# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001398344-25-022106
**Filing Date:** 2025-12
**Character Count:** 270944
**Document Hash:** f7ec3d3422def47824d571c630e4753c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022106.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-022106

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 146

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 251553994

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22648

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

------

11100 Santa Monica Boulevard Suite 600

Los Angeles, California 90025

(Address of principal executive offices) (Zip code)

Robert J. Francais

Aspiriant Trust

11100 Santa Monica Boulevard Suite 600

Los Angeles, California 90025

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025

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

Aspiriant Risk-Managed Taxable Bond Fund

RMTBX

![TSR Fund Logo - Cover](images_365.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This semi-annual shareholder report contains important information about the Aspiriant Risk-Managed Taxable Bond Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/. You can also request this information by contacting us at 1-877-997-9971.

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

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Aspiriant Risk-Managed Taxable Bond Fund<br> (RMTBX) | $140.27%<sup>1</sup> |

---

 **<sup>1</sup>* **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$316430095 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Bond Market Index Fund - Institutional Class | 30.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Income Fund - Institutional Class | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Total Return Bond Fund - I Class | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCW MetWest Total Return Bond Fund - Plan Class | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;River Canyon Total Return Bond Fund - Institutional Class | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Emerging Country Debt Fund, Class VI | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Long-Term Treasury ETF | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Twin Brook Capital Income Fund - I Class | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AG Direct Lending Fund IV Annex, LP | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard High-Yield Corporate Fund - Admiral Shares | 0.8% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1024485.jpg)

#### Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ending March 31, 2026. Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

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

Aspiriant Risk-Managed Taxable Bond Fund

Aspiriant Risk-Managed Municipal Bond Fund

RMMBX

![TSR Fund Logo - Cover](images_365.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This semi-annual shareholder report contains important information about the Aspiriant Risk-Managed Municipal Bond Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/. You can also request this information by contacting us at 1-877-997-9971.

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

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Aspiriant Risk-Managed Municipal Bond Fund<br> (RMMBX) | $170.34%<sup>1</sup> |

---

 **<sup>1</sup>* **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1199904887 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MacKay Municipal Opportunities Fund, LP - Class A | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MacKay Municipal Credit Opportunities Fund, LP - Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastern Municipal Water District, 3.15%, 07/1/2046, Call 10/2/2025 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;City of New York, 5.25%, 03/1/2053, Call 03/1/2034 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, 5.00%, 10/15/2041, Call 10/15/2025 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, 5.25%, 05/15/2048, Call 05/15/2033 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2048, Call 12/15/2032 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 0.3% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1024377.jpg)

#### Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ending March 31, 2026. Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

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

Aspiriant Risk-Managed Municipal Bond Fund

Aspiriant Defensive Allocation Fund

RMDFX

![TSR Fund Logo - Cover](images_365.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This semi-annual shareholder report contains important information about the Aspiriant Defensive Allocation Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

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

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Aspiriant Defensive Allocation Fund<br> (RMDFX) | $100.20%<sup>1</sup> |

---

 **<sup>1</sup>* **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1006701086 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Benchmark-Free Allocation Fund - Class IV | 25.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Global Allocation Fund - Class R6 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Gold Trust | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard Rathmore Alternative Fund - Class E | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millennium International, Ltd. - Class GG | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Equity Dislocation Investment Fund - Class A | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elliott Associates, LP - Class C Shares | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Event Driven Equity Fund - Institutional Shares | 4.0% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1024449.jpg)

#### Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ending March 31, 2026. Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

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

Aspiriant Defensive Allocation Fund

Aspiriant Risk-Managed Equity Allocation Fund

Advisor class/RMEAX

![TSR Fund Logo - Cover](images_365.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This semi-annual shareholder report contains important information about the Aspiriant Risk-Managed Equity Allocation Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.

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

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Aspiriant Risk-Managed Equity Allocation Fund<br> (Advisor class/RMEAX) | $150.29%<sup>1</sup> |

---

 **<sup>1</sup>* **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1410512365 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Quality Fund - Class VI | 33.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;RIEF Strategic Partners Fund LLC - Series SB | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Equity ETF | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Global Min Vol Factor ETF | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI ACWI ETF | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baillie Gifford Emerging Markets Equities Fund - Class K | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;AQR Large Cap Defensive Style Fund - Class R6 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMO Equity Dislocation Investment Fund - Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Global Equities LP - Class H Interests | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 1.5% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1024413.jpg)

#### Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ending March 31, 2026. Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

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

Aspiriant Risk-Managed Equity Allocation Fund- Advisor class

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

![](fp0095905-2_i.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**Each, a series of Aspiriant Trust** 

**Semi-Annual Financial Statements and Other Information** 

**September 30, 2025** 

**(Unaudited)**![](fp0095905-2_1.jpg)

**ASPIRIANT TRUST** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements  | 43 |

---

![](fp0095905-2_2.jpg)<sub>2</sub>

![](fp0095905-2_2a.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**Schedule of Investments**

