# EDGAR Filing Document

**Accession Number:** 0001687898
**File Stem:** 0001752724-23-046668
**Filing Date:** 2023-2
**Character Count:** 181506
**Document Hash:** 6460061d11f72297af17d059973e7530
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046668.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046668

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Versus Capital Real Assets Fund LLC
- **CENTRAL INDEX KEY:** 0001687898
- **IRS NUMBER:** 814016046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23201
- **FILM NUMBER:** 23682905

**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

## Nport-Ex

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Portfolio of Investments – December 31, 2022 (Unaudited)<br>

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Private Investment Funds(a) - 78.7%** | **Private Investment Funds(a) - 78.7%** |  |
|  | **Diversified – 78.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;88688 | AEW Cold Storage Fund(b)<br>| $100489424 |
| 32131871 | AMP Capital Diversified Infrastructure Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25755774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | AMP Capital Infrastructure Debt Fund III(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15509012 |
| &nbsp;&nbsp;&nbsp;&nbsp;38005 | Blackstone Infrastructure Partners LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;226671 | BTG Pactual Open Ended Core US Timberland Fund LP(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335415146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Ceres Farmland Holdings LP(b)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197199412 |
| 5687721 | DigitalBridge Credit<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5652324 |
| 40737790 | Global Diversified Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68264315 |
| &nbsp;&nbsp;&nbsp;&nbsp;54033 | Hancock Timberland and Farmland Fund LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56177611 |
| &nbsp;&nbsp;&nbsp;&nbsp;207147 | Harrison Street Social Infrastructure Fund LP(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 271132875 |
| &nbsp;&nbsp;&nbsp;&nbsp;162009 | IFC Core Farmland Fund LP(d)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197891622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | IFM Global Infrastructure Fund (Offshore) LP(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81526338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | IFM US Infrastructure Debt Fund, LP(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14190116 |
| 90032729 | IIF Hedged LP<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81191515 |
| &nbsp;&nbsp;&nbsp;&nbsp;121515 | Jamestown Timberland Fund(d)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159780528 |
| &nbsp;&nbsp;&nbsp;&nbsp;24072 | Macquarie Global Infrastructure Fund SCSp<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23157944 |
| &nbsp;&nbsp;&nbsp;&nbsp;101592 | National Data Center Fund(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117159479 |
| &nbsp;&nbsp;&nbsp;&nbsp;90317 | Nuveen - Global Farmland Fund(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89304385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | RMS Evergreen US Forestland Fund LP(b)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90432000 |
| &nbsp;&nbsp;&nbsp;&nbsp;20174 | UBS AgriVest Farmland Fund, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44706059 |
| &nbsp;&nbsp;&nbsp;&nbsp;102924 | US Core Farmland Fund LP(d)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155768073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Versus Capital Real Assets Sub-REIT ll LLC(d)(k)(l)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 121340218 |
|  | **Total Private Investment Funds<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2313544170 |
|  | (Cost $1,966,705,893) |  |
| **Common Stocks - 15.4%** | **Common Stocks - 15.4%** |  |
|  | **Agricultural Biotech – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;105540 | Corteva, Inc.<br>| &nbsp;&nbsp;&nbsp; 6203641 |
|  | **Agricultural Chemicals – 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;71200 | CF Industries Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6066240 |
| &nbsp;&nbsp;&nbsp;&nbsp;63767 | Nutrien, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4656904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10723144 |
|  | **Agricultural Operations – 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;68571 | Archer-Daniels-Midland Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6366817 |
| &nbsp;&nbsp;&nbsp;&nbsp;66962 | Bunge, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6680799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13047616 |
|  | **Airport Development/Maintenance – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;62300 | Aena SME SA, 144A(m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7809831 |
| 1461100 | Auckland International Airport, Ltd.(m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7246458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15056289 |
|  | **Building & Construction-Miscellaneous – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;341915 | Ferrovial SA<br>| &nbsp;&nbsp;&nbsp; 8952269 |
|  | **Building Production-Wood – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20121 | Interfor Corp.(m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 312069 |
| &nbsp;&nbsp;&nbsp;&nbsp;41533 | Stella-Jones, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1488317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1800386 |
|  | **Building-Heavy Construction – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;262880 | Cellnex Telecom SA, 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8720059 |
| 61696116 | China Tower Corp., Ltd., Class H Shares, 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6620422 |
| &nbsp;&nbsp;&nbsp;&nbsp;38700 | Vinci SA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3857887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19198368 |
|  | **Chemicals-Diversified – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;18432 | Croda International, PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1466793 |
| &nbsp;&nbsp;&nbsp;&nbsp;44953 | FMC Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5610134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7076927 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Chemicals-Plastics – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;268400 | Orbia Advance Corp. SAB de CV<br>| $475879 |
|  | **Chemicals-Specialty – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | Balchem Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 948917 |
| &nbsp;&nbsp;&nbsp;&nbsp;30019 | Koninklijke DSM NV<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3686172 |
| &nbsp;&nbsp;&nbsp;&nbsp;35614 | Novozymes A/S, Class B Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1806830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6441919 |
|  | **Containers-Paper/Plastic – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;252506 | Graphic Packaging Holding Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5618258 |
| &nbsp;&nbsp;&nbsp;&nbsp;875300 | Klabin SA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3310714 |
| &nbsp;&nbsp;&nbsp;&nbsp;37966 | Metsa Board Oyj, Class B Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | Packaging Corp. of America<br>| &nbsp;&nbsp;&nbsp;&nbsp; 395881 |
| &nbsp;&nbsp;&nbsp;&nbsp;142211 | SIG Group AG<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3107477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135 | Sonoco Products Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 251036 |
| &nbsp;&nbsp;&nbsp;&nbsp;18123 | Westrock Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 637205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13677249 |
|  | **Diagnostic Equipment – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60417 | Neogen Corp.(m)<br>| &nbsp;&nbsp;&nbsp; 920151 |
|  | **Electric-Distribution – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;718850 | National Grid PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8611361 |
| &nbsp;&nbsp;&nbsp;&nbsp;49600 | Sempra Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7665184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16276545 |
|  | **Electric-Generation – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;457711 | Drax Group PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3882503 |
| &nbsp;&nbsp;&nbsp;&nbsp;322491 | Engie SA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4613585 |
| &nbsp;&nbsp;&nbsp;&nbsp;120867 | RWE AG<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5343256 |
| &nbsp;&nbsp;&nbsp;&nbsp;199093 | SSE, PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4094734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17934078 |
|  | **Electric-Integrated – 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;101700 | Ameren Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9043164 |
| &nbsp;&nbsp;&nbsp;&nbsp;170137 | American Electric Power Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16154508 |
| &nbsp;&nbsp;&nbsp;&nbsp;354670 | CenterPoint Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10636553 |
| &nbsp;&nbsp;&nbsp;&nbsp;106263 | Entergy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11954588 |
| 1493562 | Equatorial Energia SA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7643552 |
| &nbsp;&nbsp;&nbsp;&nbsp;139900 | Eversource Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11729216 |
| &nbsp;&nbsp;&nbsp;&nbsp;211948 | FirstEnergy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8889099 |
| &nbsp;&nbsp;&nbsp;&nbsp;896551 | Hera SpA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2418190 |
| &nbsp;&nbsp;&nbsp;&nbsp;234116 | NextEra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19572098 |
| &nbsp;&nbsp;&nbsp;&nbsp;811759 | PG&E Corp.(m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13199201 |
| &nbsp;&nbsp;&nbsp;&nbsp;129160 | Public Service Enterprise Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7913633 |
| &nbsp;&nbsp;&nbsp;&nbsp;163400 | Xcel Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11455974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 130609776 |
|  | **Electronic Measurement Instruments – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;67006 | Trimble, Inc.(m)<br>| &nbsp;&nbsp;&nbsp; 3387823 |
|  | **Fisheries – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;201484 | Mowi ASA<br>| &nbsp;&nbsp;&nbsp; 3433347 |
|  | **Food-Meat Products – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;36575 | Tyson Foods, Inc., Class A Shares<br>| &nbsp;&nbsp;&nbsp; 2276794 |
|  | **Food-Miscellaneous/Diversified – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28306 | Kerry Group, PLC, Class A Shares<br>| &nbsp;&nbsp;&nbsp; 2556891 |
|  | **Forestry – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21278 | Canfor Corp.(m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 334885 |
| &nbsp;&nbsp;&nbsp;&nbsp;14887 | West Fraser Timber Co., Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1074965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1409850 |
|  | **Gas-Distribution – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;213491 | AltaGas, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3686425 |
| 2000982 | China Resources Gas Group, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7464767 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Portfolio of Investments – December 31, 2022 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Gas-Distribution - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;458498 | ENN Energy Holdings, Ltd.<br>| $6404324 |
| &nbsp;&nbsp;&nbsp;&nbsp;347436 | NiSource, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9526695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27082211 |
|  | **Machinery-Farm – 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50507 | AGCO Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7004816 |
| &nbsp;&nbsp;&nbsp;&nbsp;273305 | CNH Industrial NV<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4384359 |
| &nbsp;&nbsp;&nbsp;&nbsp;14864 | Deere & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6373089 |
| &nbsp;&nbsp;&nbsp;&nbsp;148400 | Kubota Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2027358 |
| &nbsp;&nbsp;&nbsp;&nbsp;14678 | Lindsay Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2390312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22179934 |
|  | **Medical-Drugs – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;69993 | Bayer AG<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3602547 |
| &nbsp;&nbsp;&nbsp;&nbsp;25619 | Zoetis, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3754464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7357011 |
|  | **Office Supplies & Forms – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | Avery Dennison Corp.<br>| &nbsp;&nbsp;&nbsp; 940295 |
|  | **Paper & Related Products – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;35167 | Cascades, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 219729 |
| &nbsp;&nbsp;&nbsp;&nbsp;20338 | Holmen AB, Class B Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 808334 |
| &nbsp;&nbsp;&nbsp;&nbsp;15302 | Mercer International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178115 |
| &nbsp;&nbsp;&nbsp;&nbsp;20735 | Mondi PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 354629 |
| &nbsp;&nbsp;&nbsp;&nbsp;471000 | Nine Dragons Paper Holdings, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 428204 |
| &nbsp;&nbsp;&nbsp;&nbsp;35600 | Nippon Paper Industries Co., Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 263881 |
| &nbsp;&nbsp;&nbsp;&nbsp;303000 | Oji Holdings Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1223813 |
| &nbsp;&nbsp;&nbsp;&nbsp;19738 | Smurfit Kappa Group PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 731497 |
| &nbsp;&nbsp;&nbsp;&nbsp;228429 | Stora Enso Oyj, Class R Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3220737 |
| &nbsp;&nbsp;&nbsp;&nbsp;118700 | Suzano SA<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1084538 |
| &nbsp;&nbsp;&nbsp;&nbsp;74250 | Svenska Cellulosa AB SCA, Class B Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 940352 |
| &nbsp;&nbsp;&nbsp;&nbsp;158862 | UPM-Kymmene Oyj<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5944837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15398666 |
|  | **Pastoral & Agricultural – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;77547 | Darling Ingredients, Inc.(m)<br>| &nbsp;&nbsp;&nbsp; 4853667 |
|  | **Pipelines – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;63283 | Cheniere Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9489919 |
| &nbsp;&nbsp;&nbsp;&nbsp;419700 | Enbridge, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16403637 |
| &nbsp;&nbsp;&nbsp;&nbsp;908846 | Equitrans Midstream Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6089268 |
| &nbsp;&nbsp;&nbsp;&nbsp;62391 | Targa Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4585738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36568562 |
|  | **Public Thoroughfares – 0.7%** |  |
| 2349229 | Transurban Group<br>| &nbsp;&nbsp;&nbsp; 20668181 |
|  | **Steel Pipe&Tube – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10924 | Valmont Industries, Inc.<br>| &nbsp;&nbsp;&nbsp; 3612239 |
|  | **Transport-Rail – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;106770 | Canadian Pacific Railway, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7960437 |
| &nbsp;&nbsp;&nbsp;&nbsp;224900 | CSX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6967402 |
| &nbsp;&nbsp;&nbsp;&nbsp;137000 | East Japan Railway Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7803240 |
| &nbsp;&nbsp;&nbsp;&nbsp;84734 | West Japan Railway Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3679093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26410172 |
|  | **Water – 0.2%** |  |
| 12126808 | Aguas Andinas SA, Class A Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2800639 |
| &nbsp;&nbsp;&nbsp;&nbsp;123800 | Severn Trent PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3955180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6755819 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 453285699 |
|  | (Cost $458,782,081) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Real Estate Investment Trust - 1.2%** | **Real Estate Investment Trust - 1.2%** |  |
|  | **REITS-Diversified – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;18000 | American Tower Corp., REIT<br>| $3813480 |
| &nbsp;&nbsp;&nbsp;&nbsp;106600 | Crown Castle, Inc, REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14459224 |
| &nbsp;&nbsp;&nbsp;&nbsp;55691 | PotlatchDeltic Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2449847 |
| &nbsp;&nbsp;&nbsp;&nbsp;87467 | Rayonier, Inc., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2882912 |
| &nbsp;&nbsp;&nbsp;&nbsp;24700 | SBA Communications Corp., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6923657 |
| &nbsp;&nbsp;&nbsp;&nbsp;102801 | Weyerhaeuser Co., REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3186831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33715951 |
|  | **Total Real Estate Investment Trust<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; 33715951 |
|  | (Cost $40,911,864) |  |

