# EDGAR Filing Document

**Accession Number:** 0001830921
**File Stem:** 0001145549-25-056388
**Filing Date:** 2025-8
**Character Count:** 24438
**Document Hash:** abee72881570aab40d6f6e32eb9e9a9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056388.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-056388

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250828

**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:** 251275219

**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 RISK-MANAGED REAL ASSETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (31.65%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS (12.71%)** |  | | | |
| &nbsp;&nbsp;&nbsp;Invesco S&P Global Water Index ETF | Exchange-traded fund | 71325 | $4156118 | $4457812 |
| &nbsp;&nbsp;&nbsp;Invesco Water Resources ETF | Exchange-traded fund | 36903 | 2499696 | 2579889 |
| &nbsp;&nbsp;&nbsp;iShares Gold Trust<sup>a</sup> | Exchange-traded fund | 203095 | 7618103 | 12665004 |
| &nbsp;&nbsp;&nbsp;Vanguard Global ex-U.S. Real Estate ETF<sup>b</sup> | Exchange-traded fund | 39053 | 1718411 | 1802296 |
| &nbsp;&nbsp;&nbsp;Vanguard Real Estate ETF<sup>b</sup> | Exchange-traded fund | 18045 | 1655366 | 1607088 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF | Exchange-traded fund | 2226 | 108320 | 111901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** |  |  | 17756014 | 23223990 |
| **MUTUAL FUNDS (18.94%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity International Real Estate Fund | Mutual Fund | 620748 | 5823081 | 6480606 |
| &nbsp;&nbsp;&nbsp;GMO Resources Fund - Class VI | Mutual Fund | 101374 | 2344057 | 1813580 |
| &nbsp;&nbsp;&nbsp;Lazard Global Listed Infrastructure - Institutional Portfolio | Mutual Fund | 563674 | 8936602 | 10123591 |
| &nbsp;&nbsp;&nbsp;Principal Real Estate Securities Fund - Class I<sup>b</sup> | Mutual Fund | 566959 | 16313465 | 16175336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 33417205 | 34593113 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 51173219 | 57817103 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO FUNDS <sup>c</sup> (68.07%)** | **Investment Strategy** | | | | **Acquisition Date** |
| **MEMBERSHIP INTERESTS (7.07%)** |  | | | |  |
| &nbsp;&nbsp;&nbsp;Green Courte Real Estate Partners III, LLC <sup>a,b</sup> | Private Real Estate |  | $- | $869345 | 12/6/2011 |
| &nbsp;&nbsp;&nbsp;Prime Property Fund, LLC | Private Real Estate | 627 | 9556521 | 12041287 | &nbsp;&nbsp;9/28/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MEMBERSHIP INTERESTS** |  |  | 9556521 | 12910632 |  |
| **NON-TRADED REAL ESTATE INVESTMENT TRUST (2.85%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Real Estate Income Trust, Inc. - Class I | Private Real Estate | 377547 | 4339978 | 5210980 | &nbsp;&nbsp;6/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST** |  |  | 4339978 | 5210980 |  |
| **PARTNERSHIP INTERESTS (58.15%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bayview MSR Opportunity Offshore, L.P.<sup>a</sup> | Private Credit |  | 10000000 | 10970234 | &nbsp;&nbsp;2/29/2024 |
| &nbsp;&nbsp;&nbsp;Beacon Capital Strategic Partners VI, L.P.<sup>a,b</sup> | Private Real Estate |  | 419151 | 14421 | &nbsp;&nbsp;2/15/2011 |
| &nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund III, L.P.<sup>a,b</sup> | Private Real Estate |  |  | 348373 | &nbsp;&nbsp;6/29/2010 |
| &nbsp;&nbsp;&nbsp;Carmel Partners Investment Fund V, L.P.<sup>a</sup> | Private Real Estate |  | 1806516 | 5005390 | &nbsp;&nbsp;8/8/2014 |
| &nbsp;&nbsp;&nbsp;CBRE U.S. Core Partners, LP | Private Real Estate | 7604024 | 12002059 | 11558404 | &nbsp;&nbsp;7/1/2020 |
| &nbsp;&nbsp;&nbsp;Cerberus Institutional Real Estate Partners III, L.P.<sup>a</sup> | Private Real Estate |  |  | 2109303 | &nbsp;&nbsp;4/29/2013 |
| &nbsp;&nbsp;&nbsp;Cross Lake Real Estate Fund III L.P.<sup>a,b</sup> | Private Real Estate |  | 2696879 | 4022228 | &nbsp;&nbsp;10/11/2019 |
| &nbsp;&nbsp;&nbsp;Electron Global Fund, L.P.<sup>a</sup> | Long/Short |  | 6000000 | 7637651 | &nbsp;&nbsp;6/1/2021 |
| &nbsp;&nbsp;&nbsp;Energy Impact Fund II, L.P.<sup>a</sup> | Infrastructure |  | 4483345 | 4178832 | &nbsp;&nbsp;10/28/2021 |
| &nbsp;&nbsp;&nbsp;GCP VI Feeder A, LP<sup>a</sup> | Private Real Estate |  | 360762 | 287480 | &nbsp;&nbsp;12/16/2024 |
| &nbsp;&nbsp;&nbsp;GEM Realty Securities Flagship, L.P.<sup>a</sup> | Long/Short |  |  | 7585299 | &nbsp;&nbsp;8/3/2009 |
| &nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund L.P.<sup>a,b</sup> | Infrastructure |  | 8245466 | 11148324 | &nbsp;&nbsp;7/24/2020 |
| &nbsp;&nbsp;&nbsp;Hampshire Partners Fund VIII, L.P.<sup>a,b</sup> | Private Real Estate |  |  | 20969 | &nbsp;&nbsp;11/15/2010 |
| &nbsp;&nbsp;&nbsp;Heitman America Real Estate Trust L.P. | Private Real Estate | 2294 | 1985021 | 2871283 | &nbsp;&nbsp;7/5/2018 |
| &nbsp;&nbsp;&nbsp;HighBrook Property Fund IV (TEF), L.P.<sup>a</sup> | Private Real Estate |  | 10544700 | 11833391 | &nbsp;&nbsp;9/30/2023 |
| &nbsp;&nbsp;&nbsp;Metropolitan Real Estate Partners International III-T, L.P.<sup>a,b</sup> | Private Real Estate |  | 403544 | 83745 | &nbsp;&nbsp;12/30/2009 |
| &nbsp;&nbsp;&nbsp;Paladin Realty Brazil Investors III (US-A), L.P.<sup>a,b,d</sup> | Private Real Estate |  | 2278778 | 42274 | &nbsp;&nbsp;6/17/2011 |
| &nbsp;&nbsp;&nbsp;Paulson Real Estate Fund II, L.P.<sup>a,b</sup> | Private Real Estate |  | 74495 | 5491148 | &nbsp;&nbsp;5/24/2013 |
| &nbsp;&nbsp;&nbsp;Rush Island, LP<sup>a</sup> | Long/Short |  | 3000000 | 3493869 | &nbsp;&nbsp;7/1/2022 |
| &nbsp;&nbsp;&nbsp;Sculptor Real Estate Fund IV L.P.<sup>a,b</sup> | Private Real Estate |  | 6818773 | 6600636 | &nbsp;&nbsp;4/6/2020 |
| &nbsp;&nbsp;&nbsp;SecureSpace Property Partners L.P.<sup>a</sup> | Private Real Estate |  | 6598147 | 6808170 | &nbsp;&nbsp;12/7/2022 |
| &nbsp;&nbsp;&nbsp;Sustainable Asset Fund III, L.P.<sup>a</sup> | Infrastructure |  | 4103699 | 4112975 | &nbsp;&nbsp;12/13/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  |  | 81821335 | 106224399 |  |
| **TOTAL PORTFOLIO FUNDS** |  |  | 95717834 | 124346011 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENT (1.08%)** | **Type of Investment** | **Principal Amount** | | |
| &nbsp;&nbsp;&nbsp;UMB Bank, Money Market Special II, 4.19%<sup>b,e</sup> | Bank Deposit | $1979414 | 1979414 | 1979414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  |  | 1979414 | 1979414 |
| **TOTAL INVESTMENTS (100.80%)** |  |  | $148870467 | $184142528 |
| Liabilities in excess of other assets (-0.80%) |  |  |  | (1466516) |
| **TOTAL NET ASSETS (100.00%)** |  |  |  | $182676012 |

---

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

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

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

<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.

## 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $186915922.13

**Total Liabilities:** $3887763.54

**Net Assets:** $183028158.59

**Cash Not Reported:** $973000.00

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 2.31%                |

**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  | $512243.45               | $3349346.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Carmel Partners Investment Fund, L.P.                  | Carmel Partners Investment Fund III, L.P.                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    348373 | OU      | $348373.06    | 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        |   5154731 | OU      | $5154731.17   | 2.82%             |  |  |  | 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      | $11558404.34  | 6.32%             |  |  |  | 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        |   2213023 | OU      | $2213022.91   | 1.21%             |  |  |  | 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        |   4022228 | OU      | $4022228.04   | 2.20%             |  |  |  | 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        |   7637651 | OU      | $7637651.03   | 4.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Energy Impact Fund LP                                  | Energy Impact Fund II LP                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4369623 | OU      | $4369622.61   | 2.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity International Real Estate Fd                  | Fidelity International Real Estate Fd                       | CUSIP: 316389840<br>LEI: PQO8CVTW1FBUXT6K1P39 | Long             |  | RF                | US        |    620748 | NS      | $6480605.90   | 3.54%             |  |  |  | No            | 1                  | On Loan: No      |
| GCP VI Feeder, LP                                      | GCP VI Feeder A, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    287480 | OU      | $287480.00    | 0.16%             |  |  |  | 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        |   7585299 | OU      | $7585298.56   | 4.14%             |  |  |  | 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        |   6604945 | OU      | $6604945.35   | 3.61%             |  |  |  | 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        |   4543379 | OU      | $4543378.74   | 2.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Resources Fund                                     | GMO Resources Fund VI                                       | CUSIP: 362014409<br>LEI: 549300RZ6MOU726M7F60 | Long             |  | RF                | US        |    101374 | NS      | $1813580.00   | 0.99%             |  |  |  | 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        |    869345 | OU      | $869345.27    | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hampshire Partners, LLC                                | Hampshire Partners VIII, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     20969 | OU      | $20969.00     | 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        |      2294 | NS      | $2871283.00   | 1.57%             |  |  |  | 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        |  11680054 | OU      | $11680054.24  | 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      | $4457812.50   | 2.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Water Resources ETF                            | Invesco Water Resources ETF                                 | CUSIP: 46137V142<br>LEI: 5493006HBGV3BGXGOM22 | Long             |  | RF                | US        |     36903 | NS      | $2579888.73   | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Gold Trust                                     | iShares Gold Trust                                          | CUSIP: 464285204<br>LEI: 5493006UOY7GXQWOIP42 | Long             |  | RF                | US        |    203095 | NS      | $12665004.20  | 6.92%             |  |  |  | No            | 1                  | 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        |     42274 | OU      | $42274.00     | 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        |   5491149 | OU      | $5491148.53   | 3.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Prime Property Fund                                    | Prime Property Fund                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |       627 | NS      | $12041286.87  | 6.58%             |  |  |  | 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        |    439326 | NS      | $12533960.88  | 6.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Real Estate Securities Fund                  | Principal Real Estate Securities Fund I                     | CUSIP: 74253Q580<br>LEI: 5493007VCVKAGWPVUY18 | Long             |  | RF                | US        |    127633 | NS      | $3641375.51   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Island LP                                         | Rush Island LP                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3493869 | OU      | $3493868.81   | 1.91%             |  |  |  | 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        |   6600636 | OU      | $6600636.00   | 3.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SecureSpace Property Partners LP                       | SecureSpace Property Partners LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6808170 | OU      | $6808169.86   | 3.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sustainable Asset Fund, LP                             | Sustainable Asset Fund III, LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4174607 | OU      | $4174606.79   | 2.28%             |  |  |  | Yes           | N/A                | 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        |     39053 | NS      | $1802295.95   | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                               | Vanguard Real Estate ETF                                    | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |      9163 | NS      | $816056.78    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Real Estate ETF                               | Vanguard Real Estate ETF                                    | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |      8882 | NS      | $791030.92    | 0.43%             |  |  |  | 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      | $111901.02    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Bayview MSR Opportunity Offshore, L.P.                 | Bayview MSR Opportunity Offshore, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |  10970234 | OU      | $10970234.14  | 5.99%             |  |  |  | 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        |     14421 | OU      | $14421.00     | 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      | $5210979.73   | 2.85%             |  |  |  | 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      | $10123590.82  | 5.53%             |  |  |  | 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     | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Money Market II Special                                | Money Market II Special                                     | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             |  | US        |   1979414 | PA      | $1979414.16   | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President