable Fund**" means any investment company registered under the IC Act for which the Adviser serves as the investment adviser, including the Funds.

**<u>Reportable Security</u>**. The term "**Reportable Security**" includes all securities other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. Government;

• bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

• shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by open-end funds registered under the Investment Company Act, other than Reportable Funds; and

• shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

The term Covered Security and Reportable Security are used throughout this document and should generally be interpreted to mean the same thing, with the more conservative definition prevailing when discrepancies arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PERSONAL INVESTMENT AND TRADING POLICY** 

Generally, no Covered Employee may engage in a transaction in a Covered Security that is also the subject of a transaction by a Client if such Covered Employee's transaction would disadvantage or appear to disadvantage the Client. In addition, no Covered Employee shall, directly or indirectly, in connection with the purchase or sale of securities or other investments held or to be acquired by a Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ
 any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make
 to a Client any untrue statement of a material fact or omit to state to a Client a material
 fact necessary in order to make the statements made, in light of the circumstances under
 which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any act, practice or course of business which operates or would operate as a fraud or
 deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any manipulative practice with respect to a Client.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Requirements of Covered Employees**

To facilitate adherence to this Personal Investment and Trading Policy, the following requirements apply to all investment and trading activity where a Covered Employee has Beneficial Ownership of a Covered Security except where exempted in section III.A.1.e below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Pre-clearance</u>:** The following transactions require pre-clearance by the CCO before they can be executed:
 (i) purchases or sales of Real Estate Securities and Real Asset Securities (including any
 derivative contract where a Real Estate Security or Real Asset Security is the underlying
 asset), (ii) participation in an IPO, (iii) participation in a Limited Offering (which includes,
 but is not limited to, proposed investments in a Private Investment Fund), (iv) the redemption
 or sale of an interest in a Private Investment Fund, (v) purchases and sales of a Reportable
 Fund, and (vi) such other classes of transactions or specific transactions as may be specified
 from time to time by the CCO based upon a determination that the transactions may violate
 Rule 204A-1 under the Advisers Act or Rule 17j-1 under the IC Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 following transactions are exempted from the pre-clearance requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Purchases
 and sales of currencies transactions in digital or crypto currencies and assets; however,
 transactions in digital or crypto currencies and assets during an initial coin offering,
 initial exchange offering, or security token offerings would be subject to pre-clearance.
 Additionally, any derivative or futures-related transactions in digital or crypto currencies
 and assets would be subject to pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To
 obtain pre-clearance to transact, a Covered Employee must submit a Trade Pre-Clearance request
 to the CCO, typically via MyComplianceOffice ("MCO"). The CCO will review the
 transaction considering any recent or pending Client transactions, the Adviser's Restricted
 List, and any other potential conflict of interest the CCO deems relevant. The CCO will notify
 the Covered Employee, typically via MCO, within two business days of any conflict or concern
 and will advise whether the Covered Employee's transaction has been approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
 pre-clearance is granted for a publicly-traded security, the Covered Employee will have three
 business days to execute the transaction, including the day of approval. Pre-clearance will
 typically not be granted for Real Estate Securities and Real Asset Securities if a Client
 has traded the security in the past seven calendar days. In addition, if, following the submission
 of a pre-clearance form or the approval by the CCO, a Client trades the security within seven
 calendar days in the same direction (buy/cover or sell/short) and receives a less favorable
 price than the Covered Employee, the Covered Employee may be asked to disgorge their price
 advantage. All disgorged profits will be donated to a charity of their choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No
 Covered Employee who invests personal funds in a Reportable Fund or a Private Investment
 Fund may obtain any more favorable treatment in respect of his or her investment than is
 made available to a Client; provided that waiver of minimum investment amounts shall not
 be considered favorable treatment if such Fund has waived such minimum in the past, or agrees
 to in the future, in the case of other individual investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions
 in securities issued by Colliers International Group Inc. ("Colliers"), the majority
 owner of the Adviser, require pre-clearance and will typically be denied if the transaction
 would occur within Colliers' corporate blackout period (typically, from the end of
 each calendar quarter until two days after Colliers' earnings are released).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 transaction may be denied if it is determined by the CCO that the Covered Employee is unfairly
 benefiting from, or that the transaction is in conflict with, or appears to be in conflict
 with, any Client transaction or this Joint Code of Ethics. The determination that a Covered
 Employee may unfairly benefit from, or that a transaction may conflict with, or appears to
 be in conflict with, a Client transaction or this Joint Code of Ethics may be subjective
 and individualized, may include questions about the timely and adequate dissemination of
 information, availability of bids and offers, and other factors deemed pertinent for that
 transaction or series of transactions. It is possible that a denial of a transaction could
 be costly to a Covered Employee or members of a Covered Employee's family; therefore,
 each Covered Employee should take great care to adhere to the trading restrictions of this
 Joint Code of Ethics and avoid conflicts of interest, or the appearance of conflicts of interest,
 in their personal trading whenever

