# EDGAR Filing Document

**Accession Number:** 0001830921
**File Stem:** 0001145549-23-013851
**Filing Date:** 2023-3
**Character Count:** 24609
**Document Hash:** 33d677503698f44dbf2362841f0a619b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013851.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013851

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASPIRIANT RISK-MANAGED REAL ASSETS FUND
- **CENTRAL INDEX KEY:** 0001830921
- **IRS NUMBER:** 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:** 23687688

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201
- **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:** 53201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPIRIANT RISK-MANAGED REAL ASSET FUND
- **DATE OF NAME CHANGE:** 20201102

## Nport-Ex

**ASPIRIANT RISK-MANAGED REAL ASSETS FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (33.99%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS (13.58%)** |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P Global Water Index ETF | Exchange-traded fund | 81583 | $2998486 | $3803400 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Gold Trust<sup>a</sup> | Exchange-traded fund | 203095 | 7253052 | 7025056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Real Estate ETF | Exchange-traded fund | 144264 | 11736889 | 11898895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF | Exchange-traded fund | 2226 | 108320 | 103976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** |  |  | 22096747 | 22831327 |
| **MUTUAL FUNDS (20.41%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity International Real Estate Fund | Mutual Fund | 1358956 | 17717092 | 13698276 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Resources Fund VI | Mutual Fund | 200161 | 5774964 | 4929970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard Global Listed Infrastructure Institutional Portfolio | Mutual Fund | 363873 | 5900000 | 5166990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Real Estate Securities Fund R-6 | Mutual Fund | 416766 | 11450000 | 10510838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 40842056 | 34306074 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 62938803 | 57137401 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO FUNDS <sup>b</sup> (66.52%)** | **Investment Strategy** | **Units / Shares** | **Cost** | **Fair Value** | **Acquisition Date** |
| **MEMBERSHIP INTERESTS (14.07%)** | **MEMBERSHIP INTERESTS (14.07%)** | **MEMBERSHIP INTERESTS (14.07%)** | **MEMBERSHIP INTERESTS (14.07%)** | **MEMBERSHIP INTERESTS (14.07%)** | **MEMBERSHIP INTERESTS (14.07%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Courte Real Estate Partners III, LLC <sup>a</sup> | Private Real Estate |  | $3410026 | $5302165 | 12/6/2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prime Property Fund, LLC | Private Real Estate | 821 | 14970626 | 18357261 | 9/28/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MEMBERSHIP INTERESTS** |  |  | 18380652 | 23659426 |  |
| **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** | **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** | **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** | **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** | **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** | **NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone Real Estate Income Trust, Inc. | Private Real Estate | 374735 | 4960965 | 5556536 | 6/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST** |  |  | 4960965 | 5556536 |  |
| **PARTNERSHIP INTERESTS (49.14%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beacon Capital Strategic Partners VI, L.P.<sup>a</sup> | Private Real Estate |  | 419151 | 20257 | 2/15/2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund III, L.P.<sup>a</sup> | Private Real Estate |  |  | 418594 | 6/29/2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund IV, L.P.<sup>a</sup> | Private Real Estate |  |  | 264345 | 3/15/2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund V, L.P.<sup>a</sup> | Private Real Estate |  | 1602620 | 4871580 | 8/8/2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE U.S. Core Partners, LP | Private Real Estate | 7348647 | 11551675 | 13806425 | 7/1/2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerberus Institutional Real Estate Partners III, L.P.<sup>a</sup> | Private Real Estate |  |  | 3039881 | 4/29/2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Lake Real Estate Fund III L.P.<sup>a</sup> | Private Real Estate |  | 2538988 | 2721217 | 10/11/2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electron Global Fund, L.P.<sup>a</sup> | Long/Short |  | 5000000 | 5601856 | 6/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Impact Fund II, L.P.<sup>a</sup> | Infrastructure |  | 2968805 | 3303568 | 10/28/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe Fund III, L.P.<sup>a</sup> | Private Real Estate |  | 1620523 | 4587 | 5/14/2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCP SecureSpace Property Partners, LP<sup>a</sup> | Private Real Estate |  | 2452694 | 2452694 | 12/7/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;GEM Realty Fund IV, L.P.<sup>a</sup> | Private Real Estate |  | 436459 | 15018 | 6/29/2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;GEM Realty Securities Flagship, L.P.<sup>a</sup> | Long/Short |  | 7132747 | 13903269 | 8/3/2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund L.P.<sup>a</sup> | Infrastructure |  | 5816796 | 5910002 | 7/24/2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hampshire Partners Fund VIII, L.P.<sup>a</sup> | Private Real Estate |  |  | 284011 | 11/15/2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heitman America Real Estate Trust L.P. | Private Real Estate | 3175 | 3075093 | 4781537 | 7/5/2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;HighBrook Income Property Fund, L.P.<sup>a</sup> | Private Real Estate |  | 669543 | 322737 | 11/2/2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;HighBrook Property Fund IV (Main), L.P.<sup>a</sup> | Private Real Estate |  | 5712996 | 6012126 | 2/22/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Real Estate Partners International III-T, L.P.<sup>a</sup> | Private Real Estate |  | 501751 | 246646 | 12/30/2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paladin Realty Brazil Investors III (US-A), L.P.<sup>a,c</sup> | Private Real Estate |  | 2278778 | 134559 | 6/17/2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paladin Realty Latin America Investors II, L.P.<sup>a</sup> | Private Real Estate |  | 726240 | 11365 | 1/4/2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paladin Realty Latin America Investors III, Liquidating Trust<sup>a</sup> | Private Real Estate |  | 1866188 | (211675) | 9/30/2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paulson Real Estate Fund II, L.P.<sup>a</sup> | Private Real Estate |  |  | 5890827 | 5/24/2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prime Finance Partners IV, L.P.<sup>a</sup> | Structured Credit |  |  | 2667 | 12/29/2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Island, LP<sup>a</sup> | Long/Short |  | 3000000 | 3013068 | 7/1/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sculptor Real Estate Fund IV L.P.<sup>a</sup> | Private Real Estate |  | 3933220 | 3501804 | 4/6/2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Asset Fund III, L.P.<sup>a</sup> | Infrastructure |  | 2490832 | 2277173 | 12/13/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  |  | 65795099 | 82600138 |  |
| **TOTAL PORTFOLIO FUNDS** |  |  | 89136716 | 111816100 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENT (3.88%)** | **Type of Investment** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio I, 4.06%<sup>d</sup> | Money Market Fund | 6515461 | 6515461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  | 6515461 | 6515461 |
| **TOTAL INVESTMENTS (104.39%)** |  | $158590980 | $175468962 |
| Liabilities in excess of other assets (-4.39%) |  |  | (7371772) |
| **TOTAL NET ASSETS (100.00%)** |  |  | $168097190 |

---

<sup>a</sup> Non-income producing security.

<sup>b</sup> Portfolio Funds are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>c</sup> Affiliated investment for which ownership exceeds 5% of the investment's capital.

<sup>d</sup> The rate is the annualized seven-day yield at period end.

All investments are domiciled in the United States of America, except Europe Fund III, L.P. which is domiciled in the United Kingdom.

## 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 Risk-Managed 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 Risk-Managed Real Assets Fund

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

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $181407457.55

**Total Liabilities:** $13310267.89

**Net Assets:** $168097189.66

**Cash Not Reported:** $5491366.43

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 0.80%                |

**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  | $1008376.88              | $-595777.24                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Energy Impact Fund II LP                                      | Energy Impact Fund II LP                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3303568 | OU      | $3303567.71   | 1.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Paladin Realty Latin America Investors II, L.P.               | Paladin Realty Latin America Investors II, L.P.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     11365 | OU      | $11365.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sustainable Asset Fund III, LP                                | Sustainable Asset Fund III, LP                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2277173 | OU      | $2277173.08   | 1.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sculptor Real Estate Fund IV LP                               | Sculptor Real Estate Fund IV LP                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3501804 | OU      | $3501803.57   | 2.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rush Island LP                                                | Rush Island LP                                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3013068 | OU      | $3013068.22   | 1.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Principal Real Estate Securities (PFRSX)                      | Principal Real Estate Securities (PFRSX)                      | CUSIP: 74256W568<br>LEI: N/A | Long             |  | RF                | US        |    416766 | NS      | $10510837.81  | 6.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Prime Property Fund                                           | Prime Property Fund                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |       821 | NS      | $18357260.95  | 10.92%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Prime Finance Partners IV, L.P.                               | Prime Finance Partners IV, L.P.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |      2667 | OU      | $2666.55      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Paulson Real Estate Fund II, L.P.                             | Paulson Real Estate Fund II, L.P.                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5890827 | OU      | $5890827.26   | 3.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HighBrook Income Property Fund, LP                            | HighBrook Income Property Fund, LP                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    322737 | OU      | $322737.00    | 0.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Resources Fund VI (GMOWX)                                 | GMO Resources Fund VI (GMOWX)                                 | CUSIP: 362014409<br>LEI: N/A | Long             |  | RF                | US        |    200161 | NS      | $4929970.00   | 2.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Paladin Realty Brazil Investors III (US-A), LP                | Paladin Realty Brazil Investors III (US-A), LP                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    134559 | OU      | $134559.00    | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Metropolitan Real Estate Partners International III-T, L.P.   | Metropolitan Real Estate Partners International III-T, L.P.   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    246646 | OU      | $246646.31    | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Lazard Global Listed Infrastructure Inst (GLIFX)              | Lazard Global Listed Infrastructure Inst (GLIFX)              | CUSIP: 52106N459<br>LEI: N/A | Long             |  | RF                | US        |    363873 | NS      | $5166990.35   | 3.07%             |  |  |  | No            | 1                  | On Loan: No      |
| JER Europe Fund III, L.P.                                     | JER Europe Fund III, L.P.                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |      4587 | OU      | $4586.81      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| iShares Gold Trust (IAU)                                      | iShares Gold Trust (IAU)                                      | CUSIP: 464285204<br>LEI: N/A | Long             |  | RF                | US        |    203095 | NS      | $7025056.05   | 4.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco S&P Global Water ETF (CGW)                            | Invesco S&P Global Water ETF (CGW)                            | CUSIP: 46138E263<br>LEI: N/A | Long             |  | RF                | US        |     81583 | NS      | $3803399.46   | 2.26%             |  |  |  | No            | 1                  | On Loan: No      |
