The Versus Capital Infrastructure Income Fund (the “Fund”) is not a complete investment program. An investment in the Fund involves a high degree of risk and should be considered speculative. A prospectus which contains information about the Fund may be obtained by calling 877-200-1878 or emailing [email protected]. The prospectus should be read carefully before investing. This communication is not an offer to sell Fund shares and is not soliciting an offer to buy Fund shares in any state where the offer or sale is not permitted.

• Under normal market conditions, the Fund seeks to achieve its investment objectives by allocating at least 80% of its net assets (plus the amount of any borrowings for investment purposes) to income-oriented investments that provide exposure to infrastructure assets. The Fund intends to make direct and indirect investments in infrastructure loans, the equity and debt securities of infrastructure companies, and securities backed by infrastructure assets. As such, an investment in the Fund is subject to certain risks associated with the related ownership, use and operation of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; disruptive weather and environmental effects; changes in energy prices; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; insurance costs and industry competition; technological developments and disruptions; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund.
• In addition to risks generally associated with debt securities and related investments (e.g., credit risk, interest rate risk), the Fund’s investments in loans and loan-related investments, including loan participations and assignments, are subject to other risks. Although a loan obligation may be fully collateralized at the time of origination or acquisition, the collateral may subsequently decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value. Many loans and loan-related investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower.
• The Fund intends to operate as a “non-diversified” fund under the Investment Company Act of 1940. Changes in the financial condition or market assessment of a single holding may cause greater fluctuation in the Fund’s net asset value than in a “diversified” Fund. The Fund is not intended as a complete investment program but instead as a way to help investors diversify into infrastructure. Diversification does not ensure a profit or guarantee against a loss.
• A multi-manager strategy involves certain risks. For example, it is possible that some private fund managers or sub-advisers may take similar market positions, thereby interfering with the Fund’s investment goal.
• The adviser, sub-advisers and private fund managers manage portfolios for themselves and other clients. A conflict of interest between the Fund and these other parties may arise which could disadvantage the Fund. For example, a suitable but limited investment opportunity might be allocated to another client rather than to the Fund.
• The Fund’s investments in direct infrastructure debt and private funds will be priced based on estimates of fair value, which may prove to be inaccurate. Therefore, the value of the Fund’s investments will be difficult to ascertain, and the valuations provided in respect of the Fund’s private funds and other private securities will likely vary from the amounts the Fund would receive upon withdrawal of its investments. Additionally, given the limited liquidity of these investments, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any underlying material changes, resulting in substantial losses.

 

• The Fund does not intend to list its shares on any securities exchange during the offering period, and the Fund does not currently expect a secondary market in the shares to develop. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.
• You should not expect to be able to sell your shares other than through the Fund’s repurchase policy, regardless of how the Fund performs. If you are able to sell your shares other than through the Fund’s repurchase policy you will likely receive less than your purchase price.
• Even though the Fund will offer to repurchase shares on a quarterly basis, you should consider shares of the Fund to be an illiquid investment. There is no guarantee that you will be able to sell your shares at any given time or in the quantity that you desire.
• The shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment.
• The Fund may utilize borrowings and financial leverage and significant risks may be assumed as a result.
• The amount of distributions that the Fund may pay, if any, is uncertain.
• The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as from offering proceeds, borrowings, and amounts from the Fund’s affiliates that are subject to repayment by investors, if any.
• Please see the Fund’s prospectus for additional information regarding the risks associated with investing in the Fund.