# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0002071691-26-005304
**Filing Date:** 2026-2
**Character Count:** 181483
**Document Hash:** 81fc3d1e7a7e9f757fb83cd081a1e644
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-005304.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002071691-26-005304

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 26697116

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 28.6%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 28.6%** |  |
| 2307347 | GMO Equity Dislocation Investment Fund - Class A<sup>1</sup> | $55607056 |
| 682860 | Lazard Rathmore Alternative Fund - Class E\* <sup>1</sup> | 81649861 |
| 1211225 | Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares\* <sup>1 2 3</sup> | 148426071 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $247,962,726) | **285682988** |
|  | **OPEN-END MUTUAL FUNDS — 48.0%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.1%** |  |
| 3849742 | BlackRock Event Driven Equity Fund - Institutional Shares | 40037321 |
| 6035019 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 70307967 |
|  |  | **110345288** |
|  | **CORE DIVERSIFIER — 10.9%** |  |
| 5164170 | JPMorgan Global Allocation Fund - Class R6 | 109015631 |
|  | **CORE/ALTERNATIVE DIVERSIFIER — 26.0%** |  |
| 8575827 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 260104831 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $404,756,353) | **479465750** |
|  | **EXCHANGE-TRADED FUND — 9.2%** |  |
|  | **ALTERNATIVE DIVERSIFIER — 9.2%** |  |
| 1140646 | iShares Gold Trust\* | 92586236 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,606,993) | **92586236** |
|  | **PRIVATE FUNDS<sup>5</sup> — 11.3%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.3%** |  |
|  | Elliott Associates, LP - Class C Shares\* <sup>6</sup> | 49595068 |
| 26238 | Millennium International, Ltd. - Class GG\* <sup>7</sup> | 63246374 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $67,208,427) | **112841442** |
|  | **SHORT-TERM INVESTMENT — 2.0%** |  |
| 20239094 | JPMorgan Prime Money Market Fund - Class Institutional, 3.75%<sup>8</sup> | 20249213 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,247,369) | **20249213** |
|  | **TOTAL INVESTMENTS — 99.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $779,781,868) | **990825629** |
|  | Other assets less liabilities — 0.9% | 8771517 |
|  | **TOTAL NET ASSETS — 100.0%** | $**999597146** |

---

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

\* 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> The investment was acquired on 10/2/2024. The cost is $131,572,616.

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

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of December 31, 2025, the aggregate fair value of these investments is $112,841,442 or 11.3% of the Fund's net assets.

<sup>6</sup> The investment was acquired on 1/2/2020. The cost is $36,358,247.

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $30,850,180 or $1,176 per share. Domiciled in Cayman Islands.

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 25.2%** |  |
|  | **AUSTRIA — 0.2%** |  |
| 19939 | Erste Group Bank A.G. | $2390875 |
|  | **BELGIUM — 0.3%** |  |
| 17617 | KBC Group N.V. | 2294368 |
| 4711 | UCB S.A. | 1312610 |
|  |  | **3606978** |
|  | **BRAZIL — 0.3%** |  |
| 75061 | Cia de Saneamento Basico do Estado de Sao Paulo | 1806927 |
| 251221 | Itau Unibanco Holding S.A. - ADR<sup>1</sup> | 1798743 |
|  |  | **3605670** |
|  | **CAYMAN ISLANDS — 0.3%** |  |
| 42356 | Tencent Holdings Ltd. | 3250549 |
|  | **CHINA — 0.1%** |  |
| 60300 | NetEase, Inc. | 1659769 |
|  | **DENMARK — 0.3%** |  |
| 8943 | DSV A/S | 2252353 |
| 26084 | Novo Nordisk A/S - Class B | 1322941 |
|  |  | **3575294** |
|  | **FRANCE — 0.9%** |  |
| 32624 | Accor SA | 1839225 |
| 53015 | Dassault Systemes S.E. | 1481147 |
| 3800 | LVMH Moet Hennessy Louis Vuitton S.E. | 2864196 |
| 17119 | Safran S.A. | 5962840 |
|  |  | **12147408** |
|  | **GERMANY — 0.3%** |  |
| 6240 | Knorr-Bremse A.G. | 692280 |
| 14290 | SAP S.E. | 3472020 |
|  |  | **4164300** |
|  | **INDIA — 0.1%** |  |
| 58098 | ICICI Bank Ltd. - ADR | 1731320 |
|  | **IRELAND — 0.5%** |  |
| 15571 | Accenture PLC - Class A | 4177699 |
| 15493 | Johnson Controls International PLC | 1855287 |
|  |  | **6032986** |
|  | **ISRAEL — 0.1%** |  |
| 83763 | Bank Leumi Le-Israel BM | 1845944 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ITALY — 0.1%** |  |
| 16656 | UniCredit S.p.A. | $1379562 |
|  | **JAPAN — 0.7%** |  |
| 42600 | Hitachi Ltd. | 1336003 |
| 36000 | Mitsubishi Estate Co., Ltd. | 874624 |
| 67063 | Mizuho Financial Group, Inc. | 2447435 |
| 31400 | Recruit Holdings Co., Ltd. | 1764416 |
| 58800 | Sony Group Corp. | 1508278 |
| 51800 | Sumitomo Realty & Development Co., Ltd. | 1300488 |
|  |  | **9231244** |
|  | **NETHERLANDS — 0.7%** |  |
| 911 | Adyen N.V.\* <sup>2</sup> | 1469056 |
| 2178 | Argenx S.E. - ADR\* | 1831589 |
| 2331 | ASML Holding N.V. | 2511699 |
| 1504 | Havas N.V.\* | 30061 |
| 10831 | Magnum Ice Cream Co. N.V.\* <sup>1</sup> | 171911 |
| 9388 | NXP Semiconductors N.V. | 2037759 |
| 18004 | Qiagen N.V. | 818767 |
|  |  | **8870842** |
|  | **SINGAPORE — 0.4%** |  |
| 28761 | Flex Ltd.\* <sup>1</sup> | 1737740 |
| 452045 | Singapore Telecommunications Ltd. | 1599335 |
| 21516 | Trip.com Group Ltd. - ADR | 1547215 |
|  |  | **4884290** |
|  | **SOUTH KOREA — 0.2%** |  |
| 2868 | Hanwha Aerospace Co., Ltd. | 1872946 |
|  | **SPAIN — 0.1%** |  |
| 14647 | Amadeus IT Group S.A. | 1084040 |
|  | **SWITZERLAND — 0.6%** |  |
| 33601 | Amrize Ltd.\* | 1823902 |
| 13035 | Holcim A.G. | 1268961 |
| 24612 | Nestle S.A. | 2442966 |
| 53482 | UBS Group A.G. | 2469510 |
|  |  | **8005339** |
|  | **TAIWAN — 0.9%** |  |
| 243616 | Taiwan Semiconductor Manufacturing Co., Ltd. | 11975501 |
|  | **UNITED KINGDOM — 1.7%** |  |
| 12736 | AstraZeneca PLC | 2356916 |
| 49227 | British American Tobacco PLC | 2790711 |
| 103617 | Compass Group PLC | 3283110 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 79580 | Diageo PLC | $1714783 |
| 610860 | Haleon PLC | 3086908 |
| 8806 | Next PLC | 1621186 |
| 141187 | Prudential PLC | 2171890 |
| 74172 | Unilever PLC | 4846190 |
|  |  | **21871694** |
|  | **UNITED STATES — 16.4%** |  |
| 37289 | Abbott Laboratories | 4671939 |
| 11040 | AbbVie, Inc. | 2522530 |
| 1932 | Advanced Micro Devices, Inc.\* | 413757 |
| 28675 | Alphabet, Inc. - Class A | 8975275 |
| 22513 | Alphabet, Inc. - Class C | 7064579 |
| 54957 | Amazon.com, Inc.\* | 12685175 |
| 3630 | American Express Co. | 1342919 |
| 7582 | Analog Devices, Inc. | 2056238 |
| 51028 | Apple, Inc. | 13872472 |
| 5543 | Autodesk, Inc.\* | 1640783 |
| 20785 | Broadcom, Inc. | 7193689 |
| 12914 | C.H. Robinson Worldwide, Inc. | 2076055 |
| 2323 | Cencora, Inc. | 784593 |
| 15112 | Chewy, Inc.\* <sup>1</sup> | 499452 |
| 8025 | Cigna Group | 2208721 |
| 40373 | Coca-Cola Co. | 2822476 |
| 17148 | Constellation Brands, Inc. - Class A | 2365738 |
| 17413 | Corning, Inc. | 1524682 |
| 10850 | Elevance Health, Inc. | 3803468 |
| 5849 | Eli Lilly & Co. | 6285803 |
| 5272 | Evercore, Inc. - Class A | 1793798 |
| 8405 | Ferguson Enterprises, Inc. | 1871205 |
| 10058 | Hilton Worldwide Holdings, Inc. | 2889161 |
| 6710 | Home Depot, Inc. | 2308911 |
| 18349 | Interactive Brokers Group, Inc. - Class A | 1180024 |
| 5301 | Intuitive Surgical, Inc.\* | 3002274 |
| 10774 | Jabil, Inc. | 2456688 |
| 30254 | Johnson & Johnson | 6261065 |
| 13395 | KKR & Co., Inc. | 1707595 |
| 1939 | KLA Corp. | 2356040 |
| 40321 | Lam Research Corp. | 6902149 |
| 6486 | Mastercard, Inc. - Class A | 3702728 |
| 1132 | McKesson Corp. | 928568 |
| 27428 | Merck & Co., Inc. | 2887071 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 12594 | Meta Platforms, Inc. - Class A | $8313173 |
| 38650 | Microsoft Corp. | 18691913 |
| 52305 | NVIDIA Corp. | 9754883 |
| 14158 | O'Reilly Automotive, Inc.\* | 1291351 |
| 1673 | Parker-Hannifin Corp. | 1470500 |
| 8091 | Quest Diagnostics, Inc. | 1404031 |
| 17664 | Salesforce, Inc. | 4679370 |
| 10000 | Targa Resources Corp. | 1845000 |
| 5922 | Tenet Healthcare Corp.\* | 1176820 |
| 21147 | Texas Instruments, Inc. | 3668793 |
| 10874 | Thermo Fisher Scientific, Inc. | 6300939 |
| 16902 | TJX Cos., Inc. | 2596316 |
| 12496 | Tradeweb Markets, Inc. - Class A | 1343820 |
| 78850 | U.S. Bancorp | 4207436 |
| 21284 | U.S. Foods Holding Corp.\* | 1603111 |
| 26461 | Uber Technologies, Inc.\* | 2162128 |
| 3532 | United Therapeutics Corp.\* | 1720967 |
| 11975 | UnitedHealth Group, Inc. | 3953067 |
| 12174 | Visa, Inc. - Class A<sup>1</sup> | 4269544 |
| 43901 | Wells Fargo & Co. | 4091573 |
| 15014 | Welltower, Inc. - REIT | 2786749 |
|  |  | **212389105** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $232,896,369) | **325575656** |
|  | **EXCHANGE-TRADED FUNDS — 12.5%** |  |
| 215172 | iShares MSCI ACWI ETF<sup>1</sup> | 30444686 |
| 333716 | iShares MSCI Global Min Vol Factor ETF | 39628775 |
| 2560111 | Schwab Fundamental Emerging Markets Equity ETF<sup>1</sup> | 92317603 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $115,288,412) | **162391064** |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.3%** |  |
| 2314724 | GMO Equity Dislocation Investment Fund - Class A<sup>3</sup> | 55784855 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,152,506) | **55784855** |
|  | **OPEN-END MUTUAL FUNDS — 44.3%** |  |
| 2896301 | AQR Large Cap Defensive Style Fund - Class R6 | 50945927 |
| 2328476 | Baillie Gifford Emerging Markets Equities Fund - Class K | 61774473 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS (Continued)** |  |
| 13148277 | GMO Quality Fund - Class VI<sup>4 5</sup> | $460189682 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $398,751,924) | **572910082** |
|  | **PRIVATE FUNDS<sup>6</sup> — 11.4%** |  |
|  | RIEF Strategic Partners Fund LLC - Series SB\* <sup>7</sup> | 94683579 |
|  | Viking Global Equities LP - Class H Interests\* <sup>8</sup> | 53446559 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $102,341,083) | **148130138** |
|  | **SHORT-TERM INVESTMENTS — 3.8%** |  |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 1.4%** |  |
|  | Collateral Investments | 18513354 |
|  | **MONEY MARKET FUND — 2.4%** |  |
| 30166625 | JPMorgan Prime Money Market Fund – Institutional Shares, 3.75%<sup>9</sup> | 30181708 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,686,471) | **48695062** |
|  | **TOTAL INVESTMENTS — 101.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $946,116,765) | **1313486857** |
|  | Liabilities in excess of other assets — (1.5)% | (18818347) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1294668510** |

---

\* Non-income producing security.

<sup>1</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 $19,033,154.

<sup>2</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of December 31, 2025, the aggregate fair value of these investments is $1,469,056 or 0.1% of the Fund's net assets.

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

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

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

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of December 31, 2025, the aggregate fair value of these investments is $148,130,138 or 11.4% of the Fund's net assets.

<sup>7</sup> The investment was acquired on 7/2/2018. The cost is $56,925,449.

<sup>8</sup> The investment was acquired on 12/1/2023. The cost is $45,415,634.

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

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 79.1%** |  |
|  | **ALABAMA — 3.1%** |  |
| $1715000 | Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026 | $1716539 |
| 375000 | Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028 | 377463 |
|  | Black Belt Energy Gas District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 07/1/2035 | 2061611 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | 2046883 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 1004285 |
| 500000 | &nbsp;&nbsp;&nbsp;3.67% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/2026<sup>2</sup> | 495730 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2059443 |
| 500000 | &nbsp;&nbsp;&nbsp;3.97% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 494251 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2055, Call 06/1/2032<sup>1</sup> | 543330 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 02/1/2035<sup>1</sup> | 535098 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2056, Call 02/1/2032<sup>1</sup> | 1549110 |
| 1035000 | County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033 | 1069693 |
| 1000000 | Energy Southeast A Cooperative District, 5.25%, 07/1/2054, Call 03/1/2032<sup>1</sup> | 1088680 |
|  | Health Care Authority for Baptist Health |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 11/15/2032 | 1075472 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2037, Call 11/15/2032 | 935868 |
| 1000000 | Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034 | 1013581 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1088670 |
| 1500000 | Industrial Development Board of the City of Mobile Alabama, 3.30%, 07/15/2034<sup>1</sup> | 1500868 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2438466 |
|  | Mobile County Industrial Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2054, Call 06/20/2034<sup>3</sup> | 1434230 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 12/1/2054, Call 12/1/2034<sup>3</sup> | 919050 |
| 3000000 | Southeast Alabama Gas Supply District, 5.00%, 08/1/2054, Call 01/1/2032<sup>1</sup> | 3222198 |
|  | Southeast Energy Authority A Cooperative District |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2030, Call 03/1/2030 | 794906 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2030, Call 07/1/2030 | 1074822 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2035, Call 11/1/2034 | 1593904 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 04/1/2029<sup>1</sup> | 1581011 |
| 885000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2055, Call 11/1/2030<sup>1</sup> | 947535 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2055, Call 08/1/2032<sup>1</sup> | 1080988 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2050306 |
|  |  | **37793991** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ALASKA — 0.2%** |  |
| $2000000 | Alaska Industrial Development & Export Authority, 4.00%, 10/1/2037, Call 10/1/2029 | $2002600 |
|  | **ARIZONA — 1.0%** |  |
|  | Arizona Industrial Development Authority |  |
| 410000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> | 408144 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 | 552767 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 | 794780 |
| 213316 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> | 149321 |
| 1625000 | Chandler Industrial Development Authority, 4.00%, 06/1/2049, Call 02/1/2029<sup>1 3</sup> | 1648085 |
| 1000000 | City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027 | 1002490 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 02/6/2026<sup>4</sup> | 695960 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 | 650418 |
| 340000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 02/6/2026<sup>4</sup> | 331809 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> | 999607 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | 122173 |
|  | Maricopa County Pollution Control Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.40%, 06/1/2035, Call 12/1/2031 | 427689 |
| 625000 | &nbsp;&nbsp;&nbsp;0.88%, 06/1/2043<sup>1</sup> | 611735 |
| 1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2173435 |
| 525000 | Sierra Vista Industrial Development Authority, 6.25%, 06/15/2045, Call 06/15/2033 | 536221 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 790762 |
|  |  | **11895396** |
|  | **ARKANSAS — 0.2%** |  |
|  | Arkansas Development Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> | 972267 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 02/6/2026<sup>3</sup> | 500504 |
| 1255000 | West Memphis School District No. 4, SAW, 2.75%, 02/1/2039, Call 02/6/2026 | 1100528 |
|  |  | **2573299** |
|  | **CALIFORNIA — 6.6%** |  |
| 2000000 | Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037 | 1134924 |
| 1000000 | Bay Area Toll Authority, 4.57% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> | 1001960 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 | $971659 |
|  | California Community Choice Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033, Call 08/1/2033 | 1087873 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> | 508181 |
| 2125000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2053, Call 05/1/2029<sup>1</sup> | 2233570 |
| 750000 | &nbsp;&nbsp;&nbsp;4.15% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/2029<sup>2</sup> | 753445 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.47% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> | 1014701 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 10/1/2030<sup>1</sup> | 1063008 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2055, Call 07/1/2032<sup>1</sup> | 927473 |
| 1000000 | California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/2029<sup>4</sup> | 811053 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 81623 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | 157465 |
| 1715000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2042, Call 11/15/2027 | 1676921 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 3025118 |
| 200000 | California Infrastructure & Economic Development Bank, 12.00%, 01/1/2065, Call 02/22/2026<sup>1 3 4</sup> | 148000 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 02/6/2026 | 905377 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1012256 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 50039 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 849994 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 904443 |
| 1000000 | California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2026<sup>3 4</sup> | 1003307 |
|  | California School Finance Authority |  |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 02/6/2026<sup>4</sup> | 650133 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1161094 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 02/6/2026<sup>4</sup> | 900018 |
|  | California Statewide Communities Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 02/6/2026 | 1504330 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 02/6/2026 | 1002373 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2058, Call 06/1/2028<sup>4</sup> | 1010582 |
| 2125000 | Central Valley Energy Authority, 5.00%, 12/1/2055, Call 05/1/2035<sup>1</sup> | 2316491 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 03/2/2026 | 500388 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 1003743 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1561143 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2048, Call 05/15/2029<sup>3</sup> | 1010495 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2028<sup>3</sup> | $1013077 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.25%, 05/15/2049, Call 05/15/2032<sup>3</sup> | 753683 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2051, Call 11/15/2031<sup>3</sup> | 1783757 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2055, Call 05/15/2035<sup>3</sup> | 1066503 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 02/6/2026 | 651441 |
| 1000000 | CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 908246 |
| 2000000 | Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035 | 1514045 |
| 3000000 | Golden State Tobacco Securitization Corp., 0.00%, 06/1/2066, Call 12/1/2031 | 294102 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 02/6/2026 | 1000749 |
| 2000000 | Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 01/22/2026 | 981811 |
|  | Los Angeles Department of Water & Power |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2028 | 1054009 |
| 830000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 07/1/2029 | 890761 |
| 925000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028 | 971957 |
|  | Los Angeles Department of Water & Power Water System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2035 | 1077125 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2035 | 1320304 |
| 1000000 | Los Angeles Unified School District, 4.00%, 07/1/2049, Call 01/1/2035 | 954013 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 365820 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3792104 |
| 930000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 968713 |
| 1000000 | Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032 | 991950 |
| 415000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 02/6/2026 | 415236 |
| 1000000 | Riverside County Transportation Commission, 3.00%, 06/1/2049, Call 06/1/2031 | 734414 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 759235 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2564877 |
| 1565000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1649680 |
|  | San Diego County Regional Airport Authority |  |
| 680000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2035<sup>3</sup> | 735156 |
| 1430000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2033<sup>3</sup> | 1472499 |
| 1000000 | San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033 | 1078432 |
| 625000 | San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040 | 665614 |
|  | San Francisco City & County Airport Commission-San Francisco International Airport |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2039, Call 05/1/2029<sup>3</sup> | 1040074 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1410000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2044, Call 05/1/2034<sup>3</sup> | $1500227 |
| 1500000 | San Francisco City & County Airport Comm-San Francisco International Airport, 5.50%, 05/1/2055, Call 05/1/2035<sup>3</sup> | 1588905 |
| 475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 360170 |
| 1500000 | San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/2035<sup>1</sup> | 1694728 |
| 550000 | Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031 | 352720 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 411200 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 02/6/2026 | 1000461 |
|  | Southern California Public Power Authority |  |
| 565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | 602343 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 | 1545084 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2055, Call 06/1/2030<sup>1</sup> | 2125264 |
| 1250000 | Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031 | 1098052 |
| 250000 | State of California, 4.00%, 08/1/2038, Call 08/1/2026 | 250592 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> | 104159 |
| 500000 | Yosemite Community College District, 0.00%, 08/1/2042 | 439600 |
|  |  | **80486072** |
|  | **COLORADO — 4.4%** |  |
|  | Aerotropolis Regional Transportation Authority |  |
| 970000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2051, Call 02/6/2026 | 892753 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2054, Call 12/1/2029<sup>4</sup> | 1501108 |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 02/6/2026 | 446420 |
| 1500000 | Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034 | 1553172 |
|  | Cathedral Pines Metropolitan District |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 | 586558 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 | 2005439 |
|  | City & County of Denver Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2040, Call 11/15/2032<sup>3</sup> | 1103337 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1105926 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 11/15/2032<sup>3</sup> | 1020220 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2028<sup>3</sup> | 2008081 |
| 1000000 | Colorado Bridge & Tunnel Enterprise, AG, 5.50%, 12/1/2054, Call 12/1/2034 | 1077986 |
|  | Colorado Educational & Cultural Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 02/6/2026<sup>4</sup> | 500419 |
| 390000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 02/6/2026 | 390359 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (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> | $460968 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 423850 |
| 1425000 | &nbsp;&nbsp;&nbsp;6.88%, 02/1/2059, Call 02/1/2035<sup>4</sup> | 1494271 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 95000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 02/6/2026 | 95241 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1052644 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 02/6/2026 | 480462 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 02/6/2026 | 500696 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 516773 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 989850 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 02/6/2026<sup>5</sup> | 317145 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043, Call 11/15/2029 | 1889509 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 02/6/2026 | 2000697 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2048, Call 05/15/2028 | 676160 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1731537 |
| 2800000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2050, Call 12/1/2035 | 2900159 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 518044 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2055, Call 12/1/2035 | 1055794 |
| 1000000 | Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2051, Call 01/27/2026 | 993305 |
| 735000 | Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030 | 728138 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 01/27/2026 | 501450 |
| 1059467 | Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026 | 680306 |
| 1250000 | Denver City & County Housing Authority, 5.00%, 12/1/2045, Call 12/1/2035 | 1262284 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 505063 |
|  | Denver Health & Hospital Authority |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2039, Call 02/6/2026 | 1472617 |
| 335000 | &nbsp;&nbsp;&nbsp;5.13%, 12/1/2050, Call 12/1/2034 | 338080 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 561579 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 421428 |
| 500000 | Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/2029<sup>4</sup> | 505337 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1807804 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 02/6/2026 | 770664 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 02/6/2026<sup>5</sup> | 920939 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 429538 |
| 1500000 | Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028 | 943442 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4039344 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
| $1500000 | State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032 | $1726430 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 127861 |
| 1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | 933429 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 576107 |
| 1000000 | Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032 | 1061317 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1016041 |
|  |  | **53618081** |
|  | **CONNECTICUT — 0.3%** |  |
| 1500000 | Connecticut State Health & Educational Facilities Authority, 4.00%, 07/1/2042, Call 07/1/2032 | 1419994 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> | 1013666 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | 1527336 |
|  |  | **3960996** |
|  | **DELAWARE — 0.3%** |  |
| 1435000 | Delaware State Economic Development Authority, 4.00%, 10/1/2040<sup>1</sup> | 1439155 |
| 965000 | Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033 | 1061522 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 01/27/2026 | 1500146 |
|  |  | **4000823** |
|  | **DISTRICT OF COLUMBIA — 1.1%** |  |
| 1000000 | District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033 | 1059736 |
| 5000000 | District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 02/6/2026 | 1124843 |
|  | Metropolitan Washington Airports Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> | 1522834 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> | 1837130 |
|  | Metropolitan Washington Airports Authority Aviation Revenue |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> | 510212 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1208737 |
| 1850000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2051, Call 10/1/2031<sup>3</sup> | 1640855 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 | 762944 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 | 1886293 |
|  | Washington Convention & Sports Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 | 513728 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **DISTRICT OF COLUMBIA (Continued)** |  |
| $875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 | $894971 |
| 1000000 | Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2054, Call 07/15/2034 | 1027483 |
|  |  | **13989766** |
|  | **FLORIDA — 6.4%** |  |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 02/6/2026 | 1335465 |
| 1175000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 02/6/2026 | 1175137 |
| 100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 90033 |
|  | Capital Trust Agency, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 199598 |
| 350000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 02/6/2026 | 350478 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 95001 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 02/6/2026 | 500316 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 541453 |
| 425000 | City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032 | 447383 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 465788 |
| 1000000 | City of Pensacola Airport Revenue, 5.50%, 10/1/2050, Call 10/1/2035<sup>3</sup> | 1057471 |
| 1000000 | City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065, Call 05/15/2030<sup>1</sup> | 1078881 |
|  | City of Tampa |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2046, Call 05/15/2026 | 1001666 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2050, Call 07/1/2030 | 1008429 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 02/6/2026 | 500036 |
| 2000000 | County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032<sup>3</sup> | 2091278 |
|  | County of Broward Airport System Revenue |  |
| 1185000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2029<sup>3</sup> | 1253974 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 02/6/2026<sup>3</sup> | 1000798 |
| 1035000 | County of Broward Convention Center Hotel Revenue, 5.00%, 01/1/2047, Call 01/1/2032 | 1072369 |
| 1000000 | County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031 | 902758 |
| 1000000 | County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1034166 |
|  | County of Miami-Dade |  |
| 4020000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2026 | 4051452 |
| 650000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2028 | 651587 |
|  | County of Miami-Dade Aviation Revenue |  |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2034<sup>3</sup> | 3308274 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | $502789 |
|  | County of Miami-Dade Transit System |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2028 | 1828980 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2030 | 1338255 |
| 1000000 | County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031 | 936021 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 176331 |
| 375000 | County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033 | 405495 |
| 1000000 | County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030 | 993127 |
|  | Florida Development Finance Corp. |  |
| 970000 | &nbsp;&nbsp;&nbsp;12.00%, 07/15/2032, Call 01/17/2026<sup>1 3 4</sup> | 349200 |
| 645000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 02/6/2026 | 645819 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2032<sup>3</sup> | 750000 |
| 180000 | &nbsp;&nbsp;&nbsp;5.25%, 06/1/2054, Call 06/1/2034<sup>4</sup> | 171306 |
| 1750000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2054, Call 7/3/2031<sup>1 3 4</sup> | 1771387 |
| 2040000 | &nbsp;&nbsp;&nbsp;10.00%, 07/1/2057, Call 02/6/2026<sup>1 3 4</sup> | 1428000 |
| 3125000 | Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 3076812 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 492683 |
| 1500000 | Florida State Board of Governors University of North Florida Dormitory Revenue, BAM, 5.00%, 11/1/2053, Call 11/1/2033 | 1537487 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 02/6/2026 | 1001827 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 02/6/2026 | 500259 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 02/6/2026<sup>3</sup> | 1000108 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2037, Call 11/1/2033<sup>3</sup> | 1080128 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1690574 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 10/1/2031<sup>3</sup> | 1747564 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 2027229 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2050962 |
| 350000 | Lake Ashton Community Development District, 5.00%, 05/1/2037, Call 02/6/2026 | 350207 |
| 1670000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 02/6/2026 | 1671659 |
|  | Lakewood Ranch Stewardship District |  |
| 1245000 | &nbsp;&nbsp;&nbsp;5.13%, 05/1/2047, Call 05/1/2027<sup>4</sup> | 1246508 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 05/1/2051, Call 05/1/2030<sup>4</sup> | 792818 |
| 1000000 | Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033 | 1047758 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
|  | Lee County Industrial Development Authority |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039, Call 11/15/2026 | $514080 |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 02/6/2026<sup>4</sup> | 100002 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 2010264 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 986198 |
| 2000000 | Lee County School Board, 5.25%, 08/1/2050, Call 08/1/2035 | 2109997 |
| 825000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 828485 |
| 355000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 02/6/2026 | 355238 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 02/6/2026 | 1000794 |
| 715000 | Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046 | 714023 |
|  | Miami-Dade County Industrial Development Authority |  |
| 525000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 02/6/2026 | 525417 |
| 330000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 02/6/2026 | 327796 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 690934 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1510948 |
| 900000 | River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/2034<sup>4</sup> | 896705 |
| 1535000 | South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027 | 1545678 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 100080 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2020542 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028 | 137729 |
| 405000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 02/6/2026 | 405333 |
| 1000000 | Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033 | 1066644 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 820805 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1033513 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | 793084 |
|  |  | **78319373** |
|  | **GEORGIA — 2.8%** |  |
| 250000 | Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 257817 |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 | 1106200 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 | 973087 |
| 2000000 | Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033 | 1990665 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **GEORGIA (Continued)** |  |
|  | Burke County Development Authority |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 | $441350 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 | 941405 |
| 500000 | Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027 | 510054 |
|  | George L Smith II Congress Center Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 475667 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2054, Call 01/1/2031 | 858683 |
|  | Georgia Housing & Finance Authority |  |
| 725000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 06/1/2033 | 764516 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2054, Call 06/1/2033 | 1000787 |
| 170000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> | 171080 |
|  | Main Street Natural Gas, Inc. |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 | 1542395 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2029 | 1018071 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2049 | 1042052 |
| 1350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2052, Call 06/1/2027<sup>1</sup> | 1363217 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | 1498711 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 03/1/2029<sup>1</sup> | 1046107 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2053, Call 03/1/2030<sup>1</sup> | 1054674 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2053, Call 06/1/2030<sup>1</sup> | 1064812 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2053, Call 03/1/2031<sup>1</sup> | 2141219 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 09/1/2030<sup>1</sup> | 2116986 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 06/1/2031<sup>1</sup> | 1074889 |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 09/1/2035<sup>1</sup> | 266403 |
| 4000000 | Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027 | 4053023 |
|  | Municipal Electric Authority of Georgia |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2052, Call 07/1/2032 | 757594 |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2056, Call 01/1/2030 | 198560 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2063, Call 07/1/2028 | 987233 |
| 1335000 | Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033 | 1352543 |
|  | Savannah Georgia Convention Center Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.25%, 06/1/2061, Call 06/1/2035 | 249316 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.25%, 06/1/2061, Call 06/1/2035<sup>4</sup> | 1002270 |
| 1000000 | Savannah Georgia Convention Center Authority, AG, 5.00%, 06/1/2058, Call 06/1/2035 | 1023577 |
|  |  | **34344963** |
|  | **GUAM — 0.0%<sup>6</sup>** |  |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 | 241320 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **HAWAII — 0.2%** |  |
|  | State of Hawaii Airports System Revenue |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> | $1006802 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2051, Call 07/1/2035<sup>3</sup> | 1041239 |
|  |  | **2048041** |
|  | **IDAHO — 0.2%** |  |
| 300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 02/6/2026 | 300179 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 377887 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 417278 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 566789 |
| 1000000 | Spring Valley Community Infrastructure District No. 1, 6.25%, 09/1/2054, Call 09/1/2030<sup>4</sup> | 1029085 |
|  |  | **2691218** |
|  | **ILLINOIS — 7.9%** |  |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 | 102394 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 | 1025945 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2036, Call 12/1/2030 | 1000507 |
| 180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | 181527 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 | 506374 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 980736 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1112871 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 02/6/2026 | 914593 |
| 2000000 | Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033 | 2100192 |
| 1615000 | Chicago Midway International Airport, 5.00%, 01/1/2046, Call 01/1/2035 | 1699816 |
|  | Chicago O'Hare International Airport |  |
| 40000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 02/6/2026 | 40016 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 515627 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2044, Call 01/1/2029 | 933371 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2029<sup>3</sup> | 1000327 |
| 625000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2055, Call 01/1/2032<sup>3</sup> | 645042 |
| 740000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2059, Call 01/1/2034<sup>3</sup> | 766767 |
| 500000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 516356 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2509104 |
|  | Chicago Transit Authority Sales Tax Receipts Fund |  |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2049, Call 12/1/2034 | 933159 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 12/1/2029 | 1500102 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1956695 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
|  | City of Chicago |  |
| $1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | $1914791 |
| 1150000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2044, Call 01/1/2033 | 1105710 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2045, Call 01/1/2033 | 978097 |
| 625000 | City of Chicago Wastewater Transmission Revenue, NATL, 0.00%, 01/1/2026 | 625000 |
| 2000000 | City of Joliet Waterworks & Sewerage Revenue, BAM, 5.25%, 01/1/2050, Call 01/1/2035 | 2085407 |
| 750000 | City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033 | 769381 |
| 1250000 | Cook County Community College District No. 508, BAM, 5.00%, 12/1/2039, Call 12/1/2033 | 1344757 |
| 1000000 | County of Cook Sales Tax Revenue, 5.00%, 11/15/2038, Call 11/15/2030 | 1071499 |
| 900000 | Grand Prairie Water Commission, BAM, 5.25%, 01/1/2050, Call 01/1/2035 | 949258 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 02/6/2026 | 2000792 |
| 570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | 580923 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 706275 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 435905 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 511535 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 682238 |
| 55000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 56516 |
| 260000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 265583 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 508613 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1350521 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 226893 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2037, Call 08/15/2031 | 602634 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1710822 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 1000509 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 869555 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 1033141 |
| 845000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 873004 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1667931 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/17/2026 | 2005985 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1887254 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 2019925 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2047, Call 01/15/2028 | 1132680 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 972478 |
| 4330000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2033 | 4544917 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2048, Call 08/15/2031 | 1122115 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 12/1/2050, Call 12/1/2032<sup>1 3 4</sup> | 999284 |
| 3000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 02/1/2026 | 3047853 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
|  | Illinois State Toll Highway Authority |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | $1064140 |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 02/6/2026 | 375353 |
| 2775000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 02/6/2026 | 2777615 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2046, Call 01/1/2032 | 1838431 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1549107 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1041828 |
| 1830000 | Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032 | 1863262 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 990848 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 477414 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1350167 |
| 720000 | &nbsp;&nbsp;&nbsp;5.50%, 06/15/2053, Call 02/6/2026 | 720193 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 523623 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1916254 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1011810 |
| 500000 | Sales Tax Securitization Corp., 4.00%, 01/1/2038, Call 01/1/2030 | 501433 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 749349 |
| 1000000 | Southwestern Illinois Development Authority, BAM, 5.50%, 04/1/2050, Call 04/1/2035 | 1066013 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1018216 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1910842 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 708768 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 999986 |
| 875000 | &nbsp;&nbsp;&nbsp;3.00%, 12/1/2041, Call 12/1/2031 | 709243 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 509213 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2005424 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1519359 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 574478 |
| 1500000 | Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 02/6/2026 | 1499944 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |
| 550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | 465306 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 | $203630 |
| 615000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 01/27/2026 | 615019 |
|  |  | **97157570** |
|  | **INDIANA — 1.0%** |  |
| 325000 | City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032 | 338608 |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 | 1397037 |
|  | Indiana Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 978555 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 981173 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 | 3042236 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1606886 |
| 2000000 | Indianapolis Local Public Improvement Bond Bank, 5.00%, 01/15/2039, Call 01/15/2035 | 2244135 |
| 1150000 | IPS Multi-School Building Corp., ST AID INTERCEPT, 5.00%, 07/15/2045, Call 07/15/2035 | 1204775 |
| 400000 | IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033 | 421379 |
|  |  | **12214784** |
|  | **IOWA — 0.4%** |  |
|  | Iowa Finance Authority |  |
| 2520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 02/6/2026 | 2520064 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2032 | 1150942 |
| 4485000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 | 642802 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> | 504516 |
|  |  | **4818324** |
|  | **KANSAS — 0.2%** |  |
| 500000 | City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026 | 478766 |
| 1000000 | City of Wichita , 5.88%, 05/15/2050, Call 05/15/2031 | 947885 |
| 1000000 | Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033 | 1001814 |
|  |  | **2428465** |
|  | **KENTUCKY — 1.0%** |  |
| 1000000 | County of Carroll, 2.13%, 10/1/2034, Call 06/1/2031<sup>3</sup> | 858968 |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 201442 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 02/6/2026 | 1100753 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 2001174 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **KENTUCKY (Continued)** |  |
| $765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | $772181 |
| 1000000 | Kentucky Public Energy Authority, 5.00%, 05/1/2036, Call 02/1/2036 | 1062973 |
| 1000000 | Kentucky State Property & Building Commission, 5.00%, 09/1/2044, Call 09/1/2035 | 1069840 |
|  | Louisville/Jefferson County Metropolitan Government |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1590676 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2052, Call 05/15/2032 | 2467278 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1010623 |
|  |  | **12135908** |
|  | **LOUISIANA — 1.5%** |  |
| 1000000 | City of Shreveport Water & Sewer Revenue, AG, 5.00%, 12/1/2035 | 1122863 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1542851 |
| 1000000 | Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034<sup>1</sup> | 1017872 |
| 420000 | Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030 | 416158 |
| 1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | 1221330 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1009662 |
|  | Louisiana Public Facilities Authority |  |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1414060 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2053, Call 04/1/2033 | 1487577 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2054, Call 09/1/2034<sup>3</sup> | 1018075 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 09/1/2064, Call 09/1/2034<sup>3</sup> | 1031080 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2066, Call 09/1/2034<sup>3</sup> | 2360566 |
| 500000 | Louisiana Public Facilities Authority, AG, 5.25%, 07/1/2050, Call 07/1/2035 | 524214 |
| 1000000 | Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033 | 1036862 |
|  | New Orleans Aviation Board |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 | 521545 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> | 1500458 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> | 1284781 |
|  |  | **18509954** |
|  | **MAINE — 0.3%** |  |
|  | Maine Health & Higher Educational Facilities Authority |  |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 1653427 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2026 | 971437 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 | 514453 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 | 509763 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MAINE (Continued)** |  |
| $50000 | Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, <br> Call 07/1/2027 | $51667 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 02/6/2026<sup>3</sup> | 501045 |
|  |  | **4201792** |
|  | **MARYLAND — 1.7%** |  |
|  | City of Baltimore |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 | 2544839 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 | 1502557 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2049, Call 07/1/2029 | 1015906 |
| 1000000 | County of Baltimore, 5.00%, 02/1/2046, Call 02/6/2026 | 1000375 |
| 1250000 | County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031 | 1010582 |
| 1245000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 | 1286844 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 02/6/2026 | 1600685 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> | 1004522 |
|  | Maryland Health & Higher Educational Facilities Authority |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 01/27/2026 | 2699085 |
| 1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 | 1069549 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 | 909262 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2050, Call 04/15/2030 | 882433 |
| 1000000 | Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/2029<sup>3</sup> | 998251 |
| 1080000 | Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/2028<sup>3</sup> | 1004175 |
| 1000000 | University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031 | 939603 |
| 1000000 | Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033 | 959781 |
|  |  | **20428449** |
|  | **MASSACHUSETTS — 0.9%** |  |
| 500000 | City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031 | 479588 |
| 645000 | City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029 | 522114 |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 120167 |
| 1000000 | Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034 | 1036215 |
|  | Massachusetts Development Finance Agency |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 01/27/2026 | 1000300 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2045, Call 10/1/2035 | 518542 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2026 | 1002716 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2048, Call 07/1/2033 | 1217212 |
| 745000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2054, Call 01/1/2034 | 762412 |
| 1000000 | Massachusetts Development Finance Agency, AG, 5.00%, 07/1/2050, Call 07/1/2035 | 1031708 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MASSACHUSETTS (Continued)** |  |
|  | Massachusetts Educational Financing Authority |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> | $1038074 |
| 195000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | 175448 |
| 1000000 | Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 01/27/2026 | 962004 |
| 500000 | Massachusetts Housing Finance Agency, FHA, 3.10%, 12/1/2044, Call 12/1/2028 | 411919 |
| 420000 | Massachusetts Port Authority, 5.00%, 07/1/2051, Call 07/1/2031<sup>3</sup> | 424896 |
|  |  | **10703315** |
|  | **MICHIGAN — 1.8%** |  |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1009786 |
| 730000 | Great Lakes Water Authority Water Supply System Revenue, 5.50%, 07/1/2050, Call 01/1/2035 | 788883 |
| 400000 | Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034 | 425734 |
|  | Michigan Finance Authority |  |
| 160000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 02/6/2026 | 147099 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 | 1349830 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 | 1008975 |
| 625000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2041, Call 06/1/2026 | 628957 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 | 1882372 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 06/1/2027 | 503267 |
| 950000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2047, Call 12/1/2031 | 867080 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/2/2029 | 1004262 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 12/1/2029 | 903899 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.38%, 02/28/2054, Call 02/28/2034 | 951477 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 908185 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3035606 |
|  | Michigan State Housing Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.20%, 12/1/2026 | 500839 |
| 1250000 | &nbsp;&nbsp;&nbsp;2.13%, 10/1/2036, Call 10/1/2030 | 1037271 |
| 375000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2043, Call 06/1/2032 | 382787 |
| 1000000 | Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034 | 1037401 |
| 1000000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | 949210 |
|  | Wayne County Airport Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 1537831 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2035 | 1080703 |
|  |  | **21941454** |
|  | **MINNESOTA — 0.3%** |  |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 02/6/2026 | 250102 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 68330 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MINNESOTA (Continued)** |  |
|  | Duluth Economic Development Authority |  |
| $2000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/15/2058, Call 02/15/2028 | $2007554 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2058, Call 02/15/2028 | 1006397 |
|  |  | **3332383** |
|  | **MISSISSIPPI — 0.3%** |  |
| 265000 | County of Warren, 4.00%, 09/1/2032 | 272998 |
| 4000000 | State of Mississippi, 4.00%, 10/1/2036, Call 10/1/2027 | 4029499 |
|  |  | **4302497** |
|  | **MISSOURI — 0.8%** |  |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 | 71371 |
|  | Hannibal Industrial Development Authority |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 | 627846 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 | 415240 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 | 1018975 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 | 309081 |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 12/1/2033 | 1213975 |
|  | Kansas City Industrial Development Authority |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> | 1017753 |
| 1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> | 1053312 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2054, Call 03/1/2029<sup>3</sup> | 1991872 |
| 500000 | Missouri Development Finance Board, 6.50%, 06/15/2045, Call 12/15/2035<sup>4</sup> | 495576 |
| 1285000 | Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033 | 1273807 |
|  |  | **9488808** |
|  | **NEBRASKA — 0.2%** |  |
| 1000000 | Central Plains Energy Project, 5.00%, 08/1/2055, Call 05/1/2031<sup>1</sup> | 1066109 |
| 900000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | 924964 |
| 1000000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 | 1045023 |
|  |  | **3036096** |
|  | **NEVADA — 0.7%** |  |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 243657 |
| 1195000 | Clark County School District, 2.00%, 06/15/2028, Call 01/27/2026 | 1154360 |
|  | County of Clark |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 | 456864 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 | 1556816 |
|  | Las Vegas Convention & Visitors Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 | 1023110 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 | 680974 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEVADA (Continued)** |  |
|  | Las Vegas Valley Water District |  |
| $2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | $2009733 |
| 1300000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2046, Call 12/1/2031 | 1251228 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 01/27/2026<sup>4</sup> | 595127 |
|  |  | **8971869** |
|  | **NEW HAMPSHIRE — 0.7%** |  |
|  | New Hampshire Business Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 10/1/2033 | 1054299 |
| 452960 | &nbsp;&nbsp;&nbsp;4.13%, 01/20/2034 | 461728 |
| 650000 | &nbsp;&nbsp;&nbsp;6.89%, 04/1/2034, Call 01/1/2034<sup>4</sup> | 687361 |
| 993477 | &nbsp;&nbsp;&nbsp;4.17%, 01/20/2041<sup>1</sup> | 985429 |
| 1836291 | &nbsp;&nbsp;&nbsp;4.25%, 07/20/2041 | 1847774 |
| 1000000 | New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033 | 1042047 |
|  | New Hampshire Health and Education Facilities Authority Act |  |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 | 221261 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2029 | 946944 |
| 1000000 | New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033 | 1060663 |
|  |  | **8307506** |
|  | **NEW JERSEY — 1.9%** |  |
|  | New Jersey Economic Development Authority |  |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 | 875861 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 | 986572 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 | 101830 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 | 508661 |
| 280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 02/6/2026<sup>4</sup> | 280287 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 | 901158 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 02/6/2026<sup>4</sup> | 350134 |
|  | New Jersey Health Care Facilities Financing Authority |  |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 02/6/2026 | 1176670 |
| 750000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2054, Call 07/1/2034 | 725117 |
|  | New Jersey Higher Education Student Assistance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> | 520280 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> | 781887 |
|  | New Jersey Transportation Trust Fund Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 | 531190 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041, Call 12/15/2034 | 2061769 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | 487745 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 | 2063877 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW JERSEY (Continued)** |  |
| $3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 | $4410633 |
| 1060000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2035 | 1092223 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2050, Call 12/15/2035 | 1053631 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 | 1846673 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> | 1025260 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 | 371391 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1652611 |
|  |  | **23805460** |
|  | **NEW MEXICO — 0.1%** |  |
| 700000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 02/6/2026 | 701818 |
|  | **NEW YORK — 6.7%** |  |
| 500000 | Albany Capital Resource Corp., 5.25%, 05/1/2050, Call 05/1/2035 | 519879 |
| 4400000 | City of New York, 5.25%, 03/1/2053, Call 03/1/2034 | 4596575 |
| 750000 | County of Orange, 2.38%, 06/15/2029, Call 02/6/2026 | 722162 |
|  | Hempstead Town Local Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 | 955771 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 | 990249 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 | 773836 |
| 2000000 | Metropolitan Transportation Authority, 5.25%, 11/15/2049, Call 05/15/2034 | 2095965 |
| 2000000 | Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030 | 1765063 |
| 1845000 | Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034 | 1675203 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 02/6/2026 | 651654 |
|  | New York City Municipal Water Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2049, Call 12/15/2029 | 512593 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1049125 |
| 1535000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 12/15/2033 | 1612606 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 06/15/2034 | 1578692 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2041, Call 11/1/2029 | 993008 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2044, Call 11/1/2030 | 956160 |
| 725000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2045, Call 11/1/2032 | 778757 |
| 1435000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2048, Call 11/1/2035 | 1523394 |
| 350000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 355248 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1170146 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 01/27/2026<sup>4</sup> | 1999890 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 629889 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2043, Call 02/15/2030 | $977488 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 01/27/2026<sup>4</sup> | 1999571 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 01/27/2026<sup>4</sup> | 1501077 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.13%, 09/15/2050, Call 03/15/2030 | 751370 |
| 615000 | New York Power Authority, 4.00%, 11/15/2049, Call 11/15/2034 | 567921 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 845232 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | 439606 |
| 1120000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2050, Call 07/1/2035 | 1125378 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2051, Call 03/15/2035 | 676389 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 03/15/2052, Call 03/15/2034 | 1577547 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2054, Call 03/15/2034 | 904692 |
| 240000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 247435 |
| 1500000 | New York State Thruway Authority, 5.00%, 01/1/2041, Call 02/6/2026 | 1500959 |
|  | New York State Urban Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2038, Call 09/15/2031 | 1015722 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2063, Call 09/15/2033 | 2045161 |
|  | New York Transportation Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2033, Call 12/1/2032<sup>3</sup> | 1087310 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 06/30/2039, Call 06/30/2034<sup>3</sup> | 551094 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2040, Call 10/1/2030<sup>3</sup> | 2535648 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2045, Call 10/1/2030<sup>3</sup> | 2330923 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 02/6/2026<sup>3</sup> | 2999888 |
| 1620000 | &nbsp;&nbsp;&nbsp;5.00%, 6/30/2049, Call 6/30/2031<sup>3</sup> | 1626688 |
| 2250000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 02/6/2026<sup>3</sup> | 2250090 |
| 1500000 | &nbsp;&nbsp;&nbsp;6.00%, 06/30/2054, Call 06/30/2031<sup>3</sup> | 1551164 |
| 2780000 | &nbsp;&nbsp;&nbsp;6.00%, 06/30/2055, Call 06/30/2034<sup>3</sup> | 2937627 |
| 1955000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1902734 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1008739 |
| 1475000 | New York Transportation Development Corp., AG, 6.00%, 06/30/2045, Call 06/30/2034<sup>3</sup> | 1622845 |
| 1220000 | New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/2034<sup>3</sup> | 1237753 |
| 1315000 | New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/2031<sup>3</sup> | 1374735 |
| 1000000 | Niagara Frontier Transportation Authority Airport System Revenues, 5.00%, 04/1/2037, Call 04/1/2029<sup>3</sup> | 1028684 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 02/6/2026 | 235097 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 02/6/2026 | 499989 |
|  | Port Authority of New York & New Jersey |  |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2033<sup>3</sup> | 3053219 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2050, Call 07/15/2030<sup>3</sup> | $1331138 |
| 1250000 | Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029 | 1048521 |
|  | Triborough Bridge & Tunnel Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 11/15/2033 | 1070716 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 | 1060879 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2054, Call 05/15/2034 | 1033318 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2064, Call 05/15/2034 | 1041373 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 850909 |
| 500000 | Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034 | 554994 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 268402 |
|  |  | **82175890** |
|  | **NORTH CAROLINA — 0.6%** |  |
| 1000000 | City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033 | 1081027 |
| 750000 | Columbus County Industrial Facilities & Pollution Control Financing Authority, 4.20%, 05/1/2034 | 779444 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> | 1038867 |
|  | North Carolina Housing Finance Agency |  |
| 720000 | &nbsp;&nbsp;&nbsp;3.85%, 07/1/2038, Call 07/1/2027 | 716616 |
| 270000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2027 | 270921 |
| 1545000 | North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030 | 1527059 |
| 715000 | North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028 | 609929 |
| 1000000 | North Carolina Turnpike Authority, AG, 5.00%, 01/1/2058, Call 01/1/2034 | 1022025 |
| 765000 | Town of Apex, 2.00%, 06/1/2033, Call 06/1/2030 | 701285 |
|  |  | **7747173** |
|  | **NORTH DAKOTA — 0.4%** |  |
| 1000000 | City of Horace, 5.00%, 05/1/2050, Call 05/1/2033 | 1000292 |
| 200000 | County of Burleigh, 4.38%, 04/15/2026 | 199869 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 1730860 |
|  | North Dakota Housing Finance Agency |  |
| 585000 | &nbsp;&nbsp;&nbsp;3.30%, 01/1/2033, Call 01/1/2032 | 577197 |
| 1015000 | &nbsp;&nbsp;&nbsp;3.00%, 01/1/2052, Call 07/1/2030 | 1002755 |
|  |  | **4510973** |
|  | **OHIO — 1.6%** |  |
| 3000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 | 2432204 |
| 225000 | City of Akron, 5.00%, 12/1/2026 | 227617 |
| 2000000 | City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027 | 1987367 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **OHIO (Continued)** |  |
| $1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 | $954079 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 717550 |
| 500000 | Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/2035<sup>3</sup> | 540088 |
|  | County of Hamilton |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 | 1143009 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 | 2001857 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2050, Call 03/15/2030 | 1461414 |
| 1880000 | County of Miami, 5.00%, 08/1/2049, Call 08/1/2028 | 1893354 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 02/6/2026 | 489784 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2363167 |
| 1500000 | Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/2029<sup>3 4</sup> | 1352285 |
| 950000 | Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033 | 944475 |
| 1000000 | Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030 | 1051393 |
|  |  | **19559643** |
|  | **OKLAHOMA — 0.7%** |  |
| 1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1011823 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1052887 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> | 1012504 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 1809894 |
| 995000 | Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033 | 1120728 |
| 750000 | Oklahoma Municipal Power Authority, AG, 5.25%, 01/1/2051, Call 01/1/2036 | 799460 |
| 1000000 | Oklahoma Water Resources Board, 5.00%, 10/1/2046, Call 10/1/2032 | 1048900 |
| 750000 | Tulsa Municipal Airport Trust Trustees, 6.25%, 12/1/2035<sup>3</sup> | 859372 |
| 570000 | University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034 | 536149 |
|  |  | **9251717** |
|  | **OREGON — 0.2%** |  |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | 995633 |
|  | Oregon State Facilities Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 45759 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 717161 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 | 453184 |
|  |  | **2211737** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA — 3.3%** |  |
| $1500000 | Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033<sup>3</sup> | $1574678 |
| 3000000 | Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031<sup>3</sup> | 2587724 |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 317413 |
| 90000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 01/27/2026 | 87897 |
|  | Allentown Neighborhood Improvement Zone Development Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2042, Call 05/1/2032 | 258821 |
| 200000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2042, Call 05/1/2031<sup>4</sup> | 202472 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030<sup>3</sup> | 969228 |
| 1825000 | Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028 | 1904504 |
| 3000000 | Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028 | 2958011 |
| 1000000 | County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026 | 1006817 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 369680 |
| 1000000 | DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028 | 940342 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 02/6/2026 | 265113 |
| 1500000 | Geisinger Authority, 4.00%, 04/1/2039, Call 04/1/2030 | 1490827 |
| 650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | 673325 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>3 4 5</sup> | 30 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>4 5</sup> | 30 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 909232 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2048, Call 05/15/2033 | 888714 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.75%, 06/30/2048, Call 12/31/2032<sup>3</sup> | 1308658 |
| 500000 | Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032 | 519225 |
| 1500000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | 1567797 |
| 570000 | Pennsylvania Higher Education Assistance Agency, 4.75%, 06/1/2046, Call 06/1/2034<sup>3</sup> | 563354 |
|  | Pennsylvania Higher Educational Facilities Authority |  |
| 660000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2035, Call 06/15/2026 | 660033 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2054, Call 11/1/2034 | 1042152 |
| 1980000 | Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032 | 1940743 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2067303 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 06/1/2033 | 1100149 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 503235 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | $1027692 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 951578 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1013822 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 525816 |
|  | Philadelphia Authority for Industrial Development |  |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 856236 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 823686 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2034 | 536746 |
| 100000 | &nbsp;&nbsp;&nbsp;2.48%, 07/1/2054, Call 01/6/2026<sup>1</sup> | 100000 |
| 1140000 | Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030 | 1104233 |
| 500000 | Philadelphia Housing Authority, 5.00%, 03/1/2045, Call 03/1/2035 | 512033 |
| 1000000 | School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031 | 1007488 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5080 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1005452 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 848149 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 278044 |
| 1000000 | Union County Hospital Authority, 5.00%, 08/1/2048, Call 01/27/2026 | 997652 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 01/27/2026 | 500148 |
|  |  | **40771362** |
|  | **PUERTO RICO — 0.9%** |  |
|  | Commonwealth of Puerto Rico |  |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 62624 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1123867 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1713156 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 55571 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 51813 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 49108 |
| 42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | 41583 |
| 213963 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 137203 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 02/6/2026<sup>5</sup> | 1340000 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |
| 1125000 | &nbsp;&nbsp;&nbsp;4.33%, 07/1/2040, Call 07/1/2028 | 1102086 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 07/1/2053, Call 07/1/2028 | 944080 |
| 4300000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 4146864 |
|  |  | **10767955** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **RHODE ISLAND — 0.2%** |  |
| $1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | $1539237 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 534273 |
|  |  | **2073510** |
|  | **SOUTH CAROLINA — 1.1%** |  |
| 1000000 | Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1040774 |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2006051 |
| 500000 | Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031<sup>1</sup> | 534519 |
|  | South Carolina Jobs-Economic Development Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2044, Call 11/15/2034 | 257478 |
| 250000 | &nbsp;&nbsp;&nbsp;5.13%, 04/1/2046, Call 04/1/2033 | 248804 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.38%, 04/1/2056, Call 04/1/2033 | 996674 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028<sup>3</sup> | 2057486 |
|  | South Carolina Public Service Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 | 1611963 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 01/27/2026 | 730025 |
| 1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 02/6/2026 | 1015289 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3034233 |
|  |  | **13533296** |
|  | **SOUTH DAKOTA — 0.1%** |  |
| 690000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 02/6/2026 | 691527 |
|  | **TENNESSEE — 0.8%** |  |
| 1000000 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033 | 1026219 |
| 1000000 | Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034 | 1038552 |
|  | Metropolitan Nashville Airport Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2039, Call 07/1/2032<sup>3</sup> | 1104615 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 1034345 |
|  | Tennergy Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> | 1525881 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> | 1073082 |
|  | Tennessee Energy Acquisition Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 09/1/2026 | 1012673 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2035, Call 09/1/2035 | 1614178 |
|  |  | **9429545** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS — 7.5%** |  |
| $85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | $79760 |
| 1000000 | Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033 | 1053422 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 321975 |
| 155000 | Canyon Falls Municipal Utility District No. 1, 2.75%, 02/15/2038, Call 02/15/2027 | 122623 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 1039825 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2034363 |
|  | Central Texas Turnpike System |  |
| 2310000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2034 | 2588991 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 08/15/2034 | 974574 |
| 1125000 | City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034 | 1011562 |
|  | City of Austin Airport System Revenue |  |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2031<sup>3</sup> | 960384 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1010239 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2035<sup>3</sup> | 519476 |
| 500000 | City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033 | 515916 |
| 1670000 | City of Bryan, 2.50%, 08/15/2043, Call 02/15/2029 | 1220113 |
| 1400000 | City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033 | 1372342 |
| 1255000 | City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1267771 |
| 250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 246743 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1009387 |
|  | City of Houston Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/15/2038, Call 07/15/2034<sup>3</sup> | 1081006 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1364446 |
| 1125000 | City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/2033<sup>3</sup> | 1072649 |
|  | City of Houston TX Airport System Revenue |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 07/15/2034, Call 07/15/2033<sup>3</sup> | 597504 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2050, Call 07/1/2035<sup>3</sup> | 1851407 |
| 605000 | City of Missouri City, 2.13%, 06/15/2040, Call 06/15/2029 | 447209 |
| 1000000 | City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032 | 921742 |
|  | City of San Antonio Electric & Gas Systems Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2049, Call 08/1/2034 | 1064336 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2049, Call 08/1/2034 | 1064336 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2054, Call 02/1/2035 | 1060977 |
| 960000 | City of Uhland, 5.50%, 09/1/2055, Call 09/1/2032<sup>4</sup> | 944270 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
|  | Clifton Higher Education Finance Corp. |  |
| $100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 02/6/2026 | $89826 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 02/6/2026 | 1371191 |
| 250000 | Clifton Higher Education Finance Corp., PSF, 5.25%, 02/15/2045, Call 02/15/2034 | 265087 |
| 1000000 | Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033 | 1030407 |
| 1000000 | Denton Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2033 | 1040524 |
| 1000000 | Fort Bend County Municipal Utility District No. 118, BAM, 3.25%, 09/1/2033, Call 02/6/2026 | 987308 |
| 355000 | Fort Bend County Municipal Utility District No. 161, AG, 3.50%, 09/1/2034, Call 02/6/2026 | 351841 |
| 700000 | Fort Bend County Municipal Utility District No. 57, AG, 2.00%, 04/1/2038, Call 04/1/2026 | 521747 |
| 1250000 | Fort Bend Independent School District, PSF, 4.00%, 08/1/2054<sup>1</sup> | 1273430 |
| 1000000 | Fort Worth Independent School District, PSF, 2.50%, 02/15/2037, Call 02/15/2029 | 874271 |
| 500000 | FW Chaparral PFC, 4.00%, 10/1/2035, Call 10/1/2032 | 500245 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1039268 |
|  | Harris County Cultural Education Facilities Finance Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2029 | 3046493 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2030<sup>1</sup> | 1093936 |
| 750000 | Harris County Flood Control District, 4.00%, 09/15/2043, Call 09/15/2033 | 739346 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1136496 |
| 1055000 | Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034 | 987812 |
| 1105000 | Lazy Nine Municipal Utility District No. 1B, AG, 3.13%, 03/1/2036, Call 03/1/2026 | 1048286 |
|  | Lower Colorado River Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 02/15/2032<sup>1</sup> | 1106899 |
| 840000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2034 | 865119 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/27/2026<sup>3 4</sup> | 500117 |
| 1055000 | New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 989732 |
| 2505000 | New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 02/6/2026<sup>5</sup> | 2353874 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 381091 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 01/27/2026 | 1500008 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2202350 |
| 450000 | North Harris County Regional Water Authority, 3.00%, 12/15/2036, Call 12/15/2026 | 408497 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
|  | North Texas Tollway Authority |  |
| $250000 | &nbsp;&nbsp;&nbsp;4.13%, 01/1/2039, Call 01/1/2032 | $255642 |
| 1085000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2035 | 1222712 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 01/1/2049, Call 01/1/2028 | 910232 |
| 1000000 | Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027 | 992497 |
| 1000000 | Northside Independent School District, PSF, 3.55%, 06/1/2050<sup>1</sup> | 1012501 |
|  | Port of Beaumont Navigation District |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2032<sup>3 4</sup> | 246849 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2050, Call 02/6/2026<sup>3 4</sup> | 766923 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1043493 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 02/6/2026<sup>5</sup> | 505000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 298886 |
| 2500000 | San Angelo Independent School District, PSF, 5.00%, 02/15/2045, Call 02/15/2035 | 2661173 |
| 1365000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 02/6/2026 | 1365375 |
| 1000000 | San Antonio Water System, 5.00%, 05/15/2043, Call 05/15/2028 | 1023460 |
| 1000000 | Tarrant County College District, 2.00%, 08/15/2036, Call 08/15/2030 | 845590 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2051, Call 11/15/2032 | 1024230 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/6/2026 | 1437704 |
| 300000 | Texas Municipal Gas Acquisition & Supply Corp. I, 6.25%, 12/15/2026 | 309487 |
| 1000000 | Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/1/2055, Call 07/1/2033<sup>1</sup> | 1079895 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 502355 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2058, Call 06/30/2029<sup>3</sup> | 2930822 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4029069 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 572360 |
| 2110000 | Texas Transportation Finance Corp., 5.25%, 10/1/2050, Call 10/1/2035 | 2246413 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 | 1506147 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 | 2044513 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2043, Call 10/15/2028 | 988005 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2047, Call 10/15/2032 | 521779 |
| 175000 | Town of Westlake, 6.13%, 09/1/2035, Call 02/6/2026 | 175036 |
| 515000 | Travis County Municipal Utility District No. 19, AG, 4.13%, 09/1/2049, Call 09/1/2035 | 468748 |
| 1000000 | Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034 | 948690 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 | $1206399 |
| 350000 | Williamson County Municipal Utility District No. 10, BAM, 3.25%, 08/1/2031, Call 02/6/2026 | 347586 |
|  |  | **92014120** |
|  | **UTAH — 0.7%** |  |
| 1000000 | Black Desert Public Infrastructure District, 4.00%, 03/1/2051, Call 09/1/2026<sup>4</sup> | 812190 |
| 1000000 | City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> | 998421 |
| 1500000 | County of Utah, 4.00%, 05/15/2045, Call 02/6/2026 | 1375410 |
| 2000000 | Downtown Revitalization Public Infrastructure District, AG, 5.50%, 06/1/2050, Call 06/1/2035 | 2136049 |
| 1000000 | Intermountain Power Agency, 5.25%, 07/1/2045, Call 07/1/2032 | 1055676 |
| 500000 | MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 06/1/2054, Call 06/1/2029<sup>4</sup> | 494782 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1012627 |
|  | Utah Charter School Finance Authority |  |
| 400000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> | 399068 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> | 445690 |
|  |  | **8729913** |
|  | **VIRGIN ISLANDS — 0.1%** |  |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 | 1039462 |
|  | **VIRGINIA — 0.9%** |  |
| 640000 | Albemarle County Economic Development Authority, 2.45%, 10/1/2048, Call 01/6/2026<sup>1</sup> | 640000 |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 443300 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1001259 |
| 1000000 | Fairfax County Industrial Development Authority, 5.00%, 05/15/2051, Call 05/15/2034 | 1030747 |
| 1000000 | Louisa Industrial Development Authority, 3.13%, 11/1/2035<sup>1</sup> | 1004098 |
| 1000000 | Roanoke Economic Development Authority, 5.00%, 07/1/2047 | 1086981 |
| 405000 | Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030 | 444667 |
|  | Virginia Small Business Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 481430 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2047, Call 12/31/2032<sup>3</sup> | 1501591 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1678311 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2056, Call 06/30/2027<sup>3</sup> | 1423828 |
|  |  | **10736212** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WASHINGTON — 2.5%** |  |
| $1325000 | Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032 | $1376999 |
| 250000 | Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030 | 263976 |
| 1560000 | King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026 | 1566875 |
|  | Port of Seattle |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2041, Call 07/1/2034<sup>3</sup> | 822349 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2034<sup>3</sup> | 1608466 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> | 1522513 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> | 2547537 |
| 330000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2048, Call 06/1/2034<sup>3</sup> | 339277 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1033865 |
|  | Port of Tacoma |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 12/1/2026<sup>3</sup> | 710610 |
| 1360000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031<sup>3</sup> | 1494262 |
|  | State of Washington |  |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 | 1767658 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 | 1545738 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2050, Call 06/1/2035 | 1048529 |
| 145000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/22/2026 | 144813 |
| 1000000 | Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034 | 997666 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 | 513854 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 | 520238 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2041, Call 02/6/2026 | 1000863 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2055, Call 09/1/2035 | 1058828 |
|  | Washington State Convention Center Public Facilities District |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 | 986282 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2028 | 995319 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 1985113 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 | 1034742 |
| 743973 | Washington State Housing Finance Commission, 4.22%, 03/20/2040<sup>1</sup> | 730151 |
| 2000000 | Washington State Housing Finance Commission, BAM, 5.25%, 07/1/2064, Call 07/1/2035<sup>4</sup> | 2004916 |
|  | Yakima County School District No. 208 West Valley, School Bond Gty |  |
| 150000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2034, Call 12/1/2028 | 156202 |
| 400000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2034, Call 12/1/2028 | 411802 |
|  |  | **30189443** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WEST VIRGINIA — 0.3%** |  |
| $1000000 | County of Ohio WV Special District Excise Tax Revenue, AG, 5.25%, 06/1/2045, Call 06/1/2035 | $1064640 |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> | 1013650 |
| 150000 | West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/2030<sup>1 3 4</sup> | 159779 |
| 750000 | West Virginia Hospital Finance Authority, 6.00%, 09/1/2048, Call 09/1/2033 | 815702 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1041577 |
|  |  | **4095348** |
|  | **WISCONSIN — 2.0%** |  |
| 1000000 | Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031 | 1001134 |
|  | Public Finance Authority |  |
| 285000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 02/6/2026 | 284996 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.30%, 11/1/2030, Call 05/1/2026<sup>3</sup> | 1999825 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 02/6/2026 | 535187 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 800000 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> | 468500 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2029<sup>4</sup> | 508379 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 | 511933 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 02/6/2026<sup>3</sup> | 1000203 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 01/27/2026 | 165088 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 01/22/2026<sup>4</sup> | 999963 |
| 345000 | &nbsp;&nbsp;&nbsp;6.38%, 01/1/2048, Call 01/1/2028<sup>1 4 5</sup> | 155250 |
| 500000 | &nbsp;&nbsp;&nbsp;6.25%, 06/15/2048, Call 06/15/2033<sup>4</sup> | 490298 |
| 188738 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2051<sup>5</sup> | 129385 |
| 500000 | &nbsp;&nbsp;&nbsp;6.15%, 01/1/2055, Call 01/1/2035<sup>4</sup> | 500419 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.75%, 06/30/2060, Call 06/30/2035<sup>3</sup> | 2065433 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2062, Call 02/1/2032 | 972794 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2064, Call 06/15/2032 | 473372 |
| 2485000 | &nbsp;&nbsp;&nbsp;5.75%, 12/31/2065, Call 06/30/2035<sup>3</sup> | 2560695 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> | 44 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> | 43 |
| 7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> | 43 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> | 42 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> | 42 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> | 46 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> | 45 |
| 7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | 45 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> | 44 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WISCONSIN (Continued)** |  |
| $7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> | $44 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> | 43 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> | 43 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> | 42 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> | 42 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> | 42 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> | 41 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> | 41 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> | 40 |
| 6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> | 40 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> | 39 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> | 39 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> | 505 |
| 1000000 | Public Finance Authority, AG, 5.00%, 07/1/2058, Call 07/1/2028 | 1000768 |
|  | Public Finance Authority, BAM |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2047, Call 07/1/2032 | 520645 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2055, Call 07/1/2034 | 1030617 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 | 1021941 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3040578 |
| 500000 | Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030 | 197757 |
| 1000000 | Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031 | 899491 |
| 1000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033 | 1006615 |
|  |  | **24342661** |
|  | **WYOMING — 0.0%<sup>6</sup>** |  |
| 685000 | Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030 | 678574 |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $980,117,460) | **969002452** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 5.9%** |  |
| 670465 | iShares National Muni Bond ETF | $71813506 |
| 15917 | VanEck CEF Muni Income ETF | 348264 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $70,315,963) | **72161770** |
|  | **CLOSED-END MUTUAL FUNDS — 0.5%** |  |
| 10127 | BlackRock Long-Term Municipal Advantage Trust | 93978 |
| 4701 | BlackRock MuniAssets Fund, Inc. | 50348 |
| 4711 | BlackRock Municipal Income Quality Trust | 51538 |
| 2819 | BlackRock Municipal Income Trust - Class USD INC | 28275 |
| 4400 | BlackRock Municipal Income Trust II | 45936 |
| 29501 | BlackRock MuniHoldings Fund, Inc. | 346342 |
| 1410 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 16779 |
| 15261 | BlackRock MuniHoldings Quality Fund II, Inc. | 153068 |
| 44235 | BlackRock MuniVest Fund, Inc. | 306548 |
| 15263 | BlackRock MuniYield Fund, Inc. | 160109 |
| 19066 | BlackRock MuniYield Quality Fund II, Inc. | 191613 |
| 6000 | BlackRock MuniYield Quality Fund III, Inc. | 65220 |
| 33241 | BlackRock MuniYield Quality Fund, Inc. | 375623 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 786249 |
| 34014 | BNY Mellon Strategic Municipals, Inc. | 216329 |
| 11444 | DTF Tax-Free Income 2028 Term Fund, Inc. | 130690 |
| 66923 | DWS Municipal Income Trust | 608330 |
| 288 | Eaton Vance Municipal Bond Fund | 2802 |
| 23391 | Invesco Advantage Municipal Income Trust II | 213326 |
| 14818 | Invesco Municipal Income Opportunities Trust | 89056 |
| 26598 | Invesco Municipal Opportunity Trust | 254543 |
| 29760 | Invesco Municipal Trust | 287184 |
| 8886 | Invesco Quality Municipal Income Trust | 88505 |
| 19607 | Invesco Trust for Investment Grade Municipals | 203325 |
| 12605 | Invesco Value Municipal Income Trust | 155294 |
| 24480 | Neuberger Berman Municipal Fund, Inc. | 247738 |
| 6443 | Nuveen Municipal Credit Income Fund | 81053 |
| 51 | Nuveen New York AMT-Free Quality Municipal Income Fund | 515 |
| 46321 | PIMCO Municipal Income Fund II | 349260 |
| 86507 | Western Asset Managed Municipals Fund, Inc. | 903133 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,544,469) | **6502709** |
|  | **PRIVATE FUNDS<sup>7</sup> — 10.6%** |  |
|  | MacKay Municipal Credit Opportunities Fund, LP - Class A<sup>\* 8</sup> | 25764427 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PRIVATE FUNDS (Continued)** |  |
|  | MacKay Municipal Opportunities Fund, LP - Class A<sup>\* 9</sup> | $103970743 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,715,054) | **129735170** |
|  | **WARRANT — 0.0%<sup>6</sup>** |  |
| 1650 | BL Train Holdings West LLC, Exercise Price $5.00, Expiration Date 11/26/2035 | 33 |
|  | **TOTAL WARRANT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **33** |
|  | **SHORT-TERM INVESTMENT — 3.1%** |  |
| 31926371 | BlackRock Liquidity Funds MuniCash - Class Institutional, 2.84%<sup>10</sup> | 31929564 |
| 5781188 | JPMorgan Prime Money Market Fund - Class Institutional, 3.75%<sup>10</sup> | 5784079 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,713,007) | **37713643** |
|  | **TOTAL INVESTMENTS — 99.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,193,405,953) | **1215115777** |
|  | Other assets less liabilities — 0.8% | 9565586 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1224681363** |

---

\* Non-income producing security.

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

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

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

<sup>4</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of December 31, 2025, the aggregate fair value of these investments is $54,471,168 or 4.4% of the Fund's net assets.

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

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

<sup>7</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of December 31, 2025, the aggregate fair value of these investments is $129,735,170 or 10.6% of the Fund's net assets.

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $16,811,934.

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

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

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

FHA — Federal Housing Administration

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

ST RES FD GTY — State Resource Fund Guaranty

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 86.7%** |  |
|  | **CORE — 80.7%** |  |
| 6339413 | DoubleLine Total Return Bond Fund - I Class | $56547568 |
| 5474493 | PIMCO Income Fund - Institutional Class | 60164675 |
| 3377498 | River Canyon Total Return Bond Fund - Institutional Class | 33842533 |
| 4395804 | TCW MetWest Total Return Bond Fund - Plan Class | 37847868 |
| 11779432 | Vanguard Total Bond Market Index Fund - Institutional Class <sup>1</sup> | 115085050 |
|  |  | **303487694** |
|  | **OPPORTUNISTIC — 6.0%** |  |
| 891217 | GMO Emerging Country Debt Fund, Class VI | 20016751 |
| 444883 | Vanguard High-Yield Corporate Fund - Admiral Shares | 2477998 |
|  |  | **22494749** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $332,919,355) | **325982443** |
|  | **EXCHANGE-TRADED FUND — 5.6%** |  |
|  | **CORE — 5.6%** |  |
| 376212 | Vanguard Long-Term Treasury ETF | 20992630 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,995,506) | **20992630** |
|  | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.2%** |  |
|  | **OPPORTUNISTIC — 3.2%** |  |
| 480492 | TPG Twin Brook Capital Income Fund - I Class | 12084801 |
|  | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,188,414) | **12084801** |
|  | **PRIVATE FUND<sup>2</sup> — 1.8%** |  |
|  | **OPPORTUNISTIC — 1.8%** |  |
|  | AG Direct Lending Fund IV Annex, LP\* <sup>3</sup> | 6623501 |
|  | **TOTAL PRIVATE FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,549,132) | **6623501** |
|  | **SHORT-TERM INVESTMENT — 2.3%** |  |
| 8738486 | JPMorgan Prime Money Market Fund - Class Institutional, 3.75%<sup>4</sup> | 8742855 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,740,001) | **8742855** |
|  | **TOTAL INVESTMENTS — 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $379,392,408) | **374426230** |
|  | Other assets less liabilities — 0.4% | 1677524 |
|  | **TOTAL NET ASSETS — 100.0%** | $**376103754** |

---

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

\* Non-income producing security.

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

<sup>2</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of December 31, 2025, the aggregate fair value of these investments is $6,623,501 or 1.8% of the Fund's net assets.

<sup>3</sup> The investment was acquired on 4/8/2022. The cost is $3,549,132.

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

ETF — Exchange-Traded Fund

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 Risk-Managed Equity Allocation Fund

