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 2021-09-30 N 176113464.929800000000 2506585.520000000000 173606879.410000000000 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 1300145.119784000000 N AG Mortgage Value Partners, Ltd. N/A 999999999 8465474 OU Other Units USD 8465474 4.8762318802 Long PF US Y N/A N N N AG REDI, Ltd. N/A 999999999 788163 OU Other Units USD 788163 0.4539929539 Long PF US Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 25229 OU Other Units USD 25229 0.0145322582 Long PF US Y 3 N N N Blackstone RE Income Trust, Inc (BREIT) N/A 999999999 2231924.55 OU Other Units USD 2231924.55 1.2856198773 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 746195.9 OU Other Units USD 746195.9 0.4298193151 Long PF US Y 3 N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 3696338.76 OU Other Units USD 3696338.76 2.1291430228 Long PF US Y 3 N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 5225475.95 OU Other Units USD 5225475.95 3.0099475135 Long PF US Y 3 N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 9290161.7 OU Other Units USD 9290161.7 5.3512635741 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 4298889 OU Other Units USD 4298889 2.4762204209 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 1496655.27 OU Other Units USD 1496655.27 0.8620944487 Long PF US Y 3 N N N Electron Global Fund, L.P. N/A 999999999 3035759.26 OU Other Units USD 3035759.26 1.7486399562 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 999999999 448275.86 NS USD 6208620.69 3.5762526872 Long RF US N 1 N N N GEM Realty Fund IV, L.P. N/A 999999999 16086 OU Other Units USD 16086 0.0092657618 Long PF US Y 3 N N N GEM Realty Securities, L.P. N/A 999999999 13025538.89 OU Other Units USD 13025538.89 7.5028932807 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 3239358.34 OU Other Units USD 3239358.34 1.8659158848 Long PF US Y 3 N N N Global X MLP & Energy Infrastructure ETF (MLPX) N/A 999999999 87694 NS USD 3147337.66 1.8129106811 Long RF US N 1 N N N Global X MLP ETF (MLPA) N/A 999999999 53074 NS USD 1871919.98 1.0782521904 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 5291397.34 OU Other Units USD 5291397.34 3.0479191596 Long PF US Y 3 N N N Hampshire Partners VIII, LLC N/A 999999999 408352.32 OU Other Units USD 408352.32 0.2352166696 Long PF US Y 3 N N N Heitman America Real Estate Trust, L.P. N/A 999999999 8697036 OU Other Units USD 8697036 5.0096148433 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 751642.23 OU Other Units USD 751642.23 0.4329564776 Long PF US Y 3 N N N Invesco S&P Global Water ETF (CGW) N/A 999999999 81583 NS USD 4555594.72 2.6240865198 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 999999999 203095 NS USD 6785403.95 3.9084879430 Long RF US N 1 N N N iShares Silver Trust (SLV) N/A 999999999 59209 NS USD 1214968.68 0.6998390180 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 6120.18 OU Other Units USD 6120.18 0.0035253096 Long PF GB Y 3 N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 999999999 363872.56 NS USD 5705521.74 3.2864606284 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 301484.8 OU Other Units USD 301484.8 0.1736594777 Long PF US Y 3 N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 622769.59 OU Other Units USD 622769.59 0.3587240276 Long PF US Y 3 N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 75723 OU Other Units USD 75723 0.0436175112 Long PF US Y 3 N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -107000 OU Other Units USD -107000 -0.0616335023 Long PF US Y 3 N N N Paulson Real Estate Fund II, L.P. N/A 999999999 8459519.03 OU Other Units USD 8459519.03 4.8728017339 Long PF US Y 3 N N N Prime Finance Partners IV, L.P. N/A 999999999 282443.07 OU Other Units USD 282443.07 0.1626911739 Long PF US Y 3 N N N Prime Property Fund N/A 999999999 16304655.85 OU Other Units USD 16304655.85 9.3917106888 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 999999999 318081.76 NS USD 9978224.84 5.7475976032 Long RF US N 1 N N N Sculptor Real Estate Fund IV LP N/A 999999999 1012017.51 OU Other Units USD 1012017.51 0.5829362946 Long PF US Y 3 N N N Square Mile Partners III, L.P. N/A 999999999 8086 OU Other Units USD 8086 0.0046576495 Long PF US Y 3 N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 999999999 248828 NS USD 14011504.68 8.0708234188 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 999999999 219055 NS USD 22295417.9 12.8424737405 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 999999999 21871 NS USD 1149977.18 0.6624030015 Long RF US N 1 N N N 2021-11-15 Aspiriant Risk-Managed Real Asset Fund /s/ Ben Schmidt Ben Schmidt Treasurer