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 85.2%** | **OPEN-END MUTUAL FUNDS — 85.2%** |
|  | **CORE — 78.4%** | **CORE — 78.4%** |
| 4759163 | DoubleLine Total Return Bond Fund - I Class | $42404142 |
| 4575150 | PIMCO Income Fund - Institutional Class  | 49777636 |
| 2817652 | River Canyon Total Return Bond Fund - Institutional Class | 28458283 |
| 3641547 | TCW MetWest Total Return Bond Fund - Plan Class | 31462964 |
| 9834613 | Vanguard Total Bond Market Index Fund - Institutional Class <sup>1</sup> | 96084170 |
|  |  | **248187195** |
|  | **OPPORTUNISTIC — 6.8%** | **OPPORTUNISTIC — 6.8%** |
| 848924 | GMO Emerging Country Debt Fund, Class VI | 18880067 |
| 438030 | Vanguard High-Yield Corporate Fund - Admiral Shares | 2435450 |
|  |  | **21315517** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $276,659,554) | **269502712** |
|  | **EXCHANGE-TRADED FUND — 5.7%** | **EXCHANGE-TRADED FUND — 5.7%** |
|  | **CORE — 5.7%** | **CORE — 5.7%** |
| 315193 | Vanguard Long-Term Treasury ETF | 17921874 |
|  | **TOTAL EXCHANGE-TRADED FUND** | **TOTAL EXCHANGE-TRADED FUND** |
|  | &nbsp;&nbsp;&nbsp; (Cost $18,495,728) | **17921874** |
|  | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.1%** | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.1%** |
|  | **OPPORTUNISTIC — 3.1%** | **OPPORTUNISTIC — 3.1%** |
| 390493 | TPG Twin Brook Capital Income Fund - I Class | 9878610 |
|  | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** |
|  | &nbsp;&nbsp;&nbsp; (Cost $9,924,059) | **9878610** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **PRIVATE FUND<sup>2</sup>** **— 2.2%** | **PRIVATE FUND<sup>2</sup>** **— 2.2%** |
|  | **OPPORTUNISTIC — 2.2%** | **OPPORTUNISTIC — 2.2%** |
|  | AG Direct Lending Fund IV Annex, LP\* <sup>3</sup> | $6878956 |
|  | **TOTAL PRIVATE FUND** | **TOTAL PRIVATE FUND** |
|  | &nbsp;&nbsp;&nbsp; (Cost $3,851,307) | **6878956** |
|  | **SHORT-TERM INVESTMENT — 3.8%** | **SHORT-TERM INVESTMENT — 3.8%** |
| 12118690 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.10%<sup>4</sup> | 12124749 |
|  | **TOTAL SHORT-TERM INVESTMENT** | **TOTAL SHORT-TERM INVESTMENT** |
|  | &nbsp;&nbsp;&nbsp; (Cost $12,120,881) | **12124749** |
|  | **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** |
|  | &nbsp;&nbsp;&nbsp; (Cost $321,051,529) | **316306901** |
|  | Other assets less liabilities — 0.0%<sup>5</sup> | 123194 |
|  | **TOTAL NET ASSETS — 100.0%** | $**316430095** |

---

\* 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 September 30, 2025, the aggregate fair value of these investments is $6,878,956 or 2.2% of the Fund's net assets. 

<sup>3</sup> The investment was acquired on 4/8/2022. The cost is $3,851,307. 

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

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

*See accompanying Notes to Financial Statements.*

![](fp0095905-2_3.jpg)<sub>3</sub>

![](fp0095905-2_3a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 77.4%** | **MUNICIPAL BONDS — 77.4%** |
|  | **ALABAMA — 3.1%** | **ALABAMA — 3.1%** |
| $1715000 | Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026 | $1719270 |
| 375000 | Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028 | 377034 |
|  | Black Belt Energy Gas District |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2035, Call 07/1/2035 | 2090345 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | 2068367 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 1012128 |
| 500000 | &nbsp;&nbsp;&nbsp; 3.24% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/2026<sup>2</sup> | 493699 |
| 1950000 | &nbsp;&nbsp;&nbsp; 5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2083363 |
| 500000 | &nbsp;&nbsp;&nbsp; 3.54% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 490058 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/1/2055, Call 06/1/2032<sup>1</sup> | 545515 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2055, Call 02/1/2035<sup>1</sup> | 539297 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/1/2056, Call 02/1/2032<sup>1</sup> | 1561108 |
| 1035000 | County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033 | 1068506 |
| 1000000 | Energy Southeast A Cooperative District, 5.25%, 07/1/2054, Call 03/1/2032<sup>1</sup> | 1096277 |
|  | Health Care Authority for Baptist Health |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2036, Call 11/15/2032 | 1063707 |
| 875000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2037, Call 11/15/2032 | 924448 |
| 1000000 | Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034 | 1017061 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1091555 |
| 1500000 | Industrial Development Board of the City of Mobile Alabama, 3.30%, 07/15/2034<sup>1</sup> | 1502261 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2396364 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ALABAMA (Continued)** | **ALABAMA (Continued)** | **ALABAMA (Continued)** |
|  | Mobile County Industrial Development Authority |  |  |
| $1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2054, Call 06/20/2034<sup>3</sup> | $| 1444633 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.75%, 12/1/2054, Call 12/1/2034<sup>3</sup> |  | 925701 |
| 3000000 | Southeast Alabama Gas Supply District, 5.00%, 08/1/2054, Call 01/1/2032<sup>1</sup> |  | 3251718 |
|  | Southeast Energy Authority A Cooperative District |  |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2030, Call 03/1/2030 |  | 799568 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2035, Call 11/1/2034 |  | 1582315 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 01/1/2054, Call 04/1/2029<sup>1</sup> |  | 1590570 |
| 885000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/1/2055, Call 11/1/2030<sup>1</sup> |  | 956172 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2055, Call 08/1/2032<sup>1</sup> |  | 1091423 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 |  | 2053105 |
|  |  |  | **36835568** |
|  | **ARIZONA — 1.0%** | **ARIZONA — 1.0%** | **ARIZONA — 1.0%** |
|  | Arizona Industrial Development Authority |  |  |
| 410000 | &nbsp;&nbsp;&nbsp; 4.00%, 03/1/2027<sup>4</sup> |  | 408389 |
| 600000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2041, Call 07/1/2026 |  | 536201 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2061, Call 07/1/2026 |  | 778836 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> |  | 149321 |
| 1625000 | Chandler Industrial Development Authority, 4.00%, 6/1/2049, Call 2/1/2029<sup>1 3</sup> |  | 1659509 |
| 1000000 | City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027 |  | 995675 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 11/2/2025<sup>4</sup> |  | 678882 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 |  | 651720 |
| 340000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 11/2/2025<sup>4</sup> |  | 323185 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> |  | 980028 |

