# EDGAR Filing Document

**Accession Number:** 0001997906
**File Stem:** 0001049169-26-000682
**Filing Date:** 2026-2
**Character Count:** 52314
**Document Hash:** 522b3ff81891c93bbd63946a96fc1ad1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000682.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001049169-26-000682

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CION Grosvenor Infrastructure Fund
- **CENTRAL INDEX KEY:** 0001997906

**ORGANIZATION NAME:**
- **EIN:** 936730486
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23916
- **FILM NUMBER:** 26700793

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PARK AVE 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 6464302384

**MAIL ADDRESS:**
- **STREET 1:** 100 PARK AVE 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CION GCM Infrastructure Fund
- **DATE OF NAME CHANGE:** 20231018

## Nport-Ex

<u>CION Grosvenor Infrastructure Fund</u> <u> Schedule of Investment</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CION Grosvenor Infrastructure Fund<sup>(a)</sup>** | Fair Value | Percentage of<br> Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in CION Grosvenor Infrastructure Master Fund, LLC, at fair value (Cost $41,389,104)<sup>(b)</sup> | $42568219 | 98.21% |
| Other Assets in Excess of Liabilities - 1.79% | 775828 |  |
| Net Assets - 100.00% | $43344047 |  |

---

*<sup>(a)</sup>* *Invests the majority of its assets in CION Grosvenor Infrastructure Master Fund, LLC.*

*<sup>(b)</sup>* *The Fund records its investment in the Master Fund at a value based on the NAV per share of the Master Fund. The valuation policies for investments held by the Master Fund are discussed in the attached Notes to Consolidated Schedule of Investments of the Master Fund.*

The Consolidated Schedule of Investments of CION Grosvenor Infrastructure Master Fund, LLC is included below.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u>Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Infrastructure Investments - 94.36%<sup>(a)(b)</sup>** | Geographic<br> Region | Acquisition<br> Date<sup>(c)</sup> | Cost | Fair Value | Percentage of<br> Net Assets |
| ***Co-Investments - 78.58%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;***Equity Interests - 66.65%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Energy - 26.01%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL GCX Co-Invest Feeder, L.P.<sup>(d)</sup> | North America | 7/1/2024 | $4237335 | $5118702 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBC WI LP<sup>(d)</sup> | North America | 7/1/2024 | 4468456 | 6086544 | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacmel Renewables I, LP<sup>(d)(e)</sup> | North America | 8/14/2025 | 8138602 | 8454804 | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR GV Co-Invest L.P.<sup>(d)</sup> | Europe | 11/8/2024 | 4909435 | 5995449 | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QE Lux Holding SCS | North America | 7/1/2024 | 3012502 | 3112921 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TW WTG Co-Invest LP<sup>(d)</sup> | North America | 9/30/2024 | 4422143 | 6134311 | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Parent, LP (Calpine Corporation)<sup>(e)(f)</sup> | North America | 7/1/2024 | 22014948 | 44397065 | 13.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD Thanos Blocker Feeder LLC<sup>(d)</sup> | North America | 7/1/2024 | 4151865 | 6072073 | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Noble SCA SICAV RAIF<sup>(d)(e)</sup> | Europe | 2/28/2025 | 1576333 | 1804523 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Energy*** |  |  | $**56931619** | $**87176392** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Digital Infrastructure - 15.50%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGIF IV PTI Co-Invest L.L.C.<sup>(d)</sup> | Global | 7/1/2024 | 5145334 | 5844892 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Co-Investment Fund SCSp<sup>(d)</sup> | United Kingdom | 7/1/2024 | 1665512 | 2039529 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB Aviator Europe, LP<sup>(e)</sup> | Europe | 7/1/2024 | 824955 | 1214801 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB Aviator Holdings, LLC (Vantage Data Centers, LLC)<sup>(e)</sup> | North America | 7/1/2024 | 2914813 | 3881244 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB Dino Holdings I, LP<sup>(d)(e)</sup> | North America | 7/1/2024 | 13903096 | 15853214 | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIV II Matrix Co-Invest II SCSp<sup>(d)</sup> | Europe | 7/1/2024 | 3159875 | 5194766 | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Active Core Infrastructure Co-Investment (B) SCSp<sup>(d)</sup> | Europe | 7/1/2024 | 4190811 | 5333845 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fibre Networks Holdings S.a r.l.<sup>(d)(e)</sup> | Europe | 7/1/2024 | 838166 | 894669 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxima Co-Invest, L.P.<sup>(d)</sup> | Middle East | 7/1/2024 | 2480233 | 3610370 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap TMT V Co-Investment (Stratus), L.P. | North America | 7/1/2024 | 3630198 | 3667965 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor Real Estate MWID Co-Investment Fund LP | North America | 7/1/2024 | 2079529 | 2590108 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Tiger (Co-Invest) Holdings (I-B) LP<sup>(d)</sup> | North America | 7/1/2024 | 1808625 | 1849476 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Digital Infrastructure*** |  |  | $**42641147** | $**51974879** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Transportation - 14.42%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAV UK JV Limited<sup>(d)(e)</sup> | Europe | 3/31/2025 | 4583984 | 5118557 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair-Vantage Airport Fund, L.P.<sup>(d)</sup> | North America | 7/1/2024 | 664031 | 2990635 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dalmore Infrastructure Investments 40 LP<sup>(e)</sup> | United Kingdom | 7/1/2024 | 4168291 | 4470950 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings 2 Ltd (M25 - Atkins) (10,658,007 Shares)<sup>(e)</sup> | United Kingdom | 9/30/2024 | 187510 | 210285 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings Ltd. (Connect Plus (M25)) (241,041,937 Shares)<sup>(e)</sup> | United Kingdom | 9/30/2024 | 4668124 | 5215331 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraEuropa Co-Invest SCA | United Kingdom | 6/27/2025 | 9110569 | 8580176 | 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Apple Co-Invest L.P. | North America | 7/1/2024 | 3154529 | 4844137 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moon UK Midco Limited<sup>(e)</sup> | Europe | 11/11/2024 | 4632583 | 4952275 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Airport Group (New York) LLC<sup>(e)</sup> | North America | 12/4/2024 | 8928826 | 9561697 | 2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zephyr IA Partners LP<sup>(d)</sup> | North America | 7/1/2024 | 1854483 | 2378348 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Transportation*** |  |  | $**41952930** | $**48322391** |  |

