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

ASPIRIANT RISK-MANAGED REAL ASSETS FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023 (Unaudited)

MARKETABLE SECURITIES  (35.30%)	Type of Investment	Units / Shares		Cost		Fair Value
EXCHANGE-TRADED FUNDS  (13.06%)
Invesco S&P Global Water Index ETF	Exchange-traded fund		71,325	$	2,621,195	$	3,780,795
iShares Gold Trusta	Exchange-traded fund		203,095		7,618,104		7,926,798
Vanguard Real Estate ETF	Exchange-traded fund		127,136		9,344,199		11,233,737
Vanguard Short-Term Inflation-Protected Securities ETF	Exchange-traded fund		2,226		108,320		105,713
TOTAL EXCHANGE-TRADED FUNDS					19,691,818		23,047,043
MUTUAL FUNDS  (22.24%)
Fidelity International Real Estate Fund	Mutual Fund		1,364,583		13,100,000		14,027,917
GMO Resources Fund VI	Mutual Fund		166,104		3,870,514		3,805,438
Lazard Global Listed Infrastructure Institutional Portfolio	Mutual Fund		563,674		8,100,000		8,612,944
Principal Real Estate Securities Fund - Class I	Mutual Fund		460,234		11,400,000		12,789,907
TOTAL MUTUAL FUNDS					36,470,514		39,236,206
TOTAL MARKETABLE SECURITIES					56,162,332		62,283,249

PORTFOLIO FUNDS b  (65.14%)	Investment Strategy							Acquisition Date
MEMBERSHIP INTERESTS  (12.04%)
Green Courte Real Estate Partners III, LLC a,c	Private Real Estate		$	3,410,026	$	5,801,355		12/6/2011
Prime Property Fund, LLC	Private Real Estate	762		12,419,617		15,430,238		9/28/2017
TOTAL MEMBERSHIP INTERESTS				15,829,643		21,231,593
NON-TRADED REAL ESTATE INVESTMENT TRUST  (3.02%)
Blackstone Real Estate Income Trust, Inc.	Private Real Estate	377,547		4,569,429		5,322,545		6/1/2021
TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST				4,569,429		5,322,545
PARTNERSHIP INTERESTS  (50.08%)
Beacon Capital Strategic Partners VI, L.P.a,c	Private Real Estate			419,151		17,524		2/15/2011
Carmel Partners Investment Fund III, L.P.a,c	Private Real Estate			-		339,019		6/29/2010
Carmel Partners Investment Fund V, L.P.a	Private Real Estate			1,729,654		4,430,633		8/8/2014
CBRE U.S. Core Partners, LP	Private Real Estate	7,604,024		12,002,059		12,427,090		7/1/2020
Cerberus Institutional Real Estate Partners III, L.P.a	Private Real Estate			-		2,650,329		4/29/2013
Cross Lake Real Estate Fund III L.P.a,c	Private Real Estate			2,705,878		3,087,278		10/11/2019
Electron Global Fund, L.P.a	Long/Short			6,000,000		6,017,116		6/1/2021
Energy Impact Fund II, L.P.a	Infrastructure			3,903,420		4,404,419		10/28/2021
GCP SecureSpace Property Partners LPa	Private Real Estate			4,184,439		3,928,589		12/7/2022
GEM Realty Securities Flagship, L.P.a,d	Long/Short			5,132,747		13,046,641		8/3/2009
GI Data Infrastructure Fund L.P.a	Infrastructure			8,898,736		9,718,031		7/24/2020
Hampshire Partners Fund VIII, L.P.a,c	Private Real Estate			-		150,909		11/15/2010
Heitman America Real Estate Trust L.P.	Private Real Estate	3,175		3,075,093		4,109,901		7/5/2018
HighBrook Property Fund IV (TEF), L.P.a	Private Real Estate			7,578,896		7,389,515		9/30/2023
Metropolitan Real Estate Partners International III-T, L.P.a,c	Private Real Estate			418,596		165,250		12/30/2009
Paladin Realty Brazil Investors III (US-A), L.P.a,c,d	Private Real Estate			2,278,778		89,539		6/17/2011
Paladin Realty Latin America Investors III, Liquidating Trusta,c	Private Real Estate			1,866,188		(311,019	)	9/30/2009
Paulson Real Estate Fund II, L.P.a,c	Private Real Estate			-		4,553,089		5/24/2013
Rush Island, LPa	Long/Short			3,000,000		3,291,902		7/1/2022
Sculptor Real Estate Fund IV L.P.a,c	Private Real Estate			6,517,527		6,210,574		4/6/2020
Sustainable Asset Fund III, L.P.a	Infrastructure			2,933,346		2,631,890		12/13/2021
TOTAL PARTNERSHIP INTERESTS				72,644,508		88,348,219
TOTAL PORTFOLIO FUNDS				93,043,580		114,902,357

SHORT-TERM INVESTMENT  (0.87%)	Type of Investment	Principal Amount
UMB Bank, Money Market Special II, 5.18%e	Bank Deposit	1,538,305		1,538,305		1,538,305
TOTAL SHORT-TERM INVESTMENT				1,538,305		1,538,305
TOTAL INVESTMENTS  (101.31%)			$	150,744,217	$	178,723,911
Liabilities in excess of other assets  (-1.31%)						(2,311,406	)
TOTAL NET ASSETS  (100.00%)					$	176,412,505

^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 This investment is made through the wholly owned subsidiary Aspiriant RMRA (Subholding) Inc.

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

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

All investments are domiciled in the United States of America.