---

![](fp0095905-2_4.jpg)<sub>4</sub>

![](fp0095905-2_4a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ARIZONA (Continued)** | **ARIZONA (Continued)** | **ARIZONA (Continued)** |
| $120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | $| 121100 |
|  | Maricopa County Pollution Control Corp. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 2.40%, 06/1/2035, Call 12/1/2031 |  | 418865 |
| 625000 | &nbsp;&nbsp;&nbsp; 0.88%, 06/1/2043<sup>1</sup> |  | 606772 |
| 1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 |  | 2179662 |
| 525000 | Sierra Vista Industrial Development Authority, 6.25%, 06/15/2045, Call 06/15/2033 |  | 532582 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 |  | 793035 |
|  |  |  | **11813762** |
|  | **ARKANSAS — 0.2%** | **ARKANSAS — 0.2%** | **ARKANSAS — 0.2%** |
|  | Arkansas Development Finance Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> |  | 959397 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.45%, 09/1/2052, Call 11/2/2025<sup>3</sup> |  | 499892 |
| 1255000 | West Memphis School District No. 4, SAW, 2.75%, 02/1/2039, Call 11/2/2025 |  | 1055588 |
|  |  |  | **2514877** |
|  | **CALIFORNIA — 7.7%** | **CALIFORNIA — 7.7%** | **CALIFORNIA — 7.7%** |
| 2000000 | Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037 |  | 1146650 |
| 1000000 | Bay Area Toll Authority, 4.14% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> |  | 994058 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 |  | 964398 |
|  | California Community Choice Financing Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> |  | 511940 |
| 2125000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2053, Call 05/1/2029<sup>1</sup> |  | 2257482 |
| 750000 | &nbsp;&nbsp;&nbsp; 4.43% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/2029<sup>2</sup> |  | 753921 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.75% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> |  | 1015984 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 01/1/2054, Call 10/1/2030<sup>1</sup> |  | 1067382 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
| $875000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2055, Call 07/1/2032<sup>1</sup> | $943844 |
| 1000000 | California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/2029<sup>4</sup> | 810282 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 81310 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036, Call 08/15/2027 | 156534 |
| 1715000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042, Call 11/15/2027 | 1631752 |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2048, Call 11/15/2027 | 3020383 |
| 290000 | California Infrastructure & Economic Development Bank, 9.50%, 01/1/2065, Call 01/1/2029<sup>1 3 4</sup> | 265623 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2035, Call 11/2/2025 | 905099 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/1/2037, Call 02/1/2027 | 1011445 |
| 50000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 48797 |
| 850000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2046, Call 06/1/2026 | 843785 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 895308 |
|  | California Pollution Control Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.00%, 11/1/2025<sup>3</sup> | 999817 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2037, Call 01/1/2026<sup>3 4</sup> | 1000987 |
|  | California School Finance Authority |  |
| 650000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2036, Call 11/2/2025<sup>4</sup> | 650000 |
| 1250000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1131640 |
| 900000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2041, Call 11/2/2025<sup>4</sup> | 884328 |
|  | California Statewide Communities Development Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028<sup>4</sup> | 1073512 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/1/2044, Call 11/2/2025 | 1499967 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 12/1/2054, Call 11/2/2025 | 999941 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 12/1/2058, Call 06/1/2028<sup>4</sup> | 997906 |
| 2125000 | Central Valley Energy Authority, 5.00%, 12/1/2055, Call 05/1/2035<sup>1</sup> | 2328522 |

---

![](fp0095905-2_5.jpg)<sub>5</sub>

![](fp0095905-2_5a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
|  | City of Lathrop |  |
| $500000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/2/2040, Call 03/2/2026 | $500539 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.60%, 09/1/2049, Call 09/1/2026 | 1001734 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1553252 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2048, Call 05/15/2029<sup>3</sup> | 1008034 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2048, Call 05/15/2028<sup>3</sup> | 1011047 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.25%, 05/15/2049, Call 05/15/2032<sup>3</sup> | 744399 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2051, Call 11/15/2031<sup>3</sup> | 1776103 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2055, Call 05/15/2035<sup>3</sup> | 1065820 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 11/2/2025 | 633511 |
| 1000000 | CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 898920 |
| 6000000 | Eastern Municipal Water District, 3.15%, 07/1/2046, Call 10/2/2025<sup>1</sup> | 6000000 |
| 1470000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1408627 |
| 2000000 | Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035 | 1481681 |
|  | Golden State Tobacco Securitization Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2051, Call 12/1/2031 | 493558 |
| 3000000 | &nbsp;&nbsp;&nbsp; 0.00%, 06/1/2066, Call 12/1/2031 | 319521 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 11/2/2025 | 1000604 |
| 2000000 | Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 10/18/2025 | 952188 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 967811 |
|  | Los Angeles Department of Water & Power |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2031, Call 07/1/2028 | 1056109 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
| $625000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2032, Call 01/1/2029 | $662929 |
| 830000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2032, Call 07/1/2029 | 887698 |
| 925000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2033, Call 07/1/2028 | 967671 |
| 1000000 | Los Angeles Unified School District, 4.00%, 07/1/2049, Call 01/1/2035 | 945801 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 364272 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3761362 |
| 930000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 974970 |
| 1000000 | Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032 | 979749 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 11/2/2025 | 1000566 |
| 4000000 | Regents of the University of California Medical Center Pooled Revenue, 3.10%, 05/15/2045, Call 11/3/2025<sup>1</sup> | 4000000 |
| 1000000 | Riverside County Transportation Commission, 3.00%, 06/1/2049, Call 06/1/2031 | 724411 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 754892 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2585505 |
| 1565000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1631928 |
|  | San Diego County Regional Airport Authority |  |
| 680000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2043, Call 07/1/2035<sup>3</sup> | 725627 |
| 1430000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2048, Call 07/1/2033<sup>3</sup> | 1464560 |
| 1000000 | San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033 | 1074645 |
| 625000 | San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040 | 638917 |
|  | 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> | 1025635 |
| 1410000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/1/2044, Call 05/1/2034<sup>3</sup> | 1477464 |

