# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001752724-23-039755
**Filing Date:** 2023-2
**Character Count:** 115084
**Document Hash:** 3478ffaa0be165ec4ed7ef57db3308de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-039755.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-039755

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Trust
- **CENTRAL INDEX KEY:** 0001534881
- **IRS NUMBER:** 205458457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 23666024

**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 Defensive Allocation Fund (Series ID: S000051603)

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

## Nport-Ex

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 14.5%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 14.5%** |  |
| 3734280 | GMO Equity Dislocation Investment Fund - Class A<sup>1 2</sup> | $79876244 |
| 1272493 | Managed Fund/Bridgewater Fund Limited<sup>2 3</sup> | 110072975 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $200,506,549) | **189949219** |
|  | **OPEN-END MUTUAL FUNDS — 48.3%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.0%** |  |
| 7361993 | BlackRock Event Driven Equity Fund - Institutional Shares | 71190475 |
| 7573485 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 72402514 |
|  |  | **143592989** |
|  | **CORE/ALTERNATIVE DIVERSIFIERS — 37.3%** |  |
| 14682683 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 354880445 |
| 7806463 | JPMorgan Global Allocation Fund - Class R6 | 132475675 |
|  |  | **487356120** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $671,145,065) | **630949109** |
|  | **EXCHANGE-TRADED FUND — 5.1%** |  |
|  | **REAL ASSET — 5.1%** |  |
| 1913834 | iShares Gold Trust\* | 66199518 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $62,330,186) | **66199518** |
|  | **PRIVATE FUNDS<sup>5</sup> — 13.9%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 9.1%** |  |
|  | Elliott Associates, LP\* <sup>6</sup> | 35065879 |
|  | Millennium International, Ltd. - Class GG\* <sup>7</sup> | 37479054 |
|  | Millennium International, Ltd. - Sub-Class GG-C\* <sup>8</sup> | 46769311 |
|  |  | **119314244** |
|  | **CORE DIVERSIFIERS — 4.8%** |  |
|  | All Weather Portfolio Limited\* <sup>9</sup> | 63007127 |
|  |  | **63007127** |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $152,272,958) | **182321371** |
|  | **SHORT-TERM INVESTMENT — 17.2%** |  |
| 224613701 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>10</sup> | 224726007 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $224,665,229) | **224726007** |

---

**ASPIRIANT DEFENSIVE ALLOCATION FUND** <br> **SCHEDULE OF INVESTMENTS - Continued** <br> **As of December 31, 2022 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **TOTAL INVESTMENTS — 99.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,310,919,987) | **1294145224** |
|  | Other assets less liabilities — 1.0% | 12872561 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1307017785** |

---

\* 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.

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

<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.

<sup>6</sup> The investment was acquired on 1/2/2020. The cost is $31,679,600.

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $23,605,278.

<sup>8</sup> The investment was acquired on 10/1/2020. The cost is $38,137,780.

<sup>9</sup> The investment was acquired on 5/1/2018. The cost is $58,850,300.

