# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001398344-25-011591
**Filing Date:** 2025-6
**Character Count:** 310823
**Document Hash:** 0fc0cfbda75cc4f4587b2c6d167ac942
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011591.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001398344-25-011591

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 155

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Trust
- **CENTRAL INDEX KEY:** 0001534881

**ORGANIZATION NAME:**
- **EIN:** 205458457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 251033693

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BOULEVARD SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** (310) 806-4000

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BOULEVARD SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aspiriant Global Equity Trust
- **DATE OF NAME CHANGE:** 20111214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advanced Global Equity Trust
- **DATE OF NAME CHANGE:** 20111213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advanced Capital Intelligence LLC
- **DATE OF NAME CHANGE:** 20111115

## Series and Classes Contracts Data

### Aspiriant Risk-Managed Equity Allocation Fund (Series ID: S000036290)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111026 | Advisor Shares | RMEAX           |

### Aspiriant Risk-Managed Municipal Bond Fund (Series ID: S000049584)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000156767 | Aspiriant Risk-Managed Municipal Bond Fund | RMMBX           |

### Aspiriant Defensive Allocation Fund (Series ID: S000051603)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000162347 | Aspiriant Defensive Allocation Fund | RMDFX           |

### Aspiriant Risk-Managed Taxable Bond Fund (Series ID: S000059404)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000194824 | Aspiriant Risk-Managed Taxable Bond Fund | RMTBX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22648

#### Aspiriant Trust
(Exact name of registrant as specified in charter)

------

11100 Santa Monica Boulevard Suite 600

Los Angeles, California 90025

(Address of principal executive offices) (Zip code)

Robert J. Francais

Aspiriant Trust

11100 Santa Monica Boulevard Suite 600

Los Angeles, California 90025

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(310) 806-4000

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Report to Stockholders.**

The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Aspiriant Risk-Managed Taxable Bond Fund

RMTBX

![TSR Fund Logo - Cover](images_281.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This annual shareholder report contains important information about the Aspiriant Risk-Managed Taxable Bond Fund ("Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/. You can also request this information by contacting us at 1-877-997-9971.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aspiriant Risk-Managed Taxable Bond Fund<br>(RMTBX) | $28 | 0.27% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Aspiriant Risk-Managed Taxable Bond Fund ("Taxable Bond Fund" or the "Fund") returned 5.91% for the fiscal year ended March 31, 2025. Over the same period, Taxable Bond Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark"), returned 4.88%. Corporate high yield issues, represented by the Bloomberg U.S. Corporate High Yield Index, once again outperformed investment grade bonds with a return of 7.69% for the fiscal year ended March 31, 2025.

TOP PERFORMANCE CONTRIBUTORS

Active management proved to be beneficial in the volatility that emerged over the course of the year. Funds like the PIMCO Income Fund and River Canyon Total Return Bond Fund each outperformed the Benchmark with approximate returns of 7.43% and 8.13%, respectively.

Investments that generally held higher yielding investments performed even better as they benefited from U.S. continued growth. The Vanguard High-Yield Corporate Fund returned 7.20% for the fiscal year ended March 31, 2025. The Fund's exposure to emerging market debt was also beneficial as the GMO Emerging Country Debt Fund returned approximately 10.98% for the fiscal year ended March 31, 2025.

TOP PERFORMANCE DETRACTORS

The long end of the yield curve underperformed during the year. This was exemplified by the Vanguard Total Bond Market Index Fund which returned approximately 4.87% and the Vanguard Long-Term Treasury ETF which returned approximately 1.32%, both underperforming the Benchmark, for the one-year period ended March 31, 2025.

The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

The Bloomberg U.S. Corporate High Yield Bond Index is an index that measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_946324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| Aspiriant Risk-Managed Taxable Bond Fund (RMTBX) | 5.91% | 1.50% | 2.18% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.58% |

---

 *<sup><sup>\*</sup></sup>* *<sup>Commenced operations as of the close of business on March 29, 2018.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/fund-performance/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$283466692 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$235556 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Bond Market Index Fund - Institutional Class | 30.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Income Fund - Institutional Class | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Total Return Bond Fund - I Class | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan West Total Return Bond Fund - Plan Class | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;River Canyon Total Return Bond Fund - Institutional Class | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Long-Term Treasury ETF | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Emerging Country Debt Fund, Class VI | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Twin Brook Capital Income Fund - I Class | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;AG Direct Lending Fund IV Annex, LP | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard High-Yield Corporate Fund - Admiral Shares | 0.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_946329.jpg)

#### Material Fund Changes
On December 6, 2024 (the "Effective Date"), Foreside Financial Group, LLC completed its acquisition of UMB Distribution Services, LLC, the Fund's distributor. In connection with the acquisition, as of the Effective Date, the Fund's distributor changed its name to Distribution Services, LLC.

Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.06% of average daily net assets resulting in a net administrative services fee of 0.04% of daily net assets.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated August 1, 2024 at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/. You can also request this information by contacting us at 1-877-997-9971.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Aspiriant Risk-Managed Taxable Bond Fund

Aspiriant Risk-Managed Municipal Bond Fund

RMMBX

![TSR Fund Logo - Cover](images_281.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This annual shareholder report contains important information about the Aspiriant Risk-Managed Municipal Bond Fund ("Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/. You can also request this information by contacting us at 1-877-997-9971.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aspiriant Risk-Managed Municipal Bond Fund<br>(RMMBX) | $34 | 0.34% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Aspiriant Risk-Managed Municipal Bond Fund ("Municipal Bond Fund" or the "Fund") returned 2.05% for the fiscal year ended March 31, 2025. Over the same period, the Municipal Bond Fund's benchmark, the Bloomberg Municipal Bond Index (the "Benchmark"), returned 1.22%. High yield municipal bonds, as measured by the Bloomberg High Yield Municipal Bond Index, returned 5.59% for the one-year period ended March 31, 2025, outperforming investment grade bonds, as measured by the Benchmark, for the second straight year.

TOP PERFORMANCE CONTRIBUTORS

The Fund's sub-advisers, with higher portions of their portfolios in high yield investments, were the top performers with Nuveen Asset Management, LLC and MacKay Shields, LLC returning approximately 3.13% and 2.14%, respectively.

TOP PERFORMANCE DETRACTORS

The only underlying fund to underperform the Benchmark was the iShares National Muni Bond ETF with an approximate return of 1.01% for the fiscal year ended March 31, 2025.

The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

The Bloomberg Municipal Bond Index is considered representative of the tax-exempt bond market. It includes most investment-grade tax-exempt bonds that are issued by state and local governments.

The Bloomberg High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prerefunded bonds; however, historically the index has been composed of mostly revenue bonds.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_946216.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| Aspiriant Risk-Managed Municipal Bond Fund (RMMBX) | 2.05% | 1.88% | 2.63% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.27% |

---

 *<sup><sup>\*</sup></sup>* *<sup>Commenced operations as of the close of business on July 1, 2015.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/fund-performance/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1223780058 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2658502 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. The interest rates presented in the Top Ten Holdings are as of the reporting period end.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MacKay Municipal Opportunities Fund, LP | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MacKay Municipal Credit Opportunities Fund, LP | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;City of New York, 5.25%, 03/1/2053, Call 03/1/2034 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, 5.00%, 10/15/2041, Call 10/15/2025 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, 5.25%, 05/15/2048, Call 05/15/2033 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2048, Call 12/15/2032 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board, AGM, 3.55%, 06/1/2042, Call 05/1/2025 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Port of Portland Airport Revenue, 5.25%, 07/1/2049, Call 07/1/2034 | 0.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_946221.jpg)

#### Material Fund Changes
On December 6, 2024 (the "Effective Date"), Foreside Financial Group, LLC completed its acquisition of UMB Distribution Services, LLC, the Fund's distributor. In connection with the acquisition, as of the Effective Date, the Fund's distributor changed its name to Distribution Services, LLC.

Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.06% of average daily net assets resulting in a net administrative services fee of 0.04% of daily net assets.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated August 1, 2024 at https://aspiriantfunds.com/

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.aspiriantfunds.com. You can also request this information by contacting us at 1-877-997-9971.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Aspiriant Risk-Managed Municipal Bond Fund

Aspiriant Defensive Allocation Fund

RMDFX

![TSR Fund Logo - Cover](images_281.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This annual shareholder report contains important information about the Aspiriant Defensive Allocation Fund ("Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aspiriant Defensive Allocation Fund<br>(RMDFX) | $20 | 0.19% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Aspiriant Defensive Allocation Fund ("Defensive Allocation Fund" or the "Fund") returned 6.55% for the one-year period ended March 31, 2025. Over the same period, the Fund's primary benchmark, the HFRI Fund of Funds Composite Index (the "Benchmark"), returned 4.56%. Over the same period, the Bloomberg U.S. Aggregate Bond Index returned 4.88%.

TOP PERFORMANCE CONTRIBUTORS

Alternative Diversifiers, investments in strategies with return patterns that are less sensitive to movements in traditional markets, provided an approximate return of 8.43% for the one-year period ended March 31, 2025. This category benefited from Eaton Vance Global Macro Absolute Return Advantage Fund and the iShares Gold Trust returning 9.35% and 40.14%, respectively.

Within Alternative Diversifiers, the Fund's allocations to private funds (Millennium International, Ltd. and Elliott Associates, L.P.) performed well with a blended return of 10.06% for the one-year period ended March 31, 2025.

TOP PERFORMANCE DETRACTORS

Core Diversifiers, global asset allocation strategies that invest across a wide range of financial markets and geographies, returned approximately 5.25% for the one-year period ended March 31, 2025. The performance of the Core Diversifiers was mixed as increased volatility brought on by economic uncertainty and the slower than expected pace of stimulus being provided by the U.S. Federal Reserve. Core Diversifiers' performance varied as demonstrated by GMO Benchmark-Free Allocation Fund and JPMorgan Global Allocation Fund, returning 6.04% and 3.62%, respectively.

The Alternative Diversifiers saw performance below the Benchmark from a few underlying funds, including the GMO Equity Dislocation Investment Fund and the BlackRock Event Driven Equity Fund, returning -1.94% and 3.00%, respectively.

The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

The HFRI Fund of Funds Composite Index is an index that is a global, equal-weighted index of Fund of Funds that report to HFR Database.

The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_946288.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| Aspiriant Defensive Allocation Fund (RMDFX) | 6.55% | 6.46% | 3.95% |
| HFRI Fund of Funds Composite Index | 4.56% | 7.15% | 4.03% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.67% |

---

 *<sup><sup>\*</sup></sup>* *<sup>Commenced operations as of the close of business on December 14, 2015.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/fund-performance-2/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$971616092 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1084492 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Benchmark-Free Allocation Fund - Class IV | 25.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wilshire Bridgewater Managed Alpha (Ireland) Fund | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Global Allocation Fund - Class R6 | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard Rathmore Alternative Fund - Class E | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Gold Trust | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millennium International, Ltd. - Class GG | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elliott Associates, LP | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Equity Dislocation Investment Fund - Class A | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Event Driven Equity Fund - Institutional Shares | 4.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_946293.jpg)

#### Material Fund Changes
On December 6, 2024 (the "Effective Date"), Foreside Financial Group, LLC completed its acquisition of UMB Distribution Services, LLC, the Fund's distributor. In connection with the acquisition, as of the Effective Date, the Fund's distributor changed its name to Distribution Services, LLC.

Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.01% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.08% of average net assets resulting in a net administrative services fee of 0.02% of average daily net assets.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated August 1, 2024 at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Aspiriant Defensive Allocation Fund

Aspiriant Risk-Managed Equity Allocation Fund

Advisor class/RMEAX

![TSR Fund Logo - Cover](images_281.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This annual shareholder report contains important information about the Aspiriant Risk-Managed Equity Allocation Fund ("Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aspiriant Risk-Managed Equity Allocation Fund<br>(Advisor class/RMEAX) | $30 | 0.29% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Aspiriant Risk-Managed Equity Allocation Fund ("Equity Allocation Fund" or the "Fund") returned 8.63% for the fiscal year ended March 31, 2025. Over the same period, Equity Allocation Fund's benchmark, the MSCI ACWI Index, returned 7.15% and MSCI ACWI Minimum Volatility Index returned 12.95%.

TOP PERFORMANCE CONTRIBUTORS

The Fund's sub-advisers and underlying funds that have a low volatility mandate returned approximately 12.88% for the one-year period ended March 31, 2025, as low volatility and value stocks outperformed growth stocks for the first time in years.

The Fund's investments in private funds, RIEF Strategic Partners Fund LLC and Viking Global Equities LP, returned 21.43% for the one-year period ended March 31, 2025. The increase in volatility and a pull back by the U.S. Large Cap Growth stocks that have been leading indexes higher benefited these funds.

TOP PERFORMANCE DETRACTORS

The underlying funds and sub-advisers who used quality strategies returned 6.98%, as growth stocks that make up a larger portion of the securities in these strategies did not do as well as value stocks over the past twelve months.

GMO Equity Dislocation Investment Fund returned -1.96%.

The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets.

MSCI ACWI Minimum Volatility Index is composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_946252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Aspiriant Risk-Managed Equity Allocation Fund (Advisor class/RMEAX) | 8.63% | 10.92% | 6.89% |
| MSCI ACWI Index | 7.15% | 15.18% | 8.84% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/fund-performance/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1296717774 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2195917 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Quality Fund - Class VI | 31.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RIEF Strategic Partners Fund LLC | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Equity ETF | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Global Min Vol Factor ETF | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AQR Large Cap Defensive Style Fund - Class R6 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Equity Dislocation Investment Fund - Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Global Equities LP | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baillie Gifford Emerging Markets Equities Fund - Class K | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI ACWI ETF | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 1.2% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_946257.jpg)

#### Material Fund Changes
On December 6, 2024 (the "Effective Date"), Foreside Financial Group, LLC completed its acquisition of UMB Distribution Services, LLC, the Funds's distributor. In connection with the acquisition, as of the Effective Date, the Fund's distributor changed its name to Distribution Services, LLC.

Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.05% of average daily net assets resulting in a net administrative services fee of 0.05% of average daily net assets.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is dated August 1, 2024 at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Aspiriant Risk-Managed Equity Allocation Fund- Advisor class

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit
 waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial
 officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
 are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item's
 instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that
 applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. Michael D. Leroy is qualified to serve as the audit committee financial expert serving on its audit committee and that he is "independent," as defined in Form N-CSR Item 3(a)(2).

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| Fiscal year ended March 31, 2024 | $175200 |
| Fiscal year ended March 31, 2025 | $180450 |

---

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the registrant's financial statements and were not reported under paragraph (a) of this Item. The audit-related fees include pricing, technology, travel, and other audit-related general expenses.

---

| | |
|:---|:---|
| Fiscal year ended March 31, 2024 | $9979 |
| Fiscal year ended March 31, 2025 | $6850 |

---

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are as follows. The tax services provided include review and signing of the registrant's income and excise tax returns, and review of excise distribution calculations.

---

| | |
|:---|:---|
| Fiscal year ended March 31, 2024 | $39570 |
| Fiscal year ended March 31, 2025 | $40760 |

---

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

Fiscal year ended March 31, 2024 None <br> Fiscal year ended March 31, 2025 None

(e) Audit Committee's pre-approval policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant's investment adviser or any entity controlling, controlled by or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the principal accountant's fees or services described in each of paragraphs (b) through (d) of this Item were approved by the audit committee pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the past two fiscal years.

---

| | |
|:---|:---|
| Fiscal year ended March 31, 2024 | $46401 |
| Fiscal year ended March 31, 2025 | $48233 |

---

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Included as part of the financial statements and other information filed under Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](image_001.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**Each, a series of Aspiriant Trust** 

**Annual Financial Statements and Other Information** 

**March 31, 2025**![](image_002.jpg)

**ASPIRIANT TRUST** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 65 |

---

![](image_003.jpg)<sub>2</sub>

![](image_004.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**Schedule of Investments** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 85.3%** | **OPEN-END MUTUAL FUNDS — 85.3%** |
|  | **CORE — 78.5%** | **CORE — 78.5%** |
| 4301256 | DoubleLine Total Return Bond Fund - I Class | $38023106 |
| 3371090 | Metropolitan West Total Return Bond Fund - Plan Class | 28687977 |
| 4115903 | PIMCO Income Fund - Institutional Class | 44040163 |
| 2515305 | River Canyon Total Return Bond Fund - Institutional Class | 25253656 |
| 8961060 | Vanguard Total Bond Market Index Fund - Institutional Class<sup>1</sup> | 86474231 |
|  |  | **222479133** |
|  | **OPPORTUNISTIC — 6.8%** | **OPPORTUNISTIC — 6.8%** |
| 836150 | GMO Emerging Country Debt Fund, Class VI | 16932042 |
| 424241 | Vanguard High-Yield Corporate Fund - Admiral Shares | 2299386 |
|  |  | **19231428** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $253,451,015) | **241710561** |
|  | **EXCHANGE-TRADED FUND — 6.0%** | **EXCHANGE-TRADED FUND — 6.0%** |
|  | **CORE — 6.0%** | **CORE — 6.0%** |
| 297729 | Vanguard Long-Term Treasury ETF | 17152168 |
|  | **TOTAL EXCHANGE-TRADED FUND** | **TOTAL EXCHANGE-TRADED FUND** |
|  | &nbsp;&nbsp;&nbsp;(Cost $17,536,252) | **17152168** |
|  | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.3%** | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.3%** |
|  | **OPPORTUNISTIC — 3.3%** | **OPPORTUNISTIC — 3.3%** |
| 370722 | TPG Twin Brook Capital Income Fund - I Class | 9370751 |
|  | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** |
|  | &nbsp;&nbsp;&nbsp;(Cost $9,423,940) | **9370751** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **PRIVATE FUND<sup>2</sup> — 2.7%** | **PRIVATE FUND<sup>2</sup> — 2.7%** |
|  | **OPPORTUNISTIC — 2.7%** | **OPPORTUNISTIC — 2.7%** |
|  | AG Direct Lending Fund IV Annex, LP\* <sup>3</sup> | $7593714 |
|  | **TOTAL PRIVATE FUND** | **TOTAL PRIVATE FUND** |
|  | &nbsp;&nbsp;&nbsp;(Cost $4,898,436) | **7593714** |
|  | **SHORT-TERM INVESTMENT — 2.7%** | **SHORT-TERM INVESTMENT — 2.7%** |
| 7598429 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.33%<sup>4</sup> | 7601468 |
|  | **TOTAL SHORT-TERM INVESTMENT** | **TOTAL SHORT-TERM INVESTMENT** |
|  | &nbsp;&nbsp;&nbsp;(Cost $7,600,438) | **7601468** |
|  | **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** |
|  | &nbsp;&nbsp;&nbsp;(Cost $292,910,081) | **283428662** |
|  | Other assets less liabilities — 0.0%<sup>5</sup> | 38030 |
|  | **TOTAL NET ASSETS — 100.0%** | $**283466692** |

---

\* Non-income producing security.

<sup>1</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>2</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2025, the aggregate fair value of these investments is $7,593,714 or 2.7% of the Fund's net assets.

<sup>3</sup> The investment was acquired on 4/8/2022. The cost is $4,898,436.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

<sup>5</sup> Rounds to less than 0.05%.