---

![](fp0095905-2_6.jpg)<sub>6</sub>

![](fp0095905-2_6a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** | **CALIFORNIA (Continued)** |
| $475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | $| 353437 |
| 1500000 | San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/2035<sup>1</sup> |  | 1722791 |
| 550000 | Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031 |  | 346978 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 |  | 399882 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 11/2/2025 |  | 1000401 |
|  | Southern California Public Power Authority |  |  |
| 565000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2029 |  | 591398 |
| 835000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2031 |  | 935573 |
| 1390000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2033 |  | 1499730 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 04/1/2055, Call 06/1/2030<sup>1</sup> |  | 2152439 |
| 1250000 | Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031 |  | 1054837 |
| 250000 | State of California, 4.00%, 08/1/2038, Call 08/1/2026 |  | 250405 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> |  | 104635 |
| 500000 | Yosemite Community College District, 0.00%, 08/1/2042 |  | 419750 |
|  |  |  | **92246913** |
|  | **COLORADO — 3.9%** | **COLORADO — 3.9%** | **COLORADO — 3.9%** |
|  | Aerotropolis Regional Transportation Authority |  |  |
| 985000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2051, Call 11/2/2025 |  | 885285 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.75%, 12/1/2054, Call 12/1/2029<sup>4</sup> |  | 988093 |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 11/2/2025 |  | 433058 |
| 1500000 | Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034 |  | 1546869 |
|  | Cathedral Pines Metropolitan District |  |  |
| 580000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2031, Call 12/1/2026 |  | 588160 |
| 2005000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2046, Call 12/1/2026 |  | 1992719 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **COLORADO (Continued)** | **COLORADO (Continued)** |
|  | City & County of Denver Airport System Revenue |  |
| $1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2040, Call 11/15/2032<sup>3</sup> | $1087678 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1093116 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2047, Call 11/15/2032<sup>3</sup> | 1024119 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2048, Call 12/1/2028<sup>3</sup> | 2007744 |
| 1000000 | Colorado Bridge & Tunnel Enterprise, AG, 5.50%, 12/1/2054, Call 12/1/2034 | 1077893 |
|  | Colorado Educational & Cultural Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> | 501234 |
| 390000 | &nbsp;&nbsp;&nbsp; 4.75%, 04/1/2030, Call 11/2/2025 | 390394 |
| 460000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 454321 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 411744 |
| 1425000 | &nbsp;&nbsp;&nbsp; 6.88%, 02/1/2059, Call 02/1/2035<sup>4</sup> | 1480641 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 95000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034, Call 11/2/2025 | 95238 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2035, Call 03/15/2030 | 1048014 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2039, Call 11/2/2025 | 465629 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035, Call 01/15/2026 | 502339 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2036, Call 06/1/2027 | 519506 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2039, Call 08/1/2029 | 976196 |
| 500000 | &nbsp;&nbsp;&nbsp; 8.00%, 08/1/2043, Call 11/2/2025<sup>5</sup> | 315960 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2043, Call 11/15/2029 | 1827562 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045, Call 11/2/2025 | 2000360 |
| 750000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2048, Call 05/15/2028 | 684841 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2049, Call 08/1/2029 | 1709178 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 11/1/2052, Call 11/1/2032 | 512358 |
| 755000 | Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030 | 750120 |