possible. Any denial of a transaction shall be communicated in writing, typically via MCO. A Covered Employee may appeal any such denial by written notice to the CCO and President within three business days after receipt of notice of denial. Such appeal shall be resolved promptly by the President. If an appeal is being made by the President, it will be made to the CEO of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 CCO may allow for certain exceptions to the above pre-clearance requirements if the exception
 would not violate Federal Securities Laws and the spirit of this Joint Code of Ethics remains.
 For example, approval for limit orders may be granted which allow for trade execution beyond
 three business days. In addition, certain pre-clearance requirements may be waived for certain
 accounts where the Covered Employee has contractual investment discretion but does not actively
 participate in making investment decisions in practice. In these instances, reporting requirements
 will typically remain, and additional certifications may be required of the Covered Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Minimum holding period</u>:** The minimum holding period for any investment requiring pre-clearance
 per section III.A.1 above is 30 days. Reportable Funds have a minimum holding period of 90
 days. (Note that officers and directors of the Funds are prohibited from profiting on "short-swing"
 transactions in the Funds during a six-month period per Section 16(b) of the Exchange Act)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Reporting</u>:** Covered Employees must submit to the CCO periodic written reports about their investments
 in Covered Securities (and those of other persons if the Covered Employee has Beneficial
 Ownership of such Covered Securities), including details of holdings, transactions and accounts.
 The obligation to submit these reports and the content of these reports are governed by the
 Federal Securities Laws.

Failure to provide a timely, accurate, and complete report is a breach of certain SEC rules and this Joint Code of Ethics. If a Covered Employee is late in filing a report, or files a report that is misleading or incomplete, such Covered Employee may face sanctions up to and including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Initial Holdings Report and Letter(s) of Direction:* A Covered Employee must submit a holdings
 report to the CCO within ten days of becoming a Covered Employee. This report must be based
 on information that is current as of a date not more than 45 days prior to the date such
 Covered Employee became a Covered Employee, and must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 name/title and type of security, and, as applicable, the exchange ticker symbol or CUSIP
 number, the number of equity shares and principal amount of each Reportable Security for
 which such Covered Employee has Beneficial Ownership. Covered Employees may provide this
 information via MCO or by referring to attached copies of broker transaction confirmations
 or account statements that contain the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 name and address of any broker, dealer, bank or other institution (such as a general partner
 of a limited partnership, or transfer agent of a Fund) that maintained any account holding
 any Covered Securities, or that

can hold Covered Securities, for which such Covered Employee has Beneficial Ownership, and the account numbers and names of the persons for whom the accounts are held. Covered Employees may provide this information via MCO or by referring to attached copies of broker transaction confirmations or account statements that contain the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 date the Covered Employee submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Quarterly Transaction Report:* Within 30 days after the end of each calendar quarter, the CCO must
 receive duplicate transaction reports or trade confirmations from each broker, dealer, bank,
 or other institution for each account the Covered Employee has Beneficial Ownership of and
 which holds, or that can hold, Covered Securities. These reports will typically be submitted
 directly from the broker via a direct feed to MCO. If a broker is not able to submit statements
 directly to MCO, the CCO will request the Covered Employee provide a copy of the report at
 this time. With respect to any transaction during the quarter in any Covered Security in
 which such Covered Employee had, or as a result of the transaction acquired, Beneficial Ownership
 of such Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 date of the transaction, the name/title and as applicable, the exchange ticker symbol or
 CUSIP number, interest rate and maturity date, the number of equity shares of (or the principal
 amount of debt represented by) and principal amount of each Covered Security involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The
 nature of the transaction (i.e., purchase, sale, or other type of acquisition or disposition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The
 price at which the transaction in the Covered Security was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The
 name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The
 date the report was submitted.

