NPORT-P false 0001830921 XXXXXXXX Aspiriant Risk-Managed Real Asset Fund 811-23616 0001830921 2549008XM0CM21URLR65 235 West Galena Street Milwaukee 53212 4142992270 Aspiriant Risk-Managed Real Asset Fund 2549008XM0CM21URLR65 2022-03-31 2021-06-30 N 168514840.520000000000 4092046.470000000000 164422794.050000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 88877.949999960000 N AG Mortgage Value Partners, Ltd. N/A 999999999 8237822 OU Other Units USD 8237822 5.0101459762 Long PF US Y N/A N N N AG REDI, Ltd. N/A 999999999 1178385 OU Other Units USD 1178385 0.7166798295 Long PF US Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 25127 OU Other Units USD 25127 0.0152819444 Long PF US Y 3 N N N Blackstone RE Income Trust, Inc (BREIT) N/A 999999999 2084196.43 OU Other Units USD 2084196.43 1.2675836353 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 725412.98 OU Other Units USD 725412.98 0.4411876007 Long PF US Y 3 N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 2964846.44 OU Other Units USD 2964846.44 1.8031845628 Long PF US Y 3 N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 4987542.7 OU Other Units USD 4987542.7 3.0333645215 Long PF US Y 3 N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 8345997.59 OU Other Units USD 8345997.59 5.0759370915 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 3041992 OU Other Units USD 3041992 1.8501035806 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 1909160.86 OU Other Units USD 1909160.86 1.1611290704 Long PF US Y 3 N N N Electron Global Fund, L.P. N/A 999999999 2085828.92 OU Other Units USD 2085828.92 1.2685764964 Long PF US Y N/A N N N GEM Realty Fund IV, L.P. N/A 999999999 16435 OU Other Units USD 16435 0.0099955728 Long PF US Y 3 N N N GEM Realty Securities, L.P. N/A 999999999 12688368.74 OU Other Units USD 12688368.74 7.7169159017 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 144069 OU Other Units USD 144069 0.0876210630 Long PF US Y 3 N N N Global X MLP & Energy Infrastructure ETF (MLPX) N/A 999999999 87694 NS USD 3186799.96 1.9381740703 Long RF US N 1 N N N Global X MLP ETF (MLPA) N/A 999999999 53074 NS USD 2051310.1 1.2475825580 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 4876366.5 OU Other Units USD 4876366.5 2.9657484707 Long PF US Y 3 N N N Hampshire Partners VIII, LLC N/A 999999999 409469.17 OU Other Units USD 409469.17 0.2490343096 Long PF US Y 3 N N N Heitman America Real Estate Trust, L.P. N/A 999999999 8154476 OU Other Units USD 8154476 4.9594559240 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 746533.92 OU Other Units USD 746533.92 0.4540331067 Long PF US Y 3 N N N Invesco S&P Global Water ETF (CGW) N/A 999999999 81583 NS USD 4376927.95 2.6619958475 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 999999999 203095 NS USD 6846332.45 4.1638584781 Long RF US N 1 N N N iShares Silver Trust (SLV) N/A 999999999 59209 NS USD 1434041.98 0.8721673830 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 6482.1 OU Other Units USD 6482.1 0.0039423366 Long PF GB Y 3 N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 999999999 363873 NS USD 5771018.8 3.5098654255 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 286279.21 OU Other Units USD 286279.21 0.1741116319 Long PF US Y 3 N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 633389.41 OU Other Units USD 633389.41 0.3852199530 Long PF US Y 3 N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 163442 OU Other Units USD 163442 0.0994034927 Long PF US Y 3 N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -104811 OU Other Units USD -104811 -0.0637448114 Long PF US Y 3 N N N Paulson Real Estate Fund II, L.P. N/A 999999999 9558393.79 OU Other Units USD 9558393.79 5.8133021308 Long PF US Y 3 N N N Prime Finance Partners IV, L.P. N/A 999999999 312187.56 OU Other Units USD 312187.56 0.1898687842 Long PF US Y 3 N N N Prime Property Fund N/A 999999999 15407113.96 OU Other Units USD 15407113.96 9.3704246111 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 999999999 266935 NS USD 8304342.56 5.0506029945 Long RF US N 1 N N N Sculptor Real Estate Fund IV LP N/A 999999999 1309679.98 OU Other Units USD 1309679.98 0.7965318845 Long PF US Y 3 N N N Square Mile Partners III, L.P. N/A 999999999 7776 OU Other Units USD 7776 0.0047292713 Long PF US Y 3 N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 999999999 360593 NS USD 21044207.48 12.7988382642 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 999999999 223800 NS USD 22780602 13.8548928886 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 999999999 21871 NS USD 1146259.11 0.6971412429 Long RF US N 1 N N N 2021-07-30 Aspiriant Risk-Managed Real Asset Fund /s/ Ben Schmidt Ben Schmidt Treasurer XXXX