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 2022-09-30 N 183713802.100700000000 13821213.402390000000 169892588.698300000000 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 4631931.940000000000 N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 31295 OU Other Units USD 31295 0.0184204622 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 370590.875 NS USD 5598998.12 3.2956105754 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 453530.7 OU Other Units USD 453530.7 0.2669514329 Long PF US Y N/A N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 302932.99 OU Other Units USD 302932.99 0.1783085374 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 4806042.6 OU Other Units USD 4806042.6 2.8288712514 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7286108.2761 NS USD 15217863.58 8.9573439881 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2580523 OU Other Units USD 2580523 1.5189144034 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 2867416.16 OU Other Units USD 2867416.16 1.6877817814 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 5421636.73 OU Other Units USD 5421636.73 3.1912143852 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 2681447.8 OU Other Units USD 2681447.8 1.5783194668 Long PF US Y N/A N N N Fidelity Government Portfolio N/A 316175108 12471094.15 PA USD 12471094.15 7.3405757400 Long STIV RF US N 1 N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 1358955.964 NS USD 12733417.38 7.4949810804 Long RF US N 1 N N N GEM Realty Fund IV, L.P. N/A 999999999 15190 OU Other Units USD 15190 0.0089409433 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 13319668.36 OU Other Units USD 13319668.36 7.8400526250 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 4305447.68 OU Other Units USD 4305447.68 2.5342174800 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 186434.858 NS USD 4286137.37 2.5228512926 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 5558896.7 OU Other Units USD 5558896.7 3.2720065911 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 356649.5 OU Other Units USD 356649.5 0.2099264616 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 3281.2661 NS USD 5233722 3.0806064232 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 326970 OU Other Units USD 326970 0.1924568944 Long PF US Y N/A N N N HighBrook Property Fund IV (Main), LP N/A 999999999 7208385.92 OU Other Units USD 7208385.92 4.2429078132 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 81583 NS USD 3349797.98 1.9717151911 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 6403585.35 3.7691964076 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 4578.21 OU Other Units USD 4578.21 0.0026947673 Long PF GB Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 363872.56 NS USD 5188822.71 3.0541783781 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 287324.26 OU Other Units USD 287324.26 0.1691211266 Long PF US Y N/A N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 131254 OU Other Units USD 131254 0.0772570487 Long PF US Y N/A N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 64808 OU Other Units USD 64808 0.0381464551 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -189463 OU Other Units USD -189463 -0.1115192849 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 6123414.23 OU Other Units USD 6123414.23 3.6042856707 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 230029.36 OU Other Units USD 230029.36 0.1353969362 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 839.166 NS USD 19693312.72 11.5916255505 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 74256W568 416765.972 NS USD 10435819.94 6.1425986972 Long RF US N 1 N N N Rush Island LP N/A 999999999 2922443.84 OU Other Units USD 2922443.84 1.7201714697 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP N/A 999999999 3306221.55 OU Other Units USD 3306221.55 1.9460657909 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 1112812 OU Other Units USD 1112812 0.6550091493 Long PF US Y N/A N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 144264 NS USD 11565644.88 6.8076217854 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 107092.86 0.0630356279 Long RF US N 1 N N N 2022-11-21 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt Treasurer