# EDGAR Filing Document

**Accession Number:** 0001830921
**File Stem:** 0001193125-26-247792
**Filing Date:** 2026-5
**Character Count:** 18206
**Document Hash:** a62e087d234cbbc23aca1f7d088e1e80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247792.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247792

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Real Assets Fund
- **CENTRAL INDEX KEY:** 0001830921

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23616
- **FILM NUMBER:** 261042780

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aspiriant Risk-Managed Real Assets Fund
- **DATE OF NAME CHANGE:** 20250723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPIRIANT REAL ASSETS FUND
- **DATE OF NAME CHANGE:** 20250718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPIRIANT RISK-MANAGED REAL ASSETS FUND
- **DATE OF NAME CHANGE:** 20220728

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aspiriant Real Assets Fund

- **b. Investment Company Act file number:** 811-23616

- **c. CIK number of Registrant:** 0001830921

- **d. LEI of Registrant:** 2549008XM0CM21URLR65

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

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

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

- **a. Name of Series:** Aspiriant Real Assets Fund

- **c. LEI of Series:** 2549008XM0CM21URLR65

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $198012388.71

**Total Liabilities:** $9006770.84

**Net Assets:** $189005617.88

**Cash Not Reported:** $4767707.77

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 2.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $4841228.03              | $-822776.56                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Invesco S&P Global Water ETF                             | Invesco S&P Global Water ETF                                 | CUSIP: 46138E263<br>LEI: 549300RFDFWI2IHZ7J53 | Long             |  | RF                | US        |     71325 | NS      | $4560520.50   | 2.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Water Resources ETF                              | Invesco Water Resources ETF                                  | CUSIP: 46137V142<br>LEI: 5493006HBGV3BGXGOM22 | Long             |  | RF                | US        |     36903 | NS      | $2467334.58   | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Gold Trust                                       | iShares Gold Trust                                           | CUSIP: 464285204<br>LEI: 5493006UOY7GXQWOIP42 | Long             |  | RF                | US        |    203095 | NS      | $17904855.20  | 9.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Ara Energy Fund, SCSP                                    | Ara Energy Fund I-A, SCSP                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |   1201101 | OU      | $1201100.80   | 0.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bayview MSR Opportunity Offshore, L.P.                   | Bayview MSR Opportunity Offshore, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |  11507172 | OU      | $11507171.51  | 6.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Beacon Capital Strategic Partners, L.P.                  | Beacon Capital Strategic Partners VI, L.P.                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     12924 | OU      | $12924.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Lazard Global Listed Infrastructure Inst                 | Lazard Global Listed Infrastructure Inst                     | CUSIP: 52106N459<br>LEI: 2QU5TWCQY9IC4WFFTW94 | Long             |  | RF                | US        |    563674 | NS      | $10878914.41  | 5.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Real Estate Partners International, L.P.    | Metropolitan Real Estate Partners International III-T, L.P.  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     83745 | OU      | $83744.63     | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree Power Opportunities Fund, L.P.                   | Oaktree Power Opportunities Fund VII, L.P.                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1522163 | OU      | $1522163.00   | 0.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Paladin Realty Brazil Investors, LP                      | Paladin Realty Brazil Investors III (US-A), LP               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     28222 | OU      | $28222.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Paulson Real Estate Fund, L.P.                           | Paulson Real Estate Fund II, L.P.                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4610919 | OU      | $4610919.37   | 2.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Prime Property Fund                                      | Prime Property Fund                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |       551 | NS      | $10485844.99  | 5.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Principal Real Estate Securities Fund                    | Principal Real Estate Securities Fund I                      | CUSIP: 74253Q580<br>LEI: 5493007VCVKAGWPVUY18 | Long             |  | RF                | US        |    547119 | NS      | $15587414.98  | 8.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Island LP                                           | Rush Island LP                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3486593 | OU      | $3486593.01   | 1.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sculptor Real Estate Fund LP                             | Sculptor Real Estate Fund IV LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   8081374 | OU      | $8081373.88   | 4.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SecureSpace Property Partners LP                         | SecureSpace Property Partners LP                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   8409821 | OU      | $8409821.46   | 4.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sustainable Asset Fund, LP                               | Sustainable Asset Fund III, LP                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4470294 | OU      | $4470293.82   | 2.