# EDGAR Filing Document

**Accession Number:** 0001515001
**File Stem:** 0001752724-25-211920
**Filing Date:** 2025-8
**Character Count:** 103203
**Document Hash:** 65a76501c5b284ebbedfed1a7b369279
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211920.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211920

**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 Real Estate Fund LLC
- **CENTRAL INDEX KEY:** 0001515001

**ORGANIZATION NAME:**
- **EIN:** 451872199
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22534
- **FILM NUMBER:** 251274898

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 303-895-3773

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Real Estate Fund LLC
- **DATE OF NAME CHANGE:** 20240729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Global Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110310

## Nport-Ex

#### VERSUS CAPITAL REAL ESTATE FUND LLC

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

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Private Investment Funds(a) - 86.5%** | **Private Investment Funds(a) - 86.5%** | **Private Investment Funds(a) - 86.5%** |
|  | **Diversified – 86.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394 | AEW Core Property (U.S.) LP<br>| $3476980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | AEW Value Investors US LP(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46147994 |
| 48948943 | CBRE U.S. Core Partners LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75518919 |
| 155048263 | CBRE U.S. Logistics Partners LP(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210520505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48621 | Clarion Gables Multifamily Trust LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70377620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94176 | Clarion Lion Properties Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140600025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | DigitalBridge AI Infrastructure B LP(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23220606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | DigitalBridge AI Infrastructure D LP(b)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36623025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75021 | GI Partners ETS Fund(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66554 | Harrison Street Core Property Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94802725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81454 | Heitman America Real Estate Trust LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101225316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64150 | Heitman Core Real Estate Debt Income Trust LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50424533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52194 | Hines European Property Partners(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90645488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | Invesco Core Real Estate USA LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136587130 |
| &nbsp;&nbsp;&nbsp;&nbsp;492050 | Invesco Real Estate Asia Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55050591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90626 | RREEF America II LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11344315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Sagard Real Estate - US Property Fund(b)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98835518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12389 | TA Realty Core Property Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15882999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | Trumbull Property Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17708367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | Trumbull Property Income Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10084891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | US Government Building Open-End Feeder LP(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40904865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | USGBF Alpha Feeder LP(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26511600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57758 | Walton Street Real Estate Core-Plus Fund LP(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66626153 |
|  | **Total Private Investment Funds<br>**  | &nbsp;&nbsp;&nbsp;1503620165 |
|  | (Cost $1,467,064,572) |  |
| **Common Stocks - 18.5%** | **Common Stocks - 18.5%** |  |
|  | **Apartments/Single Family Residential – 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75405 | Agree Realty Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5509089 |
| &nbsp;&nbsp;&nbsp;&nbsp;116136 | American Homes 4 Rent, Class A Shares, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4189025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35616 | AvalonBay Communities, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7247856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68372 | Camden Property Trust, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7704841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | Comforia Residential REIT, Inc. (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 561236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | Daiwa House REIT Investment Corp. (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1477119 |
| &nbsp;&nbsp;&nbsp;&nbsp;162010 | Equity Residential, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10934055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 | Essex Property Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2650640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | InterRent Real Estate Investment Trust, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 555990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | Invincible Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 725180 |
| &nbsp;&nbsp;&nbsp;&nbsp;301515 | Invitation Homes, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9889692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | Nippon Accommodations Fund, Inc., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 591289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95605 | NNN REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4128224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66870 | Realty Income Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3852381 |
| &nbsp;&nbsp;&nbsp;&nbsp;100881 | UNITE Group, PLC (The), REIT (United Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1175742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61192359 |
|  | **Diversified – 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6878 | American Tower Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1520176 |
| &nbsp;&nbsp;&nbsp;&nbsp;114469 | Broadstone Net Lease, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1837228 |
| &nbsp;&nbsp;&nbsp;&nbsp;838311 | Digital Core REIT Management Pte, Ltd. (Singapore)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 444335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82466 | Digital Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14376298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21259 | Equinix, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16910897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89655 | Gaming and Leisure Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4185095 |