If a quarterly transaction report for a particular investment does not exist (e.g., in the case of certain private investments), the Covered Employee will be required to attest whether any transactions occurred and, if so, to provide the information above.

In addition, each Covered Employee must provide the CCO a list of each broker, dealer or bank with whom the Covered Employee established an account during the quarter that can hold Covered Securities for such person's direct or indirect benefit, along with details of the new account and the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Annual Holdings Report:* Covered Employees must, no later than February 14 of each year, submit
 to the CCO a report (typically via MCO) that is current as of a date no earlier than December
 31 of the preceding calendar year (the "**Annual Report Date**") and that
 contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 name/title and type of Covered Security, and as applicable, the exchange ticker symbol or
 CUSIP number, the number of equity shares

and principal amount of each Covered Security for which such Covered Employee has Beneficial Ownership on the Annual Report Date. Covered Employees may provide this information by referring to attached copies of broker transaction confirmations or account statements that contain the information, or by referring to statements or confirmations known to have been received by the CCO via a duplicate statement or MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 name and address of any broker, dealer, bank, or other institution (such as a general partner
 of a limited partnership, or transfer agent of a Fund) that maintained any account holding,
 or that can hold, any Covered Securities for which such Covered Employee has Beneficial Ownership
 on the Annual Report Date, the account numbers and names of the persons for whom the accounts
 are held, and the date when each account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 date that such Covered Employee submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Exceptions to the requirement to submit transactions or holdings:* Unless otherwise requested by
 the CCO, Covered Employees are not required to submit quarterly holdings or transactions
 reports for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any
 account over which such Covered Employee had no direct or indirect influence or control or
 with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. An
 estate or trust account or other fully discretionary account managed by a registered investment
 adviser where a Covered Employee has a beneficial interest but no power to effect investment
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Accounts
 that only permit the Covered Employee to invest in open-end mutual funds, provided none of
 the available funds are managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Qualified
 state tuition programs (also known as "529 Programs"), provided they are not
 able to hold funds that are managed by the Adviser.

For those accounts described in 3.d.i or 3.d.ii above, Covered Employees must still disclose the existence of the account in his or her list of accounts. Transactions that override pre-set schedules or allocations of an Automatic Investment Plan, however, must be included in a quarterly transaction report.

Any investment plans or accounts that may be eligible for these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO may ask for supporting documentation, such as a copy of an Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser. On a sample basis, the CCO may request reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have

