Aspiriant Risk-managed Real Asset Fund NPORT-P Aspiriant Risk-Managed Real Assets Fund (Dec 2022 report)

ASPIRIANT RISK-MANAGED REAL ASSETS FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2022 (Unaudited)

MARKETABLE SECURITIES (33.99%)	Type of Investment	Units / Shares		Cost		Fair Value
EXCHANGE-TRADED FUNDS (13.58%)
Invesco S&P Global Water Index ETF	Exchange-traded fund		81,583	$	2,998,486	$	3,803,400
iShares Gold Trusta	Exchange-traded fund		203,095		7,253,052		7,025,056
Vanguard Real Estate ETF	Exchange-traded fund		144,264		11,736,889		11,898,895
Vanguard Short-Term Inflation-Protected Securities ETF	Exchange-traded fund		2,226		108,320		103,976
Total Exchange-Traded Funds					22,096,747		22,831,327
MUTUAL FUNDS (20.41%)
Fidelity International Real Estate Fund	Mutual Fund		1,358,956		17,717,092		13,698,276
GMO Resources Fund VI	Mutual Fund		200,161		5,774,964		4,929,970
Lazard Global Listed Infrastructure Institutional Portfolio	Mutual Fund		363,873		5,900,000		5,166,990
Principal Real Estate Securities Fund R-6	Mutual Fund		416,766		11,450,000		10,510,838
TOTAL MUTUAL FUNDS					40,842,056		34,306,074
TOTAL MARKETABLE SECURITIES					62,938,803		57,137,401

PORTFOLIO FUNDS b (66.52%)	Investment Strategy	Units / Shares		Cost		Fair Value			Acquisition Date
MEMBERSHIP INTERESTS (14.07%)
Green Courte Real Estate Partners III, LLC a	Private Real Estate			$	3,410,026	$	5,302,165		12/6/2011
Prime Property Fund, LLC	Private Real Estate		821		14,970,626		18,357,261		9/28/2017
TOTAL MEMBERSHIP INTERESTS					18,380,652		23,659,426
NON-TRADED REAL ESTATE INVESTMENT TRUST (3.31%)
Blackstone Real Estate Income Trust, Inc.	Private Real Estate		374,735		4,960,965		5,556,536		6/1/2021
TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST					4,960,965		5,556,536
PARTNERSHIP INTERESTS (49.14%)
Beacon Capital Strategic Partners VI, L.P.a	Private Real Estate				419,151		20,257		2/15/2011
Carmel Partners Investment Fund III, L.P.a	Private Real Estate				-		418,594		6/29/2010
Carmel Partners Investment Fund IV, L.P.a	Private Real Estate				-		264,345		3/15/2012
Carmel Partners Investment Fund V, L.P.a	Private Real Estate				1,602,620		4,871,580		8/8/2014
CBRE U.S. Core Partners, LP	Private Real Estate		7,348,647		11,551,675		13,806,425		7/1/2020
Cerberus Institutional Real Estate Partners III, L.P.a	Private Real Estate				-		3,039,881		4/29/2013
Cross Lake Real Estate Fund III L.P.a	Private Real Estate				2,538,988		2,721,217		10/11/2019
Electron Global Fund, L.P.a	Long/Short				5,000,000		5,601,856		6/1/2021
Energy Impact Fund II, L.P.a	Infrastructure				2,968,805		3,303,568		10/28/2021
Europe Fund III, L.P.a	Private Real Estate				1,620,523		4,587		5/14/2007
GCP SecureSpace Property Partners, LPa	Private Real Estate				2,452,694		2,452,694		12/7/2022
GEM Realty Fund IV, L.P.a	Private Real Estate				436,459		15,018		6/29/2010
GEM Realty Securities Flagship, L.P.a	Long/Short				7,132,747		13,903,269		8/3/2009
GI Data Infrastructure Fund L.P.a	Infrastructure				5,816,796		5,910,002		7/24/2020
Hampshire Partners Fund VIII, L.P.a	Private Real Estate				-		284,011		11/15/2010
Heitman America Real Estate Trust L.P.	Private Real Estate		3,175		3,075,093		4,781,537		7/5/2018
HighBrook Income Property Fund, L.P.a	Private Real Estate				669,543		322,737		11/2/2012
HighBrook Property Fund IV (Main), L.P.a	Private Real Estate				5,712,996		6,012,126		2/22/2022
Metropolitan Real Estate Partners International III-T, L.P.a	Private Real Estate				501,751		246,646		12/30/2009
Paladin Realty Brazil Investors III (US-A), L.P.a,c	Private Real Estate				2,278,778		134,559		6/17/2011
Paladin Realty Latin America Investors II, L.P.a	Private Real Estate				726,240		11,365		1/4/2007
Paladin Realty Latin America Investors III, Liquidating Trusta	Private Real Estate				1,866,188		(211,675	)	9/30/2009
Paulson Real Estate Fund II, L.P.a	Private Real Estate				-		5,890,827		5/24/2013
Prime Finance Partners IV, L.P.a	Structured Credit				-		2,667		12/29/2014
Rush Island, LPa	Long/Short				3,000,000		3,013,068		7/1/2022
Sculptor Real Estate Fund IV L.P.a	Private Real Estate				3,933,220		3,501,804		4/6/2020
Sustainable Asset Fund III, L.P.a	Infrastructure				2,490,832		2,277,173		12/13/2021
TOTAL PARTNERSHIP INTERESTS					65,795,099		82,600,138
TOTAL PORTFOLIO FUNDS					89,136,716		111,816,100

SHORT-TERM INVESTMENT (3.88%)	Type of Investment
Fidelity Investments Money Market Government Portfolio I, 4.06%d	Money Market Fund	6,515,461		6,515,461		6,515,461
TOTAL SHORT-TERM INVESTMENT				6,515,461		6,515,461
TOTAL INVESTMENTS (104.39%)			$	158,590,980	$	175,468,962
Liabilities in excess of other assets (-4.39%)						(7,371,772	)
TOTAL NET ASSETS (100.00%)					$	168,097,190

^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.

^c Affiliated investment for which ownership exceeds 5% of the investment's capital.

^d The rate is the annualized seven-day yield at period end.

All investments are domiciled in the United States of America, except Europe Fund III, L.P. which is domiciled in the United Kingdom.