| &nbsp;&nbsp;&nbsp;&nbsp;645800 | Keppel DC REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1183796 |
| &nbsp;&nbsp;&nbsp;&nbsp;392128 | Mercialys SA, REIT (France)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4928191 |
| &nbsp;&nbsp;&nbsp;&nbsp;108711 | Merlin Properties Socimi SA, REIT (Spain)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1433217 |
| &nbsp;&nbsp;&nbsp;1419915 | Mirvac Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2060238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | Sekisui House Reit, Inc. (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1313693 |
| &nbsp;&nbsp;&nbsp;&nbsp;959466 | Stockland, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3390869 |
| &nbsp;&nbsp;&nbsp;&nbsp;526080 | Stoneweg Europe Stapled Trust, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 941938 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Diversified - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;297939 | VICI Properties, Inc., REIT<br>| $9712811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57050 | Warehouses De Pauw SCA, REIT (Belgium)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1397566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65636348 |
|  | **Health Care – 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;128074 | American Healthcare REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4705439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66600 | Chartwell Retirement Residences (Canada)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 909193 |
| &nbsp;&nbsp;&nbsp;&nbsp;206410 | Healthcare Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3273663 |
| &nbsp;&nbsp;&nbsp;&nbsp;845996 | Healthpeak Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14813390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14111 | National Health Investors, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 989464 |
| &nbsp;&nbsp;&nbsp;&nbsp;372864 | Sabra Health Care REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6875612 |
| &nbsp;&nbsp;&nbsp;&nbsp;288555 | Ventas, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18222248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54240 | Welltower, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8338315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58127324 |
|  | **Hotels – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;489607 | Host Hotels & Resorts, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7520364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | Japan Hotel REIT Investment Corp. (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1180624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8700988 |
|  | **Office Properties – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | Allied Properties Real Estate Investment Trust, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 448611 |
| &nbsp;&nbsp;&nbsp;&nbsp;211688 | Brandywine Realty Trust, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 908142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69906 | BXP, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4716558 |
| &nbsp;&nbsp;&nbsp;&nbsp;736775 | Centuria Capital Group (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 817619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24647 | COPT Defense Properties, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 679764 |
| &nbsp;&nbsp;&nbsp;&nbsp;107268 | Cousins Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3221258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | Japan Real Estate Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 907077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11699029 |
|  | **Real Estate Operation/Development – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;1367000 | Hang Lung Properties Ltd. (Hong Kong)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1308519 |
| &nbsp;&nbsp;&nbsp;&nbsp;487000 | Hongkong Land Holdings, Ltd. (Hong Kong)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2811580 |
| &nbsp;&nbsp;&nbsp;&nbsp;389100 | Mitsui Fudosan Co., Ltd. (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3766909 |
| &nbsp;&nbsp;&nbsp;&nbsp;852447 | Qualitas Real Estate Income Fund (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900134 |
| &nbsp;&nbsp;&nbsp;&nbsp;581293 | Qualitas, Ltd. (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1321500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10108642 |
|  | **Regional Malls – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;115538 | Klepierre SA, REIT (France)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4568292 |
| &nbsp;&nbsp;&nbsp;&nbsp;400440 | Macerich Co. (The), REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6479119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25070 | Simon Property Group, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4030253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15077664 |
|  | **Residential – 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52671 | Sun Communities, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 6662355 |
|  | **Shopping Centers – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57156 | Federal Realty Investment Trust, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5429249 |
| &nbsp;&nbsp;&nbsp;&nbsp;221015 | Kimco Realty Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4645735 |
| &nbsp;&nbsp;&nbsp;&nbsp;322179 | Kite Realty Group Trust, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7297354 |
| &nbsp;&nbsp;&nbsp;&nbsp;104260 | NETSTREIT Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1765122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30161 | Regency Centers Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2148368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21285828 |
|  | **Storage – 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;120785 | CubeSmart, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5133362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31931 | Extra Space Storage, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4707907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18940 | Iron Mountain, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1942676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21662 | Public Storage, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6356064 |
| &nbsp;&nbsp;&nbsp;&nbsp;103692 | Safestore Holdings PLC, REIT (United Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1008932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19148941 |
|  | **Warehouse/Industrial – 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92885 | Americold Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1544677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | CRE Logistics REIT, Inc., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 884078 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

