NPORT-P false 0001830921 XXXXXXXX Aspiriant Risk-Managed Real Assets Fund 811-23616 0001830921 2549008XM0CM21URLR65 235 West Galena Street Milwaukee 53212 4142992270 Aspiriant Risk-Managed Real Assets Fund 2549008XM0CM21URLR65 2023-03-31 2022-06-30 N 190030391.876000000000 11736495.185590000000 178293896.690400000000 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 7762290.310000000000 N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 111567.12 0.0625748397 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 144264 NS USD 13143893.04 7.3720375649 Long RF US N 1 N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 922042676 160079 NS USD 7086697.33 3.9747279416 Long RF US N 1 N N N Sustainable Asset Fund III, LP N/A 999999999 1161798.64 OU Other Units USD 1161798.64 0.6516199722 Long PF US Y N/A N N N Square Mile Partners III, L.P. N/A 999999999 17245 OU Other Units USD 17245 0.0096722324 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP N/A 999999999 2588485.58 OU Other Units USD 2588485.58 1.4518082941 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 74256W568 416765.972 NS USD 11540249.76 6.4725994407 Long RF US N 1 N N N Prime Property Fund N/A 999999999 830.881 NS USD 19704309.68 11.0515895641 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 229893.8 OU Other Units USD 229893.8 0.1289409252 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 6730553.75 OU Other Units USD 6730553.75 3.7749770884 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -159631 OU Other Units USD -159631 -0.0895325095 Long PF US Y N/A N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 66053 OU Other Units USD 66053 0.0370472581 Long PF US Y N/A N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 212861 OU Other Units USD 212861 0.1193877098 Long PF US Y N/A N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 290480.08 OU Other Units USD 290480.08 0.1629220548 Long PF US Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 363872.56 NS USD 5854709.49 3.2837408339 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 4788.76 OU Other Units USD 4788.76 0.0026858799 Long PF GB Y N/A N N N iShares Silver Trust (SLV) N/A 46428Q109 41834 NS USD 779785.76 0.4373597608 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 6968189.45 3.9082602261 Long RF US N 1 N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 81583 NS USD 3601073.62 2.0197402642 Long RF US N 1 N N N HighBrook Property Fund IV (Main), LP N/A 999999999 7739268.16 OU Other Units USD 7739268.16 4.3407364490 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 479259.11 OU Other Units USD 479259.11 0.2688028692 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 3972.1338 NS USD 6278973 3.5216982278 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 372004.22 OU Other Units USD 372004.22 0.2086466373 Long PF US Y N/A N N N Green Courte Real Estate Partners III, LLC N/A 999999999 5442337.57 OU Other Units USD 5442337.57 3.0524530963 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 179033.461 NS USD 4425707 2.4822537855 Long RF US N 1 N N N GI Data Infrastructure Fund LP N/A 999999999 3506425.76 OU Other Units USD 3506425.76 1.9666549585 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 13541390.16 OU Other Units USD 13541390.16 7.5949824483 Long PF US Y N/A N N N GEM Realty Fund IV, L.P. N/A 999999999 15339 OU Other Units USD 15339 0.0086032109 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 688878.78 NS USD 7853218.09 4.4046477394 Long RF US N 1 N N N Fidelity Government Portfolio N/A 316175108 3610291.44 PA USD 3610291.44 2.0249102785 Long STIV RF US N 1 N N N Energy Impact Fund II LP N/A 999999999 2690519 OU Other Units USD 2690519 1.5090359513 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 2910547.22 OU Other Units USD 2910547.22 1.6324435519 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 2484073.09 OU Other Units USD 2484073.09 1.3932462839 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2752411 OU Other Units USD 2752411 1.5437494222 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7220695.9161 NS USD 15000780.56 8.4135132152 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 5603166.46 OU Other Units USD 5603166.46 3.1426574684 Long PF US Y N/A N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 292798.22 OU Other Units USD 292798.22 0.1642222339 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 503897.93 OU Other Units USD 503897.93 0.2826220860 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 366488.178 NS USD 5491019.07 3.0797571717 Long PF US Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 31380 OU Other Units USD 31380 0.0176001538 Long PF US Y N/A N N N 2022-08-16 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt Treasurer XXXX