# EDGAR Filing Document

**Accession Number:** 0001812286
**File Stem:** 0001752724-25-211921
**Filing Date:** 2025-8
**Character Count:** 244093
**Document Hash:** 5be341c243fbcf4a508321e43f02a786
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211921.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211921

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23569
- **FILM NUMBER:** 251274899

**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

## Nport-Ex

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited)<br>

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Private Investment Funds(a) - 3.3%** | **Private Investment Funds(a) - 3.3%** |  |
|  | **Diversified – 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— | AIGA Climate Fund I, LP(b)<br>| $4346020 |
| &nbsp;&nbsp;&nbsp;&nbsp;— | DigitalBridge Credit II (Onshore), LP(c)<br>| &nbsp;&nbsp;&nbsp; 1960567 |
| &nbsp;&nbsp;&nbsp;&nbsp;— | QIC Infrastructure Debt Fund II(d)<br>| &nbsp;&nbsp;&nbsp; 1481700 |
|  | **Total Private Investment Funds<br>**  | &nbsp;&nbsp;&nbsp; 7788287 |
|  | (Cost $7,364,422) |  |
| **Common Stocks - 0.4%** | **Common Stocks - 0.4%** |  |
|  | **Airport Development/Maintenance – 0.0%** |  |
| 3464 | Auckland International Airport, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16353 |
| &nbsp;&nbsp;564 | Japan Airport Terminal Co., Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34363 |
|  | **Building-Heavy Construction – 0.0%** |  |
| &nbsp;&nbsp;744 | Cellnex Telecom SA, 144A<br>| &nbsp;&nbsp;&nbsp; 28970 |
|  | **Electric-Distribution – 0.0%** |  |
| 2566 | National Grid, PLC<br>| &nbsp;&nbsp;&nbsp; 37665 |
|  | **Electric-Generation – 0.0%** |  |
| &nbsp;&nbsp;603 | SSE, PLC<br>| &nbsp;&nbsp;&nbsp; 15184 |
|  | **Electric-Integrated – 0.2%** |  |
| &nbsp;&nbsp;642 | CenterPoint Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23587 |
| &nbsp;&nbsp;984 | Chubu Electric Power Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12176 |
| &nbsp;&nbsp;269 | CMS Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18636 |
| &nbsp;&nbsp;332 | Duke Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39176 |
| &nbsp;&nbsp;296 | Entergy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24604 |
| &nbsp;&nbsp;475 | Evergy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp;98 | IDACORP, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11314 |
| &nbsp;&nbsp;800 | NextEra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55536 |
| 2053 | PG&E Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28619 |
| &nbsp;&nbsp;566 | Xcel Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 284935 |
|  | **Gas-Distribution – 0.0%** |  |
| 1704 | Italgas SpA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14455 |
| &nbsp;&nbsp;688 | NiSource, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42209 |
|  | **Pipelines – 0.1%** |  |
| 2959 | APA Group<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15910 |
| &nbsp;&nbsp;143 | Cheniere Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34823 |
| &nbsp;&nbsp;392 | Koninklijke Vopak NV<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19470 |
| &nbsp;&nbsp;119 | Targa Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20716 |
| &nbsp;&nbsp;502 | TC Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24507 |
| &nbsp;&nbsp;666 | Williams Cos., Inc./The<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 157258 |
|  | **Public Thoroughfares – 0.0%** |  |
| 2384 | Transurban Group<br>| &nbsp;&nbsp;&nbsp; 21935 |
|  | **Transport-Rail – 0.1%** |  |
| &nbsp;&nbsp;443 | Canadian Pacific Kansas City, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35193 |
| &nbsp;&nbsp;863 | East Japan Railway Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18564 |
| 1101 | Getlink SE<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21254 |
| &nbsp;&nbsp;229 | Union Pacific Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 127699 |
|  | **Water – 0.0%** |  |
| &nbsp;&nbsp;134 | American Water Works Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18641 |
| 2355 | Pennon Group, PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34888 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 785106 |
|  | (Cost $750,582) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Real Estate Investment Trust - 0.0%** | **Real Estate Investment Trust - 0.0%** |  |
|  | **REITS-Diversified – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;44 | American Tower Corp., REIT<br>| $9725 |
| &nbsp;&nbsp;225 | Crown Castle, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23114 |
| &nbsp;&nbsp;149 | SBA Communications Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67830 |
|  | **Total Real Estate Investment Trust<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 67830 |
|  | (Cost $65,323) |  |