---

---

| | | |
|:---|:---|:---|
| **Par** |  |  |
| **Corporate Debt - 3.5%** | **Corporate Debt - 3.5%** |  |
|  | **Cable/Satellite TV – 0.3%** |  |
| $1480000 | Cable One, Inc., 144A,<br>4.00%, 11/15/2030<br>| &nbsp;&nbsp; 1163192 |
| 2710000 | CCO Holdings, LLC / CCO Holdings Capital Corp., 144A,<br>4.75%, 3/1/2030<br>| &nbsp;&nbsp; 2343337 |
| 1180000 | Charter Communications Operating, LLC / Charter Communications Operating Capital,<br>2.80%, 4/1/2031<br>| &nbsp;&nbsp;&nbsp; 921350 |
|  | CSC Holdings, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/1/2030, 144A<br>| &nbsp;&nbsp;&nbsp; 330129 |
| 1238000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031, 144A<br>| &nbsp;&nbsp;&nbsp; 861263 |
| &nbsp;&nbsp;&nbsp;&nbsp;695000 | Directv Financing, LLC / Directv Financing Co.-Obligor, Inc., 144A,<br>5.88%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp; 623109 |
| &nbsp;&nbsp;&nbsp;&nbsp;171000 | DISH DBS Corp., 144A,<br>5.25%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp; 144360 |
| &nbsp;&nbsp;&nbsp;&nbsp;720000 | GCI, LLC, 144A,<br>4.75%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp; 606035 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Telenet Finance Luxembourg Notes Sarl, 144A,<br>5.50%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp; 182000 |
| &nbsp;&nbsp;&nbsp;&nbsp;315000 | UPC Broadband Finco BV, 144A,<br>4.88%, 7/15/2031<br>| &nbsp;&nbsp;&nbsp; 262650 |
| 1310000 | Virgin Media Secured Finance, PLC, 144A,<br>4.50%, 8/15/2030<br>| &nbsp;&nbsp; 1096732 |
| &nbsp;&nbsp;&nbsp;&nbsp;175000 | VZ Secured Financing BV, 144A,<br>5.00%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp; 142526 |
| &nbsp;&nbsp;&nbsp;&nbsp;315000 | Ziggo Bond Co. BV, 144A,<br>5.13%, 2/28/2030<br>| &nbsp;&nbsp;&nbsp; 254878 |
|  |  | &nbsp;&nbsp; 8931561 |
|  | **Cellular Telecom – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;430000 | Altice France SA, 144A,<br>5.50%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp; 337666 |
|  | T-Mobile USA, Inc., |  |
| 1252000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 4/15/2031<br>| &nbsp;&nbsp; 1083887 |
| &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/2052<br>| &nbsp;&nbsp;&nbsp; 568204 |
| &nbsp;&nbsp;&nbsp;&nbsp;525000 | Vodafone Group, PLC,<br>7.00%, 4/4/2079<br>| &nbsp;&nbsp;&nbsp; 528565 |
|  |  | &nbsp;&nbsp; 2518322 |
|  | **Electric-Distribution – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;960000 | Sempra Energy,<br>4.88%, 10/15/2070<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890093 |
|  | **Electric-Generation – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;590000 | Atlantica Sustainable Infrastructure PLC, 144A,<br>4.13%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524277 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Portfolio of Investments – December 31, 2022 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Electric-Integrated – 0.7%** |  |
| $2065000 | AES Corp.,<br>2.45%, 1/15/2031<br>| $1647583 |
|  | American Electric Power Co., Inc., |  |
| 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/1/2028<br>| &nbsp;&nbsp; 1057553 |
| &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/1/2050<br>| &nbsp;&nbsp;&nbsp; 564631 |
| 1050000 | CMS Energy Corp.,<br>4.75%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp; 910832 |
| 1000000 | Dominion Energy, Inc.,<br>3.90%, 10/1/2025<br>| &nbsp;&nbsp;&nbsp; 974907 |
| 1660000 | DTE Electric Co.,<br>2.63%, 3/1/2031<br>| &nbsp;&nbsp; 1415519 |
| 1660000 | Duke Energy Carolinas, LLC,<br>2.45%, 8/15/2029<br>| &nbsp;&nbsp; 1426911 |
| &nbsp;&nbsp;&nbsp;&nbsp;505000 | Emera US Finance LP,<br>3.55%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp; 473662 |
| &nbsp;&nbsp;&nbsp;&nbsp;870000 | Emera, Inc.,<br>3L + 5.44% , 6.75%, 6/15/2076(n)<br>| &nbsp;&nbsp;&nbsp; 838654 |
| 1845000 | Entergy Corp.,<br>2.80%, 6/15/2030<br>| &nbsp;&nbsp; 1562610 |
| &nbsp;&nbsp;&nbsp;&nbsp;560000 | FirstEnergy Corp.,<br>3.40%, 3/1/2050<br>| &nbsp;&nbsp;&nbsp; 370482 |
|  | NextEra Energy Capital Holdings, Inc., |  |
| 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 2.13%, 6.89%, 6/15/2067(n)<br>| &nbsp;&nbsp; 1116858 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 3/15/2082<br>| &nbsp;&nbsp;&nbsp; 212191 |
| &nbsp;&nbsp;&nbsp;&nbsp;870000 | Pacific Gas and Electric Co.,<br>4.95%, 7/1/2050<br>| &nbsp;&nbsp;&nbsp; 677842 |
| &nbsp;&nbsp;&nbsp;&nbsp;934000 | PPL Capital Funding, Inc.,<br>3L + 2.67%, 7.39%, 3/30/2067(n)<br>| &nbsp;&nbsp;&nbsp; 805108 |
| 1770000 | Public Service Co. of Colorado,<br>1.88%, 6/15/2031<br>| &nbsp;&nbsp; 1413469 |
| 1775000 | Southern California Edison Co.,<br>2.25%, 6/1/2030<br>| &nbsp;&nbsp; 1465861 |
|  | Southern Co., |  |
| 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 4/30/2030<br>| &nbsp;&nbsp; 1506635 |
| &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 3.63%, 8.40%, 3/15/2057(n)<br>| &nbsp;&nbsp;&nbsp; 125000 |
| 1210000 | WEC Energy Group, Inc.,<br>3L + 2.11%, 6.72%, 5/15/2067(n)<br>| &nbsp;&nbsp; 1015238 |
|  |  | &nbsp;&nbsp; 19581546 |
|  | **Gas-Distribution – 0.1%** |  |
| 1960000 | NiSource, Inc.,<br>2.95%, 9/1/2029<br>| &nbsp;&nbsp; 1704079 |
| 1659000 | Sempra Global, 144A,<br>3.25%, 1/15/2032<br>| &nbsp;&nbsp; 1327340 |
|  |  | &nbsp;&nbsp; 3031419 |
|  | **Independent Power Producer – 0.1%** |  |
| 1095000 | Calpine Corp., 144A,<br>5.13%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp; 979289 |
| 1158000 | Clearway Energy Operating, LLC, 144A,<br>3.75%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp; 962905 |
|  | NRG Energy, Inc., |  |
| 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/2/2027, 144A<br>| &nbsp;&nbsp; 1191201 |
| &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 2/15/2031, 144A<br>| &nbsp;&nbsp;&nbsp; 605808 |
|  |  | &nbsp;&nbsp; 3739203 |
|  | **Internet Connective Services – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;980000 | Cogent Communications Group, Inc., 144A,<br>3.50%, 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891494 |
|  | **Internet Telephony – 0.0%** |  |
| 1235000 | Cablevision Lightpath, LLC, 144A,<br>3.88%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023770 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Machinery-Construction & Mining – 0.1%** |  |
| $1070000 | Caterpillar, Inc.,<br>2.60%, 4/9/2030<br>| $932731 |
| &nbsp;&nbsp;&nbsp;&nbsp;251000 | Terex Corp., 144A,<br>5.00%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp; 225906 |
|  |  | &nbsp;&nbsp; 1158637 |
|  | **Machinery-Pumps – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;685000 | Mueller Water Products, Inc., 144A,<br>4.00%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602817 |
|  | **Non-hazardous Waste Disposal – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;595000 | GFL Environmental, Inc., 144A,<br>3.50%, 9/1/2028<br>| &nbsp;&nbsp;&nbsp; 523872 |
| 1410000 | Waste Connections, Inc.,<br>4.20%, 1/15/2033<br>| &nbsp;&nbsp; 1313915 |
|  |  | &nbsp;&nbsp; 1837787 |
|  | **Oil Refining & Marketing – 0.1%** |  |
| 1116000 | Parkland Corp., 144A,<br>4.50%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp; 931538 |
| &nbsp;&nbsp;&nbsp;&nbsp;423000 | Sunoco LP / Sunoco Finance Corp.,<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp; 370609 |
|  |  | &nbsp;&nbsp; 1302147 |
|  | **Pipelines – 1.4%** |  |
| 1110000 | Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A,<br>5.38%, 6/15/2029<br>| &nbsp;&nbsp; 1016305 |
| 1385000 | Buckeye Partners LP,<br>4.13%, 12/1/2027<br>| &nbsp;&nbsp; 1213883 |
| 1025000 | Cheniere Corpus Christi Holdings LLC,<br>2.74%, 12/31/2039<br>| &nbsp;&nbsp;&nbsp; 795498 |
| 1120000 | Cheniere Energy, Inc.,<br>4.63%, 10/15/2028<br>| &nbsp;&nbsp; 1014487 |
| &nbsp;&nbsp;&nbsp;&nbsp;455000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 144A,<br>5.63%, 5/1/2027<br>| &nbsp;&nbsp;&nbsp; 423933 |
|  | DCP Midstream Operating LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 3.85%, 5.85%, 5/21/2043, 144A(n)<br>| &nbsp;&nbsp;&nbsp; 381401 |
| &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 4/1/2044<br>| &nbsp;&nbsp;&nbsp; 270903 |
| 1180000 | DT Midstream, Inc., 144A,<br>4.13%, 6/15/2029<br>| &nbsp;&nbsp; 1016021 |
| 1090000 | Enbridge, Inc.,<br>3.13%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp; 952713 |
|  | Energy Transfer LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp; 291031 |
| &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 5/15/2030<br>| &nbsp;&nbsp;&nbsp; 272188 |
| &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 3.02%, 7.83%, 11/1/2066(n)<br>| &nbsp;&nbsp;&nbsp; 406088 |
| &nbsp;&nbsp;&nbsp;&nbsp;670000 | EnLink Midstream, LLC,<br>5.38%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp; 621062 |
|  | Enterprise Products Operating, LLC, |  |
| 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 1/31/2030<br>| &nbsp;&nbsp; 1332972 |
| &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 3.03%, 5.25%, 8/16/2077(n)<br>| &nbsp;&nbsp;&nbsp; 294057 |
| &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;3L + 2.99%, 7.63%, 8/16/2077(n)<br>| &nbsp;&nbsp;&nbsp; 163157 |
| 9923250 | EPIC Y-Grade Services LP,<br>6L + 6.00%, 11.10%, 6/30/2027(n)(o)<br>| &nbsp;&nbsp; 8930925 |
| 1485000 | EQM Midstream Partners LP, 144A,<br>4.50%, 1/15/2029<br>| &nbsp;&nbsp; 1249475 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | Global Partners LP / GLP Finance Corp.,<br>7.00%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp; 437555 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Portfolio of Investments – December 31, 2022 (Unaudited) (continued)<br>

