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 2022-03-31 N 196712284.576000000000 9984617.877190000000 186727666.698800000000 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 6673998.000000000000 N AG Mortgage Value Partners, Ltd. N/A 999999999 8471517 OU Other Units USD 8471517 4.5368301065 Long PF US Y N/A N N N AG REDI, Ltd. N/A 999999999 212628 OU Other Units USD 212628 0.1138706458 Long PF US Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 31151 OU Other Units USD 31151 0.0166825841 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 5371934.1 OU Other Units USD 5371934.1 2.8768817149 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 540202.76 OU Other Units USD 540202.76 0.2892997966 Long PF US Y N/A N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 818265.7 OU Other Units USD 818265.7 0.4382134230 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 5712135.07 OU Other Units USD 5712135.07 3.0590726971 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 14340889 OU Other Units USD 14340889 7.6801093558 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 3832875 OU Other Units USD 3832875 2.0526551141 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 2662197.42 OU Other Units USD 2662197.42 1.4257112870 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 3073227.6 OU Other Units USD 3073227.6 1.6458340932 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 2198506 OU Other Units USD 2198506 1.1773863182 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 688878.78 NS USD 9217198.08 4.9361716145 Long RF US N 1 N N N GEM Realty Fund IV, L.P. N/A 999999999 15839 OU Other Units USD 15839 0.0084824066 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 13301057.29 OU Other Units USD 13301057.29 7.1232386315 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 3598554.87 OU Other Units USD 3598554.87 1.9271674807 Long PF US Y N/A N N N Global X MLP & Energy Infrastructure ETF (MLPX) N/A 37954Y293 47298 NS USD 2020570.56 1.0820949009 Long RF US N 1 N N N Global X MLP ETF (MLPA) N/A 37954Y343 28108 NS USD 1132752.4 0.6066334036 Long RF US N 1 N N N GMO Resources Fund VI (GMOWX) N/A 362014409 71722.931 NS USD 2147385 1.1500090147 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 6030529.13 OU Other Units USD 6030529.13 3.2295852225 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 407073.12 OU Other Units USD 407073.12 0.2180036452 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 7590606 OU Other Units USD 7590606 4.0650676647 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 523987.1 OU Other Units USD 523987.1 0.2806156738 Long PF US Y N/A N N N HighBrook Property Fund IV (Main), LP N/A 999999999 521799.51 OU Other Units USD 521799.51 0.2794441334 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 81583 NS USD 4276172.95 2.2900585787 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 7479988.85 4.0058278359 Long RF US N 1 N N N iShares Silver Trust (SLV) N/A 46428Q109 41834 NS USD 957161.92 0.5125978046 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 5420.54 OU Other Units USD 5420.54 0.0029029121 Long PF GB Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 363872.56 NS USD 6033007.04 3.2309122406 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 316336.12 OU Other Units USD 316336.12 0.1694104176 Long PF US Y N/A N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 255259 OU Other Units USD 255259 0.1367012208 Long PF US Y N/A N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 59100 OU Other Units USD 59100 0.0316503714 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -158308 OU Other Units USD -158308 -0.0847801522 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 8582423 OU Other Units USD 8582423 4.5962246258 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 262744.18 OU Other Units USD 262744.18 0.1407098287 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 19122418.61 OU Other Units USD 19122418.61 10.2408062758 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 74256W568 416765.972 NS USD 13736606.44 7.3564923093 Long RF US N 1 N N N Sculptor Real Estate Fund IV LP N/A 999999999 2056906.65 OU Other Units USD 2056906.65 1.1015543044 Long PF US Y N/A N N N Square Mile Partners III, L.P. N/A 999999999 16802 OU Other Units USD 16802 0.0089981310 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 284968 OU Other Units USD 284968 0.1526115573 Long PF US Y N/A N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 922042676 229525 NS USD 11923823.75 6.3856759744 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 173103 NS USD 18759172.11 10.0462735071 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 113993.46 0.0610479754 Long RF US N 1 N N N Fidelity Government Portfolio N/A 316175108 2069148 PA USD 2069148 1.1081100281 Long STIV RF US N 1 N N N 2022-05-23 Aspiriant Risk-Managed Real Asset Fund /s/ Ben Schmidt Ben Schmidt Treasurer