---

---

| | | |
|:---|:---|:---|
| **Par** |  |  |
| **Corporate Debts - 3.1%** | **Corporate Debts - 3.1%** |  |
|  | **Building Production-Cement/Aggregates – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | Quikrete Holdings, Inc., 144A,<br>6.38%, 3/1/2032<br>| &nbsp;&nbsp; 10289 |
|  | **Cable/Satellite TV – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Cable One, Inc., 144A,<br>4.00%, 11/15/2030<br>| &nbsp;&nbsp;&nbsp; 55999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | CCO Holdings, 144A,<br>6.38%, 9/1/2029<br>| &nbsp;&nbsp;&nbsp; 66349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163000 | CCO Holdings, LLC / CCO Holdings Capital Corp., 144A,<br>4.75%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp; 158037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Charter Communications Operating, LLC / Charter Communications Operating Capital,<br>6.15%, 11/10/2026<br>| &nbsp;&nbsp;&nbsp; 10194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | Comcast Corp.,<br>2.35%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp; 84672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Cox Communications, Inc., 144A,<br>3.50%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp; 39238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | CSC Holdings, LLC, 144A,<br>3.38%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp; 125570 |
|  | Directv Financing, LLC / Directv Financing Co.-Obligor, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/2027, 144A<br>| &nbsp;&nbsp;&nbsp; 21942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/2031, 144A<br>| &nbsp;&nbsp;&nbsp; 97152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | DISH Network Corp., 144A,<br>11.75%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp; 83559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | GCI, LLC, 144A,<br>4.75%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp; 62893 |
|  | LCPR Senior Secured Financing DAC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2027, 144A<br>| &nbsp;&nbsp;&nbsp; 16863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 7/15/2029, 144A<br>| &nbsp;&nbsp;&nbsp; 9440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | Midcontinent Communications, 144A,<br>8.00%, 8/15/2032<br>| &nbsp;&nbsp;&nbsp; 55095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | Sunrise Finco I BV, 144A,<br>4.88%, 7/15/2031<br>| &nbsp;&nbsp;&nbsp; 44480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | Virgin Media Secured Finance, PLC, 144A,<br>4.50%, 8/15/2030<br>| &nbsp;&nbsp;&nbsp; 90211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | VZ Secured Financing BV, 144A,<br>5.00%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp; 19590 |
|  |  | &nbsp;&nbsp;&nbsp; 1041284 |
|  | **Cellular Telecom – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | C&W Senior Finance Ltd., 144A,<br>9.00%, 1/15/2033<br>| &nbsp;&nbsp;&nbsp; 8190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | Liberty Costa Rica Senior Secured Finance, 144A,<br>10.88%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp; 6387 |
|  | Rogers Communications, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp; 51982 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Cellular Telecom - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 3.59%, 5.25%, 3/15/2082, 144A(e)<br>| $83415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | T-Mobile USA, Inc.,<br>3.75%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp; 39601 |
|  |  | &nbsp;&nbsp;&nbsp; 189575 |
|  | **Electric-Distribution – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Consolidated Edison Co. of New York, Inc.,<br>4.00%, 12/1/2028<br>| &nbsp;&nbsp;&nbsp; 63780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Exelon Corp.,<br>3.40%, 4/15/2026<br>| &nbsp;&nbsp;&nbsp; 63449 |
|  | Sempra, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp; 33205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 2.79%, 6.88%, 10/1/2054(e)<br>| &nbsp;&nbsp;&nbsp; 35383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 2.14%, 6.55%, 4/1/2055(e)<br>| &nbsp;&nbsp;&nbsp; 66553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | XPLR Infrastructure Operating Partners LP, 144A,<br>7.25%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp; 67702 |
|  |  | &nbsp;&nbsp;&nbsp; 330072 |
|  | **Electric-Generation – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12231 | AES Panama Generation Holdings SRL, 144A,<br>4.38%, 5/31/2030<br>| &nbsp;&nbsp;&nbsp; 11207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Vistra Operations Co., LLC, 144A,<br>7.75%, 10/15/2031<br>| &nbsp;&nbsp;&nbsp; 75512 |
|  |  | &nbsp;&nbsp;&nbsp; 86719 |
|  | **Electric-Integrated – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | AES Corp.,<br>UST + 2.89%, 6.95%, 7/15/2055(e)<br>| &nbsp;&nbsp;&nbsp; 87043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Ameren Corp.,<br>1.75%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 42933 |
|  | American Electric Power Co., Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 2.68%, 6.95%, 12/15/2054(e)<br>| &nbsp;&nbsp;&nbsp; 34490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 2.75%, 7.05%, 12/15/2054(e)<br>| &nbsp;&nbsp;&nbsp; 15618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Black Hills Corp.,<br>5.95%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 35230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | CenterPoint Energy, Inc.,<br>UST + 2.95%, 6.85%, 2/15/2055(e)<br>| &nbsp;&nbsp;&nbsp; 67409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | CMS Energy Corp.,<br>3.45%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp; 45178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | Consumers Energy Co.,<br>4.65%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp; 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Dominion Energy Inc.,<br>2.85%, 8/15/2026<br>| &nbsp;&nbsp;&nbsp; 39328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Duke Energy Corp.,<br>2.65%, 9/1/2026<br>| &nbsp;&nbsp;&nbsp; 62819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | Edison International,<br>UST + 3.66%, 7.88%, 6/15/2054(e)<br>| &nbsp;&nbsp;&nbsp; 38944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | Emera, Inc.,<br>6.75%, 6/15/2076<br>| &nbsp;&nbsp;&nbsp; 112983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Entergy Corp.,<br>UST + 2.67%, 7.13%, 12/1/2054(e)<br>| &nbsp;&nbsp;&nbsp; 67415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | Evergy, Inc.,<br>UST + 2.56%, 6.65%, 6/1/2055(e)<br>| &nbsp;&nbsp;&nbsp; 47833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Eversource Energy,<br>5.45%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp; 34891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | FirstEnergy Corp.,<br>3.90%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp; 33630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Florida Power & Light Co.,<br>3.13%, 12/1/2025<br>| &nbsp;&nbsp;&nbsp; 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Fortis Inc. / Canada,<br>3.06%, 10/4/2026<br>| &nbsp;&nbsp;&nbsp; 45195 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Electric-Integrated - (continued)** |  |
|  | NextEra Energy Capital Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%, 6/15/2028<br>| $37388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 2.55%, 3.80%, 3/15/2082(e)<br>| &nbsp;&nbsp;&nbsp; 14410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Pacific Gas and Electric Co.,<br>3.15%, 1/1/2026<br>| &nbsp;&nbsp;&nbsp; 33679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | PG&E Corp.,<br>UST + 3.88%, 7.38%, 3/15/2055(e)<br>| &nbsp;&nbsp;&nbsp; 63618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | PPL Capital Funding, Inc.,<br>3.10%, 5/15/2026<br>| &nbsp;&nbsp;&nbsp; 52381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | Public Service Electric & Gas Co.,<br>3.00%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp; 52019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | Southern Co. (The),<br>4.85%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp; 53932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Southwestern Electric Power Co.,<br>2.75%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp; 33278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Virginia Electric & Power Co.,<br>3.50%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp; 33648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | WEC Energy Group, Inc.,<br>4.75%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp; 53561 |
|  |  | &nbsp;&nbsp;&nbsp; 1253879 |
|  | **Gas-Distribution – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | AltaGas Ltd., 144A,<br>UST + 3.57%, 7.20%, 10/15/2054(e)<br>| &nbsp;&nbsp;&nbsp; 44120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | CenterPoint Energy Resources Corp.,<br>5.25%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp; 54302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | NiSource, Inc.,<br>3.49%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp; 45315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Venture Global Plaquemines LNG, LLC, 144A,<br>7.50%, 5/1/2033<br>| &nbsp;&nbsp;&nbsp; 22502 |
|  |  | &nbsp;&nbsp;&nbsp; 166239 |
|  | **Independent Power Producer – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | Calpine Corp., 144A,<br>5.13%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 76962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | Clearway Energy Operating, LLC, 144A,<br>3.75%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp; 62486 |
|  | NRG Energy, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/2029, 144A<br>| &nbsp;&nbsp;&nbsp; 34832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 2/15/2031, 144A<br>| &nbsp;&nbsp;&nbsp; 37761 |
|  |  | &nbsp;&nbsp;&nbsp; 212041 |
|  | **Internet Telephony – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | Cablevision Lightpath, LLC, 144A,<br>3.88%, 9/15/2027<br>| &nbsp;&nbsp; 80049 |
|  | **Machinery-Pumps – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Xylem, Inc.,<br>1.95%, 1/30/2028<br>| &nbsp;&nbsp; 43528 |
|  | **Non-hazardous Waste Disposal – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | GFL Environmental, Inc., 144A,<br>3.50%, 9/1/2028<br>| &nbsp;&nbsp;&nbsp; 45369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Republic Services, Inc.,<br>2.90%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp; 63171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Waste Connections Inc.,<br>4.25%, 12/1/2028<br>| &nbsp;&nbsp;&nbsp; 64290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Waste Management Inc.,<br>3.15%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp; 62730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Wrangler Holdco Corp., 144A,<br>6.63%, 4/1/2032<br>| &nbsp;&nbsp;&nbsp; 26046 |
|  |  | &nbsp;&nbsp;&nbsp; 261606 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Oil Refining & Marketing – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68000 | Parkland Corp., 144A,<br>4.50%, 10/1/2029<br>| $65419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | Sunoco LP / Sunoco Finance Corp.,<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp; 39832 |
|  |  | &nbsp;&nbsp;&nbsp; 105251 |
|  | **Pipelines – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A,<br>5.38%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp; 57603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Boardwalk Pipelines LP,<br>4.45%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp; 64000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Buckeye Partners LP,<br>4.13%, 12/1/2027<br>| &nbsp;&nbsp;&nbsp; 69775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | Cheniere Corpus Christi Holdings, LLC,<br>5.13%, 6/30/2027<br>| &nbsp;&nbsp;&nbsp; 53518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Cheniere Energy, Inc.,<br>4.63%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp; 45950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | Columbia Pipelines Holding Co., LLC, 144A,<br>6.04%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp; 15623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | DCP Midstream Operating LP,<br>5.63%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp; 54202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | DT Midstream, Inc., 144A,<br>4.13%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp; 39625 |
|  | Enbridge, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp; 63223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 4.42%, 7.63%, 1/15/2083(e)<br>| &nbsp;&nbsp;&nbsp; 112043 |
|  | Energy Transfer LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp; 41169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;UST + 5.31%, 7.13%, 5/15/2030(e)<br>| &nbsp;&nbsp;&nbsp; 66376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.28%, 7.56%, 11/1/2066(f)<br>| &nbsp;&nbsp;&nbsp; 34920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Enterprise Products Operating LLC,<br>4.60%, 1/11/2027<br>| &nbsp;&nbsp;&nbsp; 10061 |
|  | Enterprise Products Operating, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp; 33834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 2/15/2027<br>| &nbsp;&nbsp;&nbsp; 39874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.29%, 5.25%, 8/16/2077(e)<br>| &nbsp;&nbsp;&nbsp; 34717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.83%, 5.38%, 2/15/2078(e)<br>| &nbsp;&nbsp;&nbsp; 110443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Excelerate Energy LP, 144A,<br>8.00%, 5/15/2030<br>| &nbsp;&nbsp;&nbsp; 9494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Genesis Energy,<br>7.88%, 5/15/2032<br>| &nbsp;&nbsp;&nbsp; 46827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | Global Partners LP / GLP Finance Corp., 144A,<br>8.25%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp; 5263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Hess Midstream Operations LP, 144A,<br>5.50%, 10/15/2030<br>| &nbsp;&nbsp;&nbsp; 65333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Kinder Morgan, Inc.,<br>4.30%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp; 40043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | Kinetik Holdings LP, 144A,<br>5.88%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp; 89811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | MPLX LP,<br>4.00%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 45562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | NuStar Logistics LP,<br>5.63%, 4/28/2027<br>| &nbsp;&nbsp;&nbsp; 65605 |
|  | ONEOK, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp; 10052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp; 20435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | Plains All American Pipeline LP,<br>SOFR + 4.37%, 8.70%, 7/30/2025(f)<br>| &nbsp;&nbsp;&nbsp; 47217 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Pipelines - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40000 | Plains All American Pipeline LP / PAA Finance Corp.,<br>3.55%, 12/15/2029<br>| $38248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Rockies Express Pipeline, LLC, 144A,<br>4.95%, 7/15/2029<br>| &nbsp;&nbsp;&nbsp; 24559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | South Bow Canadian Infrastructure Holdings, Ltd., 144A,<br>UST + 3.67%, 7.50%, 3/1/2055(e)<br>| &nbsp;&nbsp;&nbsp; 91906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | South Bow USA Infrastructure Holdings, LLC, 144A,<br>4.91%, 9/1/2027<br>| &nbsp;&nbsp;&nbsp; 53355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | Summit Midstream Holdings, LLC, 144A,<br>8.63%, 10/31/2029<br>| &nbsp;&nbsp;&nbsp; 41978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A,<br>6.00%, 12/31/2030<br>| &nbsp;&nbsp;&nbsp; 69732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp.,<br>6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp; 71406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Transcanada Trust,<br>UST + 3.99%, 5.60%, 3/7/2082(e)<br>| &nbsp;&nbsp;&nbsp; 97261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Transcontinental Gas Pipe Line Co., LLC,<br>4.00%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 63427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Venture Global Calcasieu Pass, LLC, 144A,<br>6.25%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp; 67088 |
|  | Venture Global LNG, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 1/15/2030, 144A<br>| &nbsp;&nbsp;&nbsp; 24283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 6/1/2031, 144A<br>| &nbsp;&nbsp;&nbsp; 33259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | Venture Global Plaquemines LNG, LLC, 144A,<br>6.50%, 1/15/2034<br>| &nbsp;&nbsp;&nbsp; 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Western Midstream Operating LP,<br>4.75%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp; 63995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Whistler Pipeline, LLC, 144A,<br>5.40%, 9/30/2029<br>| &nbsp;&nbsp;&nbsp; 25297 |
|  |  | &nbsp;&nbsp;&nbsp; 2171392 |
|  | **REITS-Diversified – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | American Tower Corp., REIT,<br>5.25%, 7/15/2028<br>| &nbsp;&nbsp;&nbsp; 34868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | Crown Castle International Corp., REIT,<br>4.00%, 3/1/2027<br>| &nbsp;&nbsp;&nbsp; 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Digital Realty Trust LP, REIT,<br>3.70%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp; 45436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Equinix, Inc., REIT,<br>1.80%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp; 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC REIT, 144A, REIT,<br>8.63%, 6/15/2032<br>| &nbsp;&nbsp;&nbsp; 4044 |
|  | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;10.50%, 2/15/2028, 144A, REIT<br>| &nbsp;&nbsp;&nbsp; 73195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/15/2029, 144A, REIT<br>| &nbsp;&nbsp;&nbsp; 20317 |
|  |  | &nbsp;&nbsp;&nbsp; 192371 |
|  | **Retail-Propane Distribution – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Ferrellgas LP / Ferrellgas Finance Corp., 144A,<br>5.88%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp; 60190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | Suburban Propane Partners LP / Suburban Energy Finance Corp., 144A,<br>5.00%, 6/1/2031<br>| &nbsp;&nbsp;&nbsp; 72898 |
|  |  | &nbsp;&nbsp;&nbsp; 133088 |
|  | **Satellite Telecom – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51856 | EchoStar Corp.,<br>6.75%, 11/30/2030(g)<br>| &nbsp;&nbsp; 47364 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Steel-Producers – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25000 | Cleveland-Cliffs Inc.,<br>5.88%, 6/1/2027<br>| $24995 |
|  | **Telecom Services – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | Bell Telephone Co. of Canada or Bell Canada,<br>UST + 2.39%, 6.88%, 9/15/2055(e)<br>| &nbsp;&nbsp;&nbsp; 69871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | Fibercop SpA, 144A,<br>6.38%, 11/15/2033<br>| &nbsp;&nbsp;&nbsp; 45876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | Frontier Communications Holdings, LLC, 144A,<br>8.63%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp; 108458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Iliad Holding SAS, 144A,<br>7.00%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp; 10191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | TELU.S. Corp,<br>UST + 2.71%, 7.00%, 10/15/2055(e)<br>| &nbsp;&nbsp;&nbsp; 44404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | TELUS Corp.,<br>3.70%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp; 33522 |
