# EDGAR Filing Document

**Accession Number:** 0001830921
**File Stem:** 0001193125-26-081439
**Filing Date:** 2026-2
**Character Count:** 24367
**Document Hash:** 119ec558dc46b0956540b18eef2a1e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081439.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081439

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26696112

**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

## Nport-Ex

**ASPIRIANT REAL ASSETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (32.92%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS (13.81%)** |  | | | |
| &nbsp;&nbsp;&nbsp;Invesco S&P Global Water Index ETF | Exchange-traded fund | 71325 | $4156118 | $4494267 |
| &nbsp;&nbsp;&nbsp;Invesco Water Resources ETF | Exchange-traded fund | 36903 | 2499696 | 2598322 |
| &nbsp;&nbsp;&nbsp;iShares Gold Trust<sup>a</sup> | Exchange-traded fund | 203095 | 7618103 | 16485221 |
| &nbsp;&nbsp;&nbsp;Vanguard Global ex-U.S. Real Estate ETF | Exchange-traded fund | 7785 | 370412 | 356864 |
| &nbsp;&nbsp;&nbsp;Vanguard Real Estate ETF | Exchange-traded fund | 20686 | 1868284 | 1830504 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF | Exchange-traded fund | 2226 | 108320 | 110098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** |  |  | 16620933 | 25875276 |
| **MUTUAL FUNDS (19.11%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity International Real Estate Fund | Mutual Fund | 764892 | 7388942 | 8100207 |
| &nbsp;&nbsp;&nbsp;GMO Resources Fund - Class VI | Mutual Fund | 107610 | 2208584 | 2312544 |
| &nbsp;&nbsp;&nbsp;Lazard Global Listed Infrastructure - Institutional Portfolio | Mutual Fund | 563674 | 8936601 | 10241962 |
| &nbsp;&nbsp;&nbsp;Principal Real Estate Securities Fund - Class I | Mutual Fund | 547119 | 15566320 | 15171605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 34100447 | 35826318 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 50721380 | 61701594 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>PORTFOLIO FUNDS <sup>b</sup> (66.51%)</u>** | **Investment Strategy** | | | | **Acquisition Date** |
| **MEMBERSHIP INTERESTS (5.98%)** |  | | | |  |
| &nbsp;&nbsp;&nbsp;Green Courte Real Estate Partners III, LLC <sup>a,c</sup> | Private Real Estate |  | $- | $227996 | 12/6/2011 |
| &nbsp;&nbsp;&nbsp;Prime Property Fund, LLC | Private Real Estate | 577 | 8536503 | 10978134 | 9/28/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MEMBERSHIP INTERESTS** |  |  | 8536503 | 11206130 |  |
| **NON-TRADED REAL ESTATE INVESTMENT TRUST (2.85%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Real Estate Income Trust, Inc. - Class I | Private Real Estate | 377547 | 4100418 | 5336212 | 6/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST** |  |  | 4100418 | 5336212 |  |
| **PARTNERSHIP INTERESTS (57.68%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bayview MSR Opportunity Offshore, L.P.<sup>a</sup> | Private Credit |  | 10000000 | 11478076 | 2/29/2024 |
| &nbsp;&nbsp;&nbsp;Beacon Capital Strategic Partners VI, L.P.<sup>a,c</sup> | Private Real Estate |  | 419151 | 14732 | 2/15/2011 |
| &nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund III, L.P.<sup>a,c</sup> | Private Real Estate |  |  | 345544 | 6/29/2010 |
| &nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund V, L.P.<sup>a</sup> | Private Real Estate |  | 1518834 | 4777930 | 8/8/2014 |
| &nbsp;&nbsp;&nbsp;CBRE U.S. Core Partners, LP | Private Real Estate | 7604024 | 12002059 | 11330317 | 7/1/2020 |
| &nbsp;&nbsp;&nbsp;Cerberus Institutional Real Estate Partners III, L.P.<sup>a</sup> | Private Real Estate |  |  | 1546353 | 4/29/2013 |
| &nbsp;&nbsp;&nbsp;Cross Lake Real Estate Fund III L.P.<sup>a,c</sup> | Private Real Estate |  | 2950830 | 4230239 | 10/11/2019 |
| &nbsp;&nbsp;&nbsp;Electron Global Fund, L.P.<sup>a</sup> | Long/Short |  | 6000000 | 8212025 | 6/1/2021 |
| &nbsp;&nbsp;&nbsp;Electron Infrastructure Fund, L.P.<sup>a</sup> | Infrastructure |  | 2000000 | 2007025 | 10/1/2025 |
| &nbsp;&nbsp;&nbsp;Energy Impact Fund II, L.P.<sup>a</sup> | Infrastructure |  | 4549853 | 4200277 | 10/28/2021 |
| &nbsp;&nbsp;&nbsp;GCP VI Feeder A, LP<sup>a</sup> | Private Real Estate |  | 613901 | 490903 | 12/16/2024 |
| &nbsp;&nbsp;&nbsp;GEM Realty Securities Flagship, L.P.<sup>a</sup> | Long/Short |  |  | 3596705 | 8/3/2009 |
| &nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund L.P.<sup>a,c</sup> | Infrastructure |  | 8373212 | 11218487 | 7/24/2020 |
| &nbsp;&nbsp;&nbsp;Hampshire Partners Fund VIII, L.P.<sup>a,c</sup> | Private Real Estate |  |  | 21307 | 11/15/2010 |
| &nbsp;&nbsp;&nbsp;Heitman America Real Estate Trust L.P. | Private Real Estate | 1990 | 1607842 | 2501006 | 7/5/2018 |
| &nbsp;&nbsp;&nbsp;HighBrook Property Fund IV (TEF), L.P.<sup>a</sup> | Private Real Estate |  | 10357736 | 11870075 | 9/30/2023 |
| &nbsp;&nbsp;&nbsp;Metropolitan Real Estate Partners International III-T, L.P.<sup>a,c</sup> | Private Real Estate |  | 403544 | 83745 | 12/30/2009 |
| &nbsp;&nbsp;&nbsp;Oaktree Power Opportunities Fund VII, L.P.<sup>a</sup> | Infrastructure |  | 1081145 | 983895 | 9/18/2025 |
| &nbsp;&nbsp;&nbsp;Paladin Realty Brazil Investors III (US-A), L.P.<sup>a,c,d</sup> | Private Real Estate |  | 2278778 | 28222 | 6/17/2011 |
| &nbsp;&nbsp;&nbsp;Paulson Real Estate Fund II, L.P.<sup>a,c</sup> | Private Real Estate |  | 74495 | 5513200 | 5/24/2013 |
| &nbsp;&nbsp;&nbsp;Rush Island, LP<sup>a</sup> | Long/Short |  | 3000000 | 3608356 | 7/1/2022 |
| &nbsp;&nbsp;&nbsp;Sculptor Real Estate Fund IV L.P.<sup>a,c</sup> | Private Real Estate |  | 7989108 | 7848285 | 4/6/2020 |
| &nbsp;&nbsp;&nbsp;SecureSpace Property Partners L.P.<sup>a</sup> | Private Real Estate |  | 7034373 | 7823191 | 12/7/2022 |
| &nbsp;&nbsp;&nbsp;Sustainable Asset Fund III, L.P.<sup>a</sup> | Infrastructure |  | 4356857 | 4367545 | 12/13/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  |  | 86611718 | 108097440 |  |
| **TOTAL PORTFOLIO FUNDS** |  |  | 99248639 | 124639782 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENT (1.39%)** | **Type of Investment** | | |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.42%<sup>c,e</sup> | Money Market Fund | 2596616 | 2596616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  | 2596616 | 2596616 |
| **TOTAL INVESTMENTS (100.82%)** |  | $152566635 | $188937992 |
| Liabilities in excess of other assets (-0.82%) |  |  | (1530370) |
| **TOTAL NET ASSETS (100.00%)** |  |  | $187407622 |

---

<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> All or a portion of this investment is made through the wholly owned subsidiary Aspiriant RMRA (Subholding) Inc.

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

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

All investments are domiciled in the United States of America except Bayview MSR Opportunity Offshore, L.P., which is domiciled in Cayman Islands.

## 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:** 2025-12-31

**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:** $190662954.21

**Total Liabilities:** $3255332.36

**Net Assets:** $187407621.86

**Cash Not Reported:** $391122.34

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 1.90%                |

**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  | $4477992.12              | $-2059460.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity International Real Estate Fd                  | Fidelity International Real Estate Fd                       | CUSIP: 316389840<br>LEI: PQO8CVTW1FBUXT6K1P39 | Long             |  | RF                | US        |    764892 | NS      | $8100207.18   | 4.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Energy Impact Fund LP                                  | Energy Impact Fund II LP                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4200277 | OU      | $4200276.57   | 2.24%             |  |  |  | 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        |   2007024 | OU      | $2007024.36   | 1.07%             |  |  |  | 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        |   8212025 | OU      | $8212025.11   | 4.38%             |  |  |  | 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        |   4230239 | OU      | $4230238.80   | 2.26%             |  |  |  | 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        |   1546353 | OU      | $1546353.00   | 0.83%             |  |  |  | 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      | $11330316.74  | 6.05%             |  |  |  | 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        |   4777930 | OU      | $4777930.37   | 2.55%             |  |  |  | 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        |    345544 | OU      | $345543.98    | 0.18%             |  |  |  | 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      | $5336212.08   | 2.85%             |  |  |  | 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        |     14732 | OU      | $14732.00     | 0.01%             |  |  |  | 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        |  11478076 | OU      | $11478076.06  | 6.12%             |  |  |  | Yes           | N/A                | 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      | $110097.96    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                               | Vanguard Real Estate ETF                                    | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |     20686 | NS      | $1830504.14   | 0.98%             |  |  |  | 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        |      7785 | NS      | $356864.40    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| GI Data Infrastructure Fund LP                         | GI Data Infrastructure Fund LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4809693 | OU      | $4809693.44   | 2.57%             |  |  |  | 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        |   6408794 | OU      | $6408793.84   | 3.42%             |  |  |  | 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        |   3596705 | OU      | $3596705.01   | 1.92%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GCP VI Feeder A, LP                                    | GCP VI Feeder A, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    490903 | OU      | $490903.17    | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sustainable Asset Fund, LP                             | Sustainable Asset Fund III, LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4367545 | OU      | $4367545.35   | 2.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SecureSpace Property Partners LP                       | SecureSpace Property Partners LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   7823191 | OU      | $7823190.65   | 4.17%             |  |  |  | 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        |   7848285 | OU      | $7848285.07   | 4.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rush Island LP                                         | Rush Island LP                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3608356 | OU      | $3608356.26   | 1.93%             |  |  |  | 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      | $15171604.68  | 8.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Prime Property Fund                                    | Prime Property Fund                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |       577 | NS      | $10978134.10  | 5.86%             |  |  |  | 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        |   5513200 | OU      | $5513200.26   | 2.94%             |  |  |  | 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     | 0.02%             |  |  |  | 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        |    983895 | OU      | $983895.00    | 0.53%             |  |  |  | Yes           | N/A                | 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      |
| Lazard Global Listed Infrastructure Inst               | Lazard Global Listed Infrastructure Inst                    | CUSIP: 52106N459<br>LEI: 2QU5TWCQY9IC4WFFTW94 | Long             |  | RF                | US        |    563674 | NS      | $10241962.43  | 5.47%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Gold Trust                                     | iShares Gold Trust                                          | CUSIP: 464285204<br>LEI: 5493006UOY7GXQWOIP42 | Long             |  | RF                | US        |    203095 | NS      | $16485221.15  | 8.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Water Resources ETF                            | Invesco Water Resources ETF                                 | CUSIP: 46137V142<br>LEI: 5493006HBGV3BGXGOM22 | Long             |  | RF                | US        |     36903 | NS      | $2598321.78   | 1.39%             |  |  |  | No            | 1                  | 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      | $4494266.71   | 2.40%             |  |  |  | No            | 1                  | On Loan: No      |
| HighBrook Property Fund, LP                            | HighBrook Property Fund IV (TEF), LP                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  11870075 | OU      | $11870075.05  | 6.33%             |  |  |  | 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        |      1990 | NS      | $2501006.00   | 1.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hampshire Partners, LLC                                | Hampshire Partners VIII, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     21307 | OU      | $21307.00     | 0.01%             |  |  |  | Yes           | N/A                | 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        |    227996 | OU      | $227996.39    | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Goldman Sachs FS Govt #466                             | Goldman Sachs FS Govt #466                                  | CUSIP: 38141W265<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             |  | US        |   2596616 | PA      | $2596615.58   | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Resources Fund                                     | GMO Resources Fund VI                                       | CUSIP: 362014409<br>LEI: 549300RZ6MOU726M7F60 | Long             |  | RF                | US        |    107610 | NS      | $2312544.00   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

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

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President