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

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Warehouse/Industrial - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73900 | Dream Industrial Real Estate Investment Trust, REIT (Canada)<br>| $639824 |
| &nbsp;&nbsp;&nbsp;&nbsp;151000 | ESR Kendall Square, REIT, Co., Ltd. (South Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 469815 |
| &nbsp;&nbsp;&nbsp;&nbsp;247210 | Goodman Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5573256 |
| &nbsp;&nbsp;&nbsp;&nbsp;422300 | Mapletree Industrial Trust, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 677832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | Mitsubishi Estate Logistics Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 905797 |
| &nbsp;&nbsp;&nbsp;&nbsp;259100 | Nexus Industrial, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1428927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26867 | Plymouth Industrial REIT, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 431484 |
| &nbsp;&nbsp;&nbsp;&nbsp;185888 | Prologis, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19540547 |
| &nbsp;&nbsp;&nbsp;&nbsp;276870 | Rexford Industrial Realty, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9848266 |
| &nbsp;&nbsp;&nbsp;&nbsp;201060 | Segro, PLC, REIT (United Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1882152 |
| &nbsp;&nbsp;&nbsp;&nbsp;339573 | Tritax Big Box REIT, PLC (United Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 691423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44518078 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 322157556 |
|  | (Cost $300,407,232) |  |
| **Preferred Stocks - 1.3%** | **Preferred Stocks - 1.3%** |  |
|  | **Apartments/Single Family Residential – 0.1%** |  |
|  | American Homes 4 Rent, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 394959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24239 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 569859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 964818 |
|  | **Diversified – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19035 | Armada Hoffler Properties, Inc., REIT, Series A, 6.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 411156 |
|  | Digital Realty Trust, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210 | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19475 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 389110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1015289 |
|  | **Hotels – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65300 | Chatham Lodging Trust, REIT, Series A, 6.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1292940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58185 | DiamondRock Hospitality Co., REIT, 8.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1423787 |
|  | Pebblebrook Hotel Trust, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58390 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 6.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1024744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41305 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 676163 |
|  | Sunstone Hotel Investors, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15575 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 313369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45590 | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 5.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 849798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5580801 |
|  | **Office Properties – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | Highwoods Properties, Inc., REIT, Series A, 8.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59338 | SL Green Realty Corp., REIT, Series I, 6.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1294162 |
|  | Vornado Realty Trust, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20540 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 351029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86404 | &nbsp;&nbsp;&nbsp;&nbsp;Series M, 5.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1429986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29465 | &nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 486467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96176 | &nbsp;&nbsp;&nbsp;&nbsp;Series O, 4.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1384934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5054072 |
|  | **Shopping Centers – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | Kimco Realty Corp., REIT, Series N, 7.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1062477 |
|  | Regency Centers Corp., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80806 | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1916718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60443 | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1357550 |
|  | Saul Centers, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28408 | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 6.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 594579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5107304 |
|  | **Storage – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12655 | National Storage Affiliates Trust, REIT, Series A, 6.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 282839 |
|  | Public Storage, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17980 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 359960 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Storage - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86941 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.60%<br>| $1949217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 4.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19380 | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 4.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 4.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;Series O, 3.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42060 | &nbsp;&nbsp;&nbsp;&nbsp;Series P, 4.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 662866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;Series R, 4.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3732880 |
|  | **Telecommunication – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22905 | DigitalBridge Group, Inc., Series I, 7.15%<br>| &nbsp;&nbsp;&nbsp; 470011 |
|  | **Warehouse/Industrial – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45250 | Rexford Industrial Realty, Inc., REIT, Series C, 5.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 957942 |
|  | **Total Preferred Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 22883117 |
|  | (Cost $26,607,987) |  |
| **Rights - 0.0%** | **Rights - 0.0%** |  |
|  | **Warehouse/Industrial – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23385 | ESR Kendall Square REIT Co., Ltd., (South Korea)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | **Total Rights<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | (Cost $0) |  |
| **Short-Term Investment - 0.7%** | **Short-Term Investment - 0.7%** |  |
| 12082884 | Fidelity Investments Money Market Treasury Portfolio, Institutional Share Class 4.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12082884 |
|  | (Cost $12,082,884) |  |
|  | **Total Investments - 107.0%<br>**  | &nbsp;&nbsp;&nbsp;1860743722 |
|  | (Cost $1,806,162,675) |  |
|  | **Liabilities in excess of Other Assets - (7.0)%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; (122073506) |
|  | **Net Assets - 100.0%<br>**  | $1738670216 |

---

------

(a) Restricted Securities.

(b) The Fund owns more than 5.0% of the Private Investment Fund, but has contractually limited its voting interests to less than 5.0% of total voting interests.

(c) Partnership is not designated in units. The Fund owns approximately 24.6% of this Fund.

(d) Partnership is not designated in units. The Fund owns approximately 6.0% of this Fund.

(e) Partnership is not designated in units. The Fund owns approximately 9.3% of this Fund.

(f) Partnership is not designated in units. The Fund owns approximately 8.2% of this Fund.

(g) Partnership is not designated in units. The Fund owns approximately 1.7% of this Fund.

(h) Partnership is not designated in units. The Fund owns approximately 38.2% of this Fund.

(i) The Fund owns more than 25% of the Private Investment Fund, but has contractually limited its voting interests to less than 5% of total voting interests.

(j) Non-income producing security.

