Versus Capital Multi-Manager Real Estate Income Fund (VCMIX) NPORT-P Versus Capital Multi-Manager Real Estate Income Fund LLC (Dec 2019 report)

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited)

Shares			Value
	Private Investment Funds(a) - 76.7%
		Diversified - 76.7%
		AEW Core Property Trust (U.S.), Inc.
	132,236	Class A Shares	$	137,386,282
	47,116	Class B Shares		48,951,057
	—	AEW Value Investors US LP(b)(c)		26,041,655
	373,061	Barings Core Property Fund LP		50,288,677
	63,917	Barings European Core Property Fund(c)		77,908,904
	78,855,767	CBRE U.S. Core Partners LP		114,553,773
	77,371	Clarion Gables Multifamily Trust LP		102,088,190
	158,382	Clarion Lion Properties Fund LP		245,458,009
	—	GWL U.S. Property Fund L.P.(d)		25,000,000
	86,966	Harrison Street Core Property Fund LP		122,325,743
	172,306	Heitman America Real Estate Trust LP		208,753,228
	107,663	Heitman Core Real Estate Debt Income Trust LP(e)		110,563,263
	680	Invesco Core Real Estate USA LP		130,773,001
	799,259	Invesco Real Estate Asia Fund(e)		105,405,529
		LaSalle Property Fund LP
	90,900	Class A shares		151,643,892
	35,259	Class B shares		58,820,814
	67,536	Mesa West Core Lending Fund LP		71,549,423
	49,075	MetLife Commercial Mortgage Income Fund LP		50,400,350
	1,769,282	RREEF America REIT II, Inc.		225,335,768
	3,557	Trumbull Property Fund, LP		37,454,249
	9,001	Trumbull Property Income Fund, LP		115,139,825
	—	US Government BuildingOpen-End Feeder, LP(e)(f)		102,021,013
		Total Private Investment Funds		2,317,862,645
		(Cost $2,147,296,880)
	Common Stocks - 10.5%
		Apartments/Single Family Residential - 2.1%
	309,626	American Homes 4 Rent, REIT Class A Shares		8,115,298
	157,402	Apartment Investment & Management Co., REIT Class A Shares		8,129,813
	53,368	AvalonBay Communities, Inc., REIT		11,191,270
	35,585	Equity Residential, REIT		2,879,538
	76,838	Essential Properties Realty Trust, Inc., REIT		1,906,351
	13,030	Essex Property Trust, Inc., REIT		3,920,206
	553,421	Independence Realty Trust, Inc., REIT		7,792,168
	334,980	Invitation Homes, Inc., REIT		10,039,350
	505,045	Irish Residential Properties, PLC, REIT (Ireland)		900,753
	124,091	Minto Apartment Real Estate Investment Trust, REIT (Canada)		2,212,242
	29,883	Spirit Realty Capital, Inc., REIT		1,469,646
	39,184	STORE Capital Corp., REIT		1,459,212
	109,805	UNITE Group, PLC, REIT (United Kingdom)		1,832,653
				61,848,500
		Diversified - 2.5%
	1,350,700	AIMS APAC, REIT (Singapore)		1,436,114
	1,711	Altarea SCA, REIT (France)		388,646
	807,236	Arena, REIT (Australia)		1,614,461
	90,103	Centuria Metropolitan, REIT (Australia)		183,366
	70,092	Charter Hall Group, REIT (Australia)		544,992
	35,765	CoreSite Realty Corp., REIT		4,009,972
	13,182	Covivio, REIT (France)		1,496,375
	1,878,100	Cromwell European Real Estate Investment Trust, REIT (Singapore)		1,137,604
	17,211	Crown Castle International Corp., REIT		2,446,544
	198,909	Dexus, REIT (Australia)		1,633,136

Shares			Value
		Diversified - (continued)
	31,575	Digital Realty Trust, Inc., REIT	$	3,780,791
	391,700	Dream Industrial Real Estate Investment Trust, REIT (Canada)		3,963,604
	58,149	Entra ASA (Norway) 144A		960,396
	46,681	EPR Properties, REIT		3,297,546
	16,987	Equinix, Inc., REIT		9,915,312
	61,603	Fabege AB (Sweden)		1,024,047
	8,755	Gecina SA, REIT (France)		1,567,356
	13,594	InterXion Holding NV (g)(Netherlands)		1,139,313
	619,824	Investec Australia Property Fund, REIT (Australia)		641,568
	30,095	Klepierre, SA, REIT (France)		1,142,699
	642,900	Lendlease Global Commercial REIT (g)(Singapore)		444,550
	391,092	LondonMetric Property, PLC, REIT (United Kingdom)		1,225,692
	1,008,000	Mapletree Logistics Trust, REIT (Singapore)		1,304,078
	253,214	Merlin Properties Socimi SA, REIT (Spain)		3,632,762
	327,600	Mitsubishi Estate Co., Ltd. (Japan)		6,299,942
	165	Mitsui Fudosan Logistics Park, Inc., REIT (Japan)		732,709
	22,791	NSI NV, REIT (Netherlands)		1,109,511
	252,859	Segro, PLC, REIT (United Kingdom)		3,005,075
	662,237	Stockland, REIT (Australia)		2,147,027
	1,162	United Urban Investment Corp., REIT (Japan)		2,177,380
	184,675	VICI Properties, Inc., REIT		4,718,446
	59,036	Vonovia SE (Germany)		3,178,607
	41,217	Weyerhaeuser Co., REIT		1,244,753
	54,811	Wihlborgs Fastigheter AB (Sweden)		1,009,454
				74,553,828
		Health Care - 1.0%
	759,459	Assura, PLC, REIT (United Kingdom)		782,657
	147,959	Healthcare Trust Of America, Inc., REIT Class A Shares		4,480,199
	244,245	Healthpeak Properties, Inc., REIT		8,419,125
	192,318	Physicians Realty Trust, REIT		3,642,503
	325,585	Primary Health Properties, PLC, REIT (United Kingdom)		690,036
	187,629	Sabra Health Care REIT, Inc.		4,004,003
	114,258	Welltower, Inc., REIT		9,344,019
				31,362,542
		Hotels - 0.4%
	132,800	City Developments, Ltd. (Singapore)		1,081,200
	152,600	DiamondRock Hospitality Co., REIT		1,690,808
	1,319,500	Far East Hospitality Trust, REIT (Singapore)		725,997
	5,585	Hilton Worldwide Holdings, Inc.		619,432
	143,460	Host Hotels & Resorts, Inc., REIT		2,661,183
	4,548	Japan Hotel REIT Investment Corp. (Japan)		3,398,809
	63,251	Park Hotels & Resorts, Inc., REIT		1,636,303
	61,903	Sunstone Hotel Investors, Inc., REIT		861,690
				12,675,422
		Mortgages - 0.0%
	25,041	Two Harbors Investment Corp., REIT		366,099
		Office Properties - 1.2%
	45,509	Alexandria Real Estate Equities, Inc., REIT		7,353,345
	27,370	Boston Properties, Inc., REIT		3,773,228
	157,258	Brandywine Realty Trust, REIT		2,476,813
	118,402	City Office REIT, Inc. (Canada)		1,600,795

See accompanying notes to portfolio of investments.

1

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited) (continued)

Shares			Value
		Office Properties - (continued)
	37,509	Corporate Office Properties Trust, REIT	$	1,102,014
	25,520	Cousins Properties, Inc., REIT		1,051,424
	184	Daiwa Office Investment Corp., REIT (Japan)		1,412,323
	48,855	Douglas Emmett, Inc., REIT		2,144,735
	104,555	Hudson Pacific Properties, Inc., REIT		3,936,496
	105,730	Inmobiliaria Colonial Socimi SA, REIT (Spain)		1,347,272
	21,066	Kilroy Realty Corp., REIT		1,767,437
	2,881	MCUBS MidCity Investment Corp., REIT (Japan).		3,128,784
	2,798	Sekisui House Reit, Inc. (Japan)		2,353,663
	30,455	SL Green Realty Corp., REIT		2,798,205
				36,246,534
		Real Estate Operation/Development - 0.8%
	315,422	Aroundtown SA (Luxembourg)		2,824,822
	62,286	Castellum AB (Sweden)		1,462,995
	415,544	Echo Investment SA (Poland)		511,503
	14,836	LEG Immobilien AG (Germany)		1,756,522
	720,300	Midea Real Estate Holding, Ltd. (China) 144A		2,209,254
	54,300	Mitsui Fudosan Co., Ltd. (Japan)		1,335,324
	3,169,700	New World Development Co., Ltd. (Hong Kong)		4,344,339
	239,600	Sun Hung Kai Properties, Ltd. (Hong Kong)		3,668,273
	59,696	TAG Immobilien AG (Germany)		1,483,862
	48,666	TLG Immobilien AG (Germany)		1,553,054
	85,400	Tokyo Tatemono Co., Ltd. (Japan)		1,343,229
				22,493,177
		Regional Malls - 0.2%
	37,187	Simon Property Group, Inc., REIT		5,539,375
	35,147	Taubman Centers, Inc., REIT		1,092,720
				6,632,095
		Residential - 0.1%
	27,734	Sun Communities, Inc., REIT		4,162,873
		Shopping Centers - 0.5%
	478,467	CapitaLand Retail China Trust, REIT (Singapore)		572,759
	250	Kenedix Retail REIT Corp. (Japan)		636,188
	455,800	Link REIT (Hong Kong)		4,825,725
	455,936	NewRiver REIT, PLC (United Kingdom)		1,210,893
	42,165	Regency Centers Corp., REIT		2,660,190
	189,770	Retail Properties of America, Inc., REIT Class A Shares		2,542,918
	57,780	Weingarten Realty Investors, REIT		1,805,047
				14,253,720
		Storage - 0.4%
	59,738	Big Yellow Group, PLC, REIT (United Kingdom)		949,554
	212,746	CubeSmart, REIT		6,697,244
	35,510	Life Storage, REIT		3,845,023
				11,491,821
		Warehouse/Industrial - 1.3%
	183,904	Goodman Group, REIT (Australia)		1,725,459
	896	Industrial & Infrastructure Fund Investment Corp., REIT (Japan)		1,366,409
	270,811	Industrial Logistics Properties Trust, REIT		6,071,583
	1,200,340	Macquarie Mexico Real Estate Management SA de CV, REIT (Mexico) 144A		1,569,346
	687,370	PLA Administradora Industrial S de RL de CV, REIT (Mexico)		1,126,985
	189,951	Prologis, Inc., REIT		16,932,232
	38,983	Rexford Industrial Realty, Inc., REIT		1,780,354

Shares			Value
		Warehouse/Industrial - (continued)
	175,674	Safestore Holdings, PLC (United Kingdom)	$	1,875,556
	81,856	Summit Industrial Income REIT (Canada)		760,220
	21,001	Terreno Realty Corp., REIT		1,136,994
	406,816	WPT Industrial Real Estate Investment Trust, REIT (Canada)		5,646,606
				39,991,744
		Total Common Stocks		316,078,355
		(Cost $284,601,597)
	Preferred Stock - 1.2%
		Apartments/Single Family Residential - 0.2%
		American Homes 4 Rent, REIT,
	95,996	Series D, 6.50%		2,514,135
	75,584	Series E, 6.35%		1,958,381
	9,515	Series F, 5.88%		249,103
	36,850	Series G, 5.88%		963,628
	6,009	Series H, 6.25%		159,960
	5,616	Mid-America Apartment Communities, Inc., REIT, Series I, 8.50%		370,600
	21,110	National Retail Properties, Inc., REIT, Series F, 5.20%		536,827
				6,752,634
		Diversified - 0.1%
	7,125	Armada Hoffler Properties, Inc., REIT, Series A, 6.75%		199,999
		Digital Realty Trust, Inc., REIT,
	10,900	Series G, 5.88%		276,860
	1,350	Series J, 5.25%		34,790
	2,100	Series K, 5.85%		57,750
		PS Business Parks, Inc., REIT,
	895	Series W, 5.20%		23,073
	1,210	Series X, 5.25%		31,581
	4,193	Series Y, 5.20%		107,676
	28,475	Series Z, 4.88%		705,895
		Vornado Realty Trust, REIT,
	7,650	Series K, 5.70%		192,856
	21,822	Series L, 5.40%		550,133
	7,108	Series M, 5.25%		181,538
				2,362,151
		Health Care - 0.0%
	3,650	Diversified Healthcare Trust, REIT, 6.25%		94,426
		Hotels - 0.0%
		Hersha Hospitality Trust, REIT,
	4,575	Series C, 6.88%		114,466
	2,490	Series D, 6.50%		62,001
		Pebblebrook Hotel Trust, REIT,
	5,600	Series C, 6.50%		142,240
	2,500	Series D, 6.38%		64,600
		Sunstone Hotel Investors, Inc., REIT,
	10,625	Series E, 6.95%		276,356
	8,825	Series F, 6.45%		228,656
				888,319
		Office Properties - 0.2%
	1,875	Boston Properties, Inc., REIT, Series B, 5.25%		47,813
	80	Highwoods Properties, Inc., REIT, Series A, 8.63%		104,000
	120,531	SL Green Realty Corp., REIT, Series I, 6.50%		3,062,693

See accompanying notes to portfolio of investments.

2

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited) (continued)

Shares			Value
		Office Properties - (continued)
	75,546	VEREIT, Inc., REIT, Series F, 6.70%	$	1,926,423
				5,140,929
		Regional Malls - 0.3%
	110,100	Brookfield Property REIT, Inc., Series A, 6.38%		2,764,611
	25,425	Pennsylvania Real Estate Investment Trust, REIT, Series C, 7.20%		473,668
		Taubman Centers, Inc., REIT,
	140,550	Series J, 6.50%		3,647,272
	87,473	Series K, 6.25%		2,266,425
				9,151,976
		Shopping Centers - 0.2%
		Kimco Realty Corp., REIT,
	8,020	Series L, 5.13%		206,435
	7,185	Series M, 5.25%.		186,092
	49,175	Saul Centers, Inc., REIT, Series E, 6.00%		1,293,303
		SITE Centers Corp., REIT,
	52,807	Series A, 6.38%		1,383,543
	20,775	Series K, 6.25%		526,854
		Urstadt Biddle Properties, Inc., REIT,
	63,325	Series H, 6.25%		1,686,345
	35,375	Series K, 5.88%		901,355
				6,183,927
		Storage - 0.2%
	54,497	National Storage Affiliates Trust, REIT, Series A, 6.00%		1,450,710
		Public Storage, REIT,
	875	Series B, 5.40%		22,601
	13,102	Series D, 4.95%		333,708
	11,210	Series E, 4.90%		285,631
	800	Series F, 5.15%		20,816
	32,680	Series G, 5.05%		845,432
	6,175	Series H, 5.60%		170,986
	10,000	Series I, 4.88%		257,500
	805	Series J, 4.70%		20,680
	17,800	Series K, 4.75%		455,324
	47,950	Series V, 5.38%		1,209,778
	16,769	Series W, 5.20%		423,920
	11,900	Series X, 5.20%		301,189
				5,798,275
		Warehouse/Industrial - 0.0%
	1,850	Monmouth Real Estate Investment Corp., REIT, Series C, 6.13%		46,102
	2,675	QTS Realty Trust, Inc., REIT, Series A, 7.13%		72,760
		Rexford Industrial Realty, Inc., REIT,
	11,366	Series A, 5.88%		293,499
	34,948	Series B, 5.88%		909,871
				1,322,232
		Total Preferred Stock		37,694,869
		(Cost $36,881,542)
Par
	Corporate Debt - 1.3%
		Apartments/Single Family Residential - 0.2%
		American Homes 4 Rent LP, REIT,
$	419000	4.25%, 2/15/2028		446,720
	1,209,000	4.90%, 2/15/2029		1,355,275
		Essex Portfolio LP, REIT,
	259,000	3.38%, 4/15/2026		269,471

Par			Value
		Apartments/Single Family Residential - (continued)
		Mid-America Apartments LP, REIT,
$	237,000	4.00%, 11/15/2025	$	256,753
		VEREIT Operating Partnership LP, REIT,
	1,889,000	4.60%, 2/6/2024		2,042,197
	868,000	4.63%, 11/1/2025		951,242
	537,000	4.88%, 6/1/2026		595,420
	389,000	3.95%, 8/15/2027		409,409
				6,326,487
		Diversified - 0.0%
		Equinix, Inc., REIT,
	546,000	5.38%, 5/15/2027		593,982
		Lexington Realty Trust, REIT,
	38,000	4.25%, 6/15/2023		39,164
	254,000	4.40%, 6/15/2024		264,390
		Vornado Realty LP, REIT,
	236,000	3.50%, 1/15/2025		245,702
		Washington Real Estate Investment Trust, REIT,
	118,000	3.95%, 10/15/2022		122,231
				1,265,469
		Health Care - 0.4%
		HCP, Inc., REIT,
	262,000	3.40%, 2/1/2025		273,810
	854,000	3.25%, 7/15/2026		886,527
		Senior Housing Properties Trust, REIT,
	1,723,000	6.75%, 12/15/2021		1,829,414
	917,000	4.75%, 2/15/2028		926,558
		Ventas Realty LP, REIT,
	661,000	2.65%, 1/15/2025		666,448
	556,500	3.50%, 2/1/2025		581,562
	1,397,000	4.13%, 1/15/2026		1,497,736
	816,000	3.25%, 10/15/2026		836,234
		Welltower, Inc., REIT,
	1,318,000	3.95%, 9/1/2023		1,391,960
	1,178,000	4.50%, 1/15/2024		1,272,925
	1,365,000	4.00%, 6/1/2025		1,470,712
				11,633,886
		Office Properties - 0.5%
		Brandywine Operating Partnership LP, REIT,
	763,000	4.10%, 10/1/2024		809,150
		Columbia Property Trust Operating Partnership LP, REIT,
	1,014,000	4.15%, 4/1/2025		1,068,737
		Corporate Office Properties LP, REIT,
	3,184,000	3.60%, 5/15/2023		3,278,688
	1,079,000	5.25%, 2/15/2024		1,162,009
	185,000	5.00%, 7/1/2025		199,639
		Highwoods Realty LP, REIT,
	458,000	3.63%, 1/15/2023		473,369
		Kilroy Realty LP, REIT,
	38,000	4.38%, 10/1/2025		41,376
		Office Properties Income Trust, REIT,
	2,127,000	4.15%, 2/1/2022		2,179,084
	2,778,000	4.00%, 7/15/2022		2,844,672
	442,000	4.50%, 2/1/2025		462,395
		Piedmont Operating Partnership LP, REIT,
	761,000	3.40%, 6/1/2023		780,084

See accompanying notes to portfolio of investments.

3

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited) (continued)

Par			Value
		Office Properties - (continued)
		Qualitytech LP / QTS Finance Corp. 144A,
	$ 248,000	4.75%, 11/15/2025	$	257,713
		SL Green Realty Corp., REIT,
	320,000	4.50%, 12/1/2022		337,483
				13,894,399
		Shopping Centers - 0.1%
		Retail Opportunity Investments Partnership LP, REIT,
	179,000	4.00%, 12/15/2024		182,815
		Retail Properties Of America, Inc., REIT,
	304,000	4.00%, 3/15/2025		310,847
		SITE Centers Corp., REIT,
	84,000	4.63%, 7/15/2022		87,640
	974,000	3.63%, 2/1/2025		1,005,361
		Weingarten Realty Investors, REIT,
	106,000	4.45%, 1/15/2024		112,387
	243,000	3.25%, 8/15/2026		244,455
				1,943,505
		Storage - 0.1%
		Cubesmart LP, REIT,
	253,000	4.80%, 7/15/2022		267,067
	676,000	4.00%, 11/15/2025		721,014
		LifeStorage LP/CA, REIT,
	1,713,000	3.50%, 7/1/2026		1,761,925
				2,750,006
		Warehouse/Industrial - 0.0%
		Duke Realty LP, REIT,
	1,394,000	3.25%, 6/30/2026		1,445,430
		Total Corporate Debt		39,259,182
		(Cost $37,794,869)
	Commercial Mortgage Backed Securities - 4.7%
		BANK,
	9,170,167	1.13%, 12/15/2052 Ser 2019-BN23, Class XD, 144A(h)		777,096
	2,000,000	2.50%, 12/15/2052 Ser 2019-BN23, Class D, 144A		1,719,735
	1,500,000	2.50%, 12/15/2052 Ser 2019-BN23, Class E, 144A		1,200,902
	29,222,275	0.95%, 11/15/2054 Ser 2017-BNK9, Class XA(h)		1,510,125
	8,575,000	1.56%, 11/15/2054 Ser 2017-BNK9, Class XD, 144A(h)		838,409
	2,000,000	2.80%, 11/15/2054 Ser 2017-BNK9, Class D, 144A		1,746,481
	5,000,000	3.37%, 11/15/2054 Ser 2017-BNK9, Class E, 144A		3,634,820
	2,000,000	3.08%, 6/15/2060 Ser 2017-BNK5, Class D, 144A(h)		1,815,446
	3,000,000	4.40%, 6/15/2060 Ser 2017-BNK5, Class E, 144A(h)		2,248,566
		Barclays Commercial Mortgage Trust,
	15,971,933	1.75%, 8/15/2052 Ser2019-C4, Class XA(h)		1,907,921
		BENCHMARK Mortgage Trust,
	4,500,000	3.56%, 11/1/2029 Ser2019-B15, Class B		4,648,854
	12,667,000	1.25%, 1/15/2051 Ser2018-B1, Class XE, 144A(h)		1,056,691
	1,750,000	2.75%, 1/15/2051 Ser2018-B1, Class D, 144A		1,520,515

Par			Value
	$ 5,000,000	3.00%, 1/15/2051 Ser2018-B1, Class E, 144A(h)	$	3,582,643
	3,680,000	1.50%, 4/10/2051 Ser2018-B3, Class XD, 144A(h)		378,891
	2,000,000	3.06%, 4/10/2051 Ser2018-B3, Class D, 144A(h)		1,825,490
	1,719,500	3.27%, 10/10/2051 Ser2018-B6, Class D, 144A(h)		1,563,043
	4,000,000	1.64%, 8/15/2057 Ser2019-B13, Class XD, 144A(h)		500,371
	1,500,000	2.50%, 8/15/2057 Ser2019-B13, Class E, 144A		1,182,508
	2,500,000	3.78%, 3/1/2062 Ser2019-B10, Class F, 144A(h)		1,873,145
		CAMB Commercial Mortgage Trust,
	2,500,000	2.75%, 12/15/2037 Ser 2019-LIFE, Class A, 144A(h)		2,507,291
		CD Mortgage Trust,
	2,750,000	3.26%, 8/15/2051 Ser2018-CD7, Class D, 144A(h)		2,488,782
		CGMS Commercial Mortgage Trust, 144A,
	2,000,000	3.00%, 8/15/2050 Ser2017-B1, Class D		1,738,584
		Citigroup Commercial Mortgage Trust,
	49,538,655	0.91%, 3/10/2051 Ser2018-B2, Class XA(h)		2,411,448
	1,000,000	3.38%, 6/10/2051 Ser2018-C5, Class D, 144A(h)		921,663
	5,000,000	0.74%, 11/1/2052 Ser 2019-GC43, Class XF, 144A(h)		266,384
	3,750,000	0.74%, 11/1/2052 Ser 2019-GC43, Class XG, 144A(h)		199,796
	5,000,000	3.00%, 11/1/2052 Ser 2019-GC43, Class F, 144A(h)		3,696,430
	3,750,000	3.00%, 11/1/2052 Ser 2019-GC43, Class G, 144A(h)		2,431,848
	2,800,000	3.00%, 8/10/2056 Ser 2019-GC41, Class F, 144A		1,980,978
		Comm Mortgage Trust,
	2,500,000	4.39%, 7/1/2045 Ser2013-CR9, Class C, 144A(h)		2,379,976
	2,500,000	4.46%, 12/10/2045 Ser2012-CR5, Class F, 144A(h)		2,181,207
	3,250,000	4.22%, 3/10/2046 Ser2013-CR6, Class E, 144A(h)		3,048,604
	2,932,500	5.17%, 3/10/2047 Ser 2014-UBS2, Class D, 144A(h)		2,797,540
	2,600,000	5.01%, 5/10/2047 Ser 2014-CR17, Class D, 144A(h)		2,649,175
	1,500,000	3.50%, 9/10/2047 Ser 2014-UBS5, Class D, 144A		1,331,851
	3,620,000	4.39%, 2/10/2048 Ser 2015-LC19, Class E, 144A(h)		3,205,138
	2,000,000	3.80%, 10/10/2048 Ser 2015-LC23, Class D, 144A(h)		1,973,948
	4,000,000	4.23%, 5/10/2051 Ser 2018-COR3, Class A3		4,469,247
	2,730,000	1.15%, 8/1/2057 Ser 2019-GC44, Class XD, 144A(h)		235,487
	2,500,000	2.50%, 8/1/2057 Ser 2019-GC44, Class D, 144A		2,097,502
	2,500,000	2.50%, 8/1/2057 Ser 2019-GC44, Class E, 144A		1,993,932
		CSAIL Commercial Mortgage Trust,
	3,980,500	2.15%, 3/15/2052 Ser2019-C15, Class XD, 144A(h)		603,575

See accompanying notes to portfolio of investments.

4

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited) (continued)

Par			Value
$	2,500,000	3.00%, 3/15/2052 Ser2019-C15, Class D, 144A ..	$	2,256,720
	5,000,000	4.05%, 3/15/2052 Ser2019-C15, Class A4		5,515,550
		DBCG Mortgage Trust,
	2,000,000	2.38%, 6/15/2034 Ser2017-BBG, Class A, 144A(h)		1,997,911
		GS Mortgage Securities Corp. Trust,
	9,865,614	2.60%, 7/15/2025 Ser 2018-HULA, Class A,144A(h)		9,846,607
		GS Mortgage Securities Trust, 144A,
	2,000,000	4.90%, 8/10/2046 Ser 2013-GC14, Class F(h)		1,936,092
	3,500,000	5.13%, 4/10/2047 Ser 2014-GC20, Class D(h)		3,167,485
	1,750,000	3.58%, 6/10/2047 Ser 2014-GC22, Class E		1,352,516
	3,000,000	3.00%, 7/10/2052 Ser 2019-GC40, Class D		2,672,517
		JP Morgan Chase Commercial Mortgage Securities Trust, 144A,
	1,433,000	3.74%, 12/15/2046 Ser2013-C16, Class E(h)		1,308,053
		JPMBB Commercial Mortgage Securities Trust, 144A,
	1,425,000	4.83%, 4/15/2047 Ser2014-C19, Class D(h)		1,443,728
	3,500,000	4.06%, 11/15/2047 Ser2014-C24, Class D(h)		3,275,300
		Morgan Stanley Bank of America Merrill Lynch Trust, 144A,
	2,153,000	4.26%, 5/15/2046 Ser2013-C9, Class D(h)		2,189,976
	1,250,000	4.93%, 6/15/2047 Ser2014-C16, Class D(h)		1,020,619
	3,576,000	4.55%, 10/15/2048 Ser2015-C26, Class E(h)		2,901,291
	4,012,000	3.30%, 11/15/2052 Ser2017-C34, Class E(h)		2,791,847
		SG Commercial Mortgage Securities Trust,
	13,509,278	2.14%, 10/10/2048 Ser2016-C5, Class XA(h)		1,182,219
		UBS-Barclays Commercial Mortgage Trust, 144A,
	23,357,262	1.77%, 12/10/2045 Ser2012-C4, Class XA(h)		847,462
	2,000,000	5.20%, 8/10/2049 Ser2012-C3, Class D(h)		2,070,614
		Wells Fargo Commercial Mortgage Trust,
	2,020,000	2.88%, 5/15/2048 Ser 2015-NXS1, Class E, 144A(h)		1,587,409
	2,125,000	4.76%, 11/15/2048 Ser2015-C31, Class E, 144A(h)		1,800,608
	5,000,000	3.58%, 10/1/2052 Ser2019-C53, Class C(h)		4,951,732
		WFRBS Commercial Mortgage Trust, 144A,
	2,650,000	3.99%, 5/15/2047 Series2014-C20, Class D		2,155,485
	2,000,000	4.05%, 9/15/2057 Ser2014-C22, Class D(h)		1,661,449
				143,075,228
		Total Commercial Mortgage Backed Securities		143,075,228
		(Cost $136,225,520)
Shares
	Short-Term Investment - 4.8%
	144,121,094	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 1.49%		144,121,094
		(Cost $144,121,094)
		Total Investments - 99.2%	$	2,998,091,373
		(Cost $2,786,921,502)
		Other Assets
		Net of Liabilities - 0.8%		23,281,942
		Net Assets — 100.0%	$	3,021,373,315

