# EDGAR Filing Document

**Accession Number:** 0001515001
**File Stem:** 0001752724-23-046654
**Filing Date:** 2023-2
**Character Count:** 160379
**Document Hash:** 5bdb1c7787809d902bfea377676ee366
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046654.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046654

**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 Multi-Manager Real Estate Income Fund LLC
- **CENTRAL INDEX KEY:** 0001515001
- **IRS NUMBER:** 451872199
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22534
- **FILM NUMBER:** 23682892

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

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

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

## Nport-Ex

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

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

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Private Investment Funds(a) - 80.7%** | **Private Investment Funds(a) - 80.7%** | **Private Investment Funds(a) - 80.7%** |
|  | **Diversified – 80.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99815 | AEW Core Property (U.S.), LP<br>| $123950018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | AEW Value Investors US LP(b)(c)<br>| &nbsp;&nbsp;&nbsp; 69067519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | Barings European Core Property Fund<br>| &nbsp;&nbsp;&nbsp; 2617429 |
| 117300216 | CBRE U.S. Core Partners LP<br>| &nbsp;&nbsp;&nbsp; 220383646 |
| 91592617 | CBRE U.S. Logistics Partners LP(b)<br>| &nbsp;&nbsp;&nbsp; 115919616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80419 | Clarion Gables Multifamily Trust LP<br>| &nbsp;&nbsp;&nbsp; 147534498 |
| &nbsp;&nbsp;&nbsp;&nbsp;147302 | Clarion Lion Properties Fund LP<br>| &nbsp;&nbsp;&nbsp; 284155900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45878 | GI Partners ETS Fund(b)<br>| &nbsp;&nbsp;&nbsp; 53994524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | GWL U.S. Property Fund LP(b)(d)<br>| &nbsp;&nbsp;&nbsp; 152798175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79032 | Harrison Street Core Property Fund<br>| &nbsp;&nbsp;&nbsp; 128138874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96999 | Heitman America Real Estate LP<br>| &nbsp;&nbsp;&nbsp; 145247447 |
| &nbsp;&nbsp;&nbsp;&nbsp;144358 | Heitman Core Real Estate Debt Income Trust LP(b)<br>| &nbsp;&nbsp;&nbsp; 139712616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16828 | Hines European Property Partners(b)<br>| &nbsp;&nbsp;&nbsp; 22823492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | Invesco Core Real Estate USA LP<br>| &nbsp;&nbsp;&nbsp; 229694128 |
| &nbsp;&nbsp;&nbsp;&nbsp;864289 | Invesco Real Estate Asia Fund<br>| &nbsp;&nbsp;&nbsp; 115967742 |
| &nbsp;&nbsp;&nbsp;&nbsp;926470 | RREEF America REIT II, Inc.<br>| &nbsp;&nbsp;&nbsp; 145690508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34811 | TA Realty Core Property Fund, LP<br>| &nbsp;&nbsp;&nbsp; 52530602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | Trumbull Property Fund LP<br>| &nbsp;&nbsp;&nbsp; 25864982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | Trumbull Property Income Fund, LP<br>| &nbsp;&nbsp;&nbsp; 15180332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | US Government Building Open-End Feeder, LP(e)<br>| &nbsp;&nbsp;&nbsp; 51802991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | USGBF Alpha Feeder LP(f)(g)<br>| &nbsp;&nbsp;&nbsp; 20089500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54379 | Walton Street Real Estate Core-Plus Fund, LP(b)<br>| &nbsp;&nbsp;&nbsp; 73874367 |
|  | **Total Private Investment Funds<br>**  | &nbsp;&nbsp;&nbsp;2337038906 |
|  | (Cost $1,959,832,437) |  |
| **Common Stocks - 10.5%** | **Common Stocks - 10.5%** |  |
|  | **Apartments/Single Family Residential – 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;360138 | American Homes 4 Rent, Class A Shares, REIT<br>| &nbsp;&nbsp;&nbsp; 10854559 |
| &nbsp;&nbsp;&nbsp;&nbsp;210863 | Apartment Income REIT Corp.<br>| &nbsp;&nbsp;&nbsp; 7234710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57532 | AvalonBay Communities, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 9292569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44057 | Camden Property Trust, REIT<br>| &nbsp;&nbsp;&nbsp; 4929097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | Daiwa House REIT Investment Corp. (Japan)<br>| &nbsp;&nbsp;&nbsp; 1498331 |
| &nbsp;&nbsp;&nbsp;&nbsp;126649 | Equity Residential, REIT<br>| &nbsp;&nbsp;&nbsp; 7472291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15748 | Essex Property Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 3337316 |
| &nbsp;&nbsp;&nbsp;&nbsp;181268 | Independence Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 3056178 |
| &nbsp;&nbsp;&nbsp;&nbsp;307742 | Invitation Homes, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 9121473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32870 | Spirit Realty Capital, Inc.<br>| &nbsp;&nbsp;&nbsp; 1312499 |
|  |  | &nbsp;&nbsp;&nbsp; 58109023 |
|  | **Diversified – 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | Activia Properties, Inc., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 1059588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160 | American Tower Corp., REIT<br>| &nbsp;&nbsp;&nbsp; 1940638 |
| &nbsp;&nbsp;&nbsp;&nbsp;157275 | Arena, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 407355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77593 | Broadstone Net Lease, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 1257783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58485 | Charter Hall Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 474422 |
| &nbsp;&nbsp;&nbsp;&nbsp;449480 | Cromwell European Real Estate Investment Trust, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp; 722111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15935 | Crown Castle, Inc, REIT<br>| &nbsp;&nbsp;&nbsp; 2161423 |
| &nbsp;&nbsp;&nbsp;&nbsp;891211 | Digital Core REIT Management Pte, Ltd. (Singapore)<br>| &nbsp;&nbsp;&nbsp; 490660 |
| &nbsp;&nbsp;&nbsp;&nbsp;100167 | Digital Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 10043745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20267 | Equinix, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 13275493 |
| &nbsp;&nbsp;&nbsp;&nbsp;198431 | ESR Kendall Square Co., Ltd., REIT (South Korea)<br>| &nbsp;&nbsp;&nbsp; 627196 |
| &nbsp;&nbsp;&nbsp;&nbsp;106230 | Gaming and Leisure Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 5533521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10248 | Gecina SA, REIT (France)<br>| &nbsp;&nbsp;&nbsp; 1044066 |
| &nbsp;&nbsp;&nbsp;&nbsp;191693 | Ingenia Communities Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 580069 |
| &nbsp;&nbsp;&nbsp;&nbsp;187631 | Merlin Properties Socimi SA, REIT (Spain)<br>| &nbsp;&nbsp;&nbsp; 1759773 |
| &nbsp;&nbsp;&nbsp;&nbsp;142600 | Mitsubishi Estate Co., Ltd. (Japan)<br>| &nbsp;&nbsp;&nbsp; 1847180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | Mori Hills REIT Investment Corp. (Japan)<br>| &nbsp;&nbsp;&nbsp; 508031 |
| &nbsp;&nbsp;&nbsp;1013398 | Qualitas, Ltd. (Australia)<br>| &nbsp;&nbsp;&nbsp; 1929151 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Diversified - (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | Sekisui House Reit, Inc., REIT (Japan)<br>| $1702006 |
| &nbsp;&nbsp;&nbsp;&nbsp;316481 | VICI Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 10253984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97421 | Vonovia SE (Germany)<br>| &nbsp;&nbsp;&nbsp; 2294891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99061 | Wihlborgs Fastigheter AB (Sweden)<br>| &nbsp;&nbsp;&nbsp; 748075 |
|  |  | &nbsp;&nbsp;&nbsp; 60661161 |
|  | **Health Care – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87344 | Healthcare Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 1683119 |
| &nbsp;&nbsp;&nbsp;&nbsp;139239 | HealthCo, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 163574 |
| &nbsp;&nbsp;&nbsp;&nbsp;203527 | Healthpeak Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 5102422 |
| &nbsp;&nbsp;&nbsp;&nbsp;158113 | Medical Properties Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 1761379 |
| &nbsp;&nbsp;&nbsp;&nbsp;228029 | Sabra Health Care REIT, Inc.<br>| &nbsp;&nbsp;&nbsp; 2834401 |
| &nbsp;&nbsp;&nbsp;&nbsp;268336 | Ventas, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 12088537 |
| &nbsp;&nbsp;&nbsp;&nbsp;152688 | Welltower, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 10008698 |
|  |  | &nbsp;&nbsp;&nbsp; 33642130 |
|  | **Hotels – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77732 | DiamondRock Hospitality Co., REIT<br>| &nbsp;&nbsp;&nbsp; 636625 |
| &nbsp;&nbsp;&nbsp;&nbsp;230312 | Host Hotels & Resorts, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 3696508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | Japan Hotel REIT Investment Corp. (Japan)<br>| &nbsp;&nbsp;&nbsp; 1475553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44264 | Sunstone Hotel Investors, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 427590 |
| &nbsp;&nbsp;&nbsp;&nbsp;179395 | Xenia Hotels & Resorts, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 2364426 |
|  |  | &nbsp;&nbsp;&nbsp; 8600702 |
|  | **Office Properties – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73129 | Alexandria Real Estate Equities, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 10652701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42769 | Boston Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 2890329 |
| &nbsp;&nbsp;&nbsp;&nbsp;697400 | Capitaland Investment, Ltd. (Singapore)<br>| &nbsp;&nbsp;&nbsp; 1927400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | Daiwa Office Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 442026 |
| &nbsp;&nbsp;&nbsp;&nbsp;167316 | Dexus, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 878420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26080 | Kilroy Realty Corp., REIT<br>| &nbsp;&nbsp;&nbsp; 1008514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33889 | NSI NV, REIT (Netherlands)<br>| &nbsp;&nbsp;&nbsp; 843428 |
|  |  | &nbsp;&nbsp;&nbsp; 18642818 |
|  | **Real Estate Operation/Development – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71291 | Castellum AB (Sweden)<br>| &nbsp;&nbsp;&nbsp; 863367 |
| &nbsp;&nbsp;&nbsp;&nbsp;206812 | Hongkong Land Holdings, Ltd. (Hong Kong)<br>| &nbsp;&nbsp;&nbsp; 951504 |
| &nbsp;&nbsp;&nbsp;&nbsp;112100 | Mitsui Fudosan Co., Ltd. (Japan)<br>| &nbsp;&nbsp;&nbsp; 2048849 |
| &nbsp;&nbsp;&nbsp;&nbsp;215425 | New World Development Co., Ltd. (Hong Kong)<br>| &nbsp;&nbsp;&nbsp; 604305 |
| &nbsp;&nbsp;&nbsp;1465708 | RAM Essential Services Property Fund (Australia)<br>| &nbsp;&nbsp;&nbsp; 720708 |
| &nbsp;&nbsp;&nbsp;&nbsp;215000 | Sun Hung Kai Properties, Ltd. (Hong Kong)<br>| &nbsp;&nbsp;&nbsp; 2936765 |
|  |  | &nbsp;&nbsp;&nbsp; 8125498 |
|  | **Regional Malls – 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82415 | Klepierre SA, REIT (France)<br>| &nbsp;&nbsp;&nbsp; 1902190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79385 | Simon Property Group, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 9326150 |
|  |  | &nbsp;&nbsp;&nbsp; 11228340 |
|  | **Residential – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26197 | Equity LifeStyle Properties, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 1692326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37645 | Sun Communities, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 5383235 |
|  |  | &nbsp;&nbsp;&nbsp; 7075561 |
|  | **Shopping Centers – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;901900 | CapitaLand Integrated Commercial Trust, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp; 1375589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50866 | Federal Realty Investment Trust, REIT<br>| &nbsp;&nbsp;&nbsp; 5139501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | Japan Metropolitan Fund Invest, REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 1333282 |
| &nbsp;&nbsp;&nbsp;&nbsp;303689 | Kite Realty Group Trust, REIT<br>| &nbsp;&nbsp;&nbsp; 6392653 |
| &nbsp;&nbsp;&nbsp;1272081 | Lendlease Global Commercial, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp; 669490 |
| &nbsp;&nbsp;&nbsp;&nbsp;444700 | Link, REIT (Hong Kong)<br>| &nbsp;&nbsp;&nbsp; 3254021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23787 | Regency Centers Corp., REIT<br>| &nbsp;&nbsp;&nbsp; 1486688 |
| &nbsp;&nbsp;&nbsp;&nbsp;739505 | Scentre Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 1439491 |
| &nbsp;&nbsp;&nbsp;&nbsp;339525 | SITE Centers Corp., REIT<br>| &nbsp;&nbsp;&nbsp; 4637911 |
|  |  | &nbsp;&nbsp;&nbsp; 25728626 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