---

| |
|:---|
| **Portfolio Abbreviations:** |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

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

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;&nbsp;**% of Net<br> Assets** |
| Diversified<br>| &nbsp;&nbsp;&nbsp;&nbsp;90.4% |
| Apartments/Single Family Residential<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Warehouse/Industrial<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Shopping Centers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Storage<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Office Properties<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Regional Malls<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Hotels<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Real Estate Operation/Development<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Residential<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Telecommunication<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| Liabilities in excess of Other Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;(7.0)% |
| Total<br>| &nbsp;&nbsp;&nbsp;100.0% |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

#### Notes to Portfolio of Investments

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

------

**Securities Valuation - The Board of Directors (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.

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 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

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

#### Notes to Portfolio of Investments

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

------

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;$322157556 | &nbsp;&nbsp;&nbsp;$272617165 | &nbsp;&nbsp;&nbsp;$49540391 | &nbsp;&nbsp;&nbsp;$— |
| Preferred Stocks\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22883117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22775623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107494 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Rights\*<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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\*\* | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12082884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12082884 | &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;$357123557 | &nbsp;&nbsp;&nbsp;$307475672 | &nbsp;&nbsp;&nbsp;$49647885 | &nbsp;&nbsp;&nbsp;$— |
| Private Investment Funds (held at NAV)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;1503620165 |  |  |  |
| Total<br>| &nbsp;&nbsp;&nbsp;$1860743722 |  |  |  |

---

\* See Portfolio of Investments for industry breakout.

\*\* Securities valued at $0.

**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:**

**General Market Fluctuations Will Affect the Fund's Returns. The Fund's investments in Private Investment Funds and real estate securities may be negatively affected by the broad investment environment in the real estate market, the debt market and/or the equity securities market.**

**General Risks of the Private Investment Funds Investing in Real Estate. The Fund will not invest in real estate directly, but, because the Fund will invest in Private Investment Funds that qualify as REITs or investment vehicles treated similarly as private REITs, the Fund's investment portfolio will be significantly impacted by the performance of the real estate market.**

**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.**

**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.**

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

#### Notes to Portfolio of Investments

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

------

In addition, the Fund's interests in the Private Investment Funds are subject to substantial restrictions on transfer. The Fund may liquidate an interest and withdraw from a Private Investment Funds pursuant to limited withdrawal rights. Some Private Investment Funds may subject the Fund to a lockup period or otherwise suspend the repurchase rights of their shareholders, including the Fund, from time to time. Further, Private Investment Funds managers may impose transfer restrictions on the Fund's interests. There may be no secondary market for the Fund's interests in the Private Investment Funds. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time. The Adviser may also invest directly in other private securities that they may not be able to sell at the Fund's current carrying value for the securities.

**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. Each of the following securities can suspend redemptions if its respective Board deems it in the best interest of its shareholders. This and other important information are described in the Fund's Prospectus.**

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)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| AEW Core Property (U.S.) LP | &nbsp;&nbsp;&nbsp;&nbsp;7/2/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| AEW Value Investors US LP | &nbsp;&nbsp;&nbsp;&nbsp;8/17/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;24.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| CBRE U.S. Core Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;3/29/2018 | &nbsp;&nbsp;&nbsp;&nbsp;48948943 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| CBRE U.S. Logistics Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 | &nbsp;&nbsp;155048263 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| Clarion Gables Multifamily Trust LP | &nbsp;&nbsp;&nbsp;&nbsp;3/4/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48621 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Clarion Lion Properties Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;7/1/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94176 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| DigitalBridge AI Infrastructure B LP | &nbsp;&nbsp;&nbsp;&nbsp;1/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| DigitalBridge AI Infrastructure D LP | &nbsp;&nbsp;&nbsp;&nbsp;1/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36623 | &nbsp;&nbsp;&nbsp;&nbsp;11167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| GI Partners ETS Fund | &nbsp;&nbsp;&nbsp;&nbsp;9/24/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75021 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| Harrison Street Core Property Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;8/13/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66554 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| Heitman America Real Estate Trust LP | &nbsp;&nbsp;&nbsp;&nbsp;12/2/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81454 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| Heitman Core Real Estate Debt Income Trust LP | &nbsp;&nbsp;&nbsp;&nbsp;4/1/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64150 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Hines European Property Partners | &nbsp;&nbsp;&nbsp;&nbsp;11/3/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52194 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90645 | &nbsp;&nbsp;&nbsp;&nbsp;85223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| Invesco Core Real Estate USA LP | &nbsp;&nbsp;12/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Invesco Real Estate Asia Fund | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492050 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| RREEF America II LP | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90626 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Sagard Real Estate - US Property Fund | &nbsp;&nbsp;12/30/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| TA Realty Core Property Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;1/3/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12389 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Trumbull Property Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Trumbull Property Income Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;4/1/2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| US Government Building Open-End Feeder LP | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| USGBF Alpha Feeder LP | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;38.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Walton Street Real Estate Core-Plus Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57758 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66626 | &nbsp;&nbsp;&nbsp;&nbsp;27006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| Total |  |  |  | &nbsp;&nbsp;$1467065 | &nbsp;&nbsp;$1503620 | &nbsp;&nbsp;$130709 | &nbsp;&nbsp;&nbsp;&nbsp;86.5% |

---

(a) The investment funds are organized to serve as a collective investment vehicle through which eligible investors may invest in a professionally managed real estate portfolio of equity
and debt investments consisting of multi-family, industrial, retail, office and other property types.