been prohibited pursuant to the Joint Code of Ethics, absent reliance on the reporting exception. Covered Employees who claim they have no direct or indirect influence or control over an account are also required to complete an Exempt Accounts Certification (typically via MCO) upon commencement of their employment and on an annual basis thereafter. Covered Employees should consult with the CCO before excluding any accounts, especially those held by their Immediate Family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Review of Reports and Other Documents.* The CCO will review each report submitted by Covered
 Employees, and each account statement or confirmation from institutions that maintain their
 accounts. The review will include an assessment of whether the Covered Employee followed
 all required procedures of this Joint Code of Ethics, such as pre-clearance, and will include
 a comparison to the Adviser's Restricted List. At the CCO's discretion, the review
 may also: (i) assess whether Clients are receiving terms as favorable as the Covered Employee
 does in transactions relating to Private Investment Funds owned by Clients, (ii) periodically
 analyze the Covered Employee's trading for patterns that may indicate market abuse,
 including market timing or trading while in possession of MNPI, and (iii) investigate any
 substantial disparities between the performance the Covered Employee achieves for his or
 her own account and the performance achieved for Clients. To ensure adequate scrutiny, reports
 concerning the CCO will be reviewed by the President or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Consequences of Non-Compliance</u>:** Violations of this Personal Investment and Trading Policy are
 taken very seriously and can result in disciplinary action up to and including termination
 of employment. Generally, a first offense will result in a written warning from the CCO and
 the notification of the Covered Employee's supervisor. A second offense may include
 a meeting with the President and require additional training for the Covered Employee. A
 third offense is grounds for termination, at the discretion of the CCO, President, and the
 Covered Employee's supervisor. In all circumstances, a Covered Employee may be required
 to disgorge profits received from transactions that violated this policy, may have their
 bonus or other supplemental compensation reduced, and, depending on the severity, may have
 their violations reported to the Board of Directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **OTHER COMPLIANCE, ADMINISTRATIVE AND PROCEDURAL MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 Covered Employee shall be furnished a copy of this Joint Code of Ethics upon becoming a Covered
 Employee and annually thereafter and shall be notified of his or her obligation to file reports
 as required by this Joint Code of Ethics. Each Covered Employee is required to acknowledge
 receipt of a copy of this Joint Code of Ethics and that he or she has read and understands
 this Joint Code of Ethics at the time of becoming a Covered Employee. In addition, each Covered
 Employee is required to certify annually thereafter that he or she has read and understands
 this Joint Code of Ethics, recognizes that he or she is subject to this Joint Code of Ethics,
 and that he or she has complied with all of the requirements of this Joint Code of Ethics
 during the prior year, including the requirement to disclose, report, or caused to be reported,
 all holdings and transactions as required hereunder during the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If
 a Covered Employee violates this Joint Code of Ethics he or she may be subject to remedial
 actions, which may include, but are not limited to, any one or more of the following: (1) a warning; (2) disgorgement
of profits; (3) demotion (which may be substantial); (4) withholding of bonus; (5) suspension of employment (with or without pay); (6)
termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 CCO shall furnish to the Funds' Boards of Directors (the "**Boards** ")
 at least annually a written report for the Funds and Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes
 any issues arising under the Joint Code of Ethics since the last report to the Boards, including
 but not limited to information about material violations of this Joint Code of Ethics and
 sanctions imposed in response to those violations; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies
 that the Funds and the Adviser have adopted procedures reasonably necessary to prevent Access
 Persons from violating the Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 CCO is responsible for supervising the implementation of this Joint Code of Ethics and the
 enforcement of the terms herein and may determine whether any particular securities transaction
 should be exempted pursuant to the provisions of this Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 CCO may issue, either personally or with the assistance of counsel, as may be appropriate,
 any interpretation of this Joint Code of Ethics which may appear consistent with the objectives
 of Rule 17j-1 under the IC Act, Rule 204A-1 under the Advisers Act, and this Joint Code of
 Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 CCO will conduct such inspections or investigations as shall reasonably be required to detect
 and report any apparent violations of this Joint Code of Ethics to the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The
 CCO shall ensure that the relevant recordkeeping requirements of Rule 17j-1(f) under the
 IC Act and Rule 204-2 under the Advisers Act which apply to this Joint Code of Ethics are
 adhered to at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Exceptions
 to this Joint Code of Ethics may be granted as deemed appropriate by the CCO, while maintaining
 compliance with the requirements of Rule 17j-1 under the IC Act and Rule 204A-1 under the
 Advisers Act. Exceptions will be documented and periodically reported to the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. This
 Joint Code of Ethics shall be reviewed by the CCO on an annual basis to ensure that it is
 meeting its objectives, is functioning fairly and effectively, and is not unduly burdensome
 to the Adviser, the Funds or their Covered Persons. Covered Persons are encouraged to contact
 the CCO with any comments, questions or suggestions regarding implementation or improvement
 of the Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In
 the event that the CCO or another member of the HSPW Compliance team is unavailable, unreachable
 or involved in a violation, please request approvals or report violations to the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The
 CCO delegates many of the responsibilities described as theirs in this Joint Code of Ethics
 to other Covered Persons, including other members of the HSPW Compliance team, when allowable
 by Rule 17j-1 under the IC Act and Rule 204A-1 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **FUND REQUIREMENTS UNDER SARBANES-OXLEY ACT OF 2002** 

As required by Section 406 of the Sarbanes-Oxley Act of 2002 ("**SOX**") and the rules and forms applicable to registered investment companies thereunder, the Funds have adopted and implemented a standalone Code of Ethics that applies to the principal executive officer, principal financial officer, controller, principal accounting officer, and persons performing similar functions for the Funds (the "**SOX Code of Ethics**"). A copy of the SOX Code of Ethics is attached as Exhibit I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **POLICY ON GIFTS** 