| HighBrook Property Fund IV (Main), LP                         | HighBrook Property Fund IV (Main), LP                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6012126 | OU      | $6012126.00   | 3.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Paladin Realty Latin America Investors III, L.P.              | Paladin Realty Latin America Investors III, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   -211675 | OU      | $-211675.00   | -0.13%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Vanguard Real Estate ETF (VNQ)                                | Vanguard Real Estate ETF (VNQ)                                | CUSIP: 922908553<br>LEI: N/A | Long             |  | RF                | US        |    144264 | NS      | $11898894.72  | 7.08%             |  |  |  | No            | 1                  | 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        |      3175 | NS      | $4781537.00   | 2.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Green Courte Real Estate Partners III, LLC                    | Green Courte Real Estate Partners III, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5302165 | OU      | $5302164.65   | 3.15%             |  |  |  | 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        |   5910002 | OU      | $5910001.89   | 3.52%             |  |  |  | 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        |  13903269 | OU      | $13903269.20  | 8.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GEM Realty Fund IV, L.P.                                      | GEM Realty Fund IV, L.P.                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     15018 | OU      | $15018.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GCP SecureSpace Property Partners LP                          | GCP SecureSpace Property Partners LP                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2452694 | OU      | $2452694.00   | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity International Real Estate Fd (FIREX)                 | Fidelity International Real Estate Fd (FIREX)                 | CUSIP: 316389840<br>LEI: N/A | Long             |  | RF                | US        |   1358956 | NS      | $13698276.12  | 8.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Government Portfolio                                 | Fidelity Government Portfolio - Class Institutional           | CUSIP: 316175108<br>LEI: N/A | Long             | STIV             | RF                | US        |   6515461 | PA      | $6515461.18   | 3.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Electron Global Fund, L.P.                                    | Electron Global Fund, L.P.                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5601856 | OU      | $5601855.68   | 3.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hampshire Partners VIII, LLC                                  | Hampshire Partners VIII, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    284011 | OU      | $284011.37    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cross Lake Real Estate Fund III LP                            | Cross Lake Real Estate Fund III LP                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2721217 | OU      | $2721217.43   | 1.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cerberus Institutional Real Estate Partners III, L.P.         | Cerberus Institutional Real Estate Partners III, L.P.         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3039881 | OU      | $3039881.00   | 1.81%             |  |  |  | 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        |   7348647 | NS      | $13806425.42  | 8.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carmel Partners Investment Fund V, L.P.                       | Carmel Partners Investment Fund V, L.P.                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4871580 | OU      | $4871580.34   | 2.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carmel Partners Investment Fund IV, L.P.                      | Carmel Partners Investment Fund IV, L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    264345 | OU      | $264345.14    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carmel Partners Investment Fund III, L.P.                     | Carmel Partners Investment Fund III, L.P.                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    418594 | OU      | $418594.06    | 0.25%             |  |  |  | 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        |    374735 | NS      | $5556535.40   | 3.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) | Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) | CUSIP: 922020805<br>LEI: N/A | Long             |  | RF                | US        |      2226 | NS      | $103976.46    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Beacon Capital Strategic Partners VI, L.P.                    | Beacon Capital Strategic Partners VI, L.P.                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     20257 | OU      | $20257.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-21

**Name of Applicant:** Aspiriant Risk-Managed Real Assets Fund

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Treasurer