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

(c) Unfunded Commitments approximate their fair values.

------

#### VERSUS CAPITAL REAL ESTATE FUND LLC

#### Notes to Portfolio of Investments

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Redemption<br> Request(a)** | **Lock Up<br> Applicable at<br> Period End** | **Investment<br> Liquidity** | **Redemption<br> Frequency(b)** |
| AEW Core Property (U.S.) LP | Full |  |  | 45 Days |
| AEW Value Investors US LP | Full |  |  | 90 Days |
| CBRE U.S. Core Partners LP | Partial |  |  | 60 Days |
| CBRE U.S. Logistics Partners LP | Partial | Partial | Initial contributions have a three-year lock-up. | 90 Days |
| Clarion Gables Multifamily Trust LP | Partial |  |  | 90 Days |
| Clarion Lion Properties Fund LP | Partial |  |  | 90 Days |
| DigitalBridge AI Infrastructure B LP |  | Full | Closed-end fund which terminates upon the disposition of its underlying assets. | N/A |
| DigitalBridge AI Infrastructure D LP |  | Full | Closed-end fund which terminates upon the disposition of its underlying assets. | N/A |
| GI Partners ETS Fund |  | Partial |  | 90 Days |
| Harrison Street Core Property Fund LP |  |  |  | 45 Days |
| Heitman America Real Estate Trust LP | Partial |  |  | 90 Days |
| Heitman Core Real Estate Debt Income Trust LP | Partial |  |  | 90 Days |
| Hines European Property Partners |  | Partial | Initial contributions have a three-year lock-up. | 90 Days |
| Invesco Core Real Estate USA LP | Partial |  |  | 45 Days |
| Invesco Real Estate Asia Fund | Partial |  |  | 45 Days |
| RREEF America II LP | Full |  |  | 45 Days |
| Sagard Real Estate - US Property Fund | Partial |  |  | 90 Days |
| TA Realty Core Property Fund LP | Partial |  |  | 45 Days |
| Trumbull Property Fund LP | Full |  |  | 60 Days |
| Trumbull Property Income Fund LP | Full |  |  | 60 Days |
| US Government Building Open-End Feeder LP |  |  |  | 60 Days |
| USGBF Alpha Feeder LP |  |  |  | 60 Days |
| Walton Street Real Estate Core-Plus Fund LP |  | Partial | Contributions have a two-year lock-up. | 45 Days |

---

(a) The Fund submitted a redemption request prior to period end, but will maintain market exposure to the investment through a future date. The Investment Manager expects to meet all
redemptions over time.

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

**Name Change - Effective July 29, 2025, the Fund's name was changed from Versus Capital Real Estate Fund LLC to Harrison Street Real Estate Fund LLC. 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 Real Estate Fund LLC

