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 2021-12-31 N 187380930.526000000000 6156239.666490000000 181224690.859500000000 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 5500243.355974000000 N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 21871 NS USD 1124169.4 0.6203180122 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 210963 NS USD 24473817.63 13.5046816821 Long RF US N 1 N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 922042676 248828 NS USD 13424270.6 7.4075284865 Long RF US N 1 N N N Sustainable Asset Fund III, LP N/A 999999999 360113.72 OU Other Units USD 360113.72 0.1987111791 Long PF US Y 3 N N N Square Mile Partners III, L.P. N/A 999999999 8318 OU Other Units USD 8318 0.0045898823 Long PF US Y 3 N N N Sculptor Real Estate Fund IV LP N/A 999999999 1518557.68 OU Other Units USD 1518557.68 0.8379419343 Long PF US Y 3 N N N GMO Resources Fund Class IV (GOVIX) N/A 362014201 37939.15 NS USD 1044465 0.5763370295 Long RF US N 1 N N N Principal Real Estate Securities (PFRSX) N/A 74256W568 318081.76 NS USD 11091511.01 6.1203089697 Long RF US N 1 N N N Prime Property Fund N/A 999999999 17869939.85 OU Other Units USD 17869939.85 9.8606540672 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 262275.56 OU Other Units USD 262275.56 0.1447239660 Long PF US Y 3 N N N Paulson Real Estate Fund II, L.P. N/A 999999999 7137489.63 OU Other Units USD 7137489.63 3.9384752685 Long PF US Y 3 N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -126794 OU Other Units USD -126794 -0.0699650800 Long PF US Y 3 N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 71481 OU Other Units USD 71481 0.0394433008 Long PF US Y 3 N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 271643 OU Other Units USD 271643 0.1498929305 Long PF US Y 3 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 310921.31 OU Other Units USD 310921.31 0.1715667487 Long PF US Y 3 N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 363872.56 NS USD 6003897.24 3.3129576392 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 5732.97 OU Other Units USD 5732.97 0.0031634597 Long PF GB Y 3 N N N iShares Silver Trust (SLV) N/A 46428Q109 41834 NS USD 899849.34 0.4965379363 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 7069736.95 3.9010892591 Long RF US N 1 N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 81583 NS USD 4946377.29 2.7294168728 Long RF US N 1 N N N HighBrook Income Property Fund, LP N/A 999999999 737843.66 OU Other Units USD 737843.66 0.4071430093 Long PF US Y 3 N N N Heitman America Real Estate Trust, L.P. N/A 999999999 8618206 OU Other Units USD 8618206 4.7555363230 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 397877.09 OU Other Units USD 397877.09 0.2195490516 Long PF US Y 3 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 5418742.38 OU Other Units USD 5418742.38 2.9900684914 Long PF US Y 3 N N N Global X MLP ETF (MLPA) N/A 37954Y343 48445 NS USD 1694606.1 0.9350856619 Long RF US N 1 N N N Global X MLP & Energy Infrastructure ETF (MLPX) N/A 37954Y293 77979 NS USD 2754218.28 1.5197809233 Long RF US N 1 N N N GI Data Infrastructure Fund LP N/A 999999999 3420636.22 OU Other Units USD 3420636.22 1.8875111354 Long PF US Y 3 N N N GEM Realty Securities, L.P. N/A 999999999 13634778.18 OU Other Units USD 13634778.18 7.5236868196 Long PF US Y N/A N N N GEM Realty Fund IV, L.P. N/A 999999999 16346 OU Other Units USD 16346 0.0090197422 Long PF US Y 3 N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 450611.63 NS USD 6452758.57 3.5606398551 Long RF US N 1 N N N Energy Impact Fund II LP N/A 999999999 2082422 OU Other Units USD 2082422 1.1490829368 Long PF US Y 3 N N N Electron Global Fund, L.P. N/A 999999999 3155511.17 OU Other Units USD 3155511.17 1.7412148174 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 1466960.18 OU Other Units USD 1466960.18 0.8094703724 Long PF US Y 3 N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 3464443 OU Other Units USD 3464443 1.9116837687 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 10232176.96 OU Other Units USD 10232176.96 5.6461274187 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 5451648.5 OU Other Units USD 5451648.5 3.0082261275 Long PF US Y 3 N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 1030042.99 OU Other Units USD 1030042.99 0.5683789472 Long PF US Y 3 N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 722526.93 OU Other Units USD 722526.93 0.3986912195 Long PF US Y 3 N N N Blackstone RE Income Trust, Inc N/A 999999999 3138852.2 OU Other Units USD 3138852.2 1.7320223779 Long PF US Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 28437 OU Other Units USD 28437 0.0156915704 Long PF US Y 3 N N N AG REDI, Ltd. N/A 999999999 484595 OU Other Units USD 484595 0.2674000975 Long PF US Y N/A N N N AG Mortgage Value Partners, Ltd. N/A 999999999 8501333 OU Other Units USD 8501333 4.6910456625 Long PF US Y N/A N N N 2022-01-28 Aspiriant Risk-Managed Real Asset Fund /s/ Ben Schmidt Ben Schmidt Treasurer XXXX