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

LP — Limited Partnership

Ltd. — Limited

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS — 22.3%** |  |
|  | **AUSTRALIA — 0.1%** |  |
| 30102 | Woodside Energy Group Ltd. | $729016 |
|  | **BERMUDA — 0.4%** |  |
| 58984 | Arch Capital Group Ltd.\* | 3703015 |
| 2589 | Everest Re Group Ltd. | 857658 |
| 2873 | RenaissanceRe Holdings Ltd. | 529293 |
|  |  | **5089966** |
|  | **BRAZIL — 0.0%<sup>1</sup>** |  |
| 18244 | TIM S.A./Brazil - ADR<sup>2</sup> | 212543 |
|  | **CANADA — 0.3%** |  |
| 4984 | Agnico Eagle Mines Ltd. | 259118 |
| 664 | Brookfield Asset Management Ltd. - Class A\* | 18999 |
| 21862 | Dollarama, Inc. | 1278620 |
| 14988 | Franco-Nevada Corp. | 2045562 |
|  |  | **3602299** |
|  | **CAYMAN ISLANDS — 0.6%** |  |
| 115095 | Alibaba Group Holding Ltd.\* | 1262927 |
| 273500 | CK Hutchison Holdings Ltd. | 1638498 |
| 120923 | ENN Energy Holdings Ltd. | 1689059 |
| 309000 | Kingboard Holdings Ltd. | 979880 |
| 140500 | Li Ning Co., Ltd. | 1208160 |
| 54300 | Tencent Holdings Ltd. | 2302340 |
|  |  | **9080864** |
|  | **CHINA — 0.2%** |  |
| 336500 | Anhui Conch Cement Co., Ltd. - Class H | 1172524 |
| 447500 | China Shenhua Energy Co., Ltd. | 1289104 |
| 1327000 | Industrial & Commercial Bank of China Ltd. - Class H | 680605 |
|  |  | **3142233** |
|  | **CURACAO — 0.1%** |  |
| 36337 | Schlumberger Ltd. | 1942576 |
|  | **DENMARK — 0.2%** |  |
| 1744 | Genmab A/S\* | 737354 |
| 15654 | Novo Nordisk A/S - ADR | 2118612 |
|  |  | **2855966** |
|  | **FRANCE — 1.0%** |  |
| 7942 | Capgemini S.E. | 1327713 |
| 24714 | Edenred | 1345069 |
| 542 | L'Oreal S.A. | 194089 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FRANCE (Continued)** |  |
| 1911 | LVMH Moet Hennessy Louis Vuitton S.E. | $1390622 |
| 255 | Pernod Ricard S.A. | 50164 |
| 27622 | Publicis Groupe S.A. | 1764558 |
| 39579 | Safran S.A. | 4957428 |
| 12515 | Thales S.A. | 1599027 |
| 14845 | Vinci S.A. | 1479854 |
|  |  | **14108524** |
|  | **GERMANY — 0.5%** |  |
| 7790 | Knorr-Bremse A.G. | 423795 |
| 1191 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 385254 |
| 7996 | Rheinmetall A.G. | 1591814 |
| 30105 | SAP S.E. | 3108062 |
| 10943 | Siemens A.G. | 1508507 |
|  |  | **7017432** |
|  | **GUERNSEY — 0.1%** |  |
| 22196 | Amdocs Ltd. | 2017616 |
|  | **HONG KONG — 0.1%** |  |
| 124000 | Beijing Enterprises Holdings Ltd. | 395907 |
| 140000 | China Merchants Port Holdings Co., Ltd. | 204398 |
| 21000 | Power Assets Holdings Ltd. | 114775 |
| 57000 | Sun Hung Kai Properties Ltd. | 778584 |
| 137800 | Swire Properties Ltd. | 349033 |
|  |  | **1842697** |
|  | **INDIA — 0.2%** |  |
| 12425 | Dr Reddy's Laboratories Ltd. - ADR | 642994 |
| 87492 | Infosys Ltd. - ADR | 1575731 |
|  |  | **2218725** |
|  | **IRELAND — 0.7%** |  |
| 19060 | Accenture PLC - Class A | 5085971 |
| 4694 | Aon PLC - Class A | 1408857 |
| 20967 | Johnson Controls International PLC | 1341888 |
| 26168 | Medtronic PLC | 2033777 |
|  |  | **9870493** |
|  | **ISRAEL — 0.1%** |  |
| 2131 | Elbit Systems Ltd.<sup>2</sup> | 349569 |
| 8039 | Nice Ltd. - ADR\* | 1545900 |
|  |  | **1895469** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 0.7%** |  |
| 13300 | Asahi Kasei Corp. | $94677 |
| 1400 | Bandai Namco Holdings, Inc. | 87751 |
| 8371 | FUJIFILM Holdings Corp. | 418562 |
| 6200 | Honda Motor Co., Ltd. | 141416 |
| 10000 | Itochu Corp. | 313728 |
| 2800 | Itochu Techno-Solutions Corp. | 64948 |
| 12800 | Japan Tobacco, Inc. | 258051 |
| 43087 | KDDI Corp. | 1306695 |
| 25600 | MEIJI Holdings Co., Ltd. | 1312210 |
| 221500 | Mitsubishi UFJ Financial Group, Inc. | 1487022 |
| 118800 | Nippon Steel Corp. | 2061315 |
| 13900 | Nippon Telegraph & Telephone Corp. | 396407 |
| 52019 | Nippon Telegraph & Telephone Corp. - ADR | 1469537 |
| 5800 | Nissin Foods Holdings Co., Ltd. | 459328 |
| 34 | Shin-Etsu Chemical Co., Ltd. | 4152 |
| 30 | Toyota Motor Corp. | 409 |
| 14500 | Trend Micro, Inc. | 678127 |
|  |  | **10554335** |
|  | **JERSEY — 0.1%** |  |
| 259940 | Glencore PLC | 1733448 |
|  | **NETHERLANDS — 0.6%** |  |
| 21493 | AerCap Holdings N.V.\* | 1253472 |
| 14708 | Airbus S.E. | 1748818 |
| 107437 | CNH Industrial N.V. | 1723504 |
| 34843 | Koninklijke Ahold Delhaize N.V. | 1001781 |
| 8495 | NXP Semiconductors N.V. | 1342465 |
| 99314 | Stellantis N.V.<sup>2</sup> | 1410259 |
|  |  | **8480299** |
|  | **NEW ZEALAND — 0.0%<sup>1</sup>** |  |
| 101544 | Spark New Zealand Ltd. | 347664 |
|  | **PHILIPPINES — 0.0%<sup>1</sup>** |  |
| 3208 | PLDT, Inc. - ADR | 73142 |
|  | **SINGAPORE — 0.1%** |  |
| 12622 | DBS Group Holdings Ltd. | 319483 |
| 6072 | DBS Group Holdings Ltd. - ADR | 615519 |
| 37000 | United Overseas Bank Ltd. | 847516 |
|  |  | **1782518** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SOUTH KOREA — 0.0%<sup>1</sup>** |  |
| 8778 | POSCO - ADR | $478138 |
| 1 | Woori Financial Group, Inc. - ADR | 27 |
|  |  | **478165** |
|  | **SPAIN — 0.0%<sup>1</sup>** |  |
| 12172 | Amadeus IT Group S.A.\* | 631456 |
|  | **SWITZERLAND — 0.6%** |  |
| 88 | Alcon, Inc. | 6032 |
| 6065 | Garmin Ltd. | 559739 |
| 12022 | Nestle S.A. | 1388654 |
| 7504 | Nestle S.A. - ADR | 865511 |
| 20069 | Novartis A.G. | 1816193 |
| 4401 | Novartis A.G. - ADR | 399259 |
| 6369 | Roche Holding A.G. | 2001379 |
| 90470 | UBS Group A.G. | 1681496 |
| 227 | Zurich Insurance Group A.G. | 108524 |
| 2010 | Zurich Insurance Group A.G. - ADR | 96169 |
|  |  | **8922956** |
|  | **TAIWAN — 0.5%** |  |
| 40799 | Chunghwa Telecom Co., Ltd. - ADR | 1492835 |
| 71297 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5310914 |
| 66650 | United Microelectronics Corp. - ADR<sup>2</sup> | 435224 |
|  |  | **7238973** |
|  | **UNITED KINGDOM — 1.0%** |  |
| 44157 | Anglo American PLC | 1729183 |
| 15565 | AstraZeneca PLC | 2106246 |
| 1 | AstraZeneca PLC - ADR | 68 |
| 37705 | British American Tobacco PLC | 1491540 |
| 123283 | Compass Group PLC | 2846855 |
| 18390 | London Stock Exchange Group PLC | 1580091 |
| 240195 | Standard Chartered PLC | 1791499 |
| 47838 | Unilever PLC | 2415238 |
|  |  | **13960720** |
|  | **UNITED STATES — 14.1%** |  |
| 14394 | Abbott Laboratories | 1580317 |
| 5851 | Adobe, Inc.\* | 1969037 |
| 7272 | Adtalem Global Education, Inc.\* <sup>2</sup> | 258156 |
| 12168 | Aflac, Inc. | 875366 |
| 796 | Allstate Corp. | 107938 |
| 41180 | Alphabet, Inc. - Class A\* | 3633311 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 28495 | Alphabet, Inc. - Class C\* | $2528361 |
| 38726 | Amazon.com, Inc.\* | 3252984 |
| 7842 | American Electric Power Co., Inc. | 744598 |
| 19958 | American Express Co. | 2948795 |
| 11848 | Analog Devices, Inc. | 1943427 |
| 66549 | Apple, Inc. | 8646712 |
| 24851 | Ares Management Corp. - Class A | 1700802 |