- **b. Investment Company Act file number:** 811-22534

- **c. CIK number of Registrant:** 0001515001

- **d. LEI of Registrant:** 254900CXFE7PBGQVLK52

- **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 Real Estate Fund LLC

- **c. LEI of Series:** 254900CXFE7PBGQVLK52

**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:** $1890662060.08

**Total Liabilities:** $149268927.95

**Net Assets:** $1741393132.13

**Cash Not Reported:** $1362886.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.08%               | 0.25%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $241404.59               | $-9623909.43                               |
| Month 2  | $434928.00               | $3743289.20                                |
| Month 3  | $682730.71               | $8792416.00                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| USGBF Alpha Feeder LP                          | USGBF Alpha Feeder LP                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  26286682 | NS      | $26486341.84  | 1.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                             | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     86404 | NS      | $1429986.20   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL REALT                       | Rexford Industrial Realty Inc                    | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     45250 | NS      | $957942.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITALBRIDGE GROUP INC                        | DigitalBridge Group Inc                          | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     22905 | NS      | $470010.60    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Treasury Portfolio                    | Fidelity Treasury Portfolio                      | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10790906 | NS      | $10790906.10  | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodman Group                                  | Goodman Group                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    247210 | NS      | $5573256.54   | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Host Hotels & Resorts Inc                      | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    489607 | NS      | $7520363.52   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W594<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     19380 | NS      | $356979.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                                 | Public Storage                                   | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     21662 | NS      | $6356064.04   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    297939 | NS      | $9712811.40   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Heitman Core Real Estate Debt Income Trust LP  | Heitman Core Real Estate Debt Income Trust LP    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     64150 | NS      | $51418095.76  | 2.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TRUMBULL PROPERTY INCOME FUND                  | TRUMBULL PROPERTY INCOME FUND                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |       832 | NS      | $10132763.11  | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     25070 | NS      | $4030253.20   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                              | Kimco Realty Corp                                | CUSIP: 49446R687<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        |     17550 | NS      | $1062477.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                       | Digital Realty Trust Inc                         | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     19475 | NS      | $389110.50    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Hotel REIT Investment Co                 | Japan Hotel REIT Investment Corp                 | CUSIP: 000000000<br>LEI: 353800L8KG849FP1JI68 | Long             | EC               | CORP              | JP        |      2234 | NS      | $1180624.04   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| DIAMONDROCK HOSPITALITY                        | DiamondRock Hospitality Co                       | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     58185 | NS      | $1423786.95   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Core REIT Management P                 | Digital Core REIT Management Pte Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    838311 | NS      | $444335.01    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     35616 | NS      | $7247856.00   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare REIT Inc                   | American Healthcare REIT Inc                     | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |    128074 | NS      | $4705438.76   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Chartwell Retirement Residence                 | Chartwell Retirement Residences                  | CUSIP: 16141A103<br>LEI: 549300M7UBEIZBWP4069 | Long             | EC               | CORP              | CA        |     66600 | NS      | $909193.32    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    276870 | NS      | $9848265.90   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                       | Digital Realty Trust Inc                         | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     10210 | NS      | $215022.60    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Realty Investment Trus                 | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     57156 | NS      | $5429248.44   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Safestore Holdings PLC                         | Safestore Holdings PLC                           | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |    103692 | NS      | $1008932.48   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| SAUL CENTERS INC                               | Saul Centers Inc                                 | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     28408 | NS      | $594579.44    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Klepierre SA                                   | Klepierre SA                                     | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |    115538 | NS      | $4568292.12   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| SAUL CENTERS INC                               | Saul Centers Inc                                 | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8400 | NS      | $175980.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                       | Broadstone Net Lease Inc                         | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    114469 | NS      | $1837227.45   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| HIGHWOODS PROPERTIES                           | Highwoods Properties Inc                         | CUSIP: 431284207<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EP               | CORP              | US        |       103 | NS      | $107493.53    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    185888 | NS      | $19540546.56  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W461<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     42060 | NS      | $662865.60    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                        | Pebblebrook Hotel Trust                          | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     41305 | NS      | $676162.85    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| REGENCY CENTERS CORP                           | Regency Centers Corp                             | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     60443 | NS      | $1357549.78   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                             | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20540 | NS      | $351028.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| US Government Building Open-End Feeder 1 LP    | US Government Building Open-End Feeder 1 LP      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  35080240 | NS      | $40900261.75  | 2.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CLARION LION PROPERTIES FUND                   | CLARION LION PROPERTIES FUND                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     94190 | NS      | $140831111.62 | 8.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CubeSmart                                      | CubeSmart                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120785 | NS      | $5133362.50   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| InterRent Real Estate Investme                 | InterRent Real Estate Investment Trust           | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     56000 | NS      | $555990.45    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                        | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     69906 | NS      | $4716557.82   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W420<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1845 | NS      | $29021.85     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                           | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     30161 | NS      | $2148368.03   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Merlin Properties Socimi SA                    | Merlin Properties Socimi SA                      | CUSIP: 000000000<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |    108711 | NS      | $1433217.31   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                              | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     52671 | NS      | $6662354.79   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITE Group PLC/The                            | UNITE Group PLC/The                              | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    100881 | NS      | $1175741.98   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Japan Real Estate Investment C                 | Japan Real Estate Investment Corp                | CUSIP: 000000000<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |      1108 | NS      | $907077.28    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| CLARION GABLES MULTIFAMILY TRUST LP            | Clarion Gables Multifamily Trust LP              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     48621 | NS      | $70001255.62  | 4.