ASPIRIANT RISK-MANAGED REAL ASSET FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2021 (Unaudited)
| Marketable Securities (46.79%) | Type of Investment | Units / Shares | Cost | Fair Value | |||||||||||||
| Exchange-Traded Funds (38.23%) | |||||||||||||||||
| Global X MLP & Energy Infrastructure ETF | Exchange-traded fund | 87,694 | $ | 3,035,700 | $ | 3,186,800 | |||||||||||
| Global X MLP ETF | Exchange-traded fund | 53,074 | 2,200,401 | 2,051,310 | |||||||||||||
| Invesco S&P Global Water Index ETF | Exchange-traded fund | 81,583 | 2,998,485 | 4,376,928 | |||||||||||||
| iShares Gold Trusta | Exchange-traded fund | 203,095 | 7,253,054 | 6,846,332 | |||||||||||||
| iShares Silver Trusta | Exchange-traded fund | 59,209 | 1,499,436 | 1,434,042 | |||||||||||||
| Vanguard Global ex-U.S. Real Estate ETF | Exchange-traded fund | 360,593 | 20,461,463 | 21,044,207 | |||||||||||||
| Vanguard Real Estate ETF | Exchange-traded fund | 223,800 | 18,826,285 | 22,780,602 | |||||||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | Exchange-traded fund | 21,871 | 1,064,463 | 1,146,259 | |||||||||||||
| Total Exchange-Traded Funds | 57,339,287 | 62,866,480 | |||||||||||||||
| Mutual Funds (8.56%) | |||||||||||||||||
| Lazard Global Listed Infrastructure Institutional Portfolio | Mutual Fund | 363,873 | 5,900,000 | 5,771,019 | |||||||||||||
| Principal Real Estate Securities Fund R-6 | Mutual Fund | 266,935 | 6,500,000 | 8,304,343 | |||||||||||||
| Total Mutual Funds | 12,400,000 | 14,075,362 | |||||||||||||||
| Total Marketable Securities | 69,739,287 | 76,941,842 | |||||||||||||||
| Portfolio Funds b (54.86%) | Investment Strategy | Units / Shares | Cost | Fair Value | Acquisition Date | ||||||||||||
| Membership Interests (12.33%) | |||||||||||||||||
| Green Courte Real Estate Partners III, LLCa | Private Real Estate | $ | 3,410,026 | $ | 4,876,367 | 12/6/2011 | |||||||||||
| Prime Property Fund, LLC | Private Real Estate | 800 | 14,513,099 | 15,407,114 | 9/28/2017 | ||||||||||||
| Total Membership Interests | 17,923,125 | 20,283,481 | |||||||||||||||
| Non-Traded Real Estate Investment Trust (1.27%) | |||||||||||||||||
| Blackstone Real Estate Income Trust, Inc. | Private Real Estate | 165,318 | 2,000,000 | 2,084,196 | 6/1/2021 | ||||||||||||
| Total Non-Traded Real Estate Investment Trust | 2,000,000 | 2,084,196 | |||||||||||||||
| Partnership Interests (35.53%) | |||||||||||||||||
| Beacon Capital Strategic Partners VI, L.P.a | Private Real Estate | 419,151 | 25,127 | 2/15/2011 | |||||||||||||
| Carmel Partners Investment Fund III, L.P.a | Private Real Estate | - | 725,413 | 6/29/2010 | |||||||||||||
| Carmel Partners Investment Fund IV, L.P.a | Private Real Estate | - | 2,964,846 | 3/15/2012 | |||||||||||||
| Carmel Partners Investment Fund V, L.P.a | Private Real Estate | 2,334,526 | 4,987,543 | 8/8/2014 | |||||||||||||
| CBRE U.S. Core Partners, LP | Private Real Estate | 5,489,345 | 7,851,322 | 8,345,998 | 7/1/2020 | ||||||||||||
| Cerberus Institutional Real Estate Partners III, L.P.a | Private Real Estate | - | 3,041,992 | 4/29/2013 | |||||||||||||
| Cross Lake Real Estate Fund III L.P.a | Private Real Estate | 1,900,537 | 1,909,161 | 10/11/2019 | |||||||||||||
| Electron Global Fund, L.P.a | Long/Short | 2,000,000 | 2,085,829 | 6/1/2021 | |||||||||||||
| Europe Fund III, L.P.a | Private Real Estate | 1,620,523 | 6,482 | 5/14/2007 | |||||||||||||
| GEM Realty Fund IV, L.P.a | Private Real Estate | 436,459 | 16,435 | 6/29/2010 | |||||||||||||
| GEM Realty Securities Flagship, L.P.a | Long/Short | 7,132,747 | 12,688,369 | 8/3/2009 | |||||||||||||
| GI Data Infrastructure Fund L.P.a | Infrastructure | 427,857 | 144,069 | 7/24/2020 | |||||||||||||
| Hampshire Partners Fund VIII, L.P.a | Private Real Estate | - | 409,469 | 11/15/2010 | |||||||||||||
| Heitman America Real Estate Trust L.P. | Private Real Estate | 6,621 | 8,107,385 | 8,154,476 | 7/5/2018 | ||||||||||||
| HighBrook Income Property Fund, L.P.a | Private Real Estate | 750,228 | 746,534 | 11/2/2012 | |||||||||||||
| Metropolitan Real Estate Partners International III-T, L.P.a | Private Real Estate | 501,751 | 286,279 | 12/30/2009 | |||||||||||||
| Paladin Realty Brazil Investors III (US-A), L.P.a | Private Real Estate | 2,537,387 | 633,389 | 6/17/2011 | |||||||||||||
| Paladin Realty Latin America Investors II, L.P.a | Private Real Estate | 878,679 | 163,442 | 1/4/2007 | |||||||||||||
| Paladin Realty Latin America Investors III, L.P.a | Private Real Estate | 1,866,188 | (104,811 | ) | 9/30/2009 | ||||||||||||
| Paulson Real Estate Fund II, L.P.a | Private Real Estate | 3,765,969 | 9,558,394 | 5/24/2013 | |||||||||||||
| Prime Finance Partners IV, L.P.a | Structured Credit | - | 312,188 | 12/29/2014 | |||||||||||||
| Sculptor Real Estate Fund IV L.P.a | Private Real Estate | 1,411,281 | 1,309,680 | 4/6/2020 | |||||||||||||
| Square Mile Partners III, L.P.a | Structured Credit | 394,030 | 7,776 | 7/29/2008 | |||||||||||||
| Total Partnership Interests | 44,336,020 | 58,418,080 | |||||||||||||||
| Shares of Beneficial Interest (5.73%) | |||||||||||||||||
| AG Mortgage Value Partners, Ltd.a | Structured Credit | 7,942 | 7,941,506 | 8,237,822 | 1/1/2020 | ||||||||||||
| AG REDI, Ltd.a | Structured Credit | 1,444 | 1,980,016 | 1,178,385 | 1/1/2020 | ||||||||||||
| Total Shares of Beneficial Interest | 9,921,522 | 9,416,207 | |||||||||||||||
| Total Portfolio Funds | 74,180,667 | 90,201,964 | |||||||||||||||
| Total Investments (101.65%) | $ | 143,919,954 | $ | 167,143,806 | |||||||||||||
| Liabilities in excess of other assets (-1.65%) | (2,721,012 | ) | |||||||||||||||
| Partners' Capital (100.00%) | $ | 164,422,794 | |||||||||||||||
| a | Non-income producing security. |
| b | Portfolio Funds are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale. |
All investments are domiciled in the United States of America, except Europe Fund III, L.P. which is domiciled in the United Kingdom.