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

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Storage – 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73669 | Big Yellow Group, PLC, REIT (United Kingdom)<br>| $1020415 |
| &nbsp;&nbsp;&nbsp;&nbsp;278576 | CubeSmart, REIT<br>| &nbsp;&nbsp;&nbsp; 11212684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21796 | Extra Space Storage, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 3207935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25612 | Public Storage, REIT<br>| &nbsp;&nbsp;&nbsp; 7176227 |
| &nbsp;&nbsp;&nbsp;&nbsp;145843 | Safestore Holdings, PLC, REIT (United Kingdom)<br>| &nbsp;&nbsp;&nbsp; 1663106 |
|  |  | &nbsp;&nbsp;&nbsp; 24280367 |
|  | **Warehouse/Industrial – 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;392528 | Centuria Industrial, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 829413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | CRE Logistics, Inc., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 1124693 |
| &nbsp;&nbsp;&nbsp;&nbsp;282800 | Dream Industrial Real Estate Investment Trust, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp; 2441604 |
| &nbsp;&nbsp;&nbsp;2362107 | ESR, REIT (Singapore)<br>| &nbsp;&nbsp;&nbsp; 653046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48411 | First Industrial Realty Trust, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 2336315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64313 | Goodman Group, REIT (Australia)<br>| &nbsp;&nbsp;&nbsp; 756344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | Industrial & Infrastructure Fund Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 919962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | Mitsubishi Estate Logistics Investment Corp., REIT (Japan)<br>| &nbsp;&nbsp;&nbsp; 1157502 |
| &nbsp;&nbsp;&nbsp;&nbsp;397400 | Nexus Industrial, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp; 2829347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69012 | Plymouth Industrial, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 1323650 |
| &nbsp;&nbsp;&nbsp;&nbsp;212792 | Prologis, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 23988042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65752 | Rexford Industrial Realty, Inc., REIT<br>| &nbsp;&nbsp;&nbsp; 3592689 |
| &nbsp;&nbsp;&nbsp;&nbsp;221297 | Segro, PLC, REIT (United Kingdom)<br>| &nbsp;&nbsp;&nbsp; 2038646 |
| &nbsp;&nbsp;&nbsp;&nbsp;921000 | SF Real Estate Investment Trust, REIT (Virgin Islands (British))<br>| &nbsp;&nbsp;&nbsp; 342128 |
| &nbsp;&nbsp;&nbsp;&nbsp;133956 | Summit Industrial Income, REIT (Canada)<br>| &nbsp;&nbsp;&nbsp; 2244802 |
| &nbsp;&nbsp;&nbsp;&nbsp;388435 | Tritax Big Box REIT, PLC (United Kingdom)<br>| &nbsp;&nbsp;&nbsp; 650988 |
|  |  | &nbsp;&nbsp;&nbsp; 47229171 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp; 303323397 |
|  | (Cost $355,248,376) |  |
| **Preferred Stocks - 1.3%** | **Preferred Stocks - 1.3%** |  |
|  | **Apartments/Single Family Residential – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 | Agree Realty Corp., REIT, Series A, 4.25%<br>| &nbsp;&nbsp;&nbsp; 367389 |
|  | American Homes 4 Rent, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18850 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.88%<br>| &nbsp;&nbsp;&nbsp; 417716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.25%<br>| &nbsp;&nbsp;&nbsp; 139564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | Spirit Realty Capital, Inc., REIT, Series A, 6.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25476 |
|  |  | &nbsp;&nbsp;&nbsp; 950145 |
|  | **Diversified – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | Armada Hoffler Properties, Inc., REIT, Series A, 6.75%<br>| &nbsp;&nbsp;&nbsp; 435123 |
|  | Digital Realty Trust, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43605 | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.25%<br>| &nbsp;&nbsp;&nbsp; 916577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54320 | &nbsp;&nbsp;&nbsp;&nbsp;Series K, 5.85%<br>| &nbsp;&nbsp;&nbsp; 1239039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72470 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.20%<br>| &nbsp;&nbsp;&nbsp; 1464619 |
|  | DigitalBridge Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24955 | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 7.15%<br>| &nbsp;&nbsp;&nbsp; 468156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18525 | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 7.13%<br>| &nbsp;&nbsp;&nbsp; 347714 |
|  |  | &nbsp;&nbsp;&nbsp; 4871228 |
|  | **Hotels – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60165 | Chatham Lodging Trust, REIT, Series A, 6.63%<br>| &nbsp;&nbsp;&nbsp; 1205707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24740 | DiamondRock Hospitality Co., REIT, 8.25%<br>| &nbsp;&nbsp;&nbsp; 615531 |
|  | Hersha Hospitality Trust, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 6.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46575 |
|  | Pebblebrook Hotel Trust, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 6.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46460 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 6.38%<br>| &nbsp;&nbsp;&nbsp; 845572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36595 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.70%<br>| &nbsp;&nbsp;&nbsp; 603818 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Hotels - (continued)** |  |
|  | Sunstone Hotel Investors, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20375 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.13%<br>| $395275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855 | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 5.70%<br>| &nbsp;&nbsp;&nbsp; 339201 |
|  |  | &nbsp;&nbsp;&nbsp; 4177462 |
|  | **Office Properties – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | Highwoods Properties, Inc., REIT, Series A, 8.63%<br>| &nbsp;&nbsp;&nbsp; 113300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98336 | Hudson Pacific Properties, Inc., REIT, Series C, 4.75%<br>| &nbsp;&nbsp;&nbsp; 1232150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 | Office Properties Income Trust, REIT, 6.38%<br>| &nbsp;&nbsp;&nbsp; 274620 |
| &nbsp;&nbsp;&nbsp;&nbsp;111256 | SL Green Realty Corp., REIT, Series I, 6.50%<br>| &nbsp;&nbsp;&nbsp; 2249596 |
|  | Vornado Realty Trust, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.40%<br>| &nbsp;&nbsp;&nbsp; 112462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94136 | &nbsp;&nbsp;&nbsp;&nbsp;Series M, 5.25%<br>| &nbsp;&nbsp;&nbsp; 1511824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30015 | &nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.25%<br>| &nbsp;&nbsp;&nbsp; 487444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88971 | &nbsp;&nbsp;&nbsp;&nbsp;Series O, 4.45%<br>| &nbsp;&nbsp;&nbsp; 1210006 |
|  |  | &nbsp;&nbsp;&nbsp; 7191402 |
|  | **Shopping Centers – 0.2%** |  |
|  | Kimco Realty Corp., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;Series M, 5.25%<br>| &nbsp;&nbsp;&nbsp; 206308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | RPT Realty, REIT, Series D, 7.25%<br>| &nbsp;&nbsp;&nbsp; 1124550 |
|  | Saul Centers, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.13%<br>| &nbsp;&nbsp;&nbsp; 191235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26573 | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 6.00%<br>| &nbsp;&nbsp;&nbsp; 523222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55507 | SITE Centers Corp., REIT, Series A, 6.38%<br>| &nbsp;&nbsp;&nbsp; 1232255 |
|  | Urstadt Biddle Properties, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63325 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.25%<br>| &nbsp;&nbsp;&nbsp; 1383018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39420 | &nbsp;&nbsp;&nbsp;&nbsp;Series K, 5.88%<br>| &nbsp;&nbsp;&nbsp; 807322 |
|  |  | &nbsp;&nbsp;&nbsp; 5535853 |
|  | **Storage – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13790 | National Storage Affiliates Trust, REIT, Series A, 6.00%<br>| &nbsp;&nbsp;&nbsp; 308275 |
|  | Public Storage, REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29855 | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.15%<br>| &nbsp;&nbsp;&nbsp; 629343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44185 | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.05%<br>| &nbsp;&nbsp;&nbsp; 955722 |
| &nbsp;&nbsp;&nbsp;&nbsp;240998 | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.60%<br>| &nbsp;&nbsp;&nbsp; 5612843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83940 | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 4.88%<br>| &nbsp;&nbsp;&nbsp; 1691391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10735 | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 4.70%<br>| &nbsp;&nbsp;&nbsp; 207186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49245 | &nbsp;&nbsp;&nbsp;&nbsp;Series L, 4.63%<br>| &nbsp;&nbsp;&nbsp; 941072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39770 | &nbsp;&nbsp;&nbsp;&nbsp;Series M, 4.13%<br>| &nbsp;&nbsp;&nbsp; 684442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70580 | &nbsp;&nbsp;&nbsp;&nbsp;Series O, 3.90%<br>| &nbsp;&nbsp;&nbsp; 1154689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46600 | &nbsp;&nbsp;&nbsp;&nbsp;Series P, 4.00%<br>| &nbsp;&nbsp;&nbsp; 774958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10735 | &nbsp;&nbsp;&nbsp;&nbsp;Series Q, 3.95%<br>| &nbsp;&nbsp;&nbsp; 176269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33320 | &nbsp;&nbsp;&nbsp;&nbsp;Series R, 4.00%<br>| &nbsp;&nbsp;&nbsp; 556444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35880 | &nbsp;&nbsp;&nbsp;&nbsp;Series S, 4.10%<br>| &nbsp;&nbsp;&nbsp; 612830 |
|  |  | &nbsp;&nbsp;&nbsp; 14305464 |
|  | **Warehouse/Industrial – 0.1%** |  |
|  | Rexford Industrial Realty, Inc., REIT, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.88%<br>| &nbsp;&nbsp;&nbsp; 207619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64270 | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.63%<br>| &nbsp;&nbsp;&nbsp; 1367666 |
|  |  | &nbsp;&nbsp;&nbsp; 1575285 |
|  | **Total Preferred Stocks<br>**  | &nbsp;&nbsp;&nbsp; 38606839 |
|  | (Cost $47,782,932) |  |