---

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u>Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Infrastructure Investments - 94.36%<sup>(a)(b)</sup>** | Geographic<br> Region | Acquisition<br> Date<sup>(c)</sup> | Cost | Fair Value | Percentage of<br> Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Social Infrastructure - 7.68%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alba Topco S.a r.l.<sup>(e)</sup> | Europe | 7/1/2024 | 4129189 | 6309118 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V (Bears Co-Invest), LP<sup>(d)</sup> | United Kingdom | 7/1/2024 | 2019017 | 3124570 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University College London Hospital Class B (93 Shares)<sup>(e)</sup> | United Kingdom | 9/30/2024 | 12098762 | 12221992 | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University College London Hospital Class C (14 Shares)<sup>(e)</sup> | United Kingdom | 9/30/2024 | 18 |  | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viridor Energy (Investments) Limited<sup>(d)(e)</sup> | United Kingdom | 7/1/2024 | 3291639 | 4091213 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Social Infrastructure*** |  |  | $**21538625** | $**25746893** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Supply Chain - 3.04%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration Ports America Capital Partners, L.P.<sup>(d)</sup> | North America | 7/1/2024 | 3219886 | 4907394 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Holdings II, LP<sup>(e)</sup> | North America | 7/1/2024 | 3844723 | 5288874 | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Supply Chain*** |  |  | $**7064609** | $**10196268** |  |
| ***Total Equity Interests*** |  |  | $**170128930** | $**223416823** |  |
| ***Subordinated Debt - 11.93%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Transportation - 6.95%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings 2 Ltd (M25 - Atkins), 11.85% due 03/31/2033, Principal GBP 42,370<sup>(e)</sup> | United Kingdom | 9/30/2024 | 273714 | 321080 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings 2 Ltd (M25 - Atkins), 6.50% due 03/31/2033, Principal GBP 456,699<sup>(e)</sup> | United Kingdom | 9/30/2024 | 675348 | 716100 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings Ltd. (Connect Plus (M25)), 11.85% due 03/31/2033, Principal GBP 4,017,058<sup>(e)</sup> | United Kingdom | 9/30/2024 | 6079388 | 7009402 | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDGE Orbital Holdings Ltd. (Connect Plus (M25)), 6.50% due 03/31/2033, Principal GBP 9,929,320<sup>(e)</sup> | United Kingdom | 9/30/2024 | 14459319 | 15257208 | 4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Transportation*** |  |  | $**21487769** | $**23303790** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Social Infrastructure - 4.88%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University College London Hospital Subordinated Unsecured Loan, 10.25% due 03/31/2040, Principal GBP 16,048,836<sup>(e)</sup> | United Kingdom | 9/30/2024 | 15857088 | 16365144 | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Supply Chain - 0.10%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Holdings II, LP TL, 9.75% due 06/30/2030, Principal $356,483<sup>(e)</sup> | North America | 7/1/2024 | 358030 | 326679 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Subordinated Debt*** |  |  | $**37702887** | $**39995613** |  |
| ***Total Co-Investments*** |  |  | $**207831817** | $**263412436** |  |
| ***Single-Asset Secondaries - 15.78%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;***Equity Interests - 15.78%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Energy - 8.72%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arclight Renewable Infrastructure Fund SM SPV, L.P.<sup>(d)</sup> | North America | 7/1/2024 | 1872290 | 2107662 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue Golden Continuation Fund, L.P.<sup>(d)(e)</sup> | North America | 7/1/2024 |  | 19016 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Calpine Continuation Fund, LP<sup>(e)(f)</sup> | North America | 7/1/2024 | 872725 | 5273838 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIC Matterhorn CF Feeder, LP<sup>(d)</sup> | North America | 8/1/2025 | 3444148 | 3402857 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverstone Iris Continuation Fund, L.P.<sup>(d)</sup> | North America | 11/13/2025 | 13009761 | 13052734 | 3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD Thunder CV LP<sup>(d)(e)</sup> | North America | 7/1/2024 | 3798372 | 5411038 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Energy*** |  |  | $**22997296** | $**29267145** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Transportation - 3.77%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSL Capital Partners CV I, L.P.<sup>(d)</sup> | North America | 7/1/2024 | 2716333 | 4241711 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Value Spurs A, L.P.<sup>(d)</sup> | North America | 12/13/2024 | 7339546 | 8368743 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Transportation*** |  |  | $**10055879** | $**12610454** |  |