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Pipelines - (continued)** |  |
| &nbsp;&nbsp;$995000 | Hess Midstream Operations LP, 144A,<br>5.50%, 10/15/2030<br>| $911625 |
| 1078000 | Holly Energy Partners LP / Holly Energy Finance Corp., 144A,<br>5.00%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp; 983380 |
|  | Kinder Morgan, Inc., |  |
| 1595000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 3/1/2028<br>| &nbsp;&nbsp; 1530801 |
| &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp; 213527 |
| &nbsp;&nbsp;&nbsp;&nbsp;555000 | Kinetik Holdings LP, 144A,<br>5.88%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp; 521219 |
| &nbsp;&nbsp;&nbsp;&nbsp;740000 | MPLX LP,<br>3L + 4.65%, 6.88%, 8/15/2071(n)<br>| &nbsp;&nbsp;&nbsp; 732600 |
| &nbsp;&nbsp;&nbsp;&nbsp;790000 | NuStar Logistics LP,<br>5.75%, 10/1/2025<br>| &nbsp;&nbsp;&nbsp; 760812 |
| &nbsp;&nbsp;&nbsp;&nbsp;945000 | ONEOK, Inc.,<br>3.10%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp; 793986 |
| 7446413 | Paradigm Midstream, LLC,<br>SOFR + 5.25%, 9.87%, 9/5/2024(n)(o)<br>| &nbsp;&nbsp; 7223020 |
| &nbsp;&nbsp;&nbsp;&nbsp;195000 | Plains All American Pipeline LP,<br>3L + 4.11%, 8.72%, 11/15/2171(n)<br>| &nbsp;&nbsp;&nbsp; 169650 |
| &nbsp;&nbsp;&nbsp;&nbsp;820000 | Plains All American Pipeline LP / PAA Finance Corp.,<br>3.55%, 12/15/2029<br>| &nbsp;&nbsp;&nbsp; 712770 |
| 1127000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A,<br>6.00%, 12/31/2030<br>| &nbsp;&nbsp;&nbsp; 976016 |
| &nbsp;&nbsp;&nbsp;&nbsp;320000 | Targa Resources Corp.,<br>4.20%, 2/1/2033<br>| &nbsp;&nbsp;&nbsp; 276227 |
|  | Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/1/2031<br>| &nbsp;&nbsp;&nbsp; 465714 |
| 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/2032<br>| &nbsp;&nbsp; 1318888 |
| 1120000 | TransCanada PipeLines, Ltd.,<br>3L + 2.21%, 6.82%, 5/15/2067(n)<br>| &nbsp;&nbsp;&nbsp; 882034 |
| 1115000 | Western Midstream Operating LP,<br>4.75%, 8/15/2028<br>| &nbsp;&nbsp; 1020292 |
|  |  | &nbsp;&nbsp; 40576215 |
|  | **REITS-Diversified – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;865000 | American Tower Corp., REIT,<br>3.10%, 6/15/2050<br>| &nbsp;&nbsp;&nbsp; 547861 |
| &nbsp;&nbsp;&nbsp;&nbsp;770000 | Crown Castle, Inc,<br>5.20%, 2/15/2049<br>| &nbsp;&nbsp;&nbsp; 696099 |
|  | Digital Realty Trust LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 8/15/2027, REIT<br>| &nbsp;&nbsp;&nbsp; 399712 |
| &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 7/1/2029, REIT<br>| &nbsp;&nbsp;&nbsp; 590893 |
| &nbsp;&nbsp;&nbsp;&nbsp;915000 | Equinix, Inc., REIT,<br>3.20%, 11/18/2029<br>| &nbsp;&nbsp;&nbsp; 798435 |
| &nbsp;&nbsp;&nbsp;&nbsp;760000 | SBA Communications Corp., REIT,<br>3.88%, 2/15/2027<br>| &nbsp;&nbsp;&nbsp; 687962 |
|  |  | &nbsp;&nbsp; 3720962 |
|  | **Rental Auto/Equipment – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;725000 | Ashtead Capital, Inc., 144A,<br>4.25%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651408 |
|  | **Retail-Propane Distribution – 0.1%** |  |
| 1252000 | Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A,<br>5.00%, 6/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065774 |
|  | **Telecom Services – 0.0%** |  |
| 1160000 | Frontier Communications Holdings, LLC, 144A,<br>5.00%, 5/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013852 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
|  | **Telephone-Integrated – 0.2%** |  |
| $1070000 | AT&T, Inc.,<br>3.80%, 2/15/2027<br>| $1022735 |
| &nbsp;&nbsp;&nbsp;&nbsp;425000 | Consolidated Communications, Inc., 144A,<br>6.50%, 10/1/2028<br>| &nbsp;&nbsp;&nbsp; 331313 |
| 2120000 | Level 3 Financing, Inc., 144A,<br>4.63%, 9/15/2027<br>| &nbsp;&nbsp; 1768610 |
|  | Verizon Communications, Inc., |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.33%, 9/21/2028<br>| &nbsp;&nbsp;&nbsp; 963487 |
| 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/20/2040<br>| &nbsp;&nbsp;&nbsp; 739753 |
| &nbsp;&nbsp;&nbsp;&nbsp;420000 | Zayo Group Holdings, Inc., 144A,<br>4.00%, 3/1/2027<br>| &nbsp;&nbsp;&nbsp; 311103 |
|  |  | &nbsp;&nbsp; 5137001 |
|  | **Television – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;865000 | Videotron, Ltd., 144A,<br>3.63%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729887 |
|  | **Transport-Rail – 0.1%** |  |
| 1000000 | Canadian National Railway Co.,<br>3.85%, 8/5/2032<br>| &nbsp;&nbsp;&nbsp; 932176 |
| 1000000 | CSX Corp.,<br>4.10%, 11/15/2032<br>| &nbsp;&nbsp;&nbsp; 940614 |
| 1185000 | Union Pacific Corp.,<br>2.40%, 2/5/2030<br>| &nbsp;&nbsp; 1016440 |
|  |  | &nbsp;&nbsp; 2889230 |
|  | **Total Corporate Debt<br>**  | &nbsp;&nbsp; 101817402 |
|  | (Cost $112,639,626) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Short-Term Investment - 1.0%** | **Short-Term Investment - 1.0%** |  |
| 30086846 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, Institutional Share Class, 4.21%<br>| &nbsp;&nbsp;&nbsp; 30086846 |
|  | (Cost $30,086,846) |  |
|  | **Total Investments - 99.8%<br>**  | &nbsp;&nbsp;&nbsp;2932450068 |
|  | (Cost $2,609,126,310) |  |
|  | **Other Assets - 0.2%<br>**  | &nbsp;&nbsp;&nbsp; 7331161 |
|  | **Net Assets - 100.0%<br>**  | $2939781229 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Portfolio of Investments – December 31, 2022 (Unaudited) (continued)<br>

------

(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 9.0% of this fund.

(d) Affiliated issuer.

(e) 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.

(f) Partnership is not designated in units. The Fund owns approximately 14.4% of this fund.

(g) The Fund owns more than 50% of the Private Investment Fund, but has contractually limited its voting interests to less than 5% of total voting interests.

(h) Partnership is not designated in units. The Fund owns approximately 0.2% of this Fund.

(i) Partnership is not designated in units. The Fund owns approximately 2.8% of this Fund.

(j) Partnership is not designated in units. The Fund owns approximately 11.5% of this Fund.

(k) Investment is a wholly-owned and controlled subsidiary that is not designated in units.

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

(m) Non-income producing security.

