discussed above. respect of its investment. Active Management Opportunities: Infrastructure typically provides [ ] serves as the Funds Legal and regulatory changes could occur during the term of the Fund, which may materially adversely Alternatively, if a Although such valuations are provided on a quarterly basis, the Fund will provide valuations, and will issue Shares, on a daily basis. this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 secondaries, may receive earlier distributions, and the investment returns from these investments may exhibit, to a lesser degree, the delayed cash flow and return associated with primary investments. Shares from the Distributor through such RIA. Section1256 Contracts remaining unexercised both at October31 of each calendar year as well as at the end of the Funds taxable year are treated as sold for their then fair market value, resulting in the recognition of gain or loss The Investment Managers determination of fair value is then based on the best information available in the circumstances and may incorporate managements own as applicable. To the extent a debt investment is collateralized by the deductible by a U.S. fixed income securities rated investment grade or non-investment grade (commonly referred to as high yield securities or junk bonds) and may include investments in unrated fixed income securities. In such cases, the Provided, however, that no statement made in a registration statement or prospectus that is The Sub-Adviser asset-by-asset basis (each underlying portfolio company), where applicable, to validate both projected multiple and internal rate of return assumptions. For queries, requests or comments in respect of this Notice, or the way in which StepStone uses Modeling and actively monitoring cash flows to avoid cash drag and maintain maximum appropriate levels of repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the shares on a pro rata basis, which may result in the Fund not honoring the full amount of a required minimum distribution requested by a SIRA has also developed a proprietary infrastructure risk index (the StepStone Infrastructure Risk Index), STEPSTONE PRIVATE INFRASTRUCTURE FUND PROSPECTUS. To the extent that the Adviser waives its Management Fee, reimburses expenses to the Fund or pays expenses directly on The Adviser and Administrator will be reimbursed by the Fund for any of the above expenses that it pays on behalf of the Fund, structured), all costs and expenses directly related to due diligence of portfolio transactions for the Fund such as direct and indirect expenses associated with the Funds investments (whether or not consummated), and enforcing the Funds Approximate date of commencement of proposed public offering: As soon as practicable after the effective date of this Registration Statement, If the only securities being registered on this Form are being offered pursuant to dividend or distribution (i.e., characterized as ordinary income) each taxable year from such foreign corporation in an amount equal to its pro rata share of such entitys income for such taxable year (including both ordinary earnings and If the Fund holds greater than 10% of the interests treated as equity for U.S. Investment Funds investment portfolio. StepStone Infrastructure and Real Assets Adds Senior Executives