ETF — Exchange-Traded Fund

LP — Limited Partnership

*See accompanying Notes to Financial Statements.*

![](image_005.jpg)<sub>3</sub>

![](image_006.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 73.4%** | **MUNICIPAL BONDS — 73.4%** |
|  | **ALABAMA — 2.6%** | **ALABAMA — 2.6%** |
| $1715000 | Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026 | $1724627 |
| 375000 | Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028 | 378007 |
|  | Black Belt Energy Gas District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | 2002087 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 1005737 |
| 500000 | &nbsp;&nbsp;&nbsp;3.22% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/2026<sup>2</sup> | 487517 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2041210 |
| 500000 | &nbsp;&nbsp;&nbsp;3.52% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 484437 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2055, Call 06/1/2032<sup>1</sup> | 535043 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2055, Call 04/1/2031<sup>1</sup> | 1056733 |
| 1035000 | County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033 | 1067971 |
|  | Health Care Authority for Baptist Health |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 11/15/2032 | 1046519 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2037, Call 11/15/2032 | 911550 |
| 1000000 | Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034 | 1037508 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1125100 |
| 1500000 | Industrial Development Board of the City of Mobile Alabama, 3.30%, 07/15/2034<sup>1</sup> | 1501974 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2396138 |
|  | Mobile County Industrial Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2054, Call 06/20/2034<sup>3</sup> | 1484617 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 12/1/2054, Call 12/1/2034<sup>3</sup> | 946421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ALABAMA (Continued)** | **ALABAMA (Continued)** | **ALABAMA (Continued)** |
|  | Southeast Alabama Gas Supply District |  |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2049, Call 02/1/2032<sup>1</sup> | $| 1048418 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2054, Call 01/1/2032<sup>1</sup> |  | 2118607 |
|  | Southeast Energy Authority A Cooperative District |  |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2030, Call 03/1/2030 |  | 788859 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2035, Call 11/1/2034 |  | 1549185 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 04/1/2029<sup>1</sup> |  | 1579191 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2055, Call 08/1/2032<sup>1</sup> |  | 1063807 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 |  | 2005322 |
|  |  |  | **31386585** |
|  | **ARIZONA — 0.9%** | **ARIZONA — 0.9%** | **ARIZONA — 0.9%** |
|  | Arizona Industrial Development Authority |  |  |
| 410000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> |  | 406149 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 |  | 547684 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 |  | 822530 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> |  | 149321 |
| 1625000 | Chandler Industrial Development Authority, 4.00%, 06/1/2049, Call 02/1/2029<sup>1 3</sup> |  | 1619269 |
| 1000000 | City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027 |  | 983292 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025<sup>4</sup> |  | 669759 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 |  | 656123 |
| 340000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 05/3/2025<sup>4</sup> |  | 330348 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> |  | 988811 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> |  | 120898 |

---

![](image_007.jpg)<sub>4</sub>

![](image_008.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ARIZONA (Continued)** | **ARIZONA (Continued)** | **ARIZONA (Continued)** |
|  | Maricopa County Pollution Control Corp. |  |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.40%, 06/1/2035, Call 12/1/2031 | $| 399441 |
| 625000 | &nbsp;&nbsp;&nbsp;0.88%, 06/1/2043<sup>1</sup> |  | 596742 |
| 1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 |  | 2110113 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 |  | 792663 |
|  |  |  | **11193143** |
|  | **ARKANSAS — 0.3%** | **ARKANSAS — 0.3%** | **ARKANSAS — 0.3%** |
|  | Arkansas Development Finance Authority |  |  |
| 2800000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> |  | 2669227 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 09/1/2025<sup>3</sup> |  | 512322 |
|  |  |  | **3181549** |
|  | **CALIFORNIA — 6.6%** | **CALIFORNIA — 6.6%** | **CALIFORNIA — 6.6%** |
| 2000000 | Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037 |  | 1116948 |
| 1000000 | Bay Area Toll Authority, 4.12% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> |  | 1004601 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 |  | 972009 |
|  | California Community Choice Financing Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> |  | 501952 |
| 2125000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2053, Call 05/1/2029<sup>1</sup> |  | 2225099 |
| 750000 | &nbsp;&nbsp;&nbsp;4.54% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/2029<sup>2</sup> |  | 747390 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.86% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> |  | 1018125 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 10/1/2030<sup>1</sup> |  | 1045432 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2055, Call 08/1/2032<sup>1</sup> |  | 932598 |
| 1000000 | California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/2029<sup>4</sup> |  | 852264 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 |  | 83822 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
|  | California Health Facilities Financing Authority |  |
| $155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | $155869 |
| 1715000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2042, Call 11/15/2027 | 1658670 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 3045131 |
| 1000000 | California Infrastructure & Economic Development Bank, 9.50%, 01/1/2065, Call 01/1/2029<sup>1 3 4</sup> | 1000010 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 05/3/2025 | 905053 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1008531 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 49473 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 843870 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 887448 |
| 1000000 | California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2025<sup>3 4</sup> | 1000653 |
|  | California School Finance Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 50288 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 650102 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1146948 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 100576 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 872863 |
|  | California Statewide Communities Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 05/3/2025 | 1500423 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 05/3/2025 | 1000291 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2058, Call 06/1/2028<sup>4</sup> | 1017472 |
| 2125000 | Central Valley Energy Authority, 5.00%, 12/1/2055, Call 05/1/2035<sup>1</sup> | 2301535 |
| 200000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 200414 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 09/2/2025 | 500271 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 1001577 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1540760 |

---

![](image_009.jpg)<sub>5</sub>

![](image_010.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2048, Call 05/15/2029<sup>3</sup> | $1007772 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2028<sup>3</sup> | 1014627 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.25%, 05/15/2049, Call 05/15/2032<sup>3</sup> | 742401 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2051, Call 11/15/2031<sup>3</sup> | 1751985 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 05/3/2025 | 628273 |
| 1000000 | CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 841868 |
| 1470000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1409699 |
| 2000000 | Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035 | 1384997 |
|  | Golden State Tobacco Securitization Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2051, Call 12/1/2031 | 506184 |
| 3000000 | &nbsp;&nbsp;&nbsp;0.00%, 06/1/2066, Call 12/1/2031 | 323077 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1003322 |
| 2000000 | Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 04/18/2025 | 932621 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 988241 |
|  | Los Angeles Department of Water & Power |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2028 | 1047668 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 01/1/2029 | 658930 |
| 830000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 07/1/2029 | 880648 |
| 925000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028 | 964992 |
| 1000000 | Los Angeles Unified School District, 4.00%, 07/1/2049, Call 01/1/2035 | 965592 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 361721 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3594597 |
| 1135000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 1177050 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
| $1000000 | Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032 | $979281 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 05/3/2025 | 1000846 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 767506 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2607103 |
| 950000 | Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030 | 1019385 |
| 1660000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1709234 |
| 2430000 | San Diego County Regional Airport Authority, 5.00%, 07/1/2048, Call 07/1/2033<sup>3</sup> | 2479451 |
| 1000000 | San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033 | 1093830 |
| 625000 | San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040 | 624756 |
|  | San Francisco City & County Airport Comm-San Francisco International Airport |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2039, Call 05/1/2029<sup>3</sup> | 1024560 |
| 1125000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2041, Call 05/1/2034<sup>3</sup> | 1192717 |
| 1410000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2044, Call 05/1/2034<sup>3</sup> | 1468486 |
| 1085000 | &nbsp;&nbsp;&nbsp;5.50%, 05/1/2055, Call 05/1/2035<sup>3</sup> | 1164382 |
| 475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 332860 |
| 1500000 | San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/2035<sup>1</sup> | 1674720 |
| 550000 | Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031 | 343093 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 398941 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 05/3/2025 | 999983 |

---

![](image_011.jpg)<sub>6</sub>

![](image_012.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
|  | Southern California Public Power Authority |  |  |
| $565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | $| 586241 |
| 835000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031 |  | 911796 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 |  | 1470232 |
| 1250000 | Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031 |  | 1041085 |
| 250000 | State of California, 4.00%, 08/1/2038, Call 08/1/2026 |  | 248990 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> |  | 104587 |
| 500000 | Yosemite Community College District, 0.00%, 08/1/2042 |  | 408273 |
|  |  |  | **80777071** |
|  | **COLORADO — 3.8%** | **COLORADO — 3.8%** | **COLORADO — 3.8%** |
|  | Aerotropolis Regional Transportation Authority |  |  |
| 985000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2051, Call 05/3/2025 |  | 952055 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2054, Call 12/1/2029<sup>4</sup> |  | 1032290 |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 05/3/2025 |  | 432191 |
| 1500000 | Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034 |  | 1581873 |
|  | Cathedral Pines Metropolitan District |  |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 |  | 586404 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 |  | 1992963 |
|  | City & County of Denver Airport System Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2040, Call 11/15/2032<sup>3</sup> |  | 1078685 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> |  | 1093534 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 11/15/2032<sup>3</sup> |  | 1017089 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2028<sup>3</sup> |  | 2003943 |
|  | Colorado Educational & Cultural Facilities Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> |  | 502830 |
| 445000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 05/3/2025 |  | 445244 |
| 460000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> |  | 460173 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **COLORADO (Continued)** | **COLORADO (Continued)** |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | $420045 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 95000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 05/3/2025 | 95213 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1035350 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 05/3/2025 | 455929 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 01/15/2026 | 504910 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 520847 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 954479 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 05/3/2025<sup>5</sup> | 318919 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043, Call 11/15/2029 | 1838040 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2025 | 2000801 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2048, Call 05/15/2028 | 655098 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1768465 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 518086 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2054, Call 05/15/2032 | 2057121 |
| 930000 | Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030 | 918345 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 04/23/2025 | 463977 |
| 1060000 | Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026 | 617591 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 500062 |
| 1470000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 05/3/2025 | 1462538 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 541444 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 396522 |
| 500000 | Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/2029<sup>4</sup> | 488170 |

---

![](image_013.jpg)<sub>7</sub>

![](image_014.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **COLORADO (Continued)** | **COLORADO (Continued)** | **COLORADO (Continued)** |
| $1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | $| 1838654 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 |  | 773491 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 05/3/2025 |  | 955647 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 |  | 435037 |
| 1500000 | Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028 |  | 882468 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 |  | 4071202 |
| 1500000 | State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032 |  | 1716713 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 |  | 127432 |
| 1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 |  | 883047 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 |  | 576460 |
| 1000000 | Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032 |  | 1063964 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 |  | 1013243 |
|  |  |  | **46048584** |
|  | **CONNECTICUT — 0.4%** | **CONNECTICUT — 0.4%** | **CONNECTICUT — 0.4%** |
| 500000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 05/3/2025<sup>3</sup> |  | 500126 |
|  | Connecticut State Health & Educational Facilities Authority |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2032 |  | 1380128 |
| 400000 | &nbsp;&nbsp;&nbsp;3.25%, 07/1/2042, Call 04/2/2025<sup>1</sup> |  | 400000 |
| 500000 | &nbsp;&nbsp;&nbsp;2.80%, 07/1/2057<sup>1</sup> |  | 498387 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> |  | 1006066 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CONNECTICUT (Continued)** | **CONNECTICUT (Continued)** | **CONNECTICUT (Continued)** |
| $1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | $| 1498793 |
|  |  |  | **5283500** |
|  | **DELAWARE — 0.2%** | **DELAWARE — 0.2%** | **DELAWARE — 0.2%** |
| 995000 | Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033 |  | 1085230 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025 |  | 1499968 |
|  |  |  | **2585198** |
|  | **DISTRICT OF COLUMBIA — 1.3%** | **DISTRICT OF COLUMBIA — 1.3%** | **DISTRICT OF COLUMBIA — 1.3%** |
| 1000000 | District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033 |  | 1062835 |
| 5000000 | District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 05/3/2025 |  | 1271676 |
|  | Metropolitan Washington Airports Authority |  |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> |  | 1491637 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> |  | 1833174 |
|  | Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> |  | 507889 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> |  | 1208748 |
| 1850000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2051, Call 10/1/2031<sup>3</sup> |  | 1619018 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 |  | 746608 |
| 615000 | &nbsp;&nbsp;&nbsp;6.50%, 10/1/2041, Call 10/1/2026 |  | 648563 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 |  | 1920764 |
|  | Washington Convention & Sports Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 |  | 503602 |
| 875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 |  | 875583 |
|  | Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2054, Call 07/15/2034 |  | 1036351 |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2056, Call 07/15/2034 |  | 776716 |
|  |  |  | **15503164** |

---

![](image_015.jpg)<sub>8</sub>

![](image_016.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA — 6.0%** | **FLORIDA — 6.0%** |
| $1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 05/3/2025 | $1332554 |
| 1230000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/3/2025 | 1220930 |
| 100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 89492 |
|  | Capital Trust Agency, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 197685 |
| 435000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 05/3/2025 | 435467 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 90506 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 05/3/2025 | 500393 |
| 500000 | City of Fort Lauderdale, 5.00%, 07/1/2048, Call 07/1/2032 | 527195 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 543779 |
| 425000 | City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032 | 448805 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 465262 |
|  | City of Tampa |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2046, Call 05/15/2026 | 1002356 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2050, Call 07/1/2030 | 1013931 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 05/3/2025 | 492134 |
| 2000000 | County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032<sup>3</sup> | 2084498 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025<sup>3</sup> | 1002463 |
| 1000000 | County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031 | 931769 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2367781 |
|  | County of Lee Airport Revenue |  |
| 750000 | 5.25%, 10/1/2049, Call 10/1/2034<sup>3</sup> | 777949 |
| 1000000 | 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1029730 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $1000000 | County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | $1034347 |
| 650000 | County of Miami-Dade, 4.00%, 07/1/2042, Call 07/1/2028 | 626143 |
|  | County of Miami-Dade Aviation Revenue |  |
| 3000000 | 5.00%, 10/1/2036, Call 10/1/2034<sup>3</sup> | 3172845 |
| 500000 | 5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 500841 |
|  | County of Miami-Dade Transit System |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2028 | 1788522 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2030 | 1324930 |
| 1000000 | County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031 | 926535 |
|  | Call 04/1/2031 |  |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 167047 |
| 375000 | County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033 | 401212 |
| 1000000 | County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030 | 982881 |
|  | Florida Development Finance Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;12.00%, 07/15/2032, Call 04/13/2025<sup>1 3 4</sup> | 1060944 |
| 750000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 05/3/2025 | 750439 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2032<sup>3</sup> | 973126 |
| 825000 | &nbsp;&nbsp;&nbsp;6.13%, 06/15/2046, Call 06/15/2025<sup>4</sup> | 825655 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2032<sup>3</sup> | 1010462 |
| 180000 | &nbsp;&nbsp;&nbsp;5.25%, 06/1/2054, Call 06/1/2034<sup>4</sup> | 178731 |
| 250000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2054, Call 07/3/2031<sup>1 3 4</sup> | 250319 |
| 2000000 | &nbsp;&nbsp;&nbsp;8.25%, 07/1/2057, Call 04/13/2025<sup>1 3 4</sup> | 2076986 |
| 3125000 | Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 3190917 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 471108 |

---

![](image_017.jpg)<sub>9</sub>

![](image_018.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $1500000 | Florida State Board of Governors University of North Florida Dormitory Revenue, BAM, 5.00%, 11/1/2053, Call 11/1/2033 | $1548513 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 05/3/2025 | 1001437 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/3/2025 | 500059 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 05/3/2025<sup>3</sup> | 1000438 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1709025 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 10/1/2031<sup>3</sup> | 1746166 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 2010655 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2051834 |
|  | Lake Ashton Community Development District |  |
| 20000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2025 | 20011 |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2037, Call 05/3/2025 | 375063 |
| 1670000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/3/2025 | 1670928 |
|  | Lakewood Ranch Stewardship District |  |
| 1245000 | &nbsp;&nbsp;&nbsp;5.13%, 05/1/2047, Call 05/1/2027<sup>4</sup> | 1251871 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 05/1/2051, Call 05/1/2030<sup>4</sup> | 823992 |
| 1000000 | Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033 | 1047937 |
|  | Lee County Industrial Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039, Call 11/15/2026 | 512451 |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 05/3/2025<sup>4</sup> | 100003 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 2013119 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 995423 |
| 825000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 831277 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $385000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/3/2025 | $385081 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 05/3/2025 | 1000090 |
| 715000 | Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046 | 714474 |
|  | Miami-Dade County Industrial Development Authority |  |
| 630000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 05/3/2025 | 629967 |
| 330000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 05/3/2025 | 314772 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 691713 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1529792 |
| 900000 | River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/2034<sup>4</sup> | 882032 |
| 1535000 | South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027 | 1544569 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 97653 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2017245 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028 | 136299 |
| 445000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/3/2025 | 445167 |
| 1000000 | Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033 | 1071130 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 803801 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1035459 |

---

![](image_019.jpg)<sub>10</sub>

![](image_020.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | $| 750355 |
|  |  |  | **73528470** |
|  | **GEORGIA — 2.3%** | **GEORGIA — 2.3%** | **GEORGIA — 2.3%** |
| 250000 | Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/2029<sup>4</sup> |  | 254617 |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 |  | 1051613 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 |  | 926863 |
| 2000000 | Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033 |  | 1941393 |
|  | Burke County Development Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 |  | 412871 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 |  | 906675 |
| 500000 | Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027 |  | 509987 |
|  | George L Smith II Congress Center Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> |  | 467306 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2054, Call 01/1/2031 |  | 861600 |
|  | Georgia Housing & Finance Authority |  |  |
| 725000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 06/1/2033 |  | 755443 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2054, Call 06/1/2033 |  | 983897 |
| 750000 | Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032 |  | 782379 |
| 250000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> |  | 252122 |
|  | Main Street Natural Gas, Inc. |  |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 |  | 1497692 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2029 |  | 1014711 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2049 |  | 1039441 |
| 1350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2052, Call 06/1/2027<sup>1</sup> |  | 1361435 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **GEORGIA (Continued)** | **GEORGIA (Continued)** | **GEORGIA (Continued)** |
| $1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | $| 1497421 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 03/1/2029<sup>1</sup> |  | 1039017 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2053, Call 03/1/2030<sup>1</sup> |  | 1044793 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2053, Call 03/1/2031<sup>1</sup> |  | 2117278 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 09/1/2030<sup>1</sup> |  | 2094960 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 06/1/2031<sup>1</sup> |  | 1061745 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2054, Call 12/1/2031<sup>1</sup> |  | 1066073 |
|  | Municipal Electric Authority of Georgia |  |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2052, Call 07/1/2032 |  | 768281 |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2056, Call 01/1/2030 |  | 203065 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2063, Call 07/1/2028 |  | 1009019 |
| 1335000 | Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033 |  | 1371568 |
|  |  |  | **28293265** |
|  | **GUAM — 0.0%<sup>6</sup>** | **GUAM — 0.0%<sup>6</sup>** | **GUAM — 0.0%<sup>6</sup>** |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 |  | 231582 |
|  | **HAWAII — 0.2%** | **HAWAII — 0.2%** | **HAWAII — 0.2%** |
|  | State of Hawaii Airports System Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> |  | 1001749 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2051, Call 07/1/2035<sup>3</sup> |  | 1036736 |
|  |  |  | **2038485** |
|  | **IDAHO — 0.1%** | **IDAHO — 0.1%** | **IDAHO — 0.1%** |
| 300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 05/3/2025 |  | 300028 |
|  | Idaho Housing & Finance Association |  |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> |  | 378753 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> |  | 421505 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> |  | 572107 |
|  |  |  | **1672393** |
|  | **ILLINOIS — 7.3%** | **ILLINOIS — 7.3%** | **ILLINOIS — 7.3%** |
|  | Chicago Board of Education |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 |  | 103113 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 |  | 1035867 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2036, Call 12/1/2030 |  | 1011334 |
| 180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 |  | 181973 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 |  | 508426 |

---

![](image_021.jpg)<sub>11</sub>

![](image_022.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
| $500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2039, Call 05/3/2025 | $486404 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 995153 |
| 1950000 | &nbsp;&nbsp;&nbsp;7.00%, 12/1/2044, Call 12/1/2025 | 1974551 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1124985 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 05/3/2025 | 945758 |
| 2000000 | Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033 | 2122461 |
|  | Chicago O'Hare International Airport |  |
| 40000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 05/3/2025 | 39967 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 511434 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2044, Call 01/1/2029 | 942699 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2029<sup>3</sup> | 1002684 |
| 700000 | &nbsp;&nbsp;&nbsp;4.50%, 01/1/2056, Call 01/1/2031 | 665825 |
| 1000000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 1033581 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2520041 |
| 1500000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 1520125 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1951659 |
|  | City of Chicago |  |
| 1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | 1911878 |
| 1150000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2044, Call 01/1/2033 | 1164024 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2045, Call 01/1/2033 | 1025147 |
| 625000 | City of Chicago Wastewater Transmission Revenue, NATL, 0.00%, 01/1/2026 | 610292 |
| 750000 | City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033 | 738975 |
| 1250000 | Cook County Community College District No. 508, BAM, 5.00%, 12/1/2039, Call 12/1/2033 | 1312795 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 11/15/2027 | 1245749 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2038, Call 11/15/2030 | 1060998 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
|  | Illinois Educational Facilities Authority |  |
| $2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 05/3/2025 | $1974804 |
| 570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | 567191 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 712270 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 438074 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 514624 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 681209 |
| 315000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 321913 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 507215 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2034, Call 01/1/2026 | 2007423 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1348793 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 225240 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1662349 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 972565 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 875059 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1616757 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/15/2026 | 2005232 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1937850 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 2046605 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2047, Call 01/15/2028 | 1108470 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 998652 |
| 4330000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2033 | 4544998 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2048, Call 08/15/2031 | 1136210 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 12/1/2050, Call 12/1/2032<sup>1 3 4</sup> | 983723 |
| 3000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 04/28/2025 | 3020781 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | 1055784 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 07/1/2025 | 626986 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2046, Call 01/1/2032 | 1845857 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1553606 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1039801 |