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

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| 144A - Rule 144A Security |
| 3L - 3 Month London Inter-bank Offered Rate |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - 30 Day Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;&nbsp;**% of Net<br> Assets** |
| Diversified<br>| &nbsp;&nbsp;&nbsp;&nbsp;78.7% |
| Electric-Integrated<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| Pipelines<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| REITS-Diversified<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Gas-Distribution<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Transport-Rail<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| All Other Industries<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| Other Assets net of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Total<br>| &nbsp;&nbsp;&nbsp;100.0% |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited)

------

#### Securities Valuation - Consistent with Sections 2(a)(5) and 2(a)(41) of the 1940 Act, the Fund prices its securities 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 valued pursuant to procedures established by the Board of Directors (the "Board").

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. Furthermore, the Adviser will review the valuation methodology of any pricing service used in the Fund's investment valuation process, subject to oversight and/or approval of the Board.

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 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 procedures approved by the Board. 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 Board has adopted procedures pursuant to which the Fund will value its investments in Private Investment Funds. Before investing in any Private Investment Fund, the Adviser will conduct a due diligence review of the valuation methodology utilized by such Private Investment Fund, which as a general matter will employ market values when available, and otherwise look at principles of fair value that the Adviser reasonably believes to be consistent with (but not necessarily the same as) those used by the Fund for valuing its own investments. The Adviser shall use its best efforts to ensure that each private Investment Fund has in place policies and procedures that are consistent with the practices provided for in the Real Estate Information Standards (''REIS''), as established and amended by the National Council of Real Estate Investment Fiduciaries (''NCREIF'') in conjunction with the Pension Real Estate Association (''PREA''), or comparable standards which may apply. REIS provides underlying principles behind the disclosure of reliable information with adequate policies and practices that include, but are not limited to the following:

• Property valuation standards and policy that are expected to be applied consistent with Generally Accepted Accounting Principles ("GAAP") fair value principles and uniform appraisal standards or such comparable standards as may apply to international managers. Real estate investments are required to be valued, (a) internally (by the Private Investment Fund's manager) with third party (preferably an accounting or valuation firm) oversight to assure the reasonableness of and compliance with valuation policies, at least quarterly and (b) externally by an appraiser or other third party on an annual basis. Furthermore, the valuations should be performed with impartiality, objectivity and independence, and with control to demonstrate they have been completed fairly. This includes the maintenance of records of methods and techniques for valuation with sufficient documentation to understand the scope of work completed.

• Market Value Accounting and Reporting Standards including the production of quarterly financial statements and annual audited financials. This also incorporates quarterly performance measurement and reporting standards for every asset held by the Private Investment Fund. After investing in a Private Investment Fund, the Adviser will monitor the valuation methodology used by such Private Investment Fund and its manager.

The Fund values its investments in Private Investment Funds based in large part on valuations provided by the managers of the Private Investment Funds and their agents. These fair value calculations will involve significant professional judgment by the managers of the Private Investment Funds in the application of both observable and unobservable attributes. The calculated NAVs of the Private Investment Funds' assets may differ from their actual realizable value or future fair value. Valuations will be provided to the Fund based on the interim unaudited financial records of the Private Investment Funds and, therefore, will be estimates subject to adjustment (upward or downward) upon the auditing of such financial records and may fluctuate as a result. The Board and the Adviser may not have the ability to assess the accuracy of these valuations. Because a significant portion of the Fund's assets are invested in Investment Funds, these valuations have a considerable impact on the Fund's NAV.

For each quarterly period that the NAVs of the Private Investment Funds are calculated by the managers of such funds, each Private Investment Fund's NAV is typically adjusted based on the actual income and appreciation or depreciation realized by such Private Investment Fund when the quarterly valuations and income are reported. The Adviser will review this information for reasonableness based on its knowledge of current market conditions and the individual characteristics of each Investment Fund and may clarify or validate the reported information with the applicable manager of the

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited) (continued)

------

Private Investment Fund. The Adviser 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 Adviser's Valuation Committee may determine to value the Fund's 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 Adviser's Valuation Committee, subject to the review and ratification of the Board's Valuation Committee. The Fund's valuation of each Private Investment Fund is individually updated as soon as the Adviser completes its reasonableness review, including any related necessary additional 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. 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 Adviser to generate during the current quarter. The Adviser's Valuation Committee monitors these estimates regularly and updates them as necessary if macro or individual fund changes warrant any adjustments, subject to the review and supervision of the Board's Valuation Committee. The December 31, 2022 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 December 31, 2022 NAV calculation.

<u>Sub-REIT Investments</u> - The Fund has adopted procedures pursuant to which the Fund will value its investments in Versus Capital Real Assets Sub-REIT LLC and Versus Capital Real Assets Sub-REIT II ("the Sub-REITs") at fair value. In accordance with these procedures, the Adviser shall require the external management companies of any direct investments to follow similar procedures to those that are outlined above for the continuously offered Institutional Investment Funds. The Sub-REITs merged effective December 30, 2022, and Versus Capital Real Assets Sub-REIT II is the surviving entity. The Portfolio of Investments reflects the December 31, 2022 value of Versus Capital Real Assets Sub-REIT II post-merger.

At December 31, 2022, Versus Capital Real Assets Sub-REIT II LLC owned: an alfalfa property in Bent County, Colorado fair valued at approximately $19.3 million; almond, walnut, peach and prune properties in Placer and Sutter counties in California fair valued at approximately $40.6 million, net of property level debt; a citrus property in Collier County, Florida fair valued at approximately $35.0 million; and a hazelnut property in Benton County, Oregon fair valued at approximately $22.8 million.

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

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

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

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

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

At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; the existence of contemporaneous, observable trades in the market; and changes in listings or delistings on national exchanges. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Total Market<br> Value at<br> 12/31/2022** | &nbsp;&nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Private Investment Fund (Sub-REIT)\*<br>| &nbsp;&nbsp;&nbsp;$121340218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$121340218 |
| Common Stocks\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453285699 | &nbsp;&nbsp;&nbsp;&nbsp;290795623 | &nbsp;&nbsp;&nbsp;&nbsp;162490076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101817402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;101817402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trust\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33715951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33715951 | &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;30086846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30086846 | &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;— |
| Subtotal<br>| &nbsp;&nbsp;&nbsp;$740246116 | &nbsp;&nbsp;&nbsp;$354598420 | &nbsp;&nbsp;&nbsp;$264307478 | &nbsp;&nbsp;&nbsp;$121340218 |
| Private Investment Funds (held at NAV)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2192203952 |  |  |  |
| Total<br>| &nbsp;&nbsp;&nbsp;$2932450068 |  |  |  |

---

\* See Portfolio of Investments for industry breakout.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited) (continued)

------

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Total at 12/31/2022** | &nbsp;&nbsp;&nbsp;**Private Investment<br> Fund (Sub-REIT)** |
| Balance as of 03/31/2022<br>| &nbsp;&nbsp;&nbsp;$114139705 | &nbsp;&nbsp;&nbsp;$114139705 |
| Transfers into Level 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net purchases (sales)<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;— |
| Accretion and Amortization<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;— |
| Realized Gain<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;— |
| Change in unrealized gain/loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200513 |
| Balance as of 12/31/2022<br>| &nbsp;&nbsp;&nbsp;$121340218 | &nbsp;&nbsp;&nbsp;$121340218 |

---

Sub-REITs are categorized as Level 3 of the fair value hierarchy and their fair values are largely based upon the externally appraised values of the underlying properties that they hold. Such appraisals are generally based on identified comparable sales as well as discounted cash flow analyses that rely on contractual lease factors, estimates of crop yields and appropriate discount rates. Significant changes in such estimates could have material changes to the appraised values of the underlying properties and the resulting fair values of the Sub-REITs. The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | &nbsp;&nbsp;&nbsp;**Total Fair Value at<br> 12/31/2022** | &nbsp;&nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;&nbsp;**Input Range** |
| Private Investment Funds (Sub REIT II)<br>| &nbsp;&nbsp;&nbsp;$121340218 | &nbsp;&nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;&nbsp;Discount Rates | &nbsp;&nbsp;&nbsp;5.0% - 9.5% |
|  |  |  | &nbsp;&nbsp;&nbsp;Cost Per Net Acre | &nbsp;&nbsp;&nbsp;$16000 |
|  |  |  | &nbsp;&nbsp;&nbsp;Sales Price Per Acre | &nbsp;&nbsp;&nbsp;$2500 - $11000 |
| Balance as of 12/31/2022<br>| &nbsp;&nbsp;&nbsp;$121340218 |  |  |  |

---

**Foreign Currency - Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates at 4:00 p.m. U.S. ET (Eastern Time). Fluctuations in the value of the foreign currencies and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses).**

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

**Risks of Investing in Infrastructure. An investment in the Fund is subject to certain risks associated with the ownership of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in energy prices; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund or the Private Institutional Investment Funds.**

**Risks of Investing in Timberland. An investment in the Fund is subject to certain risks associated with the ownership of timberland, timber and timber-related assets in general, including: the volatility of forest product prices; changes in foreign and U.S. trade and tariff policies; general market forces, such as regional growth rates, construction activity, changes in currency exchange rates and capital spending; competition from the use of alternative building materials and other decreases in demand; forestry regulations restricting timber harvesting or other aspects of business; the illiquidity of timber related asset investments; losses from fire and other causes; uninsured casualties; force majeure acts, terrorist events, underinsured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund or the Institutional Investment Funds.**

**Risks of Investing in Agriculture/Farmland. Investments in agriculture/farmland are subject to various risks, including adverse changes in national or international economic conditions, adverse local market conditions, adverse natural conditions such as storms, floods, drought, windstorms, hail, temperature extremes, frosts, soil erosion, infestations and blights, failure of irrigation or other mechanical systems used to cultivate the land, financial conditions of tenants, marketability of any particular kind of crop that may be influenced, among other things, by changing consumer tastes and preferences, import and export restrictions or tariffs, casualty or condemnation losses, government subsidy or production programs, buyers and sellers of properties, availability of excess supply of property relative to demand, changes in availability of debt financing, changes in interest rates, real estate tax**

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited) (continued)

------

rates and other operating expenses, environmental laws and regulations, governmental regulation of and risks associated with the use of fertilizers, pesticides, herbicides and other chemicals used in commercial agriculture, zoning laws and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of properties, risk due to dependence on cash flow, as well as acts of God, uninsurable losses and other factors which are beyond the control of an Institutional Investment Fund.