A Covered Employee may not accept any gift with an assumed value in excess of $100 during any year from any person or entity that does business, or desires to do business, with the Adviser or the Funds directly or on behalf of a Client, unless approved by the CCO. A Covered Employee may not give a gift that is inappropriate under the circumstances, or inconsistent with applicable law or regulations, to persons associated with securities or financial organizations, exchanges, member firms, commodity firms, news media, or Clients. Gifts that would be embarrassing to a Covered Employee, the Adviser or the Funds if made public should not be given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **POLICY ON ENTERTAINMENT** 

A Covered Employee may not accept extravagant or excessive entertainment during any year from any person or entity that does business, or desires to do business, with the Adviser or the Funds directly or on behalf of a Client, unless approved by the CCO. A Covered Employee may accept a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. A Covered Employee may not provide entertainment that is inappropriate under the circumstances, or inconsistent with applicable law or regulations, to persons associated with securities or financial organizations, exchanges, member firms, commodity firms, news media, or Clients. A Covered Employee may provide a business entertainment event, such as dinner or a sporting event, of reasonable value, if the Covered Employee providing the entertainment is present. Entertainment that would be embarrassing to a Covered Employee, the Funds or the Adviser if made public should not be given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **POLICY ON OUTSIDE BUSINESS ACTIVITIES** 

Covered Employees are required to disclose the following Outside Business Activities ("OBA") to the CCO on an annual basis and provide updates promptly if there are any material changes to a previously disclosed OBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 as an employee, contractor, sole proprietor, officer, director, or partner for a for-profit
 business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 as a director, officer, or employee of a non-profit entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volunteering
 for a non-profit entity in a capacity in which you perform investment-related functions on
 its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging
 in any other outside activity, paid or unpaid, that may give rise to a conflict with the
 Adviser or the Funds or their shareholders or clients.

Covered Employees must submit the following information about each OBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 general description of the activities of the organization, including the name and address
 of the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Covered Employee's role and level of involvement in the organization, including the
 number of hours devoted to the activity monthly and the expected compensation (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 such organization, to the employee's knowledge, will seek to do, or currently does,
 business with the Adviser or any of its clients, and if so, specify which companies such
 organization will seek to do business with.

The CCO shall review, in consultation with the HSPW Compliance team and the Covered Employee's manager, as appropriate, all disclosed activities. If the Covered Employee's engagement in the OBA represents an actual or potential conflict of interest with the Adviser, requires the Covered Employee to disclose confidential information or trade secrets of the Adviser, would materially interfere with the Covered Employee's fulfillment of his or her duties and responsibilities to the Adviser, would require the Adviser to provide additional supervision, in accordance with regulatory requirements, of the Covered Employee, or is unlawful, the Covered Employee will be asked to discontinue the OBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Background** 

Under current laws, individuals who trade while in possession of material non-public information ("MNPI", a.k.a "inside information") or provide MNPI to others ("tipping") can be liable for a civil penalty of up to three times the profit gained or loss avoided, a criminal fine (no matter how small the profit) of up to $5 million and a jail term of up to 20 years. Any Covered Employee who fails to take appropriate steps to prevent illegal insider trading could be subject to a civil penalty of the greater of $1 million or three times the profit gained or loss avoided as a result of the Covered Employee's violation, and the Adviser could be subject to a criminal penalty of up to $25 million. In addition, investors may sue seeking to recover damages for insider trading violations.

Regardless of whether a federal inquiry occurs, the Adviser and the Funds view any violation of this Statement on Insider Trading (the "**Statement**") seriously. Any such violation constitutes grounds for disciplinary sanctions, including dismissal and/or referral to civil or governmental authorities for possible civil or criminal prosecution.