---

![](image_023.jpg)<sub>12</sub>

![](image_024.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
| $1830000 | Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032 | $1818696 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 970760 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 457105 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1368428 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 532020 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1942173 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1008056 |
|  | Sales Tax Securitization Corp. |  |
| 735000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028 | 771237 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2030 | 491582 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 703082 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1028442 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1789195 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 695188 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 973074 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 506990 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2003873 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1495857 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 586335 |
| 1500000 | Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026 | 1416066 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |  |
| $550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | $| 439674 |
| 250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 |  | 190999 |
| 615000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 04/23/2025 |  | 566950 |
|  |  |  | **89833721** |
|  | **INDIANA — 0.7%** | **INDIANA — 0.7%** | **INDIANA — 0.7%** |
| 325000 | City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032 |  | 339241 |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 |  | 1349089 |
|  | Indiana Finance Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 |  | 953389 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 |  | 950493 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 |  | 3015632 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2053, Call 10/1/2033 |  | 1033271 |
| 400000 | IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033 |  | 417241 |
|  |  |  | **8058356** |
|  | **IOWA — 0.3%** | **IOWA — 0.3%** | **IOWA — 0.3%** |
|  | Iowa Finance Authority |  |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 05/3/2025 |  | 1521207 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2032 |  | 1128439 |
| 4655000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 |  | 692612 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> |  | 509167 |
|  |  |  | **3851425** |
|  | **KANSAS — 0.2%** | **KANSAS — 0.2%** | **KANSAS — 0.2%** |
| 640000 | City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026 |  | 597303 |
| 1000000 | City of Wichita, 5.88%, 05/15/2050, Call 05/15/2031 |  | 992189 |
| 1000000 | Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033 |  | 949126 |
|  |  |  | **2538618** |

---

![](image_025.jpg)<sub>13</sub>

![](image_026.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **KENTUCKY — 0.9%** | **KENTUCKY — 0.9%** |
| $1000000 | County of Carroll, 2.13%, 10/1/2034, Call 06/1/2031<sup>3</sup> | $783642 |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 200365 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 1100779 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 1950409 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 780914 |
| 885000 | Kentucky Public Energy Authority, 5.25%, 06/1/2055, Call 09/1/2029<sup>1</sup> | 935478 |
|  | Louisville/Jefferson County Metropolitan Government |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1560933 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2052, Call 05/15/2032 | 2444912 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1019959 |
|  |  | **10777391** |
|  | **LOUISIANA — 1.6%** | **LOUISIANA — 1.6%** |
| 1165000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 05/3/2025 | 1165443 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1537120 |
| 1000000 | Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034<sup>1</sup> | 998169 |
| 455000 | Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030 | 449554 |
| 1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | 1213611 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1009752 |
|  | Louisiana Public Facilities Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2035, Call 05/15/2025 | 1001280 |
| 885000 | &nbsp;&nbsp;&nbsp;6.50%, 07/1/2036, Call 05/3/2025<sup>3 4</sup> | 885318 |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1410855 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **LOUISIANA (Continued)** | **LOUISIANA (Continued)** | **LOUISIANA (Continued)** |
| $1500000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2053, Call 04/1/2033 | $| 1507522 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2059, Call 09/1/2034<sup>3</sup> |  | 1034475 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2066, Call 09/1/2034<sup>3</sup> |  | 2450571 |
| 1000000 | Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033 |  | 1040932 |
|  | New Orleans Aviation Board |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 |  | 517943 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> |  | 1501165 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> |  | 1277347 |
|  |  |  | **19001057** |
|  | **MAINE — 0.3%** | **MAINE — 0.3%** | **MAINE — 0.3%** |
|  | Maine Health & Higher Educational Facilities Authority |  |  |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 |  | 1658275 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2026 |  | 937753 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 |  | 499579 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 |  | 489661 |
| 50000 | Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, Call 07/1/2027 |  | 52159 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 05/3/2025<sup>3</sup> |  | 501041 |
|  |  |  | **4138468** |
|  | **MARYLAND — 1.7%** | **MARYLAND — 1.7%** | **MARYLAND — 1.7%** |
|  | City of Baltimore |  |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 |  | 2551300 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 |  | 1461448 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2049, Call 07/1/2029 |  | 1022654 |
| 1250000 | County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031 |  | 939349 |
| 1290000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 |  | 1365812 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 05/3/2025 |  | 1600429 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> |  | 1003740 |

---

![](image_027.jpg)<sub>14</sub>

![](image_028.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MARYLAND (Continued)** | **MARYLAND (Continued)** | **MARYLAND (Continued)** |
|  | Maryland Health & Higher Educational Facilities Authority |  |  |
| $2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 04/23/2025 | $| 2700090 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 |  | 1000462 |
| 1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 |  | 1068016 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 |  | 500050 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 |  | 936075 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2050, Call 04/15/2030 |  | 901512 |
| 1000000 | Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/2029<sup>3</sup> |  | 956717 |
| 1080000 | Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/2028<sup>3</sup> |  | 926689 |
| 1000000 | University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031 |  | 912607 |
| 1000000 | Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033 |  | 942523 |
|  |  |  | **20789473** |
|  | **MASSACHUSETTS — 0.7%** | **MASSACHUSETTS — 0.7%** | **MASSACHUSETTS — 0.7%** |
| 500000 | City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031 |  | 463685 |
| 645000 | City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029 |  | 481620 |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 |  | 120295 |
| 1500000 | Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034 |  | 1559635 |
|  | Massachusetts Development Finance Agency |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 08/15/2025 |  | 1001825 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2026 |  | 1001431 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2048, Call 07/1/2033 |  | 1243908 |
| 745000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2054, Call 01/1/2034 |  | 764298 |
|  | Massachusetts Educational Financing Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> |  | 1037500 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MASSACHUSETTS (Continued)** | **MASSACHUSETTS (Continued)** | **MASSACHUSETTS (Continued)** |
| $195000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | $| 173277 |
| 1000000 | Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 04/23/2025 |  | 943197 |
|  |  |  | **8790671** |
|  | **MICHIGAN — 2.0%** | **MICHIGAN — 2.0%** | **MICHIGAN — 2.0%** |
|  | Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2026 |  | 1018082 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2052, Call 07/1/2032 |  | 1062924 |
| 400000 | Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034 |  | 423845 |
|  | Michigan Finance Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 05/3/2025 |  | 183639 |
| 1165000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 05/3/2025 |  | 1166373 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2025 |  | 1003230 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2025 |  | 1003155 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 |  | 1315364 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2039, Call 05/3/2025 |  | 1000671 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 |  | 1010627 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 |  | 1826326 |
| 950000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2047, Call 12/1/2031 |  | 875417 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/2/2029 |  | 1010794 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 12/1/2029 |  | 860818 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.38%, 02/28/2054, Call 02/28/2034 |  | 948173 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 |  | 882616 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 |  | 3038016 |
|  | Michigan State Housing Development Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.20%, 12/1/2026 |  | 499549 |
| 1250000 | &nbsp;&nbsp;&nbsp;2.13%, 10/1/2036, Call 10/1/2030 |  | 965177 |
| 1000000 | Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034 |  | 1044824 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/3/2025 |  | 250150 |

---

---

| | |
|:---|:---|
| ![](image_029.jpg) | 15 |

---

![](image_030.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MICHIGAN (Continued)** | **MICHIGAN (Continued)** | **MICHIGAN (Continued)** |
| $1000000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | $| 930743 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 |  | 1538521 |
|  |  |  | **23859034** |
|  | **MINNESOTA — 0.4%** | **MINNESOTA — 0.4%** | **MINNESOTA — 0.4%** |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 |  | 250287 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> |  | 67824 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025<sup>1 4</sup> |  | 1718681 |
|  | Duluth Economic Development Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/15/2058, Call 02/15/2028 |  | 1013886 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2058, Call 02/15/2028 |  | 984843 |
| 1000000 | Spring Lake Park Independent School District No. 16, School District Credit Program, 5.00%, 02/1/2028 |  | 1059876 |
|  |  |  | **5095397** |
|  | **MISSOURI — 0.7%** | **MISSOURI — 0.7%** | **MISSOURI — 0.7%** |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 |  | 70500 |
|  | Hannibal Industrial Development Authority |  |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 |  | 622559 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 |  | 422559 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 |  | 1019990 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 |  | 304496 |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 12/1/2033 |  | 1215994 |
|  | Kansas City Industrial Development Authority |  |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> |  | 1007157 |
| 1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> |  | 1043143 |
| 1400000 | Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/3/2025 |  | 1402026 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MISSOURI (Continued)** | **MISSOURI (Continued)** | **MISSOURI (Continued)** |
| $1285000 | Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033 | $| 1262852 |
| 500000 | St. Charles County School District No. R-IV Wentzville, State Aid Direct Deposit, 1.88%, 03/1/2040, Call 03/1/2028 |  | 331640 |
|  |  |  | **8702916** |
|  | **NEBRASKA — 0.4%** | **NEBRASKA — 0.4%** | **NEBRASKA — 0.4%** |
| 1000000 | Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/2025<sup>1</sup> |  | 1001511 |
| 900000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 |  | 938290 |
|  | Omaha Public Power District |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2052, Call 02/1/2032 |  | 2106912 |
| 750000 | &nbsp;&nbsp;&nbsp;5.50%, 02/1/2054, Call 08/1/2033 |  | 809967 |
|  |  |  | **4856680** |
|  | **NEVADA — 0.8%** | **NEVADA — 0.8%** | **NEVADA — 0.8%** |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 |  | 243070 |
| 1195000 | Clark County School District, 2.00%, 06/15/2028, Call 06/15/2025 |  | 1124648 |
| 625000 | Clark County School District, AGM, 5.00%, 06/15/2025 |  | 627728 |
|  | County of Clark |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 |  | 430555 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 |  | 1556841 |
|  | Las Vegas Convention & Visitors Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 |  | 1023680 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 |  | 659245 |
|  | Las Vegas Valley Water District |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 |  | 2026406 |
| 1300000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2046, Call 12/1/2031 |  | 1207948 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> |  | 596363 |
|  |  |  | **9496484** |
|  | **NEW HAMPSHIRE — 0.7%** | **NEW HAMPSHIRE — 0.7%** | **NEW HAMPSHIRE — 0.7%** |
|  | New Hampshire Business Finance Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 10/1/2033 |  | 1015487 |

---

---

| | |
|:---|:---|
| ![](image_031.jpg) | 16 |

---

![](image_032.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW HAMPSHIRE (Continued)** | **NEW HAMPSHIRE (Continued)** | **NEW HAMPSHIRE (Continued)** |
| $459798 | &nbsp;&nbsp;&nbsp;4.13%, 01/20/2034 | $| 458708 |
| 750000 | &nbsp;&nbsp;&nbsp;6.89%, 04/1/2034, Call 01/1/2034<sup>4</sup> |  | 777171 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.17%, 01/20/2041 |  | 967820 |
| 1854070 | &nbsp;&nbsp;&nbsp;4.25%, 07/20/2041 |  | 1789120 |
| 1000000 | New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033 |  | 1048325 |
|  | New Hampshire Health and Education Facilities Authority Act |  |  |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 |  | 220255 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2029 |  | 927767 |
| 1000000 | New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033 |  | 1062049 |
|  |  |  | **8266702** |
|  | **NEW JERSEY — 1.8%** | **NEW JERSEY — 1.8%** | **NEW JERSEY — 1.8%** |
|  | New Jersey Economic Development Authority |  |  |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 |  | 852113 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 |  | 956968 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 |  | 102038 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 |  | 505368 |
| 280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 05/3/2025<sup>4</sup> |  | 280231 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 |  | 912969 |
| 1050000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2040, Call 06/15/2025 |  | 1055276 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 05/3/2025<sup>4</sup> |  | 350232 |
|  | New Jersey Health Care Facilities Financing Authority |  |  |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 07/1/2025 |  | 1163101 |
| 750000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2054, Call 07/1/2034 |  | 750070 |
|  | New Jersey Higher Education Student Assistance Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> |  | 520069 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> |  | 772447 |
|  | New Jersey Transportation Trust Fund Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 |  | 521063 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041, Call 12/15/2034 |  | 2003968 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW JERSEY (Continued)** | **NEW JERSEY (Continued)** | **NEW JERSEY (Continued)** |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | $| 463074 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 |  | 2054593 |
| 3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 |  | 4318133 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 |  | 1849597 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> |  | 1016195 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 |  | 361543 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 |  | 1645810 |
|  |  |  | **22454858** |
|  | **NEW MEXICO — 0.1%** | **NEW MEXICO — 0.1%** | **NEW MEXICO — 0.1%** |
| 700000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 05/3/2025 |  | 697759 |
|  | **NEW YORK — 6.3%** | **NEW YORK — 6.3%** | **NEW YORK — 6.3%** |
| 4400000 | City of New York, 5.25%, 03/1/2053, Call 03/1/2034 |  | 4635830 |
| 750000 | County of Orange, 2.38%, 06/15/2029, Call 05/3/2025 |  | 701251 |
|  | Hempstead Town Local Development Corp. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 |  | 937903 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 |  | 998249 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 |  | 768093 |
|  | Metropolitan Transportation Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 05/15/2034 |  | 1013141 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 11/15/2049, Call 05/15/2034 |  | 2067555 |
| 2000000 | Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030 |  | 1741438 |
| 1845000 | Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034 |  | 1674455 |

---

---

| | |
|:---|:---|
| ![](image_033.jpg) | 17 |

---

![](image_034.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 05/3/2025 | $650124 |
|  | New York City Municipal Water Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2049, Call 12/15/2029 | 515752 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1054955 |
| 1535000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 12/15/2033 | 1625509 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 06/15/2034 | 1592565 |
| 250000 | New York City Transitional Finance Authority, 5.00%, 05/1/2050, Call 11/1/2034 | 260609 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2041, Call 11/1/2029 | 947510 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2044, Call 11/1/2030 | 934062 |
| 415000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 420513 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1127046 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 04/23/2025<sup>4</sup> | 2005208 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 577891 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 04/23/2025<sup>4</sup> | 1503297 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 04/23/2025<sup>4</sup> | 1504240 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.13%, 09/15/2050, Call 03/15/2030 | 746928 |
|  | New York Power Authority |  |
| 615000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2034 | 557886 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2054, Call 11/15/2034 | 448635 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 881402 |
| 500000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2041, Call 07/1/2031 | 410742 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2047, Call 03/15/2035 | 656009 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | $453693 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 03/15/2052, Call 03/15/2034 | 1593541 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2054, Call 03/15/2034 | 920182 |
| 355000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 368074 |
|  | New York State Urban Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2038, Call 09/15/2031 | 998034 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2063, Call 09/15/2033 | 2057575 |
|  | New York Transportation Development Corp. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2040, Call 10/1/2030<sup>3</sup> | 2543250 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2045, Call 10/1/2030<sup>3</sup> | 2335157 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 05/3/2025<sup>3</sup> | 2982157 |
| 1620000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2049, Call 06/30/2031<sup>3</sup> | 1630424 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 05/3/2025<sup>3</sup> | 1249957 |
| 1500000 | &nbsp;&nbsp;&nbsp;6.00%, 06/30/2054, Call 06/30/2031<sup>3</sup> | 1595569 |
| 1955000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1927695 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1033020 |
| 1220000 | New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/2034<sup>3</sup> | 1262676 |
| 1315000 | New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/2031<sup>3</sup> | 1387764 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 235035 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 | 490022 |
| 1200000 | Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2045, Call 12/1/2029 | 1241767 |
|  | Port Authority of New York & New Jersey |  |
| 4535000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2041, Call 10/15/2025 | 4560293 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2033<sup>3</sup> | 3057170 |

---

---

| | |
|:---|:---|
| ![](image_035.jpg) | 18 |

---

![](image_036.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2050, Call 07/15/2030<sup>3</sup> | $| 1321459 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 |  | 302944 |
| 1250000 | Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029 |  | 972041 |
|  | Triborough Bridge & Tunnel Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 11/15/2033 |  | 1060091 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045, Call 11/15/2025 |  | 1511449 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 |  | 1072532 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2054, Call 05/15/2034 |  | 1035082 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2064, Call 05/15/2034 |  | 1053633 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 |  | 895708 |
| 500000 | Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034 |  | 546332 |
| 810000 | Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031 |  | 736640 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 |  | 281993 |
|  |  |  | **77671757** |
|  | **NORTH CAROLINA — 0.4%** | **NORTH CAROLINA — 0.4%** | **NORTH CAROLINA — 0.4%** |
| 1000000 | City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033 |  | 1067464 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> |  | 1041756 |
|  | North Carolina Housing Finance Agency |  |  |
| 720000 | &nbsp;&nbsp;&nbsp;3.85%, 07/1/2038, Call 07/1/2027 |  | 678945 |
| 340000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2027 |  | 341002 |
| 1760000 | North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030 |  | 1732785 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NORTH CAROLINA (Continued)** | **NORTH CAROLINA (Continued)** | **NORTH CAROLINA (Continued)** |
| $715000 | North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028 | $| 609076 |
|  |  |  | **5471028** |
|  | **NORTH DAKOTA — 0.4%** | **NORTH DAKOTA — 0.4%** | **NORTH DAKOTA — 0.4%** |
| 1000000 | City of Horace, 5.00%, 05/1/2050, Call 05/1/2033 |  | 988213 |
| 300000 | County of Burleigh, 4.38%, 04/15/2026 |  | 298676 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 |  | 1900632 |
| 1120000 | North Dakota Housing Finance Agency, 3.00%, 01/1/2052, Call 07/1/2030 |  | 1101726 |
|  |  |  | **4289247** |
|  | **OHIO — 1.4%** | **OHIO — 1.4%** | **OHIO — 1.4%** |
| 2000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 |  | 1765405 |
| 435000 | City of Akron, 5.00%, 12/1/2026 |  | 440272 |
| 2000000 | City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027 |  | 2000414 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 |  | 934684 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 |  | 711648 |
| 500000 | Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/2035<sup>3</sup> |  | 533077 |
|  | County of Hamilton |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 |  | 1104205 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 |  | 1984930 |
| 1880000 | County of Miami, 5.00%, 08/1/2049, Call 08/1/2028 |  | 1891781 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 05/3/2025 |  | 495679 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 |  | 2372304 |
| 1500000 | Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/2029<sup>3 4</sup> |  | 1363963 |
| 985000 | Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033 |  | 964909 |

---

---

| | |
|:---|:---|
| ![](image_037.jpg) | 19 |

---

![](image_038.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **OHIO (Continued)** | **OHIO (Continued)** | **OHIO (Continued)** |
| $1000000 | Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030 | $| 1052777 |
|  |  |  | **17616048** |
|  | **OKLAHOMA — 0.6%** | **OKLAHOMA — 0.6%** | **OKLAHOMA — 0.6%** |
| 1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 |  | 1021953 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 |  | 1018959 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> |  | 1004901 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 |  | 1795847 |
| 1000000 | Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033 |  | 1117003 |
| 1000000 | Oklahoma Water Resources Board, OK CERF, 4.00%, 04/1/2048, Call 04/1/2033 |  | 933091 |
| 570000 | University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034 |  | 540899 |
|  |  |  | **7432653** |
|  | **OREGON — 0.6%** | **OREGON — 0.6%** | **OREGON — 0.6%** |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 |  | 973821 |
|  | Oregon State Facilities Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2045, Call 04/23/2025 |  | 1000267 |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 |  | 46357 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 |  | 692897 |
|  | Port of Portland Airport Revenue |  |  |
| 450000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2030 |  | 443482 |
| 4000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> |  | 4169951 |
|  |  |  | **7326775** |
|  | **PENNSYLVANIA — 3.1%** | **PENNSYLVANIA — 3.1%** | **PENNSYLVANIA — 3.1%** |
| 1500000 | Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033<sup>3</sup> |  | 1575235 |
| 3000000 | Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031<sup>3</sup> |  | 2588021 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PENNSYLVANIA (Continued)** | **PENNSYLVANIA (Continued)** |
| $305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | $286386 |
| 95000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 04/23/2025 | 95101 |
|  | Allentown Neighborhood Improvement Zone Development Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2042, Call 05/1/2032 | 256202 |
| 200000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2042, Call 05/1/2031<sup>4</sup> | 199205 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030<sup>3</sup> | 956011 |
| 1825000 | Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028 | 1879967 |
| 1000000 | Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028 | 938621 |
| 1000000 | County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026 | 1013254 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 357366 |
| 1000000 | DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028 | 913227 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 265363 |
| 650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | 670873 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>3 4 5</sup> | 287841 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>4 5</sup> | 283704 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 924389 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.70%, 08/1/2045<sup>1 3</sup> | 1999755 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2048, Call 05/15/2033 | 920489 |
| 500000 | Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032 | 518025 |