|  |  | &nbsp;&nbsp;&nbsp; 312322 |
|  | **Telephone-Integrated – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | Telecom Italia Capital SA ,<br>6.38%, 11/15/2033<br>| &nbsp;&nbsp;&nbsp; 42804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | AT&T, Inc.,<br>1.70%, 3/25/2026<br>| &nbsp;&nbsp;&nbsp; 79390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | British Telecommunications PLC,<br>5.13%, 12/4/2028<br>| &nbsp;&nbsp;&nbsp; 47031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | Level 3 Financing, 144A,<br>3.75%, 7/15/2029<br>| &nbsp;&nbsp;&nbsp; 25388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | Level 3 Financing Inc., 144A,<br>6.88%, 6/30/2033<br>| &nbsp;&nbsp;&nbsp; 47857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | Sprint Capital Corp,<br>6.88%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp; 12885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | Verizon Communications, Inc.,<br>4.33%, 9/21/2028<br>| &nbsp;&nbsp;&nbsp; 5022 |
|  |  | &nbsp;&nbsp;&nbsp; 260377 |
|  | **Transport-Rail – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Brightline East, LLC, 144A,<br>11.00%, 1/31/2030<br>| &nbsp;&nbsp;&nbsp; 18523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Canadian National Railway Co.,<br>2.75%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp; 33620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Canadian Pacific Railway Co.,<br>1.75%, 12/2/2026<br>| &nbsp;&nbsp;&nbsp; 38616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | CSX Corp.,<br>2.60%, 11/1/2026<br>| &nbsp;&nbsp;&nbsp; 62647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Norfolk Southern Corp.,<br>2.90%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp; 39462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Union Pacific Corp.,<br>4.75%, 2/21/2026<br>| &nbsp;&nbsp;&nbsp; 64098 |
|  |  | &nbsp;&nbsp;&nbsp; 256966 |
|  | **Total Corporate Debts<br>**  | &nbsp;&nbsp;&nbsp; 7179407 |
|  | (Cost $7,130,657) |  |
| **Hybrid Debt Investments - 6.2%** | **Hybrid Debt Investments - 6.2%** |  |
|  | **Power - Conventional Generation – 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993003 | CPV Shore Holdings, LLC, Term B Advance,<br>SOFR + 3.75%, 8.05%, 1/26/2032(f)<br>| &nbsp;&nbsp;&nbsp; 990213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902835 | Eastern Power, LLC, Term Loan B,<br>SOFR + 5.25%, 9.58%, 4/3/2028(f)<br>| &nbsp;&nbsp;&nbsp; 2911703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Hill Top Energy Center, LLC, Term Loan B,<br>SOFR + 3.25%, 7.55%, 6/17/2032(f)<br>| &nbsp;&nbsp;&nbsp; 1000625 |
|  | Invenergy Thermal Operating I, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, SOFR + 3.50%, 7.80%, 5/6/2032(f)<br>| &nbsp;&nbsp;&nbsp; 1891641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, SOFR + 3.50%, 7.80%, 5/6/2032(f)<br>| &nbsp;&nbsp;&nbsp; 126109 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Power - Conventional Generation - (continued)** |  |
|  | Lackawanna Energy Center, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1622128 | &nbsp;&nbsp;&nbsp;&nbsp;Term B-2 Tranche, SOFR + 4.25%, 8.58%, 8/6/2029(f)<br>| $1630912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357182 | &nbsp;&nbsp;&nbsp;&nbsp;Term C Facility, SOFR + 4.25%, 8.58%, 8/6/2029(f)<br>| &nbsp;&nbsp;&nbsp; 359116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991935 | MRP Buyer, LLC,<br>Closing Date Term Loan, SOFR + 3.25%, 7.57%, 5/24/2032(f)<br>| &nbsp;&nbsp;&nbsp; 3937066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508065 | MRP Buyer, LLC, Unfunded,<br>6/4/2032(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849620 | Oregon Clean Energy, LLC, Term Loan B Advance,<br>SOFR + 3.50%, 7.80%, 7/12/2030(f)<br>| &nbsp;&nbsp;&nbsp; 858010 |
|  | South Field Energy, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843203 | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, SOFR + 3.25%, 7.55%, 8/29/2031(f)<br>| &nbsp;&nbsp;&nbsp; 847769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54224 | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, SOFR + 3.25%, 7.55%, 8/29/2031(f)<br>| &nbsp;&nbsp;&nbsp; 54517 |
|  |  | &nbsp;&nbsp; 14607681 |
|  | **Total Hybrid Debt Investments<br>**  | &nbsp;&nbsp; 14607681 |
|  | (Cost $14,429,536) |  |
| **Private Debts(a)(j) - 80.6%** | **Private Debts(a)(j) - 80.6%** |  |
|  | **Digital Infrastructure - Data Center Services – 13.8%** |  |
|  | CoreWeave CAC IV, LLC, SOFR + 6.00%, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470426 | &nbsp;&nbsp;&nbsp;&nbsp;10.30%, 6/28/2029(f)<br>| &nbsp;&nbsp;&nbsp; 476683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704330 | &nbsp;&nbsp;&nbsp;&nbsp;10.30%, 7/26/2029(f)<br>| &nbsp;&nbsp;&nbsp; 713697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378188 | &nbsp;&nbsp;&nbsp;&nbsp;10.32%, 8/27/2029(f)<br>| &nbsp;&nbsp;&nbsp; 1396518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754422 | &nbsp;&nbsp;&nbsp;&nbsp;10.24%, 10/11/2029(f)<br>| &nbsp;&nbsp;&nbsp; 1777756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901022 | &nbsp;&nbsp;&nbsp;&nbsp;10.28%, 10/28/2029(f)<br>| &nbsp;&nbsp;&nbsp; 913005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019191 | &nbsp;&nbsp;&nbsp;&nbsp;10.32%, 11/25/2029(f)<br>| &nbsp;&nbsp;&nbsp; 1032746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496793 | &nbsp;&nbsp;&nbsp;&nbsp;10.29%, 12/10/2029(f)<br>| &nbsp;&nbsp;&nbsp; 503401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862113 | &nbsp;&nbsp;&nbsp;&nbsp;10.30%, 12/31/2029(f)<br>| &nbsp;&nbsp;&nbsp; 873579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933930 | &nbsp;&nbsp;&nbsp;&nbsp;10.30%, 2/5/2030(f)<br>| &nbsp;&nbsp;&nbsp; 946351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136762 | &nbsp;&nbsp;&nbsp;&nbsp;10.30%, 3/20/2030(f)<br>| &nbsp;&nbsp;&nbsp; 138581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813357 | &nbsp;&nbsp;&nbsp;&nbsp;10.28%, 4/23/2030(f)<br>| &nbsp;&nbsp;&nbsp; 824175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197783 | &nbsp;&nbsp;&nbsp;&nbsp;10.28%, 4/25/2030(f)<br>| &nbsp;&nbsp;&nbsp; 200413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109250 | &nbsp;&nbsp;&nbsp;&nbsp;10.32%, 5/21/2030(f)<br>| &nbsp;&nbsp;&nbsp; 110703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5222434 | CoreWeave CAC IV, LLC, Unfunded,<br>0.50%, 9/29/2025(i)<br>| &nbsp;&nbsp;&nbsp; 104855 |
|  | VCRDX Data Center 1, LLC, SOFR + 5.50%, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3924882 | &nbsp;&nbsp;&nbsp;&nbsp;9.80%, 6/27/2029(f)(g)(k)<br>| &nbsp;&nbsp;&nbsp; 3926844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4718329 | &nbsp;&nbsp;&nbsp;&nbsp;9.80%, 6/27/2029(f)(g)(k)<br>| &nbsp;&nbsp;&nbsp; 4720688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3964328 | &nbsp;&nbsp;&nbsp;&nbsp;9.80%, 6/27/2029(f)(g)(k)<br>| &nbsp;&nbsp;&nbsp; 3966310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4765749 | &nbsp;&nbsp;&nbsp;&nbsp;9.80%, 6/27/2029(f)(g)(k)<br>| &nbsp;&nbsp;&nbsp; 4768132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | VDC OH11 Holdco, LLC,<br>8.85%, 9/18/2030(g)<br>| &nbsp;&nbsp;&nbsp; 4975135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | VDC OH11 Holdco, LLC, Unfunded,<br>1.25%, 6/18/2026(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 32369572 |
|  | **Digital Infrastructure - Fiber – 7.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Conterra Ultra Broadband SPV II, LLC,<br>SOFR + 6.50%, 10.78%, 4/8/2028(f)<br>| &nbsp;&nbsp; 14748000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2671556 | Glass Routes, LLC,<br>SOFR + 7.50%, 11.78%, 5/9/2028(f)(g)<br>| &nbsp;&nbsp;&nbsp; 2648367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17333333 | Glass Routes, LLC, Unfunded,<br>2.00%, 5/9/2028(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 17396367 |
|  | **Energy Transition - Battery Storage – 8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | esV Intermediate Holdco, LLC,<br>SOFR + 4.35%, 8.65%, 3/22/2027(f)<br>| &nbsp;&nbsp;&nbsp; 5999400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328672 | Regis Laureles, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/9/2026(f)<br>| &nbsp;&nbsp;&nbsp; 328655 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Energy Transition - Battery Storage - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251740 | Regis Laureles, LLC, Unfunded,<br>1/9/2026(h)(i)<br>| $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356928 | Regis Leakey, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/9/2026(f)<br>| &nbsp;&nbsp;&nbsp; 356905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445829 | Regis Leakey, LLC, Unfunded,<br>1/9/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384674 | Regis Mason, LLC,<br>WSJ Prime + 2.00%, 9.50%, 10/9/2025(f)<br>| &nbsp;&nbsp;&nbsp; 384651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438521 | Regis Mason, LLC, Unfunded,<br>10/9/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423057 | Regis Medina Lake, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/9/2026(f)<br>| &nbsp;&nbsp;&nbsp; 423035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349298 | Regis Medina Lake, LLC, Unfunded,<br>1/9/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382341 | Regis Medina, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/9/2026(f)<br>| &nbsp;&nbsp;&nbsp; 382317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432926 | Regis Medina, LLC, Unfunded,<br>1/9/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435910 | Regis Muenster, LLC,<br>WSJ Prime + 2.00%, 9.50%, 10/9/2025(f)<br>| &nbsp;&nbsp;&nbsp; 435889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279640 | Regis Muenster, LLC, Unfunded,<br>10/9/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371803 | Regis Utopia, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/9/2026(f)<br>| &nbsp;&nbsp;&nbsp; 371780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418662 | Regis Utopia, LLC, Unfunded,<br>1/9/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | Spearmint Renewable Development Company, LLC, |  |
|  | Tranche A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091883 | &nbsp;&nbsp;&nbsp;&nbsp;13.75%, 6/9/2027(g)(l)<br>| &nbsp;&nbsp;&nbsp; 1091774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923984 | &nbsp;&nbsp;&nbsp;&nbsp;13.75%, 6/9/2027(g)(l)<br>| &nbsp;&nbsp;&nbsp; 923891 |
|  | Tranche B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4680302 | &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 9/9/2025(g)(l)<br>| &nbsp;&nbsp;&nbsp; 4660814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3931969 | &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 9/9/2025(g)(l)<br>| &nbsp;&nbsp;&nbsp; 3922621 |
|  |  | &nbsp;&nbsp; 19281732 |
|  | **Energy Transition - Energy Efficiency – 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Ameresco, Inc.,<br>SOFR + 5.88%, 10.17%, 6/28/2029(f)<br>| &nbsp;&nbsp;&nbsp; 5910600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5915000 | Budderfly SPV I, LLC,<br>SOFR + 4.50%, 8.80%, 12/20/2028(f)<br>| &nbsp;&nbsp;&nbsp; 5916774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085000 | Budderfly SPV I, LLC, Unfunded,<br>1.00%, 12/20/2028(i)<br>| &nbsp;&nbsp;&nbsp; 4405 |
|  |  | &nbsp;&nbsp; 11831779 |
|  | **Midstream - Floating Production System – 3.2%** |  |
|  | Salamanca Infrastructure Finance, LLC, SOFR + 5.25%, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7130882 | &nbsp;&nbsp;&nbsp;&nbsp;9.55%, 10/1/2030(f)(g)<br>| &nbsp;&nbsp;&nbsp; 7110916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203880 | &nbsp;&nbsp;&nbsp;&nbsp;9.55%, 10/1/2030(f)(g)<br>| &nbsp;&nbsp;&nbsp; 203309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322148 | &nbsp;&nbsp;&nbsp;&nbsp;9.55%, 10/1/2030(f)(g)<br>| &nbsp;&nbsp;&nbsp; 321245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96258 | Salamanca Infrastructure Finance, LLC, Unfunded,<br>1.00%, 10/1/2030(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp; 7635470 |
|  | **Midstream - Hydrocarbon Production – 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535032 | Tres Energy, LLC,<br>SOFR + 6.50%, 10.80%, 11/2/2029(f)<br>| &nbsp;&nbsp;&nbsp; 3456908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6369427 | Tres Energy, LLC, Unfunded,<br>1.00%, 9/30/2025(i)<br>| &nbsp;&nbsp;&nbsp; 17015 |
|  |  | &nbsp;&nbsp;&nbsp; 3473923 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Power - Conventional Generation – 9.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7720059 | Caithness Brookhaven, LLC,<br>SOFR + 4.75%, 9.01%, 7/31/2029(f)<br>| $7778732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14543100 | Trumbull Holdco 2, LLC,<br>SOFR + 9.10%, 13.43%, 11/3/2026(f)(g)<br>| &nbsp;&nbsp; 14512559 |
|  |  | &nbsp;&nbsp; 22291291 |
|  | **Renewables - Solar – 22.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2127072 | 9521 US 14 Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 9/26/2025(f)<br>| &nbsp;&nbsp;&nbsp; 2127497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794751 | Anacott Solar, LLC,<br>WSJ Prime + 2.00%, 9.50%, 12/26/2025(f)<br>| &nbsp;&nbsp;&nbsp; 794910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162149 | Anacott Solar, LLC, Unfunded,<br>12/26/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558821 | Broadlea Road Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 3/20/2026(f)<br>| &nbsp;&nbsp;&nbsp; 558933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175079 | Broadlea Road Solar 1, LLC, Unfunded,<br>3/20/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492437 | Chester Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 3/13/2026(f)<br>| &nbsp;&nbsp;&nbsp; 492536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169113 | Chester Solar 1, LLC, Unfunded,<br>3/13/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2103883 | Cottage Grove North Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 9/20/2025(f)<br>| &nbsp;&nbsp;&nbsp; 2103331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261017 | Cottage Grove North Solar 1, LLC, Unfunded,<br>9/20/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2366571 | Cottage Grove South 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 9/20/2025(f)<br>| &nbsp;&nbsp;&nbsp; 2366017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | Cottage Grove South 1, LLC, Unfunded,<br>9/20/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | EG US Devco, LLC,<br>SOFR + 6.26%, 10.57%, 7/15/2027(f)<br>| &nbsp;&nbsp; 14874000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030947 | Geranium Solar, LLC,<br>WSJ Prime + 2.00%, 9.50%, 11/21/2025(f)<br>| &nbsp;&nbsp;&nbsp; 1031153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205753 | Geranium Solar, LLC, Unfunded,<br>11/21/2025(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394152 | Goodenow Road West Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 9/26/2025(f)<br>| &nbsp;&nbsp;&nbsp; 394231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524194 | Goshen Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 6/14/2026(f)<br>| &nbsp;&nbsp;&nbsp; 524299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99156 | Goshen Solar 1, LLC, Unfunded,<br>6/14/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402290 | Goshen Solar 2, LLC,<br>WSJ Prime + 2.00%, 9.50%, 6/25/2026(f)<br>| &nbsp;&nbsp;&nbsp; 402371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370360 | Goshen Solar 2, LLC, Unfunded,<br>6/25/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482878 | Gougar Road Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 3/13/2026(f)<br>| &nbsp;&nbsp;&nbsp; 482975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | Gougar Road Solar 1, LLC, Unfunded,<br>3/13/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377104 | Grant Highway Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 1/16/2026(f)<br>| &nbsp;&nbsp;&nbsp; 377179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Greenalia Power US Advanced II, LLC,<br>SOFR + 6.76%, 11.09%, 2/15/2027(f)<br>| &nbsp;&nbsp; 10008000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Greenalia S.A. Topco Uncovered Loan,<br>SOFR + 11.40%, 15.72%, 10/15/2038(f)<br>| &nbsp;&nbsp;&nbsp; 4975095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599246 | Hillview Drive Solar, LLC,<br>WSJ Prime + 2.00%, 9.50%, 3/20/2026(f)<br>| &nbsp;&nbsp;&nbsp; 599365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235704 | Hillview Drive Solar, LLC, Unfunded,<br>3/20/2026(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Portfolio of Investments – June 30, 2025 (Unaudited) (concluded)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Renewables - Solar - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6000000 | PSE BorrowerCo., LLC,<br>SOFR + 4.50%, 8.85%, 11/10/2026(f)<br>| $5985600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390250 | South Green Haven Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 3/13/2026(f)<br>| &nbsp;&nbsp;&nbsp; 390328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3407070 | SRC Construction Borrower 3, LLC,<br>10.00%, 7/24/2028(g)<br>| &nbsp;&nbsp;&nbsp; 3339951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806385 | SRC Construction Borrower 3, LLC, Unfunded,<br>1.75%, 7/24/2028(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415636 | Yager Road Whiteside Solar 1, LLC,<br>WSJ Prime + 2.00%, 9.50%, 12/26/2025(f)<br>| &nbsp;&nbsp;&nbsp; 415719 |
|  |  | &nbsp;&nbsp; 52243490 |
|  | **Renewables - Wind and Transmission – 4.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | SunZia Upper Co., LLC,<br>SOFR + 5.00%, 9.30%, 12/21/2025(f)<br>| 10000000 |
|  | **Transportation - Airport – 4.4%** |  |
| CAD 13,781,060 | Porter Aircraft Leasing Corp.,<br>CORRA + 5.79%, 8.55%, 5/31/2026(f)(g)<br>| 10427762 |
|  | **Transportation - Parking and EV Charging – 1.0%** |  |
|  | FlashParking AssetCo SPV, LLC, SOFR + 4.65%, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$845070 | &nbsp;&nbsp;&nbsp;&nbsp;8.78%, 9/5/2029(f)<br>| &nbsp;&nbsp;&nbsp; 838479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294371 | &nbsp;&nbsp;&nbsp;&nbsp;8.82%, 9/5/2029(f)<br>| &nbsp;&nbsp;&nbsp; 292075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329695 | &nbsp;&nbsp;&nbsp;&nbsp;8.87%, 9/5/2029(f)<br>| &nbsp;&nbsp;&nbsp; 327123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788914 | &nbsp;&nbsp;&nbsp;&nbsp;8.90%, 9/5/2029(f)<br>| &nbsp;&nbsp;&nbsp; 782760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7741950 | FlashParking AssetCo SPV, LLC, Unfunded,<br>1.50%, 8/23/2027(i)<br>| &nbsp;&nbsp;&nbsp; 38710 |
|  |  | &nbsp;&nbsp;&nbsp; 2279147 |
|  | **Total Private Debts<br>**  | &nbsp;&nbsp;189230533 |
|  | (Cost $188,585,004) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Short-Term Investment - 6.0%** | **Short-Term Investment - 6.0%** |  |
| 14142963 | Fidelity Investments Money Market Treasury Portfolio, Institutional Share Class 4.19%<br>| &nbsp;&nbsp;&nbsp; 14142963 |
|  | (Cost $14,142,963) |  |
|  | **Total Investments - 99.6%<br>**  | &nbsp;&nbsp;&nbsp;233801807 |
|  | (Cost $232,468,487) |  |
|  | **Other Assets net of Liabilities - 0.4%<br>**  | &nbsp;&nbsp;&nbsp; 900666 |
|  | **Net Assets - 100.0%<br>**  | $234702473 |

