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 2025-03-31 2024-06-30 N 188154177.646600000000 6121503.765136000000 182032673.881500000000 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 0.000000000000 N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 166298.28 OU Other Units USD 166298.28 0.0913562804 Long PF US Y N/A N N N Money Market Special N/A SF8888205 2230000 PA USD 2230000 1.2250547951 Long STIV US N 1 N N N Money Market II Special N/A SF8888628 1468382.11 PA USD 1468382.11 0.8066585403 Long STIV US N 1 N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 45623 OU Other Units USD 45623 0.0250630829 Long PF US Y N/A N N N Bayview MSR Opportunity Offshore, L.P. N/A 999999999 6754791.22 OU Other Units USD 6754791.22 3.7107575667 Long PF KY Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 15879 OU Other Units USD 15879 0.0087231592 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 377547.038 NS USD 5322884.67 2.9241369456 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -312905 OU Other Units USD -312905 -0.1718949644 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 5081156.33 OU Other Units USD 5081156.33 2.7913430164 Long PF US Y N/A N N N Prime Finance Partners IV, L.P. N/A 999999999 4526.19 OU Other Units USD 4526.19 0.0024864712 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 733.761 NS USD 14337829.35 7.8765141687 Long PF US Y N/A N N N Principal Real Estate Securities Fund I (PIREX) N/A 74253Q580 425107.927 NS USD 11494918.35 6.3147555353 Long RF US N 1 N N N Rush Island LP N/A 999999999 3322534.52 OU Other Units USD 3322534.52 1.8252407379 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP N/A 999999999 7315832 OU Other Units USD 7315832 4.0189663998 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 3164365.43 OU Other Units USD 3164365.43 1.7383502437 Long PF US Y N/A N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 107237 NS USD 8982171.12 4.9343730048 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 108050.04 0.0593574976 Long RF US N 1 N N N Carmel Partners Investment Fund III, L.P. N/A 999999999 370998 OU Other Units USD 370998 0.2038084659 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 4617197 OU Other Units USD 4617197 2.5364660649 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7604024.1612 NS USD 12144000.95 6.6713303118 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2164286 OU Other Units USD 2164286 1.1889546826 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 3596480.07 OU Other Units USD 3596480.07 1.9757332534 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 6637770.59 OU Other Units USD 6637770.59 3.6464720583 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 4987631.57 OU Other Units USD 4987631.57 2.7399650094 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 1104793.867 NS USD 10583925.25 5.8142997212 Long RF US N 1 N N N GCP SecureSpace Property Partners LP N/A 999999999 5147567.26 OU Other Units USD 5147567.26 2.8278259887 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 13115057.88 OU Other Units USD 13115057.88 7.2047823066 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 10215083 OU Other Units USD 10215083 5.6116755208 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 120822.966 NS USD 2538491 1.3945249201 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 6216894 OU Other Units USD 6216894 3.4152626929 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 36429 OU Other Units USD 36429 0.0200123413 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 3069.6239 NS USD 3822343 2.0998114891 Long PF US Y N/A N N N HighBrook Property Fund IV (TEF), LP N/A 999999999 8423564.31 OU Other Units USD 8423564.31 4.6275012779 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 71325 NS USD 3943559.25 2.1664018695 Long RF US N 1 N N N Invesco Water Resources ETF (PHO) N/A 46137V142 15197 NS USD 986437.27 0.5419012142 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 8921963.35 4.9012977504 Long RF US N 1 N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 563674.322 NS USD 8443841.34 4.6386405034 Long RF US N 1 N N N 2024-08-23 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt Treasurer XXXX