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 2025-03-31 N 193433065.631600000000 13563288.048630000000 179869777.582900000000 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 290707.150000000000 N Carmel Partners Investment Fund III, L.P. - Blocker N/A 999999999 382515.01 OU Other Units USD 382515.01 0.2126621910 Long PF US Y N/A N N N Carmel Partners Investment Fund V, L.P. N/A 999999999 5164352.88 OU Other Units USD 5164352.88 2.8711620982 Long PF US Y N/A N N N CBRE U.S. Core Partners REIT Operating, LP N/A 999999999 7604024.1612 NS USD 12034313.48 6.6905700567 Long PF US Y N/A N N N Cerberus Institutional Real Estate Partners III, L.P. N/A 999999999 2286365 OU Other Units USD 2286365 1.2711223813 Long PF US Y N/A N N N Cross Lake Real Estate Fund III LP - Blocker N/A 999999999 4006522.95 OU Other Units USD 4006522.95 2.2274575550 Long PF US Y N/A N N N Electron Global Fund, L.P. N/A 999999999 6947753.19 OU Other Units USD 6947753.19 3.8626573532 Long PF US Y N/A N N N Energy Impact Fund II LP N/A 999999999 4744063.13 OU Other Units USD 4744063.13 2.6374987470 Long PF US Y N/A N N N Fidelity International Real Estate Fd (FIREX) N/A 316389840 891457.433 NS USD 8174664.66 4.5447683151 Long RF US N 1 N N N GCP VI Feeder A, LP N/A 999999999 300085 OU Other Units USD 300085 0.1668345867 Long PF US Y N/A N N N GEM Realty Securities, L.P. N/A 999999999 7400534.02 OU Other Units USD 7400534.02 4.1143843727 Long PF US Y N/A N N N GI Data Infrastructure Fund LP N/A 999999999 6352059.07 OU Other Units USD 6352059.07 3.5314765801 Long PF US Y N/A N N N GI Data Infrastructure Fund LP - Blocker N/A 999999999 4778846.51 OU Other Units USD 4778846.51 2.6568368373 Long PF US Y N/A N N N GMO Resources Fund VI (GMOWX) N/A 362014409 101373.98 NS USD 1739578 0.9671319014 Long RF US N 1 N N N Green Courte Real Estate Partners III, LLC - Blocker N/A 999999999 839213.4 OU Other Units USD 839213.4 0.4665672084 Long PF US Y N/A N N N Hampshire Partners VIII, LLC - Blocker N/A 999999999 21582 OU Other Units USD 21582 0.0119986805 Long PF US Y N/A N N N Heitman America Real Estate Trust, L.P. N/A 999999999 2548.8963 NS USD 3167158 1.7608060913 Long PF US Y N/A N N N HighBrook Property Fund IV (TEF), LP N/A 999999999 10975772.11 OU Other Units USD 10975772.11 6.1020657597 Long PF US Y N/A N N N Invesco S&P Global Water ETF (CGW) N/A 46138E263 71325 NS USD 3972089.25 2.2083138721 Long RF US N 1 N N N Invesco Water Resources ETF (PHO) N/A 46137V142 36903 NS USD 2380981.56 1.3237251927 Long RF US N 1 N N N iShares Gold Trust (IAU) N/A 464285204 203095 NS USD 11974481.2 6.6573058359 Long RF US N 1 N N N Paladin Realty Brazil Investors III (US-A), LP - Blocker N/A 999999999 50027 OU Other Units USD 50027 0.0278128992 Long PF US Y N/A N N N Paulson Real Estate Fund II, L.P. - Blocker N/A 999999999 5670234.92 OU Other Units USD 5670234.92 3.1524111478 Long PF US Y N/A N N N Prime Property Fund N/A 999999999 646.782 NS USD 12513220.21 6.9568219732 Long PF US Y N/A N N N Principal Real Estate Securities Fund I (PIREX) N/A 74253Q580 439325.653 NS USD 12722870.91 7.0733789083 Long RF US N 1 N N N Principal Real Estate Securities Fund I (PIREX) - Blocker N/A 74253Q580 175580.779 NS USD 5084819.36 2.8269448199 Long RF US N 1 N N N Rush Island LP N/A 999999999 3454473.56 OU Other Units USD 3454473.56 1.9205414086 Long PF US Y N/A N N N Sculptor Real Estate Fund IV LP - Blocker N/A 999999999 6355912.15 OU Other Units USD 6355912.15 3.5336187298 Long PF US Y N/A N N N SecureSpace Property Partners LP N/A 999999999 7179020.22 OU Other Units USD 7179020.22 3.9912320549 Long PF US Y N/A N N N Sustainable Asset Fund III, LP N/A 999999999 3938955.44 OU Other Units USD 3938955.44 2.1898928730 Long PF US Y N/A N N N Vanguard Global ex-U.S. Real Estate ETF (VNQI) - Blocker N/A 922042676 53686 NS USD 2172135.56 1.2076156368 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) N/A 922908553 75084 NS USD 6798105.36 3.7794594797 Long RF US N 1 N N N Vanguard Real Estate ETF (VNQ) - Blocker N/A 922908553 12205 NS USD 1105040.7 0.6143559607 Long RF US N 1 N N N Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) N/A 922020805 2226 NS USD 111077.4 0.0617543433 Long RF US N 1 N N N Bayview MSR Opportunity Offshore, L.P. N/A 999999999 10772428.03 OU Other Units USD 10772428.03 5.9890150390 Long PF KY Y N/A N N N Beacon Capital Strategic Partners VI, L.P. - Blocker N/A 999999999 14343 OU Other Units USD 14343 0.0079741023 Long PF US Y N/A N N N Blackstone RE Income Trust, Inc N/A 999999999 377547.038 NS USD 5212112.37 2.8977143576 Long PF US Y N/A N N N Lazard Global Listed Infrastructure Inst (GLIFX) N/A 52106N459 563674.322 NS USD 9356993.75 5.2020933565 Long RF US N 1 N N N Metropolitan Real Estate Partners International III-T, L.P. - Blocker N/A 999999999 119491.41 OU Other Units USD 119491.41 0.0664321775 Long PF US Y N/A N N N Money Market II Special N/A SF8888628 1932051.5 PA USD 1932051.5 1.0741390388 Long STIV US N 1 N N N 2025-05-20 Aspiriant Risk-Managed Real Assets Fund /s/ Ben Schmidt Ben Schmidt President