---

------

(a) Restricted Securities.

(b) Partnership is not designated in units. The Fund owns approximately 4.2% of this Fund.

(c) Partnership is not designated in units. The Fund owns approximately 1.5% of this Fund.

(d) Partnership is not designated in units. The Fund owns approximately 1.2% of this Fund.

(e) The security is currently paying a fixed rate as presented and set to convert to a variable rate at a later date with the rate determined as [Referenced Rate + Basis-point spread].

(f) Variable rate security. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

(g) Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount.

(h) Non-income producing security.

(i) Par amount represents the Fund's remaining commitment of additional debt upon request by the underlying borrower. The rate presented, if any, represents the commitment fee rate paid by the
underlying borrower to the Fund with respect to the par amount of the commitment. See the section of Commitments and Contingencies in the Notes to Portfolio of Investments.

(j) Security value was determined by using significant unobservable inputs.

(k) Entity is a wholly-owned subsidiary that has acquired private debt with the disclosed terms and an underlying borrower in the Data Services Sector.

(l) The variable rate is subject to a contractual interest rate floor.

---

| |
|:---|
| **Portfolio Abbreviations:** |
| 144A - Rule 144A Security |
| CAD – Canada Dollar |
| CORRA - Canadian Overnight Repo Rate Average |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| UST - 5 Year United States Treasury Rate |
| WSJ Prime - Wall Street Journal Prime Rate |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;&nbsp;**% of Net<br> Assets** |
| Renewables - Solar<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.3% |
| Power - Conventional Generation<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.7% |
| Digital Infrastructure - Data Center Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.8% |
| Energy Transition - Battery Storage<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| Digital Infrastructure - Fiber<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4% |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| Energy Transition - Energy Efficiency<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| Transportation - Airport<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Renewables - Wind and Transmission<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| Diversified<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| All Other Industries<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| Other Assets net of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Total<br>| &nbsp;&nbsp;&nbsp;100.0% |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited)

------

**Securities Valuation - The Board of Trustees (the "Board") has established procedures (the "Procedures") pursuant to which the Fund prices its securities, consistent with Sections 2(a)(5) and 2(a)(41) of the 1940 Act, as follows:**

<u>Publicly Traded Securities</u> - Investments in securities that are listed on the New York Stock Exchange (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 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. 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 fair valued pursuant to the Procedures.

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 Versus Capital Advisors LLC (the "Adviser") to be over-the-counter, are valued at the official closing prices as reported by sources as the Board deems appropriate to reflect their fair market value. 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 a pricing service, generally an evaluated price or the mean of closing bid and ask prices obtained by the pricing service, when such prices are believed by the Adviser to reflect the fair market value of such securities. Syndicated loans (Hybrid Debt Investments) 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.

Investments in open-end mutual funds are valued at their closing Net Asset Value ("NAV").

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 the Procedures. 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 than the value that could be realized upon the sale of such security.

<u>Private Debt Investments</u> - The Fund will use its best efforts to value each private debt investment at its fair value under current market conditions. In doing so, the Fund will engage external valuation consultants to aid in the fair value determination of each private debt investment.

The Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (continued)

------

<u>Private Investment Funds</u> - The Fund typically values its investments in each Private Investment Fund according to the value reported by each Private Investment Fund's quarterly NAV statement. The Fund also reviews this information for reasonableness based on its knowledge of current market conditions and the individual characteristics of each Private Investment Fund and may clarify or validate the reported information with the applicable manager of the Private Investment Fund. The valuation for each Private Investment Fund is individually updated as soon as the Fund completes its reasonableness review, including any necessary information validations with the manager of the Private Investment Fund, and typically within 45 calendar days after the end of each quarter for all Private Investment Funds. The Fund may conclude, in certain circumstances, that the information provided by any such manager does not represent the fair value of the Fund's investment in a Private Investment Fund and is not indicative of what actual fair value would be under current market conditions. In those circumstances, the Fund may determine to value its investment in the Private Investment Fund at a discount or a premium to the reported value received from the Private Investment Fund. Any such decision will be made in good faith by the Fund and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting. The Fund shall use its best efforts to ensure that each of such Private Investment Funds has in place policies and procedures that provide underlying principles behind the disclosure of reliable information with adequate supporting operational practices.

Additionally, between the quarterly valuation periods, the NAVs of such Private Investment Funds are adjusted daily based on the total return that each Private Investment Fund is estimated by the Fund to generate during the current quarter (the "Investment Accrual Rate"). The Fund determines the Investment Accrual Rate at the beginning of each quarter, based on internally developed models that weight the expected impacts of income and appreciation projections by property sector, adjusting for expected market factors and underlying expenses. The Fund monitors these estimates regularly and updates them as necessary if macro or individual fund changes warrant any adjustments.

In certain circumstances, the Fund may access daily or periodic NAV information provided by a Private Investment Fund. In such an instance, the Fund may determine to value its investment in a Private Investment Fund according to this information and may forego daily valuation adjustments based on an Investment Accrual Rate.

If the Fund does not have access to sell shares of a Private Investment Fund in its primary market, the Fund may determine to fair value the Private Investment Fund at a price other than its NAV. In such an instance, the Fund may consider any information it deems appropriate including as 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 Fund, 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.

The June 30, 2025 Portfolio of Investments presented herein reports the value of all the Fund's investments in Private Investment Funds at the respective NAVs provided by the managers of the Private Investment Funds and their agents, which may differ from the valuations used by the Fund in its June 30, 2025 NAV calculation.

Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or may otherwise be less liquid than publicly traded securities.

**Fair Value Measurements: The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, pre-payment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; the existence of contemporaneous, observable trades in the market; and changes in listings or delistings on national exchanges. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Total Fair<br> Value at<br> 06/30/2025** | &nbsp;&nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$785106 | &nbsp;&nbsp;&nbsp;&nbsp;$545266 | &nbsp;&nbsp;&nbsp;&nbsp;$239840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Real Estate Investment Trust\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67830 | &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;— |
| Corporate Debts\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Hybrid Debt Investments\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14607681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14607681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Total Fair<br> Value at<br> 06/30/2025** | &nbsp;&nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Private Debts\*<br>| &nbsp;&nbsp;&nbsp;$189230533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$189230533 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14142963 | &nbsp;&nbsp;&nbsp;&nbsp;14142963 | &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;— |
| Subtotal<br>| &nbsp;&nbsp;&nbsp;$226013520 | &nbsp;&nbsp;&nbsp;$14756059 | &nbsp;&nbsp;&nbsp;$22026928 | &nbsp;&nbsp;&nbsp;$189230533 |
| Private Investment Funds (held at NAV)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788287 |  |  |  |
| Total<br>| &nbsp;&nbsp;&nbsp;$233801807 |  |  |  |

---

\* See Portfolio of Investments for industry breakout.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Private Debts** |
| Balance as of 03/31/2025<br>| &nbsp;&nbsp;&nbsp;$170054898 | &nbsp;&nbsp;&nbsp;$170054898 |
| Transfers into Level 3<br>| &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;— |
| Transfers out of Level 3<br>| &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;— |
| Net purchases (sales)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18037315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18037315 |
| Accretion and Amortization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214196 |
| Realized Loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18629) |
| Change in unrealized gain/loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942753 |
| Balance as of 06/30/2025<br>| &nbsp;&nbsp;&nbsp;$189230533 | &nbsp;&nbsp;&nbsp;$189230533 |

---

For the period ended June 30, 2025, the total change in unrealized gain/loss on Level 3 securities still held at the end of the period was $925,531.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | &nbsp;&nbsp;**Total Fair Value at<br> 06/30/2025** | &nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;**Input Range** | &nbsp;&nbsp;**Weighted Average** |
| Private Debts<br>| &nbsp;&nbsp;$189065548 | &nbsp;&nbsp;Amortized Cost | &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;&nbsp;&nbsp;Cost | &nbsp;&nbsp;$0.98 - $1.01 | &nbsp;&nbsp;$0.99 |
|  |  | &nbsp;&nbsp;Discounted Cash Flow | &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;&nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;1.70% - 14.50% | &nbsp;&nbsp;6.14% |
| Private Debts - Unfunded Commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164985 | &nbsp;&nbsp;Amortized Cost | &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;&nbsp;&nbsp;Cost | &nbsp;&nbsp;$0.00 - $0.02 | &nbsp;&nbsp;$0.01 |
| Balance as of 06/30/2025<br>| &nbsp;&nbsp;$189230533 |  |  |  |  |

---

**Market Risk Factors - The Fund's investments in securities and/or financial instruments may expose the Fund to various market risk factors including, but not limited to the following:**

**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. 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.**

**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.**

**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**

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (continued)

------

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.

**General Market Fluctuations Will Affect the Fund's Returns. At times, the Fund's investments in Private Investment Funds and Real Asset Related Investments will be negatively affected by the broad investment environment in the timberland, agriculture/farmland or infrastructure markets, the debt market and/or the equity securities market.**

**Risks of Investing in Infrastructure. An investment in the Fund is subject to certain risks associated with the ownership 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; changes in energy prices; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund or the Private Investment Funds.**

**Risks of Investing in Equity Securities. 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.**

**Unfunded Commitments. In order to meet its obligation to provide capital for unfunded commitments, the Fund may have 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.**

**Risks of Investing in Debt Securities. The Fund will invest in real asset related debt securities. Other factors may materially and adversely affect 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. The Fund's debt securities will be subject to credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due.**

**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.). Recently, the U.S. Federal Reserve has increased interest rates from historically low levels, resulting in rising interest rates across the financial system. Thus, the Fund currently faces a heightened level of risk associated with high interest rates and/or bond yields.**

**Liquidity Risk. The Fund will invest in 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.**

**Market Disruption, Health Crises, Terrorism and Geopolitical Risks. The Fund's investments may be negatively affected by the broad investment environment in the real assets market, 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, 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.**

**Restricted Securities. Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. This and other important information are described in the Fund's Prospectus.**

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (continued)

------

As of June 30, 2025, the Fund invested in the following restricted securities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security(a)** | &nbsp;&nbsp;**Acquisition<br> Date(b)** | &nbsp;&nbsp;**Shares/Par** | &nbsp;&nbsp;**If Partnership is not designated<br> in units, % owned by Fund** | &nbsp;&nbsp;**Cost<br> ($1,000s)** | &nbsp;&nbsp;**Value<br> ($1,000s)** | &nbsp;&nbsp;**Unfunded<br> Commitments<br> ($1000)(c)(d)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| 9521 US 14 Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2127072 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$2127 | &nbsp;&nbsp;&nbsp;$2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| AIGA Climate Fund I, LP | &nbsp;&nbsp;&nbsp;&nbsp;7/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Ameresco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Anacott Solar, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794751 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Broadlea Road Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558821 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Budderfly SPV I, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5915000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Budderfly SPV I, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Caithness Brookhaven, LLC | &nbsp;&nbsp;&nbsp;&nbsp;4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7720059 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Chester Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492437 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Conterra Ultra Broadband SPV II, LLC | &nbsp;&nbsp;10/31/2024 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14760 | &nbsp;&nbsp;&nbsp;&nbsp;14748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| CoreWeave CAC IV, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.30% | &nbsp;&nbsp;&nbsp;&nbsp;7/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470426 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;10.30% | &nbsp;&nbsp;&nbsp;&nbsp;7/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704330 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;10.32% | &nbsp;&nbsp;&nbsp;&nbsp;8/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1378188 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;10.24% | &nbsp;&nbsp;10/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1754422 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;10.28% | &nbsp;&nbsp;10/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901022 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;10.32% | &nbsp;&nbsp;11/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1019191 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;10.29% | &nbsp;&nbsp;12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496793 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;10.30% | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862113 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;10.30% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136762 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;10.30% | &nbsp;&nbsp;&nbsp;&nbsp;2/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933930 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;10.28% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813357 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;10.28% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197783 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;10.32% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109250 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| CoreWeave CAC IV, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;7/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5222434 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Cottage Grove North Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;6/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;2103883 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Cottage Grove South 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;6/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;2366571 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| DigitalBridge Credit II (Onshore), LP | &nbsp;&nbsp;&nbsp;&nbsp;8/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| EG US Devco, LLC | &nbsp;&nbsp;12/24/2024 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14849 | &nbsp;&nbsp;&nbsp;&nbsp;14874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| esV Intermediate Holdco, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| FlashParking AssetCo SPV, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.78% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845070 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;8.90% | &nbsp;&nbsp;12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788914 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329695 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;8.82% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294371 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| FlashParking AssetCo SPV, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;9/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7741950 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;7742 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Geranium Solar, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1030947 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Glass Routes, LLC | &nbsp;&nbsp;&nbsp;&nbsp;5/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2671556 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Glass Routes, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;5/21/2025 | &nbsp;&nbsp;17333333 | &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;17333 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Goodenow Road West Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394152 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Goshen Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524194 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Goshen Solar 2, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402290 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Gougar Road Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482878 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Grant Highway Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377104 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Greenalia Power US Advanced II, LLC | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2024 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 | &nbsp;&nbsp;&nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| Greenalia S.A. Topco Uncovered Loan | &nbsp;&nbsp;&nbsp;&nbsp;4/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Hillview Drive Solar, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599246 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Porter Aircraft Leasing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5/7/2024 | &nbsp;&nbsp;13781060 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10071 | &nbsp;&nbsp;&nbsp;&nbsp;10428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| PSE BorrowerCo., LLC | &nbsp;&nbsp;&nbsp;&nbsp;9/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| QIC Infrastructure Debt Fund II | &nbsp;&nbsp;&nbsp;&nbsp;4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Regis Laureles, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328672 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Regis Leakey, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356928 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Regis Mason, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384674 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Regis Medina Lake, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423057 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Regis Medina, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382341 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Regis Muenster, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435910 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Regis Utopia, LLC | &nbsp;&nbsp;&nbsp;&nbsp;7/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371803 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Salamanca Infrastructure Finance, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.55% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7130882 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;9.55% | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203880 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |

---

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security(a)** | &nbsp;&nbsp;**Acquisition<br> Date(b)** | &nbsp;&nbsp;**Shares/Par** | &nbsp;&nbsp;**If Partnership is not designated<br> in units, % owned by Fund** | &nbsp;&nbsp;**Cost<br> ($1,000s)** | &nbsp;&nbsp;**Value<br> ($1,000s)** | &nbsp;&nbsp;**Unfunded<br> Commitments<br> ($1000)(c)(d)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| &nbsp;&nbsp;&nbsp;9.55% | &nbsp;&nbsp;&nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322148 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| South Green Haven Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390250 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Spearmint Renewable Development Company, LLC |  |  |  |  |  |  |  |
| Tranche A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.75% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1091883 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;13.75% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923984 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Tranche B |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.75% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4680302 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;&nbsp;10.75% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3931969 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| SRC Construction Borrower 3, LLC | &nbsp;&nbsp;10/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3407070 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| SRC Construction Borrower 3, LLC, Unfunded | &nbsp;&nbsp;10/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1806385 | &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;1806 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| SunZia Upper Co., LLC | &nbsp;&nbsp;&nbsp;&nbsp;4/4/2024 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| Tres Energy, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3535032 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Tres Energy, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6369427 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;6369 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Trumbull Holdco 2, LLC | &nbsp;&nbsp;&nbsp;&nbsp;8/8/2024 | &nbsp;&nbsp;14543100 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14480 | &nbsp;&nbsp;&nbsp;&nbsp;14513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| VCRDX Data Center 1, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3924882 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4718329 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3964328 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4765749 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| VDC OH11 Holdco, LLC | &nbsp;&nbsp;&nbsp;&nbsp;6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| VDC OH11 Holdco, LLC, Unfunded | &nbsp;&nbsp;&nbsp;&nbsp;6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &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;5000 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Yager Road Whiteside Solar 1, LLC | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415636 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Total |  |  |  | &nbsp;&nbsp;$195949 | &nbsp;&nbsp;$197019 | &nbsp;&nbsp;$62943 | &nbsp;&nbsp;&nbsp;83.9% |

---

(a) The securities include Investment Funds and private debt investments. The Investment Funds are organized to serve as a collective investment vehicle through which eligible investors may
invest in a professionally managed real asset portfolio of equity and debt investments consisting of infrastructure.

(b) Initial acquisition date as shares are purchased at various dates.

(c) At June 30, 2025, the Fund has an additional outstanding unfunded commitment of $5 million related to a new Investment Fund.

(d) Unfunded Commitments approximate their fair values.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Lock Up<br> Applicable at<br> Period End** | **Investment<br> Liquidity** | **Redemption<br> Frequency(a)** |
| AIGA Climate Fund I, LP |  | The fund may offer redemption requests with new capital raise periods. |  |
| DigitalBridge Credit II (Onshore), LP | Full | Closed-end fund which terminates July 31, 2031, subject to one additional one-year extension at the discretion of the Fund's manager. | N/A |
| QIC Infrastructure Debt Fund II | Full | Closed-end fund which terminates December 1, 2033, subject to two additional one-year extensions at the discretion of the General Partner. | N/A |

---

(a) The investment funds provide redemptions at the frequency listed at the investment managers discretion.

------

#### VERSUS CAPITAL INFRASTRUCTURE INCOME FUND

#### Notes to Portfolio of Investments

#### For the Period Ended June 30, 2025 (Unaudited) (concluded)

------

#### Commitments and Contingencies . As of June 30, 2025, the Fund had unfunded commitments to fund delayed draw and revolving debt of $49,314,788.

---

| | | | |
|:---|:---|:---|:---|
| **Investment and Type** | &nbsp;&nbsp;&nbsp;**Rate on<br> Unfunded Portion** | &nbsp;&nbsp;&nbsp;**Par Amount** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Anacott Solar, LLC, Unfunded, 12/26/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;$162149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| Broadlea Road Solar 1, LLC, Unfunded, 3/20/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Budderfly SPV I, LLC, Unfunded,12/20/2028 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 |
| Chester Solar 1, LLC, Unfunded, 3/13/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| CoreWeave CAC IV, LLC, Unfunded, 9/29/2025 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222434 | &nbsp;&nbsp;&nbsp;&nbsp;104855 |
| Cottage Grove North Solar 1, LLC, Unfunded, 9/20/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cottage Grove South 1, LLC, Unfunded, 9/20/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| FlashParking AssetCo SPV, LLC, Unfunded, 8/23/2027 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38710 |
| Geranium Solar, LLC, Unfunded, 11/21/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Glass Routes, LLC, Unfunded, 5/9/2028 | &nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;17333333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Goshen Solar 1, LLC, Unfunded, 6/14/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Goshen Solar 2, LLC, Unfunded, 6/25/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Gougar Road Solar 1, LLC, Unfunded, 3/13/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Hillview Drive Solar, LLC, Unfunded, 3/20/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| MRP Buyer, LLC, Unfunded, 6/4/2032 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Laureles, LLC, Unfunded, 1/9/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Leakey, LLC, Unfunded, 1/9/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Mason, LLC, Unfunded, 10/9/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Medina Lake, LLC, Unfunded, 1/9/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Medina, LLC, Unfunded, 1/9/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Muenster, LLC, Unfunded, 10/9/2025 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Regis Utopia, LLC, Unfunded, 1/9/2026 | &nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Salamanca Infrastructure Finance, LLC, Unfunded, 10/1/2030 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| SRC Construction Borrower 3, LLC, Unfunded, 07/24/2028 | &nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Tres Energy, LLC, Unfunded, 9/30/2025 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17015 |
| VDC OH11 Holdco, LLC, Unfunded, 6/18/2026 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**Name Change - Effective July 29, 2025, the Fund's name was changed from Versus Capital Infrastructure Income Fund to Harrison Street Infrastructure Income Fund. The Adviser's name was also changed from Versus Capital Advisors LLC to Harrison Street Private Wealth LLC. The investment objective and principal investment strategies of the Fund have not changed.**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Versus Capital Infrastructure Income Fund