| 6897 | Arthur J. Gallagher & Co. | 1300360 |
| 417 | Atmos Energy Corp.<sup>2</sup> | 46733 |
| 711 | Becton, Dickinson and Co. | 180807 |
| 1736 | Bio-Rad Laboratories, Inc. - Class A\* | 729971 |
| 60258 | Brixmor Property Group, Inc. - REIT | 1366049 |
| 21240 | Builders FirstSource, Inc.\* | 1378051 |
| 7138 | CDW Corp. | 1274704 |
| 27183 | Charles Schwab Corp. | 2263257 |
| 2871 | Chemed Corp. | 1465445 |
| 5174 | Church & Dwight Co., Inc. | 417076 |
| 16098 | Ciena Corp.\* | 820676 |
| 3610 | Cigna Corp. | 1196137 |
| 28313 | Cisco Systems, Inc. | 1348831 |
| 5859 | CNX Resources Corp.\* | 98666 |
| 51725 | Coca-Cola Co. | 3290227 |
| 3107 | Consolidated Edison, Inc. | 296128 |
| 6135 | Constellation Brands, Inc. - Class A | 1421786 |
| 3127 | Constellation Energy Corp. | 269579 |
| 2941 | Corteva, Inc. | 172872 |
| 3112 | Costco Wholesale Corp. | 1420628 |
| 54811 | Coterra Energy Inc.<sup>2</sup> | 1346706 |
| 18802 | Dolby Laboratories, Inc. - Class A | 1326293 |
| 883 | DT Midstream, Inc.<sup>2</sup> | 48795 |
| 1766 | DTE Energy Co. | 207558 |
| 1650 | Duke Energy Corp. | 169934 |
| 10755 | Electronic Arts, Inc. | 1314046 |
| 14390 | Elevance Health, Inc. | 7381638 |
| 20351 | Eli Lilly & Co. | 7445210 |
| 142 | Embecta Corp.<sup>2</sup> | 3591 |
| 120 | EOG Resources, Inc. | 15542 |
| 9381 | Exelon Corp. | 405541 |
| 6989 | ExlService Holdings, Inc.\* | 1184146 |
| 4786 | Expeditors International of Washington, Inc. | 497361 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 2407 | First Financial Corp. | $110915 |
| 14641 | Flowers Foods, Inc. | 420782 |
| 18898 | Gaming and Leisure Properties, Inc. - REIT | 984397 |
| 6449 | Gartner, Inc.\* | 2167767 |
| 21510 | GoDaddy, Inc.\* | 1609378 |
| 1177 | Grand Canyon Education, Inc.\* | 124362 |
| 29375 | H&R Block, Inc. | 1072481 |
| 1395 | Hanover Insurance Group, Inc. | 188506 |
| 2212 | Home Depot, Inc. | 698682 |
| 17694 | Hormel Foods Corp. | 805962 |
| 5694 | Humana, Inc. | 2916410 |
| 1373 | Incyte Corp.\* | 110279 |
| 3946 | Intuit, Inc. | 1535862 |
| 5370 | Intuitive Surgical, Inc.\* | 1424930 |
| 12683 | JM Smucker Co. | 2009748 |
| 33833 | Johnson & Johnson | 5976599 |
| 4544 | KLA Corp. | 1713224 |
| 24918 | Knight-Swift Transportation Holdings, Inc. | 1305952 |
| 6549 | Lam Research Corp. | 2752545 |
| 9882 | Lancaster Colony Corp. | 1949719 |
| 11968 | Life Storage, Inc. - REIT | 1178848 |
| 7838 | Lowe's Cos., Inc. | 1561643 |
| 5857 | LPL Financial Holdings, Inc. | 1266108 |
| 6448 | Mastercard, Inc. - Class A | 2242163 |
| 842 | McCormick & Co., Inc. | 69793 |
| 7071 | McDonald's Corp. | 1863421 |
| 4853 | McKesson Corp. | 1820457 |
| 50602 | Merck & Co., Inc. | 5614292 |
| 18326 | Meta Platforms, Inc. - Class A\* | 2205351 |
| 18077 | MetLife, Inc. | 1308232 |
| 52419 | Microsoft Corp. | 12571125 |
| 375 | Monster Beverage Corp.\* | 38074 |
| 18174 | Morgan Stanley | 1545153 |
| 2858 | Motorola Solutions, Inc. | 736535 |
| 19515 | NetApp, Inc. | 1172071 |
| 506 | NIKE, Inc. - Class B | 59207 |
| 38 | NVR, Inc.\* | 175278 |
| 19067 | Omnicom Group, Inc. | 1555295 |
| 37963 | Oracle Corp. | 3103096 |
| 27060 | Otis Worldwide Corp. | 2119069 |
| 1570 | PDC Energy, Inc.<sup>2</sup> | 99664 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 6841 | PepsiCo, Inc. | $1235895 |
| 28279 | Pfizer, Inc. | 1449016 |
| 16978 | Philip Morris International, Inc. | 1718343 |
| 6463 | Procter & Gamble Co. | 979532 |
| 13143 | Quest Diagnostics, Inc. | 2056091 |
| 16078 | Raymond James Financial, Inc. | 1717934 |
| 10706 | Republic Services, Inc. | 1380967 |
| 2143 | ResMed, Inc. | 446023 |
| 11709 | Ross Stores, Inc. | 1359064 |
| 3545 | Royal Gold, Inc.<sup>2</sup> | 399592 |
| 12018 | Salesforce.com, Inc.\* | 1593467 |
| 5344 | Stryker Corp. | 1306555 |
| 6162 | Synopsys, Inc.\* | 1967465 |
| 20182 | Texas Instruments, Inc. | 3334470 |
| 59943 | TJX Cos., Inc. | 4771463 |
| 10168 | T-Mobile US, Inc.\* | 1423520 |
| 11510 | Tootsie Roll Industries, Inc.<sup>2</sup> | 489981 |
| 27067 | Trustmark Corp.<sup>2</sup> | 944909 |
| 77193 | U.S. Bancorp | 3366387 |
| 5400 | U-Haul Holding Co.<sup>2</sup> | 299706 |
| 3068 | Ulta Beauty, Inc.\* | 1439107 |
| 4755 | United Therapeutics Corp.\* | 1322318 |
| 14559 | UnitedHealth Group, Inc. | 7718891 |
| 4781 | Vertex Pharmaceuticals, Inc.\* | 1380657 |
| 40318 | VICI Properties, Inc. - REIT<sup>2</sup> | 1306303 |
| 27513 | Visa, Inc. - Class A<sup>2</sup> | 5716101 |
| 16200 | Walmart, Inc. | 2296998 |
| 2132 | WEC Energy Group, Inc. | 199896 |
| 59852 | Wells Fargo & Co. | 2471289 |
| 34736 | Werner Enterprises, Inc. | 1398471 |
| 28636 | WillScot Mobile Mini Holdings Corp.\* <sup>2</sup> | 1293488 |
| 45897 | ZoomInfo Technologies, Inc.\* | 1381959 |
|  |  | **204643381** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $262,652,936) | **324473476** |
|  | **EXCHANGE-TRADED FUNDS — 17.0%** |  |
| 1571202 | iShares Edge MSCI Min Vol Global ETF<sup>2</sup> | 149295614 |
| 3913890 | Schwab Fundamental Emerging Markets Large Co. Index ETF<sup>2</sup> | 96986194 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $231,766,674) | **246281808** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 6.0%** |  |
| 4050832 | GMO Equity Dislocation Investment Fund - Class A<sup>3 4</sup> | $86647291 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $84,563,280) | **86647291** |
|  | **OPEN-END MUTUAL FUNDS — 30.7%** |  |
| 2996275 | AQR Large Cap Defensive Style Fund - Class R6 | 74787018 |
| 3419913 | Baillie Gifford Emerging Markets Equities Fund - Class K | 58275330 |
| 13582431 | GMO Quality Fund - Class VI<sup>5</sup> | 313210859 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $430,293,705) | **446273207** |
|  | **PREFERRED STOCK — 0.1%** |  |
|  | **BRAZIL — 0.1%** |  |
| 441100 | Banco Bradesco S.A. | 1265716 |
|  | **TOTAL PREFERRED STOCK** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,695,309) | **1265716** |
|  | **PRIVATE FUNDS<sup>6</sup> — 13.9%** |  |
|  | Bridgewater All Weather China, Ltd.<sup>7</sup> | 59121594 |
|  | RIEF Strategic Partners Fund LLC<sup>8</sup> | 142421832 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,362,244) | **201543426** |
|  | **SHORT-TERM INVESTMENTS — 10.0%** |  |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.1%** |  |
|  | Collateral Investments | 1589592 |
|  | **MONEY MARKET FUND — 9.9%** |  |
| 143557596 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>9</sup> | 143629375 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $145,174,257) | **145218967** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,342,508,405) | **1451703891** |
|  | Other assets less liabilities — 0.0%<sup>1</sup> | 285121 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1451989012** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

