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 2024-12-31 N 189570111.361600000000 7184312.558996000000 182385798.802600000000 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 52476.740000000000 N Carmel Partners Investment Fund III, L.P. N/A 999999999 325506.27 OU Other Units USD 325506.27 0.1784712802 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 4640887.37 OU Other Units USD 4640887.37 2.5445442575 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7604024.1612 NS USD 12177686.5 6.6768830578 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2005168 OU Other Units USD 2005168 1.0994101587 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP N/A 999999999 3550145.73 OU Other Units USD 3550145.73 1.9465033754 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 7298288 OU Other Units USD 7298288 4.0015659377 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 4715839.21 OU Other Units USD 4715839.21 2.5856394747 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 656825.887 NS USD 5832613.88 3.1979539626 Long RF US N 1 N N N GCP SecureSpace Property Partners LP N/A 999999999 6385012.7 OU Other Units USD 6385012.7 3.5008277738 Long PF US Y N/A N N N GCP VI Feeder A, LP N/A 999999999 148523.25 OU Other Units USD 148523.25 0.0814335606 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 11516563.38 OU Other Units USD 11516563.38 6.3143969846 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 10741064.13 OU Other Units USD 10741064.13 5.8891998174 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 101373.98 NS USD 1849061 1.0138185166 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC N/A 999999999 1496222.12 OU Other Units USD 1496222.12 0.8203610861 Long PF US Y N/A N N N Hampshire Partners VIII, LLC N/A 999999999 17590.76 OU Other Units USD 17590.76 0.0096448079 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 2795.0249 NS USD 3470241 1.9026925467 Long PF US Y N/A N N N HighBrook Property Fund IV (TEF), LP N/A 999999999 10815808.66 OU Other Units USD 10815808.66 5.9301813688 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 71325 NS USD 3865815 2.1195811436 Long RF US N 1 N N N Invesco Water Resources ETF (PHO) N/A 46137V142 36903 NS USD 2427848.37 1.3311608612 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 10055233.45 5.5131668781 Long RF US N 1 N N N Paladin Realty Brazil Investors III (US-A), LP N/A 999999999 61057.84 OU Other Units USD 61057.84 0.0334772994 Long PF US Y N/A N N N Paladin Realty Latin America Investors III, L.P. N/A 999999999 -326620.3 OU Other Units USD -326620.3 -0.1790820898 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. N/A 999999999 5049048.97 OU Other Units USD 5049048.97 2.7683344883 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 683.901 NS USD 13201423.07 7.2381858438 Long PF US Y N/A N N N Principal Real Estate Securities Fund I (PIREX) N/A 74253Q580 529236.199 NS USD 14882121.92 8.1596933630 Long RF US N 1 N N N Rush Island LP N/A 999999999 3485920.12 OU Other Units USD 3485920.12 1.9112892248 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP N/A 999999999 6074659.25 OU Other Units USD 6074659.25 3.3306646076 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 3884547.48 OU Other Units USD 3884547.48 2.1298519432 Long PF US Y N/A N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) N/A 922042676 53139 NS USD 2102178.84 1.1526000674 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 73621 NS USD 6558158.68 3.5957616893 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 107782.92 0.0590961142 Long RF US N 1 N N N Bayview MSR Opportunity Offshore, L.P. N/A 999999999 10531092.69 OU Other Units USD 10531092.69 5.7740749330 Long PF KY Y N/A N N N Beacon Capital Strategic Partners VI, L.P. N/A 999999999 15545.53 OU Other Units USD 15545.53 0.0085234323 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 377547.038 NS USD 5177415.8 2.8387165196 Long PF US Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 563674.322 NS USD 8810229.65 4.8305458582 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. N/A 999999999 161069.23 OU Other Units USD 161069.23 0.0883123747 Long PF US Y N/A N N N Money Market Special N/A SF8888205 1375422.97 PA USD 1375422.97 0.7541283252 Long STIV US N 1 N N N Money Market II Special N/A SF8888628 4102594.55 PA USD 4102594.55 2.2494046011 Long STIV US N 1 N N N 2025-02-21 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt President XXXX