ASPIRIANT CAPITAL APPRECIATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026 (Unaudited)

 

MARKETABLE SECURITIES (28.45%)  Type of Investment  Units / Shares   Cost   Fair Value    
EXCHANGE-TRADED FUND (3.83%)                     
iShares MSCI ACWI ETFa  Exchange-traded fund   39,563   $5,187,594   $6,210,204  
TOTAL EXCHANGE-TRADED FUND           5,187,594    6,210,204    
                      
MUTUAL FUNDS (24.62%)                     
American Funds New Perspective Fund F-3 Class  Mutual fund   144,310    9,580,743    10,918,498    
DFA Global Equity Portfolio - Institutional Class  Mutual fund   302,445    10,772,416    13,404,348    
GMO Quality Fund - Class VIa  Mutual fund   420,472    13,001,959    15,570,090    
TOTAL MUTUAL FUNDS           33,355,118    39,892,936    
TOTAL MARKETABLE SECURITIES           38,542,712    46,103,140    

 

PORTFOLIO FUNDS b, c (71.05%)  Investment Strategy          Acquisition Date
PARTNERSHIP INTERESTS (71.05%)                
Accolade Partners VII-C, L.P.d  Private Equity   1,417,500    1,822,559   12/7/2020
AQR Delphi Long-Short Equity Fund, L.P.  Long/Short   5,500,000    11,524,707   4/1/2020
Black River Capital Partners Fund (Food) L.P.a  Private Equity   3,763,751    1,052,223   8/5/2011
Blackstone Life Sciences V L.P.  Private Equity   4,856,955    6,705,219   1/10/2020
Coatue Qualified Partners, L.P.  Long/Short   3,502,224    12,570,923   11/1/2017
Gavea Investment Fund IV A, L.P.  Private Equity   1,424,075    255,660   7/1/2011
H.I.G. Small-Cap & Growth Buyout Fund IV, L.P.  Buyout   250,000    198,061   3/30/2026
Industry Ventures Secondary X, L.P.  Venture Capital   1,620,789    2,674,213   1/2/2024
J. Goldman, L.P.  Long/Short   1,000,000    1,076,304   7/1/2025
KEPE Selling Fund II, L.P.a  Private Equity   56,826    56,870   11/15/2024
New Mountain Investments III, L.P.a  Buyout   208,517    68,638   12/19/2007
New Mountain Investments VII, L.P.  Buyout   3,650,623    4,322,504   8/29/2024
Oaktree Opportunities Fund X, L.P.  Private Credit   -    1,089,747   2/4/2016
Oaktree Opportunities Fund Xb, L.P.a  Private Credit   1,821,149    7,936,214   6/18/2018
RA Capital Healthcare Fund, L.P.  Long/Short   6,000,000    18,115,742   2/1/2019
RA Capital Nexus Fund III, L.P.  Private Equity   2,400,000    4,331,418   12/17/2021
Revolution Ventures II, L.P.  Venture Capital   3,509,809    2,659,689   10/24/2013
Stripes V, L.P.  Private Equity   9,818,729    14,735,715   7/7/2021
The Children's Investment Fund L.P.  Long/Short   3,000,000    13,024,275   11/1/2017
Transformation Capital Fund IV-A, L.P.  Venture Capital   561,307    464,564   5/5/2026
Viking Global Opportunities L.P.  Private Equity   4,380,452    10,443,577   1/1/2021
Vintage V, L.P.  Buyout   1,969,564    4,871   8/20/2008
TOTAL PARTNERSHIP INTERESTS      60,712,270    115,133,693    
TOTAL PORTFOLIO FUNDS      60,712,270    115,133,693    

 

SHORT-TERM INVESTMENT (1.29%)  Type of Investment               
Goldman Sachs Financial Square Government Fund, 3.28%a,e  Money Market Fund   2,095,110    2,095,110    2,095,110    
TOTAL SHORT-TERM INVESTMENT           2,095,110    2,095,110    
                      
TOTAL INVESTMENTS (100.79%)          $101,350,092   $163,331,943    
Liabilities in excess of other assets (-0.79%)                (1,288,226)   
                      
TOTAL NET ASSETS (100.00%)               $162,043,717    

 

a All or a portion of this investment is made through the wholly owned subsidiary RMCA Subholding, LLC.

b Portfolio Funds are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

c Non-income producing security.

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, except Gavea Investment Fund IV A, L.P., which is domiciled in Brazil.