The law of insider trading is complex; a Covered Employee legitimately may be uncertain about the application of the Statement in a particular circumstance. A question could forestall disciplinary action or complex legal problems. Covered Employees should direct any questions relating to the Statement to the CCO. A Covered Employee must also notify the CCO immediately if he or she knows or has reason to believe that a violation of the Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement of Firm Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Buying
 or selling Covered Securities (<u>including the Funds</u>) while in possession of MNPI about
 the issuer or market for those securities is prohibited. This includes purchasing or selling
 for a Covered Employee's own account or one in which the Covered Employee has direct
 or indirect influence or control or for a Client's account. If any Covered Employee
 is uncertain as to whether information is *material* or *nonpublic*, such person
 should consult the CCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosing
 MNPI to inappropriate personnel, whether or not for consideration (i.e., "tipping"),
 is prohibited. MNPI regarding a publicly-traded company or the Funds must only be disseminated
 on a need to know basis and only to appropriate Adviser and Fund personnel. The CCO should
 be consulted should a question arise as to who is privy to MNPI and anytime a Covered Employee
 believes that they may have come into possession of MNPI as it relates to a publicly-traded
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 following summarizes principles important to this Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) What
 is *"* Material *"* Information?

Information is *material* when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions or the information would significantly alter the total mix of information available publicly. No clear test exists to determine whether information is material and assessments of materiality involve highly fact-specific inquiries. Covered Employees should direct any questions regarding the materiality of information to the CCO.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, extraordinary management developments, and pending capital raises. Material information may also relate to the market for a specific security. For example, information about a significant order to purchase or sell securities, in some contexts, may be deemed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) What
 is *"* Non-public *"* Information?

Information is *non-public* until it has been broadly disseminated in a manner making it available to investors generally. Tangible evidence of such dissemination is the best indication that the information is public. For example, information is public after it has become available to the general public through a public filing with the SEC or another government agency, is available on a company's website or is discussed in a broadly disseminated publication. Covered Employees should direct any questions regarding whether information is public to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Before
 executing any trade for oneself or others, a Covered Employee must determine whether he or
 she has access to MNPI related to the potential transaction. If a Covered Employee believes
 he or she might have access to MNPI, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately
 alert the CCO, so that the applicable issuer can be placed on the Adviser's Restricted
 List, if deemed appropriate by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do
 not purchase or sell securities of the issuer on his or her behalf or for others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do
 not communicate the information inside or outside of the Adviser, other than to the CCO.

The CCO will review the issue, determine whether the information is both material and nonpublic, and, if so, what action the Adviser should take.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Procedures to Implement Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 Covered Employees must make a diligent effort to ensure that a violation of the Statement
 does not either intentionally or inadvertently occur. In this regard, all Covered Employees
 are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reading,
 understanding and consenting to comply with the insider trading policies contained in this
 Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ensuring
 that no trading occurs for their account, or for any account over which they have direct
 or indirect influence or control, in Covered Securities for which they have MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 disclosing insider information obtained from any source whatsoever to inappropriate persons.
 Disclosure to family, friends or acquaintances may be grounds for immediate termination and/or
 referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consulting
 the CCO when questions arise regarding insider trading or when potential violations of the
 Statement are suspected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Advising
 the CCO of all outside activities, directorships, or major ownership (over 5%) related to
 a publicly-traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In
 order to prevent accidental dissemination of MNPI, Covered Employees should adhere to the
 following practices whenever possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Inform
 management when unauthorized personnel enter the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lock
 doors or cabinets in areas that have confidential files when not in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Refrain
 from discussing sensitive information in public areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refrain
 from leaving confidential information on message devices or printers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Maintain
 control of sensitive documents including handouts and copies intended for internal dissemination
 only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Ensure
 that faxes, e-mail messages and other electronic communications containing sensitive information
 are properly sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Do
 not allow passwords to be given to unauthorized personnel.

&nbsp;&nbsp;&nbsp;&nbsp;**X.** **INDEPENDENT DIRECTOR REQUIREMENTS** 

Each Independent Director shall be furnished a copy of this Joint Code of Ethics upon becoming an Independent Director and annually thereafter and shall be notified of his or her obligation to file reports as provided by this Joint Code of Ethics. Each Independent Director is required to acknowledge receipt of a copy of this Joint Code of Ethics and that he or she has read and understands this Joint Code of Ethics at the time of becoming an Independent Director. In addition, each Independent Director is required to certify annually thereafter that he or she has read and understands this Joint Code of Ethics, recognizes that he or she is subject to this Joint Code of Ethics, and that he or she has complied with all of the requirements of this Joint Code of Ethics during the prior year.