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Tema Electrification ETF                                 | Tema Electrification ETF                                     | CUSIP: 87975E834<br>LEI: 529900RQB63LH3HY1C41 | Long             |  | RF                | US        |     14641 | NS      | $501307.84    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Global ex-U.S. Real Estate ETF                  | Vanguard Global ex-U.S. Real Estate ETF                      | CUSIP: 922042676<br>LEI: N/A                  | Long             |  | RF                | US        |     16626 | NS      | $739025.70    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                                 | Vanguard Real Estate ETF                                     | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |     14804 | NS      | $1313114.80   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF   | Vanguard Short-Term Inflation-Protected Securities ETF       | CUSIP: 922020805<br>LEI: N/A                  | Long             |  | RF                | US        |      2226 | NS      | $111188.70    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackstone RE Income Trust, Inc                          | Blackstone RE Income Trust, Inc                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    377547 | NS      | $5381366.71   | 2.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carmel Partners Investment Fund, L.P.                    | Carmel Partners Investment Fund III, L.P.                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     34994 | OU      | $34994.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carmel Partners Investment Fund, L.P.                    | Carmel Partners Investment Fund V, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4866525 | OU      | $4866525.34   | 2.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE U.S. Core Partners REIT Operating, LP               | CBRE U.S. Core Partners REIT Operating, LP                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   7604024 | NS      | $11301520.90  | 5.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cerberus Institutional Real Estate Partners, L.P.        | Cerberus Institutional Real Estate Partners III, L.P.        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1519403 | OU      | $1519403.00   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cross Lake Real Estate Fund LP                           | Cross Lake Real Estate Fund III LP                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4473682 | OU      | $4473682.01   | 2.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Electron Global Fund, L.P.                               | Electron Global Fund, L.P.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   8361764 | OU      | $8361764.05   | 4.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Electron Infrastructure Fund, L.P.                       | Electron Infrastructure Fund, L.P.                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2588888 | OU      | $2588887.89   | 1.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Energy Impact Fund LP                                    | Energy Impact Fund II LP                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3541040 | OU      | $3541040.48   | 1.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity International Real Estate Fd                    | Fidelity International Real Estate Fd                        | CUSIP: 316389840<br>LEI: PQO8CVTW1FBUXT6K1P39 | Long             |  | RF                | US        |    764892 | NS      | $7832494.95   | 4.14%             |  |  |  | No            | 1                  | On Loan: No      |
| GCP VI Feeder A, LP                                      | GCP VI Feeder A, LP                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    591275 | OU      | $591275.20    | 0.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GI Data Infrastructure Fund LP                           | GI Data Infrastructure Fund LP                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6232214 | OU      | $6232213.59   | 3.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GI Data Infrastructure Fund LP                           | GI Data Infrastructure Fund LP                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5310827 | OU      | $5310826.52   | 2.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Resources Fund                                       | GMO Resources Fund VI                                        | CUSIP: 362014409<br>LEI: 549300RZ6MOU726M7F60 | Long             |  | RF                | US        |    107610 | NS      | $3006631.00   | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund               | CUSIP: 38141W265<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             |  | US        |   2678063 | PA      | $2678063.46   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Courte Real Estate Partners, LLC Liquidating Trust | Green Courte Real Estate Partners III, LLC Liquidating Trust | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    229332 | OU      | $229331.66    | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hampshire Partners, LLC                                  | Hampshire Partners VIII, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     23788 | OU      | $23788.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Heitman America Real Estate Trust, L.P.                  | Heitman America Real Estate Trust, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |      1546 | NS      | $1936180.00   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HighBrook Property Fund, LP                              | HighBrook Property Fund IV (TEF), LP                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  11655011 | OU      | $11655010.95  | 6.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HighBrook US DCF, LP                                     | HighBrook US DCF, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1953151 | OU      | $1953151.00   | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** Aspiriant Real Assets Fund

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President