\* 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 $12,969,558.

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

<sup>4</sup> Affiliated investments for which ownership exceeds 5% of the investment's capital.

<sup>5</sup> Global equity fund.

<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.

<sup>7</sup> The investment was acquired on 3/1/2021. The cost is $64,000,000.

<sup>8</sup> The investment was acquired on 7/2/2018. The cost is $122,362,244.

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 81.3%** |  |
|  | **ALABAMA — 1.5%** |  |
|  | Black Belt Energy Gas District |  |
| $2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | $1950500 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 988423 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2033787 |
| 500000 | &nbsp;&nbsp;&nbsp;4.31% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 475433 |
| 500000 | County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023 | 513895 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1115785 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2578187 |
| 1710000 | Southeast Alabama Gas Supply District, 3.61% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/2024<sup>2</sup> | 1682615 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2084112 |
|  |  | **13422737** |
|  | **ARIZONA — 1.2%** |  |
| 500000 | Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023 | 500201 |
|  | Arizona Industrial Development Authority |  |
| 985000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> | 946231 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 | 522126 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2027<sup>4</sup> | 485257 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 | 269353 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> | 164253 |
| 1250000 | City of Peoria, 3.00%, 07/15/2033, Call 07/15/2031 | 1241500 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025<sup>4</sup> | 654986 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 | 670031 |
| 500000 | Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024 | 501922 |
| 340000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 02/6/2023<sup>4</sup> | 313267 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> | 948980 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | 113923 |
| 500000 | Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031 | 380716 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ARIZONA (Continued)** |  |
| $1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | $2086304 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 805927 |
|  |  | **10604977** |
|  | **ARKANSAS — 0.3%** |  |
|  | Arkansas Development Finance Authority |  |
| 1800000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> | 1574661 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 09/1/2025<sup>3 4</sup> | 485651 |
| 500000 | State of Arkansas, 3.00%, 10/1/2024, Call 01/20/2023 | 499950 |
|  |  | **2560262** |
|  | **CALIFORNIA — 7.3%** |  |
| 640000 | Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024 | 659147 |
| 1000000 | Bay Area Toll Authority, 4.91% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> | 1008617 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 | 969826 |
|  | California Community Choice Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> | 497659 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.83% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> | 1005559 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 81277 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | 160970 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2046, Call 05/15/2032 | 963188 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 3065723 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 02/6/2023 | 859884 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1034895 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 47598 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 854459 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 870563 |
| 1000000 | California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2023<sup>3 4</sup> | 999945 |
|  | California School Finance Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 52930 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 658243 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1210408 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 105860 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 903809 |
| 350000 | &nbsp;&nbsp;&nbsp;6.75%, 11/1/2045, Call 11/1/2024<sup>4</sup> | 355945 |
| 1000000 | California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024 | 1030992 |
|  | California Statewide Communities Development Authority |  |
| 850000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2043, Call 10/1/2024 | 887126 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 12/1/2024 | $1500803 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 12/1/2024 | 1004714 |
| 640000 | City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/2023<sup>3</sup> | 643865 |
| 200000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 202565 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 09/2/2025 | 507231 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 934871 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1580250 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2035, Call 11/15/2031<sup>3</sup> | 1120548 |
| 1895000 | Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031 | 2038843 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024 | 634955 |
| 1250000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1177831 |
|  | Foothill-Eastern Transportation Corridor Agency, AGM |  |
| 2000000 | &nbsp;&nbsp;&nbsp;0.00%, 01/15/2035 | 1254859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2042, Call 01/15/2024 | 1021356 |
| 500000 | Golden State Tobacco Securitization Corp., 5.00%, 06/1/2051, Call 12/1/2031 | 513726 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 978585 |
| 1000000 | Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024 | 1025410 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 959595 |
| 1000000 | Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2042, Call 01/1/2031 | 1098599 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 371029 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3483201 |
| 850000 | Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025 | 850240 |
| 1000000 | Perris Union High School District, 3.00%, 09/1/2037, Call 09/1/2029 | 880217 |
| 1510000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 1610271 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023 | 1013963 |
| 695000 | Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024 | 719608 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 789857 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2740195 |
| 950000 | Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030 | 1065093 |
| 1660000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1687650 |
| 1000000 | San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/2029<sup>3</sup> | 1036325 |
| 2100000 | San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025 | 2200188 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | $298522 |
| 965000 | San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024 | 995037 |
|  | Santa Ana Financing Authority, NATL-RE |  |
| 215000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2024 | 222071 |
| 215000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2024 | 222202 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 395981 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024 | 1013308 |
|  | Southern California Public Power Authority |  |
| 565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | 603205 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 | 1493161 |
|  | State of California |  |
| 1155000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028 | 1308213 |
| 855000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2042, Call 04/1/2032 | 951130 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2032 | 558349 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2052, Call 09/1/2032 | 1094999 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> | 106732 |
|  |  | **64193976** |
|  | **COLORADO — 4.8%** |  |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024 | 427371 |
|  | Cathedral Pines Metropolitan District |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 | 602357 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 | 2029747 |
|  | Central Platte Valley Metropolitan District |  |
| 625000 | &nbsp;&nbsp;&nbsp;5.63%, 12/1/2038, Call 12/1/2023 | 639396 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2023 | 507838 |
|  | City & County of Denver Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2038, Call 11/15/2032<sup>3</sup> | 1102434 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2043, Call 12/1/2028<sup>3</sup> | 2072994 |
| 1000000 | City & County of Denver Co. Airport System Revenue, 5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1100164 |
| 2000000 | City of Colorado Springs Co. Utilities System Revenue, 5.00%, 11/15/2044, Call 11/15/2024 | 2054557 |
|  | Colorado Educational & Cultural Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> | 516207 |
| 550000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 02/6/2023 | 550404 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.00%, 12/15/2037, Call 12/15/2024 | 1055765 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
| $460000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | $435967 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 402637 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 08/15/2024 | 102689 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1068350 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 10/1/2024 | 480118 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 01/15/2026 | 514242 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 545552 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 910721 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 02/1/2024 | 506438 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2025 | 2010083 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1679990 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 514101 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024 | 450109 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 506558 |
| 1470000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023 | 1473346 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 494412 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 370006 |
| 2000000 | Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028 | 2188764 |
| 1010000 | Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 02/6/2023 | 1010182 |
| 750000 | Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024 | 750815 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1910733 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 798002 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024 | 939340 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 452285 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4198966 |
| 1500000 | State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032 | 1770430 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 131164 |
| 1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | 933829 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 556124 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1061182 |
|  |  | **41826369** |
|  | **CONNECTICUT — 0.9%** |  |
| 1685000 | City of Bridgeport, 5.00%, 06/1/2029 | 1876026 |
| 500000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/6/2023<sup>3</sup> | 499925 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CONNECTICUT (Continued)** |  |
|  | Connecticut State Health & Educational Facilities Authority |  |
| $375000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2033, Call 06/1/2030 | $417381 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2032 | 1328118 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> | 971015 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | 1475342 |
| 1250000 | State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031 | 1238705 |
|  |  | **7806512** |
|  | **DELAWARE — 0.4%** |  |
|  | Delaware River & Bay Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2035, Call 01/1/2032 | 344740 |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2036, Call 01/1/2032 | 425867 |
| 1000000 | Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025<sup>4</sup> | 1031993 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025 | 1521918 |
|  |  | **3324518** |
|  | **DISTRICT OF COLUMBIA — 1.5%** |  |
|  | District of Columbia |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/1/2033, Call 04/1/2026 | 1042220 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 1571524 |
| 1465000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2044, Call 04/15/2029 | 1567615 |
|  | Metropolitan Washington Airports Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> | 1467749 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> | 1858276 |
| 655000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2044, Call 10/1/2024<sup>3</sup> | 657904 |
| 500000 | Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> | 512787 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 | 730168 |
| 615000 | &nbsp;&nbsp;&nbsp;6.50%, 10/1/2041, Call 10/1/2026 | 697032 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 | 1843940 |
|  | Washington Convention & Sports Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 | 508436 |
| 875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 | 873623 |
|  |  | **13331274** |
|  | **FLORIDA — 5.8%** |  |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024 | 1342477 |
| 790000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023 | 790364 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
| $100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | $92613 |
| 500000 | Broward County FL Water & Sewer Utility Revenue, 4.00%, 10/1/2047, Call 10/1/2031 | 473315 |
|  | Capital Trust Agency, Inc. |  |
| 400000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 388889 |
| 580000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 02/6/2023 | 580650 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 89802 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023 | 502282 |
| 2435000 | City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024 | 2440890 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 581442 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 486732 |
| 1000000 | City of Tampa , 5.00%, 11/15/2046, Call 05/15/2026 | 1013219 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 09/1/2023 | 501903 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025<sup>3</sup> | 1022424 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2448878 |
| 500000 | County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 502898 |
| 500000 | County of Miami-Dade Transit System, 5.00%, 07/1/2045, Call 07/1/2032 | 535115 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 163173 |
| 1325000 | County of Palm Beach FL Airport System Revenue, 5.00%, 10/1/2023<sup>3</sup> | 1339405 |
| 500000 | County of St. Lucie, 3.55%, 09/1/2028, Call 01/4/2023<sup>1</sup> | 500000 |
|  | Florida Development Finance Corp. |  |
| 750000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 07/1/2024 | 755921 |
| 500000 | &nbsp;&nbsp;&nbsp;8.50%, 06/15/2044, Call 06/15/2023 | 511297 |
| 825000 | &nbsp;&nbsp;&nbsp;6.13%, 06/15/2046, Call 06/15/2025<sup>4</sup> | 825612 |
| 1710000 | &nbsp;&nbsp;&nbsp;6.50%, 01/1/2049, Call 02/6/2023<sup>1 3 4</sup> | 1528362 |
