HARRISON STREET REAL ASSETS FUND LLC

Schedule of Investments

June 30, 2026 (Unaudited)

Number of
Shares

      

Value

Private Investment Funds(a) - 86.6%

  

 

  
   

Diversified – 86.6%

  

 

  

91,161

  

AEW Cold Storage Properties Fund LP(b)

  

$

96,874,065

8,522

  

AgriVest Farmland Fund, Inc.

  

 

20,301,956

31,479

  

Blackstone Infrastructure Partners LP

  

 

85,750,000

136,684

  

BTG Pactual Open Ended Core U.S. Timberland Fund LP

  

 

237,772,786

—

  

Ceres Farmland Holdings LP(b)(c)

  

 

128,469,461

—

  

DigitalBridge AI Infrastructure B LP(d)

  

 

10,608,452

—

  

DigitalBridge AI Infrastructure D LP(e)

  

 

16,599,276

77,782,381

  

DigitalBridge Credit LP(b)

  

 

21,096,082

29,582,693

  

Global Diversified Infrastructure Fund

  

 

53,644,260

62,490

  

Hancock Timberland and Farmland Fund LP

  

 

68,933,929

192,608

  

Harrison Street Infrastructure Fund LP(b)(f)

  

 

275,564,945

155,887

  

IFC Core Farmland Fund LP(g)

  

 

199,917,413

—

  

Infrastructure Debt Fund III LP(b)(h)

  

 

3,854,997

739

  

Jamestown Timberland Fund(i)

  

 

279,409

52,951

  

Macquarie Global Infrastructure Fund

  

 

68,287,577

95,288

  

National Data Center Fund, LLC(b)

  

 

167,524,055

81,731

  

Nuveen – Global Farmland Fund(b)

  

 

77,229,594

—

  

RMS Evergreen U.S. Forestland Fund LP(b)(j)

  

 

72,959,678

53,006

  

Stockbridge Niche Logistics Fund LP(b)

  

 

79,802,684

55,755

  

U.S. Core Farmland Fund LP(i)

  

 

86,897,146

—

  

Versus Capital Real Assets Sub-REIT II, LLC(k)(l)

  

 

45,049,715
   

Total Private Investment Funds

  

 

1,817,417,480
   

(Cost $1,475,139,044)

  

 

  

Common Stocks - 18.3%

  

 

  
   

Airport Develop/Maintenance – 1.4%

  

 

  

635,118

  

Aena SME S.A. (Spain)(m)

  

 

19,353,683

268,732

  

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Mexico)

  

 

6,796,249

109,748

  

Japan Airport Terminal Co., Ltd. (Japan)

  

 

3,423,977
       

 

29,573,909
   

Building-Heavy Constructions – 0.2%

  

 

  

118,859

  

Cellnex Telecom S.A. (Spain)(m)

  

 

3,553,357
   

Electric-Distribution – 1.2%

  

 

  

1,187,302

  

National Grid, PLC (United Kingdom)

  

 

19,582,845

72,258

  

Sempra

  

 

6,699,039
       

 

26,281,884
   

Electric-Generation – 0.3%

  

 

  

140,015

  

SSE, PLC (United Kingdom)

  

 

4,517,197

4,991

  

Talen Energy Corp.(n)

  

 

1,917,842
       

 

6,435,039
   

Electric-Integrated – 5.2%

  

 

  

61,747

  

Alliant Energy Corp.

  

 

4,710,679

461,559

  

CenterPoint Energy, Inc.

  

 

20,327,059

624,543

  

Equatorial S.A. (Brazil)

  

 

4,711,021

80,034

  

FirstEnergy Corp.

  

 

3,804,816

20,720

  

IDACORP, Inc.

  

 

3,134,936

364,852

  

NextEra Energy, Inc.

  

 

32,023,060

301,500

  

PG&E Corp.

  

 

5,071,230

163,878

  

Pinnacle West Capital Corp.

  

 

17,534,946

216,953

  

Xcel Energy, Inc.

  

 

17,421,326
       

 

108,739,073
   

Electric-Transmission – 0.7%

  

 

  

86,807

  

Elia Group S.A. (Belgium)

  

 

13,823,023

Number of
Shares

      

Value
   

Gas-Distribution – 1.7%

  

 

  

1,134,935

  

Italgas SpA (Italy)

  

$

13,142,786

392,896

  

NiSource, Inc.

  

 

18,682,205

54,955

  

Southwest Gas Holdings, Inc.

  

 

4,873,409
       

 

36,698,400
   

Non-hazardous Waste Disposal – 0.1%

  

 

  

1,572,637

  

Cleanaway Waste Management, Ltd. (Australia)

  

 

2,560,271
   

Pipelines – 3.1%

  

 

  

19,811

  

Cheniere Energy, Inc.