- **b. Investment Company Act file number:** 811-23569

- **c. CIK number of Registrant:** 0001812286

- **d. LEI of Registrant:** 2549005LS8L1X7FNBA60

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

  - **Street Address 1:** 5050 S. Syracuse Street

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80237

  - **Telephone number:** 877-200-1878

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

- **a. Name of Series:** Versus Capital Infrastructure Income Fund

- **c. LEI of Series:** 2549005LS8L1X7FNBA60

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $267261243.89

**Total Liabilities:** $33211979.42

**Net Assets:** $234049264.47

**Cash Not Reported:** $1774136.62

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 19.75000000 | **1-Year:** 614.96000000 | **5-Year:** 540.78000000 | **10-Year:** 106.74000000 | **30-Year:** 2.50000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 417.70000000 | **1-Year:** 11386.20000000 | **5-Year:** 20525.01000000 | **10-Year:** 229.49000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000001 | 0.89%                | 0.79%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $46061.61                | $385016.20                                 |
| Month 2  | $5146.90                 | $200087.93                                 |
| Month 3  | $11894.74                | $630356.35                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Glass Routes LLC, unfunded                             | Glass Routes LLC, unfunded                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17333333 | PA      | $17274012.71  | 7.38%             | 2028-05-09      | Fixed         | 2.00%                 | Yes           | 3                  | On Loan: No      |
| Auckland International Airport                         | Auckland International Airport Ltd                                              | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |      3530 | NS      | $16665.01     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| INVENERGYTHERMALOPERATING                              | INVENERGYTHERMALOPERATINGILLC                                                   | CUSIP: 000000000<br>LEI: 549300JF5R5BXJAMZL67 | Long             | LON              | CORP              | US        |    125000 | PA      | $126109.38    | 0.05%             | 2032-05-06      | Floating      | 7.83%                 | Yes           | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                               | Enterprise Products Operating LLC                                               | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34717.08     | 0.01%             | 2077-08-16      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NAR6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $63223.43     | 0.03%             | 2027-07-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| LCPR SR SECURED FIN DAC                                | LCPR Senior Secured Financing DAC                                               | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |     16000 | PA      | $9440.48      | 0.00%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 13                            | CoreWeave CAC IV, LLC IG 13                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109250 | PA      | $110702.91    | 0.05%             | 2030-02-05      | Floating      | 10.32%                | Yes           | 3                  | On Loan: No      |
| Greenalia Power US Advanced II, LLC                    | Greenalia Power US Advanced II, LLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10008000.00  | 4.28%             | 2027-02-15      | Floating      | 11.88%                | Yes           | 3                  | On Loan: No      |
| Broadlea Road Solar 1, LLC                             | Broadlea Road Solar 1, LLC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    558821 | PA      | $558932.95    | 0.24%             | 2026-03-20      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Fidelity Treasury Portfolio                            | Fidelity Treasury Portfolio                                                     | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  13835922 | NS      | $13835921.88  | 5.91%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                          | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42783.97     | 0.02%             | 2055-04-01      | Fixed         | 6.55%                 | No            | 2                  | On Loan: No      |
| National Grid PLC                                      | National Grid PLC                                                               | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      2566 | NS      | $37665.45     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| TRANSCANADA TRUST                                      | Transcanada Trust                                                               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $97260.92     | 0.04%             | 2082-03-07      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37388.50     | 0.02%             | 2028-06-15      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| VZ SECURED FINANCING BV                                | VZ Secured Financing BV                                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $19589.86     | 0.01%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Greenalia S.A. Topco Uncovered Loan                    | Greenalia S.A. Topco Uncovered Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4975095.46   | 2.13%             | 2038-10-15      | Floating      | 15.72%                | Yes           | 3                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                                | American Electric Power Co Inc                                                  | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15618.39     | 0.01%             | 2054-12-15      | Fixed         | 7.05%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    106000 | PA      | $112043.27    | 0.05%             | 2083-01-15      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| NUSTAR LOGISTICS LP                                    | NuStar Logistics LP                                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65605.41     | 0.03%             | 2027-04-28      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| ALTAGAS LTD                                            | AltaGas Ltd                                                                     | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |     44000 | PA      | $44119.72     | 0.02%             | 2054-10-15      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 6                             | CoreWeave CAC IV, LLC IG 6                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1019191 | PA      | $1032746.04   | 0.44%             | 2029-10-28      | Fixed         | 10.52%                | Yes           | 3                  | On Loan: No      |
| BLACK HILLS CORP                                       | Black Hills Corp                                                                | CUSIP: 092113AV1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35230.33     | 0.02%             | 2028-03-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| CABLEVISION LIGHTPATH                                  | Cablevision Lightpath LLC                                                       | CUSIP: 12687GAA7<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |     83000 | PA      | $80048.69     | 0.03%             | 2027-09-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Union Pacific Corp                                     | Union Pacific Corp                                                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       229 | NS      | $52688.32     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| VERIZON COMMUNICATIONS                                 | Verizon Communications Inc                                                      | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5021.96      | 0.00%             | 2028-09-21      | Fixed         | 4.33%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                               | Enterprise Products Operating LLC                                               | CUSIP: 29379VBH5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33833.52     | 0.01%             | 2026-02-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| EQUINIX INC                                            | Equinix Inc                                                                     | CUSIP: 29444UBG0<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9537.51      | 0.00%             | 2027-07-15      | Fixed         | 1.80%                 | No            | 2                  | On Loan: No      |
| TC Energy Corp                                         | TC Energy Corp                                                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |       502 | NS      | $24507.41     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| QUIKRETE HOLDINGS INC                                  | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10289.45     | 0.00%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| SBA Communications Corp                                | SBA Communications Corp                                                         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       149 | NS      | $34991.16     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| AIGA Climate Fund I, LP                                | AIGA Climate Fund I, LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3686817 | NS      | $3940432.98   | 1.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DT MIDSTREAM INC                                       | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $39625.29     | 0.02%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                               | Western Midstream Operating LP                                                  | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63994.62     | 0.03%             | 2028-08-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                               | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $57603.34     | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| FIRSTENERGY CORP                                       | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33629.54     | 0.01%             | 2027-07-15      | Variable      | 3.90%                 | No            | 2                  | On Loan: No      |
| DCP MIDSTREAM OPERATING                                | DCP Midstream Operating LP                                                      | CUSIP: 23311VAJ6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54202.33     | 0.02%             | 2027-07-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Regis Laureles LLC unfunded                            | Regis Laureles LLC unfunded                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    251740 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| PARKLAND CORP                                          | Parkland Corp                                                                   | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     68000 | PA      | $65418.38     | 0.03%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Regis Utopia LLC unfunded                              | Regis Utopia LLC unfunded                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    418662 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| EMERA INC                                              | Emera Inc                                                                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    112000 | PA      | $112982.61    | 0.05%             | 2076-06-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Cottage Grove South 1 LLC unfunded                     | Cottage Grove South 1 LLC unfunded                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       129 | PA      | $0.00         | 0.00%             | 2025-09-20      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| PG&E Corp                                              | PG&E Corp                                                                       | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      2053 | NS      | $28618.82     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| AES CORP/THE                                           | AES Corp/The                                                                    | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     89000 | PA      | $87042.74     | 0.04%             | 2055-07-15      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| CENTERPOINT ENERGY RES                                 | CenterPoint Energy Resources Corp                                               | CUSIP: 15189YAG1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54302.48     | 0.02%             | 2028-03-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14410.19     | 0.01%             | 2082-03-15      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| PLAINS ALL AMER PIPELINE                               | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38247.62     | 0.02%             | 2029-12-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| KINETIK HOLDINGS LP                                    | Kinetik Holdings LP                                                             | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89810.79     | 0.04%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| EG US DEVCO LLC                                        | EG US DEVCO LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14874000.00  | 6.36%             | 2027-07-15      | Floating      | 10.28%                | Yes           | 3                  | On Loan: No      |
| APA Group                                              | APA Group                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      2959 | NS      | $15909.85     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| DIRECTV FIN LLC/COINC                                  | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97151.84     | 0.04%             | 2031-02-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| MIDCONTINENT COMMUNICATI                               | Midcontinent Communications                                                     | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     52000 | PA      | $55095.25     | 0.02%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Glass Routes LLC                                       | Glass Routes LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2671556 | PA      | $2648366.61   | 1.13%             | 2028-05-09      | Floating      | 11.78%                | Yes           | 3                  | On Loan: No      |
| Chester Solar 1, LLC                                   | Chester Solar 1, LLC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492437 | PA      | $492535.65    | 0.21%             | 2026-03-13      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Salamanca Infrastructure Finance, LLC                  | Salamanca Infrastructure Finance, LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203880 | PA      | $203308.90    | 0.09%             | 2030-10-01      | Floating      | 9.55%                 | Yes           | 3                  | On Loan: No      |
| VCRDX Data Center 1 LLC U V                            | VCRDX Data Center 1 LLC U V                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4650554 | PA      | $4652879.54   | 1.99%             | 2029-06-27      | Floating      | 9.83%                 | Yes           | 3                  | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                               | Plains All American Pipeline LP                                                 | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47216.86     | 0.02%             | N/A             | Floating      | 8.70%                 | No            | 2                  | On Loan: No      |
| CONSUMERS ENERGY CO                                    | Consumers Energy Co                                                             | CUSIP: 210518DS2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5072.67      | 0.00%             | 2028-03-01      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Italgas SpA                                            | Italgas SpA                                                                     | CUSIP: 000000000<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |      1704 | NS      | $14454.55     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CENTERPOINT ENERGY INC                                 | CenterPoint Energy Inc                                                          | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67409.03     | 0.03%             | 2055-02-15      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| C&W SENIOR FINANCE LTD                                 | C&W Senior Finance Ltd                                                          | CUSIP: 12665MAA0<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |      8000 | PA      | $8190.30      | 0.00%             | 2033-01-15      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| GFL ENVIRONMENTAL INC                                  | GFL Environmental Inc                                                           | CUSIP: 36168QAM6<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $45368.65     | 0.02%             | 2028-09-01      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| Anacott Solar, LLC                                     | Anacott Solar, LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    794751 | PA      | $794909.91    | 0.34%             | 2025-12-26      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| WEC ENERGY GROUP INC                                   | WEC Energy Group Inc                                                            | CUSIP: 92939UAL0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53560.78     | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| OREGON CLEAN ENERGY LLC                                | OREGON CLEAN ENERGY LLC                                                         | CUSIP: 68583LAK1<br>LEI: 549300F5O4JADXBZO874 | Long             | LON              | CORP              | US        |    849620 | PA      | $858009.86    | 0.37%             | 2030-07-12      | Floating      | 7.83%                 | Yes           | 2                  | On Loan: No      |
| TELECOM ITALIA CAPITAL                                 | Telecom Italia Capital SA                                                       | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     41000 | PA      | $42804.25     | 0.02%             | 2033-11-15      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 2                             | CoreWeave CAC IV, LLC IG 2                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    704330 | PA      | $713697.42    | 0.30%             | 2029-07-26      | Floating      | 11.28%                | Yes           | 3                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 4                             | CoreWeave CAC IV, LLC IG 4                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1754422 | PA      | $1777755.84   | 0.76%             | 2029-10-11      | Floating      | 10.66%                | Yes           | 3                  | On Loan: No      |
| Goshen Solar 1, LLC                                    | Goshen Solar 1, LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    524194 | PA      | $524298.91    | 0.22%             | 2026-06-14      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Regis Medina LLC unfunded                              | Regis Medina LLC unfunded                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    432926 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                               | Enterprise Products Operating LLC                                               | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10061.13     | 0.00%             | 2027-01-11      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                               | Enterprise Products Operating LLC                                               | CUSIP: 29379VBL6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39874.02     | 0.02%             | 2027-02-15      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| QIC Infrastructure Debt Fund II                        | QIC Infrastructure Debt Fund II                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2539000 | NS      | $1590609.67   | 0.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hillview Drive Solar, LLC, unfunded                    | Hillview Drive Solar, LLC, unfunded                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235704 | PA      | $0.01         | 0.00%             | 2026-03-20      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Japan Airport Terminal Co Ltd                          | Japan Airport Terminal Co Ltd                                                   | CUSIP: 000000000<br>LEI: 353800W9WEQSGUY2EO26 | Long             | EC               | CORP              | JP        |       564 | NS      | $18009.74     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| NRG ENERGY INC                                         | NRG Energy Inc                                                                  | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     41000 | PA      | $37761.19     | 0.02%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| CROWN CASTLE INC                                       | Crown Castle Inc                                                                | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4972.63      | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| FlashParking AssetCo SPV, LLC, unfunded                | FlashParking AssetCo SPV, LLC, unfunded                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7741950 | PA      | $38709.75     | 0.02%             | 2027-08-23      | Fixed         | 1.50%                 | Yes           | 3                  | On Loan: No      |
| East Japan Railway Co                                  | East Japan Railway Co                                                           | CUSIP: 000000000<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |       863 | NS      | $18563.93     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CMS Energy Corp                                        | CMS Energy Corp                                                                 | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       269 | NS      | $18636.32     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Regis Muenster LLC                                     | Regis Muenster LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435910 | PA      | $435889.41    | 0.19%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| MRP BUYER LLC                                          | MRP BUYER LLC                                                                   | CUSIP: 000000000<br>LEI: 254900P4JAIDEHZ3O147 | Long             | LON              | CORP              | US        |    508065 | PA      | $501081.17    | 0.21%             | 2032-06-04      | Floating      | 7.58%                 | Yes           | 2                  | On Loan: No      |
| esV Intermediate Holdco, LLC                           | esV Intermediate Holdco, LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5999400.00   | 2.56%             | 2027-03-22      | Floating      | 9.70%                 | Yes           | 3                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 11                            | CoreWeave CAC IV, LLC IG 11                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    813357 | PA      | $824175.03    | 0.35%             | 2030-02-05      | Floating      | 10.28%                | Yes           | 3                  | On Loan: No      |
| VDC OH11 Holdco, LLC                                   | VDC OH11 Holdco, LLC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4975134.90   | 2.13%             | 2030-09-18      | Fixed         | 8.85%                 | Yes           | 3                  | On Loan: No      |
| CPV SHORE HOLDINGS LLC                                 | CPV SHORE HOLDINGS LLC                                                          | CUSIP: 000000000<br>LEI: 549300Y8LWNFUD6ECV25 | Long             | LON              | CORP              | US        |   1000000 | PA      | $997190.00    | 0.43%             | 2032-02-04      | Floating      | 8.08%                 | Yes           | 2                  | On Loan: No      |
| Salamanca Infrastructure Finance, LLC                  | Salamanca Infrastructure Finance, LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7130882 | PA      | $7110915.87   | 3.04%             | 2030-10-01      | Floating      | 9.84%                 | Yes           | 3                  | On Loan: No      |
| FlashParking AssetCo SPV, LLC                          | FlashParking AssetCo SPV, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    788914 | PA      | $782760.02    | 0.33%             | 2029-09-05      | Floating      | 9.01%                 | Yes           | 3                  | On Loan: No      |
| EDISON INTERNATIONAL                                   | Edison International                                                            | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     41000 | PA      | $38944.52     | 0.02%             | 2054-06-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $63426.45     | 0.03%             | 2028-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| GENESIS ENERGY LP/FIN                                  | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $46827.27     | 0.02%             | 2032-05-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| VENTURE GLOBAL LNG INC                                 | Venture Global LNG Inc                                                          | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33259.22     | 0.01%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| BOARDWALK PIPELINES LP                                 | Boardwalk Pipelines LP                                                          | CUSIP: 096630AF5<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64000.04     | 0.03%             | 2027-07-15      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC unfunded                         | CoreWeave CAC IV, LLC unfunded                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5222434 | PA      | $104854.87    | 0.04%             | 2025-09-29      | Fixed         | 0.50%                 | Yes           | 3                  | On Loan: No      |