- **b. EDGAR series identifier (if any):** S000036290

- **c. LEI of Series:** 549300BN0RKQAFERV981

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1299199363.10

**Total Liabilities:** $1182517.61

**Net Assets:** $1298016845.49

**Cash Not Reported:** $853.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111026 | 0.97%                | 2.10%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8245848.72              | $5198225.23                                |
| Month 2  | $1729097.44              | $27829955.93                               |
| Month 3  | $69460438.24             | $-65594986.29                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AQR Large Cap Defensive Style Fund                            | AQR Large Cap Defensive Style Fund, Class R6                                             | CUSIP: 00191K831<br>LEI: 549300U8SCLX3D8VIY95 | Long             |  | RF                | US        |   2896301 | NS      | $50945927.33  | 3.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Abbott Laboratories                                           | Abbott Laboratories                                                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     37289 | NS      | $4671938.81   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| AbbVie, Inc.                                                  | AbbVie, Inc.                                                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     11040 | NS      | $2522529.60   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Micro Devices, Inc.                                  | Advanced Micro Devices, Inc.                                                             | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      1932 | NS      | $413757.12    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet, Inc.                                                | Alphabet, Inc., Class C                                                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22513 | NS      | $7064579.40   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet, Inc.                                                | Alphabet, Inc., Class A                                                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28675 | NS      | $8975275.00   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com, Inc.                                              | Amazon.com, Inc.                                                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     54957 | NS      | $12685174.74  | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Diageo plc                                                    | Diageo plc                                                                               | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     79580 | NS      | $1714783.00   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| American Express Co.                                          | American Express Co.                                                                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      3630 | NS      | $1342918.50   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| British American Tobacco plc                                  | British American Tobacco plc                                                             | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |     49227 | NS      | $2790710.88   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Cencora, Inc.                                                 | Cencora, Inc.                                                                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2323 | NS      | $784593.25    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Analog Devices, Inc.                                          | Analog Devices, Inc.                                                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      7582 | NS      | $2056238.40   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Elevance Health, Inc.                                         | Elevance Health, Inc.                                                                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10850 | NS      | $3803467.50   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple, Inc.                                                   | Apple, Inc.                                                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     51028 | NS      | $13872472.08  | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Argenx SE                                                     | Argenx SE                                                                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      2178 | NS      | $1831589.10   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Autodesk, Inc.                                                | Autodesk, Inc.                                                                           | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      5543 | NS      | $1640783.43   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Baillie Gifford Emerging Markets Equities Fund                | Baillie Gifford Emerging Markets Equities Fund, Class K                                  | CUSIP: 056823396<br>LEI: 213800AYGKM1ZPTRBP96 | Long             |  | RF                | US        |   2328476 | NS      | $61774472.77  | 4.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Prudential plc                                                | Prudential plc                                                                           | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |    141187 | NS      | $2171890.60   | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| AstraZeneca plc                                               | AstraZeneca plc                                                                          | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     12736 | NS      | $2356915.86   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Broadcom, Inc.                                                | Broadcom, Inc.                                                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     20785 | NS      | $7193688.50   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| CH Robinson Worldwide, Inc.                                   | CH Robinson Worldwide, Inc.                                                              | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     12914 | NS      | $2076054.64   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Cigna Group (The)                                             | Cigna Group (The)                                                                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      8025 | NS      | $2208720.75   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Chewy, Inc.                                                   | Chewy, Inc., Class A                                                                     | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     15112 | NS      | $499451.60    | 0.04%             |  |  |  | No            | 1                  | On Loan: —       |
| Coca-Cola Co. (The)                                           | Coca-Cola Co. (The)                                                                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     40373 | NS      | $2822476.43   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellation Brands, Inc.                                    | Constellation Brands, Inc., Class A                                                      | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     17148 | NS      | $2365738.08   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning, Inc.                                                 | Corning, Inc.                                                                            | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     17413 | NS      | $1524682.28   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                              | Other Repurchase Agreement                                                               | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |     35000 | PA      | $35000.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| BNP PARIBAS FINANCIAL MARKETS SNC                             | Treasury Repurchase Agreement                                                            | CUSIP: N/A<br>LEI: 6EWKU0FGVX5QQJHFGT48       | Long             | RA               | CORP              | FR        |   8000000 | PA      | $8000000.00   | 0.62%             |  |  |  | No            | 2                  | On Loan: No      |
| NATWEST MARKETS SECURITIES INC                                | Treasury Repurchase Agreement                                                            | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        |   1278354 | PA      | $1278353.50   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                              | Other Repurchase Agreement                                                               | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |    200000 | PA      | $200000.00    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Evercore, Inc.                                                | Evercore, Inc., Class A                                                                  | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      5272 | NS      | $1793798.00   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Meta Platforms, Inc.                                          | Meta Platforms, Inc., Class A                                                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     12594 | NS      | $8313173.46   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferguson Enterprises, Inc.                                    | Ferguson Enterprises, Inc.                                                               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      8405 | NS      | $1871205.15   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Next plc                                                      | Next plc                                                                                 | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |      8806 | NS      | $1621186.08   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| GMO Quality Fund                                              | GMO Quality Fund, Class VI                                                               | CUSIP: 362008229<br>LEI: 549300AFPJUDV7V43T32 | Long             |  | RF                | US        |  13148277 | NS      | $460189681.98 | 35.45%            |  |  |  | No            | 1                  | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                           | LVMH Moet Hennessy Louis Vuitton SE                                                      | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      3800 | NS      | $2864195.86   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Hilton Worldwide Holdings, Inc.                               | Hilton Worldwide Holdings, Inc.                                                          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     10058 | NS      | $2889160.50   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Home Depot, Inc. (The)                                        | Home Depot, Inc. (The)                                                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6710 | NS      | $2308911.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| KBC Group NV                                                  | KBC Group NV                                                                             | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |     17617 | NS      | $2294368.07   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| ICICI Bank Ltd.                                               | ICICI Bank Ltd.                                                                          | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     58098 | NS      | $1731320.40   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Interactive Brokers Group, Inc.                               | Interactive Brokers Group, Inc., Class A                                                 | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     18349 | NS      | $1180024.19   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Intuitive Surgical, Inc.                                      | Intuitive Surgical, Inc.                                                                 | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      5301 | NS      | $3002274.36   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares MSCI Global Min Vol Factor ETF                        | iShares MSCI Global Min Vol Factor ETF                                                   | CUSIP: 464286525<br>LEI: 549300DZXYYH8TOP8M46 | Long             |  | RF                | US        |    333716 | NS      | $39628775.00  | 3.05%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares MSCI ACWI ETF                                         | iShares MSCI ACWI ETF                                                                    | CUSIP: 464288257<br>LEI: 549300KZ2WFTI4GQ7M77 | Long             |  | RF                | US        |    215172 | NS      | $30444686.28  | 2.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Itau Unibanco Holding SA                                      | Itau Unibanco Holding SA                                                                 | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    251221 | NS      | $1798742.36   | 0.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Jabil, Inc.                                                   | Jabil, Inc.                                                                              | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     10774 | NS      | $2456687.48   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson & Johnson                                             | Johnson & Johnson                                                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     30254 | NS      | $6261065.30   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan Prime Money Market Fund                              | JPMorgan Prime Money Market Fund, Institutional Class                                    | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  30166625 | NS      | $30181708.12  | 2.33%             |  |  |  | No            | 1                  | On Loan: No      |
| KLA Corp.                                                     | KLA Corp.                                                                                | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1939 | NS      | $2356040.12   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| KKR & Co., Inc.                                               | KKR & Co., Inc.                                                                          | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     13395 | NS      | $1707594.60   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| SAP SE                                                        | SAP SE                                                                                   | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     14290 | NS      | $3472020.31   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Lam Research Corp.                                            | Lam Research Corp.                                                                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     40321 | NS      | $6902148.78   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Erste Group Bank AG                                           | Erste Group Bank AG                                                                      | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |     19939 | NS      | $2390874.85   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Eli Lilly & Co.                                               | Eli Lilly & Co.                                                                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      5849 | NS      | $6285803.32   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| UCB SA                                                        | UCB SA                                                                                   | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |      4711 | NS      | $1312609.88   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Mastercard, Inc.                                              | Mastercard, Inc., Class A                                                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      6486 | NS      | $3702727.68   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| McKesson Corp.                                                | McKesson Corp.                                                                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1132 | NS      | $928568.28    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Accor SA                                                      | Accor SA                                                                                 | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     32624 | NS      | $1839225.31   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Merck & Co., Inc.                                             | Merck & Co., Inc.                                                                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     27428 | NS      | $2887071.28   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corp.                                               | Microsoft Corp.                                                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     38650 | NS      | $18691913.00  | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank Leumi Le-Israel BM                                       | Bank Leumi Le-Israel BM                                                                  | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |     83763 | NS      | $1845944.34   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Hitachi Ltd.                                                  | Hitachi Ltd.                                                                             | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |     42600 | NS      | $1336002.94   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Mizuho Financial Group, Inc.                                  | Mizuho Financial Group, Inc.                                                             | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |     67063 | NS      | $2447434.88   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Mitsubishi Estate Co. Ltd.                                    | Mitsubishi Estate Co. Ltd.                                                               | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |     36000 | NS      | $874624.41    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| NVIDIA Corp.                                                  | NVIDIA Corp.                                                                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     52305 | NS      | $9754882.50   | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| O'Reilly Automotive, Inc.                                     | O'Reilly Automotive, Inc.                                                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     14158 | NS      | $1291351.18   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanwha Aerospace Co. Ltd.                                     | Hanwha Aerospace Co. Ltd.                                                                | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |      2868 | NS      | $1872946.32   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Sony Group Corp.                                              | Sony Group Corp.                                                                         | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     58800 | NS      | $1508278.12   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Sumitomo Realty & Development Co. Ltd.                        | Sumitomo Realty & Development Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 353800SO2DCLOI3LNZ64       | Long             | EC               | CORP              | JP        |     51800 | NS      | $1300487.72   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.                   | Taiwan Semiconductor Manufacturing Co. Ltd.                                              | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    243616 | NS      | $11975501.20  | 0.92%             |  |  |  | No            | 2                  | On Loan: No      |
| Parker-Hannifin Corp.                                         | Parker-Hannifin Corp.                                                                    | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1673 | NS      | $1470500.08   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                                                     | Holcim AG                                                                                | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |     13035 | NS      | $1268961.38   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Nestle SA                                                     | Nestle SA (Registered)                                                                   | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     24612 | NS      | $2442965.48   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Quest Diagnostics, Inc.                                       | Quest Diagnostics, Inc.                                                                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      8091 | NS      | $1404031.23   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Salesforce, Inc.                                              | Salesforce, Inc.                                                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     17664 | NS      | $4679370.24   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Schwab Fundamental Emerging Markets Equity ETF                | Schwab Fundamental Emerging Markets Equity ETF                                           | CUSIP: 808524730<br>LEI: 549300IMHQ7K247G1P16 | Long             |  | RF                | US        |   2560111 | NS      | $92317602.66  | 7.11%             |  |  |  | No            | 1                  | On Loan: —       |
| TJX Cos., Inc. (The)                                          | TJX Cos., Inc. (The)                                                                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     16902 | NS      | $2596316.22   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Targa Resources Corp.                                         | Targa Resources Corp.                                                                    | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     10000 | NS      | $1845000.00   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Tenet Healthcare Corp.                                        | Tenet Healthcare Corp.                                                                   | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      5922 | NS      | $1176819.84   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Instruments, Inc.                                       | Texas Instruments, Inc.                                                                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     21147 | NS      | $3668793.03   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Thermo Fisher Scientific, Inc.                                | Thermo Fisher Scientific, Inc.                                                           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     10874 | NS      | $6300939.30   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Tradeweb Markets, Inc.                                        | Tradeweb Markets, Inc., Class A                                                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12496 | NS      | $1343819.84   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Trip.com Group Ltd.                                           | Trip.com Group Ltd.                                                                      | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     21516 | NS      | $1547215.56   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| US Bancorp                                                    | US Bancorp                                                                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     78850 | NS      | $4207436.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies, Inc.                                       | Uber Technologies, Inc.                                                                  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     26461 | NS      | $2162128.31   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| US Foods Holding Corp.                                        | US Foods Holding Corp.                                                                   | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |     21284 | NS      | $1603110.88   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| United Therapeutics Corp.                                     | United Therapeutics Corp.                                                                | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      3532 | NS      | $1720967.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| UnitedHealth Group, Inc.                                      | UnitedHealth Group, Inc.                                                                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     11975 | NS      | $3953067.25   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Visa, Inc.                                                    | Visa, Inc., Class A                                                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12174 | NS      | $4269543.54   | 0.33%             |  |  |  | No            | 1                  | On Loan: —       |
| Wells Fargo & Co.                                             | Wells Fargo & Co.                                                                        | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     43901 | NS      | $4091573.20   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower, Inc.                                               | Welltower, Inc.                                                                          | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     15014 | NS      | $2786748.54   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Rief Strategic Partners Fund                                  | Rief Strategic Partners Fund, Series SB                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     56514 | NS      | $97308890.55  | 7.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Singapore Telecommunications Ltd.                             | Singapore Telecommunications Ltd.                                                        | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |    452045 | NS      | $1599334.83   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Safran SA                                                     | Safran SA                                                                                | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     17119 | NS      | $5962839.98   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| DSV A/S                                                       | DSV A/S                                                                                  | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      8943 | NS      | $2252352.92   | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP        | Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                   | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |     75061 | NS      | $1806927.25   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Amadeus IT Group SA                                           | Amadeus IT Group SA                                                                      | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               | CORP              | ES        |     14647 | NS      | $1084039.70   | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| ASML Holding NV                                               | ASML Holding NV                                                                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      2331 | NS      | $2511699.51   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Knorr-Bremse AG                                               | Knorr-Bremse AG                                                                          | CUSIP: N/A<br>LEI: 5299001GRRO0Z25YZT52       | Long             | EC               | CORP              | DE        |      6240 | NS      | $692279.95    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Compass Group plc                                             | Compass Group plc                                                                        | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |    103617 | NS      | $3283109.99   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| GMO Investments ICAV - GMO Equity Dislocation Investment Fund | GMO Investments ICAV - GMO Equity Dislocation Investment Fund, Class A shares            | CUSIP: N/A<br>LEI: 5493007L12FS7KU4K584       | Long             |  |  | IE        |   2314724 | NS      | $55784854.59  | 4.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Dassault Systemes SE                                          | Dassault Systemes SE                                                                     | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |     53015 | NS      | $1481146.53   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| NetEase, Inc.                                                 | NetEase, Inc.                                                                            | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | KY        |     60300 | NS      | $1659769.22   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Tencent Holdings Ltd.                                         | Tencent Holdings Ltd.                                                                    | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     42356 | NS      | $3250549.36   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Haleon plc                                                    | Haleon plc                                                                               | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    610860 | NS      | $3086908.40   | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| QIAGEN NV                                                     | QIAGEN NV                                                                                | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |     18004 | NS      | $818766.88    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Novo Nordisk A/S                                              | Novo Nordisk A/S, Class B                                                                | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     26084 | NS      | $1322940.80   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Recruit Holdings Co. Ltd.                                     | Recruit Holdings Co. Ltd.                                                                | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |     31400 | NS      | $1764415.66   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| UBS Group AG                                                  | UBS Group AG (Registered)                                                                | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     53482 | NS      | $2469510.09   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Amrize Ltd.                                                   | Amrize Ltd.                                                                              | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               | CORP              | CH        |     33601 | NS      | $1823901.72   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Havas NV                                                      | Havas NV                                                                                 | CUSIP: N/A<br>LEI: 894500L53AVOFQK7T710       | Long             | EC               | CORP              | NL        |      1504 | NS      | $30061.19     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Magnum Ice Cream Co. NV (The)                                 | Magnum Ice Cream Co. NV (The)                                                            | CUSIP: N/A<br>LEI: 25490052LLF3XH6G9847       | Long             | EC               | CORP              | NL        |     10831 | NS      | $171910.84    | 0.01%             |  |  |  | No            | 2                  | On Loan: —       |
| Unilever plc                                                  | Unilever plc                                                                             | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     74172 | NS      | $4846189.72   | 0.37%             |  |  |  | No            | 2                  | On Loan: No      |
| UniCredit SpA                                                 | UniCredit SpA                                                                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |     16656 | NS      | $1379561.54   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Adyen NV                                                      | Adyen NV                                                                                 | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |       911 | NS      | $1469055.64   | 0.11%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Canadian Dollar                                               | Canadian Dollar                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |        19 | OU      | $14.11        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Swiss Franc                                                   | Swiss Franc                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CH        |     98263 | OU      | $124053.53    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Danish Krone                                                  | Danish Krone                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | DK        |     57388 | OU      | $9029.50      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DREYFUS TREASURY & AGENCY LEX                                 | DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT FUND OPEN-END FUND USD, Class Institutional | CUSIP: 261908107<br>LEI: 54930067A504FBYASH16 | Long             | STIV             | RF                | US        |   3000000 | NS      | $3000000.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO                                                          | EURO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |      2303 | OU      | $2706.83      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| FIGXX FID INST GOVT LEX                                       | Fidelity Investments Money Market Government Portfolio, Class I shares                   | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3000000 | NS      | $3000000.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| FIDELITY INST GOVT LEX                                        | Fidelity Investments Money Market Government Portfolio, Class Institutional shares       | CUSIP: 31607A703<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3000000 | NS      | $3000000.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Accenture plc                                                 | Accenture plc, Class A                                                                   | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     15571 | NS      | $4177699.30   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson Controls International plc                            | Johnson Controls International plc                                                       | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |     15493 | NS      | $1855286.75   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| British Pound                                                 | British Pound                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |        73 | OU      | $98.71        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Hong Kong Dollar                                              | Hong Kong Dollar                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |     90064 | OU      | $11572.33     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Israeli Shekel                                                | Israeli Shekel                                                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | IL        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| South Korea Won                                               | South Korea Won                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |       171 | OU      | $0.12         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                                         | NXP Semiconductors NV                                                                    | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      9388 | NS      | $2037759.28   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| New Taiwan Dollar                                             | New Taiwan Dollar                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Viking Global Equities LP                                     | Viking Global Equities LP, Class H Interests                                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     44194 | NS      | $53446558.72  | 4.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Flex Ltd.                                                     | Flex Ltd.                                                                                | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |     28761 | NS      | $1737739.62   | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Aspiriant Trust

**Signature:** Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Director