---

![](fp0095905-2_7.jpg)<sub>7</sub>

![](fp0095905-2_7a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **COLORADO (Continued)** | **COLORADO (Continued)** |
| $500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 10/23/2025 | $493210 |
| 1060000 | Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026 | 669200 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 505607 |
|  | Denver Health & Hospital Authority |  |
| 1470000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2039, Call 11/2/2025 | 1472638 |
| 335000 | &nbsp;&nbsp;&nbsp; 5.13%, 12/1/2050, Call 12/1/2034 | 338287 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 554823 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 419825 |
| 500000 | Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/2029<sup>4</sup> | 499554 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1811201 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 771065 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 11/2/2025<sup>5</sup> | 893474 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 427851 |
| 1500000 | Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028 | 923910 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4033013 |
| 1500000 | State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032 | 1708066 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 127449 |
| 1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | 926147 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 575635 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **COLORADO (Continued)** | **COLORADO (Continued)** | **COLORADO (Continued)** |
| $1000000 | Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032 | $| 1064177 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 |  | 1012235 |
|  |  |  | **46597736** |
|  | **CONNECTICUT — 0.4%** | **CONNECTICUT — 0.4%** | **CONNECTICUT — 0.4%** |
|  | Connecticut State Health & Educational Facilities Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2036, Call 10/6/2025 |  | 500154 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2042, Call 07/1/2032 |  | 1381118 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> |  | 1012141 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 |  | 1507679 |
|  |  |  | **4401092** |
|  | **DELAWARE — 0.2%** | **DELAWARE — 0.2%** | **DELAWARE — 0.2%** |
| 975000 | Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033 |  | 1074867 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 10/23/2025 |  | 1499979 |
|  |  |  | **2574846** |
|  | **DISTRICT OF COLUMBIA — 1.2%** | **DISTRICT OF COLUMBIA — 1.2%** | **DISTRICT OF COLUMBIA — 1.2%** |
| 1000000 | District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033 |  | 1058001 |
| 5000000 | District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 11/2/2025 |  | 1142106 |
|  | Metropolitan Washington Airports Authority |  |  |
| 1520000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> |  | 1507013 |
| 1820000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> |  | 1833147 |
|  | Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> |  | 507323 |
| 1200000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> |  | 1205668 |
| 1850000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2051, Call 10/1/2031<sup>3</sup> |  | 1623870 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2035, Call 10/1/2029 |  | 757354 |

---

![](fp0095905-2_8.jpg)<sub>8</sub>

![](fp0095905-2_8a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **DISTRICT OF COLUMBIA (Continued)** | **DISTRICT OF COLUMBIA (Continued)** | **DISTRICT OF COLUMBIA (Continued)** |
| $615000 | &nbsp;&nbsp;&nbsp; 6.50%, 10/1/2041, Call 10/1/2026 | $| 638237 |
| 2130000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2049, Call 10/1/2029 |  | 1858850 |
|  | Washington Convention & Sports Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2035, Call 10/1/2030 |  | 508988 |
| 875000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2036, Call 10/1/2030 |  | 885394 |
| 1000000 | Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2054, Call 07/15/2034 |  | 1030548 |
|  |  |  | **14556499** |
|  | **FLORIDA — 6.3%** | **FLORIDA — 6.3%** | **FLORIDA — 6.3%** |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 11/2/2025 |  | 1335208 |
| 1175000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 11/2/2025 |  | 1173591 |
| 100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 |  | 89643 |
|  | Capital Trust Agency, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.38%, 06/15/2027<sup>4</sup> |  | 199931 |
| 350000 | &nbsp;&nbsp;&nbsp; 5.35%, 07/1/2029, Call 11/2/2025 |  | 350521 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 |  | 93339 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/2/2025 |  | 500230 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 |  | 536768 |
| 425000 | City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032 |  | 446964 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 |  | 466984 |
| 1000000 | City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065, Call 05/15/2030<sup>1</sup> |  | 1099593 |
|  | City of Tampa |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046, Call 05/15/2026 |  | 1003405 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2050, Call 07/1/2030 |  | 1003202 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 11/2/2025 |  | 499964 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $2000000 | County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032<sup>3</sup> | $2074104 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 11/2/2025<sup>3</sup> | 1000648 |
| 1185000 | County of Broward FL Airport System Revenue, 5.00%, 10/1/2035, Call 10/1/2029<sup>3</sup> | 1237138 |
| 1000000 | County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031 | 892577 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 11/2/2025 | 2350725 |
| 1000000 | County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1023543 |
|  | County of Miami-Dade |  |
| 4020000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2038, Call 07/1/2026 | 4045703 |
| 650000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2042, Call 07/1/2028 | 641254 |
|  | County of Miami-Dade Aviation Revenue |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2036, Call 10/1/2034<sup>3</sup> | 3280076 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 501282 |
|  | County of Miami-Dade Transit System |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2048, Call 07/1/2028 | 1848135 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2049, Call 07/1/2030 | 1370318 |
| 1000000 | County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031 | 929621 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 175018 |
| 375000 | County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033 | 401866 |
| 1000000 | County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030 | 959561 |
|  | Florida Development Finance Corp. |  |
| 970000 | &nbsp;&nbsp;&nbsp; 12.00%, 07/15/2032, Call 10/13/2025<sup>1 3 4</sup> | 605038 |
| 645000 | &nbsp;&nbsp;&nbsp; 6.25%, 07/1/2034, Call 11/2/2025 | 645759 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 07/1/2053, Call 07/1/2032<sup>3</sup> | 854780 |
| 180000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/1/2054, Call 06/1/2034<sup>4</sup> | 171793 |

