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 Assets Fund 2549008XM0CM21URLR65 2023-03-31 2023-03-31 N 176354249.446600000000 5242852.915780000000 171111396.530800000000 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 2502713.640000000000 N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 18607.67 OU Other Units USD 18607.67 0.0108745942 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 377547.038 NS USD 5507052.12 3.2184017147 Long PF US Y N/A N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 379811 OU Other Units USD 379811 0.2219670973 Long PF US Y N/A N N N Carmel Partners Investment Fund IV, L.P. N/A 999999999 291368 OU Other Units USD 291368 0.1702797160 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 4724054 OU Other Units USD 4724054 2.7608061741 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7412805.4093 NS USD 13626318.85 7.9634198109 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2462158 OU Other Units USD 2462158 1.4389211063 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 2926857.7 OU Other Units USD 2926857.7 1.7104984001 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 5303096 OU Other Units USD 5303096 3.0992067785 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 3577957.91 OU Other Units USD 3577957.91 2.0910108751 Long PF US Y N/A N N N Fidelity Government Portfolio N/A 316175108 5565987.7 PA USD 5565987.7 3.2528445287 Long STIV RF US N 1 N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 1328835.482 NS USD 13381373.3 7.8202700529 Long RF US N 1 N N N GCP SecureSpace Property Partners LP N/A 999999999 1837614.56 OU Other Units USD 1837614.56 1.0739287957 Long PF US Y N/A N N N GEM Realty Fund IV, L.P. N/A 999999999 14342.35 OU Other Units USD 14342.35 0.0083818789 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 14264455.44 OU Other Units USD 14264455.44 8.3363561570 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 7245559 OU Other Units USD 7245559 4.2344105342 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 175707.689 NS USD 4241584 2.4788436574 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 5682880 OU Other Units USD 5682880 3.3211580965 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 330080 OU Other Units USD 330080 0.1929035743 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 3174.9127 NS USD 4571655 2.6717419720 Long PF US Y N/A N N N HighBrook Income Property Fund, LP N/A 999999999 71385.14 OU Other Units USD 71385.14 0.0417185187 Long PF US Y N/A N N N HighBrook Property Fund IV (Main), LP N/A 999999999 6994660.82 OU Other Units USD 6994660.82 4.0877819723 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 71325 NS USD 3556264.5 2.0783329294 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 7589660.15 4.4355082735 Long RF US N 1 N N N JER Europe Fund III, L.P. N/A 999999999 4326.02 OU Other Units USD 4326.02 0.0025281893 Long PF GB Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 363872.56 NS USD 5359842.81 3.1323704433 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 252364.01 OU Other Units USD 252364.01 0.1474852144 Long PF US Y N/A N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 107000.98 OU Other Units USD 107000.98 0.0625329360 Long PF US Y N/A N N N Paladin Realty Latin America Investors II, L.P. N/A 999999999 18736.53 OU Other Units USD 18736.53 0.0109499019 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -268363.16 OU Other Units USD -268363.16 -0.1568353514 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 5012841.75 OU Other Units USD 5012841.75 2.9295779543 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 32411.1 OU Other Units USD 32411.1 0.0189415204 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 803.151 NS USD 17565627.17 10.2656091448 Long PF US Y N/A N N N Principal Real Estate Securities (PFRSX) N/A 74256W568 416765.972 NS USD 10790071.02 6.3058751426 Long RF US N 1 N N N Rush Island LP N/A 999999999 3171968.34 OU Other Units USD 3171968.34 1.8537446391 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP N/A 999999999 3790153.8 OU Other Units USD 3790153.8 2.2150212533 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 2306288 OU Other Units USD 2306288 1.3478284011 Long PF US Y N/A N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 125669 NS USD 10435553.76 6.0986900765 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 106447.32 0.0622093690 Long RF US N 1 N N N 2023-05-18 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt Treasurer