Any violations of this Joint Code of Ethics by an Independent Director will be reported to the Chairman of the Board and Lead Independent Director for the Fund(s) for which he or she serves as an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Investment and Trading Policy for Independent Directors** 

Generally, Independent Directors may not engage in a transaction in a Covered Security that is also the subject of a transaction by a Fund if the transaction would disadvantage or appear to disadvantage the Fund. In addition, no Independent Director shall, directly or indirectly, in connection with the purchase or sale of securities or other investments held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ
 any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make
 to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact
 necessary in order to make the statements made, in light of the circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any act, practice or course of business which operates or would operate as a fraud or
 deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any manipulative practice with respect to a Fund.

The following requirements apply to all investment and trading activity where an Independent Director has Beneficial Ownership of a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Pre-clearance</u>:** Independent Directors are not required to pre-clear their transactions in Covered Securities  **<u>with the exception of</u>** transactions in a Reportable Fund for which they are
 an Independent Director. Given their direct involvement in monitoring the Funds, Independent
 Directors should exercise extreme caution when transacting in the Funds or in any Covered
 Security which may be held or considered for investment by the Funds, including Private Investment
 Funds, Real Estate Securities and Real Asset Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Prohibited Holdings</u>:** Independent Directors may  **<u>not</u>** hold or transact in securities
 issued by any adviser, sub-adviser or principal underwriter (or any controlling person of
 any adviser, sub-adviser or principal underwriter) of a Fund for which they act as Independent
 Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Minimum holding period</u>:** The minimum holding period for any investment in the Funds is 90
 days. (Note that Independent Directors are prohibited from profiting on "short-swing" transactions
in the Funds during a six-month period per Section 16(b) of the Exchange Act)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Reporting</u>:** Independent Directors must submit to the CCO periodic written reports about their investments
 in the Funds and certain Covered Securities as follows:

Independent Directors are generally exempt from the requirement to report quarterly transactions, except that, within 30 days after the end of each calendar quarter, the CCO must receive a quarterly transaction report for any Covered Security where the Independent Director knew or, in the ordinary course of fulfilling his or her official duties as an Independent Director, should have known that, during the 15-day period immediately before or after the Independent Director's transaction in a Covered Security, the Funds purchased or sold the Covered Security, or the Funds or one of their investment advisers considered purchasing or selling the Covered Security. The report should include the details described in Section III.A.3.b above.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement on Insider Trading for Independent Directors** 

As outlined in sections IX.A and IX.B, buying or selling Covered Securities (including the Funds) while in possession of MNPI is prohibited by both United States law and this Joint Code of Ethics. This includes purchasing or selling for an Independent Director's own account or one for which the Independent Director has direct or indirect influence or control. If an Independent Director is uncertain as to whether information obtained through their duties as an Independent Director is material or nonpublic, he or she should consult the CCO and counsel to the Independent Directors immediately.

Disclosing MNPI to inappropriate persons, whether or not for consideration (i.e., "tipping"), is prohibited. MNPI regarding a publicly-traded company or the Funds must only be disseminated on a need to know basis and only to appropriate Adviser and Fund personnel. The CCO and counsel to the Independent Directors should be consulted should a question arise as to who is privy to MNPI.

**Responsibilities of Independent Directors**. All Independent Directors must make a diligent effort to ensure that a violation of the Statement does not either intentionally or inadvertently occur. In this regard, all Independent Directors are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reading, understanding and consenting to comply with the insider trading policies contained in this Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ensuring that no trading occurs for their account, or for any account over which they have direct or indirect influence or control, in Covered Securities for which they have MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not disclosing insider information obtained from any source whatsoever to inappropriate persons. Disclosure to family, friends or acquaintances may be grounds for immediate removal as an Independent Director and/or referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consulting the CCO and counsel to the Independent Directors when questions arise regarding insider trading or when potential violations of the Statement are suspected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Advising the CCO of all outside activities, directorships, or major ownership (over 5%) related to a publicly-traded company.