  

 

4,735,027

70,931

  

Targa Resources Corp.

  

 

19,019,438

285,670

  

TC Energy Corp. (Canada)

  

 

18,917,103

288,246

  

Williams Cos., Inc.

  

 

21,428,208
       

 

64,099,776
   

REITS-Diversified – 0.9%

  

 

  

202,665

  

Crown Castle Inc., REIT

  

 

15,347,820

3,961

  

Equinix, Inc., REIT

  

 

4,128,907
       

 

19,476,727
   

Transport-Rail – 3.0%

  

 

  

475,339

  

CSX Corp.

  

 

22,592,863

732,444

  

Getlink SE (France)

  

 

15,569,122

770,725

  

Rumo S.A. (Brazil)

  

 

2,005,082

87,822

  

Union Pacific Corp.

  

 

23,887,584
       

 

64,054,651
   

Warehousing & Harbor Transportation Service – 0.3%

  

 

  

368,802

  

International Container Terminal Services, Inc. (Philippines)

  

 

5,366,508
   

Water – 0.2%

  

 

  

3,489,509

  

Guangdong Investment Ltd. (Hong Kong)

  

 

3,457,474
   

Total Common Stocks

  

 

384,120,092
   

(Cost $318,320,482)

  

 

  

Warrants - 0.0%

  

 

  
   

Diversified – 0.0%

  

 

  

111,000

  

Spearmint Renewable Development Company, LLC, 2/19/2033(k)(n)

  

 

—

152,508

  

Spearmint Renewable Development Company, LLC, 6/3/2034(k)(n)

  

 

—
   

Total Warrants

  

 

—
   

(Cost $0)

  

 

  

Investment Companies/ETFs - 4.9%

  

 

  
   

Diversified – 4.9%

  

 

  

3,830,316

  

Harrison Street Infrastructure Active ETF(f)(o)

  

 

102,586,587
   

Total Investment Companies/ETFs

  

 

102,586,587
   

(Cost $100,249,080)

  

 

  

Principal
Amount

        

Private Debts(a)(k) - 0.7%

    
   

Energy Transition – Battery Storage – 0.7%

    

$ 15,353,598

  

Spearmint Renewable Development Company, LLC, 13.00%, 3/31/2029(p)

  

14,976,888

1,271,221

  

Spearmint Renewable Development Company, LLC, Unfunded, 4.00%, 3/31/2029(q)

  

795
       

14,977,683
   

Total Private Debts

  

14,977,683
   

(Cost $14,979,290)

    

 

HARRISON STREET REAL ASSETS FUND LLC

Schedule of Investments

June 30, 2026 (Unaudited) (continued)

Number of
Shares

      

Value

Short-Term Investments - 0.6%

  

 

  

 

11,967,110

  

Fidelity Investments Money Market Treasury Portfolio, Institutional Share Class, 3.55%

  

$

11,967,110

 
   

Total Short-Term Investments

  

 

11,967,110

 
   

(Cost $11,967,110)

  

 

  

 
   

Total Investments – 111.1%

  

 

2,331,068,952

 
   

(Cost $1,920,655,006)

  

 

  

 
   

Liabilities in excess of Other Assets – (11.1)%

  

 

(233,354,789

)
   

Net Assets – 100.0%

  

$

2,097,714,163

 

(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 6.2% of this Fund.

(d)   Partnership is not designated in units. The Fund owns approximately 2.9% of this Fund.

(e)   Partnership is not designated in units. The Fund owns approximately 4.6% of this Fund.

(f)    Affiliated issuer.

(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)   Partnership is not designated in units. The Fund owns approximately 9.9% of this Fund.

(i)    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.

(j)    Partnership is not designated in units. The Fund owns approximately 7.5% of this Fund.

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

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

(m)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $22,907,040, which represents 1.1% of Net Assets.

(n)   Non-income producing security.

(o)   The Fund owns more than 50% of the Investment Company.

(p)   Payment-in-kind (PIK) security which has paid interest in the form of additional principal amount, at the same rate as cash. The most recent coupon was 54% PIK.

(q)   Par amount represents the Fund’s remaining commitment of additional debt upon request by the underlying borrower. The rate presented, if any, represents the commitment fee rate paid by the underlying borrower to the Fund with respect to the par amount of the commitment.

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

 

HARRISON STREET REAL ASSETS FUND LLC

Schedule of Investments

June 30, 2026 (Unaudited) (concluded)

RESTRICTED SECURITIES

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. Investments in restricted securities are valued at net asset value as practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. Each of the following securities can suspend redemptions if its respective Board deems it in the best interest of its shareholders. This and other important information are described in the Fund's Prospectus.