---

---

| | | |
|:---|:---|:---|
| **Par** |  |  |
| **Commercial Mortgage Backed Securities - 3.8%** | **Commercial Mortgage Backed Securities - 3.8%** |  |
|  | BANK, |  |
| $23841000 | &nbsp;&nbsp;&nbsp;&nbsp;0.93%, 10/17/2052 Ser 2019-BN21, Class XF, 144A(h)<br>| &nbsp;&nbsp; 1142957 |
| &nbsp;&nbsp;&nbsp;9170167 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 12/15/2052 Ser 2019-BN23, Class XD, 144A(h)<br>| &nbsp;&nbsp; 492765 |
| &nbsp;&nbsp;&nbsp;9188000 | &nbsp;&nbsp;&nbsp;&nbsp;0.61%, 12/15/2053 Ser 2020-BN30, Class XD, 144A(h)<br>| &nbsp;&nbsp; 335747 |
| &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/15/2053 Ser 2020-BN30, Class D, 144A(h)<br>| &nbsp;&nbsp; 968024 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

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

------

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |  |
| $1160500 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/15/2053 Ser 2020-BN30, Class E, 144A(h)<br>| $624234 |
| &nbsp;&nbsp;&nbsp;8575000 | &nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/15/2054 Ser 2017-BNK9, Class XD, 144A(h)<br>| &nbsp;&nbsp; 506903 |
| &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.08%, 6/15/2060 Ser 2017-BNK5, Class D, 144A(h)<br>| &nbsp;&nbsp; 1164503 |
| &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/15/2062 Ser 2019-BN22, Class XF, 144A(h)<br>| &nbsp;&nbsp; 293959 |
| &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.96%, 11/15/2062 Ser 2019-BN22, Class F, 144A(h)<br>| &nbsp;&nbsp; 1738012 |
| &nbsp;&nbsp;&nbsp;9703500 | &nbsp;&nbsp;&nbsp;&nbsp;0.92%, 1/15/2063 Ser 2020-BN25, Class XD, 144A(h)<br>| &nbsp;&nbsp; 481701 |
| &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 1/15/2063 Ser 2020-BN25, Class XF, 144A<br>| &nbsp;&nbsp; 443361 |
| &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 1/15/2063 Ser 2020-BN25, Class F, 144A(h)<br>| &nbsp;&nbsp; 2679110 |
| &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 1/15/2063 Ser 2020-BN25, Class E, 144A<br>| &nbsp;&nbsp; 732766 |
| &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 6/15/2063 Ser 2021-BN34, Class F, 144A<br>| &nbsp;&nbsp; 862341 |
| &nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.90%, 5/15/2064 Ser 2021-BN33, Class XD, 144A(h)<br>| &nbsp;&nbsp; 402838 |
| &nbsp;&nbsp;&nbsp;5121000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 9/15/2064 Ser 2021-BN36, Class A5<br>| &nbsp;&nbsp; 4184149 |
| &nbsp;&nbsp;&nbsp;6262000 | &nbsp;&nbsp;&nbsp;&nbsp;1.29%, 4/15/2065 Ser 2022-BNK41, Class XD, 144A(h)<br>| &nbsp;&nbsp; 598914 |
| &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/15/2065 Ser 2022-BNK41, Class D, 144A<br>| &nbsp;&nbsp; 838644 |
| &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/15/2065 Ser 2022-BNK41, Class E, 144A<br>| &nbsp;&nbsp; 715064 |
|  | BBCMS Mortgage Trust, |  |
| 12250000 | &nbsp;&nbsp;&nbsp;&nbsp;1.43%, 10/15/2053 Ser 2020-C8, Class XD, 144A(h)<br>| &nbsp;&nbsp; 1057157 |
| &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 9/15/2055 Ser 2022-C17, Class B(h)<br>| &nbsp;&nbsp; 1319236 |
| &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 12/15/2055 Ser 2022-C18, Class A5(h)<br>| &nbsp;&nbsp; 2097509 |
|  | BENCHMARK Mortgage Trust, |  |
| 12667000 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%, 1/15/2051 Ser 2018-B1, Class XE, 144A(h)<br>| &nbsp;&nbsp; 639411 |
| &nbsp;&nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 4/10/2051 Ser 2018-B3, Class XD, 144A(h)<br>| &nbsp;&nbsp; 335335 |
| &nbsp;&nbsp;&nbsp;1719500 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 10/10/2051 Ser 2018-B6, Class D, 144A(h)<br>| &nbsp;&nbsp; 1221188 |
| &nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.09%, 2/15/2053 Ser 2020-B16, Class XD, 144A(h)<br>| &nbsp;&nbsp; 227032 |
| &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/15/2053 Ser 2020-B16, Class D, 144A<br>| &nbsp;&nbsp; 645394 |
| &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/15/2053 Ser 2020-B16, Class E, 144A<br>| &nbsp;&nbsp; 868768 |
| &nbsp;&nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 12/17/2053 Ser 2020-B21, Class AS<br>| &nbsp;&nbsp; 2678404 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.42%, 1/15/2054 Ser 2020-B22, Class XD, 144A(h)<br>| &nbsp;&nbsp; 845803 |
| &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 2/15/2054 Ser 2021-B23, Class E, 144A<br>| &nbsp;&nbsp; 1798780 |
| 38202878 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%, 4/15/2054 Ser 2021-B25, Class XA(h)<br>| &nbsp;&nbsp; 2397127 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.57%, 4/15/2054 Ser 2021-B25, Class XD, 144A(h)<br>| &nbsp;&nbsp; 1726299 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.37%, 6/15/2054 Ser 2021-B26, Class XD, 144A(h)<br>| &nbsp;&nbsp; 1122135 |
| 57358000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 8/15/2054 Ser 2021-B28, Class XD, 144A(h)<br>| &nbsp;&nbsp; 4973088 |
| &nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 8/15/2057 Ser 2019-B13, Class XF, 144A(h)<br>| &nbsp;&nbsp; 319546 |
| &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 8/15/2057 Ser 2019-B13, Class XD, 144A(h)<br>| &nbsp;&nbsp; 308284 |
| &nbsp;&nbsp;&nbsp;5634428 | BX Commercial Mortgage Trust L + 0.69%, 5.15%, 10/15/2038 Ser 2021-XL2, Class A, 144A(i)<br>| &nbsp;&nbsp; 5423798 |
| &nbsp;&nbsp;&nbsp;6021274 | BX Commercial Mortgage Trust SOFR + 1.03%, 5.51%, 10/15/2036 Ser 2019-XL, Class A, 144A(i)<br>| &nbsp;&nbsp; 5951133 |
| &nbsp;&nbsp;&nbsp;2500000 | CAMB Commercial Mortgage Trust, 2.70%, 11/10/2046 Ser 2021-CX2, Class A, 144A<br>| &nbsp;&nbsp; 1986358 |
| &nbsp;&nbsp;&nbsp;4575000 | CAMB Commercial Mortgage Trust L + 1.75%, 6.21%, 12/15/2037 Ser 2019-LIFE, Class D, 144A(i)<br>| &nbsp;&nbsp; 4423288 |
| &nbsp;&nbsp;&nbsp;2750000 | CD Mortgage Trust, 3.10%, 8/15/2051 Ser 2018-CD7, Class D, 144A(h)<br>| &nbsp;&nbsp; 1853365 |
| &nbsp;&nbsp;&nbsp;4500000 | CGMS Commercial Mortgage Trust, 3.00%, 8/15/2050 Ser 2017-B1, Class D, 144A<br>| &nbsp;&nbsp; 3191957 |
|  | Citigroup Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.34%, 6/10/2051 Ser 2018-C5, Class D, 144A(h)<br>| &nbsp;&nbsp; 689972 |
| &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.62%, 11/10/2052 Ser 2019-GC43, Class XF, 144A(h)<br>| &nbsp;&nbsp; 161861 |
| &nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;0.62%, 11/10/2052 Ser 2019-GC43, Class XG, 144A(h)<br>| &nbsp;&nbsp; 120445 |
| &nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/10/2052 Ser 2019-GC43, Class G, 144A<br>| &nbsp;&nbsp; 1716848 |
| &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 5/15/2054 Ser 2022-GC48, Class AS(h)<br>| &nbsp;&nbsp; 2837033 |
|  | Comm Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;1094000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 5/15/2045 Ser 2012-CR1, Class C(h)<br>| &nbsp;&nbsp; 979594 |
| &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 5/15/2045 Ser 2012-CR1, Class D, 144A(h)<br>| &nbsp;&nbsp; 745593 |
| &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.42%, 12/10/2045 Ser 2012-CR5, Class F, 144A(h)<br>| &nbsp;&nbsp; 1856683 |
| &nbsp;&nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;4.42%, 12/10/2045 Ser 2012-CR5, Class E, 144A(h)<br>| &nbsp;&nbsp; 1756557 |
| &nbsp;&nbsp;&nbsp;1146500 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 1/10/2046 Ser 2013-LC6, Class D, 144A(h)<br>| &nbsp;&nbsp; 1094407 |

---

---

| | | |
|:---|:---|:---|
| **Par** |  | **Value** |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |  |
| $3250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 3/10/2046 Ser 2013-CR6, Class E, 144A(h)<br>| $2824027 |
| &nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84%, 5/10/2047 Ser 2014-CR17, Class D, 144A(h)<br>| &nbsp;&nbsp; 2282140 |
| &nbsp;&nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;1.02%, 8/15/2057 Ser 2019-GC44, Class XD, 144A(h)<br>| &nbsp;&nbsp; 153327 |
| &nbsp;&nbsp;&nbsp;3980500 | CSAIL Commercial Mortgage Trust, 1.98%, 3/15/2052 Ser 2019-C15, Class XD, 144A(h)<br>| &nbsp;&nbsp; 374736 |
| &nbsp;&nbsp;&nbsp;2335000 | DROP Mortgage Trust L + 1.15%, 5.61%, 10/15/2043 Ser 2021-FILE, Class A, 144A(i)<br>| &nbsp;&nbsp; 2228118 |
|  | Freddie Mac Multifamily Structured Pass Through Certificates, |  |
| 10500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 11/25/2047 Ser K740, Class X3(h)<br>| &nbsp;&nbsp; 997502 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 2/25/2049 Ser K123, Class X3(h)<br>| &nbsp;&nbsp; 1509709 |
| &nbsp;&nbsp;&nbsp;6880000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 3/25/2049 Ser K741, Class X3(h)<br>| &nbsp;&nbsp; 667078 |
| &nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 6/25/2049 Ser K743, Class X3(h)<br>| &nbsp;&nbsp; 598854 |
|  | GS Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 8/10/2046 Ser 2013-GC14, Class F, 144A(h)<br>| &nbsp;&nbsp; 1471796 |
| &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 8/10/2046 Ser 2013-GC14, Class D, 144A(h)<br>| &nbsp;&nbsp; 1014872 |
| &nbsp;&nbsp;&nbsp;3600600 | &nbsp;&nbsp;&nbsp;&nbsp;4.52%, 11/10/2047 Ser 2014-GC26, Class C(h)<br>| &nbsp;&nbsp; 3187968 |
| &nbsp;&nbsp;&nbsp;4249000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 5/12/2053 Ser 2020-GC47, Class F, 144A(h)<br>| &nbsp;&nbsp; 2086310 |
| &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 5/12/2053 Ser 2020-GC47, Class D, 144A(h)<br>| &nbsp;&nbsp; 1016215 |
| &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 5/12/2053 Ser 2020-GC47, Class C(h)<br>| &nbsp;&nbsp; 2069095 |
|  | JPMBB Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 8/15/2046 Ser 2013-C14, Class C(h)<br>| &nbsp;&nbsp; 1409444 |
| &nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 4/15/2047 Ser 2014-C19, Class D, 144A(h)<br>| &nbsp;&nbsp; 1304469 |
| &nbsp;&nbsp;&nbsp;1322856 | JPMorgan Chase Commercial Mortgage Securities Corp. L + 0.80%, 5.26%, 4/15/2038 Ser 2021-MHC, Class A, 144A(i)<br>| &nbsp;&nbsp; 1289722 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 6/15/2047 Ser 2014-C16, Class D, 144A(h)<br>| &nbsp;&nbsp; 965938 |
| 18118790 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/15/2050 Ser 2017-C33, Class XA(h)<br>| &nbsp;&nbsp; 710289 |
|  | Morgan Stanley Capital I Trust, 144A |  |
| &nbsp;&nbsp;&nbsp;1414000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 6/15/2052 Ser 2019-H6, Class D<br>| &nbsp;&nbsp; 960413 |
| &nbsp;&nbsp;&nbsp;2629600 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/15/2054 Ser 2021-L5, Class F<br>| &nbsp;&nbsp; 1170334 |
| 11295592 | SG Commercial Mortgage Securities Trust, 1.88%, 10/10/2048 Ser 2016-C5, Class XA(h)<br>| &nbsp;&nbsp; 504762 |
| &nbsp;&nbsp;&nbsp;2000000 | SMRT SOFR + 1.35%, 5.83%, 1/15/2039 Ser 2022-MINI, Class B, 144A(i)<br>| &nbsp;&nbsp; 1914139 |
|  | **Total Commercial Mortgage Backed Securities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;111286637 |
|  | (Cost $134,266,591) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Short-Term Investment - 1.9%** | **Short-Term Investment - 1.9%** |  |
| 54720382 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, Institutional Share Class, 4.21%<br>| &nbsp;&nbsp;&nbsp; 54720382 |
|  | (Cost $54,720,382) |  |
|  | **Total Investments - 98.2%<br>**  | &nbsp;&nbsp;&nbsp;2844976161 |
|  | (Cost $2,551,850,718) |  |
|  | **Other Assets - 1.8%<br>**  | &nbsp;&nbsp;&nbsp; 51033662 |
|  | **Net Assets - 100.0%<br>**  | $2896009823 |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME 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 24.8% of this Fund.

(d) Partnership is not designated in units. The Fund owns approximately 14.2% of this Fund.

(e) Partnership is not designated in units. The Fund owns approximately 1.8% of this Fund.

(f) Partnership is not designated in units. The Fund owns approximately 26.0% of this Fund.

(g) 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.

(h) Variable rate security. The coupon is based on an underlying pool of mortgages. The rate reported is the rate in effect at period end.

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| 144A - Rule 144A Security |
| L - 30 Day London Inter-bank Offered Rate |
| 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;83.0% |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| Apartments/Single Family Residential<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Warehouse/Industrial<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Storage<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Shopping Centers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Office Properties<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| Hotels<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Regional Malls<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Real Estate Operation/Development<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Residential<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Other Assets net of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Total<br>| &nbsp;&nbsp;&nbsp;100.0% |

---

See accompanying notes to portfolio of investments.

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME 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 preferably once annually, but at least once every 36 months. 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 MULTI-MANAGER REAL ESTATE INCOME 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.

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** |
| Common Stocks\*<br>| &nbsp;&nbsp;&nbsp;$303323397 | &nbsp;&nbsp;&nbsp;$251487715 | &nbsp;&nbsp;&nbsp;$51835682 | &nbsp;&nbsp;&nbsp;$— |
| Preferred Stocks\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38606839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38493539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113300 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111286637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;111286637 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54720382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54720382 | &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;$507937255 | &nbsp;&nbsp;&nbsp;$344701636 | &nbsp;&nbsp;&nbsp;$163235619 | &nbsp;&nbsp;&nbsp;$— |
| Private Investment Funds (held at NAV)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2337038906 |  |  |  |
| Total<br>| &nbsp;&nbsp;&nbsp;$2844976161 |  |  |  |

---

\* See Portfolio of Investments for industry breakout.

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

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

#### Notes to Portfolio of Investments

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

------

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

**Risks of Investing in Equity Securities. The prices of equity and preferred securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Preferred securities may be subject to additional risks, such as risks of deferred distributions, liquidity risks, and differences in shareholder rights associated with such securities.**

**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)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| AEW Core Property (U.S.), LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/2/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99815 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$97844 | &nbsp;&nbsp;$123950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| AEW Value Investors US LP | &nbsp;&nbsp;&nbsp;&nbsp;8/17/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;24.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Barings European Core Property Fund | &nbsp;&nbsp;&nbsp;&nbsp;6/13/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| CBRE U.S. Core Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;3/29/2018 | &nbsp;&nbsp;117300216 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| CBRE U.S. Logistics Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;91592617 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31669 | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Clarion Gables Multifamily Trust LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/4/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80419 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| Clarion Lion Properties Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147302 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| GI Partners ETS Fund | &nbsp;&nbsp;&nbsp;&nbsp;9/24/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45878 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49518 | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| GWL U.S. Property Fund LP | &nbsp;&nbsp;12/30/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Harrison Street Core Property Fund | &nbsp;&nbsp;&nbsp;&nbsp;8/13/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79032 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Heitman America Real Estate LP | &nbsp;&nbsp;&nbsp;&nbsp;12/2/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96999 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| Heitman Core Real Estate Debt Income Trust LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144358 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| Hines European Property Partners | &nbsp;&nbsp;&nbsp;&nbsp;11/3/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16828 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22823 | &nbsp;&nbsp;&nbsp;&nbsp;141974 | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| Invesco Core Real Estate USA LP | &nbsp;&nbsp;12/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Invesco Real Estate Asia Fund | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864289 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| RREEF America REIT II, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926470 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| TA Realty Core Property Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/3/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34811 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Trumbull Property Fund LP | &nbsp;&nbsp;&nbsp;&nbsp;9/30/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Trumbull Property Income Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| US Government Building Open-End Feeder, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |

---

------

#### VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME 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)** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| USGBF Alpha Feeder LP | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;26.0% | &nbsp;&nbsp;&nbsp;&nbsp;$15037 | &nbsp;&nbsp;&nbsp;&nbsp;$20089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Walton Street Real Estate Core-Plus Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54379 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35222 | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| Total |  |  |  | &nbsp;&nbsp;$1959832 | &nbsp;&nbsp;$2337039 | &nbsp;&nbsp;$258383 | &nbsp;&nbsp;&nbsp;80.7% |

---

(a) The investment funds are open-ended Investment Funds organized to serve as a collective investment vehicle through which eligible investors may invest in a professionally managed real
estate portfolio of equity and debt investments consisting of multi-family, industrial, retail and office properties in targeted metropolitan areas. 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 estate while maximizing the total return to shareholders through cash dividends and
appreciation in the value of shares.

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

(c) 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 Core Property (U.S.), LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days |  |
| AEW Value Investors US LP | &nbsp;&nbsp;Full | &nbsp;&nbsp;90 Days |  |
| Barings European Core Property Fund | &nbsp;&nbsp;Full | &nbsp;&nbsp;60 Days |  |
| CBRE U.S. Core Partners LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;60 Days |  |
| CBRE U.S. Logistics Partners LP | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days | &nbsp;&nbsp;3 years, initial investment |
| Clarion Gables Multifamily Trust LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;90 Days |  |
| Clarion Lion Properties Fund LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;90 Days |  |
| GI Partners ETS Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days | &nbsp;&nbsp;3 years, initial investment |
| GWL U.S. Property Fund LP | &nbsp;&nbsp;- | &nbsp;&nbsp;60 Days |  |
| Harrison Street Core Property Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;45 Days |  |
| Heitman America Real Estate LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;90 Days |  |
| Heitman Core Real Estate Debt Income Trust LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;90 Days |  |
| Hines European Property Partners | &nbsp;&nbsp;- | &nbsp;&nbsp;90 Days | &nbsp;&nbsp;3 years, initial investment |
| Invesco Core Real Estate USA LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days |  |
| Invesco Real Estate Asia Fund | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days |  |
| RREEF America REIT II, Inc. | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days |  |
| TA Realty Core Property Fund, LP | &nbsp;&nbsp;Partial | &nbsp;&nbsp;45 Days |  |
| Trumbull Property Fund LP | &nbsp;&nbsp;Full | &nbsp;&nbsp;60 Days |  |
| Trumbull Property Income Fund, LP | &nbsp;&nbsp;Full | &nbsp;&nbsp;60 Days |  |
| US Government Building Open-End Feeder, LP | &nbsp;&nbsp;- | &nbsp;&nbsp;60 Days |  |
| USGBF Alpha Feeder LP | &nbsp;&nbsp;- | &nbsp;&nbsp;60 Days | &nbsp;&nbsp;2 years, each contribution |
| Walton Street Real Estate Core-Plus Fund, LP | &nbsp;&nbsp;- | &nbsp;&nbsp;45 Days | &nbsp;&nbsp;3 years, initial investment |

---

(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.

## 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 Multi-Manager Real Estate Income Fund LLC

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80237

  - **Telephone number:** 720-543-0189

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

- **a. Name of Series:** Versus Capital Multi-Manager Real Estate Income Fund LLC

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

**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:** $2909388483.52

**Total Liabilities:** $8235720.79

**Net Assets:** $2901152762.73

**Cash Not Reported:** $1852060.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.22%               | 1.09%                | -4.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6109219.60              | $-26506131.03                              |
| Month 2  | $5184366.44              | $27494583.26                               |
| Month 3  | $4283281.43              | $-129903802.62                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BANK 2020-BNK25                                | BANK 2020-BNK25                                               | CUSIP: 06539WAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $443361.00    | 0.02%             | 2063-01-15      | Fixed         | 1.50%                 | Yes           | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     35880 | NS      | $612830.40    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2022-C18                                 | CUSIP: 054975AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2097509.20   | 0.07%             | 2055-12-15      | Variable      | 5.71%                 | No            | 2                  | On Loan: No      |
| KIMCO REALTY CORP                              | Kimco Realty Corp                                             | CUSIP: 49446R711<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |     10138 | NS      | $206308.30    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SPIRIT REALTY CAPITAL IN                       | Spirit Realty Capital Inc                                     | CUSIP: 84860W201<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EP               | CORP              | US        |      1145 | NS      | $25476.25     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Capitaland Investment Ltd/Sing                 | Capitaland Investment Ltd/Singapore                           | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    697400 | NS      | $1927399.81   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK 2021-BN36 A5                              | BANK 2021-BNK36                                               | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5121000 | PA      | $4184148.90   | 0.14%             | 2064-09-15      | Fixed         | 2.47%                 | No            | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B16 Mortgage Trust                             | CUSIP: 08161NAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $868767.90    | 0.03%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2018-B6 Mortgage Trust                              | CUSIP: 08162CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1719500 | PA      | $1221187.87   | 0.04%             | 2051-10-10      | Variable      | 3.11%                 | Yes           | 2                  | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc                             | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48411 | NS      | $2336314.86   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Segro PLC                                      | Segro PLC                                                     | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    221297 | NS      | $2038645.65   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                                          | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30015 | NS      | $487443.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL REALT                       | Rexford Industrial Realty Inc                                 | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     64270 | NS      | $1367665.60   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Industrial & Infrastructure Fu                 | Industrial & Infrastructure Fund Investment Corp              | CUSIP: 000000000<br>LEI: 353800WCHFY04YKYCI19 | Long             | EC               | CORP              | JP        |       797 | NS      | $919962.42    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Federal Realty Investment Trus                 | Federal Realty Investment Trust                               | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50866 | NS      | $5139500.64   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2021-B28 Mortgage Trust                             | CUSIP: 08163GAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  57358000 | PA      | $4973087.73   | 0.17%             | 2054-08-15      | Variable      | 1.38%                 | Yes           | 2                  | On Loan: No      |
| RPT REALTY                                     | RPT Realty                                                    | CUSIP: 74971D200<br>LEI: 549300T03GDH1L37S188 | Long             | EP               | CORP              | US        |     22500 | NS      | $1124550.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| DIAMONDROCK HOSPITALITY                        | DiamondRock Hospitality Co                                    | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     24740 | NS      | $615531.20    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK 2021-BNK33                                | BANK 2021-BNK33                                               | CUSIP: 06541CAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $402838.10    | 0.01%             | 2064-05-15      | Variable      | 0.90%                 | Yes           | 2                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2014-CCRE17 Mortgage Trust                               | CUSIP: 12631DAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2282139.60   | 0.08%             | 2047-05-10      | Variable      | 4.85%                 | Yes           | 2                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2013-LC6 Mortgage Trust                                  | CUSIP: 20048EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1146500 | PA      | $1094406.94   | 0.04%             | 2046-01-10      | Variable      | 4.29%                 | Yes           | 2                  | On Loan: No      |
| Plymouth Industrial REIT Inc                   | Plymouth Industrial REIT Inc                                  | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69012 | NS      | $1323650.16   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Trumbull Property Fund LP                  | UBS Trumbull Property Fund LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |      2307 | NS      | $26066371.54  | 0.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DIGITAL REALTY TRUST INC                       | Digital Realty Trust Inc                                      | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     43605 | NS      | $916577.10    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                                 | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    152688 | NS      | $10008698.40  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Lendlease Global Commercial RE                 | Lendlease Global Commercial REIT                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   1272081 | NS      | $669490.32    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Dexus                                          | Dexus                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    167316 | NS      | $878419.65    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    212792 | NS      | $23988042.16  | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| NATIONAL STORAGE AFFILIA                       | National Storage Affiliates Trust                             | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     13790 | NS      | $308275.45    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2018-C5                   | CUSIP: 17291DAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $689972.00    | 0.02%             | 2051-06-10      | Variable      | 3.34%                 | Yes           | 2                  | On Loan: No      |
| DiamondRock Hospitality Co                     | DiamondRock Hospitality Co                                    | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     77732 | NS      | $636625.08    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Wihlborgs Fastigheter AB                       | Wihlborgs Fastigheter AB                                      | CUSIP: 000000000<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |     99061 | NS      | $748074.58    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Big Yellow Group PLC                           | Big Yellow Group PLC                                          | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |     73669 | NS      | $1020415.01   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| BARINGS EUROPEAN CORE PROPERTY FUND            | Barings European Core Property Fund                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | GB        |     20454 | NS      | $26015361.53  | 0.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Spirit Realty Capital Inc                      | Spirit Realty Capital Inc                                     | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     32870 | NS      | $1312499.10   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| BX Commercial Mortgage Trust 2                 | BX Commercial Mortgage Trust 2019-XL                          | CUSIP: 056054AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6021274 | PA      | $5951132.57   | 0.21%             | 2036-10-15      | Floating      | 5.37%                 | Yes           | 2                  | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2020-GC47                        | CUSIP: 36258RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1016215.35   | 0.04%             | 2053-05-12      | Variable      | 3.45%                 | Yes           | 2                  | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137FF4A2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6880000 | PA      | $667077.92    | 0.02%             | 2049-03-25      | Variable      | 2.45%                 | No            | 2                  | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                                           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     37645 | NS      | $5383235.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137H14E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4750000 | PA      | $598853.88    | 0.02%             | 2049-06-25      | Variable      | 2.95%                 | No            | 2                  | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent                                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    360138 | NS      | $10854559.32  | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2019-B13 Mortgage Trust                             | CUSIP: 08162DAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $308284.00    | 0.01%             | 2057-08-15      | Variable      | 1.50%                 | Yes           | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     33320 | NS      | $556444.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NSI NV                                         | NSI NV                                                        | CUSIP: 000000000<br>LEI: 724500I77C30W2LZZJ03 | Long             | EC               | CORP              | NL        |     33889 | NS      | $843428.16    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsui Fudosan Co Ltd                          | Mitsui Fudosan Co Ltd                                         | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    112100 | NS      | $2048848.90   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B22 Mortgage Trust                             | CUSIP: 08163BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $845803.00    | 0.03%             | 2054-01-15      | Variable      | 1.42%                 | Yes           | 2                  | On Loan: No      |
| Nexus Industrial REIT                          | Nexus Industrial REIT                                         | CUSIP: 65344U101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    397400 | NS      | $2829347.12   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| EVERWEST FUNDS ADVISORS LLC                    | EVERWEST FUNDS ADVISORS LLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        | 125677064 | NS      | $153319924.94 | 5.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BANK 2020-BNK25                                | BANK 2020-BNK25                                               | CUSIP: 06539WAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $732765.88    | 0.03%             | 2063-01-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     15748 | NS      | $3337316.16   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent                                         | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     18850 | NS      | $417716.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2021-B25 Mortgage Trust                             | CUSIP: 08163DAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18000000 | PA      | $1726299.00   | 0.06%             | 2054-04-15      | Variable      | 1.57%                 | Yes           | 2                  | On Loan: No      |
| SF Real Estate Investment Trus                 | SF Real Estate Investment Trust                               | CUSIP: 000000000<br>LEI: 213800UGJNP2A1O21932 | Long             | EC               | CORP              | VG        |    921000 | NS      | $342127.59    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2019-GC43                 | CUSIP: 17328HAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $1716847.88   | 0.06%             | 2052-11-10      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| SITE Centers Corp                              | SITE Centers Corp                                             | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    339525 | NS      | $4637911.50   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingenia Communities Group                      | Ingenia Communities Group                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    191693 | NS      | $580068.70    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| RREEF AMERICA REIT II                          | RREEF AMERICA REIT II                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    952744 | NS      | $148779563.09 | 5.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BANK 2022-BNK41 E                              | BANK 2022-BNK41                                               | CUSIP: 06540MAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $715063.86    | 0.02%             | 2065-04-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| CubeSmart                                      | CubeSmart                                                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    278576 | NS      | $11212684.00  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| MSILF Treasury Securities Portfolio            | MSILF Treasury Securities Portfolio                           | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |  53934307 | NS      | $53934306.59  | 1.86%             |  |  |  | No            | 1                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2012-CCRE5 Mortgage Trust                                | CUSIP: 12623SAW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1856683.00   | 0.06%             | 2045-12-10      | Variable      | 4.32%                 | Yes           | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W669<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     44185 | NS      | $955721.55    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| SUNSTONE HOTEL INVESTORS                       | Sunstone Hotel Investors Inc                                  | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     20375 | NS      | $395275.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley BAML Trust                      | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16   | CUSIP: 61763MAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $965938.13    | 0.03%             | 2047-06-15      | Variable      | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                                          | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307742 | NS      | $9121472.88   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Daiwa House Residential Invest                 | Daiwa House REIT Investment Corp                              | CUSIP: 000000000<br>LEI: 3538001FWU534P8JMO05 | Long             | EC               | CORP              | JP        |       672 | NS      | $1498330.79   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK 2022-BNK41 XD                             | BANK 2022-BNK41                                               | CUSIP: 06540MCG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6262000 | PA      | $598913.96    | 0.02%             | 2065-04-15      | Variable      | 1.29%                 | Yes           | 2                  | On Loan: No      |
| Link REIT                                      | Link REIT                                                     | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |    444700 | NS      | $3254021.18   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Charter Hall Group                             | Charter Hall Group                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     58485 | NS      | $474422.29    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| BX Trust                                       | BX Commercial Mortgage Trust 2021-XL2                         | CUSIP: 05609KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5634428 | PA      | $5423798.02   | 0.19%             | 2038-10-15      | Floating      | 5.01%                 | No            | 2                  | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                                     | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    203527 | NS      | $5102421.89   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| AGREE REALTY CORP                              | Agree Realty Corp                                             | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22805 | NS      | $367388.55    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ESR-LOGOS REIT                                 | ESR-LOGOS REIT                                                | CUSIP: 000000000<br>LEI: 5493008PFX3JN1RMMD48 | Long             | EC               | CORP              | SG        |   2362107 | NS      | $653046.58    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Hines European Property Partners               | Hines European Property Partners                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | N/A       |     16828 | NS      | $20896883.06  | 0.72%             |  |  |  | No            | N/A                | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137F8ZY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10000000 | PA      | $1509709.00   | 0.05%             | 2049-02-25      | Variable      | 2.63%                 | No            | 2                  | On Loan: No      |
| Xenia Hotels & Resorts Inc                     | Xenia Hotels & Resorts Inc                                    | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |    179395 | NS      | $2364426.10   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137F72E4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10500000 | PA      | $997502.10    | 0.03%             | 2047-11-25      | Variable      | 2.48%                 | No            | 2                  | On Loan: No      |
| BANK 2019-BNK23                                | BANK 2019-BNK23                                               | CUSIP: 06541RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9170167 | PA      | $492765.34    | 0.02%             | 2052-12-15      | Variable      | 1.01%                 | Yes           | 2                  | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2013-GCJ14                       | CUSIP: 36198FAZ5<br>LEI: 549300ITVQSU1IHX4H03 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1471795.80   | 0.05%             | 2046-08-10      | Variable      | 4.72%                 | Yes           | 2                  | On Loan: No      |