**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.**

**Risks of Investing in Debt Securities. The Fund will invest in real asset related debt securities. Other factors may materially and adversely affect the market price and yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy and domestic or worldwide economic conditions. The Fund's debt securities will be subject to credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due.**

**Risks Relating to Current Interest Rate Environment. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of 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.). The U.S. Federal Reserve has continued raising interest rates in light of recent inflationary pressures and interest rates may continue to increase rapidly. Thus, the Fund currently faces a heightened level of risk associated with rising interest rates and/or bond yields.**

**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 December 31, 2022, the Fund invested in the following restricted securities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security(a)** | &nbsp;&nbsp;**Acquisition<br> Date(b)** | &nbsp;&nbsp;**Shares/Par** | &nbsp;&nbsp;**If Partnership is not designated<br> in units, % owned by Fund** | &nbsp;&nbsp;**Cost<br> ($1,000s)** | &nbsp;&nbsp;**Value<br> ($1,000s)** | &nbsp;&nbsp;**Unfunded<br> Commitments<br> ($1000)(c),(d)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| AEW Cold Storage Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/4/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$100585 | &nbsp;&nbsp;$100489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| AMP Capital Diversified Infrastructure Trust | &nbsp;&nbsp;12/19/2017 | &nbsp;&nbsp;32131871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| AMP Capital Infrastructure Debt Fund III | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| Blackstone Infrastructure Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| BTG Pactual Open Ended Core US Timberland Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| Ceres Farmland Holdings LP | &nbsp;&nbsp;&nbsp;&nbsp;11/6/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| DigitalBridge Credit | &nbsp;&nbsp;12/19/2022 | &nbsp;&nbsp;&nbsp;&nbsp;5687721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Global Diversified Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;40737790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| Hancock Timberland and Farmland Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Harrison Street Social Infrastructure Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/2/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| IFC Core Farmland Fund LP | &nbsp;&nbsp;10/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| IFM Global Infrastructure Fund (Offshore) LP | &nbsp;&nbsp;&nbsp;&nbsp;9/28/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| IFM US Infrastructure Debt Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;9/28/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| IIF Hedged LP | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;90032729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| Jamestown Timberland Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/2/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| Macquarie Global Infrastructure Fund SCSp | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| National Data Center Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Nuveen - Global Farmland Fund | &nbsp;&nbsp;&nbsp;&nbsp;7/28/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| RMS Evergreen US Forestland Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| UBS AgriVest Farmland Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |

---

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited) (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security(a)** | &nbsp;&nbsp;**Acquisition<br> Date(b)** | &nbsp;&nbsp;**Shares/Par** | &nbsp;&nbsp;**If Partnership is not designated<br> in units, % owned by Fund** | &nbsp;&nbsp;**Cost<br> ($1,000s)** | &nbsp;&nbsp;**Value<br> ($1,000s)** | &nbsp;&nbsp;**Unfunded<br> Commitments<br> ($1000)(c),(d)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| US Core Farmland Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$127275 | &nbsp;&nbsp;$155768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Versus Capital Real Assets Sub-REIT ll LLC | &nbsp;&nbsp;&nbsp;&nbsp;9/29/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| Total |  |  |  | &nbsp;&nbsp;$1966706 | &nbsp;&nbsp;$2313544 | &nbsp;&nbsp;$205484 | &nbsp;&nbsp;&nbsp;&nbsp;78.7% |

---

(a) The securities include Investment Funds, debt securities, and wholly-owned REIT subsidiaries (sub-REIT). The Investment Funds are organized to serve as a collective investment vehicle
through which eligible investors may invest in a professionally managed real asset portfolio of equity and debt investments consisting of timberland, infrastructure, agriculture and farmland. The principal investment
objective of the Investment Funds is to generate attractive, predictable investment returns from a target portfolio of low-risk equity investments in income-producing real assets while maximizing the total return to
shareholders through cash dividends and appreciation in the value of shares. The Fund's debt securities are private loans made to the owners of infrastructure related assets. The principal investment objective
of the debt securities is to generate a stable income stream of attractive and consistent cash distributions. The Fund has invested in wholly-owned and controlled subsidiaries that make direct investments into
timberland and agriculture/farmland assets. The principal objective of the sub-REITs is to generate attractive, predictable investment returns from a target portfolio of direct investments in primarily
income-producing timberland and agriculture/farmland assets while maximizing the total return to shareholders through cash dividends and appreciation in the value of the assets.

(b) Represents initial acquisition date as shares are purchased at various dates through the current period.

(c) At December 31, 2022, the Fund has an additional outstanding unfunded commitment of $100 million related to a new Investment Fund.

(d) Unfunded Commitments approximate their fair values.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Redemption<br> Request(a)** | &nbsp;&nbsp;**Redemption<br> Notice(b)** | &nbsp;&nbsp;**Lock Up Period** |
| AEW Cold Storage Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;(c),(d) |  |
| AMP Capital Diversified Infrastructure Trust | &nbsp;&nbsp;Full | &nbsp;&nbsp;(d),(e) |  |
| AMP Capital Infrastructure Debt Fund III | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(f) |  |
| Blackstone Infrastructure Partners LP | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days(d),(g) | &nbsp;&nbsp;6 years, initial investment |
| BTG Pactual Open Ended Core US Timberland Fund LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;90 Days(d),(h) | &nbsp;&nbsp;2 years, subsequent investments |
| Ceres Farmland Holdings LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(i) | &nbsp;&nbsp;1 year, subsequent investments |
| DigitalBridge Credit | &nbsp;&nbsp;- | &nbsp;&nbsp;(d) |  |
| Global Diversified Infrastructure Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(j) |  |
| Hancock Timberland and Farmland Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(k) | &nbsp;&nbsp;3 years, subsequent investments |
| Harrison Street Social Infrastructure Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days(d),(l) |  |
| IFC Core Farmland Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(m) |  |
| IFM Global Infrastructure Fund (Offshore) LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days(d),(n) |  |
| IFM US Infrastructure Debt Fund, LP | &nbsp;&nbsp;- | &nbsp;&nbsp;60 Days(d),(o) |  |
| IIF Hedged LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(p) |  |
| Jamestown Timberland Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(q) |  |
| Macquarie Global Infrastructure Fund SCSp | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days(d),(r) | &nbsp;&nbsp;5 years, initial investment |
| National Data Center Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days(d),(s) | &nbsp;&nbsp;5 years, initial investment |
| Nuveen - Global Farmland Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(t) | &nbsp;&nbsp;3 years, initial investment |
| RMS Evergreen US Forestland Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(u) |  |
| UBS AgriVest Farmland Fund, Inc. | &nbsp;&nbsp;- | &nbsp;&nbsp;60 Days(d),(v) |  |
| US Core Farmland Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(w) |  |
| Versus Capital Real Assets Sub-REIT ll LLC | &nbsp;&nbsp;- | &nbsp;&nbsp;(d),(x) |  |

---

(a) The Fund submitted a partial or full redemption request, as described below, 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 for a quarterly redemption subject to the notice period listed.

(c) The fund may offer redemption requests with new capital raise periods. Redemption requests must be made within 10 business days of the offer notice.

(d) Restricted Securities.

(e) The fund does not have formal redemption notice or lockup periods and generally attempts to pay within 12 months of receiving the redemption request.

(f) Closed-end fund which terminates February 12, 2026 subject to two additional one year extensions at the discretion of the fund's manager. The fund does not provide for interim redemptions.

(g) Following the later of: (i) the three-year anniversary of each date on which a Limited Partner acquires Units; and (ii) the six-year anniversary of the date of the Initial Closing; a Limited Partner may
request redemptions quarterly upon 90 days written notice.

------

#### VERSUS CAPITAL REAL ASSETS FUND LLC

#### Notes to Portfolio of Investments

#### For the Period Ended December 31, 2022 (Unaudited) (continued)

------

(h) Redemptions are provided quarterly with 90 days prior written notice.

(i) Each subsequent contribution is subject to a lock up of the later of i.) the initial capital contribution date ii.) one-year from such contribution. The notice period for redemption is annually and must
be submitted by September 30th in any given year.

(j) Notification period of six months is required with redemption dates falling on March 31st and September 30th of each year.

(k) The notice period for redemption is annually and must be submitted by April 30th in any given year.

(l) Notification of at least 90 days prior to the last calendar day of the applicable calendar quarter for which the redemption request is to be effective.

(m) The Fund will repurchase shares upon six months advanced notice of a redemption request.

(n) Initiating the redemption process requires a written notification 45 days prior quarter end.

(o) 60 day written notice.

(p) There are two redemption election periods per year which occur from May 15th to June 30th and from November 15th to December 31st.

(q) A redemption request is first effective as of the last day of the first full calendar quarter after the quarter in which the investor delivers the redemption notice.

(r) The first $50 million of shares purchased are subject to an initial lock-up period expiring in March 2027; thereafter redemptions are provided quarterly with 90 days prior written notice

(s) The Fund will endeavor to honor redemption requests promptly after the end of each quarter upon receipt of a written redemption request 90 days prior to the end of that quarter.

(t) Shares are generally eligible for redemption as of March 31 of each year for notifications received by December 31 of the prior year.

(u) Investment redemption requests will be processed on a semiannual basis on June 30 and December 31 of each year.

(v) The Fund will endeavor to honor redemption requests promptly after the end of each quarter upon receipt of a written redemption request 60 days prior to the end of that quarter.

(w) A redemption request is effective as of the last day of the first full calendar quarter after the quarter in which the investor delivers the redemption notice.

(x) The security is a wholly-owned REIT subsidiary of the Fund and has no redemption provisions.

## 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 Assets Fund LLC

- **b. Investment Company Act file number:** 811-23201

- **c. CIK number of Registrant:** 0001687898

- **d. LEI of Registrant:** 254900Z82009DEUTVS59

- **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:** 720-543-0189

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

- **a. Name of Series:** Versus Capital Real Assets Fund LLC

- **c. LEI of Series:** 254900Z82009DEUTVS59

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $2963219191.88

**Total Liabilities:** $45189919.80

**Net Assets:** $2918029272.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.47%                | 1.99%                | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1993429.80             | $44372314.61                               |
| Month 2  | $-578073.82              | $56602363.12                               |
| Month 3  | $-2551163.39             | $2594207.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Kerry Group PLC                                                                         | Kerry Group PLC                                                                         | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     28306 | NS      | $2556890.62   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| China Resources Gas Group Ltd                                                           | China Resources Gas Group Ltd                                                           | CUSIP: 000000000<br>LEI: 529900A0E1J5JSOKEK83 | Long             | EC               | CORP              | HK        |   2000982 | NS      | $7464767.12   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| NUSTAR LOGISTICS LP                                                                     | NuStar Logistics LP                                                                     | CUSIP: 67059TAG0<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    790000 | PA      | $760812.04    | 0.03%             | 2025-10-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CO                                                                             | Southern Co/The                                                                         | CUSIP: 842587CY1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125000.00    | 0.00%             | 2057-03-15      | Floating      | 8.40%                 | No            | 2                  | On Loan: No      |
| Hera SpA                                                                                | Hera SpA                                                                                | CUSIP: 000000000<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |    930180 | NS      | $2508894.46   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| VZ SECURED FINANCING BV                                                                 | VZ Secured Financing BV                                                                 | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    175000 | PA      | $142525.50    | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Darling Ingredients Inc                                                                 | Darling Ingredients Inc                                                                 | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     77547 | NS      | $4853666.73   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutrien Ltd                                                                             | Nutrien Ltd                                                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     63767 | NS      | $4656904.01   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Transurban Group                                                                        | Transurban Group                                                                        | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   2349229 | NS      | $20668181.35  | 0.71%             |  |  |  | No            | 2                  | On Loan: No      |
| Ferrovial SA                                                                            | Ferrovial SA                                                                            | CUSIP: 000000000<br>LEI: 95980020140005757903 | Long             | EC               | CORP              | ES        |    341915 | NS      | $8952268.72   | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Eversource Energy                                                                       | Eversource Energy                                                                       | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |    139900 | NS      | $11729216.00  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Graphic Packaging Holding Co                                                            | Graphic Packaging Holding Co                                                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252506 | NS      | $5618258.50   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                               | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1252000 | PA      | $1065774.40   | 0.04%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| West Japan Railway Co                                                                   | West Japan Railway Co                                                                   | CUSIP: 000000000<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |     84734 | NS      | $3679093.78   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Zoetis Inc                                                                              | Zoetis Inc                                                                              | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     25619 | NS      | $3754464.45   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke DSM NV                                                                      | Koninklijke DSM NV                                                                      | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |     30019 | NS      | $3686171.59   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| ENTERGY CORP                                                                            | Entergy Corp                                                                            | CUSIP: 29364GAL7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1562610.22   | 0.05%             | 2030-06-15      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| Colonial First State Managed Infrastructure Limited ATF Global Div Infra Fund Active LP | Colonial First State Managed Infrastructure Limited ATF Global Div Infra Fund Active LP | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  40737790 | NS      | $69577581.16  | 2.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Mercer International Inc                                                                | Mercer International Inc                                                                | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | CA        |     15302 | NS      | $178115.28    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| FirstEnergy Corp                                                                        | FirstEnergy Corp                                                                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |    211948 | NS      | $8889099.12   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Versus Cap Real Assets FD Sub REIT II                                                   | Versus Cap Real Assets FD Sub REIT II                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  57250000 | NS      | $61087022.55  | 2.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                                | Western Midstream Operating LP                                                          | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1020291.90   | 0.03%             | 2028-08-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Macquarie Global Infrastructure Fund SCSp                                               | Macquarie Global Infrastructure Fund SCSp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |     24072 | NS      | $23972669.81  | 0.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Packaging Corp of America                                                               | Packaging Corp of America                                                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3095 | NS      | $395881.45    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| National Grid PLC                                                                       | National Grid PLC                                                                       | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    718850 | NS      | $8611361.07   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| CERES FARMLAND HOLDINGS, LP                                                             | Ceres Farmland Holdings, LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        | 131932436 | NS      | $198750580.05 | 6.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| East Japan Railway Co                                                                   | East Japan Railway Co                                                                   | CUSIP: 000000000<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |    137000 | NS      | $7803239.82   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| DOMINION ENERGY INC                                                                     | Dominion Energy Inc                                                                     | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974906.89    | 0.03%             | 2025-10-01      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| UNION PACIFIC CORP                                                                      | Union Pacific Corp                                                                      | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1016440.36   | 0.03%             | 2030-02-05      | Fixed         | 2.40%                 | No            | 2                  | On Loan: No      |
| EMERA US FINANCE LP                                                                     | Emera US Finance LP                                                                     | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $473662.03    | 0.02%             | 2026-06-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC                                                                            | NiSource Inc                                                                            | CUSIP: 65473PAH8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1704078.41   | 0.06%             | 2029-09-01      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |
| VERIZON COMMUNICATIONS                                                                  | Verizon Communications Inc                                                              | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $739753.06    | 0.03%             | 2040-11-20      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                                                                | Plains All American Pipeline LP                                                         | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    195000 | PA      | $169650.00    | 0.01%             | N/A             | Floating      | 8.72%                 | No            | 2                  | On Loan: No      |
| Harrison Street Social Infrastructure Fund                                              | Harrison Street Social Infrastructure Fund                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    207147 | NS      | $270530515.26 | 9.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DIGITAL REALTY TRUST LP                                                                 | Digital Realty Trust LP                                                                 | CUSIP: 25389JAU0<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    660000 | PA      | $590892.87    | 0.02%             | 2029-07-01      | Fixed         | 3.60%                 | No            | 2                  | On Loan: No      |
| T-MOBILE USA INC                                                                        | T-Mobile USA Inc                                                                        | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    840000 | PA      | $568204.64    | 0.02%             | 2052-10-15      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| AltaGas Ltd                                                                             | AltaGas Ltd                                                                             | CUSIP: 021361100<br>LEI: 549300D7A8QA85Z2MH11 | Long             | EC               | CORP              | CA        |    213491 | NS      | $3686425.10   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| KINDER MORGAN INC                                                                       | Kinder Morgan Inc                                                                       | CUSIP: 49456BAR2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    275000 | PA      | $213526.75    | 0.01%             | 2031-02-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Nippon Paper Industries Co Ltd                                                          | Nippon Paper Industries Co Ltd                                                          | CUSIP: 000000000<br>LEI: 3538007UWR5N9X8B8S30 | Long             | EC               | CORP              | JP        |     35600 | NS      | $263881.08    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| SEMPRA ENERGY                                                                           | Sempra Energy                                                                           | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    960000 | PA      | $890092.80    | 0.03%             | N/A             | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                                                      | Energy Transfer LP                                                                      | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    325000 | PA      | $272187.50    | 0.01%             | N/A             | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| KINETIK HOLDINGS LP                                                                     | Kinetik Holdings LP                                                                     | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    555000 | PA      | $521218.82    | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Jamestown Timberland Fund                                                               | Jamestown Timberland Fund                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    121515 | NS      | $161412648.14 | 5.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                                  | NextEra Energy Capital Holdings Inc                                                     | CUSIP: 302570AX4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1116858.01   | 0.04%             | 2067-06-15      | Floating      | 6.89%                 | No            | 2                  | On Loan: No      |
| Equitrans Midstream Corp                                                                | Equitrans Midstream Corp                                                                | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |    908846 | NS      | $6089268.20   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| TELENET FINANCE LUX NOTE                                                                | Telenet Finance Luxembourg Notes Sarl                                                   | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $182000.00    | 0.01%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Drax Group PLC                                                                          | Drax Group PLC                                                                          | CUSIP: 000000000<br>LEI: 549300YPSNTXR4ZHSR98 | Long             | EC               | CORP              | GB        |    457711 | NS      | $3882503.56   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| AES CORP/THE                                                                            | AES Corp/The                                                                            | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $1647583.25   | 0.06%             | 2031-01-15      | Fixed         | 2.45%                 | No            | 2                  | On Loan: No      |
| AEW Cold Storage Fund                                                                   | AEW Cold Storage Fund                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88603 | NS      | $100514109.84 | 3.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Corteva Inc                                                                             | Corteva Inc                                                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    105540 | NS      | $6203641.20   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| RMS Evergreen US Forestland Fund LP                                                     | RMS Evergreen US Forestland Fund LP                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  80000000 | NS      | $87382075.12  | 2.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Vinci SA                                                                                | Vinci SA                                                                                | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     38700 | NS      | $3857887.38   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                                                  | Sunoco LP / Sunoco Finance Corp                                                         | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    423000 | PA      | $370609.34    | 0.01%             | 2029-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Deere & Co                                                                              | Deere & Co                                                                              | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     14864 | NS      | $6373088.64   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                                                  | Clearway Energy Operating LLC                                                           | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |   1158000 | PA      | $962904.76    | 0.03%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                                | Enterprise Products Operating LLC                                                       | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1332972.38   | 0.05%             | 2030-01-31      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                            | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1016304.90   | 0.03%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| MUELLER WATER PRODUCTS                                                                  | Mueller Water Products Inc                                                              | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    685000 | PA      | $602817.13    | 0.02%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| KINDER MORGAN INC                                                                       | Kinder Morgan Inc                                                                       | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1530801.23   | 0.05%             | 2028-03-01      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| BLACKSTONE INFRASTRUCTURE PARTNERS F.2 L.P.                                             | Blackstone Infrastructure Partners F.2 L.P.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     38005 | NS      | $60783285.34  | 2.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Equatorial Energia SA                                                                   | Equatorial Energia SA                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1493562 | NS      | $7643552.30   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| IFM USIDF (US) A LP                                                                     | IFM USIDF (US) A LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  15015996 | NS      | $14366519.78  | 0.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PARKLAND CORP                                                                           | Parkland Corp/Alberta                                                                   | CUSIP: 70137WAG3<br>LEI: 549300XHQS1JYWBNK868 | Long             | DBT              | CORP              | CA        |   1116000 | PA      | $931537.87    | 0.03%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Stella-Jones Inc                                                                        | Stella-Jones Inc                                                                        | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     41533 | NS      | $1488316.96   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Entergy Corp                                                                            | Entergy Corp                                                                            | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    106263 | NS      | $11954587.50  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIGGO BOND CO BV                                                                        | Ziggo Bond Co BV                                                                        | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    315000 | PA      | $254877.53    | 0.01%             | 2030-02-28      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| FIRSTENERGY CORP                                                                        | FirstEnergy Corp                                                                        | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    560000 | PA      | $370482.00    | 0.01%             | 2050-03-01      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CAL EDISON                                                                     | Southern California Edison Co                                                           | CUSIP: 842400GU1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1465860.80   | 0.05%             | 2030-06-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| EMERA INC                                                                               | Emera Inc                                                                               | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    870000 | PA      | $838653.90    | 0.03%             | 2076-06-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                                | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    695000 | PA      | $623109.20    | 0.02%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Neogen Corp                                                                             | Neogen Corp                                                                             | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     60417 | NS      | $920150.91    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                                                         | Xcel Energy Inc                                                                         | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    163400 | NS      | $11455974.00  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Enbridge Inc                                                                            | Enbridge Inc                                                                            | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    419700 | NS      | $16403636.63  | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| SIG Group AG                                                                            | SIG Group AG                                                                            | CUSIP: 000000000<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |    142211 | NS      | $3107477.30   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Epic Y Grade Services LP                                                                | EPIC Y-Grade Services LP                                                                | CUSIP: 29427BAF6<br>LEI: 549300TTOB7LU4ZHIL80 | Long             | LON              | CORP              | US        |   9923250 | PA      | $8930925.00   | 0.31%             | 2027-06-30      | Floating      | 10.70%                | No            | 2                  | On Loan: No      |
| Orbia Advance Corp SAB de CV                                                            | Orbia Advance Corp SAB de CV                                                            | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | EC               | CORP              | MX        |    268400 | NS      | $475879.20    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| AMP CAPITAL INFRASTRUCTURE DEBT FUND III (USD HEDGED) LP                                | AMP Capital Infrastructure Debt Fund III (USD Hedged) LP                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  26583839 | NS      | $15438602.89  | 0.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                                                | Virgin Media Secured Finance PLC                                                        | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   1310000 | PA      | $1096732.00   | 0.04%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| CRESTWOOD MID PARTNER LP                                                                | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp                      | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $423932.60    | 0.01%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| COGENT COMMUNICATIONS GR                                                                | Cogent Communications Group Inc                                                         | CUSIP: 19240CAC7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    980000 | PA      | $891493.75    | 0.03%             | 2026-05-01      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| UPC BROADBAND FINCO BV                                                                  | UPC Broadband Finco BV                                                                  | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    315000 | PA      | $262650.15    | 0.01%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| NRG ENERGY INC                                                                          | NRG Energy Inc                                                                          | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1191201.72   | 0.04%             | 2027-12-02      | Fixed         | 2.45%                 | Yes           | 2                  | On Loan: No      |
| Oji Holdings Corp                                                                       | Oji Holdings Corp                                                                       | CUSIP: 000000000<br>LEI: 529900LVC9GIIYUGE243 | Long             | EC               | CORP              | JP        |    303000 | NS      | $1223813.04   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| EQUINIX INC                                                                             | Equinix Inc                                                                             | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    915000 | PA      | $798434.68    | 0.03%             | 2029-11-18      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Archer-Daniels-Midland Co                                                               | Archer-Daniels-Midland Co                                                               | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     68571 | NS      | $6366817.35   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Valmont Industries Inc                                                                  | Valmont Industries Inc                                                                  | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     10924 | NS      | $3612239.08   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corp                                                                     | American Tower Corp                                                                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     18000 | NS      | $3813480.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Novozymes A/S                                                                           | Novozymes A/S                                                                           | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     35614 | NS      | $1806830.31   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Canadian Pacific Railway Ltd                                                            | Canadian Pacific Railway Ltd                                                            | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    106770 | NS      | $7960436.85   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| PG&E Corp                                                                               | PG&E Corp                                                                               | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    811759 | NS      | $13199201.34  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Sempra Energy                                                                           | Sempra Energy                                                                           | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     49600 | NS      | $7665184.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| GCI LLC                                                                                 | GCI LLC                                                                                 | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    720000 | PA      | $606035.13    | 0.02%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Weyerhaeuser Co                                                                         | Weyerhaeuser Co                                                                         | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    102801 | NS      | $3186831.00   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| TRANSCANADA PIPELINES                                                                   | TransCanada PipeLines Ltd                                                               | CUSIP: 89352HAC3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |   1120000 | PA      | $882034.22    | 0.03%             | 2067-05-15      | Floating      | 6.82%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                                                      | Energy Transfer LP                                                                      | CUSIP: 29273VAL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    335000 | PA      | $291031.25    | 0.01%             | N/A             | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Westrock Co                                                                             | Westrock Co                                                                             | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |     18123 | NS      | $637204.68    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| WASTE CONNECTIONS INC                                                                   | Waste Connections Inc                                                                   | CUSIP: 94106BAF8<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |   1410000 | PA      | $1313914.77   | 0.05%             | 2033-01-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Public Service Enterprise Grou                                                          | Public Service Enterprise Group Inc                                                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    129160 | NS      | $7913633.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Industrial NV                                                                       | CNH Industrial NV                                                                       | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |    273305 | NS      | $4384359.18   | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Ameren Corp                                                                             | Ameren Corp                                                                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    101700 | NS      | $9043164.00   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| VODAFONE GROUP PLC                                                                      | Vodafone Group PLC                                                                      | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    525000 | PA      | $528564.75    | 0.02%             | 2079-04-04      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| China Tower Corp Ltd                                                                    | China Tower Corp Ltd                                                                    | CUSIP: 000000000<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | CORP              | CN        |  61696116 | NS      | $6620421.77   | 0.23%             |  |  |  | Yes           | 2                  | On Loan: No      |
| VERSUS CAP REAL ASSETS FD SUB REIT                                                      | VERSUS CAP REAL ASSETS FD SUB REIT                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  45336917 | NS      | $53537874.97  | 1.83%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                                 | Public Service Co of Colorado                                                           | CUSIP: 744448CV1<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1413468.62   | 0.05%             | 2031-06-15      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| IFM Global Infrastructure Fund LP                                                       | IFM Global Infrastructure Fund LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  61706281 | NS      | $81001152.57  | 2.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                                  | NextEra Energy Capital Holdings Inc                                                     | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    260000 | PA      | $212191.11    | 0.01%             | 2082-03-15      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| Sonoco Products Co                                                                      | Sonoco Products Co                                                                      | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      4135 | NS      | $251035.85    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CABLE ONE INC                                                                           | Cable One Inc                                                                           | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1163192.32   | 0.04%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp                     | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1318888.10   | 0.05%             | 2032-01-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| NRG ENERGY INC                                                                          | NRG Energy Inc                                                                          | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    795000 | PA      | $605807.92    | 0.02%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| T-MOBILE USA INC                                                                        | T-Mobile USA Inc                                                                        | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1252000 | PA      | $1083886.97   | 0.04%             | 2031-04-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Klabin SA                                                                               | Klabin SA                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    875300 | NS      | $3310713.76   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| BUCKEYE PARTNERS LP                                                                     | Buckeye Partners LP                                                                     | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1213882.71   | 0.04%             | 2027-12-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                                   | GFL Environmental Inc                                                                   | CUSIP: 36168QAM6<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    595000 | PA      | $523872.21    | 0.02%             | 2028-09-01      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| ALTICE FRANCE SA                                                                        | Altice France SA/France                                                                 | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    430000 | PA      | $337666.10    | 0.01%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| HESS MIDSTREAM OPERATION                                                                | Hess Midstream Operations LP                                                            | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    995000 | PA      | $911625.04    | 0.03%             | 2030-10-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| ENLINK MIDSTREAM LLC                                                                    | EnLink Midstream LLC                                                                    | CUSIP: 29336TAA8<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |    670000 | PA      | $621061.91    | 0.02%             | 2029-06-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| US Core Farmland Fund LP                                                                | US Core Farmland Fund LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    102049 | NS      | $157561546.21 | 5.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                                | Cheniere Corpus Christi Holdings LLC                                                    | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $795498.34    | 0.03%             | 2039-12-31      | Fixed         | 2.74%                 | No            | 2                  | On Loan: No      |
| Lindsay Corp                                                                            | Lindsay Corp                                                                            | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |     14678 | NS      | $2390312.30   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SBA Communications Corp                                                                 | SBA Communications Corp                                                                 | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     24700 | NS      | $6923657.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Avery Dennison Corp                                                                     | Avery Dennison Corp                                                                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      5195 | NS      | $940295.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                                | Enterprise Products Operating LLC                                                       | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    180000 | PA      | $163156.94    | 0.01%             | 2077-08-16      | Floating      | 7.63%                 | No            | 2                  | On Loan: No      |
| Aguas Andinas SA                                                                        | Aguas Andinas SA                                                                        | CUSIP: 000000000<br>LEI: 894500KC50BSHRL3SK15 | Long             | EC               | CORP              | CL        |  12126808 | NS      | $2800638.59   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| UPM-Kymmene Oyj                                                                         | UPM-Kymmene Oyj                                                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |    158862 | NS      | $5944836.78   | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Cascades Inc                                                                            | Cascades Inc                                                                            | CUSIP: 146900105<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | EC               | CORP              | CA        |     35167 | NS      | $219728.82    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE ELECTRIC CO                                                                         | DTE Electric Co                                                                         | CUSIP: 23338VAM8<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |   1660000 | PA      | $1415518.44   | 0.05%             | 2031-03-01      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| ND PAPER                                                                                | Nine Dragons Paper Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 529900TBMYEYJ2LEV906 | Long             | EC               | CORP              | HK        |    471000 | NS      | $428203.87    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| VIDEOTRON LTD                                                                           | Videotron Ltd                                                                           | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    865000 | PA      | $729887.00    | 0.03%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| TARGA RESOURCES CORP                                                                    | Targa Resources Corp                                                                    | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    320000 | PA      | $276227.46    | 0.01%             | 2033-02-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| CenterPoint Energy Inc                                                                  | CenterPoint Energy Inc                                                                  | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    354670 | NS      | $10636553.30  | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Auckland International Airport                                                          | Auckland International Airport Ltd                                                      | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |   1461100 | NS      | $7246457.76   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| HOLLY NRG PRTNR/FIN CORP                                                                | Holly Energy Partners LP / Holly Energy Finance Corp                                    | CUSIP: 435765AH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1078000 | PA      | $983379.97    | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Crown Castle Inc                                                                        | Crown Castle Inc                                                                        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    106600 | NS      | $14459224.00  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Kubota Corp                                                                             | Kubota Corp                                                                             | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    148400 | NS      | $2027357.80   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| FMC Corp                                                                                | FMC Corp                                                                                | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     44953 | NS      | $5610134.40   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings Inc                                                              | CF Industries Holdings Inc                                                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     71200 | NS      | $6066240.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ONEOK INC                                                                               | ONEOK Inc                                                                               | CUSIP: 682680BB8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    945000 | PA      | $793985.96    | 0.03%             | 2030-03-15      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| CSC HOLDINGS LLC                                                                        | CSC Holdings LLC                                                                        | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    595000 | PA      | $330129.24    | 0.01%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN TOWER CORP                                                                     | American Tower Corp                                                                     | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    865000 | PA      | $547861.40    | 0.02%             | 2050-06-15      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| CROWN CASTLE INC                                                                        | Crown Castle Inc                                                                        | CUSIP: 22822VAM3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    770000 | PA      | $696098.49    | 0.02%             | 2049-02-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Bayer AG                                                                                | Bayer AG                                                                                | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     69993 | NS      | $3602546.97   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| ENN Energy Holdings Ltd                                                                 | ENN Energy Holdings Ltd                                                                 | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |    458498 | NS      | $6404323.47   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                                                 | Zayo Group Holdings Inc                                                                 | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    420000 | PA      | $311102.40    | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                                | Charter Communications Operating LLC / Charter Communications Operating Capital         | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $921350.40    | 0.03%             | 2031-04-01      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| SSE PLC                                                                                 | SSE PLC                                                                                 | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    199093 | NS      | $4094734.08   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                                                            | Enbridge Inc                                                                            | CUSIP: 29250NAZ8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1090000 | PA      | $952712.67    | 0.03%             | 2029-11-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| DIGITAL REALTY TRUST LP                                                                 | Digital Realty Trust LP                                                                 | CUSIP: 25389JAR7<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    430000 | PA      | $399711.88    | 0.01%             | 2027-08-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| CSX CORP                                                                                | CSX Corp                                                                                | CUSIP: 126408HU0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940613.93    | 0.03%             | 2032-11-15      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                                 | Global Partners LP / GLP Finance Corp                                                   | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $437555.24    | 0.01%             | 2027-08-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| PotlatchDeltic Corp                                                                     | PotlatchDeltic Corp                                                                     | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     55691 | NS      | $2449847.09   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheniere Energy Inc                                                                     | Cheniere Energy Inc                                                                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     63283 | NS      | $9489918.68   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Croda International PLC                                                                 | Croda International PLC                                                                 | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     18432 | NS      | $1466792.45   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                                | Enterprise Products Operating LLC                                                       | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    365000 | PA      | $294056.96    | 0.01%             | 2077-08-16      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                                                      | Energy Transfer LP                                                                      | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    525000 | PA      | $406087.50    | 0.01%             | 2066-11-01      | Floating      | 7.46%                 | No            | 2                  | On Loan: No      |
| American Electric Power Co Inc                                                          | American Electric Power Co Inc                                                          | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    170137 | NS      | $16154508.15  | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                                                             | Southern Co/The                                                                         | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1506635.06   | 0.05%             | 2030-04-30      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| LEVEL 3 FINANCING INC                                                                   | Level 3 Financing Inc                                                                   | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $1768610.00   | 0.06%             | 2027-09-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| MPLX LP                                                                                 | MPLX LP                                                                                 | CUSIP: 55336VAU4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    740000 | PA      | $732600.00    | 0.03%             | N/A             | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| SEMPRA GLOBAL                                                                           | Sempra Global                                                                           | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |   1659000 | PA      | $1327340.25   | 0.05%             | 2032-01-15      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| Nuveen - Global Farmland Fund                                                           | Nuveen - Global Farmland Fund                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     90317 | NS      | $89857194.75  | 3.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                                                                 | Atlantica Sustainable Infrastructure PLC                                                | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    590000 | PA      | $524276.58    | 0.02%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| AMPCI Applications Trust Account                                                        | AMPCI Applications Trust Account                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | AU        |  32131871 | NS      | $25840157.27  | 0.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                                   | Duke Energy Carolinas LLC                                                               | CUSIP: 26442CAY0<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |   1660000 | PA      | $1426911.25   | 0.05%             | 2029-08-15      | Fixed         | 2.45%                 | No            | 2                  | On Loan: No      |
| AGRIVEST FARMLAND FUND L.P.                                                             | AgriVest Farmland Fund L.P.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     20174 | NS      | $45366718.87  | 1.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BTG PACTUAL OPEN ENDED CORE US TIMBERLAND FUND LP                                       | BTG Pactual Open Ended Core US Timberland Fund LP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    226671 | NS      | $322172448.23 | 11.04%            |  |  |  | Yes           | N/A                | On Loan: No      |
| VERIZON COMMUNICATIONS                                                                  | Verizon Communications Inc                                                              | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963487.33    | 0.03%             | 2028-09-21      | Fixed         | 4.33%                 | No            | 2                  | On Loan: No      |
| Paradigm Midstream LLC                                                                  | Paradigm Midstream LLC                                                                  | CUSIP: 26860EAE3<br>LEI: 549300LC20SVBTR7S342 | Long             | LON              | CORP              | US        |   7883912 | PA      | $7647395.13   | 0.26%             | 2024-09-05      | Floating      | 9.67%                 | No            | 2                  | On Loan: No      |
| Interfor Corp                                                                           | Interfor Corp                                                                           | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |     20121 | NS      | $312068.69    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| West Fraser Timber Co Ltd                                                               | West Fraser Timber Co Ltd                                                               | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     14887 | NS      | $1074964.54   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| CSC HOLDINGS LLC                                                                        | CSC Holdings LLC                                                                        | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1238000 | PA      | $861263.02    | 0.03%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| ASHTEAD CAPITAL INC                                                                     | Ashtead Capital Inc                                                                     | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    725000 | PA      | $651408.24    | 0.02%             | 2029-11-01      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| Severn Trent PLC                                                                        | Severn Trent PLC                                                                        | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    123800 | NS      | $3955180.41   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Rayonier Inc                                                                            | Rayonier Inc                                                                            | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     87467 | NS      | $2882912.32   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                                 | SBA Communications Corp                                                                 | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    760000 | PA      | $687962.26    | 0.02%             | 2027-02-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                                 | Frontier Communications Holdings LLC                                                    | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1013851.60   | 0.03%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| IIF Hedged LP                                                                           | IIF Hedged LP                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  94490670 | NS      | $80907145.95  | 2.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AGCO Corp                                                                               | AGCO Corp                                                                               | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     50507 | NS      | $7004815.83   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Holmen AB                                                                               | Holmen AB                                                                               | CUSIP: 000000000<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |     20338 | NS      | $808333.86    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Smurfit Kappa Group PLC                                                                 | Smurfit Kappa Group PLC                                                                 | CUSIP: 000000000<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |     19738 | NS      | $731497.28    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                                                | EQM Midstream Partners LP                                                               | CUSIP: 26885BAK6<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1485000 | PA      | $1249474.65   | 0.04%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Trimble Inc                                                                             | Trimble Inc                                                                             | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     67006 | NS      | $3387823.36   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                                | Plains All American Pipeline LP / PAA Finance Corp                                      | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    820000 | PA      | $712770.01    | 0.02%             | 2029-12-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| IFC Core Farmland Fund LP                                                               | IFC Core Farmland Fund LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    162009 | NS      | $200855481.69 | 6.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CALPINE CORP                                                                            | Calpine Corp                                                                            | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $979288.94    | 0.03%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| PPL CAPITAL FUNDING INC                                                                 | PPL Capital Funding Inc                                                                 | CUSIP: 69352PAC7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    934000 | PA      | $805108.00    | 0.03%             | 2067-03-30      | Floating      | 6.34%                 | No            | 2                  | On Loan: No      |
| AT&T INC                                                                                | AT&T Inc                                                                                | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1022735.22   | 0.04%             | 2027-02-15      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| CONSOLIDATED COMMUNICATI                                                                | Consolidated Communications Inc                                                         | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    425000 | PA      | $331313.31    | 0.01%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                                  | Pacific Gas and Electric Co                                                             | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    870000 | PA      | $677841.52    | 0.02%             | 2050-07-01      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| CATERPILLAR INC                                                                         | Caterpillar Inc                                                                         | CUSIP: 149123CH2<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $932730.51    | 0.03%             | 2030-04-09      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| DCP MIDSTREAM OPERATING                                                                 | DCP Midstream Operating LP                                                              | CUSIP: 23311RAH9<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    390000 | PA      | $381400.50    | 0.01%             | 2043-05-21      | Fixed         | 5.85%                 | Yes           | 2                  | On Loan: No      |
| NextEra Energy Inc                                                                      | NextEra Energy Inc                                                                      | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    234116 | NS      | $19572097.60  | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Engie SA                                                                                | Engie SA                                                                                | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    322491 | NS      | $4613584.94   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| WEC ENERGY GROUP INC                                                                    | WEC Energy Group Inc                                                                    | CUSIP: 976657AH9<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1015238.40   | 0.03%             | 2067-05-15      | Floating      | 6.72%                 | No            | 2                  | On Loan: No      |
| NiSource Inc                                                                            | NiSource Inc                                                                            | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    347436 | NS      | $9526695.12   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp                     | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $465714.50    | 0.02%             | 2031-02-01      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| DISH DBS CORP                                                                           | DISH DBS Corp                                                                           | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $144359.91    | 0.00%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| CMS ENERGY CORP                                                                         | CMS Energy Corp                                                                         | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $910832.24    | 0.03%             | 2050-06-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| National - Data Center Fund                                                             | National - Data Center Fund                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    101592 | NS      | $116299588.52 | 3.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Mondi PLC                                                                               | Mondi PLC                                                                               | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     20735 | NS      | $354629.05    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Bunge Ltd                                                                               | Bunge Ltd                                                                               | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | US        |     66962 | NS      | $6680798.74   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                                 | American Electric Power Co Inc                                                          | CUSIP: 025537AP6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    835000 | PA      | $564631.32    | 0.02%             | 2050-03-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Stora Enso Oyj                                                                          | Stora Enso Oyj                                                                          | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |    228429 | NS      | $3220737.29   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Metsa Board Oyj                                                                         | Metsa Board Oyj                                                                         | CUSIP: 000000000<br>LEI: 743700KKB8Q035K38488 | Long             | EC               | CORP              | FI        |     37966 | NS      | $356677.82    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Svenska Cellulosa AB SCA                                                                | Svenska Cellulosa AB SCA                                                                | CUSIP: 000000000<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |     74250 | NS      | $940352.01    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Hancock Timberland and Farmland Fund LP                                                 | Hancock Timberland and Farmland Fund LP                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     54055 | NS      | $58833722.88  | 2.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CABLEVISION LIGHTPATH                                                                   | Cablevision Lightpath LLC                                                               | CUSIP: 12687GAA7<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1023770.01   | 0.04%             | 2027-09-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Targa Resources Corp                                                                    | Targa Resources Corp                                                                    | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     62391 | NS      | $4585738.50   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| CANADIAN NATL RAILWAY                                                                   | Canadian National Railway Co                                                            | CUSIP: 136375DC3<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $932175.40    | 0.03%             | 2032-08-05      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| CHENIERE ENERGY INC                                                                     | Cheniere Energy Inc                                                                     | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1014487.43   | 0.03%             | 2028-10-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Tyson Foods Inc                                                                         | Tyson Foods Inc                                                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     36575 | NS      | $2276793.75   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Cellnex Telecom SA                                                                      | Cellnex Telecom SA                                                                      | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    262880 | NS      | $8720058.81   | 0.30%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Canfor Corp                                                                             | Canfor Corp                                                                             | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |     21278 | NS      | $334884.92    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Mowi ASA                                                                                | Mowi ASA                                                                                | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |    201484 | NS      | $3433347.00   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| TEREX CORP                                                                              | Terex Corp                                                                              | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    251000 | PA      | $225906.28    | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Aena SME SA                                                                             | Aena SME SA                                                                             | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     62300 | NS      | $7809830.71   | 0.27%             |  |  |  | Yes           | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                                 | American Electric Power Co Inc                                                          | CUSIP: 025537AM3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1057552.90   | 0.04%             | 2028-12-01      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Balchem Corp                                                                            | Balchem Corp                                                                            | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      7771 | NS      | $948916.81    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| DT MIDSTREAM INC                                                                        | DT Midstream Inc                                                                        | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1016021.30   | 0.03%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| DCP MIDSTREAM OPERATING                                                                 | DCP Midstream Operating LP                                                              | CUSIP: 23311VAF4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    290000 | PA      | $270903.39    | 0.01%             | 2044-04-01      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| MSILF Treasury Securities Portfolio                                                     | MSILF Treasury Securities Portfolio                                                     | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |  68527719 | NS      | $68527718.87  | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| CSX Corp                                                                                | CSX Corp                                                                                | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    224900 | NS      | $6967402.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| DigitalBridge Credit                                                                    | DigitalBridge Credit                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5687721 | NS      | $5792724.97   | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                            | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1127000 | PA      | $976015.81    | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| RWE AG                                                                                  | RWE AG                                                                                  | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |    120867 | NS      | $5343255.69   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Suzano SA                                                                               | Suzano SA                                                                               | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    118700 | NS      | $1084537.71   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                            | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2343337.00   | 0.08%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

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

**Signature:** Dustin Rose

**Name of Signer:** Dustin Rose

**Title:** Assistant Treasurer