---

![](fp0095905-2_9.jpg)<sub>9</sub>

![](fp0095905-2_9a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $1750000 | &nbsp;&nbsp;&nbsp; 4.38%, 10/1/2054, Call 7/3/2031<sup>1 3 4</sup> | $1767801 |
| 2040000 | &nbsp;&nbsp;&nbsp; 10.00%, 07/1/2057, Call 11/2/2025<sup>1 3 4</sup> | 1738027 |
| 3125000 | Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 3077674 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 479674 |
| 1500000 | Florida State Board of Governors University of North Florida Dormitory Revenue, BAM, 5.00%, 11/1/2053, Call 11/1/2033 | 1534683 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 11/2/2025 | 1001922 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 11/2/2025 | 500136 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2036, Call 11/2/2025<sup>3</sup> | 1000006 |
| 1665000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1699111 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2052, Call 10/1/2031<sup>3</sup> | 1747748 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 2014077 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2034470 |
| 360000 | Lake Ashton Community Development District, 5.00%, 05/1/2037, Call 11/2/2025 | 360141 |
| 1670000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 11/2/2025 | 1671431 |
|  | Lakewood Ranch Stewardship District |  |
| 1245000 | &nbsp;&nbsp;&nbsp; 5.13%, 05/1/2047, Call 05/1/2027<sup>4</sup> | 1249066 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.88%, 05/1/2051, Call 05/1/2030<sup>4</sup> | 807405 |
| 1000000 | Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033 | 1047572 |
|  | Lee County Industrial Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2039, Call 11/15/2026 | 509659 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $100000 | &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2042, Call 11/2/2025<sup>4</sup> | $99371 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044, Call 11/15/2026 | 1988923 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2049, Call 11/15/2026 | 962979 |
| 825000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 830246 |
| 355000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 11/2/2025 | 355203 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/2/2025 | 1000499 |
| 715000 | Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046 | 714339 |
|  | Miami-Dade County Industrial Development Authority |  |
| 525000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2034, Call 11/2/2025 | 525150 |
| 330000 | &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2044, Call 11/2/2025 | 315149 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 689676 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1518729 |
| 900000 | River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/2034<sup>4</sup> | 882908 |
| 1535000 | South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027 | 1542993 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 100005 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2024751 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028 | 137116 |
| 405000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 11/2/2025 | 405309 |

---

![](fp0095905-2_10.jpg)<sub>10</sub>

![](fp0095905-2_10a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **FLORIDA (Continued)** | **FLORIDA (Continued)** | **FLORIDA (Continued)** |
| $1000000 | Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033 | $| 1065490 |
|  | Wildwood Utility Dependent District, BAM |  |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2036, Call 10/1/2031 |  | 814328 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2046, Call 10/1/2031 |  | 1030967 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 |  | 759113 |
|  |  |  | **75812129** |
|  | **GEORGIA — 2.9%** | **GEORGIA — 2.9%** | **GEORGIA — 2.9%** |
| 250000 | Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/2029<sup>4</sup> |  | 254006 |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 |  | 1083913 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 |  | 929154 |
| 2000000 | Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033 |  | 1968950 |
|  | Burke County Development Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 2.20%, 10/1/2032, Call 11/19/2026 |  | 436696 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.13%, 11/1/2045, Call 02/1/2028 |  | 900589 |
| 500000 | Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027 |  | 509046 |
|  | George L Smith II Congress Center Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> |  | 458601 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 01/1/2054, Call 01/1/2031 |  | 831615 |
|  | Georgia Housing & Finance Authority |  |  |
| 725000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2042, Call 06/1/2033 |  | 754316 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.70%, 12/1/2054, Call 06/1/2033 |  | 1000911 |
| 170000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> |  | 171843 |
|  | Main Street Natural Gas, Inc. |  |  |
| 1470000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034, Call 05/15/2029 |  | 1540360 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **GEORGIA (Continued)** | **GEORGIA (Continued)** | **GEORGIA (Continued)** |
| $1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2043, Call 05/15/2029 | $| 1013304 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2049 |  | 1036075 |
| 1350000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2052, Call 06/1/2027<sup>1</sup> |  | 1378638 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> |  | 1509441 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2052, Call 03/1/2029<sup>1</sup> |  | 1059831 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2053, Call 03/1/2030<sup>1</sup> |  | 1065805 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2053, Call 06/1/2030<sup>1</sup> |  | 1073222 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2053, Call 03/1/2031<sup>1</sup> |  | 2156052 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/1/2054, Call 09/1/2030<sup>1</sup> |  | 2143571 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/1/2054, Call 06/1/2031<sup>1</sup> |  | 1082950 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2055, Call 09/1/2035<sup>1</sup> |  | 271695 |
| 4000000 | Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027 |  | 4044440 |
|  | Municipal Electric Authority of Georgia |  |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2052, Call 07/1/2032 |  | 754976 |
| 200000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2056, Call 01/1/2030 |  | 200415 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2063, Call 07/1/2028 |  | 997694 |
| 1335000 | Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033 |  | 1341890 |
|  | Savannah Georgia Convention Center Authority |  |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/1/2061, Call 06/1/2035 |  | 249050 |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.25%, 06/1/2061, Call 06/1/2035<sup>4</sup> |  | 1001813 |
| 1000000 | Savannah Georgia Convention Center Authority, AG, 5.00%, 06/1/2058, Call 06/1/2035 |  | 1008843 |
|  |  |  | **34229705** |
|  | **GUAM — 0.0%<sup>6</sup>** | **GUAM — 0.0%<sup>6</sup>** | **GUAM — 0.0%<sup>6</sup>** |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 |  | 232515 |
|  | **HAWAII — 0.2%** | **HAWAII — 0.2%** | **HAWAII — 0.2%** |
|  | State of Hawaii Airports System Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> |  | 1005679 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2051, Call 07/1/2035<sup>3</sup> |  | 1048087 |
|  |  |  | **2053766** |

---

![](fp0095905-2_11.jpg)<sub>11</sub>

![](fp0095905-2_11a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **IDAHO — 0.2%** | **IDAHO — 0.2%** |
| $300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 11/2/2025 | $300148 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp; 6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 376174 |
| 415000 | &nbsp;&nbsp;&nbsp; 6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 416906 |
| 565000 | &nbsp;&nbsp;&nbsp; 6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 566204 |
| 1000000 | Spring Valley Community Infrastructure District No. 1, 6.25%, 09/1/2054, Call 09/1/2030<sup>4</sup> | 1020415 |
|  |  | **2679847** |
|  | **ILLINOIS — 7.7%** | **ILLINOIS — 7.7%** |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.75%, 04/1/2034, Call 04/1/2027 | 102761 |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.10%, 04/1/2036, Call 04/1/2027 | 1029683 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2036, Call 12/1/2030 | 1002593 |
| 180000 | &nbsp;&nbsp;&nbsp; 5.00%, 04/1/2037, Call 04/1/2027 | 181607 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 04/1/2038, Call 04/1/2028 | 505681 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/1/2039, Call 11/2/2025 | 497228 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2040, Call 12/1/2030 | 974552 |
| 1100000 | &nbsp;&nbsp;&nbsp; 6.00%, 04/1/2046, Call 04/1/2027 | 1114588 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2046, Call 11/2/2025 | 907390 |
| 2000000 | Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033 | 2081284 |
|  | Chicago O'Hare International Airport |  |
| 40000 | &nbsp;&nbsp;&nbsp; 3.88%, 01/1/2032, Call 11/2/2025 | 40015 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 515743 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 01/1/2044, Call 01/1/2029 | 925303 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2048, Call 01/1/2029<sup>3</sup> | 1001578 |
| 625000 | &nbsp;&nbsp;&nbsp; 5.50%, 01/1/2055, Call 01/1/2032<sup>3</sup> | 647539 |
| 740000 | &nbsp;&nbsp;&nbsp; 5.50%, 01/1/2059, Call 01/1/2034<sup>3</sup> | 775233 |
| 500000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 516667 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2506974 |
|  | Chicago Transit Authority Sales Tax Receipts Fund |  |
| 900000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2049, Call 12/1/2034 | 919284 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2055, Call 12/1/2029 | 1509237 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
| $1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | $1955299 |
|  | City of Chicago |  |
| 1835000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2034, Call 01/1/2031 | 1900252 |
| 1150000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2044, Call 01/1/2033 | 1108998 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 01/1/2045, Call 01/1/2033 | 985549 |
| 625000 | City of Chicago Wastewater Transmission Revenue, NATL, 0.00%, 01/1/2026 | 619922 |
| 750000 | City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033 | 754057 |
| 1250000 | Cook County Community College District No. 508, BAM, 5.00%, 12/1/2039, Call 12/1/2033 | 1311084 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033, Call 11/15/2027 | 1249739 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2038, Call 11/15/2030 | 1060493 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.50%, 11/1/2036, Call 11/2/2025 | 2000420 |
| 570000 | &nbsp;&nbsp;&nbsp; 3.90%, 11/1/2036, Call 11/1/2027 | 576370 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2026 | 709386 |
| 425000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2027 | 438615 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2028, Call 08/1/2027 | 515944 |
| 670000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2033, Call 03/1/2027 | 683689 |
| 55000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034, Call 02/15/2027 | 56899 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034, Call 02/15/2027 | 266202 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2034, Call 03/1/2027 | 509279 |
| 1420000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2036, Call 08/1/2031 | 1334562 |
| 225000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037, Call 08/15/2027 | 225381 |
| 600000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2037, Call 08/15/2031 | 589309 |
| 1695000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2038, Call 07/1/2029 | 1695702 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2039, Call 07/15/2031 | 968531 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2043, Call 08/1/2031 | 832298 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 1027188 |

---

![](fp0095905-2_12.jpg)<sub>12</sub>

![](fp0095905-2_12a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
| $845000 | &nbsp;&nbsp;&nbsp; 4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | $867974 |
| 1590000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2044, Call 12/1/2032 | 1657771 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2045, Call 02/15/2026 | 2002711 |
| 1925000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2046, Call 09/1/2026 | 1917043 |
| 2100000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2047, Call 08/15/2027 | 1981722 |
| 1250000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2047, Call 01/15/2028 | 1129236 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2047, Call 12/1/2027 | 963833 |
| 4330000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2048, Call 05/15/2033 | 4524707 |
| 1250000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2048, Call 08/15/2031 | 1111649 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.13%, 12/1/2050, Call 12/1/2032<sup>1 3 4</sup> | 992106 |
| 3000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 10/28/2025 | 3005821 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2040, Call 01/1/2031 | 1054952 |
| 375000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2040, Call 11/2/2025 | 375196 |
| 2775000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2040, Call 01/1/2026 | 2780824 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 01/1/2046, Call 01/1/2032 | 1839787 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2046, Call 01/1/2032 | 1537893 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1043303 |
| 1830000 | Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032 | 1839847 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 1001031 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2042, Call 12/15/2031 | 459669 |
| 1355000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2050, Call 12/15/2029 | 1337979 |
| 530000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2057, Call 12/15/2027 | 517337 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1913866 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** | **ILLINOIS (Continued)** |
| $1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | $| 1011950 |
| 500000 | Sales Tax Securitization Corp., 4.00%, 01/1/2038, Call 01/1/2030 |  | 496414 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 |  | 725993 |
| 1000000 | Southwestern Illinois Development Authority, BAM, 5.50%, 04/1/2050, Call 04/1/2035 |  | 1059634 |
|  | State of Illinois |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2026 |  | 1024720 |
| 2000000 | &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2033, Call 06/15/2026 |  | 1886753 |
| 660000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2036, Call 03/1/2031 |  | 704916 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/1/2037, Call 12/1/2027 |  | 984818 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2046, Call 03/1/2031 |  | 507090 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 |  | 2012577 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 |  | 1514737 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> |  | 564977 |
| 1500000 | Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026 |  | 1466102 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |  |
| 550000 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2031 |  | 462349 |
| 250000 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2032 |  | 201483 |
| 615000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 10/23/2025 |  | 614974 |
|  |  |  | **92225852** |
|  | **INDIANA — 0.7%** | **INDIANA — 0.7%** | **INDIANA — 0.7%** |
| 325000 | City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032 |  | 337839 |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 |  | 1376002 |
|  | Indiana Finance Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.00%, 11/1/2030 |  | 978828 |

---

![](fp0095905-2_13.jpg)<sub>13</sub>

![](fp0095905-2_13a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **INDIANA (Continued)** | **INDIANA (Continued)** | **INDIANA (Continued)** |
| $1000000 | &nbsp;&nbsp;&nbsp; 3.00%, 11/1/2030 | $| 978828 |
| 3000000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/1/2033, Call 11/1/2027 |  | 3036016 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2042, Call 10/1/2033 |  | 1592551 |
| 400000 | IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033 |  | 415141 |
|  |  |  | **8715205** |
|  | **IOWA — 0.4%** | **IOWA — 0.4%** | **IOWA — 0.4%** |
|  | Iowa Finance Authority |  |  |
| 2520000 | &nbsp;&nbsp;&nbsp; 4.75%, 08/1/2042, Call 11/2/2025 |  | 2495238 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2050, Call 12/1/2032 |  | 1151994 |
| 4485000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 |  | 662486 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> |  | 508832 |
|  |  |  | **4818550** |
|  | **KANSAS — 0.2%** | **KANSAS — 0.2%** | **KANSAS — 0.2%** |
| 640000 | City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026 |  | 610281 |
| 1000000 | City of Wichita , 5.88%, 05/15/2050, Call 05/15/2031 |  | 935523 |
| 1000000 | Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033 |  | 975448 |
|  |  |  | **2521252** |
|  | **KENTUCKY — 0.8%** | **KENTUCKY — 0.8%** | **KENTUCKY — 0.8%** |
| 1000000 | County of Carroll, 2.13%, 10/1/2034, Call 06/1/2031<sup>3</sup> |  | 826601 |
|  | Kentucky Economic Development Finance Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2037, Call 06/1/2027 |  | 201590 |
| 1100000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2040, Call 11/2/2025 |  | 1100303 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2045, Call 06/1/2027 |  | 1988911 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 |  | 775401 |
|  | Louisville/Jefferson County Metropolitan Government |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2042, Call 10/1/2033 |  | 1561374 |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2052, Call 05/15/2032 |  | 2464452 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **KENTUCKY (Continued)** | **KENTUCKY (Continued)** | **KENTUCKY (Continued)** |
| $1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | $| 1013960 |
|  |  |  | **9932592** |
|  | **LOUISIANA — 1.4%** | **LOUISIANA — 1.4%** | **LOUISIANA — 1.4%** |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 |  | 1541286 |
| 1000000 | Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034<sup>1</sup> |  | 1015251 |
| 440000 | Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030 |  | 437082 |
| 1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 |  | 1213606 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 |  | 1008976 |
|  | Louisiana Public Facilities Authority |  |  |
| 1400000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2042, Call 07/1/2027 |  | 1410204 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 10/1/2053, Call 04/1/2033 |  | 1479876 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.75%, 09/1/2064, Call 09/1/2034<sup>3</sup> |  | 1027074 |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2066, Call 09/1/2034<sup>3</sup> |  | 2377710 |
| 500000 | Louisiana Public Facilities Authority, AG, 5.25%, 07/1/2050, Call 07/1/2035 |  | 520214 |
| 1000000 | Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033 |  | 1039240 |
|  | New Orleans Aviation Board |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2035, Call 10/1/2028 |  | 521273 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> |  | 1493048 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> |  | 1271797 |
|  |  |  | **16356637** |
|  | **MAINE — 0.4%** | **MAINE — 0.4%** | **MAINE — 0.4%** |
|  | Maine Health & Higher Educational Facilities Authority |  |  |
| 1615000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2035, Call 07/1/2027 |  | 1652547 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2041, Call 07/1/2026 |  | 945504 |

---

![](fp0095905-2_14.jpg)<sub>14</sub>

![](fp0095905-2_14a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MAINE (Continued)** | **MAINE (Continued)** | **MAINE (Continued)** |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2036, Call 07/1/2031 | $| 507969 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2039, Call 07/1/2031 |  | 502001 |
| 50000 | Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, Call 07/1/2027 |  | 52053 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 11/2/2025<sup>3</sup> |  | 501118 |
|  |  |  | **4161192** |
|  | **MARYLAND — 1.7%** | **MARYLAND — 1.7%** | **MARYLAND — 1.7%** |
|  | City of Baltimore |  |  |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2036, Call 01/1/2027 |  | 2549222 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2042, Call 09/1/2027 |  | 1465332 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2049, Call 07/1/2029 |  | 1014643 |
| 1000000 | County of Baltimore, 5.00%, 02/1/2046, Call 02/1/2026 |  | 1001297 |
| 1250000 | County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031 |  | 978852 |
| 1245000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 |  | 1300798 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 11/2/2025 |  | 1600348 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> |  | 965146 |
|  | Maryland Health & Higher Educational Facilities Authority |  |  |
| 2700000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038, Call 10/23/2025 |  | 2701240 |
| 1065000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045, Call 05/15/2027 |  | 1070043 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2048, Call 01/1/2028 |  | 897562 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2050, Call 04/15/2030 |  | 870322 |
| 1000000 | Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/2029<sup>3</sup> |  | 970265 |
| 1080000 | Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/2028<sup>3</sup> |  | 965872 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MARYLAND (Continued)** | **MARYLAND (Continued)** | **MARYLAND (Continued)** |
| $1000000 | University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031 | $| 917434 |
| 1000000 | