Versus Capital Real Assets Fund (VCRRX) NPORT-P Versus Capital Real Assets Fund LLC (Dec 2019 report)

VERSUS CAPITAL REAL ASSETS FUND LLC

Portfolio of Investments – December 31, 2019 (Unaudited)

Shares			Value
	Private Investment Funds(a) - 65.7%
		Diversified - 65.7%
	—	AMP Capital Diversified Infrastructure Trust(b)	$	25,485,818
	—	AMP Capital Infrastructure Debt Fund III(c)		25,484,706
	8,957	Blackstone Infrastructure Partners LP		8,800,000
	136,065	BTG Pactual Open Ended Core US Timberland Fund LP(d)(e)		153,989,910
	—	Ceres Farmland Holdings LP(f)(g)		117,854,033
	24,112,380	Global Dividend Infrastructure Fund		39,732,380
	36,263	Hancock Timberland and Farmland Fund LP(f)		37,224,474
	146,377	Harrison Street Social Infrastructure Fund LP(e)(h)		158,277,961
	20,202	IFC Core Farmland Fund LP(e)(h)		20,179,576
	—	IFM Global Infrastructure Fund (Offshore) LP(i)		55,033,490
	—	IFM US Infrastructure Debt Fund, LP(e)(j)		14,843,813
	58,945,659	IIF Hedged LP		57,208,000
	63,695	Jamestown Timberland Fund(e)(h)		69,632,305
	—	RMS Evergreen Forestland Fund LP(f)(k)		80,842,576
	25,142	UBS AgriVest Farmland Fund, Inc.(f)		49,768,046
	67,076	US Core Farmland Fund LP(e)(h)		80,660,867
	—	Versus Capital Real Assets Sub-REIT II LLC(e)(l)(m)(n)		57,363,590
	—	Versus Capital Real Assets Sub-REIT LLC(e)(l)(m)(n)		35,901,157
		Total Private Investment Funds		1,088,282,702
		(Cost $1,043,136,706)
	Common Stocks - 11.7%
		Agricultural Biotech - 0.1%
	68,800	Corteva, Inc.		2,033,728
		Agricultural Chemicals - 0.6%
	94,996	CF Industries Holdings, Inc.		4,535,109
	34,946	Mosaic Co.		756,231
	51,324	Nutrien, Ltd.		2,457,212
	29,724	Nutrien, Ltd.		1,424,077
	18,981	Yara International ASA		789,569
				9,962,198
		Agricultural Operations - 0.8%
	92,566	Archer-Daniels-Midland Co.		4,290,434
	26,199	Bunge, Ltd.		1,507,753
	45,174	Genus, PLC		1,900,451
	84,700	Hokuto Corp.		1,541,913
	445,600	IOI Corp. Bhd		502,192
	98,500	Kuala Lumpur Kepong Bhd		597,189
	17,796	Limoneira Co.		342,217
	459,900	Sime Darby Plantation Bhd		612,750
	223,400	SLC Agricola SA		1,377,264
				12,672,163
		Airport Development/Maintenance - 0.1%
	6,400	Grupo Aeroportuario Del Sureste SAB De CV		1,199,296
		Building & Construction-Miscellaneous - 0.2%
	76,463	Ferrovial SA		2,313,188
	32,614	Louisiana-Pacific Corp.		967,657
	7,877	Simpson Manufacturing Co., Inc.		631,972
				3,912,817
		Building Production-Wood - 0.0%
	23,476	Stella-Jones, Inc.		678,310

Shares			Value
		Building-Heavy Construction - 0.1%
	11,600	Vinci SA	$	1,288,166
		Chemicals-Diversified - 0.1%
	11,247	FMC Corp.		1,122,676
	93,500	Israel Chemicals, Ltd.		447,865
	14,800	Sociedad Quimica Y Minera De Chile SA		395,012
				1,965,553
		Containers-Paper/Plastic - 0.3%
	117,029	Graphic Packaging Holding Co.		1,948,533
	8,234	Packaging Corp. of America		922,126
	38,879	Sonoco Products Co.		2,399,612
				5,270,271
		Electric-Distribution - 0.5%
	44,400	CenterPoint Energy, Inc.		1,210,788
	13,600	Orsted A/S, 144A		1,406,576
	32,900	Sempra Energy		4,983,692
				7,601,056
		Electric-Integrated - 2.5%
	27,508	Ameren Corp.		2,112,614
	68,800	American Electric Power Co., Inc.		6,502,288
	123,600	Chubu Electric Power Co., Inc.		1,753,526
	143,167	CLP Holdings, Ltd.		1,504,739
	41,892	CMS Energy Corp.		2,632,493
	146,509	CPFL Energia SA		1,294,751
	296,600	EDP - Energias De Portugal SA		1,285,544
	293,500	Enel SPA		2,328,247
	35,900	Entergy Corp.		4,300,820
	83,648	FirstEnergy Corp.		4,065,293
	39,694	NextEra Energy, Inc.		9,612,299
	51,800	Xcel Energy, Inc.		3,288,782
				40,681,396
		Energy-Alternate Sources - 0.1%
	143,900	Sao Martinho SA		848,512
		Fisheries - 0.3%
	49,407	Austevoll Seafood ASA		506,772
	5,028	Bakkafrost		372,262
	120,516	Leroy Seafood Group ASA		800,301
	10,500	Maruha Nichiro Corp.		270,098
	47,791	Mowi ASA		1,242,230
	19,812	Salmar ASA		1,013,923
	171,119	Tassal Group, Ltd.		499,544
				4,705,130
		Food-Confectionery - 0.0%
	2,600	Hershey Co.		382,148
		Food-Dairy Products - 0.1%
	7,599	Danone SA		629,911
	12,500	Megmilk Snow Brand Co., Ltd.		286,687
				916,598
		Food-Flour & Grain - 0.0%
	31,800	Nisshin Seifun Group, Inc.		557,828
		Food-Meat Products - 0.3%
	14,200	NH Foods, Ltd.		589,407
	27,374	Tyson Foods, Inc.		2,492,129
	2,601,500	WH Group, Ltd. 144A		2,687,535
				5,769,071

See accompanying notes to portfolio of investments.

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VERSUS CAPITAL REAL ASSETS FUND LLC

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

Shares				Value
			Food-Miscellaneous/Diversified - 0.5%
	8,744		General Mills, Inc.	$	468,329
	12,917		Ingredion, Inc.		1,200,635
	2,700		Kerry Group, PLC		333,146
	10,049		Kraft Heinz Co.		322,874
	2,100		McCormick & Co., Inc.		356,433
	16,901		Mondelez International, Inc.		930,907
	29,705		Nestle SA		3,216,047
	362,447		Wilmar International, Ltd.		1,110,288
					7,938,659
			Food-Wholesale/Distribution - 0.0%
	6,471		Sysco Corp.		553,529
			Forestry - 0.6%
	29,300		Canfor Corp. (n)		273,922
	241,572		Interfor Corp. (n)		2,729,091
	91,093		Svenska Cellulosa AB SCA		923,928
	150,275		West Fraser Timber Co., Ltd.		6,628,741
					10,555,682
			Gas-Distribution - 0.6%
	12,800		Atmos Energy Corp.		1,431,808
	486,606		China Gas Holdings, Ltd.		1,823,453
	395,700		National Grid, PLC		4,949,526
	76,000		Tokyo Gas Co., Ltd.		1,854,622
					10,059,409
			Machinery-Farm - 0.3%
	40,784		AG Growth International, Inc.		1,458,557
	7,211		AGCO Corp.		557,050
	17,324		Deere & Co.		3,001,556
					5,017,163
			Medical-Drugs - 0.1%
	18,547		Zoetis, Inc.		2,454,695
			Non-hazardous Waste Disposal - 0.1%
	1,232,000		China Water Affairs Group, Ltd.		921,751
			Oil Companies-Exploration & Production - 0.0%
	938,300		Kunlun Energy Co., Ltd.		828,447
			Paper & Related Products - 0.3%
	63,806		Cascades, Inc.		550,818
	23,860		Holmen AB		726,523
	29,921		Mercer International, Inc.		368,028
	20,515		Mondi, PLC		477,927
	34,000		Nippon Paper Industries Co., Ltd.		578,271
	111,300		Oji Holdings Corp.		609,484
	6,908		Smurfit Kappa Group, PLC		267,192
	52,200		Suzano SA		514,902
	19,316		UPM-Kymmene OYJ		669,722
					4,762,867
			Pipelines - 1.1%
	38,200		Cheniere Energy, Inc. (n)		2,332,874
	98,100	��	Equitrans Midstream Corp.		1,310,616
	118,600		Inter Pipeline, Ltd.		2,058,638
	132,100		Kinder Morgan, Inc.		2,796,557
	63,200		Pembina Pipeline Corp.		2,342,471
	33,300		Plains GP Holdings LP		631,035
	91,500		TC Energy Corp.		4,873,236