**Exhibit I : Funds Covered by this Code of Ethics**

<br> &nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Real Estate Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Real Assets Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Infrastructure Income Fund

**Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers**

**HARRISON STREET REAL ESTATE FUND LLC**

**HARRISON STREET REAL ASSETS FUND LLC**

**HARRISON STREET INFRASTRUCTURE INCOME FUND**

&nbsp;&nbsp;&nbsp;&nbsp;I. Covered
 Officers/Purpose of the Code

This Code of Ethics (the *"Code"*) shall apply to the Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the *"***Covered Officers***,"* each of whom is named in Appendix A attached hereto) of the Harrison Street Real Estate Fund LLC, the Harrison Street Real Assets Fund LLC, and the Harrison Street Infrastructure Income Fund (the *"*Funds" or the "Companies") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

• full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Companies file with, or submit to, the Securities
 and Exchange Commission (*"SEC"*) and in other public communications made by the Companies;

• compliance
 with applicable laws and governmental rules and regulations;

• the
 prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability
 for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;II. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A *"*conflict of interest*"* occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds or the Adviser. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Companies. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Companies to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Companies' investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Fund and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Companies, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Companies and their service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Companies. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the *"Investment Company Act"*) and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Companies' Boards of Directors (the *"Board"*) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Companies.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use
 his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the
 Companies whereby the Covered Officer would benefit personally to the detriment of a Fund;

• cause
 the Companies to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the
 benefit of the Companies; or

• retaliate
 against any other Covered Officer or any employee of the Companies or their affiliated persons for reports of potential violations
 by a Fund of applicable rules and regulations that are made in good faith.

Each Covered Officer must discuss certain material conflict of interest situations with the Companies' Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director,
 trustee, general partner, or officer of any unaffiliated business organization. This rule does not apply to charitable,
 civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Companies;

• the receipt of any
 non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any
 entertainment from any Fund with which the Companies have current or prospective business dealings unless such entertainment is business-related,
 reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

• any ownership interest
 in, or any consulting or employment relationship with, any of the Companies' service providers, other than its investment adviser,
 principal underwriter, administrator, transfer agent, custodian or any affiliated person thereof; and

• a direct or indirect
 financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling
 or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer
 should familiarize himself or herself with the disclosure requirements generally applicable to the Companies.

• Each Covered Officer
 should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund,
 including to the Fund's Board, Audit Committee and independent auditors, and to governmental regulators and self-regulators
 and self-regulatory organizations.

• Each Covered Officer
 should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Companies
 and their service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports
 and documents the Companies file with, or submit to, the SEC and in other public communications made by the Companies.

• It is the responsibility
 of each Covered Officer to promote and encourage professional integrity in all aspects of the Companies' operations.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Appendix
 B to the Companies' compliance officer affirming that he or she has received, read, and understands the Code;

• annually
 sign and return a report in the form of Appendix C to the Companies' compliance officer as an affirmation that he or she has
 complied with the requirements of the Code; and

• notify
 the Companies' Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself
 a violation of this Code.

The Companies' Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Persons.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee
 will take all appropriate actions to investigate any potential violations reported to the Committee.

• If, after such investigation,
 the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.

• Any matter that the
 Audit Committee believes is a violation of this Code will be reported to the full Board.

• If the Board concurs
 that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered
 Officer as an officer of the Companies.

• The Audit Committee
 will be responsible for granting waivers of provisions of this Code, as appropriate.

• Any changes to or
 waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;V. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the Companies for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Companies, the Companies' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Companies', investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;1. Amendments

Any amendments to this Code, other than amendments to Appendix A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Companies' Board or Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Internal
 Use

The Code is intended solely for the internal use by the Companies and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**Appendix A**

PERSONS COVERED BY THIS CODE OF ETHICS:

**<u>Harrison Street Real Estate Fund LLC</u>**

Mark Quam, CEO

Brian Petersen, CFO

**<u>Harrison Street Real Assets Fund LLC</u>**

Mark Quam, CEO

Brian Petersen, CFO

**<u>Harrison Street Infrastructure Income Fund</u>**

Mark Quam, CEO

Brian Petersen, CFO

**Appendix B**

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC, and Harrison Street Infrastructure Income Fund dated _______________________, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here:

Please date here:

**Appendix C**

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC, and Harrison Street Infrastructure Income Fund dated _________________________ (the *"Code"*) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period of January 1, _______ through December 31, _______.

Please sign your name here:

Please print your name here:

Please date here: