ASPIRIANT REAL ASSETS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2026 (Unaudited)
| MARKETABLE SECURITIES (33.79%) | Type of Investment | Units / Shares | Cost | Fair Value | ||||||||||||||
| EXCHANGE-TRADED FUNDS (14.27%) | ||||||||||||||||||
| Global X MLP & Energy Infrastructure ETF | Exchange-traded fund | 13,587 | $ | 999,934 | $ | 1,000,818 | ||||||||||||
| Invesco S&P Global Water Index ETF | Exchange-traded fund | 71,325 | 4,156,118 | 4,688,192 | ||||||||||||||
| Invesco Water Resources ETF | Exchange-traded fund | 36,903 | 2,499,696 | 2,549,259 | ||||||||||||||
| iShares Gold Trusta | Exchange-traded fund | 203,095 | 7,618,103 | 15,335,704 | ||||||||||||||
| Tema Electrification ETF | Exchange-traded fund | 29,041 | 999,380 | 1,216,528 | ||||||||||||||
| Vanguard Global ex-U.S. Real Estate ETFb | Exchange-traded fund | 21,781 | 1,029,402 | 976,878 | ||||||||||||||
| Vanguard Real Estate ETFb | Exchange-traded fund | 23,361 | 2,124,032 | 2,252,701 | ||||||||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | Exchange-traded fund | 2,226 | 108,320 | 111,812 | ||||||||||||||
| TOTAL EXCHANGE-TRADED FUNDS | 19,534,985 | 28,131,892 | ||||||||||||||||
| MUTUAL FUNDS (19.52%) | ||||||||||||||||||
| Fidelity International Real Estate Fund | Mutual Fund | 764,892 | 7,388,942 | 7,847,793 | ||||||||||||||
| GMO Resources Fund - Class VI | Mutual Fund | 107,610 | 2,208,584 | 2,720,387 | ||||||||||||||
| Lazard Global Listed Infrastructure - Institutional Portfolio | Mutual Fund | 563,674 | 8,936,601 | 10,839,457 | ||||||||||||||
| Principal Real Estate Securities Fund - Class I | Mutual Fund | 547,119 | 15,566,319 | 17,086,521 | ||||||||||||||
| TOTAL MUTUAL FUNDS | 34,100,446 | 38,494,158 | ||||||||||||||||
| TOTAL MARKETABLE SECURITIES | 53,635,431 | 66,626,050 | ||||||||||||||||
| PORTFOLIO FUNDSc (64.13%) | Investment Strategy | Acquisition Date | ||||||||||||||||
| MEMBERSHIP INTERESTS (4.99%) | ||||||||||||||||||
| Green Courte Real Estate Partners III, LLC Liquidating Trust a,b | Private Real Estate | $ | - | $ | 133,374 | 12/6/2011 | ||||||||||||
| Prime Property Fund, LLC | Private Real Estate | 512 | 7,215,350 | 9,711,693 | 9/28/2017 | |||||||||||||
| TOTAL MEMBERSHIP INTERESTS | 7,215,350 | 9,845,067 | ||||||||||||||||
| NON-TRADED REAL ESTATE INVESTMENT TRUST (2.78%) | ||||||||||||||||||
| Blackstone Real Estate Income Trust, Inc. - Class I | Private Real Estate | 377,547 | 4,093,458 | 5,484,097 | 6/1/2021 | |||||||||||||
| TOTAL NON-TRADED REAL ESTATE INVESTMENT TRUST | 4,093,458 | 5,484,097 | ||||||||||||||||
| PARTNERSHIP INTERESTS (56.36%) | ||||||||||||||||||
| Ara Energy Fund I-A, SCSpa | Infrastructure | 2,724,495 | 3,815,869 | 2/2/2026 | ||||||||||||||
| Bayview MSR Opportunity Offshore, L.P.a | Private Credit | 9,540,295 | 11,577,979 | 2/29/2024 | ||||||||||||||
| Beacon Capital Strategic Partners VI, L.P.a,b | Private Real Estate | 419,151 | 13,015 | 2/15/2011 | ||||||||||||||
| Carmel Partners Investment Fund III, L.P.a,b | Private Real Estate | - | 15,655 | 6/29/2010 | ||||||||||||||
| Carmel Partners Investment Fund V, L.P.a | Private Real Estate | 1,525,773 | 4,794,802 | 8/8/2014 | ||||||||||||||
| CBRE U.S. Core Partners, LP | Private Real Estate | 6,260,687 | 10,002,059 | 9,321,096 | 7/1/2020 | |||||||||||||
| Cerberus Institutional Real Estate Partners III, L.P.a | Private Real Estate | - | 1,015,663 | 4/29/2013 | ||||||||||||||
| Cross Lake Real Estate Fund III L.P.a,b | Private Real Estate | 2,763,654 | 4,273,060 | 10/11/2019 | ||||||||||||||
| Electron Global Fund, L.P.a | Long/Short | 6,000,000 | 9,062,127 | 6/1/2021 | ||||||||||||||
| Electron Infrastructure Fund, L.P.a | Infrastructure | 2,500,000 | 2,889,317 | 10/1/2025 | ||||||||||||||
| Energy Impact Fund II, L.P.a | Infrastructure | 4,373,721 | 3,289,649 | 10/28/2021 | ||||||||||||||
| GCP VI Feeder A, LPa | Private Real Estate | 702,475 | 594,477 | 12/16/2024 | ||||||||||||||
| GI Data Infrastructure Fund L.P.a,b | Infrastructure | 8,922,197 | 11,993,338 | 7/24/2020 | ||||||||||||||
| Hampshire Partners Fund VIII, L.P.a,b | Private Real Estate | - | 22,668 | 11/15/2010 | ||||||||||||||
| Heitman America Real Estate Trust L.P. | Private Real Estate | 1,226 | 655,803 | 1,547,415 | 7/5/2018 | |||||||||||||
| HighBrook Property Fund IV (TEF), L.P.a | Private Real Estate | 9,846,479 | 12,081,398 | 9/30/2023 | ||||||||||||||
| HighBrook US DCF, LPa | Infrastructure | 1,924,250 | 2,654,780 | 1/5/2026 | ||||||||||||||
| Metropolitan Real Estate Partners International III-T, L.P.a,b | Private Real Estate | 403,544 | 74,586 | 12/30/2009 | ||||||||||||||
| Oaktree Power Opportunities Fund VII, L.P.a | Infrastructure | 1,661,376 | 1,478,923 | 9/18/2025 | ||||||||||||||
| Paulson Real Estate Fund II, L.P.a,b | Private Real Estate | - | 4,598,493 | 5/24/2013 | ||||||||||||||
| Rush Island, LPa | Long/Short | 3,000,000 | 3,952,446 | 7/1/2022 | ||||||||||||||
| Sculptor Real Estate Fund IV L.P.a,b | Private Real Estate | 8,106,515 | 8,408,646 | 4/6/2020 | ||||||||||||||
| SecureSpace Property Partners L.P.a | Private Real Estate | 7,374,584 | 8,893,734 | 12/7/2022 | ||||||||||||||
| Sustainable Asset Fund III, L.P.a | Infrastructure | 4,356,857 | 4,751,067 | 12/13/2021 | ||||||||||||||
| TOTAL PARTNERSHIP INTERESTS | 86,803,228 | 111,120,203 | ||||||||||||||||
| TOTAL PORTFOLIO FUNDS | 98,112,036 | 126,449,367 | ||||||||||||||||
| SHORT-TERM INVESTMENT (1.65%) | Type of Investment | |||||||||||||||||
| Goldman Sachs Financial Square Government Fund, 3.28%b,d | Money Market Fund | 3,242,835 | 3,242,835 | 3,242,835 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENT | 3,242,835 | 3,242,835 | ||||||||||||||||
| TOTAL INVESTMENTS (99.57%) | $ | 154,990,302 | $ | 196,318,252 | ||||||||||||||
| Other assets less liabilities (0.43%) | 853,386 | |||||||||||||||||
| TOTAL NET ASSETS (100.00%) | $ | 197,171,638 | ||||||||||||||||
a Non-income producing security.
b All or a portion of this investment is made through the wholly owned subsidiary Aspiriant RMRA (Subholding) Inc.
c Portfolio Funds are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.
d 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 Ara Energy Fund I-A, SCSp which is domiciled in Luxembourg and Bayview MSR Opportunity Offshore, L.P., which is domiciled in Cayman Islands.