Shares			Value
		Pipelines - (continued)
	104,600	Williams Cos, Inc.	$	2,481,112
				18,826,539
		Public Thoroughfares - 0.8%
	135,951	Atlantia SPA		3,170,411
	247,000	EcoRodovias Infraestrutura E Logistica SA (n)		1,000,845
	767,300	Jiangsu Expressway Co., Ltd.		1,051,649
	211,778	Promotora Y Operadora De Infraestructura SAB De CV		2,167,567
	565,486	Transurban Group		5,916,728
				13,307,200
		Satellite Telecom - 0.1%
	74,988	SES SA		1,051,430
		Transport-Rail - 0.7%
	9,500	Canadian Pacific Railway, Ltd.		2,421,767
	24,700	CSX Corp.		1,787,292
	26,400	East Japan Railway Co.		2,395,207
	155,319	MTR Corp., Ltd.		917,886
	602,600	Rumo SA (n)		3,909,777
				11,431,929
		Warehousing and Harbor Transportation Services  -0.1%
	554,300	China Merchants Port Holdings Co., Ltd.		937,550
		Water - 0.3%
	79,791	Aqua America, Inc.		3,745,390
	128,000	Pennon Group, PLC		1,737,886
				5,483,276
		Total Common Stocks		194,574,367
		(Cost $175,589,405)
	Real Estate Investment Trust - 1.9%
		Agricultural Operations - 0.0%
	84,100	Farmland Partners, Inc., REIT		570,198
		REITS-Diversified - 1.9%
	26,800	American Tower Corp., REIT		6,159,176
	169,485	CatchMark Timber Trust, Inc., REIT		1,943,993
	32,800	Gladstone Land Corp., REIT		425,416
	148,680	PotlatchDeltic Corp., REIT		6,433,384
	191,195	Rayonier, Inc., REIT		6,263,548
	10,600	SBA Communications Corp., REIT		2,554,494
	240,973	Weyerhaeuser Co., REIT		7,277,385
				31,057,396
		Total Real Estate Investment Trust		31,627,594
		(Cost $26,281,318)
Par(o)
	Corporate Debt - 2.6%
		Pipelines - 2.3%
	10,000,000	EPIC Y-Grade Services LP, L + 6.00%,, 7.65%, 6/13/2024		9,781,250
	9,562,500	Paradigm Midstream LLC, 3L + 5.25%,, 7.14%, 9/5/2024		9,132,188
	9,900,000	Seaport Financing LLC, 3L + 5.50%, 7.25%, 10/31/2025		9,801,000
	10,406,234	Woodford Express LLC, 3L + 5.00%,, 6.80%, 1/26/2025		9,136,673
				37,851,111

See accompanying notes to portfolio of investments.

2

VERSUS CAPITAL REAL ASSETS FUND LLC

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

Par			Value
		Sovereign - 0.3%
		Australia Government Bond (AUD),
	195,000	3.00%, 9/20/2025	$	201,187
		Canadian Government Real Return Bond (CAD),
	116,651	4.25%, 12/1/2026		114,167
	208,796	2.00%, 12/1/2041		214,393
		Denmark Government Bond (DKK),
	1,596,019	0.10%, 11/15/2023		255,889
		French Republic Government Bond (EUR),
	465,626	1.85%, 7/25/2027		646,313
		Italy Buoni Poliennali Del Tesoro, 144A (EUR),
	386,188	0.10%, 5/15/2022		438,433
	284,791	2.35%, 9/15/2024		358,023
		New Zealand Government Inflation Linked Bond (NZD),
	550,000	3.00%, 9/20/2030		501,313
		Spain Government Inflation Linked Bond (EUR),
	367,437	0.30%, 11/30/2021		424,737
		Spain Government Inflation Linked Bond, 144A (EUR),
	236,473	1.80%, 11/30/2024		303,443
		Sweden Inflation Linked Bond, 144A (SEK),
	515,000	3.50%, 12/1/2028		108,633
		United Kingdom Gilt Inflation Linked (GBP),
	314,887	1.88%, 11/22/2022		470,240
	200,078	0.75%, 3/22/2034		394,347
				4,431,118
		Total Corporate Debt		42,282,229
		(Cost $43,730,245)
	Private Debt - 9.3%
	50,000,000	Blackstone CQP Common Holdco LP – 3L +5.0% - 6.91% at 12/31/2019 - 9/30/2024 (a)(m)		51,284,094
	101,037,243	Frija LP 8.75%, 12/31/2022 (a)(m)(p)		103,148,372
		Total Private Debt		154,432,466
		(Cost $154,432,466)
	U.S. Treasury Obligations - 2.0%
		U.S. Treasury Inflation Indexed Bonds,
	2,269,270	0.13%, 4/15/2020		2,266,554
	2,558,735	1.13%, 1/15/2021		2,582,531
	731,774	2.38%, 1/15/2025		815,699
	1,372,431	2.50%, 1/15/2029		1,654,507
	25,000,000	United States Treasury Bill, 1.44%, 1/21/2020		24,980,670
				32,299,961
		Total U.S. Treasury Obligations		32,299,961
		(Cost $32,180,035)

Shares			Value
	Short-Term Investments - 6.6%
	109,882,028	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 1.49%	$	109,882,028
		(Cost $109,882,028)
		Total Investments - 99.8%		1,653,381,347
		(Cost $1,585,232,203)
		Other Assets
		Net of Liabilities - 0.2%		3,470,702
		Net Assets — 100.0%	$	1,656,852,049

(a) Restricted Securities.

(b) Partnership is not designated in units. The Fund owns approximately 2.5% of this Fund.

(c) Partnership is not designated in units. The Fund owns approximately 1.6% of this Fund.

(d) 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.

(e) Affiliated issuer.

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

(g) Partnership is not designated in units. The Fund owns approximately 14.0% of this Fund.

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

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

(j) Partnership is not designated in units. The Fund owns approximately 5.1% of this Fund.

(k) Partnership is not designated in units. The Fund owns approximately 8.6% of this Fund.

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

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

(n) Non-income producing security.

(o) Par values are designated in the local currency.

(p) Interest is paid in-kind.

Portfolio Abbreviations:

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144A – Rule 144A Security

L – 30 Day London Inter-bank Offered Rate

3L – 3 Month London Inter-bank Offered Rate

Foreign Currencies:

AUD - Australian Dollar

CAD - Canadian Dollar

DKK - Danish Krone

EUR - Euro

GBP – United Kingdom Pound Sterling

NZD – New Zealand Dollar

SEK – Swedish Krona

USD – United States Dollar

See accompanying notes to portfolio of investments.

3

VERSUS CAPITAL REAL ASSETS FUND LLC

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

Industry	% of Net Assets
Diversified		65.7	%
Private Debt		9.3	%
Short-Term Investments		6.6	%
Pipelines		3.4	%
Electric-Integrated		2.5	%
U.S. Treasury Obligations		2.0	%
REITS-Diversified		1.9	%
All Other Industries		8.4	%
Other Assets net of Liabilities		0.2	%
Total		100.0	%

Forward foreign currency contracts as of December 31, 2019 were as follows:

Currency Purchased	Currency Amount       Purchased		Currency Sold	Currency         Amount Sold		Counterparty	Settlement       Date	Unrealized     Appreciation		Unrealized     Depreciation
AUD		37,887	USD		26,111	HSBC Bank USA	2/12/20	$	505	$	—
EUR		26,717	USD		29,500	HSBC Bank USA	1/15/20		496		—
GBP		51,805	USD		67,025	HSBC Bank USA	2/12/20		1,680		—
NZD		29,469	USD		18,794	HSBC Bank USA	2/12/20		1,057		—
USD		425,342	NZD		663,711	HSBC Bank USA	2/12/20		—		21,752
USD		2,132,034	EUR		1,933,236	HSBC Bank USA	1/15/20		—		38,501
USD		105,554	SEK		1,009,904	HSBC Bank USA	2/12/20		—		2,492
USD		903,058	GBP		701,455	HSBC Bank USA	2/12/20		—		27,217
USD		136,795	AUD		197,971	HSBC Bank USA	2/12/20		—		2,280
USD		308,766	CAD		406,647	HSBC Bank USA	2/12/20		—		4,447
USD		247,374	DKK		1,658,096	HSBC Bank USA	2/12/20		—		2,254
Total								$	3,738	$	98,943

See accompanying notes to portfolio of investments.

4

VERSUS CAPITAL REAL ASSETS 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 in open-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.

The Fund invests a portion of its assets in one or more wholly-owned and controlled subsidiaries that make direct investments into timberland and agriculture/farmland assets. The subsidiaries are each a real estate investment trust (“Sub-REITs”). The Board has approved procedures pursuant to which the Fund values its investments in each Sub-REIT at fair value. These fair value calculations will involve significant professional judgment by the Adviser in the application of both observable and unobservable attributes and the calculated values of the Sub-REITs 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 each Sub-REIT are adjusted daily based on the estimated total return that each asset in each Sub-REIT 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 asset changes warrant any adjustments. As of the December 31, 2019 portfolio of investments presented herein, the Fund had investments in two Sub-REITs, which are reported at fair value. At December 31, 2019, Versus Capital Real Assets Sub-REIT LLC owns an alfalfa property in Bent County, Colorado fair valued at approximately $15,100,000 and almond properties in Placer and Sutter counties in California fair valued at approximately $15,400,000. At December 31, 2019, Versus Capital Real Assets Sub-REIT II owns a citrus property in Collier County, Florida fair valued at approximately $35,900,000 and a hazelnut property in Benton County, Oregon fair valued at approximately $19,100,000.

The Fund invests a portion of its assets in direct investments and co-investments into real asset related private debt investments. The Board has approved procedures pursuant to which the Fund values its investments in private debt investments at fair value. The Adviser will evaluate each investment’s fair value based on numerous factors, including but not limited to changes in credit risk, construction risk, the financial strength of the borrower, and the debt instrument’s spread to US Treasuries. In accordance with these procedures, the Adviser and the Board shall use their best efforts to ensure that value of each debt investment is adjusted based on the Adviser’s estimate of what actual fair value would be in an active, liquid or established market. Generally, the Fund will carry any private debt investments based upon amortized cost plus any accrued interest, but, in certain circumstances, the Fund might value the private debt investments at a discount or a premium to the amortized cost of the investment. The Adviser and the Board’s Valuation Committee monitor these estimates regularly and update them as necessary if macro-level considerations or individual asset changes warrant any adjustments.

The Fund may use forward contracts for hedging exposure to foreign currencies.

5

VERSUS CAPITAL REAL ASSETS FUND LLC

Notes to Portfolio of Investments

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

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,pre-payment speeds, credit risk, etc.)

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

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:

	Total Market Value at 12/31/2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Private Investment Funds (Sub-REIT)*	$	93,264,747		$	—	$	—		$	93,264,747
Common Stocks*		194,574,367			194,574,367		—			—
Real Estate Investment Trust*		31,627,594			31,627,594		—			—
Corporate Debt*		42,282,229			—		42,282,229			—
Private Debt*		154,432,466			—		—			154,432,466
U.S. Treasury Obligations*		32,299,961			—		32,299,961			—
Short-Term Investments*		109,882,028			109,882,028		—			—
Other financial instruments: (Forward foreign currency exchange contracts)*		(95,205	)		—		(95,205	)		—
Subtotal	$	658,268,187		$	336,083,989	$	74,486,985		$	247,697,213
Private Investment Funds*	$	995,017,955
Total	$	1,653,286,142

* 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).

At December 31, 2019, the primary risk exposure was foreign currency exchange contracts, in the amount of $(95,205).

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 a 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.

6

VERSUS CAPITAL REAL ASSETS 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:

Security (a)	Acquisition Date (b)		Shares/Par		Cost ($1,000s)		Value       ($1,000s)		Unfunded Commitments ($1,000s)		% of Net Assets			Redemption Notice (c)
AMP Capital Diversified Infrastructure Trust		12/19/2017		—	$	25,005	$	25,486	$	—		1.5%			(d)
AMP Capital Infrastructure Debt Fund III		9/18/2017		—		25,585		25,485		9,356		1.5%			(e)
Blackstone CQP Common Holdco LP		9/27/2018		50,000,000		51,284		51,284		—		3.1%			(f)
Blackstone Infrastructure Partners LP		3/31/2019		8,957		8,957		8,800		39,453		0.5%			(g)
BTG Pactual Open Ended Core US Timberland Fund LP (t)		9/18/2017		136,065		140,000		153,990		—		9.3%			(h)
Ceres Farmland Holdings LP		11/6/2017		—		110,000		117,854		—		7.1%			(i)
Frija LP		12/18/2017		101,037,243		103,148		103,148		—		6.2%			(f)
Global Dividend Infrastructure Fund		9/18/2017		24,112,380		40,000		39,732		—		2.4%			(j)
Hancock Timberland and Farmland Fund LP		9/18/2017		36,263		36,750		37,224		13,250		2.2%			(k)
Harrison Street Social Infrastructure Fund LP (t)		7/2/2018		146,377		150,000		158,278		—		9.6%			(l)
IFC Core Farmland Fund LP (t)		10/25/2019		20,202		20,202		20,180		129,798		1.2%			(u)
IFM Global Infrastructure Fund (Offshore) LP		9/28/2018		—		50,000		55,033		—		3.3%			(m)
IFM US Infrastructure Debt Fund, LP		9/28/2018		—		15,016		14,844		—		0.9%			(n)
IIF Hedged LP		9/18/2017		58,945,659		56,899		57,208		—		3.5%			(o)
Jamestown Timberland Fund (t)		7/2/2018		63,695		66,521		69,632		—		4.2%			(p)
RMS Evergreen Forestland Fund LP		9/18/2017		—		80,000		80,843		—		4.9%			(q)
UBS AgriVest Farmland Fund, Inc.		7/1/2019		25,142		50,000		49,768		—		3.0%			(v)
US Core Farmland Fund LP (t)		9/18/2017		67,076		75,000		80,661		—		4.9%			(r)
Versus Capital Real Assets Sub-REIT II LLC		7/25/2019		—		57,250		57,364		43,610		3.5%			(s)
Versus Capital Real Assets Sub-REIT LLC		9/29/2017		—		35,952		35,901		64,048		2.2	%		(s)
Total					$	1,197,569	$	1,242,715	$	299,515		75.0	%

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

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

(c) The restricted securities provide for redemption subject to certain lock-up and notice periods listed.

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

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

(f) These are private debt investments.

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

(h) Two-year lock-up; redemptions are provided quarterly with 90 days prior written notice.

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

(j) Shares are subject to an initial lockup period of three-years from date of acquisition. Notification period of six months is required with redemption dates falling on March 31st and September 30th of each year.

(k) Shares are subject to an initial lockup period of three-years from date of acquisition. The notice period for redemption is annually and must be submitted by April 30th in any given year.

(l) Shares are subject to an initial lockup period of four-years; notification of at least 90 days prior to the last calendar day of the applicable calendar quarter for which the redemption request is to be effective.

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

(n) Shares are subject to an initial lockup period of one-year; with 60 day written notice.

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

(p) Shares are subject to an initial lockup period of four years from the date of acquisition. A redemption request is first effective as of the last day of the first full calendar quarter after the quarter in which the investor delivers the redemption notice.

7

VERSUS CAPITAL REAL ASSETS FUND LLC

Notes to Portfolio of Investments

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

(q) Shares are subject to an initial lockup period of three-years from date of acquisition. Investment redemption requests will be processed on a semi- annual basis on June 30 and December 31 of each year.

(r) Shares are subject to an initial lockup period of three-years from date of acquisition. A redemption request is effective as of the last day of the first full calendar quarter after the quarter in which the investor delivers the redemption notice.

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

(t) The Fund owns a non-voting majority interest in this private investment fund.

(u) Shares are subject to a five-year lock-up for the initial capital commitment. Thereafter, the Fund will repurchase shares upon six months advanced notice of a redemption request.

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

8