# EDGAR Filing Document

**Accession Number:** 0001830921
**File Stem:** 0001193125-25-299926
**Filing Date:** 2025-11
**Character Count:** 17734
**Document Hash:** 0b0b37e684db8260eeddb73f7b37b9ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-299926.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-299926

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251528637

**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:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $191269447.18

**Total Liabilities:** $4932337.79

**Net Assets:** $186337109.39

**Cash Not Reported:** $1510180.54

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 1.63%                |

**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  | $158081.28               | $2495110.81                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Bayview MSR Opportunity Offshore, L.P.                 | Bayview MSR Opportunity Offshore, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |  11205653 | OU      | $11205653.19  | 6.01%             |  |  |  | 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        |     14667 | OU      | $14667.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blackstone RE Income Trust, Inc                        | Blackstone RE Income Trust, Inc                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    377547 | NS      | $5234274.38   | 2.81%             |  |  |  | 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        |    344732 | OU      | $344731.95    | 0.19%             |  |  |  | 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        |   4833274 | OU      | $4833273.56   | 2.59%             |  |  |  | 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      | $11384141.87  | 6.11%             |  |  |  | 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        |   1616276 | OU      | $1616276.00   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cross Lake Real Estate Fund LP - Blocker               | Cross Lake Real Estate Fund III LP                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3954111 | OU      | $3954110.67   | 2.12%             |  |  |  | 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        |   8168008 | OU      | $8168008.09   | 4.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Energy Impact Fund LP                                  | Energy Impact Fund II LP                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4199308 | OU      | $4199308.28   | 2.25%             |  |  |  | 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      | $8008420.13   | 4.30%             |  |  |  | No            | 1                  | On Loan: No      |
| GCP VI Feeder A, LP                                    | GCP VI Feeder A, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    418371 | OU      | $418371.00    | 0.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GEM Realty Securities, L.P.                            | GEM Realty Securities, L.P.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   7529057 | OU      | $7529056.91   | 4.04%             |  |  |  | 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        |   6504147 | OU      | $6504147.21   | 3.49%             |  |  |  | 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        |   4651386 | OU      | $4651386.37   | 2.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Resources Fund                                     | GMO Resources Fund VI                                       | CUSIP: 362014409<br>LEI: 549300RZ6MOU726M7F60 | Long             |  | RF                | US        |    103235 | NS      | $2114248.00   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs FS Govt #466                             | Goldman Sachs FS Govt #466                                  | CUSIP: 38141W265<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             |  | US        |   2053556 | PA      | $2053556.30   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Courte Real Estate Partners, LLC                 | Green Courte Real Estate Partners III, LLC                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    854535 | OU      | $854534.80    | 0.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hampshire Partners, LLC                                | Hampshire Partners VIII, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     21926 | OU      | $21926.00     | 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        |      2220 | NS      | $2774067.00   | 1.49%             |  |  |  | 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        |  11891375 | OU      | $11891374.62  | 6.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Invesco S&P Global Water ETF                           | Invesco S&P Global Water ETF                                | CUSIP: 46138E263<br>LEI: 549300RFDFWI2IHZ7J53 | Long             |  | RF                | US        |     71325 | NS      | $4581918.00   | 2.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Water Resources ETF                            | Invesco Water Resources ETF                                 | CUSIP: 46137V142<br>LEI: 5493006HBGV3BGXGOM22 | Long             |  | RF                | US        |     36903 | NS      | $2661075.33   | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Gold Trust                                     | iShares Gold Trust                                          | CUSIP: 464285204<br>LEI: 5493006UOY7GXQWOIP42 | Long             |  | RF                | US        |    203095 | NS      | $14779223.15  | 7.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Lazard Global Listed Infrastructure Inst               | Lazard Global Listed Infrastructure Inst                    | CUSIP: 52106N459<br>LEI: 2QU5TWCQY9IC4WFFTW94 | Long             |  | RF                | US        |    563674 | NS      | $9853027.15   | 5.29%             |  |  |  | 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        |   1031357 | OU      | $1031357.00   | 0.55%             |  |  |  | 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        |     36205 | OU      | $36205.00     | 0.02%             |  |  |  | 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        |   5459716 | OU      | $5459716.16   | 2.93%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Prime Property Fund                                    | Prime Property Fund                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |       606 | NS      | $11669414.24  | 6.26%             |  |  |  | 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      | $15642126.86  | 8.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Island LP                                         | Rush Island LP                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3570076 | OU      | $3570075.69   | 1.92%             |  |  |  | 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        |   6947758 | OU      | $6947758.01   | 3.73%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SecureSpace Property Partners LP                       | SecureSpace Property Partners LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6861346 | OU      | $6861345.66   | 3.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sustainable Asset Fund, LP                             | Sustainable Asset Fund III, LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4133129 | OU      | $4133128.58   | 2.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| US Treasury 3 Month Bill ETF                           | US Treasury 3 Month Bill ETF                                | CUSIP: 74933W452<br>LEI: N/A                  | Long             |  | RF                | US        |     19997 | NS      | $999850.00    | 0.54%             |  |  |  | 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        |      3161 | NS      | $150906.14    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                               | Vanguard Real Estate ETF                                    | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |      9163 | NS      | $837681.46    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                               | Vanguard Real Estate ETF                                    | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |      1639 | NS      | $149837.38    | 0.08%             |  |  |  | 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      | $112702.38    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President