---

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u>Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Infrastructure Investments - 94.36%<sup>(a)(b)</sup>** | Geographic<br> Region | Acquisition<br> Date<sup>(c)</sup> | Cost | Fair Value | Percentage of<br> Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Digital Infrastructure - 1.33%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Zeno Holdings (CYM) LP<sup>(d)</sup> | United Kingdom | 7/1/2024 | 3882006 | 4459714 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Social Infrastructure - 1.04%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSL Capital Partners CV II 1, L.P.<sup>(d)</sup> | North America | 7/1/2024 | 3361844 | 3473582 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Supply Chain - 0.92%*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Transportation Fund LP<sup>(d)</sup> | North America | 7/1/2024 | 1555298 | 3089298 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Equity Interests*** |  |  | $**41852323** | $**52900193** |  |
| ***Total Single-Asset Secondaries*** |  |  | $**41852323** | $**52900193** |  |
| **Total Private Infrastructure Investments** |  |  | $**249684140** | $**316312629** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Investments - 8.40%** | Shares | Cost | Fair Value | Percentage of<br> Net Assets |
| ***Mutual Funds - 8.40%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.64%<sup>(g)</sup> | 9849357 | 9849357 | 9849357 | 2.94% |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Obligations Fund, 3.59%<sup>(g)</sup> | 2814105 | 2814105 | 2814105 | 0.84% |
| &nbsp;&nbsp;&nbsp;JPMorgan US Treasury Plus Money Market Fund, 3.67%<sup>(g)</sup> | 2814108 | 2814108 | 2814108 | 0.84% |
| &nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio, 3.68%<sup>(g)</sup> | 12663937 | 12663937 | 12663937 | 3.78% |
| **Total Short-Term Investments** |  | $**28141507** | $**28141507** |  |
| Total Investments - 102.76% |  | $277825647 | $344454136 |  |
| Liabilities in Excess of Other Assets - (2.76%) |  |  | (9253235) |  |
| Net Assets - 100.00% |  |  | $335200901 |  |

---

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u>Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

*<sup>(a)</sup>* *Investments generally do not issue shares or hold outstanding principal unless where noted.* 

*<sup>(b)</sup>* *Private infrastructure investments generally issued in private transactions and generally restricted for resale. Investments do not allow redemptions and final distribution or realization date is not known at this time.*

*<sup>(c)</sup>* *The acquisition date represents the date of the first purchase by the Master Fund or the Predecessor Fund. Each investment may have been purchased on various dates and for different amounts.*

*<sup>(d)</sup>* *Investment has outstanding commitment which has not been fully funded (see Note 4).*

*<sup>(e)</sup>* *Level 3 investment in accordance with fair value hierarchy.*

*<sup>(f)</sup>* *Through investment in ECP Calpine Continuation Fund, LP and Volt Parent, LP (Calpine Corporation), the Master Fund's investment in Calpine represents 14.82% of its Net Assets as of December 31, 2025.*