| NORFOLK SOUTHERN CORP                                  | Norfolk Southern Corp                                                           | CUSIP: 655844BS6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39462.60     | 0.02%             | 2026-06-15      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| UNION PACIFIC CORP                                     | Union Pacific Corp                                                              | CUSIP: 907818GE2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64098.32     | 0.03%             | 2026-02-21      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| CALPINE CORP                                           | Calpine Corp                                                                    | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     77000 | PA      | $76961.85     | 0.03%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                          | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35382.87     | 0.02%             | 2054-10-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| COMCAST CORP                                           | Comcast Corp                                                                    | CUSIP: 20030NBW0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     87000 | PA      | $84671.52     | 0.04%             | 2027-01-15      | Fixed         | 2.35%                 | No            | 2                  | On Loan: No      |
| 9521 US 14 Solar 1, LLC                                | 9521 US 14 Solar 1, LLC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2127072 | PA      | $2127497.41   | 0.91%             | 2025-09-26      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| INVENERGYTHERMALOPERATING                              | INVENERGYTHERMALOPERATING                                                       | CUSIP: 000000000<br>LEI: 549300JF5R5BXJAMZL67 | Long             | LON              | CORP              | US        |   1875000 | PA      | $1891640.63   | 0.81%             | 2032-05-06      | Floating      | 7.83%                 | Yes           | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34919.85     | 0.01%             | 2066-11-01      | Floating      | 7.56%                 | No            | 2                  | On Loan: No      |
| Spearmint Renewable Development Company, LLC Tranche B | Spearmint Renewable Development Company, LLC Tranche B                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4680302 | PA      | $4660814.35   | 1.99%             | 2025-09-09      | Floating      | 10.75%                | Yes           | 3                  | On Loan: No      |
| FIBERCOP SPA                                           | Fibercop SpA                                                                    | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     29000 | PA      | $28306.61     | 0.01%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                | Global Partners LP / GLP Finance Corp                                           | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5262.49      | 0.00%             | 2032-01-15      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Regis Medina Lake LLC                                  | Regis Medina Lake LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    423057 | PA      | $423034.52    | 0.18%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| PSE BorrowerCo LLC                                     | PSE BorrowerCo LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5985600.00   | 2.56%             | 2026-11-10      | Floating      | 9.95%                 | Yes           | 3                  | On Loan: No      |
| SUNRISE FINCO I BV                                     | Sunrise FinCo I BV                                                              | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |     47000 | PA      | $44479.63     | 0.02%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| GCI LLC                                                | GCI LLC                                                                         | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62892.64     | 0.03%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Cottage Grove North Solar 1 LLC                        | Cottage Grove North Solar 1 LLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2103883 | PA      | $2103330.93   | 0.90%             | 2025-09-20      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                               | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67087.48     | 0.03%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| American Tower Corp                                    | American Tower Corp                                                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |        44 | NS      | $9724.88      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTH FIELD ENERGY LLC                                 | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |    848242 | PA      | $852835.11    | 0.36%             | 2031-08-29      | Floating      | 7.58%                 | Yes           | 2                  | On Loan: No      |
| TRUMBULL HOLDCO 2, LLC                                 | TRUMBULL HOLDCO 2, LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14543100 | PA      | $14512559.04  | 6.20%             | 2026-11-03      | Floating      | 14.44%                | Yes           | 3                  | On Loan: No      |
| Goodenow Road West Solar 1, LLC                        | Goodenow Road West Solar 1, LLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    394152 | PA      | $394230.83    | 0.17%             | 2025-09-26      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| TELUS CORP                                             | TELUS Corp                                                                      | CUSIP: 87971MBF9<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |     34000 | PA      | $33521.71     | 0.01%             | 2027-09-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| Chester Solar 1, LLC, unfunded                         | Chester Solar 1, LLC, unfunded                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    169113 | PA      | $0.01         | 0.00%             | 2026-03-13      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Regis Medina LLC                                       | Regis Medina LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    382341 | PA      | $382317.28    | 0.16%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                               | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15623.33     | 0.01%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           | 2                  | On Loan: No      |
| Canadian Pacific Kansas City L                         | Canadian Pacific Kansas City Ltd                                                | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       443 | NS      | $35192.76     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| REPUBLIC SERVICES INC                                  | Republic Services Inc                                                           | CUSIP: 760759AR1<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63171.28     | 0.03%             | 2026-07-01      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| FLORIDA POWER & LIGHT CO                               | Florida Power & Light Co                                                        | CUSIP: 341081FM4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9952.62      | 0.00%             | 2025-12-01      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| AMEREN CORP                                            | Ameren Corp                                                                     | CUSIP: 023608AK8<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42932.69     | 0.02%             | 2028-03-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Hillview Drive Solar, LLC                              | Hillview Drive Solar, LLC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    599246 | PA      | $599365.39    | 0.26%             | 2026-03-20      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Gougar Road Solar 1, LLC, unfunded                     | Gougar Road Solar 1, LLC, unfunded                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2022 | PA      | $0.00         | 0.00%             | 2026-03-13      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| CenterPoint Energy Inc                                 | CenterPoint Energy Inc                                                          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |       642 | NS      | $23587.08     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CLEVELAND-CLIFFS INC                                   | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24995.47     | 0.01%             | 2027-06-01      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                                            | CUSIP: 000000000<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |       392 | NS      | $19470.36     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Entergy Corp                                           | Entergy Corp                                                                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |       296 | NS      | $24603.52     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Goshen Solar 2, LLC, unfunded                          | Goshen Solar 2, LLC, unfunded                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370360 | PA      | $0.01         | 0.00%             | 2026-06-25      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| IDACORP Inc                                            | IDACORP Inc                                                                     | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |        98 | NS      | $11314.10     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Regis Leakey LLC unfunded                              | Regis Leakey LLC unfunded                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445829 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| EXELON CORP                                            | Exelon Corp                                                                     | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63448.46     | 0.03%             | 2026-04-15      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| VCRDX Data Center 1 LLC U IV                           | VCRDX Data Center 1 LLC U IV                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3868505 | PA      | $3870438.90   | 1.65%             | 2029-06-27      | Floating      | 9.83%                 | Yes           | 3                  | On Loan: No      |
| BRIGHTLINE EAST LLC                                    | Brightline East LLC                                                             | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $18522.75     | 0.01%             | 2030-01-31      | Fixed         | 11.00%                | Yes           | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10194.23     | 0.00%             | 2026-11-10      | Fixed         | 6.15%                 | No            | 2                  | On Loan: No      |
| Crown Castle Inc                                       | Crown Castle Inc                                                                | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       225 | NS      | $23114.25     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| TARGA RESOURCES PARTNERS                               | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71406.27     | 0.03%             | 2029-01-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| CHENIERE CORP CHRISTI HD                               | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53518.27     | 0.02%             | 2027-06-30      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| DigitalBridge Credit II (Onshore), LP                  | DigitalBridge Credit II (Onshore), LP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2156533 | NS      | $1960566.72   | 0.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Tres Energy LLC                                        | Tres Energy LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3535032 | PA      | $3456907.65   | 1.48%             | 2029-11-02      | Floating      | 10.80%                | Yes           | 3                  | On Loan: No      |
| LACKAWANNA ENERGY CENTER                               | LACKAWANNA ENERGY CENTER LLC                                                    | CUSIP: 000000000<br>LEI: 549300IW2LJBNY42EC59 | Long             | LON              | CORP              | US        |    357182 | PA      | $359115.89    | 0.15%             | 2029-08-06      | Floating      | 8.58%                 | Yes           | 2                  | On Loan: No      |
| CHENIERE ENERGY INC                                    | Cheniere Energy Inc                                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45949.68     | 0.02%             | 2028-10-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66375.66     | 0.03%             | N/A             | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| NRG ENERGY INC                                         | NRG Energy Inc                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34831.52     | 0.01%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Broadlea Road Solar 1, LLC, unfunded                   | Broadlea Road Solar 1, LLC, unfunded                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175079 | PA      | $0.01         | 0.00%             | 2026-03-20      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| SRC Construction Borrower 3, LLC, unfunded             | SRC Construction Borrower 3, LLC, unfunded                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1806385 | PA      | $1780474.79   | 0.76%             | 2028-07-24      | Fixed         | 1.75%                 | Yes           | 3                  | On Loan: No      |
| ONEOK INC                                              | ONEOK Inc                                                                       | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10052.12     | 0.00%             | 2026-01-15      | Fixed         | 5.85%                 | No            | 2                  | On Loan: No      |
| PPL CAPITAL FUNDING INC                                | PPL Capital Funding Inc                                                         | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52380.95     | 0.02%             | 2026-05-15      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC                                           | NiSource Inc                                                                    | CUSIP: 65473QBE2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45314.49     | 0.02%             | 2027-05-15      | Fixed         | 3.49%                 | No            | 2                  | On Loan: No      |
| ILIAD HOLDING SAS                                      | Iliad Holding SASU                                                              | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     10000 | PA      | $10190.53     | 0.00%             | 2028-10-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| CON EDISON CO OF NY INC                                | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FS7<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63780.38     | 0.03%             | 2028-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MRP BUYER LLC                                          | MRP BUYER LLC                                                                   | CUSIP: 000000000<br>LEI: 254900P4JAIDEHZ3O147 | Long             | LON              | CORP              | US        |   3991935 | PA      | $3937066.33   | 1.68%             | 2032-05-24      | Floating      | 7.58%                 | Yes           | 2                  | On Loan: No      |
| EVERSOURCE ENERGY                                      | Eversource Energy                                                               | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34891.46     | 0.01%             | 2028-03-01      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     53000 | PA      | $51982.14     | 0.02%             | 2027-03-15      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| BUDDERFLY SPV I, LLC 1                                 | BUDDERFLY SPV I, LLC 1                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5915000 | PA      | $5916774.50   | 2.53%             | 2028-12-20      | Floating      | 9.83%                 | Yes           | 3                  | On Loan: No      |
| FlashParking AssetCo SPV, LLC                          | FlashParking AssetCo SPV, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    294371 | PA      | $292074.64    | 0.12%             | 2029-09-05      | Floating      | 8.82%                 | Yes           | 3                  | On Loan: No      |
| Geranium Solar, LLC                                    | Geranium Solar, LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1030947 | PA      | $1031152.84   | 0.44%             | 2025-11-21      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20317.37     | 0.01%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| T-MOBILE USA INC                                       | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39600.60     | 0.02%             | 2027-04-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| ONEOK INC                                              | ONEOK Inc                                                                       | CUSIP: 682680CQ4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20434.77     | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 7                             | CoreWeave CAC IV, LLC IG 7                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    496793 | PA      | $503400.43    | 0.22%             | 2029-12-10      | Floating      | 10.43%                | Yes           | 3                  | On Loan: No      |
| FlashParking AssetCo SPV, LLC                          | FlashParking AssetCo SPV, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    329695 | PA      | $327123.59    | 0.14%             | 2029-09-05      | Floating      | 8.87%                 | Yes           | 3                  | On Loan: No      |
| LACKAWANNA ENERGY CENTER                               | LACKAWANNA ENERGY CENTER LLC                                                    | CUSIP: 000000000<br>LEI: 549300IW2LJBNY42EC59 | Long             | LON              | CORP              | US        |   1626266 | PA      | $1635072.16   | 0.70%             | 2029-08-06      | Floating      | 8.58%                 | Yes           | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 3                             | CoreWeave CAC IV, LLC IG 3                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1378188 | PA      | $1396517.81   | 0.60%             | 2029-08-27      | Floating      | 10.52%                | Yes           | 3                  | On Loan: No      |
| Spearmint Renewable Development Company, LLC Tranche A | Spearmint Renewable Development Company, LLC Tranche A                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    923984 | PA      | $923891.45    | 0.39%             | 2027-06-09      | Floating      | 13.75%                | Yes           | 3                  | On Loan: No      |
| DIGITAL REALTY TRUST LP                                | Digital Realty Trust LP                                                         | CUSIP: 25389JAR7<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45436.25     | 0.02%             | 2027-08-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                  | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22501.88     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Goshen Solar 2, LLC                                    | Goshen Solar 2, LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    402290 | PA      | $402370.92    | 0.17%             | 2026-06-25      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Regis Leakey LLC                                       | Regis Leakey LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    356928 | PA      | $356904.96    | 0.15%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| Pennon Group PLC                                       | Pennon Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |      2355 | NS      | $16247.73     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 12                            | CoreWeave CAC IV, LLC IG 12                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197783 | PA      | $200413.14    | 0.09%             | 2030-02-05      | Floating      | 10.28%                | Yes           | 3                  | On Loan: No      |
| Geranium Solar, LLC, unfunded                          | Geranium Solar, LLC, unfunded                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205753 | PA      | $0.01         | 0.00%             | 2025-11-21      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Chubu Electric Power Co Inc                            | Chubu Electric Power Co Inc                                                     | CUSIP: 000000000<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |       984 | NS      | $12176.44     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     84000 | PA      | $89106.57     | 0.04%             | 2028-02-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     84000 | PA      | $83414.99     | 0.04%             | 2082-03-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Conterra Ultra Broadband (CUB) SPV II, LLC             | Conterra Ultra Broadband (CUB) SPV II, LLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14748000.00  | 6.30%             | 2028-04-08      | Floating      | 11.08%                | Yes           | 3                  | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                               | Virgin Media Secured Finance PLC                                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     97000 | PA      | $90211.41     | 0.04%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 9                             | CoreWeave CAC IV, LLC IG 9                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    933930 | PA      | $946351.11    | 0.40%             | 2030-02-05      | Floating      | 10.30%                | Yes           | 3                  | On Loan: No      |
| SOUTHERN CO                                            | Southern Co/The                                                                 | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53931.99     | 0.02%             | 2028-06-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Xcel Energy Inc                                        | Xcel Energy Inc                                                                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       566 | NS      | $38544.60     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Transurban Group                                       | Transurban Group                                                                | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |      2384 | NS      | $21935.09     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Tres Energy LLC Unfunded                               | Tres Energy LLC Unfunded                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6369427 | PA      | $6306823.82   | 2.69%             | 2025-09-30      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| ECHOSTAR CORP                                          | EchoStar Corp                                                                   | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     51856 | PA      | $47363.70     | 0.02%             | 2030-11-30      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| SunZia UpperCo LLC                                     | SunZia UpperCo LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10000000.00  | 4.27%             | 2025-12-21      | Floating      | 3.00%                 | Yes           | 3                  | On Loan: No      |
| Eastern Power LLC                                      | EASTERN POWER LLC                                                               | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |   2902835 | PA      | $2911703.40   | 1.24%             | 2028-04-03      | Floating      | 9.58%                 | Yes           | 2                  | On Loan: No      |
| Anacott Solar, LLC, unfunded                           | Anacott Solar, LLC, unfunded                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162149 | PA      | $0.01         | 0.00%             | 2025-12-26      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                               | Suburban Propane Partners LP/Suburban Energy Finance Corp                       | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77000 | PA      | $72897.61     | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| SOUTH FIELD ENERGY LLC                                 | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |     54224 | PA      | $54517.25     | 0.02%             | 2031-08-29      | Floating      | 7.58%                 | Yes           | 2                  | On Loan: No      |