---

---

| | |
|:---|:---|
| ![](image_039.jpg) | 20 |

---

![](image_040.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PENNSYLVANIA (Continued)** | **PENNSYLVANIA (Continued)** |
| $1500000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | $1594673 |
|  | Pennsylvania Higher Educational Facilities Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2044, Call 11/1/2034 | 1593189 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2054, Call 11/1/2034 | 1065788 |
| 1980000 | Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032 | 1947313 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2062265 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 06/1/2033 | 1060127 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 504333 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | 1028576 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 939033 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1014323 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 527317 |
|  | Philadelphia Authority for Industrial Development |  |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 815906 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 859296 |
| 1140000 | Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030 | 1059582 |
| 1000000 | School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031 | 950670 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5153 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1008983 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 863623 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 276981 |
| 1000000 | Union County Hospital Authority, 5.00%, 08/1/2048, Call 08/1/2025 | 1007098 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 04/23/2025 | 495199 |
|  |  | **37608463** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PUERTO RICO — 0.7%** | **PUERTO RICO — 0.7%** |
|  | Commonwealth of Puerto Rico |  |
| $30777 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2025 | $30915 |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 63496 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1136429 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1713583 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 54437 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 49069 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 47749 |
| 42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | 40551 |
| 229812 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 144207 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 05/3/2025<sup>5</sup> | 975000 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |
| 625000 | &nbsp;&nbsp;&nbsp;4.33%, 07/1/2040, Call 07/1/2028 | 609662 |
| 4300000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 4241237 |
|  |  | **9106335** |
|  | **RHODE ISLAND — 0.2%** | **RHODE ISLAND — 0.2%** |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1539915 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 549953 |
| 500000 | Rhode Island Housing & Mortgage Finance Corp., GNMA, 5.00%, 04/1/2049, Call 04/1/2033 | 509976 |
|  |  | **2599844** |
|  | **SOUTH CAROLINA — 1.0%** | **SOUTH CAROLINA — 1.0%** |
| 1000000 | Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1037922 |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2010019 |
| 500000 | Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031<sup>1</sup> | 530493 |
|  | South Carolina Jobs-Economic Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.00%, 02/1/2035, Call 05/3/2025<sup>3 4 5</sup> | 50000 |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2044, Call 11/15/2034 | 257830 |

---

---

| | |
|:---|:---|
| ![](image_041.jpg) | 21 |

---

![](image_042.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **SOUTH CAROLINA (Continued)** | **SOUTH CAROLINA (Continued)** | **SOUTH CAROLINA (Continued)** |
| $2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028<sup>3</sup> | $| 2033242 |
|  | South Carolina Public Service Authority |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 |  | 1645859 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 06/1/2025 |  | 730151 |
| 1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 12/1/2025 |  | 1019580 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 |  | 3030657 |
|  |  |  | **12345753** |
|  | **SOUTH DAKOTA — 0.1%** | **SOUTH DAKOTA — 0.1%** | **SOUTH DAKOTA — 0.1%** |
| 1235000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025 |  | 1238818 |
|  | **TENNESSEE — 1.1%** | **TENNESSEE — 1.1%** | **TENNESSEE — 1.1%** |
|  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2053, Call 05/1/2033 |  | 1044541 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2054, Call 10/1/2034 |  | 1382687 |
| 1000000 | Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034 |  | 1050350 |
|  | Metropolitan Nashville Airport Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2039, Call 07/1/2032<sup>3</sup> |  | 1077789 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> |  | 1030320 |
| 4300000 | Shelby County Health Educational & Housing Facilities Board, AGM, 3.55%, 06/1/2042, Call 05/1/2025<sup>1</sup> |  | 4300000 |
|  | Tennergy Corp. |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> |  | 1506562 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> |  | 1051891 |
| 1000000 | Tennessee Energy Acquisition Corp., 5.63%, 09/1/2026 |  | 1026726 |
|  |  |  | **13470866** |
|  | **TEXAS — 6.8%** | **TEXAS — 6.8%** | **TEXAS — 6.8%** |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 |  | 79912 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1000000 | Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033 | $1057012 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 316147 |
| 1015000 | Board of Regents of the University of Texas System, 4.00%, 08/15/2054, Call 08/15/2033 | 935930 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 1007032 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2039314 |
|  | Central Texas Turnpike System |  |
| 2310000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2034 | 2499847 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 08/15/2034 | 948858 |
| 1125000 | City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034 | 1029048 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1011546 |
| 500000 | City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033 | 519188 |
| 1000000 | City of Corpus Christi Utility System Revenue, 5.00%, 07/15/2049, Call 07/15/2034 | 1043895 |
| 1400000 | City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033 | 1344488 |
| 1000000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1014683 |
| 1255000 | City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1262428 |
| 250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 231747 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1006027 |
|  | City of Houston Airport System Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035, Call 07/15/2025<sup>3</sup> | 750077 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/15/2039, Call 07/15/2034<sup>3</sup> | 1045995 |

---

---

| | |
|:---|:---|
| ![](image_043.jpg) | 22 |

---

![](image_044.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | $1388068 |
| 1125000 | City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/2033<sup>3</sup> | 1070909 |
| 1000000 | City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032 | 910979 |
| 1000000 | City of San Antonio Electric & Gas Systems Revenue, 5.25%, 02/1/2049, Call 08/1/2034 | 1066173 |
| 1000000 | City of San Antonio TX Electric & Gas Systems Revenue, 5.25%, 02/1/2054, Call 02/1/2035 | 1066734 |
| 960000 | City of Uhland, 5.50%, 09/1/2055, Call 09/1/2032<sup>4</sup> | 931669 |
| 1650000 | City of Waco, 5.25%, 02/1/2054, Call 02/1/2034 | 1750996 |
|  | Clifton Higher Education Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 05/3/2025 | 89298 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 05/3/2025 | 1356713 |
| 1000000 | Conroe Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 937619 |
| 1000000 | County of Harris Toll Road Revenue, 4.00%, 08/15/2045, Call 08/15/2030 | 936503 |
| 1000000 | Dallas Fort Worth International Airport, 5.00%, 11/1/2029<sup>3</sup> | 1059016 |
| 1000000 | Dallas Independent School District, PSF, 3.00%, 02/15/2028, Call 05/22/2025 | 999922 |
| 1000000 | Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033 | 1038925 |
| 1250000 | Fort Bend Independent School District, PSF, 4.00%, 08/1/2054<sup>1</sup> | 1270544 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1031246 |
| 1000000 | Greater Texoma Utility Authority, AGM, 4.25%, 10/1/2053, Call 10/1/2032 | 930598 |
| 3000000 | Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029 | 2954745 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
|  | Harris County Flood Control District |  |
| $750000 | &nbsp;&nbsp;&nbsp;4.00%, 09/15/2043, Call 09/15/2033 | $706684 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 09/15/2048, Call 09/15/2033 | 931726 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1133456 |
| 1055000 | Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034 | 978313 |
| 840000 | Lower Colorado River Authority, AGM, 5.00%, 05/15/2049, Call 05/15/2033 | 870706 |
|  | Mission Economic Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.70%, 01/1/2026<sup>1 3</sup> | 999877 |
| 500000 | &nbsp;&nbsp;&nbsp;4.63%, 10/1/2031, Call 04/23/2025<sup>3 4</sup> | 498561 |
| 1055000 | New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 987709 |
| 2505000 | New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 07/1/2025<sup>5</sup> | 2402759 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 382278 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 04/23/2025 | 1485487 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2215486 |
| 750000 | North Fort Bend Water Authority, BAM, 5.00%, 12/15/2030 | 816234 |
| 1000000 | North Texas Municipal Water District Water System Revenue, 5.00%, 09/1/2032, Call 09/1/2025 | 1006513 |
|  | North Texas Tollway Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.13%, 01/1/2039, Call 01/1/2032 | 497372 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 01/1/2049, Call 01/1/2028 | 930126 |
| 1000000 | Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027 | 942054 |
| 1000000 | Northwest Independent School District, PSF, 5.00%, 02/15/2049, Call 02/15/2033 | 1040482 |

---

---

| | |
|:---|:---|
| ![](image_045.jpg) | 23 |

---

![](image_046.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
|  | Port of Beaumont Navigation District |  |
| $250000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2032<sup>3 4</sup> | $252140 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2050, Call 05/3/2025<sup>3 4</sup> | 822445 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1040381 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 05/3/2025<sup>5</sup> | 460000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 301675 |
| 1365000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 1369926 |
|  | San Antonio Water System |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2028 | 1019566 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2052, Call 05/15/2032 | 1050812 |
| 750000 | Spring Independent School District, PSF, 5.00%, 08/15/2032, Call 08/15/2025 | 754349 |
| 500000 | Tarrant County Cultural Education Facilities Finance Corp., 5.50%, 11/15/2047, Call 11/15/2032 | 541609 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 05/3/2025 | 1406459 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 12/15/2025 | 561385 |
| 575000 | &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 593446 |
| 1000000 | Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/1/2055, Call 07/1/2033<sup>1</sup> | 1063468 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 483886 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2058, Call 06/30/2029<sup>3</sup> | 1985370 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 3981226 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | $| 543733 |
|  | Texas Water Development Board |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 |  | 1497355 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 |  | 2003809 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2047, Call 10/15/2032 |  | 521675 |
|  | Town of Westlake |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2025 |  | 50348 |
| 175000 | &nbsp;&nbsp;&nbsp;6.13%, 09/1/2035, Call 09/1/2025 |  | 174640 |
| 1000000 | Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034 |  | 925118 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 |  | 1203708 |
|  |  |  | **83368183** |
|  | **UTAH — 0.6%** | **UTAH — 0.6%** | **UTAH — 0.6%** |
| 1000000 | City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> |  | 969140 |
| 1500000 | County of Utah, 4.00%, 05/15/2045, Call 05/3/2025 |  | 1363773 |
|  | Intermountain Power Agency |  |  |
| 940000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2031 |  | 1007938 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2045, Call 07/1/2032 |  | 1057706 |
| 500000 | MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 06/1/2054, Call 06/1/2029<sup>4</sup> |  | 492052 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> |  | 1012460 |
|  | Utah Charter School Finance Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> |  | 496535 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> |  | 463282 |
|  |  |  | **6862886** |
|  | **VIRGIN ISLANDS — 0.1%** | **VIRGIN ISLANDS — 0.1%** | **VIRGIN ISLANDS — 0.1%** |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 |  | 1017907 |

---

---

| | |
|:---|:---|
| ![](image_047.jpg) | 24 |

---

![](image_048.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **VIRGINIA — 0.8%** | **VIRGINIA — 0.8%** |
| $2090000 | Albemarle County Economic Development Authority, 3.55%, 10/1/2048, Call 04/2/2025<sup>1</sup> | $2090000 |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 450450 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1003464 |
| 1000000 | Fairfax County Industrial Development Authority, 5.00%, 05/15/2051, Call 05/15/2034 | 1047600 |
| 30000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025<sup>3</sup> | 30004 |
| 500000 | Hampton Roads Transportation Accountability Commission, 5.00%, 07/1/2054, Call 07/1/2034 | 525448 |
| 1000000 | Roanoke Economic Development Authority, 5.00%, 07/1/2047 | 1077179 |
| 405000 | Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030 | 454398 |
|  | Virginia Small Business Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 467158 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2047, Call 12/31/2032<sup>3</sup> | 510607 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1747349 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2056, Call 06/30/2027<sup>3</sup> | 986581 |
|  |  | **10390238** |
|  | **WASHINGTON — 2.2%** | **WASHINGTON — 2.2%** |
| 500000 | Fircrest Properties, 5.50%, 06/1/2049, Call 06/1/2034 | 537268 |
| 1325000 | Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032 | 1338310 |
| 250000 | Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030 | 253624 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2244678 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WASHINGTON (Continued)** | **WASHINGTON (Continued)** | **WASHINGTON (Continued)** |
| $1560000 | King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026 | $| 1571341 |
| 700000 | Pierce County School District No. 10 Tacoma, School Bond Gty, 5.00%, 12/1/2048, Call 12/1/2034 |  | 741877 |
|  | Port of Seattle |  |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2041, Call 07/1/2034<sup>3</sup> |  | 801075 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2034<sup>3</sup> |  | 1583933 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> |  | 1517126 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> |  | 2532614 |
| 330000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2048, Call 06/1/2034<sup>3</sup> |  | 339301 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> |  | 1041725 |
| 1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> |  | 1460829 |
|  | State of Washington |  |  |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 |  | 1768646 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 |  | 1549846 |
| 150000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 04/18/2025 |  | 145258 |
| 1000000 | Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034 |  | 958393 |
|  | Washington Health Care Facilities Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 |  | 511503 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 |  | 518295 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2041, Call 05/3/2025 |  | 1001918 |
|  | Washington State Convention Center Public Facilities District |  |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 |  | 954921 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 |  | 1009319 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 |  | 1043343 |
| 747759 | Washington State Housing Finance Commission, 4.08%, 03/20/2040<sup>1</sup> |  | 695344 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 |  | 1018479 |
|  |  |  | **27138966** |
|  | **WEST VIRGINIA — 0.2%** | **WEST VIRGINIA — 0.2%** | **WEST VIRGINIA — 0.2%** |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> |  | 1012762 |

---

---

| | |
|:---|:---|
| ![](image_049.jpg) | 25 |

---

![](image_050.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WEST VIRGINIA (Continued)** | **WEST VIRGINIA (Continued)** | **WEST VIRGINIA (Continued)** |
| $150000 | West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/2030<sup>1 3 4</sup> | $| 153651 |
| 750000 | West Virginia Hospital Finance Authority, 6.00%, 09/1/2048, Call 09/1/2033 |  | 817724 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 |  | 1039110 |
|  |  |  | **3023247** |
|  | **WISCONSIN — 1.4%** | **WISCONSIN — 1.4%** | **WISCONSIN — 1.4%** |
| 1000000 | Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031 |  | 949126 |
|  | Public Finance Authority |  |  |
| 415000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 05/3/2025 |  | 412874 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.30%, 11/1/2030, Call 05/1/2026<sup>3</sup> |  | 1987422 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 05/3/2025 |  | 534974 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> |  | 1010823 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> |  | 465649 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2029<sup>4</sup> |  | 508787 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 |  | 506473 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 05/3/2025<sup>3</sup> |  | 979578 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 04/23/2025 |  | 165092 |
| 450000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2045, Call 04/18/2025<sup>4</sup> |  | 450051 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 07/1/2025<sup>4</sup> |  | 1000415 |
| 345000 | &nbsp;&nbsp;&nbsp;6.38%, 01/1/2048, Call 01/1/2028<sup>4 5</sup> |  | 155250 |
| 500000 | &nbsp;&nbsp;&nbsp;6.25%, 06/15/2048, Call 06/15/2033<sup>4</sup> |  | 508839 |
| 194116 | &nbsp;&nbsp;&nbsp;3.75%, 07/1/2051, Call 03/15/2028<sup>1 4 5</sup> |  | 133468 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2064, Call 06/15/2032 |  | 483696 |
|  | Public Finance Authority, ACA |  |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> |  | 226 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> |  | 206 |
| 7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> |  | 192 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> |  | 179 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> |  | 163 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> |  | 169 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> |  | 156 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WISCONSIN (Continued)** | **WISCONSIN (Continued)** | **WISCONSIN (Continued)** |
| $7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | $| 145 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> |  | 135 |
| 7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> |  | 126 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> |  | 118 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> |  | 110 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> |  | 102 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> |  | 96 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> |  | 89 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> |  | 83 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> |  | 78 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> |  | 72 |
| 6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> |  | 68 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> |  | 64 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> |  | 58 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> |  | 683 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 |  | 528055 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 |  | 1018199 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 |  | 3040939 |
| 500000 | Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030 |  | 176979 |
|  | Wisconsin Health & Educational Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;3.75%, 04/1/2035, Call 04/2/2025<sup>1</sup> |  | 200000 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2046, Call 12/1/2031 |  | 911041 |
| 1000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033 |  | 972915 |
|  |  |  | **17103963** |
|  | **WYOMING — 0.1%** | **WYOMING — 0.1%** | **WYOMING — 0.1%** |
| 1005000 | Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030 |  | 993353 |
|  | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $920,425,317) |  | **899008329** |

---

---

| | |
|:---|:---|
| ![](image_051.jpg) | 26 |

---

![](image_052.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 11.3%** | **EXCHANGE-TRADED FUNDS — 11.3%** |
| 1309357 | iShares National Muni Bond ETF | $138058602 |
| 14200 | VanEck CEF Muni Income ETF | 307146 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $138,931,506) | **138365748** |
|  | **CLOSED-END MUTUAL FUNDS — 0.7%** | **CLOSED-END MUTUAL FUNDS — 0.7%** |
| 10127 | BlackRock Long-Term Municipal Advantage Trust | 98131 |
| 783 | BlackRock MuniAssets Fund, Inc. | 8480 |
| 2680 | BlackRock Municipal Credit Alpha Portfolio, Inc. | 35001 |
| 1273 | BlackRock Municipal Income Trust - Class USD INC | 12603 |
| 14824 | BlackRock MuniHoldings Fund, Inc. | 174034 |
| 1410 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 15862 |
| 4548 | BlackRock MuniHoldings Quality Fund II, Inc. | 45480 |
| 41257 | BlackRock MuniVest Fund, Inc. | 289212 |
| 10448 | BlackRock MuniYield Quality Fund II, Inc. | 104480 |
| 26617 | BlackRock MuniYield Quality Fund, Inc. | 311685 |
| 54677 | BNY Mellon Municipal Income, Inc. | 392581 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 735277 |
| 34014 | BNY Mellon Strategic Municipals, Inc. | 208166 |
| 11444 | DTF Tax-Free Income 2028 Term Fund, Inc. | 128287 |
| 66923 | DWS Municipal Income Trust | 627738 |
| 362 | Eaton Vance Municipal Bond Fund | 3609 |
| 34009 | Invesco Advantage Municipal Income Trust II | 290437 |
| 5070 | Invesco Municipal Income Opportunities Trust | 30521 |
| 26598 | Invesco Municipal Opportunity Trust | 252415 |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** | **CLOSED-END MUTUAL FUNDS (Continued)** |
| 29760 | Invesco Municipal Trust | $287184 |
| 10700 | Invesco Quality Municipal Income Trust | 103576 |
| 20110 | Invesco Trust for Investment Grade Municipals | 200296 |
| 12605 | Invesco Value Municipal Income Trust | 150882 |
| 13218 | Neuberger Berman Municipal Fund, Inc. | 137467 |
| 21563 | Nuveen AMT-Free Municipal Credit Income Fund | 266950 |
| 21738 | Nuveen AMT-Free Quality Municipal Income Fund | 243466 |
| 20085 | Nuveen California Quality Municipal Income Fund | 225755 |
| 36371 | Nuveen Municipal Credit Income Fund | 444817 |
| 51 | Nuveen New York AMT-Free Quality Municipal Income Fund | 525 |
| 15085 | Nuveen Quality Municipal Income Fund | 173779 |
| 18314 | PIMCO Municipal Income Fund III | 131128 |
| 37184 | Pioneer Municipal High Income Advantage Fund, Inc. | 310486 |
| 113738 | Pioneer Municipal High Income Fund, Inc. | 1046390 |
| 86507 | Western Asset Managed Municipals Fund, Inc. | 890157 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** | **TOTAL CLOSED-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $10,306,351) | **8376857** |
|  | **PRIVATE FUNDS<sup>7</sup> — 10.6%** | **PRIVATE FUNDS<sup>7</sup> — 10.6%** |
|  | MacKay Municipal Credit Opportunities Fund, LP\* <sup>8</sup> | 30378554 |
|  | MacKay Municipal Opportunities Fund, LP\* <sup>9</sup> | 99196736 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $101,655,771) | **129575290** |

---

---

| | |
|:---|:---|
| ![](image_053.jpg) | 27 |

---

![](image_054.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 2.8%** | **SHORT-TERM INVESTMENTS — 2.8%** |
| 26178822 | BlackRock MuniCash - Institutional Shares, 2.87%<sup>10</sup> | $26181440 |
| 8141051 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.33%<sup>10</sup> | 8144307 |
|  | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $34,324,989) | **34325747** |
|  | **TOTAL INVESTMENTS — 98.8%** | **TOTAL INVESTMENTS — 98.8%** |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,205,643,934) | **1209651971** |
|  | Other assets less liabilities — 1.2% | 14128087 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1223780058** |

---

\* Non-income producing security.