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GI Partners ETS Fund                           | GI Partners ETS Fund                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     75021 | NS      | $85327448.59  | 4.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1590 | NS      | $29033.40     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualitas Real Estate Income Fund               | Qualitas Real Estate Income Fund                 | CUSIP: 000000000<br>LEI: 213800DV4JX1UQYXMC45 | Long             | EC               | RF                | AU        |    852447 | NS      | $900133.84    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| RREEF AMERICA REIT II                          | RREEF AMERICA REIT II                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     90784 | NS      | $11544054.82  | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Daiwa House Residential Invest                 | Daiwa House REIT Investment Corp                 | CUSIP: 000000000<br>LEI: 3538001FWU534P8JMO05 | Long             | EC               | CORP              | JP        |       874 | NS      | $1477118.59   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| REGENCY CENTERS CORP                           | Regency Centers Corp                             | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     80806 | NS      | $1916718.32   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Sekisui House Reit Inc                         | Sekisui House Reit Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2491 | NS      | $1313693.36   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent                            | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     17300 | NS      | $394959.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                             | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     29465 | NS      | $486467.15    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc                     | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     92885 | NS      | $1544677.55   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| COPT Defense Properties                        | COPT Defense Properties                          | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     24647 | NS      | $679764.26    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    288555 | NS      | $18222248.25  | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexus Industrial REIT                          | Nexus Industrial REIT                            | CUSIP: 65344U101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    259100 | NS      | $1428926.75   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc                     | Sabra Health Care REIT Inc                       | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    372864 | NS      | $6875612.16   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| National Health Investors Inc                  | National Health Investors Inc                    | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     14111 | NS      | $989463.32    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Heitman America Real Estate LP                 | Heitman America Real Estate LP                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     81454 | NS      | $101742142.58 | 5.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Mercialys SA                                   | Mercialys SA                                     | CUSIP: 000000000<br>LEI: 969500081CGAXB7YS433 | Long             | EC               | CORP              | FR        |    392128 | NS      | $4928190.68   | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Qualitas Ltd                                   | Qualitas Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    614900 | NS      | $1397901.21   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| CRE Logistics REIT Inc                         | CRE Logistics REIT Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       843 | NS      | $884077.88    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W487<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1685 | NS      | $25965.85     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corp                            | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6878 | NS      | $1520175.56   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Harrison Street Core Property Fund             | Harrison Street Core Property Fund               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     66554 | NS      | $95905525.35  | 5.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     54240 | NS      | $8338315.20   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Mapletree Industrial Trust                     | Mapletree Industrial Trust                       | CUSIP: 000000000<br>LEI: 549300R7WZFHXNKDJF41 | Long             | EC               | CORP              | SG        |    422300 | NS      | $677831.85    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Hongkong Land Holdings Ltd                     | Hongkong Land Holdings Ltd                       | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | HK        |    487000 | NS      | $2811580.54   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| TA Realty Core Property Fund, LP               | TA Realty Core Property Fund, LP                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12389 | NS      | $15882998.45  | 0.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE U.S CORE PARTNERS REIT OPERATING LP       | CBRE U.S Core Partners REIT Operating, LP        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  48948943 | NS      | $75518919.11  | 4.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Walton Street Real Estate Core-Plus Fund, L.P. | Walton Street Real Estate Core-Plus Fund, L.P.   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     57758 | NS      | $66658764.38  | 3.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Invesco Real Estate Asia Fund                  | Invesco Real Estate Asia Fund                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    492050 | NS      | $55728850.04  | 3.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SL GREEN REALTY CORP                           | SL Green Realty Corp                             | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        |     59338 | NS      | $1294161.78   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| INVESCO CORE REAL ESTATE USA                   | INVESCO CORE REAL ESTATE USA                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |       793 | NS      | $138387092.75 | 7.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cousins Properties Inc                         | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    107268 | NS      | $3221258.04   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      9353 | NS      | $2650640.20   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     21129 | NS      | $16807485.63  | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Comforia Residential REIT Inc                  | Comforia Residential REIT Inc                    | CUSIP: 000000000<br>LEI: 353800BJ2SV3UPG9JU05 | Long             | EC               | CORP              | JP        |       282 | NS      | $561236.26    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    301515 | NS      | $9889692.00   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Trumbull Property Fund LP                  | UBS Trumbull Property Fund LP                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |      2018 | NS      | $17867878.15  | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stockland                                      | Stockland                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    959466 | NS      | $3390868.66   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| SUNSTONE HOTEL INVESTORS                       | Sunstone Hotel Investors Inc                     | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     45590 | NS      | $849797.