*<sup>(g)</sup>* *The rate shown is the annualized 7-day yield as of December 31, 2025.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Receiving**<br> **Currency** | **Receiving**<br> **Amount** | **Delivering**<br> **Currency** | **Delivering**<br> **Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Goldman Sachs Bank USA | 02/23/26 | GBP | 584457 | USD | 767860 | $19804 |
| Macquarie Bank Limited | 07/31/30 | GBP | 3291401 | USD | 4306140 | 80116 |
| Goldman Sachs Bank USA | 02/22/27 | USD | 548135 | EUR | 457383 | 2711 |
| Goldman Sachs Bank USA | 06/26/28 | USD | 7104750 | GBP | 5261414 | 44078 |
| Goldman Sachs Bank USA | 02/20/29 | USD | 99407 | EUR | 81763 | 163 |
| Goldman Sachs Bank USA | 02/20/29 | USD | 237322 | GBP | 176872 | 1150 |
|  |  |  |  |  |  | $148022 |
| Goldman Sachs Bank USA | 02/23/26 | USD | 3360562 | GBP | 2665579 | $(231799) |
| Goldman Sachs Bank USA | 02/22/27 | USD | 1473922 | EUR | 1293010 | (67977) |
| Goldman Sachs Bank USA | 02/22/28 | USD | 558882 | EUR | 505044 | (48017) |
| Goldman Sachs Bank USA | 07/31/28 | USD | 13283968 | GBP | 10789070 | (1104541) |
| Goldman Sachs Bank USA | 02/20/29 | USD | 301845 | GBP | 226508 | (605) |
| Goldman Sachs Bank USA | 02/20/29 | USD | 74881 | EUR | 66778 | (6175) |
| Macquarie Bank Limited | 08/19/27 | USD | 3195242 | EUR | 2804812 | (162876) |
| Macquarie Bank Limited | 02/22/28 | USD | 3726255 | EUR | 3249263 | (178306) |
| Macquarie Bank Limited | 02/20/29 | USD | 766935 | GBP | 604873 | (40735) |
| Macquarie Bank Limited | 02/20/29 | USD | 515268 | EUR | 444235 | (23948) |
| Macquarie Bank Limited | 11/08/29 | USD | 4116434 | EUR | 3522987 | (185766) |
| Macquarie Bank Limited | 01/09/30 | USD | 3750707 | EUR | 3255200 | (224473) |
| Macquarie Bank Limited | 07/31/30 | USD | 15581192 | GBP | 12749314 | (1409068) |
| Morgan Stanley | 02/22/27 | USD | 1951908 | EUR | 1733796 | (115624) |
| Morgan Stanley | 02/22/27 | USD | 3449425 | GBP | 2731136 | (216839) |
| Morgan Stanley | 07/31/28 | USD | 19349335 | GBP | 15692256 | (1578156) |
| Morgan Stanley | 02/20/29 | USD | 235296 | GBP | 186654 | (13938) |
| Morgan Stanley | 11/08/29 | USD | 4015739 | EUR | 3452321 | (200164) |
| Morgan Stanley | 02/22/30 | USD | 1374445 | EUR | 1211050 | (103156) |
|  |  |  |  |  |  | $(5912163) |

---

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

1. ORGANIZATION

CION Grosvenor Infrastructure Master Fund, LLC (the "Master Fund") is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act") and operates as an interval fund. CION Grosvenor Infrastructure Fund (the "Feeder Fund") invests substantially all of its assets in the Master Fund. The Master Fund was organized as a Delaware limited liability company on March 22, 2023.

The Master Fund commenced operations on January 22, 2025 ("Commencement of Operations"). Simultaneous with such commencement of operations, GCM Diversified Infrastructure, LLC (the "Predecessor Fund"), which began operations in 2024, reorganized with and into the Master Fund. The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Master Fund and at the time of the conversion of the Predecessor Fund was managed by the Sub-Adviser, as defined below.