<sup>1</sup> Term rate bond subject to mandatory purchase at the end of the initial term, which then may be converted into another term or interest rate. The rate is the coupon as of the end of the reporting period.

<sup>2</sup> Floating rate security.

<sup>3</sup> Security may be exempt from Alternative Minimum Tax.

<sup>4</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of March 31, 2025, the aggregate fair value of these investments is $51,864,428 or 4.2% of the Fund's net assets.

<sup>5</sup> Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

<sup>6</sup> Rounds to less than 0.05%.

<sup>7</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2025, the aggregate fair value of these investments is $129,575,290 or 10.6% of the Fund's net assets.

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $20,752,111.

<sup>9</sup> The investment was acquired on 3/1/2016. The cost is $80,903,660.

<sup>10</sup> The rate is the annualized seven-day yield at period end.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

ST RES FD GTY — State Resource Fund Guaranty

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_055.jpg) | 28 |

---

![](image_056.jpg)

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.2%** | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.2%** |
|  | **ALTERNATIVE DIVERSIFIERS — 27.2%** | **ALTERNATIVE DIVERSIFIERS — 27.2%** |
| 2291936 | GMO Equity Dislocation Investment Fund - Class A<sup>1</sup> | $50285075 |
| 726347 | Lazard Rathmore Alternative Fund - Class E\* <sup>1 2</sup> | 82689444 |
| 1211225 | Wilshire Bridgewater Managed Alpha (Ireland) Fund\* <sup>1 2 3</sup> | 130861490 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $252,513,722) | **263836009** |
|  | **OPEN-END MUTUAL FUNDS — 48.3%** | **OPEN-END MUTUAL FUNDS — 48.3%** |
|  | **ALTERNATIVE DIVERSIFIERS — 11.3%** | **ALTERNATIVE DIVERSIFIERS — 11.3%** |
| 3849742 | BlackRock Event Driven Equity Fund - Institutional Shares | 39074886 |
| 6477497 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 70151287 |
|  |  | **109226173** |
|  | **CORE DIVERSIFIER — 11.9%** | **CORE DIVERSIFIER — 11.9%** |
| 5722954 | JPMorgan Global Allocation Fund - Class R6 | 115775355 |
|  | **CORE/ALTERNATIVE DIVERSIFIER — 25.1%** | **CORE/ALTERNATIVE DIVERSIFIER — 25.1%** |
| 9052451 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 243873040 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $432,655,765) | **468874568** |
|  | **EXCHANGE-TRADED FUNDS — 8.4%** | **EXCHANGE-TRADED FUNDS — 8.4%** |
|  | **ALTERNATIVE DIVERSIFIER — 6.9%** | **ALTERNATIVE DIVERSIFIER — 6.9%** |
| 1140646 | iShares Gold Trust\* | 67252488 |
|  | **CORE DIVERSIFIER — 1.5%** | **CORE DIVERSIFIER — 1.5%** |
| 254108 | iShares Core 60/40 Balanced Allocation ETF | 14628998 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $54,612,080) | **81881486** |
|  | **PRIVATE FUNDS<sup>5</sup> — 12.3%** | **PRIVATE FUNDS<sup>5</sup> — 12.3%** |
|  | **ALTERNATIVE DIVERSIFIERS — 12.3%** | **ALTERNATIVE DIVERSIFIERS — 12.3%** |
|  | Elliott Associates, LP\* <sup>6</sup> | 54166612 |
| 30603 | Millennium International, Ltd. - Class GG\* <sup>7</sup> | 65684159 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $78,599,767) | **119850771** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **SHORT-TERM INVESTMENT — 3.4%** | **SHORT-TERM INVESTMENT — 3.4%** |
| 33125264 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.33%<sup>8</sup> | $33138514 |
|  | **TOTAL SHORT-TERM INVESTMENT** | **TOTAL SHORT-TERM INVESTMENT** |
|  | &nbsp;&nbsp;&nbsp;(Cost $33,134,438) | **33138514** |
|  | **TOTAL INVESTMENTS — 99.6%** | **TOTAL INVESTMENTS — 99.6%** |
|  | &nbsp;&nbsp;&nbsp;(Cost $851,515,772) | **967581348** |
|  | Other assets less liabilities — 0.4% | 4034744 |
|  | **TOTAL NET ASSETS — 100.0%** | $**971616092** |

---

\* Non-income producing security.

<sup>1</sup> Domiciled in Ireland.

<sup>2</sup> Affiliated investments for which ownership exceeds 5% of the investment's capital. Please refer to Note 5, Investments in Affiliated Issuers, in the Notes to Financial Statements.

<sup>3</sup> The investment was acquired on 10/2/2024. The cost is $131,572,616.

<sup>4</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2025, the aggregate fair value of these investments is $119,850,771 or 12.3% of the Fund's net assets.

<sup>6</sup> The investment was acquired on 1/2/2020. The cost is $41,558,170.

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $37,041,597 or $1,210 per share.

<sup>8</sup> The rate is the annualized seven-day yield at period end.

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_057.jpg) | 29 |

---

![](image_058.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS — 24.3%** | **COMMON STOCKS — 24.3%** |
|  | **AUSTRIA — 0.1%** | **AUSTRIA — 0.1%** |
| 16944 | Erste Group Bank A.G. | $1172035 |
|  | **BELGIUM — 0.2%** | **BELGIUM — 0.2%** |
| 22953 | KBC Group N.V. | 2092018 |
|  | **BERMUDA — 0.1%** | **BERMUDA — 0.1%** |
| 11507 | Arch Capital Group Ltd. | 1106743 |
|  | **BRAZIL — 0.0%<sup>1</sup>** | **BRAZIL — 0.0%<sup>1</sup>** |
| 4831 | Telefonica Brasil S.A. - ADR | 42126 |
| 5938 | TIM S.A. - ADR<sup>2</sup> | 92930 |
|  |  | **135056** |
|  | **CANADA — 0.1%** | **CANADA — 0.1%** |
| 4984 | Agnico Eagle Mines Ltd. | 540316 |
| 396 | Constellation Software, Inc. | 1254104 |
|  |  | **1794420** |
|  | **CAYMAN ISLANDS — 0.1%** | **CAYMAN ISLANDS — 0.1%** |
| 1059 | Li Auto, Inc. - ADR\* <sup>2</sup> | 26687 |
| 20552 | Tencent Holdings Ltd. | 1313190 |
| 9292 | Trip.com Group Ltd. - ADR | 590785 |
|  |  | **1930662** |
|  | **CHINA — 0.1%** | **CHINA — 0.1%** |
| 9333 | BYD Co., Ltd. | 472591 |
| 251000 | China Shenhua Energy Co., Ltd. | 1018244 |
|  |  | **1490835** |
|  | **DENMARK — 0.3%** | **DENMARK — 0.3%** |
| 15800 | AP Moller - Maersk A/S - ADR | 137144 |
| 124 | AP Moller - Maersk A/S - Class B<sup>2</sup> | 215813 |
| 6774 | DSV A/S | 1309964 |
| 11776 | Novo Nordisk A/S - ADR<sup>2</sup> | 817726 |
| 20115 | Novo Nordisk A/S - Class B | 1375430 |
|  |  | **3856077** |
|  | **FRANCE — 0.8%** | **FRANCE — 0.8%** |
| 3379 | Alstom S.A.\* | 74847 |
| 15049 | Canal+ S.A.\* | 35858 |
| 49223 | Dassault Systemes S.E. | 1874054 |
| 542 | L'Oreal S.A. | 201457 |
| 15049 | Louis Hachette Group\* | 22697 |
| 3193 | LVMH Moet Hennessy Louis Vuitton S.E. | 1977357 |
| 8013 | Publicis Groupe S.A. | 756016 |

---

---

| | | | |
|:---|:---|:---|:---|
| Number of <br> Shares |  | Value | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **FRANCE (Continued)** | **FRANCE (Continued)** | **FRANCE (Continued)** |
| 20369 | Safran S.A. | $| 5362821 |
| 15049 | Vivendi S.E. |  | 45112 |
|  |  |  | **10350219** |
|  | **GERMANY — 0.8%** | **GERMANY — 0.8%** | **GERMANY — 0.8%** |
| 5788 | Allianz S.E. |  | 2215125 |
| 7790 | Knorr-Bremse A.G. |  | 708928 |
| 1191 | Muenchener Rueckversicherungs-Gesellschaft A.G. |  | 752380 |
| 1327 | Rheinmetall A.G. |  | 1898835 |
| 16462 | SAP S.E. |  | 4410987 |
|  |  |  | **9986255** |
|  | **GUERNSEY — 0.1%** | **GUERNSEY — 0.1%** | **GUERNSEY — 0.1%** |
| 7861 | Amdocs Ltd. |  | 719282 |
|  | **HONG KONG — 0.0%<sup>1</sup>** | **HONG KONG — 0.0%<sup>1</sup>** | **HONG KONG — 0.0%<sup>1</sup>** |
| 92000 | China Merchants Port Holdings Co., Ltd. |  | 158188 |
|  | **INDIA — 0.1%** | **INDIA — 0.1%** | **INDIA — 0.1%** |
| 37275 | Dr Reddy's Laboratories Ltd. - ADR<sup>2</sup> |  | 491657 |
| 51898 | Infosys Ltd. - ADR<sup>2</sup> |  | 947139 |
|  |  |  | **1438796** |
|  | **IRELAND — 0.6%** | **IRELAND — 0.6%** | **IRELAND — 0.6%** |
| 15198 | Accenture PLC - Class A |  | 4742384 |
| 3964 | Aon PLC - Class A |  | 1581993 |
| 5635 | Flutter Entertainment PLC\* |  | 1249206 |
|  |  |  | **7573583** |
|  | **ISRAEL — 0.1%** | **ISRAEL — 0.1%** | **ISRAEL — 0.1%** |
| 1563 | Elbit Systems Ltd. |  | 599692 |
| 2571 | Nice Ltd. - ADR\* |  | 396371 |
|  |  |  | **996063** |
|  | **JAPAN — 0.6%** | **JAPAN — 0.6%** | **JAPAN — 0.6%** |
| 13100 | Aisin Corp. |  | 143090 |
| 4200 | Bandai Namco Holdings, Inc. |  | 140899 |
| 25113 | FUJIFILM Holdings Corp. |  | 481139 |
| 10000 | Itochu Corp. |  | 464229 |
| 3425 | Keyence Corp. |  | 1346745 |
| 44463 | Mizuho Financial Group, Inc. |  | 1220231 |
| 87200 | Nippon Steel Corp. |  | 1866173 |
| 319200 | Nippon Telegraph & Telephone Corp. |  | 308498 |
| 170 | Shin-Etsu Chemical Co., Ltd. |  | 4851 |

---

---

| | |
|:---|:---|
| ![](image_059.jpg) | 30 |

---

![](image_060.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **JAPAN (Continued)** | **JAPAN (Continued)** |
| 80700 | Sony Group Corp. | 2041953 |
| 2600 | Subaru Corp. | 46564 |
|  |  | **8064372** |
|  | **LUXEMBOURG — 0.0%<sup>1</sup>** | **LUXEMBOURG — 0.0%<sup>1</sup>** |
| 622 | Spotify Technology S.A.\* | 342119 |
|  | **NETHERLANDS — 0.3%** | **NETHERLANDS — 0.3%** |
| 14539 | AerCap Holdings N.V. | 1485449 |
| 1934 | ASML Holding N.V. | 1279870 |
| 15049 | Havas N.V.\* | 21439 |
| 18026 | Qiagen N.V.\* | 716130 |
| 26303 | Stellantis N.V.<sup>2</sup> | 294857 |
|  |  | **3797745** |
|  | **NORWAY — 0.0%<sup>1</sup>** | **NORWAY — 0.0%<sup>1</sup>** |
| 2585 | Yara International A.S.A. | 77978 |
|  | **SINGAPORE — 0.2%** | **SINGAPORE — 0.2%** |
| 33824 | Flex Ltd.\* | 1118898 |
| 534600 | Singapore Telecommunications Ltd. | 1355935 |
|  |  | **2474833** |
|  | **SOUTH KOREA — 0.0%<sup>1</sup>** | **SOUTH KOREA — 0.0%<sup>1</sup>** |
| 2 | POSCO Holdings, Inc. - ADR | 95 |
| 1 | Woori Financial Group, Inc. - ADR | 33 |
|  |  | **128** |
|  | **SPAIN — 0.2%** | **SPAIN — 0.2%** |
| 14833 | Amadeus IT Group S.A. | 1135956 |
| 16450 | Industria de Diseno Textil S.A. | 819076 |
|  |  | **1955032** |
|  | **SWEDEN — 0.1%** | **SWEDEN — 0.1%** |
| 58425 | Volvo A.B. - B Shares\* | 1714094 |
|  | **SWITZERLAND — 0.6%** | **SWITZERLAND — 0.6%** |
| 5410 | Garmin Ltd. | 1174673 |
| 10969 | Holcim A.G. | 1180410 |
| 29703 | Nestle S.A. | 3001685 |
| 16006 | Novartis A.G. | 1777783 |
| 227 | Zurich Insurance Group A.G. | 158448 |
|  |  | **7292999** |
|  | **TAIWAN — 0.8%** | **TAIWAN — 0.8%** |
| 29927 | MediaTek, Inc. | 1289867 |

---

---

| | | | |
|:---|:---|:---|:---|
| Number of <br> Shares |  | Value | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **TAIWAN (Continued)** | **TAIWAN (Continued)** | **TAIWAN (Continued)** |
| 243417 | Taiwan Semiconductor Manufacturing Co., Ltd. | $| 6855351 |
| 12208 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR |  | 2026528 |
| 66650 | United Microelectronics Corp. - ADR<sup>2</sup> |  | 476547 |
|  |  |  | **10648293** |
|  | **TURKEY — 0.0%<sup>1</sup>** | **TURKEY — 0.0%<sup>1</sup>** | **TURKEY — 0.0%<sup>1</sup>** |
| 40219 | Turkcell Iletisim Hizmetleri AS - ADR |  | 250162 |
|  | **UNITED KINGDOM — 1.8%** | **UNITED KINGDOM — 1.8%** | **UNITED KINGDOM — 1.8%** |
| 12821 | AstraZeneca PLC |  | 1882698 |
| 1 | AstraZeneca PLC - ADR |  | 73 |
| 52009 | British American Tobacco PLC |  | 2133637 |
| 123283 | Compass Group PLC |  | 4077746 |
| 50312 | Diageo PLC |  | 1314786 |
| 1026605 | Haleon PLC |  | 5184569 |
| 8783 | London Stock Exchange Group PLC |  | 1304515 |
| 51992 | Prudential PLC |  | 561047 |
| 44125 | Shell PLC |  | 1606164 |
| 92402 | Unilever PLC |  | 5513357 |
| 23896 | Vodafone Group PLC - ADR |  | 223905 |
|  |  |  | **23802497** |
|  | **UNITED STATES — 16.2%** | **UNITED STATES — 16.2%** | **UNITED STATES — 16.2%** |
| 43096 | Abbott Laboratories |  | 5716684 |
| 7272 | Adtalem Global Education, Inc.\* |  | 731854 |
| 10854 | Aflac, Inc. |  | 1206856 |
| 49816 | Alphabet, Inc. - Class A |  | 7703546 |
| 15962 | Alphabet, Inc. - Class C |  | 2493743 |
| 37434 | Amazon.com, Inc.\* |  | 7122193 |
| 4007 | American Express Co. |  | 1078083 |
| 7108 | American Tower Corp. - REIT |  | 1546701 |
| 68331 | Apple, Inc. |  | 15178365 |
| 3912 | Ares Management Corp. - Class A |  | 573538 |
| 417 | Atmos Energy Corp.<sup>2</sup> |  | 64460 |
| 1608 | Bio-Rad Laboratories, Inc. - Class A\* <sup>2</sup> |  | 391644 |
| 10588 | Boston Scientific Corp.\* |  | 1068117 |
| 10335 | Broadcom, Inc. |  | 1730389 |
| 2863 | Casey's General Stores, Inc. |  | 1242657 |
| 7717 | Cencora, Inc. |  | 2146021 |
| 1635 | Chemed Corp. |  | 1006048 |
| 5174 | Church & Dwight Co., Inc. |  | 569606 |

---

---

| | |
|:---|:---|
| ![](image_061.jpg) | 31 |

---

![](image_062.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **UNITED STATES (Continued)** | **UNITED STATES (Continued)** |
| 7889 | Cigna Group | $2595481 |
| 11399 | Cisco Systems, Inc. | 703432 |
| 595 | Civitas Resources, Inc. | 20760 |
| 5859 | CNX Resources Corp.\* <sup>2</sup> | 184441 |
| 63019 | Coca-Cola Co. | 4513421 |
| 14262 | Constellation Brands, Inc. - Class A | 2617362 |
| 3020 | Constellation Energy Corp. | 608923 |
| 3376 | Corpay, Inc.\* | 1177279 |
| 1551 | Costco Wholesale Corp. | 1466905 |
| 5033 | Devon Energy Corp. | 188234 |
| 5636 | Dolby Laboratories, Inc. - Class A | 452627 |
| 883 | DT Midstream, Inc. | 85192 |
| 13525 | Elevance Health, Inc. | 5882834 |
| 7077 | Eli Lilly & Co. | 5844965 |
| 1768 | Equinix, Inc. - REIT | 1441539 |
| 23446 | Equitable Holdings, Inc. | 1221302 |
| 2810 | Exelixis, Inc.\* | 103745 |
| 4786 | Expeditors International of Washington, Inc. | 575517 |
| 7050 | GoDaddy, Inc.\* | 1269987 |
| 10166 | Hilton Worldwide Holdings, Inc. | 2313273 |
| 146 | Home Depot, Inc. | 53508 |
| 12 | Humana, Inc. | 3175 |
| 5834 | Intuitive Surgical, Inc.\* | 2889405 |
| 9647 | Jabil, Inc. | 1312667 |
| 33916 | Johnson & Johnson | 5624629 |
| 5620 | KKR & Co., Inc. | 649728 |
| 2777 | KLA Corp. | 1887805 |
| 47508 | Lam Research Corp. | 3453832 |
| 2653 | Lancaster Colony Corp. | 464275 |
| 3313 | Marriott International, Inc. - Class A | 789157 |
| 4367 | Mastercard, Inc. - Class A | 2393640 |
| 561 | Matador Resources Co. | 28662 |
| 842 | McCormick & Co., Inc. | 69305 |
| 566 | McDonald's Corp. | 176801 |
| 1926 | McKesson Corp. | 1296179 |
| 36925 | Merck & Co., Inc. | 3314388 |
| 12717 | Meta Platforms, Inc. - Class A | 7329570 |
| 39750 | Microsoft Corp. | 14921753 |
| 750 | Monster Beverage Corp.\* | 43890 |
| 2548 | Motorola Solutions, Inc. | 1115540 |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **UNITED STATES (Continued)** | **UNITED STATES (Continued)** |
| 1543 | Netflix, Inc.\* | $1438894 |
| 35602 | NVIDIA Corp. | 3858545 |
| 38 | NVR, Inc.\* | 275287 |
| 14227 | ONEOK, Inc. | 1411603 |
| 32045 | Oracle Corp. | 4480211 |
| 1158 | O'Reilly Automotive, Inc.\* | 1658928 |
| 29731 | Otis Worldwide Corp. | 3068239 |
| 12144 | Ovintiv, Inc. | 519763 |
| 11010 | Philip Morris International, Inc. | 1747617 |
| 5113 | Procter & Gamble Co. | 871357 |
| 10720 | Quest Diagnostics, Inc. | 1813824 |
| 5342 | Republic Services, Inc. | 1293619 |
| 3545 | Royal Gold, Inc. | 579643 |
| 2257 | S&P Global, Inc. | 1146782 |
| 14265 | Salesforce, Inc. | 3828155 |
| 49 | Seaboard Corp. | 132159 |
| 8317 | Starbucks Corp. | 815815 |
| 2385 | Stryker Corp. | 887816 |
| 2249 | Synopsys, Inc.\* | 964484 |
| 6898 | Targa Resources Corp. | 1382842 |
| 24517 | Texas Instruments, Inc. | 4405705 |
| 7928 | Thermo Fisher Scientific, Inc. | 3944973 |
| 20314 | TJX Cos., Inc. | 2474245 |
| 5323 | T-Mobile US, Inc. | 1419697 |
| 8293 | Tradeweb Markets, Inc. - Class A | 1231179 |
| 82583 | U.S. Bancorp | 3486654 |
| 22859 | U.S. Foods Holding Corp.\* | 1496350 |
| 24490 | Uber Technologies, Inc.\* | 1784341 |
| 2303 | United Therapeutics Corp.\* | 709946 |
| 16055 | UnitedHealth Group, Inc. | 8408806 |
| 20376 | Visa, Inc. - Class A<sup>2</sup> | 7140973 |
| 21235 | Walmart, Inc. | 1864221 |
| 62112 | Wells Fargo & Co. | 4459020 |
| 12114 | Welltower, Inc. - REIT<sup>2</sup> | 1855986 |
| 13974 | Werner Enterprises, Inc. | 409438 |
|  |  | **209922750** |
|  | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $222,068,348) | **315143234** |