| OFFICE PPTY INCOME TRST                        | Office Properties Income Trust                                | CUSIP: 67623C208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15810 | NS      | $274619.70    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2019-GC44 Mortgage Trust                                 | CUSIP: 12655TAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2730000 | PA      | $153326.90    | 0.01%             | 2057-08-15      | Variable      | 1.02%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent                                         | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      6009 | NS      | $139564.43    | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corp                            | American Tower Corp                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      9160 | NS      | $1940637.60   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GI Partners ETS Fund                           | GI Partners ETS Fund                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     45878 | NS      | $51578894.63  | 1.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2013-CCRE6 Mortgage Trust                                | CUSIP: 12624XAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $2824027.38   | 0.10%             | 2046-03-10      | Variable      | 4.08%                 | Yes           | 2                  | On Loan: No      |
| Gaming and Leisure Properties                  | Gaming and Leisure Properties Inc                             | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    106230 | NS      | $5533520.70   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| CLARION LION PROPERTIES FUND                   | CLARION LION PROPERTIES FUND                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    149505 | NS      | $291109429.89 | 10.03%            |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE US Logistics Partners                     | CBRE US Logistics Partners                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  91370822 | NS      | $116637161.68 | 4.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Morgan Stanley Capital I Trust                 | Morgan Stanley Capital I Trust 2019-H6                        | CUSIP: 61769JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1414000 | PA      | $960413.26    | 0.03%             | 2052-06-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties Inc                                 | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     98336 | NS      | $1232150.08   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W446<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     10735 | NS      | $176268.70    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| TA Realty Core Property Fund, LP               | TA Realty Core Property Fund, LP                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34811 | NS      | $52566513.15  | 1.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2019-GC43                 | CUSIP: 17328HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $120445.50    | 0.00%             | 2052-11-10      | Variable      | 0.62%                 | Yes           | 2                  | On Loan: No      |
| BANK 2020-BNK30                                | BANK 2020-BNK30                                               | CUSIP: 06541UAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $968024.16    | 0.03%             | 2053-12-15      | Variable      | 2.50%                 | Yes           | 2                  | On Loan: No      |
| Mitsubishi Estate Logistics RE                 | Mitsubishi Estate Logistics REIT Investment Corp              | CUSIP: 000000000<br>LEI: 353800YYSGZU31ICQK38 | Long             | EC               | CORP              | JP        |       361 | NS      | $1157502.04   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Safestore Holdings PLC                         | Safestore Holdings PLC                                        | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |    145843 | NS      | $1663106.11   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Mori Hills REIT Investment Cor                 | Mori Hills REIT Investment Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       425 | NS      | $508030.83    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     49245 | NS      | $941071.95    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                                         | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     44057 | NS      | $4929097.16   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITALBRIDGE GROUP INC                        | DigitalBridge Group Inc                                       | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     18525 | NS      | $347714.25    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CAMB Commercial Mortgage Trust                 | CAMB Commercial Mortgage Trust 2019-LIFE                      | CUSIP: 12482HAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4575000 | PA      | $4423288.43   | 0.15%             | 2037-12-15      | Floating      | 6.07%                 | Yes           | 2                  | On Loan: No      |
| Digital Core REIT Management P                 | Digital Core REIT Management Pte Ltd                          | CUSIP: 000000000<br>LEI: 549300IIGO612K0POE26 | Long             | EC               | CORP              | SG        |    891211 | NS      | $490659.78    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B16 Mortgage Trust                             | CUSIP: 08161NAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $645394.10    | 0.02%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| Mitsubishi Estate Co Ltd                       | Mitsubishi Estate Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |    142600 | NS      | $1847180.17   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Heitman Core Real Estate Debt Income Trust LP  | Heitman Core Real Estate Debt Income Trust LP                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    144358 | NS      | $147824374.80 | 5.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Equity LifeStyle Properties In                 | Equity LifeStyle Properties Inc                               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     26197 | NS      | $1692326.20   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                           | Regency Centers Corp                                          | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     23787 | NS      | $1486687.50   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Scentre Group                                  | Scentre Group                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    739505 | NS      | $1439491.12   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                                    | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    268336 | NS      | $12088536.80  | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Activia Properties Inc                         | Activia Properties Inc                                        | CUSIP: 000000000<br>LEI: 353800RPGYN3ML8CXV54 | Long             | EC               | CORP              | JP        |       338 | NS      | $1059588.13   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B21 Mortgage Trust                             | CUSIP: 08163LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3450000 | PA      | $2678404.05   | 0.09%             | 2053-12-17      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Boston Properties Inc                          | Boston Properties Inc                                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     42769 | NS      | $2890329.02   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Vonovia SE                                     | Vonovia SE                                                    | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     97421 | NS      | $2294891.46   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                        | Pebblebrook Hotel Trust                                       | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     36595 | NS      | $603817.50    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Cromwell European Real Estate                  | Cromwell European Real Estate Investment Trust                | CUSIP: 000000000<br>LEI: 21380093RFHTC319NL93 | Long             | EC               | CORP              | SG        |    449480 | NS      | $722111.41    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMBB Commercial Mortgage Secu                 | JPMBB Commercial Mortgage Securities Trust 2014-C19           | CUSIP: 46641WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1425000 | PA      | $1304469.08   | 0.04%             | 2047-04-15      | Variable      | 4.65%                 | Yes           | 2                  | On Loan: No      |
| ARMADA HOFFLER PROPERTIE                       | Armada Hoffler Properties Inc                                 | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |     20730 | NS      | $435122.70    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W644<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    240998 | NS      | $5612843.42   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| CAMB Commercial Mortgage Trust                 | CAMB Commercial Mortgage Trust 2021-CX2                       | CUSIP: 12477BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1986358.50   | 0.07%             | 2046-11-10      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley BAML Trust                      | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33   | CUSIP: 61767CAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18118790 | PA      | $710289.18    | 0.02%             | 2050-05-15      | Variable      | 1.25%                 | No            | 2                  | On Loan: No      |
| Arena REIT                                     | Arena REIT                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    155521 | NS      | $402812.05    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| REXFORD INDUSTRIAL REALT                       | Rexford Industrial Realty Inc                                 | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |      9348 | NS      | $207619.08    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2022-C17                                 | CUSIP: 054976AK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1319235.90   | 0.05%             | 2055-09-15      | Variable      | 4.89%                 | No            | 2                  | On Loan: No      |
| US Government Building Open-End Feeder 1 LP    | US Government Building Open-End Feeder 1 LP                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  35080240 | NS      | $51508517.69  | 1.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| New World Development Co Ltd                   | New World Development Co Ltd                                  | CUSIP: 000000000<br>LEI: 2549008GWMWXTIRL4S48 | Long             | EC               | CORP              | HK        |    215425 | NS      | $604305.34    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| URSTADT BIDDLE PROPERTIE                       | Urstadt Biddle Properties Inc                                 | CUSIP: 917286882<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |     63325 | NS      | $1383018.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                                           | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    316481 | NS      | $10253984.40  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Medical Properties Trust Inc                   | Medical Properties Trust Inc                                  | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    158113 | NS      | $1761378.82   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK 2020-BNK25                                | BANK 2020-BNK25                                               | CUSIP: 06539WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $2679110.40   | 0.09%             | 2063-01-15      | Variable      | 1.92%                 | Yes           | 2                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                                          | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     94136 | NS      | $1511824.16   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Hotel REIT Investment Co                 | Japan Hotel REIT Investment Corp                              | CUSIP: 000000000<br>LEI: 353800L8KG849FP1JI68 | Long             | EC               | CORP              | JP        |      2509 | NS      | $1475552.79   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     83940 | NS      | $1691391.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK 2019-BNK21                                | BANK 2019-BNK21                                               | CUSIP: 06540BAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23841000 | PA      | $1142956.61   | 0.04%             | 2052-10-17      | Variable      | 0.93%                 | Yes           | 2                  | On Loan: No      |
| BANK 2022-BNK41 D                              | BANK 2022-BNK41                                               | CUSIP: 06540MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $838643.55    | 0.03%             | 2065-04-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| BANK 2020-BNK25                                | BANK 2020-BNK25                                               | CUSIP: 06539WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9703500 | PA      | $481701.15    | 0.02%             | 2063-01-15      | Variable      | 0.92%                 | Yes           | 2                  | On Loan: No      |
| CBRE U.S CORE PARTNERS REIT OPERATING LP       | CBRE U.S Core Partners REIT Operating, LP                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        | 119295964 | NS      | $226638472.25 | 7.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HIGHWOODS PROPERTIES                           | Highwoods Properties Inc                                      | CUSIP: 431284207<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EP               | CORP              | US        |       103 | NS      | $113300.00    | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2020-C8                                  | CUSIP: 05552ABJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12250000 | PA      | $1057156.63   | 0.04%             | 2053-10-15      | Variable      | 1.43%                 | Yes           | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2022-GC48                 | CUSIP: 29426VAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2837032.80   | 0.10%             | 2054-05-15      | Variable      | 4.88%                 | No            | 2                  | On Loan: No      |
| Crown Castle Inc                               | Crown Castle Inc                                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     15935 | NS      | $2161423.40   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| CLARION GABLES MULTIFAMILY TRUST LP            | Clarion Gables Multifamily Trust LP                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     81646 | NS      | $153545930.58 | 5.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DIGITALBRIDGE GROUP INC                        | DigitalBridge Group Inc                                       | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     24955 | NS      | $468155.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Hongkong Land Holdings Ltd                     | Hongkong Land Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | HK        |    206812 | NS      | $951503.96    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Walton Street Real Estate Core-Plus Fund, L.P. | Walton Street Real Estate Core-Plus Fund, L.P.                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     54379 | NS      | $74295897.16  | 2.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CSAIL Commercial Mortgage Trus                 | CSAIL 2019-C15 Commercial Mortgage Trust                      | CUSIP: 22945DAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3980500 | PA      | $374735.81    | 0.01%             | 2052-03-15      | Variable      | 1.98%                 | Yes           | 2                  | On Loan: No      |
| USGBF Alpha Feeder LP                          | USGBF Alpha Feeder LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  15000000 | NS      | $19776569.93  | 0.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Equity Residential                             | Equity Residential                                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    126649 | NS      | $7472291.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Harrison Street Core Property Fund             | Harrison Street Core Property Fund                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     79032 | NS      | $127237578.51 | 4.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Invesco Real Estate Asia Fund                  | Invesco Real Estate Asia Fund                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |    864289 | NS      | $118613006.99 | 4.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Japan Metropolitan Fund Invest                 | Japan Metropolitan Fund Invest                                | CUSIP: 000000000<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |      1676 | NS      | $1333281.62   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK 2017-BNK9                                 | BANK 2017-BNK9                                                | CUSIP: 06540RAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8575000 | PA      | $506903.41    | 0.02%             | 2054-11-15      | Variable      | 1.46%                 | Yes           | 2                  | On Loan: No      |
| ESR Kendall Square REIT Co Ltd                 | ESR Kendall Square REIT Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    198431 | NS      | $627196.52    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                                          | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     88971 | NS      | $1210005.60   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2019-B13 Mortgage Trust                             | CUSIP: 08162DAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $319545.85    | 0.01%             | 2057-08-15      | Variable      | 1.00%                 | Yes           | 2                  | On Loan: No      |
| SG Commercial Mortgage Securit                 | SG Commercial Mortgage Securities Trust 2016-C5               | CUSIP: 78419CAG9<br>LEI: 549300SZQW4U3UN4A157 | Long             | ABS-MBS          | CORP              | US        |  11295592 | PA      | $504761.61    | 0.02%             | 2048-10-10      | Variable      | 1.88%                 | No            | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     70580 | NS      | $1154688.80   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Dream Industrial Real Estate I                 | Dream Industrial Real Estate Investment Trust                 | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |    282800 | NS      | $2441604.14   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| URSTADT BIDDLE PROPERTIE                       | Urstadt Biddle Properties Inc                                 | CUSIP: 917286874<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |     39420 | NS      | $807321.60    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corp                             | Kilroy Realty Corp                                            | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     26080 | NS      | $1008513.60   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| RAM Essential Services Propert                 | RAM Essential Services Property Fund                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1465708 | NS      | $720708.08    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2012-CCRE1 Mortgage Trust                                | CUSIP: 12624BAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1094000 | PA      | $979594.29    | 0.03%             | 2045-05-15      | Variable      | 5.89%                 | No            | 2                  | On Loan: No      |
| BANK 2020-BNK30                                | BANK 2020-BNK30                                               | CUSIP: 06541UAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1160500 | PA      | $624234.11    | 0.02%             | 2053-12-15      | Variable      | 2.50%                 | Yes           | 2                  | On Loan: No      |
| BANK 2021-BNK34                                | BANK 2021-BNK34                                               | CUSIP: 06541JBW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $862340.80    | 0.03%             | 2063-06-15      | Fixed         | 2.25%                 | Yes           | 2                  | On Loan: No      |
| Sabra Health Care REIT Inc                     | Sabra Health Care REIT Inc                                    | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    228029 | NS      | $2834400.47   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2020-GC47                        | CUSIP: 36258RBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2069095.33   | 0.07%             | 2053-05-12      | Variable      | 3.45%                 | No            | 2                  | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2020-GC47                        | CUSIP: 36258RAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4249000 | PA      | $2086309.56   | 0.07%             | 2053-05-12      | Variable      | 2.45%                 | Yes           | 2                  | On Loan: No      |
| Independence Realty Trust Inc                  | Independence Realty Trust Inc                                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    181268 | NS      | $3056178.48   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualitas Ltd                                   | Qualitas Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1013398 | NS      | $1929150.75   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Host Hotels & Resorts Inc                      | Host Hotels & Resorts Inc                                     | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    230312 | NS      | $3696507.60   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2021-B23 Mortgage Trust                             | CUSIP: 08162RAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $1798780.20   | 0.06%             | 2054-02-15      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Chase Commercial Mor                 | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC | CUSIP: 466330AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1322856 | PA      | $1289721.63   | 0.04%             | 2038-04-15      | Floating      | 5.12%                 | No            | 2                  | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    100167 | NS      | $10043745.09  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| INVESCO CORE REAL ESTATE USA                   | INVESCO CORE REAL ESTATE USA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |      1023 | NS      | $232481021.31 | 8.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Daiwa Office Investment Corp                   | Daiwa Office Investment Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |        91 | NS      | $442026.38    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley Capital I Trust                 | Morgan Stanley Capital I Trust 2021-L5                        | CUSIP: 61691YBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2629600 | PA      | $1170334.25   | 0.04%             | 2054-05-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| Klepierre SA                                   | Klepierre SA                                                  | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     82415 | NS      | $1902189.74   | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2012-CCRE1 Mortgage Trust                                | CUSIP: 12624BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $745592.70    | 0.03%             | 2045-05-15      | Variable      | 5.89%                 | Yes           | 2                  | On Loan: No      |
| Gecina SA                                      | Gecina SA                                                     | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |     10248 | NS      | $1044066.48   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                       | Digital Realty Trust Inc                                      | CUSIP: 253868830<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     54320 | NS      | $1239039.20   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                                 | Public Storage                                                | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     25612 | NS      | $7176226.28   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                       | Digital Realty Trust Inc                                      | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     72470 | NS      | $1464618.70   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| HERSHA HOSPITALITY TRUST                       | Hersha Hospitality Trust                                      | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |      4575 | NS      | $91339.88     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2018-B3 Mortgage Trust                              | CUSIP: 08161BAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5520000 | PA      | $335335.03    | 0.01%             | 2051-04-10      | Variable      | 1.50%                 | Yes           | 2                  | On Loan: No      |
| KIMCO REALTY CORP                              | Kimco Realty Corp                                             | CUSIP: 49446R737<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |      3428 | NS      | $67942.96     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Merlin Properties Socimi SA                    | Merlin Properties Socimi SA                                   | CUSIP: 000000000<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |    187631 | NS      | $1759772.93   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| SAUL CENTERS INC                               | Saul Centers Inc                                              | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9150 | NS      | $191235.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2021-B26 Mortgage Trust                             | CUSIP: 08163EAX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $1122135.30   | 0.04%             | 2054-06-15      | Variable      | 1.37%                 | Yes           | 2                  | On Loan: No      |
| Tritax Big Box REIT PLC                        | Tritax Big Box REIT PLC                                       | CUSIP: 000000000<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    388435 | NS      | $650987.96    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2012-CCRE5 Mortgage Trust                                | CUSIP: 12623SAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2165000 | PA      | $1756556.51   | 0.06%             | 2045-12-10      | Variable      | 4.32%                 | Yes           | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2019-GC43                 | CUSIP: 17328HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $161861.50    | 0.01%             | 2052-11-10      | Variable      | 0.62%                 | Yes           | 2                  | On Loan: No      |
| CRE Logistics REIT Inc                         | CRE Logistics REIT Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       804 | NS      | $1124692.75   | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage                  | CGMS Commercial Mortgage Trust 2017-B1                        | CUSIP: 17326CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $3191956.65   | 0.11%             | 2050-08-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W537<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     39770 | NS      | $684441.70    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodman Group                                  | Goodman Group                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     64313 | NS      | $756343.65    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Castellum AB                                   | Castellum AB                                                  | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | EC               | CORP              | SE        |     71291 | NS      | $863366.55    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                        | Pebblebrook Hotel Trust                                       | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     46460 | NS      | $845572.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK 2019-BNK22                                | BANK 2019-BNK22                                               | CUSIP: 06540XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $293958.80    | 0.01%             | 2062-11-15      | Variable      | 1.50%                 | Yes           | 2                  | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                | CUSIP: 78457JAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1914139.00   | 0.07%             | 2039-01-15      | Floating      | 5.69%                 | Yes           | 2                  | On Loan: No      |
| VORNADO REALTY TRUST                           | Vornado Realty Trust                                          | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6955 | NS      | $112462.35    | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2021-B25 Mortgage Trust                             | CUSIP: 08163DAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  38202878 | PA      | $2397127.44   | 0.08%             | 2054-04-15      | Variable      | 1.10%                 | No            | 2                  | On Loan: No      |
| CD Commercial Mortgage Trust                   | CD 2018-CD7 Mortgage Trust                                    | CUSIP: 12512JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $1853364.98   | 0.06%             | 2051-08-15      | Variable      | 3.10%                 | Yes           | 2                  | On Loan: No      |
| Healthcare Realty Trust Inc                    | Healthcare Realty Trust Inc                                   | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     87344 | NS      | $1683118.88   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     57532 | NS      | $9292568.64   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                                      | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     79385 | NS      | $9326149.80   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                                       | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21796 | NS      | $3207935.28   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Centuria Industrial REIT                       | Centuria Industrial REIT                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    392528 | NS      | $829413.11    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Sekisui House Reit Inc                         | Sekisui House Reit Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3001 | NS      | $1702005.62   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMBB Commercial Mortgage Secu                 | JPMBB Commercial Mortgage Securities Trust 2013-C14           | CUSIP: 46640LAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1409443.80   | 0.05%             | 2046-08-15      | Variable      | 4.55%                 | No            | 2                  | On Loan: No      |
| CapitaLand Integrated Commerci                 | CapitaLand Integrated Commercial Trust                        | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    901900 | NS      | $1375588.73   | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B16 Mortgage Trust                             | CUSIP: 08161NAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3800000 | PA      | $227032.14    | 0.01%             | 2053-02-15      | Variable      | 1.09%                 | Yes           | 2                  | On Loan: No      |
| BANK 2017-BNK5                                 | BANK 2017-BNK5                                                | CUSIP: 06541WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1164502.72   | 0.04%             | 2060-06-15      | Variable      | 3.08%                 | Yes           | 2                  | On Loan: No      |
| CHATHAM LODGING                                | Chatham Lodging Trust                                         | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     60165 | NS      | $1205706.60   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     65752 | NS      | $3592689.28   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| SAUL CENTERS INC                               | Saul Centers Inc                                              | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26573 | NS      | $523222.37    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| TRUMBULL PROPERTY INCOME FUND                  | TRUMBULL PROPERTY INCOME FUND                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |      1101 | NS      | $15465815.30  | 0.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2014-GC26                        | CUSIP: 36250HAM5<br>LEI: 549300V3F4KBEWHAZP46 | Long             | ABS-MBS          | CORP              | US        |   3600600 | PA      | $3187968.00   | 0.11%             | 2047-11-10      | Variable      | 4.52%                 | No            | 2                  | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                                       | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303689 | NS      | $6392653.45   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     46600 | NS      | $774958.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2018-B1 Mortgage Trust                              | CUSIP: 08162PAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12667000 | PA      | $639410.53    | 0.02%             | 2051-01-15      | Variable      | 1.16%                 | Yes           | 2                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W594<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     10735 | NS      | $207185.50    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK 2020-BNK30                                | BANK 2020-BNK30                                               | CUSIP: 06541UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9188000 | PA      | $335746.98    | 0.01%             | 2053-12-15      | Variable      | 0.61%                 | Yes           | 2                  | On Loan: No      |
| DROP Mortgage Trust 2021-FILE                  | DROP Mortgage Trust 2021-FILE                                 | CUSIP: 26210YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2335000 | PA      | $2228117.71   | 0.08%             | 2043-10-15      | Floating      | 5.47%                 | No            | 2                  | On Loan: No      |
| Sunstone Hotel Investors Inc                   | Sunstone Hotel Investors Inc                                  | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     44264 | NS      | $427590.24    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Apartment Income REIT Corp                     | Apartment Income REIT Corp                                    | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210863 | NS      | $7234709.53   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Hung Kai Properties Ltd                    | Sun Hung Kai Properties Ltd                                   | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    215000 | NS      | $2936764.92   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| SL GREEN REALTY CORP                           | SL Green Realty Corp                                          | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        |    111256 | NS      | $2249596.32   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| AEW VALUE INVESTORS US L.P.                    | AEW Value Investors US L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |  45913394 | NS      | $69689263.89  | 2.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Alexandria Real Estate Equitie                 | Alexandria Real Estate Equities Inc                           | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     73129 | NS      | $10652701.43  | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                       | Broadstone Net Lease Inc                                      | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     77593 | NS      | $1257782.53   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| HealthCo REIT                                  | HealthCo REIT                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    139239 | NS      | $163574.45    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| AEW CORE PROPERTY TRUST                        | AEW CORE PROPERTY TRUST                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     99815 | NS      | $125262222.01 | 4.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BANK 2019-BNK22                                | BANK 2019-BNK22                                               | CUSIP: 06540XAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $1738012.50   | 0.06%             | 2062-11-15      | Variable      | 1.96%                 | Yes           | 2                  | On Loan: No      |
| SITE CENTERS CORP                              | SITE Centers Corp                                             | CUSIP: 82981J877<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EP               | CORP              | US        |     55507 | NS      | $1232255.40   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                 | Public Storage                                                | CUSIP: 74460W685<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     29855 | NS      | $629343.40    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Heitman America Real Estate LP                 | Heitman America Real Estate LP                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | PF                | US        |     96999 | NS      | $147483810.72 | 5.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SUNSTONE HOTEL INVESTORS                       | Sunstone Hotel Investors Inc                                  | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     18855 | NS      | $339201.45    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| HERSHA HOSPITALITY TRUST                       | Hersha Hospitality Trust                                      | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |      2490 | NS      | $46575.45     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                        | Pebblebrook Hotel Trust                                       | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      1935 | NS      | $34443.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Trust 2013-GCJ14                       | CUSIP: 36198FAV4<br>LEI: 549300ITVQSU1IHX4H03 | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1014872.38   | 0.03%             | 2046-08-10      | Variable      | 4.72%                 | Yes           | 2                  | On Loan: No      |
| Summit Industrial Income REIT                  | Summit Industrial Income REIT                                 | CUSIP: 866120116<br>LEI: 2549002JNRHTJ9H0MR86 | Long             | EC               | CORP              | CA        |    133956 | NS      | $2244801.80   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     20267 | NS      | $13275493.01  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

**Name of Applicant:** Versus Capital Multi-Manager Real Estate Income Fund LLC

**Signature:** Dustin Rose

**Name of Signer:** Dustin Rose

**Title:** Assistant Treasurer