| 3000000 | &nbsp;&nbsp;&nbsp;7.38%, 01/1/2049, Call 01/1/2024<sup>3 4</sup> | 2625028 |
| 2000000 | &nbsp;&nbsp;&nbsp;7.25%, 07/1/2057, Call 02/6/2023<sup>1 3 4</sup> | 1994458 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 452257 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 02/6/2023 | 1001529 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024 | 490985 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 05/15/2023<sup>3</sup> | 1000411 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1685266 |
| 1000000 | Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026 | 1065040 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 2046109 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2119170 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
|  | Lake Ashton Community Development District |  |
| $65000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2025 | $65315 |
| 390000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2037, Call 05/1/2025 | 379931 |
| 1675000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025 | 1684078 |
|  | Lee County Industrial Development Authority |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 02/6/2023<sup>4</sup> | 99996 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 1981504 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 975400 |
| 870000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 873451 |
| 385000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023 | 379437 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024 | 1006016 |
|  | Miami-Dade County Industrial Development Authority |  |
| 630000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 09/15/2024 | 642032 |
| 320000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 09/15/2024 | 324394 |
| 105000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2044, Call 09/15/2027<sup>4</sup> | 105440 |
| 1000000 | North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031 | 1047208 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 727055 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1576449 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 101423 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2013379 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028<sup>4</sup> | 133916 |
| 485000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023 | 484888 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 842821 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1057981 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | 719941 |
|  |  | **51119971** |
|  | **GEORGIA — 1.9%** |  |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 | 1062286 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 | 961264 |
|  | Burke County Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.25%, 10/1/2032<sup>1</sup> | 497223 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **GEORGIA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 | $412272 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 | 856148 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2045<sup>1</sup> | 999669 |
|  | Fulton County Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | 517299 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 04/1/2043, Call 04/1/2023 | 1007772 |
| 500000 | George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 399156 |
| 1100000 | Georgia Municipal Association, Inc., 4.00%, 12/1/2024 | 1125853 |
| 750000 | Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032 | 823401 |
| 1000000 | Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030 | 1151677 |
| 395000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> | 394055 |
|  | Main Street Natural Gas, Inc. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2026 | 1093853 |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 | 1518048 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | 1410880 |
| 200000 | Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030 | 198584 |
|  | Private Colleges & Universities Authority |  |
| 1325000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2024 | 1359004 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2051, Call 10/1/2032 | 1053917 |
|  |  | **16842361** |
|  | **GUAM — 0.2%** |  |
|  | Guam Government Waterworks Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2033, Call 07/1/2023 | 505587 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2024 | 1007518 |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 | 218710 |
|  |  | **1731815** |
|  | **HAWAII — 0.1%** |  |
| 1000000 | State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1012809 |
|  | **IDAHO — 0.2%** |  |
| 300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244 | 302394 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 388300 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 430081 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 584172 |
|  |  | **1704947** |
|  | **ILLINOIS — 11.2%** |  |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 | 104982 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 | 1058992 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | $181667 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 | 504341 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2039, Call 12/1/2024 | 498859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 979522 |
| 575000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 02/6/2023 | 551864 |
| 1950000 | &nbsp;&nbsp;&nbsp;7.00%, 12/1/2044, Call 12/1/2025 | 2065794 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1141500 |
|  | Chicago O'Hare International Airport |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 02/6/2023 | 1000295 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 514152 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2025 | 2522612 |
| 1000000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 1049778 |
| 680000 | Chicago Park District, 5.00%, 11/15/2024 | 697806 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2537995 |
| 1500000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 1510885 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1925725 |
|  | City of Chicago |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2027 | 1035582 |
| 800000 | &nbsp;&nbsp;&nbsp;4.84%, 04/15/2028, Call 01/16/2023<sup>4</sup> | 800435 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2033, Call 01/1/2025 | 1020371 |
| 1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | 1934967 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2036, Call 01/1/2031 | 1159625 |
| 880000 | &nbsp;&nbsp;&nbsp;6.00%, 01/1/2038, Call 01/1/2027 | 928722 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2040, Call 01/1/2025 | 506433 |
|  | City of Chicago Wastewater Transmission Revenue |  |
| 1960000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028, Call 02/6/2023 | 1961402 |
| 665000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2025 | 675179 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2024 | 3006993 |
|  | City of Chicago Waterworks Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2031, Call 11/1/2024 | 1019103 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2044, Call 11/1/2024 | 1004648 |
| 1000000 | City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024 | 1036207 |
| 1270000 | County of Cook, 5.00%, 11/15/2032, Call 11/15/2030 | 1416335 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 11/15/2027 | 1283477 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2038, Call 11/15/2030 | 1073203 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 11/1/2024 | 2022218 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | $576310 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 725121 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 442959 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 519969 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 703092 |
| 315000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 334488 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 523437 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2034, Call 01/1/2026 | 2032758 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1312724 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 214680 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1716379 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 999260 |
| 550000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2024 | 569379 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 866798 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1687225 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1942166 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 1878150 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 974359 |
| 1000000 | Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025 | 1008604 |
| 1000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024 | 1021301 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | 1057615 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1586814 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1103925 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 1000163 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 436210 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1323793 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 512245 |
|  | Metropolitan Pier & Exposition Authority, NATL |  |
| 1000000 | &nbsp;&nbsp;&nbsp;0.00%, 06/15/2029 | 775653 |
| 3300000 | &nbsp;&nbsp;&nbsp;0.00%, 12/15/2030 | 2395961 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1997430 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1032211 |
|  | Sales Tax Securitization Corp. |  |
| 735000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028 | 789180 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2028 | 2106262 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2030 | $482528 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 742152 |
| 1000000 | Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023 | 1031249 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2023 | 1002147 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2025 | 1020692 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2026, Call 07/1/2023 | 1511984 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1031149 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2031, Call 10/1/2030 | 1025081 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1770816 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 665456 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 923780 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2039, Call 02/1/2024 | 1491751 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2042, Call 03/1/2032 | 1031770 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 486592 |
| 1000000 | State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030 | 1069873 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2032413 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1462387 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 526392 |
| 1000000 | Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027 | 1000000 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |
| 550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | 408728 |
| 250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 | 177605 |
| 750000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025 | 674665 |
|  |  | **98467500** |
|  | **INDIANA — 1.0%** |  |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 | 1333650 |
|  | Indiana Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 886189 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 886189 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 | 3043074 |
| 1960000 | Michigan City School Building Corp., 5.00%, 01/15/2025 | 2014621 |
| 500000 | Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023<sup>3</sup> | 506626 |
|  |  | **8670349** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **IOWA — 0.4%** |  |
|  | Iowa Finance Authority |  |
| $1520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 02/6/2023 | $1431180 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2029 | 934436 |
| 4655000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 | 504309 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> | 512100 |
|  |  | **3382025** |
|  | **KENTUCKY — 0.8%** |  |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 205226 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 1081597 |
| 1350000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 1354739 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 816127 |
| 2600000 | Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/2024<sup>1</sup> | 2581503 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1077794 |
|  |  | **7116986** |
|  | **LOUISIANA — 1.4%** |  |
| 1165000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023 | 1169117 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1577021 |
| 1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | 1235991 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1022011 |
|  | Louisiana Public Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;8.13%, 12/15/2033, Call 12/15/2023 | 505811 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2035, Call 05/15/2025 | 1028229 |
| 885000 | &nbsp;&nbsp;&nbsp;6.50%, 07/1/2036, Call 07/1/2023<sup>3 4</sup> | 890675 |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1432699 |
|  | New Orleans Aviation Board |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 | 535972 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> | 1482632 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> | 1286148 |
|  |  | **12166306** |
|  | **MAINE — 0.8%** |  |
|  | Maine Health & Higher Educational Facilities Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028, Call 07/1/2027 | 1075214 |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 1694801 |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 734588 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MAINE (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 | $506274 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 | 496057 |
| 1510000 | Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027 | 1661606 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 02/6/2023<sup>3</sup> | 502255 |
|  |  | **6670795** |
|  | **MARYLAND — 1.7%** |  |
|  | City of Baltimore |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 | 2656236 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 | 1343885 |
| 1330000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 | 1403399 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024 | 1614488 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> | 1009411 |
|  | Maryland Health & Higher Educational Facilities Authority |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2023 | 2709042 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 1008945 |
| 1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 | 1087549 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 | 500933 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 | 916280 |
| 340000 | Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028 | 380256 |
|  |  | **14630424** |
|  | **MASSACHUSETTS — 0.5%** |  |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 117106 |
| 1000000 | Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029 | 1062583 |
|  | Massachusetts Development Finance Agency |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2044, Call 01/1/2029 | 846955 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 08/15/2025 | 1010449 |
|  | Massachusetts Educational Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> | 1066412 |
| 200000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | 182243 |
|  |  | **4285748** |
|  | **MICHIGAN — 2.5%** |  |
| 500000 | Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024 | 501022 |