---

---

| | |
|:---|:---|
| ![](image_063.jpg) | 32 |

---

![](image_064.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 14.8%** | **EXCHANGE-TRADED FUNDS — 14.8%** |
| 360160 | iShares MSCI ACWI ETF | $41919022 |
| 612100 | iShares MSCI Global Min Vol Factor ETF<sup>2</sup> | 71230077 |
| 2560111 | Schwab Fundamental Emerging Markets Equity ETF<sup>2</sup> | 78851419 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $156,678,184) | **192000518** |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.4%** | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.4%** |
| 2619013 | GMO Equity Dislocation Investment Fund - Class A<sup>3</sup> | 57461142 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |
|  | &nbsp;&nbsp;&nbsp;(Cost $54,528,031) | **57461142** |
|  | **OPEN-END MUTUAL FUNDS — 40.6%** | **OPEN-END MUTUAL FUNDS — 40.6%** |
| 2896301 | AQR Large Cap Defensive Style Fund - Class R6 | 61169868 |
| 2553955 | Baillie Gifford Emerging Markets Equities Fund - Class K | 51257883 |
| 12827077 | GMO Quality Fund - Class VI<sup>4 5</sup> | 414058048 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $391,751,848) | **526485799** |
|  | **PRIVATE FUNDS<sup>6</sup> — 13.8%** | **PRIVATE FUNDS<sup>6</sup> — 13.8%** |
|  | RIEF Strategic Partners Fund LLC\* <sup>7</sup> | 123723125 |
|  | Viking Global Equities LP\* <sup>8</sup> | 55000349 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $119,015,336) | **178723474** |
|  | **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.2%** | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.2%** |
|  | Collateral Investments | 2868065 |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS (Continued)** | **SHORT-TERM INVESTMENTS (Continued)** |
|  | **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** |
| 26873463 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.33%<sup>9</sup> | $26884213 |
|  | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |
|  | &nbsp;&nbsp;&nbsp;(Cost $29,744,044) | **29752278** |
|  | **TOTAL INVESTMENTS — 100.2%** | **TOTAL INVESTMENTS — 100.2%** |
|  | &nbsp;&nbsp;&nbsp;(Cost $973,785,791) | **1299566445** |
|  | Liabilities in excess of other assets — (0.2)% | (2848671) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1296717774** |

---

\* Non-income producing security.

<sup>1</sup> Rounds to less than 0.05%.

<sup>2</sup> Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $10,493,448.

<sup>3</sup> Domiciled in Ireland.

<sup>4</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>5</sup> The Fund primarily invests in global equities.

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2025, the aggregate fair value of these investments is $178,723,474 or 13.8% of the Fund's net assets.

<sup>7</sup> The investment was acquired on 7/2/2018. The cost is $69,015,336.

<sup>8</sup> The investment was acquired on 12/1/2023. The cost is $50,000,000.

<sup>9</sup> The rate is the annualized seven-day yield at period end.

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_065.jpg) | 33 |

---

![](image_066.jpg)

**ASPIRIANT TRUST** 

**Statements of Assets and Liabilities** 

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments, at value (cost $292,910,081, $1,205,643,934, $416,961,439 and $973,785,791, respectively) | $283428662 | $1209651971 | $510157374 | $1299566445<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments, at value (cost $0, $0, $434,554,333 and $0, respectively) |  |  | 457423974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 1000646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $0, $0, $0 and $107,061, respectively) |  |  |  | 109378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | 1147092 | 3457061 | 177500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 86355 | 24870 | 103970 | 118755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 47456 | 12784370 | 809584 | 1016981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  |  |  | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses | 27206 | 18500 | 23707 | 20081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 283589679 | 1224627449 | 971975670 | 1301013127 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending collateral (see Note 2) |  |  |  | 2868065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 9000 | 390500 | 119767 | 894487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | 19322 | 221070 | 82097 | 175237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Trustees' fees | 18063 | 18063 | 18063 | 18063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued fund accounting fees | 10818 | 69537 | 36443 | 58250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees | 9653 | 41740 | 16305 | 55135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued fund administration fees | 8492 | 36011 | 28115 | 38318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued transfer agent fees and expenses | 4824 | 4784 | 4934 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Chief Compliance Officer fees | 1583 | 1583 | 1583 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued custody fees | 900 | 6200 | 1600 | 10700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian |  |  |  | 105600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 40332 | 57903 | 50671 | 64971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 122987 | 847391 | 359578 | 4295353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (see Note 2) |  |  |  |  |
| **NET ASSETS** | $283466692 | $1223780058 | $971616092 | $1296717774 |

---

<sup>1</sup> Includes 10,493,448 of securities on loan to unaffiliated broker-dealers. Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

---

| | |
|:---|:---|
| ![](image_067.jpg) | 34 |

---

![](image_068.jpg)

**ASPIRIANT TRUST** 

**Statements of Assets and Liabilities (Continued)** 

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (unlimited shares authorized, no par value) | $312667563 | $1297325140 | $919605497 | $895016002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (losses) | (29200871) | (73545082) | 52010595 | 401701772 |
| **NET ASSETS APPLICABLE TO OUTSTANDING SHARES** | $**283466692** | $**1223780058** | $**971616092** | $**1296717774** |
| **SHARES ISSUED AND OUTSTANDING** | 33419702 | 132689010 | 89272460 | 82419449 |
| **NET ASSET VALUE PER SHARE** | $8.48 | $9.22 | $10.88 | $15.73 |

---

*^*&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_069.jpg) | 35 |

---

![](image_070.jpg)

**ASPIRIANT TRUST** 

**Statements of Operations** 

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments (net of foreign withholding taxes of $0, $0, $0 and $194,872, respectively) | $13836649 | $4701506 | $7184707 | $18101521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated investments |  |  | 13960185 | 742515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from unaffiliated investments | 933738 | 39509150 | 1844422 | 2150626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net securities lending income |  |  |  | 56269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 14770387 | 44210656 | 22989314 | 21050931 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 736114 | 3418074 | 1084492 | 3293879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 294446 | 1265953 | 1084492 | 1372449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 79564 | 444631 | 237264 | 367082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 75437 | 75437 | 75437 | 75437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 60678 | 252455 | 216577 | 273424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 50997 | 60644 | 51742 | 57998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 41879 | 55011 | 42412 | 86570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 30968 | 64952 | 28421 | 23150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 29528 | 29276 | 30294 | 30305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 19000 | 19000 | 19000 | 19000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 12032 | 12931 | 17403 | 16628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 11744 | 11744 | 11744 | 11744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory services | 10300 | 13300 | 10300 | 11400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 6075 | 39526 | 9161 | 60125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 15065 | 17916 | 36670 | 19931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1473827 | 5780850 | 2955409 | 5719122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Advisory fees waived | (500558) | (759572) |  | (1097962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Administrative services fees waived | (186231) | (801531) | (906387) | (732310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 787038 | 4219747 | 2049022 | 3888850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 13983349 | 39990909 | 20940292 | 17162081 |

---

---

| | |
|:---|:---|
| ![](image_071.jpg) | 36 |

---

![](image_072.jpg)

**ASPIRIANT TRUST** 

**Statements of Operations** **(Continued)** 

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | $(5842731) | $1661851 | $21333444 | $61905953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | (7495489) | 166801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | (22537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  | 32725 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from unaffiliated investments |  | 1093 | 263020 | 31060064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (5842731) | 1695669 | 14100975 | 93110281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 8979325 | (14990293) | 16867404 | 8653394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 14661690 | (3944151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | 14364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | 8979325 | (14990293) | 31529094 | 4723607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3136594 | (13294624) | 45630069 | 97833888 |
| **Net Increase in Net Assets from Operations** | $**17119943** | $**26696285** | $**66570361** | $**114995969** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](image_073.jpg) | 37 |

---

![](image_074.jpg)

**ASPIRIANT TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed<br> Taxable Bond Fund** | **Risk-Managed<br> Taxable Bond Fund** | **Risk-Managed <br> Municipal Bond Fund** | **Risk-Managed <br> Municipal Bond Fund** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** |
| **CHANGES IN NET ASSETS FROM:** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $13983349 | $10951012 | $39990909 | $33964557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (5842731) | (6927817) | 1695669 | (3884350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 8979325 | 7262587 | (14990293) | 14413637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 17119943 | 11285782 | 26696285 | 44493844 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from distributions to shareholders | (17015787) | (11800165) | (45854565) | (40417767) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 85420106 | 110316291 | 202854387 | 495508284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for reinvestment of distributions | 15807129 | 11092153 | 43810306 | 38588320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (87185830) | (48122053) | (236481823) | (328311608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from capital stock transactions | 14041405 | 73286391 | 10182870 | 205784996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | $14145561 | $72772008 | $(8975410) | $209861073 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 269321131 | 196549123 | 1232755468 | 1022894395 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $283466692 | $269321131 | $1223780058 | $1232755468 |
| **TRANSACTIONS IN SHARES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 10026347 | 13060590 | 21610703 | 53679336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for reinvestment of distributions | 1871462 | 1318576 | 4696665 | 4181603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (10215070) | (5732461) | (25169324) | (36023103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares outstanding | 1682739 | 8646705 | 1138044 | 21837836 |

---

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_075.jpg) | 38 |

---

![](image_076.jpg)

**ASPIRIANT TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Allocation Fund** | **Defensive Allocation Fund** | **Risk-Managed <br> Equity Allocation Fund** | **Risk-Managed <br> Equity Allocation Fund** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** |
| **CHANGES IN NET ASSETS FROM:** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $20940292 | $31284133 | $17162081 | $23114877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency | 14100975 | 13974431 | 93110281 | 77151213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency | 31529094 | 79786090 | 4723607 | 152495401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 66570361 | 125044654 | 114995969 | 252761491 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from distributions to shareholders | (46125654) | (48454401) | (97492284) | (74826037) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 56485255 | 104876200 | 71846245 | 86673060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for reinvestment of distributions | 43709750 | 46173138 | 89506726 | 69284503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (394611946) | (321570706) | (273870417) | (394902465) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from capital stock transactions | (294416941) | (170521368) | (112517446) | (238944902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | $(273972234) | $(93931115) | $(95013761) | $(61009448) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 1245588326 | 1339519441 | 1391731535 | 1452740983 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $971616092 | $1245588326 | $1296717774 | $1391731535 |
| **TRANSACTIONS IN SHARES^:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5252366 | 10182015 | 4494463 | 5980977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for reinvestment of distributions | 4194794 | 4495924 | 5737611 | 4821469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (36689061) | (31029812) | (17139301) | (27048514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares outstanding | (27241901) | (16351873) | (6907227) | (16246068) |

---

^ Represents Advisor Shares transactions for Aspiriant Risk-Managed Equity Allocation Fund.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](image_077.jpg) | 39 |

---

![](image_078.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**Financial Highlights**

*Per share income and capital changes for a share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| Net asset value, beginning of period | $8.49 | $8.51 | $9.27 | $10.06 | $10.13 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.41 | 0.42 | 0.40 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.08 | 0.01 | (0.77) | (0.61) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.43 | (0.37) | (0.36) | 0.47 |
| Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.45) | (0.39) | (0.22) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain |  |  | (0.00)<sup>1</sup> | (0.21) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.45) | (0.39) | (0.43) | (0.54) |
| Net assets value, end of period | $8.48 | $8.49 | $8.51 | $9.27 | $10.06 |
| Total return | 5.91% | 5.15% | (3.89)% | (3.76)% | 4.58% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $283467 | $269321 | $196549 | $205520 | $213549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense waiver<sup>2</sup> | 0.50% | 0.54% | 0.56% | 0.52% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver<sup>2</sup> | (0.23)% | (0.24)% | (0.24)% | (0.24)% | (0.24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses after expense waiver<sup>2</sup> | 0.27% | 0.30% | 0.32% | 0.28% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 4.75% | 5.03% | 4.60% | 2.52% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15% | 14% | 19% | 24% | 20% |

---

<sup>1</sup> Rounds to less than 0.005.

<sup>2</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_079.jpg) | 40 |

---

![](image_080.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

*Per share income and capital changes for a share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| Net asset value, beginning of period | $9.37 | $9.32 | $9.76 | $10.46 | $10.11 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.37 | 0.25 | 0.26 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.11) | 0.02 | (0.35) | (0.55) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.19 | 0.39 | (0.10) | (0.29) | 0.71 |
| Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.34) | (0.34) | (0.33) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain |  |  | (0.01) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.34) | (0.34) | (0.41) | (0.36) |
| Net assets value, end of period | $9.22 | $9.37 | $9.32 | $9.76 | $10.46 |
| Total return | 2.05% | 4.30% | (0.88)% | (2.87)% | 7.10% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $1223780 | $1232755 | $1022894 | $1140093 | $1171205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense waiver<sup>1</sup> | 0.46% | 0.48% | 0.47% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver<sup>1</sup> | (0.12)% | (0.13)% | (0.13)% | (0.13)% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses after expense waiver<sup>1</sup> | 0.34% | 0.35% | 0.34% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 3.16% | 3.15% | 2.84% | 2.32% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 21% | 49% | 11% | 16% |

---

<sup>1</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_081.jpg) | 41 |

---

![](image_082.jpg)

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

*Per share income and capital changes for a share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| Net asset value, beginning of period | $10.69 | $10.08 | $10.55 | $10.87 | $9.38 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.21 | 0.16 | 0.21 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.55 | 0.78 | (0.55) | 0.04 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 0.99 | (0.39) | 0.25 | 1.74 |
| Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.49) | (0.38) | (0.08) | (0.57) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |  | (0.00)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.49) | (0.38) | (0.08) | (0.57) | (0.25) |
| Net assets value, end of period | $10.88 | $10.69 | $10.08 | $10.55 | $10.87 |
| Total return | 6.55% | 9.97% | (3.71)% | 2.27% | 18.52% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $971616 | $1245588 | $1339519 | $1536383 | $1444928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense waiver<sup>2</sup> | 0.27% | 0.27% | 0.27% | 0.26% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver<sup>2</sup> | (0.08)% | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses after expense waiver<sup>2</sup> | 0.19% | 0.18% | 0.18% | 0.17% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 1.93% | 2.35% | 1.84% | 1.32% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5% | 3% | 21% | 20% | 4% |

---

<sup>1</sup> Rounds to less than 0.005.

<sup>2</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_083.jpg) | 42 |

---

![](image_084.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS - ADVISOR SHARES** 

*Per share income and capital changes for a share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| Net asset value, beginning of period | $15.58 | $13.76 | $14.58 | $14.35 | $11.30 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.22 | 0.22 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1.13 | 2.37 | (0.75) | 0.44 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.33 | 2.59 | (0.53) | 0.62 | 3.28 |
| Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.24) | (0.47) | (0.14) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.94) | (0.30) | (0.15) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.18) | (0.77) | (0.29) | (0.39) | (0.23) |
| Net assets value, end of period | $15.73 | $15.58 | $13.76 | $14.58 | $14.35 |
| Total return | 8.63% | 19.29% | (3.58)% | 4.10% | 29.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $1296718 | $1391732 | $1452741 | $1729996 | $1628317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense waiver<sup>1</sup> | 0.42% | 0.42% | 0.42% | 0.41% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver<sup>1</sup> | (0.13)% | (0.14)% | (0.14)% | (0.14)% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses after expense waiver<sup>1</sup> | 0.29% | 0.28% | 0.28% | 0.27% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.25% | 1.61% | 1.62% | 1.18% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 19% | 15% | 36% | 24% | 47% |

---

<sup>1</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](image_085.jpg) | 43 |

---

![](image_086.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

Aspiriant Trust, which was organized on November 22, 2011, is a Delaware statutory trust registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company (the "Trust"). The Trust currently consists of the following four portfolios: Aspiriant Risk-Managed Taxable Bond Fund (the "Taxable Bond Fund"), which commenced operations on March 29, 2018, Aspiriant Risk-Managed Municipal Bond Fund (the "Municipal Bond Fund"), which commenced operations on July 1, 2015, Aspiriant Defensive Allocation Fund (the "Defensive Allocation Fund"), which commenced operations on December 14, 2015, and Aspiriant Risk-Managed Equity Allocation Fund (the "Equity Allocation Fund", together with the Taxable Bond Fund, the Municipal Bond Fund, and the Defensive Allocation Fund, each individually referred to as a "Fund" or collectively, the "Funds"), which commenced operations on April 4, 2013. All Funds are diversified investment companies under the 1940 Act, except for the Defensive Allocation Fund, which is classified as a non-diversified investment company under the 1940 Act. The Taxable Bond Fund, the Municipal Bond Fund, and the Defensive Allocation Fund have each established, offered and issued only one class of shares. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Funds' investment objectives are as follows:

The Taxable Bond Fund – The investment objective of the Taxable Bond Fund is to maximize long-term total return. The Fund invests primarily in Underlying Funds and may, to a limited extent, invest in separately managed accounts ("SMAs"). To achieve its investment objective, under normal market conditions, the Fund invests through underlying funds ("Underlying Funds") and SMAs at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds and other fixed income securities. The Fund intends to allocate its assets to Underlying Funds and SMAs that primarily invest in various types of bonds and other securities, typically government and agency bonds, corporate bonds, notes, mortgage-related and asset-backed securities, collateralized debt obligations, zero coupon bonds, bank loans, money market instruments, repurchase agreements, swaps, futures, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating. The Underlying Funds and SMAs may invest in the U.S. and abroad, including international and emerging markets, and may purchase securities of any credit rating and varying maturities issued by domestic and foreign corporations, entities and governments.

The Municipal Bond Fund - The investment objective of the Municipal Bond Fund is to seek total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal circumstances, the Municipal Bond Fund seeks to achieve its investment goal by investing at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam). The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax applicable to corporate or non-corporate shareholders. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds, exchange-traded funds ("ETFs") and private funds that invest primarily in securities of the types in which the Municipal Bond Fund may invest directly.

The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in Underlying Funds and may, to a

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION (Continued)** 

limited extent, invest in SMAs, which are private portfolios of securities for individual accounts. The Fund seeks to provide a return that has lower volatility than traditional asset classes (*i.e.*, public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures listed below, including investments that focus on a specialized asset class (*i.e.*, long-short strategies).

The Defensive Allocation Fund's exposures may include global equities, global fixed income, market neutral, global macro, managed futures, relative value, long/short equity, long/short debt, merger arbitrage, convertible arbitrage, security arbitrage, managed futures, derivatives and other non-traditional strategies.