The Master Fund's investment objective is to seek to provide current income and long-term capital appreciation. The Master Fund seeks to achieve its investment objective by generating attractive risk-adjusted returns and current income through a variety of direct and indirect investments in infrastructure and infrastructure-related assets or businesses (collectively, "Infrastructure Assets") including but not limited to investment opportunities in the transportation, digital infrastructure, energy and energy transition, supply chain / logistics and infrastructure adjacent businesses (e.g. social infrastructure and infrastructure services businesses). The Master Fund expects that it will primarily obtain its exposure to Infrastructure Assets through (i) investments that are directly originated by the Sub-Adviser's infrastructure platform ("Originated Investments"), (ii) investments made directly or indirectly into an Infrastructure Asset in partnership with a third-party Sponsor Manager ("Co-Investments"), and (iii) investments acquiring an interest in a fund vehicle or special purpose vehicle ("SPV") that holds a single business or asset (or a group of affiliated businesses or assets) that is known prior to the investment ("Single-Asset Secondaries") and, to a lesser extent over time, investments in portfolios, funds or other investment vehicles that make or hold investments in multiple Infrastructure Assets ("Infrastructure Funds"), primarily through investments acquiring an interest in multiple Infrastructure Assets, typically in the form of an interest in an Infrastructure Fund ("Multi-Asset Secondaries"). Infrastructure Assets and Infrastructure Funds are collectively referred to throughout as "Infrastructure Investments". A "Sponsor Manager" is an independent investment manager that (i) leads a transaction investing directly into an Infrastructure Asset, typically through a pooled investment vehicle managed by the Sponsor Manager or (ii) manages an Infrastructure Fund. The Master Fund intends to invest a portion of its assets in liquid investments, including cash, cash equivalents, fixed income securities and other credit instruments, other short term investments, mutual funds and listed companies such as exchange-traded funds ("ETFs") and master-limited partnerships ("MLPs") (collectively, "Liquid Investments").

The investment adviser of the Master Fund and the Feeder Fund is CION Grosvenor Management, LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a joint venture between affiliates of GCM Grosvenor L.P. ("GCMLP" or the "Sub-Adviser" and together with the Adviser, the "Advisers") and CION Investment Group, LLC ("CIG" or "CION") and is controlled by CION. The investment sub-adviser to the Feeder Fund and the Master Fund is GCMLP, an investment adviser registered under the Advisers Act.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

The business operations of the Master Fund are managed and supervised under the direction of the Master Fund's board of directors (the "Master Fund Board"), subject to the laws of the State of Delaware and the Master Fund's Amended and Restated Limited Liability Company Operating Agreement (the "Operating Agreement"). As of December 31, 2025, the Master Fund Board was comprised of six (6) directors, a majority of whom are not "interested persons" (as defined in the 1940 Act) of the Master Fund (the "Independent Directors"). The Master Fund Board has overall responsibility for the management and supervision of the business operations of the Master Fund. The Master Fund Board is comprised of the same members serving as the board of trustees of the Feeder Fund (the "Feeder Fund Board"). The Feeder Fund Board has oversight responsibility over the management and operations of the Feeder Fund.

In this reporting period, the Master Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted consolidated financial statement disclosures only and did not affect the Master Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Master Fund's Adviser acts as the Master Fund's CODM. The CODM has determined that the Master Fund has a single operating segment because the CODM monitors the operating results of the Master Fund as a whole and evaluates performance in accordance with the Master Fund's investment strategy as disclosed in its prospectus. The CODM uses these measures to assess fund performance and allocate resources effectively. The Master Fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess Master Fund performance and to make resource allocation decisions for the Master Fund's single segment are consistent with that presented within the Master Fund's consolidated financial statements.

The Master Fund offers a single class of common shares of beneficial interest ("Shares"), which are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of, and/or Regulation D under, the Securities Act of 1933, as amended (the "Securities Act").

The Master Fund is a master investment portfolio in a master-feeder structure. As of December 31, 2025, the Feeder Fund owned an amount that rounded to 12.70% of the Master Fund's Shares.

Capitalized terms used, but not defined herein, shall have the meaning assigned to them in the prospectus of the Feeder Fund (the "Prospectus").

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES

*Basis of Presentation*

The accompanying Consolidated Schedule of Investments have been prepared on an accrual basis of accounting in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"), and include the accounts of the Master Fund and its consolidated subsidiaries. The Master Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies. All financial information is presented in U.S. dollars, the functional currency of the Master Fund.

*Consolidation*

The Master Fund's policy is to consolidate its wholly-owned subsidiaries. The Consolidated Schedule of Investments include the accounts of the Master Fund and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated.

The first layer of consolidation includes the accounts of the Master Fund and its two direct subsidiaries, GCM Grosvenor Customized Infrastructure Strategies III (Parallel), LLC ("Parallel Subsidiary") and GCM Grosvenor Infrastructure Holdings, LLC ("Holdings Subsidiary"). Parallel Subsidiary and Holdings Subsidiary may each invest in underlying investments through SPV's which are established to block certain types of income for foreign and U.S. tax-exempt investors ("tax blockers"). These tax blockers are wholly-owned subsidiaries of Parallel Subsidiary or Holdings Subsidiary. The accounts of the tax blockers listed below are also included in the Consolidated Schedule of Investments, as of the period ended December 31, 2025.