| 685000 | Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024 | 704047 |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1049464 |
|  | Michigan Finance Authority |  |
| 275000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 02/6/2023 | 239233 |
| 1165000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2024 | 1178183 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MICHIGAN (Continued)** |  |
| $2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2033, Call 10/1/2024 | $2551887 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2025 | 1030033 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2025 | 514297 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 | 1351673 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2039, Call 07/1/2024 | 1002327 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 | 1021351 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 | 1864660 |
| 1450000 | Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024 | 1481639 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 917161 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3116744 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 02/6/2023 | 249262 |
| 890000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | 837611 |
| 500000 | Summit Academy, 6.38%, 11/1/2035, Call 02/6/2023 | 449170 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 1579079 |
|  |  | **21638843** |
|  | **MINNESOTA — 0.2%** |  |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 | 246472 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 67571 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025<sup>1 4</sup> | 1691383 |
|  |  | **2005426** |
|  | **MISSOURI — 1.1%** |  |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 | 63093 |
| 780000 | City of Kansas City, 5.00%, 09/1/2027 | 850495 |
|  | City of Kansas City Sanitary Sewer System Revenue |  |
| 600000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2030, Call 01/1/2028 | 664813 |
| 685000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2032, Call 01/1/2028 | 757480 |
| 350000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2028 | 386484 |
|  | Hannibal Industrial Development Authority |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 | 650999 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 | 450128 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 | 1028435 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 | 309380 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2053, Call 06/1/2030 | 885682 |
|  | Kansas City Industrial Development Authority |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> | 1016105 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MISSOURI (Continued)** |  |
| $1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> | $1050641 |
| 1400000 | Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025 | 1458249 |
|  |  | **9571984** |
|  | **NEBRASKA — 0.3%** |  |
| 1350000 | Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/2025<sup>1</sup> | 1346805 |
| 1000000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | 1077048 |
| 500000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 | 552598 |
|  |  | **2976451** |
|  | **NEVADA — 1.5%** |  |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 244863 |
| 800000 | Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030 | 907920 |
|  | County of Clark |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 | 403672 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 | 1613097 |
| 1000000 | Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024 | 1037153 |
|  | Las Vegas Convention & Visitors Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 | 1041956 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 | 669467 |
|  | Las Vegas Valley Water District |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2033, Call 12/1/2024 | 1038184 |
| 2025000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2039, Call 12/1/2024 | 2079157 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 2086864 |
| 1000000 | State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031 | 1064426 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> | 586072 |
|  |  | **12772831** |
|  | **NEW HAMPSHIRE — 0.2%** |  |
| 478944 | New Hampshire Business Finance Authority, 4.13%, 01/20/2034 | 464702 |
|  | New Hampshire Health and Education Facilities Authority Act |  |
| 1120000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 07/1/2027 | 1136113 |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 | 227193 |
|  |  | **1828008** |
|  | **NEW JERSEY — 3.4%** |  |
|  | New Jersey Economic Development Authority |  |
| 170000 | &nbsp;&nbsp;&nbsp;5.13%, 09/15/2023, Call 02/6/2023<sup>3</sup> | 170431 |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 | 873310 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 | 967021 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 | 103353 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 | 521332 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW JERSEY (Continued)** |  |
| $280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 10/1/2024<sup>4</sup> | $282174 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 | 910442 |
| 1050000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2040, Call 06/15/2025 | 1066190 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 10/1/2024<sup>4</sup> | 351843 |
| 1000000 | New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024 | 1037501 |
| 1000000 | New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024 | 1025247 |
| 1175000 | New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025 | 1183473 |
|  | New Jersey Higher Education Student Assistance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> | 538846 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> | 853584 |
| 3595000 | New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/2024<sup>3</sup> | 3561556 |
|  | New Jersey Transportation Trust Fund Authority |  |
| 1800000 | &nbsp;&nbsp;&nbsp;0.00%, 12/15/2030 | 1311988 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2035, Call 12/15/2028 | 1946662 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 | 518037 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | 448314 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 | 2078727 |
| 805000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2044, Call 06/15/2024 | 807455 |
| 3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 | 3864776 |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 06/15/2050, Call 12/15/2032 | 267567 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 | 1896564 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> | 1016703 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 | 354542 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1655766 |
|  |  | **29613404** |
|  | **NEW MEXICO — 0.2%** |  |
| 810000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023 | 794940 |
| 1020000 | Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024 | 977842 |
|  |  | **1772782** |
|  | **NEW YORK — 5.4%** |  |
| 450000 | Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023<sup>4</sup> | 417477 |
| 1035000 | City of Long Beach , 5.00%, 09/1/2027 | 1089306 |
|  | City of New York |  |
| 1210000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2042, Call 08/1/2031 | 1160285 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 09/1/2042, Call 09/1/2032 | 1112761 |
|  | Hempstead Town Local Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 | 967703 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 | 1022248 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 | $739799 |
|  | Metropolitan Transportation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 11/15/2031, Call 11/15/2025 | 1027299 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 05/15/2028 | 2051115 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024 | 662727 |
|  | New York City Municipal Water Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 06/15/2030 | 1058400 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1096205 |
|  | New York City Transitional Finance Authority Building Aid Revenue, SAW |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2034, Call 07/15/2031 | 1030334 |
| 750000 | &nbsp;&nbsp;&nbsp;3.00%, 07/15/2047, Call 07/15/2030 | 584844 |
| 1000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029 | 957558 |
| 2025000 | New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027 | 2109284 |
| 615000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 626202 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1099535 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 11/15/2024<sup>4</sup> | 1947255 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 567081 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2024<sup>4</sup> | 910712 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 11/15/2024<sup>4</sup> | 1507558 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 683066 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2041, Call 03/15/2029 | 1058761 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/15/2025 | 1026086 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | 456557 |
| 560000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 598475 |
|  | New York Transportation Development Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 07/1/2024<sup>3</sup> | 1917376 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 07/1/2024<sup>3</sup> | 1703002 |
| 1000000 | New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243 | 914072 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 235841 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 | 497370 |
| 1200000 | Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2043, Call 12/1/2029 | 1302827 |
|  | Port Authority of New York & New Jersey |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2032, Call 09/1/2024<sup>3</sup> | 2037855 |
| 4535000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2041, Call 10/15/2025 | 4716527 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 | 304556 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
|  | Triborough Bridge & Tunnel Authority |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045, Call 11/15/2025 | $1543859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 | 1134812 |
| 1000000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue, 5.25%, 05/15/2052, Call 11/15/2032 | 1096373 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 872189 |
| 250000 | Utility Debt Securitization Authority, 5.00%, 12/15/2031, Call 12/15/2023 | 254677 |
| 750000 | Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024 | 752777 |
| 810000 | Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031 | 742828 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 256477 |
|  |  | **47852051** |
|  | **NORTH CAROLINA — 0.6%** |  |
| 1380000 | City of Charlotte NC Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028 | 1426537 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> | 1057216 |
|  | North Carolina Medical Care Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2033, Call 02/6/2023 | 2000170 |
| 715000 | &nbsp;&nbsp;&nbsp;4.00%, 09/1/2046, Call 09/1/2028 | 578038 |
|  |  | **5061961** |
|  | **NORTH DAKOTA — 0.3%** |  |
| 500000 | County of Burleigh, 4.38%, 04/15/2026 | 489732 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 1727019 |
|  |  | **2216751** |
|  | **OHIO — 1.3%** |  |
| 1000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 | 869287 |
| 830000 | City of Akron, 5.00%, 12/1/2026 | 858325 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 | 928729 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 719478 |
|  | County of Hamilton |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 | 1124185 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 | 1962769 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025 | 495117 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2419899 |
| 1500000 | Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 1618123 |
|  |  | **10995912** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **OKLAHOMA — 0.7%** |  |
| $940000 | Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026 | $972407 |
| 1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1060780 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1065739 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> | 1019798 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 1868319 |
|  |  | **5987043** |
|  | **OREGON — 0.5%** |  |
| 1325000 | County of Clackamas, 3.00%, 06/1/2028, Call 02/6/2023 | 1325152 |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | 982550 |
|  | Oregon State Facilities Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2045, Call 04/1/2025 | 1012836 |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 48517 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 724341 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 | 435910 |
|  |  | **4529306** |
|  | **PENNSYLVANIA — 3.0%** |  |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 304302 |
| 95000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023 | 95812 |
| 250000 | Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032 | 244502 |
| 100000 | Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024 | 101242 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303 | 924393 |
|  | Commonwealth Financing Authority |  |
| 1825000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2034, Call 06/1/2028 | 1967203 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2035, Call 06/1/2028 | 1070047 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 381512 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 272300 |
| 650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | 680532 |
| 1500000 | Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024 | 1557712 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;6.40%, 12/1/2038, Call 09/1/2025<sup>5</sup> | 125000 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040, Call 06/1/2030<sup>4</sup> | 268363 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040, Call 06/1/2030<sup>3 4</sup> | 268363 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 888935 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $1000000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | $1048784 |
| 1000000 | Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027 | 1099570 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2088136 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 515257 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | 1045804 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 927981 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1034031 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 537798 |
|  | Philadelphia Authority for Industrial Development |  |
| 795000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2027, Call 05/1/2026 | 853739 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 01/1/2033 | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;6.88%, 06/15/2033, Call 06/15/2023 | 506708 |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 822094 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 925514 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5410 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1026649 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 883050 |
| 2090000 | Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027 | 2266812 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 285593 |
| 500000 | Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026 | 535049 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024 | 497775 |
|  |  | **26555972** |
|  | **PUERTO RICO — 0.7%** |  |
|  | Commonwealth of Puerto Rico |  |