The Equity Allocation Fund - The investment objective of the Equity Allocation Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Equity Allocation Fund seeks to achieve its investment goal by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The types of equity securities the Fund will invest in include common stock, preferred stock, and depositary receipts. The Fund also may invest in securities that provide exposure to equity securities (*i.e.* rights, warrants, and investment company shares). The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund may invest in companies of any market capitalization.

Aspiriant, LLC (the "Adviser") serves as the investment adviser to the Funds. The Board of Trustees ("Trustees") of the Trust (the "Board") has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Segment Reporting** 

Each Fund operates as a single operating and reporting segment. Each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by certain officers of the Trust, acting as the Chief Operating Decision Maker (the "CODM"). The CODM is responsible for the oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Securities Valuations** 

The Board has delegated day-to-day management of the valuation process to the Adviser as the appointed Valuation Designee, which has established a valuation committee to carry out this function. The Valuation Designee is subject to the oversight of the Board. The Valuation Designee is responsible for assessing and managing key valuation risks, and is generally to review valuation methodologies, valuation determinations, and any information provided by the Adviser.

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| ![](image_089.jpg) | 45 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Securities Valuations (Continued)** 

Securities are valued at market value as of the regularly scheduled close of trading (generally 4:00 p.m. Eastern time) on each business day when the New York Stock Exchange ("NYSE") is open. Securities listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter ("OTC") market are valued on the basis of the last sales price as reported by NASDAQ<sup>®</sup>. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ<sup>®</sup>. Securities for which market quotations are not readily available and other assets are valued at fair value as determined by the Valuation Designee. Debt securities including listed issues, are valued by using an evaluated mean price furnished by an independent pricing service, which may use matrix and valuation models as necessary to formulate its prices.

Futures contracts are valued at the settlement price established each day in the market where such contracts are principally traded. The daily settlement prices for financial futures are provided by an independent source.

In the case of certain foreign securities, the local exchange close occurs at various times before the close of the NYSE. Therefore, foreign securities traded in countries outside the U.S. are fair valued by utilizing the fair value factors provided by an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local close prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets in determining fair value as of the time each Fund calculates its net asset value ("NAV"). Foreign currency exchange rates are generally determined at the close of the NYSE.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV, with the exception of exchange-traded open-end investment companies which are priced as other securities listed on exchange.

The investments in private funds, that are not publicly traded, such as limited partnerships, limited liability companies and exempted companies, are typically valued using each Fund's percentage share of the NAV of the respective private fund, as reported by the private funds' managers and their agents, when the NAV is calculated in a manner consistent with measurement principles in FASB ASC Topic 946 for investment companies. Such values are calculated according to the valuation policies of the particular private fund. Investments in private funds are subject to the terms of the private funds' offering documents. Valuations of the private funds are net of management, performance incentive fees or allocations payable to the private funds' managers as required by the private funds' offering documents.

Investments in private companies are typically valued using a variety of methods such as earnings multiples, discounted cash flow and market data from third party pricing services.

Valuations of private funds and private companies (together, "private investments") are subject to estimates. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material. The valuations of private investments are subject to review of the Valuation Designee. The Valuation Designee may establish a systematic fair valuation process for days that the private investments do not provide a value.

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| ![](image_091.jpg) | 46 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures** 

Under ASC 820, Fair Value Measurement, various inputs are used in determining the value of each Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those investments. These inputs are summarized into three broad levels as described below:

● Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities;

● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or

● Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The Trust measures the fair value of its investments in private funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's measurement date, a fair value determination is made under procedures established by and under the general supervision of the Valuation Designee. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value.

Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. Because of the inherent uncertainty in valuation, the estimated values may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

The following is a summary of the inputs used, as of March 31, 2025, in valuing the Taxable Bond Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
| Open-End Mutual Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Core | $222479133 | $— | $— | $— | $222479133 |
| &nbsp;&nbsp;&nbsp;Opportunistic | 19231428 |  |  |  | 19231428 |
| Exchange Traded Fund: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Core | 17152168 |  |  |  | 17152168 |
| Non-Traded Business Development Company: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opportunistic |  |  |  | 9370751 | 9370751 |
| Private Fund: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opportunistic |  |  |  | 7593714 | 7593714 |
| Short-Term Investment | 7601468 |  |  |  | 7601468 |
| **Total Investments** | $**266464197** | $**—** | $**—** | $**16964465** | $**283428662** |

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| ![](image_093.jpg) | 47 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

There were no transfers into or out of level 3 for the Taxable Bond Fund during the year ended March 31, 2025.

Certain investments valued using the NAV as a practical expedient in which the Taxable Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Taxable Bond Fund and their attributes as of March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period<br> (in Days)** | **Redemption <br> Terms** |
| Non-Traded Business Development Company Private Credit <sup>(a)</sup> | $9370751 | N/A | Indefinite | Quarterly | N/A | Subject to quarterly tender offer terms; 5% fund-level gate. |
| Private Fund - Private Credit <sup>(a)</sup> | 7593714 | 500000 | 5 Years (Subject to one year extension) |  | N/A | N/A |
|  | $**16964465** | $**500000** |  |  |  |  |

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<sup>(a)</sup> This category includes funds that focus on senior, floating rate loans to private equity-backed, lower middle-market companies.

The following is a summary of the inputs used, as of March 31, 2025, in valuing the Municipal Bond Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
| Municipal Bonds | $— | $899008329 | $— | $— | $899008329 |
| Exchange-Traded Funds | 138365748 |  |  |  | 138365748 |
| Closed-End Mutual Funds | 8376857 |  |  |  | 8376857 |
| Private Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Funds |  |  |  | 129575290 | 129575290 |
| Short-Term Investments | 34325747 |  |  |  | 34325747 |
| **Total Investments** | $**181068352** | $**899008329** | $**—** | $**129575290** | $**1209651971** |

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| ![](image_095.jpg) | 48 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

The following is a rollforward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning <br> Balance <br> April 1, 2024** | **Transfers <br> in or out of <br> Level 3** | **Sales or <br> Conversions** | **Net Realized <br> Gain (Loss)** | **Return of <br> Capital** | **Change in net <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Ending <br> Balance <br> March 31, <br> 2025** |
|  <br> Private Company | $2055081 | $– $– $| (1855974) | $890844 | $– $| (1089951) | $— |

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Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period <br> (in Days)** | **Redemption <br> Terms** |
| Private Funds - Fixed Income Relative-Value <sup>(a)</sup> | $129575290 | N/A | Indefinite | Monthly - Quarterly | 30 - 65 | N/A - 25% investor level gate, if redemptions exceed 25% of master fund's assets |
|  | $**129575290** | **N/A** |  |  |  |  |

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<sup>(a)</sup> This category includes funds that apply both a top-down overlay and bottom-up credit research in the construction of U.S. tax exempt and taxable portfolios.

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund's net assets as of March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Fund** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
| MacKay Municipal Opportunities Fund, LP | 8.1% | Fixed Income Relative-Value | The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |

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| ![](image_097.jpg) | 49 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

The following is a summary of the inputs used, as of March 31, 2025, in valuing the Defensive Allocation Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
| Foreign Collective Investment Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative Diversifiers | $132974519 | $— | $— | $130861490 | $263836009 |
| Open-End Mutual Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative Diversifiers | 109226173 |  |  |  | 109226173 |
| &nbsp;&nbsp;&nbsp;Core Diversifier | 115775355 |  |  |  | 115775355 |
| &nbsp;&nbsp;&nbsp;Core/Alternative Diversifier | 243873040 |  |  |  | 243873040 |
| Exchange-Traded Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative Diversifier | 67252488 |  |  |  | 67252488 |
| &nbsp;&nbsp;&nbsp;Core Diversifier | 14628998 |  |  |  | 14628998 |
| Private Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative Diversifiers |  |  |  | 119850771 | 119850771 |
| Short-Term Investment | 33138514 |  |  |  | 33138514 |
| **Total Investments** | $**716869087** | $**—** | $**—** | $**250712261** | $**967581348** |

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There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the year ended March 31, 2025.

Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
| Foreign Collective |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Fund – |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy <sup>(a)</sup> | $130861490 | N/A | Indefinite | Weekly | 3 business days | N/A |

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| ![](image_099.jpg) | 50 |

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**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
| Private Funds – |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy <sup>(a)</sup> | $119850771 | N/A | Indefinite | Quarterly- Semi-annual | 60-90 calendar days | 1) 0%-20% fund-level gate;<br>2) 5%-12.5% investor-level gate per cycle. |
|  | $**250712261** | **N/A** |  |  |  |  |

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<sup>(a)</sup> This category includes the funds that intend to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies.

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund's net assets as of March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Category** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
| Foreign Collective Investment Fund– |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wilshire Bridgewater Managed Alpha (Ireland) Fund | 13.5% | Multi-Strategy | The NAV will be the value of all assets of the fund less all of the liabilities of the fund. | Weekly | N/A |
| Private Funds– |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Elliott Associates, LP | 5.6% | Multi-Strategy | The NAV will be the value of all assets of the fund less all of the liabilities of the fund. | Semi-annually | 1) 20% fund-level gate;<br>2) 12.5% investor-level gate per cycle. |
| &nbsp;&nbsp;&nbsp;Millennium International, Ltd. - Class GG | 6.8% | Multi-Strategy | The NAV will be the value of all assets of the fund less all of the liabilities of the fund. | Quarterly | 5% investor-level gate per cycle. |

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|:---|:---|
| ![](image_101.jpg) | 51 |

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![](image_102.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

The following is a summary of the inputs used, as of March 31, 2025, in valuing the Equity Allocation Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
| Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | $— | $1172035 | $— | $— | $1172035 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 2092018 |  |  | 2092018 |
| &nbsp;&nbsp;&nbsp;Bermuda | 1106743 |  |  |  | 1106743 |
| &nbsp;&nbsp;&nbsp;Brazil | 135056 |  |  |  | 135056 |
| &nbsp;&nbsp;&nbsp;Canada | 1794420 |  |  |  | 1794420 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 617472 | 1313190 |  |  | 1930662 |
| &nbsp;&nbsp;&nbsp;China |  | 1490835 |  |  | 1490835 |
| &nbsp;&nbsp;&nbsp;Denmark | 954870 | 2901207 |  |  | 3856077 |
| &nbsp;&nbsp;&nbsp;France |  | 10350219 |  |  | 10350219 |
| &nbsp;&nbsp;&nbsp;Germany |  | 9986255 |  |  | 9986255 |
| &nbsp;&nbsp;&nbsp;Guernsey | 719282 |  |  |  | 719282 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 158188 |  |  | 158188 |
| &nbsp;&nbsp;&nbsp;India | 1438796 |  |  |  | 1438796 |
| &nbsp;&nbsp;&nbsp;Ireland | 6324377 | 1249206 |  |  | 7573583 |
| &nbsp;&nbsp;&nbsp;Israel | 996063 |  |  |  | 996063 |
| &nbsp;&nbsp;&nbsp;Japan |  | 8064372 |  |  | 8064372 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 342119 |  |  |  | 342119 |
| &nbsp;&nbsp;&nbsp;Netherlands | 1780306 | 2017439 |  |  | 3797745 |
| &nbsp;&nbsp;&nbsp;Norway |  | 77978 |  |  | 77978 |
| &nbsp;&nbsp;&nbsp;Singapore | 1118898 | 1355935 |  |  | 2474833 |
| &nbsp;&nbsp;&nbsp;South Korea | 128 |  |  |  | 128 |
| &nbsp;&nbsp;&nbsp;Spain |  | 1955032 |  |  | 1955032 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1714094 |  |  | 1714094 |
| &nbsp;&nbsp;&nbsp;Switzerland | 1174673 | 6118326 |  |  | 7292999 |
| &nbsp;&nbsp;&nbsp;Taiwan | 2503075 | 8145218 |  |  | 10648293 |
| &nbsp;&nbsp;&nbsp;Turkey | 250162 |  |  |  | 250162 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 223978 | 23578519 |  |  | 23802497 |
| &nbsp;&nbsp;&nbsp;United States | 209922750 |  |  |  | 209922750 |
| Exchange-Traded Funds | 192000518 |  |  |  | 192000518 |
| Foreign Collective Investment Fund | 57461142 |  |  |  | 57461142 |
| Open-End Mutual Funds | 526485799 |  |  |  | 526485799 |
| Private Funds |  |  |  | 178723474 | 178723474 |
| Short-Term Investments | 29552270 | 200008 |  |  | 29752278 |
| **Total Investments** | $**1036902897** | $**83940074** | $**—** | $**178723474** | $**1299566445** |

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| | |
|:---|:---|
| ![](image_103.jpg) | 52 |

---

![](image_104.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Fair Value Measurements and Disclosures (Continued)** 

There were no transfers into or out of level 3 for the Equity Allocation Fund during the year ended March 31, 2025.

Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
| Private Funds - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long/Short Equity <sup>(a)</sup> | $178723474 | N/A | Indefinite | Monthly | 45 Days - 2 Months | 1) 0%-20% fund-level gate.<br> 2) N/A- 12 month lock-up. |
|  | $**178723474** | **N/A** |  |  |  |  |

---

<sup>(a)</sup> This category includes funds that employ long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempt to achieve capital appreciation.

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund's net assets as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Fund** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
| RIEF Strategic Partners Fund LLC | 9.5% | Long/Short Equity | The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Security Transactions and Related Investment Income** 

Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Dividend income and distributions to shareholders are recorded on ex-dividend dates. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution. Distributions received from private funds are recorded on the effective date, based on the character determined by the private fund. Return of capital or security distributions received from private funds and securities are accounted for as a reduction to cost. Realized gains and losses on investments and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes.

---

| | |
|:---|:---|
| ![](image_105.jpg) | 53 |

---

![](image_106.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Foreign Currency and Risk** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases and sales of investment securities, income and expenses are recorded at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred).

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments on the Statement of Operations.

Reported net realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rate.

Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Securities Lending** 

The Funds may participate in a securities lending program, providing portfolio securities to brokers, dealers, and financial institutions. When the Funds participate in securities lending they will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. As collateral, the Funds receive cash ("Cash Collateral") or securities, such as various government securities or common stocks listed on certain indices ("Non-Cash Collateral") in return for the securities and records a corresponding payable for collateral due to the respective broker. The amount of collateral received is maintained at a minimum level of 102% of the prior day's market value on securities loaned. Investment transactions, including securities on loan and the related collateral, are recorded on a trade date basis. Cash collateral is reinvested in money market funds and, with other entities participating in the securities lending program, in short term securities including overnight repurchase agreements, time deposits, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates). The valuation of collateral is discussed in "Securities Valuations" in Note 2 of the Notes to the Financial Statements. When the Funds lend their portfolio securities, they are subject to the risk that they may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Funds may lose certain investment opportunities. The Funds also are subject to the risks associated with the investments received as collateral from the borrower.

For the year ended March 31, 2025, the Taxable Bond Fund, Municipal Bond Fund and Defensive Allocation Fund had not participated in a securities lending program. The Equity Allocation Fund's securities on loan were

---

| | |
|:---|:---|
| ![](image_107.jpg) | 54 |

---

![](image_108.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Securities Lending (Continued)** 

appropriately collateralized at March 31, 2025. Cash Collateral received as part of the Equity Allocation Fund's securities lending program was invested in the following securities as of March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Description** | **Par** | **Value** |
| Goldman Sachs Financial Square Government Fund, Institutional Class, 4.25%, 4/1/2025\* | $400000 | $400000 |
| RBC BlueBay U.S. Government Money Market Fund, Institutional Class, 4.26%, 4/1/2025\* | 400000 | 400000 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%, 4/1/2025\* | 400000 | 400000 |
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class, 4.27%, 4/1/2025\* | 300000 | 300000 |
| BlackRock Liquidity FedFund, Institutional Class, 4.23%, 4/1/2025\* | 300000 | 300000 |
| Invesco Government & Agency Portfolio, Institutional Class, 4.29%, 4/1/2025\* | 268057 | 268057 |
| Allspring Government Money Market Fund, Select Class, 4.27%, 4/1/2025\* | 200000 | 200000 |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.21%, 4/1/2025\* | 200000 | 200000 |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.27%, 4/1/2025\* | 200000 | 200000 |
| Repurchase Agreement with Societe Generale, 4.38%, 4/1/2025\* # | 123459 | 123459 |
| Repurchase Agreement with The Bank of Nova Scotia, Toronto, 4.47%, 4/1/2025\* # | 76549 | 76549 |
| **Total** | $**2868065** | $**2868065** |

---

\* The rate shown is the annualized 7-day subsidized yield as of March 31, 2025.

# The repurchase agreements are collateralized by Equity and U.S. Treasury Securities in the amount of $211,427.

As of March 31, 2025, the Equity Allocation Fund held Non-Cash Collateral in the amount of $7,939,580 which consisted of U.S. Treasury Securities.

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. ("JPM") for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the year ended March 31, 2025, the Equity Allocation Fund paid $24,613 to JPM from securities lending revenue.

---

| | |
|:---|:---|
| ![](image_109.jpg) | 55 |

---

![](image_110.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Distributions to Shareholders** 

The Taxable Bond Fund and Municipal Bond Fund intend to pay dividends from net investment income at least quarterly. The Defensive Allocation Fund and Equity Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of each individual Fund's distributions will occur at the end of the year, at which time it will be reported to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Amortization** 

Discounts on securities purchased are amortized over the life of the respective securities. Premiums on securities purchased are amortized over the life of the respective security, unless the security has a non-contingent call feature, in which case the premium is amortized to the earliest call date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Use of Estimates** 

The preparation of the financial statements in conformity with U.S. GAAP requires the Funds to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds believe that the estimates utilized in preparing the financial statements are reasonable and prudent, however, actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **Commitments and Contingencies** 

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **Derivatives** 

Futures Contracts – The Municipal Bond Fund invests in futures contracts for purpose of hedging its existing portfolio securities or securities the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The Fund only enters into futures contracts which are standardized and traded on a U.S. or foreign exchange, board of trade or similar entity, or quoted on an automated quotation system.

A futures contract is an agreement between two parties to buy and sell a security, index or interest rate (each a "financial instrument") for a set price on a future date. Certain futures contracts, such as futures contracts relating to individual securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale of a matching futures contract. Other futures contracts, such as futures contracts on indices or interest rates, do not call for making or taking delivery of the underlying financial instrument, but rather are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference

---

| | |
|:---|:---|
| ![](image_111.jpg) | 56 |

---

![](image_112.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **Derivatives (Continued)** 

between the value of the financial instrument at the close of the last trading day of the contract and the price at which the contract was originally written. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). These contracts also may be settled by entering into an offsetting futures contract.

The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** **Federal Income Taxes** 

Each Fund's policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

Accounting for Uncertainty in Income Taxes (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing each Fund's tax return to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years. As of and during the year ended March 31, 2025, the Funds did not record a liability for any tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** **Market Risks** 

Due to market conditions, the value of the Funds' investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally, the value of Funds' investments, and overall performance of the Funds.

---

| | |
|:---|:---|
| ![](image_113.jpg) | 57 |

---

![](image_114.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** **Non-Diversification Risk** 

Defensive Allocation Fund is considered non-diversified, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular issuer held by the Fund may affect its value more than if it invested in a larger number of issuers and the value of the Fund's shares may be more volatile than the values of shares of more diversified funds.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Investment Advisory Fees** 

The Adviser provides investment advisory services to the Funds pursuant to the terms of an investment advisory agreement (the "Advisory Agreement") between the Adviser and the Trust. In consideration for such services the Funds will pay the Adviser a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears. Pursuant to an administrative services agreement (the "Administration Agreement") with the Trust, the Adviser is entitled to a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears, for providing administrative services to the Funds that include the selection and monitoring of investment sub-advisers, negotiation of investment sub-advisory agreements, data gathering regarding investments, liaison with outside service providers such as the administrator, transfer agent, custodian, auditors and accountants, creation of investor communications, and other such activities.

Taxable Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.25% of the Taxable Bond Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.25% to 0.08% through July 31, 2025. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2025, the Adviser waived $500,558 of its advisory fee for the Taxable Bond Fund.

Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.06% of average daily net assets resulting in a net administrative services fee of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2025, the Adviser waived $186,231 under the Administration Agreement.

Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through July 31, 2025. The advisory fee waiver is not subject to recoupment. For the year ended March 31, 2025, the Adviser waived $759,572 of its advisory fee for the Municipal Bond Fund.

Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. Effective August 1, 2024, the contractual

---

| | |
|:---|:---|
| ![](image_115.jpg) | 58 |

---

![](image_116.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued)** 

waiver was adjusted to 0.06% of average daily net assets resulting in a net administrative services fee of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2025, the Adviser waived $801,531 under the Administration Agreement.

Defensive Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.10% of the Defensive Allocation Fund's average daily net assets.

Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.01% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.08% of average daily net assets resulting in a net administrative services fee of 0.02% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2025, the Adviser waived $906,387 under the Administration Agreement.

Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through July 31, 2025. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2025, the Adviser waived $1,097,962 of its advisory fee for the Equity Allocation Fund.

Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to August 1, 2024, the Adviser had contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. Effective August 1, 2024, the contractual waiver was adjusted to 0.05% of average daily net assets resulting in a net administrative services fee of 0.05% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2025, the Adviser waived $732,310 under the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Sub-Advisory Fees** 

Allspring Global Investments, LLC, MacKay Shields, LLC and Nuveen Asset Management, LLC serve as the sub-advisers of the Municipal Bond Fund. Aperio Group, LLC, Grantham, Mayo, Van Otterloo & Co. LLC and Wellington Management Company LLP serve as the sub-advisers of the Equity Allocation Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Custodian Fees** 

JPM serves as custodian of the Trust's assets and is responsible for maintaining custody of the Funds' cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Fund Accounting Fees** 

JPM also serves as the Trust's fund accounting agent.

---

| | |
|:---|:---|
| ![](image_117.jpg) | 59 |

---

![](image_118.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Administration Fees** 

UMB Fund Services, Inc. ("UMBFS") serves as the Trust's administrator and provides various administrative services necessary for the operations of the Trust including facilitating general Fund management; supervising the maintenance of each individual Fund's general ledger, the preparation of the Funds' financial statements, the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Transfer Agent Fees** 

UMBFS also serves as a Trust's Transfer Agent and dividend disbursing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Trustees' Fees** 

Certain Trustees and officers of the Trust are officers of the Adviser. Each Trustee receives an annual retainer. Effective April 1, 2024, the annual retainer is $90,000. The Chair of the Board is paid an additional $5,000 per year. Each Trustee also receives $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. Each Trustee who is a member of the Audit Committee is paid an additional $2,000 per year. The Chair of the Audit Committee is paid an additional $8,000 per year.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT TRANSACTIONS** 

For the year ended March 31, 2025, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other than <br> U.S. Government Securities** | **Other than <br> U.S. Government Securities** | **U.S. Government Securities** | **U.S. Government Securities** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Taxable Bond Fund | $77070632 | $40898665 | $— | $— |
| Municipal Bond Fund | 38745872 | 20067442 | 284490004 | 259984963 |
| Defensive Allocation Fund | 52892155 | 335113229 |  |  |
| Equity Allocation Fund | 246587881 | 367121574 |  |  |

---

---

| | |
|:---|:---|
| ![](image_119.jpg) | 60 |

---

![](image_120.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **INVESTMENTS IN AFFILIATED ISSUERS** 

As of March 31, 2025, certain of the Fund's investments were deemed to be investments in affiliated issuers under the 1940 Act, primarily because the Fund owns 5% or more of the investment's total capital. The activity resulting from investments in these investments, including dividend income as well as realized gains and losses, is identified in the Statement of Operations as transactions with affiliated investments. A listing of these affiliated investments (including activity during the year ended March 31, 2025) is shown below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Shares<br> 3/31/2024** | **Shares<br> 3/31/2025** | **Fair Value<br> 3/31/2024** | **Purchases** | **Proceeds <br> From<br> Sales or <br> Other<br> Dispositions** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized <br> Appreciation<br> (Depreciation)** | **Fair Value<br> 3/31/25** | **Dividend <br> Income** |
| **Defensive Allocation Fund** | **Defensive Allocation Fund** |  |  |  |  |  |  |  |  |
| GMO Benchmark-Free Allocation Fund - Class IV | 14682683 | 9052451 | $392468113 | $— | $(150000000) | $(4152225) | $5557152 | $243873040 | $13215400 |
| GMO Equity Dislocation Investment Fund - Class A <sup>(1)</sup> | 4019679 |  | 90804536 | 744785 | (87285074) | (77246) | (4187001) |  | 744785 |
| Lazard Rathmore Alternative Fund - Class E <sup>(2)</sup> |  | 726347 |  | 78957452 | (1999950) | 161366 | 5570576 | 82689444 |  |
| Wilshire Bridgewater Managed Alpha (Ireland) Fund <sup>(3)</sup> | 1698208 | 1211225 | 150567911 |  | (24000000) | (3427384) | 7720963 | 130861490 |  |
| Total Defensive Allocation Affiliated Investments |  |  | $633840560 | $79702237 | $(263285024) | $(7495489) | $14661690 | $457423974 | $13960185 |
| **Equity Allocation Fund** |  |  |  |  |  |  |  |  |  |
| GMO Equity Dislocation Investment Fund - Class A <sup>(1)</sup> | 4006019 |  | $90495978 | $742515 | $(87461143) | $166801 | $(3944151) | $— | $742515 |
| Total Equity Allocation Affiliated Investments |  |  | $90495978 | $742515 | $(87461143) | $166801 | $(3944151) | $— | $742515 |

---

<sup>(1)</sup> Affiliated security as of March 31, 2024, but no longer meeting the definition to be considered an affiliated investment. The Proceeds From Sales or Other Dispositions column includes prior period affiliated holdings that are no longer affiliated as of year-end. The security is held in the portfolio, see the Schedule of Investments for current value.

<sup>(2)</sup> Security was held in the portfolio as of March 31, 2024, but did not meet the definition of an affiliated investment. The Purchases column includes prior period holdings that became affiliated during the fiscal year.

<sup>(3)</sup> Wilshire Bridgewater Managed Alpha (Ireland) Fund was previously known as Managed Fund/Bridgewater Fund Limited prior to its reorganization on 10/2/2024.

---

| | |
|:---|:---|
| ![](image_121.jpg) | 61 |

---

![](image_122.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **OTHER DERIVATIVE INFORMATION** 

The quarterly average notional value for short futures contracts for the Municipal Bond Fund during the year ended March 31, 2025 was $(826,175), which is indicative of the volume of activity during the year. The effects of these derivative instruments on the Municipal Bond Fund's financial performance by risk category during the year ended March 31, 2025 are reflected in the Statement of Operations and are presented in the table below. The Municipal Bond Fund did not hold any derivative instruments as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **Primary Underlying Risk** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| **Interest Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Futures Contracts | $32725 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **FEDERAL TAX INFORMATION** 

At March 31, 2025, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Aspiriant <br> Defensive <br> Allocation Fund** | **Risk-Managed <br> Equity <br> Allocation Fund** |
| Cost of investments | $**295581710** | $**1250081599** | $**904469736** | $**966642869** |
| Gross unrealized appreciation | $3703893 | $8025216 | $71980218 | $354654790 |
| Gross unrealized depreciation | (15856941) | (48454844) | (8868606) | (21731214) |
| Net unrealized appreciation/(depreciation) on investments | $**(12153048)** | $**(40429628)** | $**63111612** | $**332923576** |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on investment transactions.

---

| | |
|:---|:---|
| ![](image_123.jpg) | 62 |

---

![](image_124.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **FEDERAL TAX INFORMATION (Continued)** 

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the fiscal tax year ended February 28, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings/(losses) as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/(Decrease)** | **Increase/(Decrease)** |
| | **Paid-In Capital** | **Total Distributable <br> Earnings/(Losses)** |
| Taxable Bond Fund | $— | $— |
| Municipal Bond Fund | (112306) | 112306 |
| Defensive Allocation Fund |  |  |
| Equity Allocation Fund | (3302) | 3302 |

---

As of February 28, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Taxable <br> Bond Fund** | **Municipal <br> Bond Fund** | **Defensive <br> Allocation Fund** | **Equity <br> Allocation Fund** |
| Undistributed ordinary income | $396803 | $953409 | $7537395 | $— |
| Undistributed tax-exempt income |  | 7010429 |  |  |
| Undistributed long-term capital gains |  |  |  | 64761462 |
| Tax Accumulated earnings | 396803 | 7963838 | 7537395 | 64761462 |
| Accumulated capital and other losses | (15256802) | (32097515) | (22072143) | (23424) |
| Unrealized appreciation/(depreciation) on investments | (11230031) | (19349171) | 57072001 | 366298916 |
| Unrealized appreciation on foreign currency |  |  |  | 2375 |
| Total distributable earnings/(losses) | $**(26090030)** | $**(43482848)** | $**42537253** | $**431039329** |

---

---

| | |
|:---|:---|
| ![](image_125.jpg) | 63 |

---

![](image_126.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **FEDERAL TAX INFORMATION (Continued)** 

The tax character of distributions is disclosed for each Fund's tax year, not the fiscal year, as it represents final and accurate information.

The tax character of the distributions paid by the Taxable Bond Fund during the fiscal tax years ended February 28, 2025 and February 29, 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> February 28, 2025** | **Year Ended <br> February 29, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $16632347 | $11031492 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains |  |  |
| Total taxable distributions | 16632347 | 11031492 |
| Total distributions paid | $**16632347** | $**11031492** |

---

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2025 and February 29, 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> February 28, 2025** | **Year Ended <br> February 29, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $1207934 | $2815749 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains |  |  |
| Total taxable distributions | 1207934 | 2815749 |
| Tax-exempt dividends | 44192711 | 36088407 |
| Total distributions paid | $**45400645** | $**38904156** |

---

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 28, 2025 and February 29, 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> February 28, 2025** | **Year Ended <br> February 29, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $46125654 | $48454401 |
| Total taxable distributions | 46125654 | 48454401 |
| Total distributions paid | $**46125654** | $**48454401** |

---

---

| | |
|:---|:---|
| ![](image_127.jpg) | 64 |

---

![](image_128.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements (** **Continued)** 

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **FEDERAL TAX INFORMATION (Continued)** 

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2025 and February 29, 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> February 28, 2025** | **Year Ended <br> February 29, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $20398975 | $44904951 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 77093309 | 29921086 |
| Total taxable distributions | 97492284 | 74826037 |
| Total distributions paid | $97492284 | $**74826037** |

---

As of February 28, 2025, the Municipal Bond Fund and the Defensive Allocation Fund utilized $2,191,685 and $517,782, respectively, of capital loss carryforwards to offset current year capital gains.

As of February 28, 2025, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

---

| | | |
|:---|:---|:---|
|  | **Not Subject to Expiration** | **Not Subject to Expiration** |
|  | **Short-Term** | **Long-Term** |
| Taxable Bond Fund | $345825 | $14910977 |
| Municipal Bond Fund | 15778538 | 16318977 |
| Defensive Allocation Fund | 16234847 | 5837296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **SUBSEQUENT EVENTS** 

Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no subsequent events that required adjustment to our disclosure in the financial statements.

---

| | |
|:---|:---|
| ![](image_129.jpg) | 65 |

---

![](image_130.jpg)

**ASPIRIANT TRUST** 

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of Aspiriant Trust:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of Aspiriant Trust, (the "Funds"), comprising Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund, and Aspiriant Risk-Managed Equity Allocation Fund, including the schedules of investments as of March 31, 2025, the related statements of operations, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting Aspiriant Trust as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers, and third-party fund managers and transfer agents; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Milwaukee, WI

May 27, 2025

We have served as the auditor of one or more Aspiriant investment companies since 2012.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is included in Item 7, as part of the financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At a meeting held on November 22, 2024, the Board of Trustees (the "Board") considered the renewal of (1) the Trust's advisory agreement with Aspiriant, LLC (the "Adviser"), on behalf of the Aspiriant Risk-Managed Taxable Bond Fund ("Taxable Bond Fund"), Aspiriant Risk-Managed Municipal Bond Fund ("Municipal Bond Fund"), Aspiriant Defensive Allocation Fund ("Defensive Allocation Fund") and Aspiriant Risk-Managed Equity Allocation Fund ("Equity Allocation Fund") (each, a "Fund" and collectively, the "Funds"), (2) the sub-advisory agreements between the Adviser and each of Allspring Global Investments, LLC ("Allspring"), MacKay Shields LLC ("MacKay"), and Nuveen Asset Management, LLC ("Nuveen") with respect to the Municipal Bond Fund, and (3) the sub-advisory agreements between the Adviser and each of Aperio Group, LLC ("Aperio"), Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"), and Wellington Management Company LLP ("Wellington", together with Allspring, MacKay, Nuveen, Aperio, and GMO, the "Sub-Advisers") with respect to Equity Allocation Fund.

After the initial two-year term, the agreements must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or "interested persons" of any party thereto (the "Independent Trustees"), as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. Each year after the initial term, the Board calls and holds a meeting to decide whether to continue the agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-Advisers.

In considering whether to renew the Trust's advisory and sub-advisory agreements, the Trustees requested and reviewed materials from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser's and Sub-Advisers' fees under the agreements. Representatives from the Adviser provided an overview of its advisory business and discussed its investment personnel, investment processes, and investment experience. The Board discussed the written materials from the Adviser and Sub-Advisers, the Adviser's oral presentation, and other relevant information that the Board received, and considered the approval of the agreements in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.

**Nature, Extent, and Quality of Services** 

In considering the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser to each Fund, as applicable, the Board reviewed, among other things, the Adviser's and each Sub-Adviser's personnel, experience, and compliance program. The Board considered the background and experience of the Adviser's and each Sub-Adviser's senior management and the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser's and each Sub-Adviser's organizational structure, investment operations, and other relevant information, including information relating to the financial condition of the Adviser and each Sub-Adviser to determine whether adequate resources were available to continue to provide a high level of service to the Funds. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser and each Sub-Adviser, as applicable.

 **Performance**

The Board reviewed information regarding the performance of each Fund for various periods, as well as peer group and benchmark comparative performance. The Board also reviewed information regarding the portions of the Municipal Bond Fund managed by Allspring, MacKay and Nuveen, and the portions of the Equity Allocation Fund managed by Aperio, GMO and Wellington. The Board noted periods of outperformance and underperformance relative to each Fund's comparative index and Morningstar fund universe. The Board concluded that, within the context of its full deliberations, it was satisfied with the performance of each Fund and the portions of the Funds managed by Allspring, MacKay, Nuveen, Aperio, GMO, and Wellington, as applicable.

**Costs of Services** 

The Board reviewed information regarding the Funds' advisory and sub-advisory fees, observing that Taxable Bond Fund's advisory fee was in line with the ninetieth percentile of funds in its Morningstar fund universe, Municipal Bond Fund's advisory fee was lower than the advisory fees of over 70% of funds in its Morningstar fund universe, Defensive Allocation Fund's advisory fee was lower than the advisory fees of over 90% of funds in its Morningstar fund universe, and Equity Allocation Fund's advisory fee was lower than the advisory fees of over 80% of funds in its Morningstar fund universe. The Trustees noted that the Adviser does not manage any other client accounts using the same strategies as the Funds, and, therefore, they did not have a basis for comparing the Funds' advisory fees to those of other clients of the Adviser. The Board noted that the Adviser is responsible for paying the Sub-Advisers out of the advisory fee it receives from the applicable Funds. The Board further noted that Taxable Bond Fund's net expense ratio was in the highest 10% of funds in its Morningstar category, Municipal Bond Fund's net expense ratio was in the lowest 40% of funds in its Morningstar category, Defensive Allocation Fund's net expense ratio was in the highest 10% of funds in its Morningstar category and Equity Allocation Fund's net expense ratio was in the highest 30% of funds in its Morningstar category. With respect to those assets of the Funds that the Adviser invests in underlying funds, the Board noted that the Funds' advisory fees are based on services that the Adviser provides to the Funds that are in addition to, not duplicative of, the services provided to an underlying fund by an adviser to the underlying fund. The Board concluded that each Fund's advisory fee and, if applicable, sub-advisory fee are fair and reasonable in light of the services that the Fund receives.

 **Profitability**

The Board reviewed information about the profitability of each Fund to the Adviser and Sub-Advisers and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Fund. The Board noted that the Adviser reimburses its clients that are also shareholders of a Fund all net ordinary income that it receives from such Fund. Recognizing the difficulty in evaluating an investment adviser's profitability with respect to the funds it manages in the context of an adviser with multiple lines of business and noting that other profitability methodologies might also be reasonable, the Board determined that the level of profitability of the Adviser and Sub-Advisers was within the range the Board considered reasonable.

**Economies of Scale** 

The Board considered the potential for economies of scale, noting that most of the Sub-Advisers' fee schedules include breakpoints and that the Adviser had decreased its fee over time with respect to the Municipal Bond Fund and Equity Allocation Fund, and currently was contractually waiving a portion of its fee with respect to the Taxable Bond Fund, Municipal Bond Fund and Equity Allocation Fund, thereby reducing the amount that it retains after paying the Sub-Advisers, if applicable. The Board concluded that the Funds' shareholders were benefitting from any economies of scale realized by the Adviser with respect to the Funds.

**Ancillary Benefits** 

The Board noted the benefits received by the Adviser and the Sub-Advisers as a result of their relationships with the Funds (other than advisory and sub-advisory fees), including the intangible benefits of their association with the Funds generally and any favorable publicity arising in connection with the Funds' performance.

 **Conclusion**

Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the Adviser's and Sub-Advisers' fees are fair and reasonable in light of the services provided to the Funds and approved the continuation of the agreements.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer, or persons performing
 similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
 date of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b)
 or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or are reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2. *Filed herewith.*](fp0093274-2_ex99code.htm)

(2) Not applicable.

(3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). *Filed herewith.*](fp0093274-2_ex99cert.htm)

(4) Not applicable.

(5) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)). *Filed herewith.*](fp0093274-2_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant | **Aspiriant Trust** |
| By | /s/ Robert J. Francais |
| Title | Robert J. Francais, President and Principal Executive Officer |
| Date | 6/9/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Robert J. Francais |
| Title&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Robert J. Francais, President and Principal Executive Officer |
| Date | 6/9/2025 |
| By | /s/ Douglas S. Hendrickson |
| Title | Douglas S. Hendrickson, Treasurer and Principal Financial Officer |
| Date | 6/9/2025 |

---

## Ex-99.Code

**Aspiriant Trust**

**Exhibit 13(a)(1) to Form N-CSR**

ASPIRIANT TRUST

FINANCIAL OFFICER CODE OF ETHICS

<u>Purposes of the Code</u>

The reputation and integrity of Aspiriant Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust
files with, or submits to, the SEC, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide information to the Trust's employees and service providers (adviser, administrator,
outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's
periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with the federal securities laws and other applicable laws and rules, such as the Internal
Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting
material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Respect the confidentiality of information acquired in the course of their work, except where disclosure
is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record (or participate in the recording of) entries in the Trust's books and records that
are accurate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain from using confidential information for personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.

<u>Enforcement of the Code</u>

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees. Non-Retaliation Policy SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

## Ex-99.Cert

**Aspiriant Trust**

**Exhibit 19(a)(3) to Form N-CSR**

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER

THE INVESTMENT COMPANY ACT OF 1940 AND

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Francais, certify that:

1. I have reviewed this report on Form N-CSR of Aspiriant Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Robert J. Francais |
|  |  | Robert J. Francais |
|  |  | President and Principal Executive Officer |

---

I, Douglas S. Hendrickson, certify that:

1. I have reviewed this report on Form N-CSR of Aspiriant Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Douglas S. Hendrickson |
|  |  | Douglas S. Hendrickson |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

Ex-99.906.CERT

**Aspiriant Trust**

**Exhibit 19(b) to Form N-CSR**

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Francais, Principal Executive Officer of the Aspiriant Trust, certify to my knowledge that:

1. The Form N-CSR of the registrant for the period ended March 31, 2025 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the registrant.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Robert J. Francais |
|  |  | Robert J. Francais |
|  |  | President and Principal Executive Officer |

---

I, Douglas S. Hendrickson, Principal Financial Officer of the Aspiriant Trust, certify to my knowledge that:

1. The Form N-CSR of the registrant for the period ended March 31, 2025 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the registrant.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Douglas S. Hendrickson |
|  |  | Douglas S. Hendrickson |
|  |  | Treasurer and Principal Financial Officer |

---

Signed originals of the written statements required by Section 906 have been provided to the Aspiriant Trust, and will be retained and furnished to the Securities and Exchange Commission or its staff upon request.