**Parallel Subsidiary tax blockers**

● CIS III Parallel Blocker (AIR), LLC

● CIS III Parallel Blocker (Golden), LLC

● CIS III Parallel Blocker (SM), LLC

● CIS III Parallel Blocker (Thunder), LLC

● CIS III Parallel Blocker (Tiger), LLC

● CIS III Parallel Blocker (WP), LLC

● PVM SPV Holdings VI, LLC

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

**Holdings Subsidiary tax blockers**

● IH Blocker AIR, LLC

● Jacmel LGP, LP

Hereinafter, the Master Fund, together with its consolidated subsidiaries, including Parallel Subsidiary, Holdings Subsidiary, and the tax blockers, will be collectively referred to as the Master Fund unless otherwise noted.

*Accounting Estimates*

The preparation of the Consolidated Schedule of Investments in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts and disclosures in the Consolidated Schedule of Investments and accompanying notes. Actual results may differ from those estimates and such differences may be material.

*Cash and Cash Equivalents*

Cash consists of deposits held at major financial institutions. The Master Fund is subject to credit risk should the financial institutions be unable to fulfill their obligations. The Master Fund considers all short-term liquid investments of sufficient credit quality with an original maturity of three months or less when purchased to be cash equivalents and are classified and presented as short-term investments in the Consolidated Schedule of Investments. Cash equivalents consist of money market funds. These money market funds primarily invest into U.S. government treasury securities and are managed in a way to preserve a stable net asset value ("NAV") of $1.00 per share; however, there is no guarantee that the value will not drop below $1.00 per share. Money market funds are recorded at fair value, which is their published NAV and considered Level 1 assets under ASC 820, Fair Value Measurements ("ASC 820"). At times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limit. There are no restrictions on cash.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

*Foreign Currency Translation*

The value of investments denominated in foreign currencies is converted into U.S. Dollars at exchange rates in effect as of the period end reporting date. Contributions to and distributions from the investments and income and expense denominated in foreign currencies are converted into U.S. Dollars at the exchange rates in effect on the respective dates of such transactions.

*Investment Transactions*

Investment transactions are accounted for on a trade date basis. However, for NAV determination, investment transactions are reflected no later than in the first calculation on the first business day following trade date. Realized gains and losses on Infrastructure Assets that are not treated as partnerships for U.S. federal income tax purposes under the Code are determined on the basis of specific identification of the cost of investments sold. The Master Fund records a realized gain/(loss) on an investment treated as a partnership for U.S. federal income tax purposes under the Code only to the extent that the cost of such investment has been recovered through previous distributions from such partnership investment.

*Investment Valuations*

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, as a practical expedient, an entity holding investments in other investment companies that calculate NAV per share or its equivalent for which the fair value is not readily determinable, is permitted to measure the fair value of such investments on the basis of that NAV per share or its equivalent without adjustment.

Certain investments represent interests in non-redeemable, closed-end private investment funds that do not trade in an active market and represent illiquid long-term investments that generally require future capital contributions. Any investment in such underlying private investment funds is carried at the NAV as reported by the Sponsor Manager of the respective funds as a practical expedient of fair value. In addition, management takes into consideration other information as well as any specific conditions and events affecting the funds and may adjust the NAV to reflect its estimate of fair value based on these factors.

Any investment for which the Adviser concludes the reported NAV is not a practical expedient of fair value is valued at fair value as determined by the Adviser. Fair value is based upon a number of factors, including readily available market quotes with appropriate adjustments for trading restrictions, the most recent round of financings, earnings-multiple analysis using comparable companies or discounted cash flow analysis. The fair value of publicly held securities that trade on an active exchange is determined using the closing quoted price.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

Costs presented in the Consolidated Schedule of Investments reflects the amount the Master Fund invested in each investment, less return of invested capital received by the Master Fund plus capitalized expenses.

Because of the inherent uncertainty surrounding investment valuation, the estimated fair values that have been used may differ significantly from the values that would have been received if a sale were to occur with an unrelated party in the current market, and such differences could be material to the Consolidated Schedule of Investments.

3. FAIR VALUE MEASUREMENTS

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Master Fund follows the provisions of ASC 820-10, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Master Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Master Fund has considered its principal market as the market in which the Master Fund exits its portfolio investments with the greatest volume and level of activity.

ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. However, pursuant to such guidance, investments for which fair value is measured using NAV per share as a practical expedient have not been categorized within the fair value hierarchy. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

● Level 1 — Quoted prices (unadjusted) in active markets for identical assets that the Master Fund has the ability to access at the measurement date. This level of the fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available.

● Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset either directly or indirectly. These inputs include: (a) quoted prices for similar assets in active markets; (b) quoted prices for identical or similar assets in markets that are not active, that is, markets in which there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset; and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

● Level 3 — Significant inputs that are unobservable for the asset. These inputs reflect the Master Fund's own assumptions about the assumptions that market participants would use in pricing the asset (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Master Fund's own data. The Master Fund's own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions.

Certain investments represent interests in non-redeemable, closed-end private investment funds that do not trade in an active market and represent illiquid long-term investments. These Investments do not have a readily determinable fair value and are measured at fair value using the NAV of the underlying funds.

The Adviser utilizes third party independent valuation consultants to periodically assess the reasonableness of estimated fair value of Infrastructure Assets on a rotational basis as determined by the Adviser. As part of its review process, the valuation committee reviews the conclusions from the independent valuation consultants.

Infrastructure Assets that do not meet the criteria for NAV as a practical expedient are typically valued using three different valuation techniques.

The first valuation technique is an analysis of the enterprise value ("EV") of the infrastructure asset. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the infrastructure asset's EBITDA (net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The second method for determining EV uses a Discounted Cash Flow analysis ("DCF") whereby future expected cash flows of the infrastructure asset are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). Significant increases or decreases of EBITDA multiples or discount rates in isolation may result in a significantly lower or higher fair value estimate.

The second valuation technique is a yield analysis, which is typically performed for debt investments in infrastructure assets where the Master Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. If a debt security's effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, then the resulting fair value of the debt security may be lower.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

The third valuation technique is the "Venture Capital Approach," under which fair value is determined based on the transaction price of the most recent financing completed by the infrastructure asset, excluding transaction costs, as adjusted by the Adviser using a premium or discount to reflect changes in market condition. Significant increases or decreases of the discount or premium used may result in a significantly higher or lower fair value estimate.

The following table summarizes the Master Fund's investments, arranged by type, into the fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Private Infrastructure Investments<sup>\*</sup>** |  |  |  |  |
| Co-Investments, Equity Interests | $– | $– | $133940612 | $133940612 |
| Co-Investments, Subordinated Debt |  |  | 39995613 | 39995613 |
| Single-Asset Secondaries, Equity Interests |  |  | 10703892 | 10703892 |
| **Short-Term Investments** |  |  |  |  |
| Short-Term Investments | 28141507 | – | – | 28141507 |
| &nbsp;&nbsp;&nbsp;Total | $28141507 | $– | $184640117 | $212781624 |
| **Other Financial Instruments<sup>\*\*</sup>** |  |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Forward Foreign Currency Contracts | $– | $148022 | $– | $148022 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $– | $(5912163) | $– | $(5912163) |
| &nbsp;&nbsp;&nbsp;Total | $– | $(5764141) | $– | $(5764141) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *In accordance with ASC 820-10, investments for which fair value is measured using NAV as a practical expedient have not been categorized in the fair value hierarchy. As such, private infrastructure investments with a fair value of $131,672,512 are excluded from the fair value hierarchy as of December 31, 2025.* |
| *<sup>\*\*</sup>* | *Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The derivatives shown in this table are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value.* |

---

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

The following table summarizes changes in Level 3 investments attributable to purchases/issuances and transfers into or out of Level 3 of the fair value hierarchy of the Master Fund for the period ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Type | Asset Type | | |
|  | Co-Investments | Co-Investments | Single-Asset Secondaries | |
| | Equity Interests | Subordinated Debt | Equity Interests | Total |
| Balance as of April 1, 2025 | $108983622 | $39646602 | $14764440 | $163394664 |
| Capital Distributions Received | (584883) | (1074369) | (4465236) | (6124488) |
| Realized Gain/(Loss) |  |  | 2885998 | 2885998 |
| Change in Unrealized Appreciation/(Depreciation) | 23721560 | 1423380 | (2488135) | 22656805 |
| Purchases | 10953274 |  | 6825 | 10960099 |
| Transfer into Level 3 |  |  |  |  |
| Transfer Out of Level 3<sup>(a)</sup> | (9132961) | – | – | (9132961) |
| Balance as of December 31, 2025 | $133940612 | $39995613 | $10703892 | $184640117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Transfers into and out of Level 3 were generally as a result of changes in the investment's ability to meet the criteria for NAV as a practical expedient.* 

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

The following table summarizes the quantitative information, valuation methodology and significant unobservable inputs used for valuing the Master Fund's investments categorized within Level 3 of the fair value hierarchy as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Infrastructure Investments** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Ranges** | **Weighted Average** |
| Co-Investments, Equity Interests | $133940612 | Discounted Cash Flow Analysis | Discount Rate | 8.4% - 21.0% | 13.8% |
|  |  | EV Market Multiple Analysis | Cap Rates | 5.3% | 5.3% |
|  |  | EV Market Multiple Analysis | EV/EBITDA | 7.7x – 39.8x | 13.2x |
|  |  | Recent Transaction | Discount for Lack of Marketability | 1.0% | 1.0% |
|  |  | Recent Transaction | Probability of Outcome | 100.0% | 100.0% |
|  |  | Recent Transaction | Transaction Price | N/A | N/A |
|  |  | Recent Transaction | Discount Rate | 5.6% | 5.6% |
| Co-Investments, Subordinated Debt | 39995613 | Discounted Cash Flow Analysis | Discount Rate | 8.4% | 8.4% |
|  |  | EV Market Multiple Analysis | EV Market Multiple Analysis | 13.8x | 13.8x |
| Single-Asset Secondaries, Equity Interests | 10703892 | Recent Transaction | Adjusted Market Share Price | N/A | N/A |
|  |  | Recent Transaction | Discount for Lack of Marketability | 1.0% | 1.0% |
|  |  | Recent Transaction | Probability of Outcome | 100.0% | 100.0% |
|  |  | Recent Transaction | Discount Rate | 5.6% | 5.6% |
|  |  | Recent Transaction | Transaction Price | N/A | N/A |

---

*Derivative Instruments*

The Master Fund recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statement of Assets and Liabilities. The Master Fund is exposed to certain risks relating to its ongoing operations; the primary risk managed by using derivative instruments is foreign exchange risk. As of or during the period ended December 31, 2025, the Master Fund held the following instruments meeting the definition of a derivative instrument: forward foreign currency contracts. Forward contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts.

<u>CION Grosvenor Infrastructure Master Fund, LLC</u> <u> Notes to Consolidated Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

The Master Fund operates as a "limited derivatives user" for purposes of the derivatives transactions exemption in Rule 18f-4 under the 1940 Act. To qualify as a limited derivatives user, the Master Fund's "derivatives exposure" is limited to 10% of its net assets subject to exclusions for certain currency or interest rate hedging transactions (as calculated in accordance with Rule 18f-4). If the Master Fund ceases to qualify as a "limited derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Master Fund to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the U.S. Securities and Exchange Commission (the "SEC") regarding its derivatives positions.

*Qualitative Disclosures of Derivative Financial Instruments*

The following is a description of the derivatives utilized by the Master Fund during the reporting period, including the primary underlying risk exposure related to each instrument type.

*Forward Foreign Currency Contracts*

The Master Fund enters into forward foreign currency contracts from time to time to help mitigate its foreign currency risk exposure. As of December 31, 2025, the counterparties to each of the Master Fund's forward foreign currency contracts are presented in the Consolidated Schedule of Investments.

4. COMMITMENTS AND CONTINGENCIES

As of December 31, 2025, the Master Fund had outstanding capital commitments to Private Infrastructure Investments as shown in the table below. Unfunded commitments may include amounts reserved for future follow-on investments and expenses, where applicable.

---

| | |
|:---|:---|
| **Private Infrastructure Investments** | **Unfunded Investment** <br> **Commitments** |
| Co-Investments, Equity Interests | $42229391 |
| Co-Investments, Subordinated Debt |  |
| Single-Asset Secondaries, Equity Interests | 6932983 |
| **Total Private Infrastructure Investments** | $49162374 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23916

- **c. CIK number of Registrant:** 0001997906

- **d. LEI of Registrant:** 529900CMM95MR5GQ3641

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 6464302384

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

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

- **c. LEI of Series:** 529900CMM95MR5GQ3641

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $43611038.64

**Total Liabilities:** $266991.66

**Net Assets:** $43344046.98

**Cash Not Reported:** $770902.63

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.73%                | 0.89%                | 0.73%                |
| Class ID N/A | 1.73%                | 0.89%                | 0.73%                |
| Class ID N/A | 1.76%                | 0.92%                | 0.80%                |
| Class ID N/A | 1.81%                | 0.92%                | 0.81%                |
| Class ID N/A | 1.70%                | 0.85%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $370454.43                                 |
| Month 2  | $0.00                    | $337336.58                                 |
| Month 3  | $0.00                    | $298256.96                                 |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CION Grosvenor Infrastructure Master Fund, LLC | CION Grosvenor Infrastructure Master Fund, LLC | CUSIP: 17260Y104<br>LEI: 529900KLTOC34RKNY298 | Long             | EC               | RF                | US        |     38445 | NS      | $42568219.01  | 98.21%            |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** CION Grosvenor Infrastructure Fund

**Signature:** Robert Lehr

**Name of Signer:** Robert Lehr

**Title:** Chief Financial Officer