Aspiriant Risk-managed Real Asset Fund NPORT-P Aspiriant Risk-Managed Real Assets Fund (Jun 2023 report)

ASPIRIANT RISK-MANAGED REAL ASSETS FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

MARKETABLE SECURITIES  (34.09%)	Type of Investment	Units / Shares		Cost		Fair Value
EXCHANGE-TRADED FUNDS  (25.20%)
BlackRock Short Maturity Municipal Bond ETF	Exchange-traded fund		50,100	$	2,500,000	$	2,499,489
Invesco S&P Global Water Index ETF	Exchange-traded fund		71,325		2,621,195		3,666,818
iShares Gold Trusta	Exchange-traded fund		203,095		7,253,052		7,390,627
iShares Residential and Multisector Real Estate ETF	Exchange-traded fund		84,699		6,200,824		6,205,896
SPDR S&P Global Infrastructure ETF	Exchange-traded fund		100,539		5,396,944		5,365,766
Vanguard Global ex-U.S. Real Estate ETF	Exchange-traded fund		324,376		13,393,495		13,036,671
Vanguard Real Estate ETF	Exchange-traded fund		51,546		4,000,000		4,307,184
Vanguard Short-Term Inflation-Protected Securities ETF	Exchange-traded fund		2,226		108,320		105,557
TOTAL EXCHANGE-TRADED FUNDS					41,473,830		42,578,008
MUTUAL FUNDS  (8.89%)
GMO Climate Change Fund III	Mutual Fund		148,853		4,304,838		4,245,297
Principal Global Real Estate Securities Fund - Class I	Mutual Fund		1,228,861		10,900,000		10,777,114
TOTAL MUTUAL FUNDS					15,204,838		15,022,411
TOTAL MARKETABLE SECURITIES					56,678,668		57,600,419

PORTFOLIO FUNDS b  (68.18%)	Investment Strategy							Acquisition Date
MEMBERSHIP INTERESTS  (13.22%)
Green Courte Real Estate Partners III, LLC a	Private Real Estate		$	3,410,026	$	5,673,219		12/6/2011
Prime Property Fund, LLC	Private Real Estate	787		14,252,593		16,662,955		9/28/2017
TOTAL MEMBERSHIP INTERESTS				17,662,619		22,336,174
NON-TRADED REAL ESTATE INVESTMENT TRUST  (3.28%)
Blackstone Real Estate Income Trust, Inc.	Private Real Estate	377,547		5,002,488		5,544,354		6/1/2021
TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST				5,002,488		5,544,354
PARTNERSHIP INTERESTS  (51.68%)
Beacon Capital Strategic Partners VI, L.P.a	Private Real Estate			419,151		18,913		2/15/2011
Carmel Partners Investment Fund III, L.P.a	Private Real Estate			-		379,165		6/29/2010
Carmel Partners Investment Fund IV, L.P.a	Private Real Estate			-		21,421		3/15/2012
Carmel Partners Investment Fund V, L.P.a	Private Real Estate			1,761,322		4,735,136		8/8/2014
CBRE U.S. Core Partners, LP	Private Real Estate	7,478,114		11,787,949		13,550,264		7/1/2020
Cerberus Institutional Real Estate Partners III, L.P.a	Private Real Estate			-		2,558,240		4/29/2013
Cross Lake Real Estate Fund III L.P.a	Private Real Estate			2,562,712		3,021,907		10/11/2019
Electron Global Fund, L.P.a	Long/Short			5,000,000		5,402,656		6/1/2021
Energy Impact Fund II, L.P.a	Infrastructure			3,449,689		3,852,936		10/28/2021
Europe Fund III, L.P.a	Private Real Estate			1,620,523		4,286		5/14/2007
GCP SecureSpace Property Partners LPa	Private Real Estate			3,180,470		2,501,980		12/7/2022
GEM Realty Fund IV, L.P.a	Private Real Estate			436,459		14,070		6/29/2010
GEM Realty Securities Flagship, L.P.a,c	Long/Short			7,132,747		14,787,808		8/3/2009
GI Data Infrastructure Fund L.P.a	Infrastructure			8,200,130		9,186,751		7/24/2020
Hampshire Partners Fund VIII, L.P.a	Private Real Estate			-		329,519		11/15/2010
Heitman America Real Estate Trust L.P.	Private Real Estate	3,175		3,075,093		4,441,393		7/5/2018
HighBrook Property Fund IV (Main), L.P.a	Private Real Estate			6,199,967		7,268,439		2/22/2022
Metropolitan Real Estate Partners International III-T, L.P.a	Private Real Estate			501,751		256,827		12/30/2009
Paladin Realty Brazil Investors III (US-A), L.P.a,c	Private Real Estate			2,278,778		91,716		6/17/2011
Paladin Realty Latin America Investors II, L.P.a	Private Real Estate			726,240		19,128		1/4/2007
Paladin Realty Latin America Investors III, Liquidating Trusta	Private Real Estate			1,866,188		(269,242	)	9/30/2009
Paulson Real Estate Fund II, L.P.a	Private Real Estate			-		5,092,127		5/24/2013
Prime Finance Partners IV, L.P.a	Structured Credit			-		32,876		12/29/2014
Rush Island, LPa	Long/Short			3,000,000		3,174,200		7/1/2022
Sculptor Real Estate Fund IV L.P.a	Private Real Estate			4,762,963		4,531,860		4/6/2020
Sustainable Asset Fund III, L.P.a	Infrastructure			2,490,832		2,302,367		12/13/2021
TOTAL PARTNERSHIP INTERESTS				70,452,964		87,306,743
TOTAL PORTFOLIO FUNDS				93,118,071		115,187,271
TOTAL INVESTMENTS  (102.27%)			$	149,796,739	$	172,787,690
Liabilities in excess of other assets  (-2.27%)						(3,835,957	)
TOTAL NET ASSETS  (100.00%)					$	168,951,733

^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.

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