| 30863 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2023 | 30867 |
| 18548 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2024 | 17198 |
| 61865 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2025 | 62375 |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 62536 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1086682 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1614761 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 48283 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 38760 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 42139 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PUERTO RICO (Continued)** |  |
| $42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | $35166 |
| 263008 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 115395 |
| 60594 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2046, Call 07/1/2031 | 45613 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042<sup>5</sup> | 1465000 |
| 2000000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 | 1820860 |
|  |  | **6485635** |
|  | **RHODE ISLAND — 0.4%** |  |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1560448 |
| 1000000 | Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023 | 1019858 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 574693 |
|  |  | **3154999** |
|  | **SOUTH CAROLINA — 1.2%** |  |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2033424 |
| 500000 | South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 02/6/2023<sup>3 4 5</sup> | 200000 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283 | 2075848 |
|  | South Carolina Public Service Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 | 1631712 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 06/1/2025 | 707716 |
| 1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 12/1/2025 | 1020535 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3170623 |
|  |  | **10839858** |
|  | **SOUTH DAKOTA — 0.1%** |  |
| 1235000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025 | 1202237 |
|  | **TENNESSEE — 1.0%** |  |
| 1220000 | Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024 | 1131792 |
|  | Knox County Health Educational & Housing Facility Board |  |
| 365000 | &nbsp;&nbsp;&nbsp;0.00%, 05/1/2025, Call 11/1/2024<sup>4 5</sup> | 171550 |
| 45000 | &nbsp;&nbsp;&nbsp;0.00%, 05/1/2034<sup>5</sup> | 21150 |
| 1000000 | Metropolitan Nashville Airport Authority, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 1045295 |
|  | Tennergy Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> | 1466675 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> | 1058552 |
|  | Tennessee Energy Acquisition Corp. |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TENNESSEE (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.63%, 09/1/2026 | $1046966 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2049, Call 08/1/2025<sup>1</sup> | 2482311 |
|  |  | **8424291** |
|  | **TEXAS — 6.7%** |  |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 74953 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 327067 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 919420 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2055234 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1033452 |
| 1000000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1058668 |
| 1255000 | City of Garland TX Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1235380 |
| 250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 235252 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1035765 |
|  | City of Houston Airport System Revenue |  |
| 600000 | &nbsp;&nbsp;&nbsp;4.75%, 07/1/2024<sup>3</sup> | 598771 |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035, Call 07/15/2025<sup>3</sup> | 723164 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1275731 |
| 1100000 | City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029 | 1252128 |
| 1280000 | City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030 | 1214456 |
| 750000 | City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027 | 814984 |
|  | Clifton Higher Education Finance Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 02/6/2023 | 500296 |
| 100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 02/6/2023 | 91183 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 12/1/2024 | 1399803 |
| 1000000 | Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030 | 1003941 |
| 1000000 | Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023 | 1019548 |
| 260000 | Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023 | 265853 |
| 1065000 | El Paso Downtown Development Corp., 5.00%, 08/15/2026 | 1136505 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1062888 |
| 1050000 | Hale Center Education Facilities Corp., 5.00%, 03/1/2032 | 1110381 |
| 1300000 | Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032 | 1476260 |
| 3000000 | Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029 | 3047017 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1166174 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/25/2023<sup>3 4</sup> | 482013 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
|  | New Hope Cultural Education Facilities Finance Corp. |  |
| $600000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2034, Call 04/1/2024 | $613583 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2039, Call 04/1/2024 | 1025664 |
| 2505000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2025<sup>5</sup> | 2129250 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 383480 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 04/1/2024 | 1506520 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2212963 |
| 500000 | North Texas Tollway Authority, 4.13%, 01/1/2039, Call 01/1/2032 | 496465 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1088505 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 02/6/2023<sup>5</sup> | 610000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 306277 |
| 1750000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 1816405 |
|  | San Antonio Water System |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2028 | 1050361 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2052, Call 05/15/2032 | 1091534 |
| 500000 | Southwest Higher Education Authority, Inc., 4.00%, 10/1/2042, Call 10/1/2023 | 478743 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023 | 1007633 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025 | 1418005 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 12/15/2025 | 579696 |
| 1060000 | &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 1116100 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 461556 |
| 1110000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2040, Call 12/31/2025<sup>3</sup> | 1112265 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4073090 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 440589 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 | 1515460 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 | 2023566 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2032 | 1110660 |
|  | Town of Westlake |  |
| 175000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2025 | 173830 |
| 200000 | &nbsp;&nbsp;&nbsp;6.13%, 09/1/2035, Call 09/1/2025 | 200004 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 | 1218427 |
|  |  | **58876918** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **UTAH — 0.4%** |  |
| 1000000 | City of Salt Lake City UT Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> | 939326 |
| 750000 | Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031 | 773970 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1023805 |
|  | Utah Charter School Finance Authority |  |
| 800000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> | 774820 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> | 458252 |
|  |  | **3970173** |
|  | **VIRGIN ISLANDS — 0.1%** |  |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 | 1002984 |
|  | **VIRGINIA — 1.0%** |  |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 464750 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1002858 |
| 1000000 | Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029 | 984708 |
| 1000000 | Fairfax County Industrial Development Authority, 3.50%, 05/15/2039, Call 05/15/2032 | 907104 |
| 30000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/6/2023<sup>3 4</sup> | 30017 |
| 1000000 | Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028 | 1137818 |
|  | Virginia Small Business Financing Authority |  |
| 2225000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2032<sup>3</sup> | 2068051 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 447673 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1656509 |
|  |  | **8699488** |
|  | **WASHINGTON — 3.1%** |  |
| 2000000 | Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028 | 2085581 |
| 1500000 | County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025 | 1567855 |
| 705000 | King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025 | 695910 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2305582 |
|  | King County School District No. 406 Tukwila, School Bond Gty |  |
| 2190000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2030, Call 06/1/2026 | 2285057 |
| 1560000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2031, Call 06/1/2026 | 1626318 |
| 65000 | Ocean Shores Local Improvement District, 7.25%, 02/1/2031 | 71746 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WASHINGTON (Continued)**  |  |
|  | Port of Seattle |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> | $1538070 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> | 514779 |
| 1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> | 1527606 |
|  | State of Washington |  |
| 1695000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2029 | 1868058 |
| 1630000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2029 | 1736680 |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 | 1818168 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 | 1591405 |
| 195000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/20/2023 | 183222 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 | 523155 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2038, Call 03/1/2025 | 1845551 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 | 517267 |
|  | Washington State Convention Center Public Facilities District |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 | 906026 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 | 988749 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1042009 |
|  |  | **27238794** |
|  | **WEST VIRGINIA — 0.2%** |  |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> | 1007718 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1079875 |
|  |  | **2087593** |
|  | **WISCONSIN — 1.3%** |  |
|  | Public Finance Authority |  |
| 665000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 07/1/2024 | 660160 |
| 500000 | &nbsp;&nbsp;&nbsp;5.75%, 02/1/2035, Call 02/1/2025 | 471319 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 07/1/2024 | 536968 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 830493 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> | 455969 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 | 483226 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 02/6/2023<sup>3</sup> | 968430 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 01/25/2023 | 165060 |
| 450000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2045, Call 03/1/2025<sup>4</sup> | 453608 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 07/1/2025<sup>4</sup> | 1004251 |
| 345000 | &nbsp;&nbsp;&nbsp;6.38%, 01/1/2048, Call 01/1/2028<sup>4</sup> | 212175 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> | 162 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> | 149 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WISCONSIN (Continued)** |  |
| $7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> | $141 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> | 133 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> | 122 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> | 128 |
| 194116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/1/2051<sup>4 5</sup> | 89895 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> | 119 |
| 7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | 112 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> | 105 |
| 7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> | 98 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> | 93 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> | 87 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> | 82 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> | 77 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> | 72 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> | 68 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> | 64 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> | 60 |
| 6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> | 57 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> | 53 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> | 48 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> | 573 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 | 536924 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 | 1034804 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3107062 |
|  |  | **11012947** |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $739,439,775) | **713247303** |
|  | **COMMON STOCK — 0.3%** |  |
| 32339 | Energy Harbor Corp.\* | 2554781 |
|  | **TOTAL COMMON STOCK** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $965,130) | **2554781** |
|  | **EXCHANGE-TRADED FUND — 1.6%** |  |
| 136576 | iShares National Muni Bond ETF | 14411499 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,621,617) | **14411499** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **CLOSED-END MUTUAL FUNDS — 0.6%** |  |
| 18027 | BlackRock Long-Term Municipal Advantage Trust | 169454 |
| 41753 | BlackRock MuniVest Fund, Inc. | 292689 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** |  |
| 29817 | BlackRock MuniYield Quality Fund, Inc. | $345877 |
| 55299 | BNY Mellon Municipal Income, Inc. | 346172 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 736551 |
| 20359 | BNY Mellon Strategic Municipals, Inc. | 124394 |
| 11444 | DTF Tax-Free Income, Inc. | 124854 |
| 66923 | DWS Municipal Income Trust | 576207 |
| 17462 | Invesco Advantage Municipal Income Trust II | 149999 |
| 17008 | Invesco Municipal Opportunity Trust | 168549 |
| 21119 | Invesco Municipal Trust | 209078 |
| 10819 | Invesco Trust for Investment Grade Municipals | 108731 |
| 6391 | Neuberger Berman Municipal Fund, Inc. | 66594 |
| 37184 | Pioneer Municipal High Income Advantage Fund, Inc. | 301190 |
| 111999 | Pioneer Municipal High Income Fund, Inc. | 960951 |
| 78923 | Western Asset Managed Municipals Fund, Inc. | 794755 |
| 6466 | Western Asset Municipal Partners Fund, Inc. | 75264 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,760,733) | **5551309** |
|  | **PRIVATE FUNDS<sup>6</sup> — 12.7%** |  |
|  | MacKay Municipal Credit Opportunities Fund, LP\* <sup>7</sup> | 25438326 |
|  | MacKay Municipal Opportunities Fund, LP\* <sup>8</sup> | 85979230 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $94,657,836) | **111417556** |
|  | **SHORT-TERM INVESTMENT — 2.4%** |  |
| 20973718 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>9</sup> | 20984205 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,981,382) | **20984205** |
|  | **TOTAL INVESTMENTS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $878,426,473) | **868166653** |
|  | Other assets less liabilities — 1.1% | 9752456 |
|  | **TOTAL NET ASSETS — 100.0%** | $**877919109** |