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W644<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     86941 | NS      | $1949217.22   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Macerich Co/The                                | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    400440 | NS      | $6479119.20   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                             | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    162010 | NS      | $10934054.90  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                        | Pebblebrook Hotel Trust                          | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     58390 | NS      | $1024744.50   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Accommodations Fund Inc                 | Nippon Accommodations Fund Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       723 | NS      | $591288.55    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                             | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     96176 | NS      | $1384934.40   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Invincible Investment Corp                     | Invincible Investment Corp                       | CUSIP: 000000000<br>LEI: 353800JY6M2692VAV685 | Long             | EC               | CORP              | JP        |      1684 | NS      | $725180.17    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| AEW VALUE INVESTORS US L.P.                    | AEW Value Investors US L.P.                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  36340545 | NS      | $46446577.98  | 2.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Mitsubishi Estate Logistics RE                 | Mitsubishi Estate Logistics REIT Investment Corp | CUSIP: 000000000<br>LEI: 353800YYSGZU31ICQK38 | Long             | EC               | CORP              | JP        |      1096 | NS      | $905796.74    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| DigitalBridge AI Infrastructure D, LP          | DigitalBridge AI Infrastructure D, LP            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  33757621 | NS      | $35733950.89  | 2.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Mitsui Fudosan Co Ltd                          | Mitsui Fudosan Co Ltd                            | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    389100 | NS      | $3766908.65   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Keppel DC REIT                                 | Keppel DC REIT                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    645800 | NS      | $1183796.35   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Warehouses De Pauw CVA                         | Warehouses De Pauw CVA                           | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               | CORP              | BE        |     57050 | NS      | $1397565.97   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Allied Properties Real Estate                  | Allied Properties Real Estate Investment Trust   | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     35600 | NS      | $448610.98    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Hang Lung Properties Ltd                       | Hang Lung Properties Ltd                         | CUSIP: 000000000<br>LEI: 529900CIVTNMXQT59E61 | Long             | EC               | CORP              | HK        |   1367000 | NS      | $1308519.54   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     82466 | NS      | $14376297.78  | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                                | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75405 | NS      | $5509089.30   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| CBRE US Logistics Partners                     | CBRE US Logistics Partners                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 155048263 | NS      | $213855284.47 | 12.28%            |  |  |  | Yes           | N/A                | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W669<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     17980 | NS      | $359959.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Brandywine Realty Trust                        | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    211688 | NS      | $908141.52    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Tritax Big Box REIT PLC                        | Tritax Big Box REIT PLC                          | CUSIP: 000000000<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    339573 | NS      | $691422.69    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Mirvac Group                                   | Mirvac Group                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1419915 | NS      | $2060238.17   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| ESR Kendall Square REIT Co Ltd                 | ESR Kendall Square REIT Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    151000 | NS      | $469814.99    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     68372 | NS      | $7704840.68   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| SUNSTONE HOTEL INVESTORS                       | Sunstone Hotel Investors Inc                     | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     15575 | NS      | $313369.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                          | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    322179 | NS      | $7297354.35   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| AEW CORE PROPERTY TRUST                        | AEW CORE PROPERTY TRUST                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |      3394 | NS      | $3520098.47   | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NNN REIT Inc                                   | NNN REIT Inc                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     95605 | NS      | $4128223.90   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| ARMADA HOFFLER PROPERTIE                       | Armada Hoffler Properties Inc                    | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |     19035 | NS      | $411156.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc                              | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     18940 | NS      | $1942675.80   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    845996 | NS      | $14813389.96  | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties                  | Gaming and Leisure Properties Inc                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     89655 | NS      | $4185095.40   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     66870 | NS      | $3852380.70   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthcare Realty Trust Inc                    | Healthcare Realty Trust Inc                      | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    206410 | NS      | $3273662.60   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    104260 | NS      | $1765121.80   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NATIONAL STORAGE AFFILIA                       | National Storage Affiliates Trust                | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        |     12655 | NS      | $282839.25    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent                            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    116136 | NS      | $4189025.52   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Stoneweg Europe Stapled Trust                  | Stoneweg Europe Stapled Trust                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    526080 | NS      | $941937.82    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Plymouth Industrial REIT Inc                   | Plymouth Industrial REIT Inc                     | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26867 | NS      | $431484.02    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| CHATHAM LODGING                                | Chatham Lodging Trust                            | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     65300 | NS      | $1292940.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ESR Kendall Square REIT Co Ltd                 | ESR Kendall Square REIT Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     23385 | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| EVERWEST FUNDS ADVISORS LLC                    | EVERWEST FUNDS ADVISORS LLC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        | 101056910 | NS      | $102381775.63 | 5.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                   | CUSIP: 74460W628<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1935 | NS      | $36997.20     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31931 | NS      | $4707906.64   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent                            | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     24239 | NS      | $569858.89    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Dream Industrial Real Estate I                 | Dream Industrial Real Estate Investment Trust    | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     73900 | NS      | $639824.49    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| DigitalBridge AI Infrastructure B, LP          | DigitalBridge AI Infrastructure B, LP            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  21418488 | NS      | $22656893.89  | 1.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Segro PLC                                      | Segro PLC                                        | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    201060 | NS      | $1882152.08   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Hines European Property Partners               | Hines European Property Partners                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | N/A       |     52194 | NS      | $89147154.30  | 5.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kimco Realty Corp                              | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    221015 | NS      | $4645735.30   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

**Name of Applicant:** Versus Capital Real Estate Fund LLC

**Signature:** Dustin Rose

**Name of Signer:** Dustin Rose

**Title:** Assistant Treasurer