As of June 30, 2026, the Fund invested in the following restricted securities:

Security(a)

  

Acquisition
Date(b)

  

Shares/Par

  

If Partnership is
not designated
in units, %
owned by Fund

  

Cost
($1,000s)

  

Value
($1,000s)

  

Unfunded
Commitments
($1,000)(c)

  

% of
Net
Assets

AEW Cold Storage Properties Fund LP

  

5/4/2022

  

91,161

  

—

 

  

$

103,288

  

$

96,874

  

$

—

  

4.6

%

AgriVest Farmland Fund, Inc.

  

7/1/2019

  

8,522

  

—

 

  

 

16,969

  

 

20,302

  

 

—

  

1.0

%

Blackstone Infrastructure Partners LP

  

3/31/2019

  

31,480

  

—

 

  

 

43,842

  

 

85,750

  

 

10,000

  

4.1

%

BTG Pactual Open Ended Core U.S. Timberland Fund LP

  

9/18/2017

  

136,684

  

—

 

  

 

181,246

  

 

237,773

  

 

—

  

11.3

%

Ceres Farmland Holdings LP

  

11/6/2017

  

—

  

6.2

%

  

 

64,524

  

 

128,469

  

 

—

  

6.1

%

DigitalBridge AI Infrastructure B LP

  

1/24/2025

  

—

  

2.9

%

  

 

8,489

  

 

10,608

  

 

7,342

  

0.5

%

DigitalBridge AI Infrastructure D LP

  

1/24/2025

  

—

  

4.6

%

  

 

13,271

  

 

16,599

  

 

11,483

  

0.8

%

DigitalBridge Credit LP

  

12/19/2022

  

77,782,381

  

—

 

  

 

36,297

  

 

21,096

  

 

10,171

  

1.0

%

Global Diversified Infrastructure Fund

  

6/30/2025

  

29,582,693

  

—

 

  

 

49,942

  

 

53,644

  

 

—

  

2.6

%

Hancock Timberland and Farmland Fund LP

  

9/18/2017

  

62,490

  

—

 

  

 

65,283

  

 

68,934

  

 

—

  

3.3

%

Harrison Street Infrastructure Fund LP

  

7/2/2018

  

192,608

  

—

 

  

 

208,630

  

 

275,565

  

 

—

  

13.1

%

IFC Core Farmland Fund LP

  

10/25/2019

  

155,887

  

—

 

  

 

180,947

  

 

199,917

  

 

—

  

9.5

%

Infrastructure Debt Fund III LP

  

10/1/2018

  

—

  

9.9

%

  

 

8,088

  

 

3,855

  

 

—

  

0.2

%

Jamestown Timberland Fund

  

7/2/2018

  

739

  

—

 

  

 

740

  

 

279

  

 

—

  

0.0

%

Macquarie Global Infrastructure Fund

  

3/15/2022

  

52,951

  

—

 

  

 

53,763

  

 

68,288

  

 

—

  

3.3

%

National Data Center Fund, LLC

  

4/1/2021

  

95,288

  

—

 

  

 

100,032

  

 

167,524

  

 

—

  

8.0

%

Nuveen – Global Farmland Fund

  

7/28/2020

  

81,731

  

—

 

  

 

80,170

  

 

77,230

  

 

53,757

  

3.7

%

RMS Evergreen U.S. Forestland Fund LP

  

9/18/2017

  

—

  

7.5

%

  

 

49,065

  

 

72,960

  

 

—

  

3.5

%

Spearmint Renewable Development Company, LLC

  

6/4/2026

  

15,353,598

  

—

 

  

 

14,978

  

 

14,977

  

 

—

  

0.7

%

Spearmint Renewable Development Company, LLC, Unfunded

  

6/4/2026

  

1,271,221

  

—

 

  

 

1

  

 

1

  

 

1,239

  

0.0

%

Stockbridge Niche Logistics Fund LP

  

4/2/2024

  

53,006

  

—

 

  

 

80,559

  

 

79,803

  

 

—

  

3.8

%

U.S. Core Farmland Fund LP

  

9/18/2017

  

55,755

  

—

 

  

 

71,738

  

 

86,897

  

 

—

  

4.1

%

Versus Capital Real Assets Sub-REIT II, LLC

  

9/29/2017

  

—

  

100.0

%

  

 

58,256

  

 

45,050

  

 

—

  

2.1

%
             

 

  

$

1,490,118

  

$

1,832,395

  

$

93,992

  

87.3

%

(a)  The securities include Investment Funds, private debt investments, and a wholly-owned REIT subsidiaries. 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 Fund has also invested in wholly-owned and controlled subsidiaries that make direct investments into timberland and agriculture/farmland assets.

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

(c)  Unfunded Commitments to Investment Funds approximate their fair values.