---

\* 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> Alternative Minimum Tax eligible security.

<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.

<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> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>7</sup> The investment was acquired on 3/1/2016. The cost is $19,752,111.

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $74,905,725.

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

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AGM-CR — Assured Guaranty Municipal Custodial Receipts

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

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

At December 31, 2022, the Aspiriant Risk-Managed Municipal Bond Fund had futures contracts as set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest Rate Futures Contracts:** | **Interest Rate Futures Contracts:** | | | | |
|  | **Number of** | | | | |
| **Expiration Date** | **Contracts** | <br>**Description** |<br>**Notional**<br>**Amount** |<br>**Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Short Futures Contracts:** |  |  |  |  |  |
| March 2023 | 5 | U.S. Treasury Long Bond | $(654519) | $(626719) | $27800 |
| March 2023 | 40 | U.S. Treasury Ultra Futures Bond | (4877169) | (4731250) | 145919 |
|  |  |  | $**(5531688)** | $**(5357969)** | $**173719** |

---

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 91.8%** |  |
|  | **CORE — 81.2%** |  |
| 3798396 | DoubleLine Total Return Bond Fund - I Class | $33311931 |
| 6946362 | MetWest Total Return Bond Fund - Plan Class<sup>1</sup> | 58905148 |
| 2719248 | PIMCO Income Fund - Institutional Class | 28144221 |
| 2003930 | River Canyon Total Return Bond Fund - Institutional Class<sup>2</sup> | 19959149 |
| 183685 | Vanguard Total Bond Market Index Fund - Admiral Shares | 1741334 |
|  |  | **142061783** |
|  | **OPPORTUNISTIC — 10.6%** |  |
| 960646 | GMO Emerging Country Debt Fund, Class VI | 16657603 |
| 369816 | Vanguard High-Yield Corporate Fund - Admiral Shares | 1904551 |
|  |  | **18562154** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $190,151,131) | **160623937** |
|  | **PRIVATE FUND<sup>3</sup> — 5.6%** |  |
|  | **OPPORTUNISTIC — 5.6%** |  |
|  | AG Direct Lending Fund IV Annex, LP<sup>4</sup> | 9733240 |
|  | **TOTAL PRIVATE FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,434,233) | **9733240** |
|  | **SHORT-TERM INVESTMENT — 2.6%** |  |
| 4609586 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>5</sup> | 4611891 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,609,981) | **4611891** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $204,195,345) | **174969068** |
|  | Other assets less liabilities — 0.0%<sup>6</sup> | 61683 |
|  | **TOTAL NET ASSETS — 100.0%** | $**175030751** |

---

<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> Affiliated investments for which ownership exceeds 5% of the investment's capital.

<sup>3</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>4</sup> The investment was acquired on 4/8/2022. The cost is $9,434,233.

<sup>5</sup> The rate is the annualized seven-day yield at period end.

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

LP — Limited Partnership

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aspiriant Trust

- **b. Investment Company Act file number:** 811-22648

- **c. CIK number of Registrant:** 0001534881

- **d. LEI of Registrant:** 549300G6IDUM5FT86W78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 11100 Santa Monica Boulevard

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

  - **Telephone number:** 310-806-4000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aspiriant Defensive Allocation Fund

- **b. EDGAR series identifier (if any):** S000051603

- **c. LEI of Series:** 549300Z8ZZSWSDJKIU90

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1307316150.80

**Total Liabilities:** $283860.25

**Net Assets:** $1307032290.55

**Cash Not Reported:** $7891722.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162347 | 0.73%                | 2.68%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12777477.20            | $21491281.89                               |
| Month 2  | $-1058.78                | $33845873.53                               |
| Month 3  | $8754365.55              | $-28182857.63                              |

### Schedule of Portfolio Investments

| Name                                                          | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| JPMorgan Prime Money Market Fund                              | JPMorgan Prime Money Market Fund, Institutional Class Shares      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 224613700 | NS      | $224726007.32 | 17.19%            |  |  |  | No            | 1                  | On Loan: No      |
| Millennium International Ltd.                                 | Millennium International Ltd.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     33841 | NS      | $46769310.97  | 3.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Benchmark-Free Allocation Fund                            | GMO Benchmark-Free Allocation Fund, Class IV                      | CUSIP: 362014607<br>LEI: JROIJZODPR8PSX12FZ19 | Long             |  | RF                | US        |  14682683 | NS      | $354880445.14 | 27.15%            |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Event Driven Equity Fund                            | BlackRock Event Driven Equity Fund                                | CUSIP: 09250J734<br>LEI: N/A                  | Long             |  | RF                | US        |   7361993 | NS      | $71190474.93  | 5.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Elliott Associates LP                                         | Elliott Associates LP                                             | CUSIP: N/A<br>LEI: ZLVLNJQ1GP6Z3VQTT125       | Long             |  | PF                | US        |     31125 | NS      | $35065879.20  | 2.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Millennium International Ltd.                                 | Millennium International Ltd., Class GG                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     21601 | NS      | $37479053.72  | 2.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JPMorgan Global Allocation Fund                               | JPMorgan Global Allocation Fund, Class R6                         | CUSIP: 48129C306<br>LEI: 05BPHY57BRZ28M05ST85 | Long             |  | RF                | US        |   7504598 | NS      | $127353036.09 | 9.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Managed Fund / Bridgewater Fund Ltd.                          | Managed Fund / Bridgewater Fund Ltd.                              | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | GB        |   1272493 | NS      | $110072975.18 | 8.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| All Weather Portfolio Ltd.                                    | All Weather Portfolio Ltd.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     58878 | NS      | $63007126.88  | 4.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Eaton Vance Global Macro Absolute Return Advantage Fund       | Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6 | CUSIP: 27830W108<br>LEI: 549300ANUL0TF3VY1U14 | Long             |  | RF                | US        |   7573485 | NS      | $72402514.03  | 5.54%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Investments ICAV - GMO Equity Dislocation Investment Fund | GMO Investments ICAV - GMO Equity Dislocation Investment Fund     | CUSIP: N/A<br>LEI: 5493007L12FS7KU4K584       | Long             |  | RF                | IE        |   3734280 | NS      | $79876243.77  | 6.11%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Gold Trust                                            | iShares Gold Trust                                                | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             |  | RF                | US        |   1913834 | NS      | $66199518.06  | 5.06%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Aspiriant Trust

**Signature:** Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Director