(a) Restricted Securities.

(b) Partnership is not designated in units. The Fund owns approximately 15.9% of this Fund.

(c) Affiliated issuer.

(d) Partnership is not designated in units. The Fund owns approximately 3.6% of this Fund.

(e) 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.

(f) Partnership is not designated in units. The Fund owns approximately 5.6% of this Fund.

(g) Non-income producing security.

(h) Variable rate security.

Portfolio Abbreviations:

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144A – Rule 144A Security

Industry	% of Net Assets
Diversified		79.3	%
Short-Term Investment		4.8	%
Commercial Mortgage Backed Securities		4.7	%
Apartments/Single Family Residential		2.5	%
Office Properties		1.9	%
Health Care		1.4	%
Warehouse/Industrial		1.3	%
Real Estate Operation/Development		0.8	%
Shopping Centers		0.8	%
Storage		0.7	%
Regional Malls		0.5	%
Hotels		0.4	%
Residential		0.1	%
Mortgages		0.0	%
Other Assets Net of Liabilities		0.8	%
Total		100.0	%

See accompanying notes to portfolio of investments.

5

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Notes to Portfolio of Investments

For the Period Ended December 31, 2019 (Unaudited)

Securities Valuation- Consistent with Section 2(a)(41) of the Investment Company Act of 1940, the Fund prices its securities as follows: Investments in securities that are listed on the New York Stock Exchange (the “NYSE”) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE. If there has been no sale 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 last sale price as reflected on the tape at the close of the exchange representing the principal market for such securities. If, after the close of a foreign market, but prior to the NYSE close, market conditions change significantly, certain foreign securities may be valued pursuant to procedures established by the Board of Directors (the “Board”).

Debt securities are valued at their mean prices by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations. Debt securities purchased with a remaining maturity of 60 days or less are valued at acquisition cost, plus or minus any amortized discount or premium which approximates fair value.

Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates fair value. Investments inopen-end mutual funds are valued at their closing net asset value (the “NAV”).

Securities for which market prices are unavailable, or securities for which the Adviser determines that the bid and/or ask price does not reflect market value, will be valued at fair value pursuant to procedures approved by the Board. Circumstances in which market prices may be unavailable include, but are not limited to, trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund 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.

The Fund invests a significant portion of its assets in Private Investment Funds. The Board has approved procedures pursuant to which the Fund values its investments in Private Investment Funds at fair value. As a general matter, the Fund bases its NAV on valuations of its interests in the Private Investment Funds provided by the managers of the Private Investment Funds and their agents on a quarterly basis. 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 and the calculated values of the Private Investment Funds themselves or their underlying assets may differ from their actual realizable value or future fair value. Additionally, between the quarterly valuation periods, the NAVs of the Private Investments Funds are adjusted daily based on the estimated total return that each underlying private fund will generate during the current quarter. The Adviser and the Board’s Valuation Committee monitor these estimates regularly and update them as necessary if macro-level considerations or individual fund considerations warrant any adjustments. At the end of the quarter, each Private Investment Fund’s net asset value is adjusted as needed to reflect the actual income and appreciation or depreciation realized by such Private Investment Fund when the quarterly valuations and income are reported by each manager. As of the December 31, 2019 portfolio of investments presented herein, all of the Fund’s investments in Private Investment Funds are reported 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, 2019 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 otherwise 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:

•	Level 1 –	unadjusted quoted prices in active markets for identical securities
•	Level 2 –	prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 –	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

6

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Notes to Portfolio of Investments

For the Period Ended December 31, 2019 (Unaudited) (continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

It is the Fund’s policy to recognize transfers in and out of the levels at the value at the beginning of the period. For the period ended December 31, 2019, there were no transfers between levels. A summary of inputs used to value the Fund’s investments as of December 31, 2019 is as follows:

					Level 2		Level 3
	Total Market		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	12/31/2019		Price		Inputs		Inputs
Common Stocks*	$	316,078,355	$	316,078,355	$	—	$	—
Preferred Stocks*		37,694,869		37,694,869		—		—
Corporate Debt*		39,259,182		—		39,259,182		—
Commercial Mortgage Backed Securities		143,075,228		—		143,075,228		—
Short-Term Investment		144,121,094		144,121,094		—		—
Subtotal	$	680,228,728	$	497,894,318	$	182,334,410	$	—
Private Investment Funds*	$	2,317,862,645
Total	$	2,998,091,373

* See Portfolio of Investments for industry breakout.

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.

Foreign Currency -Foreign currencies, investments and other assets and liabilities, if any, 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).

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 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. None of these securities have suspended redemptions. This and other important information are described in the Fund’s Prospectus.

7

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Notes to Portfolio of Investments

For the Period Ended December 31, 2019 (Unaudited) (continued)

As of December 31, 2019, the Fund invested in the following restricted securities:

										Unfunded		% of
	Acquisition					Cost		Value		Commitments		Net			Redemption
Security (a)	Date (b)		Shares			($1,000s)		($1,000s)		($1,000s)		Assets			Notice (c)
AEW Core Property Trust (U.S.), Inc.
Class A Shares		7/2/2013		132,236		$	124,788	$	137,386	$	—		4.5	%		45 Days
Class B Shares		7/2/2013		47,116			44,462		48,951		—		1.6	%		45 Days
AEW Value Investors US LP		8/17/2017		—	(d)		25,000		26,042		25,000		0.9	%		(e)
Barings Core Property Fund LP		9/30/2013		373,061			45,374		50,289		—		1.7	%		60 Days (f)
Barings European Core Property Fund		6/13/2017		63,917			71,981		77,909		—		2.6	%		60 Days
CBRE U.S. Core Partners LP		3/29/2018		78,855,767			110,000		114,554		—		3.8	%		60 Days
Clarion Gables Multifamily Trust LP		3/4/2019		77,371			100,000		102,088		25,000		3.4	%		(g)
Clarion Lion Properties Fund LP		7/1/2013		158,382			211,180		245,458		—		8.1	%		90 Days
GWL U.S. Property Fund L.P.		12/30/2019		—	(j)		25,000		25,000		100,000		0.8	%		90 Days
Harrison Street Core Property Fund LP		8/13/2014		86,966			112,999		122,326		—		4.0	%		45 Days
Heitman America Real Estate Trust LP		12/2/2014		172,306			200,000		208,753		—		6.9	%		90 Days
Heitman Core Real Estate Debt Income Trust LP		4/1/2017		107,663			110,000		110,563		55,000		3.7	%		90 Days
Invesco Core Real Estate USA LP		12/31/2013		680			114,500		130,773		—		4.3	%		45 Days
Invesco Real Estate Asia Fund		9/30/2014		799,259			98,426		105,406		10,000		3.5	%		45 Days
LaSalle Property Fund LP
Class A Shares		8/31/2015		90,900			139,419		151,644		—		5.0	%		45 Days
Class B Shares		8/31/2015		35,259			54,079		58,821		—		2.0	%		45 Days
Mesa West Core Lending Fund LP		7/15/2015		67,536			72,035		71,549		7,965		2.4	%		30 Days
MetLife Commercial Mortgage Income Fund LP		10/1/2015		49,075			49,996		50,400		—		1.7	%		90 Days
RREEF America REIT II, Inc.		9/30/2013		1,769,282			199,320		225,336		—		7.5	%		45 Days
Trumbull Property Fund, LP		9/30/2013		3,557			38,238		37,454		—		1.2	%		60 Days (h)
Trumbull Property Income Fund, LP		4/1/2016		9,001			107,500		115,140		—		3.8	%		60 Days
US Government BuildingOpen-End Feeder, LP		5/1/2014		—	(i)		93,000		102,021		—		3.3	%		60 Days
Total						$	2,147,297	$	2,317,863	$	222,965		76.7	%

(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 oflow-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) The investment funds provide for a quarterly redemption subject to the notice period listed.

(d) Partnership is not designated in units. The Fund owns approximately 15.9% at December 31, 2019.

(e) Shares are subject to an initial lockup period ending December 31, 2020 with a redemption notification period of 90 days.

(f) As of December 31, 2019, the Fund had a redemption queue, the Investment Manager expects to meet all redemptions over the next2-3 quarters.

(g) Shares are subject to an initial lockup period ending March 1, 2021 with redemption notification period of 90 days.

(h) As of December 31, 2019, the Fund had a redemption queue, the Investment Manager expects to meet all redemptions over time.

(i) Partnership is not designated in units. The Fund owns approximately 5.6% at December 31, 2019.

(j) Partnership is not designated in units. The Fund owns approximately 3.6% at December 31, 2019.

8