| Regis Muenster LLC unfunded                            | Regis Muenster LLC unfunded                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279640 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| TELUS CORP                                             | TELUS Corp                                                                      | CUSIP: 87971MCM3<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |     24000 | PA      | $24220.59     | 0.01%             | 2055-10-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Salamanca Infrastructure Finance, LLC                  | Salamanca Infrastructure Finance, LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    322148 | PA      | $321245.65    | 0.14%             | 2030-10-01      | Floating      | 9.55%                 | Yes           | 3                  | On Loan: No      |
| PG&E CORP                                              | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63617.85     | 0.03%             | 2055-03-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| SSE PLC                                                | SSE PLC                                                                         | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |       603 | NS      | $15183.62     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| COX COMMUNICATIONS INC                                 | Cox Communications Inc                                                          | CUSIP: 224044CJ4<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39238.34     | 0.02%             | 2027-08-15      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| Williams Cos Inc/The                                   | Williams Cos Inc/The                                                            | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       666 | NS      | $41831.46     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| WHISTLER PIPELINE LLC                                  | Whistler Pipeline LLC                                                           | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25297.02     | 0.01%             | 2029-09-30      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| BELL CANADA                                            | Bell Telephone Co of Canada or Bell Canada                                      | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     68000 | PA      | $69870.92     | 0.03%             | 2055-09-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| VDC OH11 Holdco, LLC Unfunded                          | VDC OH11 Holdco, LLC Unfunded                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4975886.19   | 2.13%             | 2026-06-18      | Fixed         | 1.25%                 | Yes           | 3                  | On Loan: No      |
| AMERICAN TOWER CORP                                    | American Tower Corp                                                             | CUSIP: 03027XCC2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34868.30     | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                               | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $60189.97     | 0.03%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| CSX CORP                                               | CSX Corp                                                                        | CUSIP: 126408HE6<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62646.86     | 0.03%             | 2026-11-01      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| Gougar Road Solar 1, LLC                               | Gougar Road Solar 1, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    482878 | PA      | $482974.95    | 0.21%             | 2026-03-13      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| South Green Haven Solar 1, LLC                         | South Green Haven Solar 1, LLC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390250 | PA      | $390328.05    | 0.17%             | 2026-03-13      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                | Southwestern Electric Power Co                                                  | CUSIP: 845437BP6<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33278.44     | 0.01%             | 2026-10-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                               | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24559.26     | 0.01%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                                | American Electric Power Co Inc                                                  | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     33000 | PA      | $34489.52     | 0.01%             | 2054-12-15      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Regis Utopia LLC                                       | Regis Utopia LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    371803 | PA      | $371779.97    | 0.16%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $69732.04     | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41169.30     | 0.02%             | 2028-02-15      | Fixed         | 5.55%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                                           | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67415.17     | 0.03%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| WASTE MANAGEMENT INC                                   | Waste Management Inc                                                            | CUSIP: 94106LBE8<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62729.79     | 0.03%             | 2027-11-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| Yager Road Whiteside Solar 1, LLC                      | Yager Road Whiteside Solar 1, LLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415636 | PA      | $415719.13    | 0.18%             | 2025-12-26      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       332 | NS      | $39176.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                               | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     89000 | PA      | $91906.03     | 0.04%             | 2055-03-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| FlashParking AssetCo SPV, LLC                          | FlashParking AssetCo SPV, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    845070 | PA      | $838478.87    | 0.36%             | 2029-09-05      | Floating      | 9.50%                 | Yes           | 3                  | On Loan: No      |
| DISH NETWORK CORP                                      | DISH Network Corp                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     81000 | PA      | $83559.28     | 0.04%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| HESS MIDSTREAM OPERATION                               | Hess Midstream Operations LP                                                    | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65332.48     | 0.03%             | 2030-10-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| VISTRA OPERATIONS CO LLC                               | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     71000 | PA      | $75512.30     | 0.03%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| Cottage Grove South 1 LLC                              | Cottage Grove South 1 LLC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2366571 | PA      | $2366017.10   | 1.01%             | 2025-09-20      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| VIRGINIA ELEC & POWER CO                               | Virginia Electric and Power Co                                                  | CUSIP: 927804FX7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33647.54     | 0.01%             | 2027-03-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| LCPR SR SECURED FIN DAC                                | LCPR Senior Secured Financing DAC                                               | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $16862.50     | 0.01%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| DIRECTV FIN LLC/COINC                                  | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $21941.95     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                 | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $114406.59    | 0.05%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| BUCKEYE PARTNERS LP                                    | Buckeye Partners LP                                                             | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     71000 | PA      | $69775.07     | 0.03%             | 2027-12-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| LEVEL 3 FINANCING INC                                  | Level 3 Financing Inc                                                           | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2036.49      | 0.00%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| SPRINT CAPITAL CORP                                    | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12885.44     | 0.01%             | 2028-11-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| AES PANAMA GENERATION HL                               | AES Panama Generation Holdings SRL                                              | CUSIP: 00109AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |     12231 | PA      | $11207.05     | 0.00%             | 2030-05-31      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| VENTURE GLOBAL LNG INC                                 | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24282.91     | 0.01%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                               | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAA0<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53354.64     | 0.02%             | 2027-09-01      | Fixed         | 4.91%                 | Yes           | 2                  | On Loan: No      |
| Regis Medina Lake LLC unfunded                         | Regis Medina Lake LLC unfunded                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    349298 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Spearmint Renewable Development Company, LLC Tranche A | Spearmint Renewable Development Company, LLC Tranche A                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1091883 | PA      | $1091773.76   | 0.47%             | 2027-06-09      | Floating      | 13.75%                | Yes           | 3                  | On Loan: No      |
| AT&T INC                                               | AT&T Inc                                                                        | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79389.48     | 0.03%             | 2026-03-25      | Fixed         | 1.70%                 | No            | 2                  | On Loan: No      |
| Porter Aircraft Leasing Corp.                          | Porter Aircraft Leasing Corp.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  13781060 | PA      | $10427761.56  | 4.46%             | 2026-05-31      | Floating      | 0.01%                 | Yes           | 3                  | On Loan: No      |
| LEVEL 3 FINANCING INC                                  | Level 3 Financing Inc                                                           | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25387.50     | 0.01%             | 2029-07-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| SRC Construction Borrower 3, LLC                       | SRC Construction Borrower 3, LLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3407070 | PA      | $3339950.55   | 1.43%             | 2028-07-24      | Fixed         | 10.00%                | Yes           | 3                  | On Loan: No      |
| XPLR INFRAST OPERATING                                 | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67702.28     | 0.03%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| LIBERTY COSTA RICA SR SF                               | Liberty Costa Rica Senior Secured Finance                                       | CUSIP: 530371AA1<br>LEI: 549300W6O2PHTPCYQ751 | Long             | DBT              | CORP              | KY        |      6000 | PA      | $6387.21      | 0.00%             | 2031-01-15      | Fixed         | 10.88%                | Yes           | 2                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 8                             | CoreWeave CAC IV, LLC IG 8                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    862113 | PA      | $873578.65    | 0.37%             | 2029-12-10      | Floating      | 10.33%                | Yes           | 3                  | On Loan: No      |
| Targa Resources Corp                                   | Targa Resources Corp                                                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       119 | NS      | $20715.52     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                               | Enterprise Products Operating LLC                                               | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    112000 | PA      | $110443.16    | 0.05%             | 2078-02-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| American Water Works Co Inc                            | American Water Works Co Inc                                                     | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       134 | NS      | $18640.74     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                | Public Service Electric and Gas Co                                              | CUSIP: 74456QBS4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52018.86     | 0.02%             | 2027-05-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| WRANGLER HOLDCO CORP                                   | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26046.28     | 0.01%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| MPLX LP                                                | MPLX LP                                                                         | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45562.27     | 0.02%             | 2028-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| VCRDX Data Center 1 LLC L V                            | VCRDX Data Center 1 LLC L V                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4604280 | PA      | $4606582.24   | 1.97%             | 2029-06-27      | Floating      | 9.83%                 | Yes           | 3                  | On Loan: No      |
| EXCELERATE ENERGY LP                                   | Excelerate Energy LP                                                            | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9494.45      | 0.00%             | 2030-05-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                 | Clearway Energy Operating LLC                                                   | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     68000 | PA      | $62486.42     | 0.03%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| Grant Highway Solar 1, LLC                             | Grant Highway Solar 1, LLC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    377104 | PA      | $377179.42    | 0.16%             | 2026-01-16      | Floating      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Regis Mason LLC unfunded                               | Regis Mason LLC unfunded                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    438521 | PA      | $0.01         | 0.00%             | 2025-07-09      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| DOMINION ENERGY INC                                    | Dominion Energy Inc                                                             | CUSIP: 25746UCK3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39328.46     | 0.02%             | 2026-08-15      | Fixed         | 2.85%                 | No            | 2                  | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                     | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33679.14     | 0.01%             | 2026-01-01      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| FRONTIER COMMUNICATIONS                                | Frontier Communications Holdings LLC                                            | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $108458.41    | 0.05%             | 2031-03-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                                              | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |       744 | NS      | $28970.05     | 0.01%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Caithness Brookhaven, LLC                              | Caithness Brookhaven, LLC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7720059 | PA      | $7778731.94   | 3.32%             | 2029-07-31      | Floating      | 0.01%                 | Yes           | 3                  | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                 | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $39832.35     | 0.02%             | 2029-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Cottage Grove North Solar 1 LLC unfunded               | Cottage Grove North Solar 1 LLC unfunded                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    261017 | PA      | $0.00         | 0.00%             | 2025-09-20      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $4044.03      | 0.00%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Spearmint Renewable Development Company, LLC Tranche B | Spearmint Renewable Development Company, LLC Tranche B                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3931969 | PA      | $3922621.04   | 1.68%             | 2025-09-09      | Floating      | 10.75%                | Yes           | 3                  | On Loan: No      |
| NiSource Inc                                           | NiSource Inc                                                                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       688 | NS      | $27753.92     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| VCRDX Data Center 1 LLC L IV                           | VCRDX Data Center 1 LLC L IV                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3830012 | PA      | $3831927.07   | 1.64%             | 2029-06-27      | Floating      | 9.83%                 | Yes           | 3                  | On Loan: No      |
| BRITISH TELECOMMUNICATIO                               | British Telecommunications PLC                                                  | CUSIP: 111021AL5<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     46000 | PA      | $47031.20     | 0.02%             | 2028-12-04      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| XYLEM INC                                              | Xylem Inc/NY                                                                    | CUSIP: 98419MAM2<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |     46000 | PA      | $43527.84     | 0.02%             | 2028-01-30      | Fixed         | 1.95%                 | No            | 2                  | On Loan: No      |
| Evergy Inc                                             | Evergy Inc                                                                      | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       475 | NS      | $32741.75     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheniere Energy Inc                                    | Cheniere Energy Inc                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       143 | NS      | $34823.36     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CSC HOLDINGS LLC                                       | CSC Holdings LLC                                                                | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    181000 | PA      | $125570.39    | 0.05%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           | 2                  | On Loan: No      |
| NextEra Energy Inc                                     | NextEra Energy Inc                                                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |       800 | NS      | $55536.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 1                             | CoreWeave CAC IV, LLC IG 1                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470426 | PA      | $476683.14    | 0.20%             | 2029-06-28      | Floating      | 11.33%                | Yes           | 3                  | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                 | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $66349.16     | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                          | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33204.82     | 0.01%             | 2028-02-01      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY CORP                                       | Duke Energy Corp                                                                | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62818.75     | 0.03%             | 2026-09-01      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| CMS ENERGY CORP                                        | CMS Energy Corp                                                                 | CUSIP: 125896BS8<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45178.22     | 0.02%             | 2027-08-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| HILL TOP ENERGY CENTER                                 | HILL TOP ENERGY CENTER LLC                                                      | CUSIP: 000000000<br>LEI: 254900T9DLAA1Y7RBS04 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000625.00   | 0.43%             | 2032-06-17      | Floating      | 7.56%                 | Yes           | 2                  | On Loan: No      |
| CABLE ONE INC                                          | Cable One Inc                                                                   | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     71000 | PA      | $55998.71     | 0.02%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Regis Mason LLC                                        | Regis Mason LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    384674 | PA      | $384650.67    | 0.16%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| Regis Laureles LLC                                     | Regis Laureles LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    328672 | PA      | $328654.93    | 0.14%             | 2025-07-09      | Floating      | 10.25%                | Yes           | 3                  | On Loan: No      |
| KINDER MORGAN INC                                      | Kinder Morgan Inc                                                               | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40043.44     | 0.02%             | 2028-03-01      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| FORTIS INC                                             | Fortis Inc/Canada                                                               | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |     46000 | PA      | $45194.75     | 0.02%             | 2026-10-04      | Fixed         | 3.06%                 | No            | 2                  | On Loan: No      |
| BUDDERFLY SPV I, LLC, unfunded                         | BUDDERFLY SPV I, LLC, unfunded                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085000 | PA      | $4404.90      | 0.00%             | 2028-12-20      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 10                            | CoreWeave CAC IV, LLC IG 10                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136762 | PA      | $138580.72    | 0.06%             | 2030-02-05      | Floating      | 10.30%                | Yes           | 3                  | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                               | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $38615.64     | 0.02%             | 2026-12-02      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| EVERGY INC                                             | Evergy Inc                                                                      | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47833.51     | 0.02%             | 2055-06-01      | Fixed         | 6.65%                 | No            | 2                  | On Loan: No      |
| Ameresco, Inc.                                         | Ameresco, Inc.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5910600.00   | 2.53%             | 2029-06-28      | Floating      | 11.21%                | Yes           | 3                  | On Loan: No      |
| CoreWeave CAC IV, LLC IG 5                             | CoreWeave CAC IV, LLC IG 5                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    901022 | PA      | $913005.30    | 0.39%             | 2029-10-28      | Floating      | 10.62%                | Yes           | 3                  | On Loan: No      |
| Goshen Solar 1, LLC, unfunded                          | Goshen Solar 1, LLC, unfunded                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99156 | PA      | $0.00         | 0.00%             | 2026-06-14      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| CANADIAN NATL RAILWAY                                  | Canadian National Railway Co                                                    | CUSIP: 136375CJ9<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |     34000 | PA      | $33619.84     | 0.01%             | 2026-03-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Getlink SE                                             | Getlink SE                                                                      | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |      1101 | NS      | $21253.73     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Salamanca Infrastructure Finance, LLC, Unfunded        | Salamanca Infrastructure Finance, LLC, Unfunded                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96258 | PA      | $0.00         | 0.00%             | 2030-10-01      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                               | Summit Midstream Holdings LLC                                                   | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $41977.69     | 0.02%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| WASTE CONNECTIONS INC                                  | Waste Connections Inc                                                           | CUSIP: 941053AH3<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $64290.33     | 0.03%             | 2028-12-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Versus Capital Infrastructure Income Fund

**Signature:** Dustin Rose

**Name of Signer:** Dustin Rose

**Title:** Assistant Treasurer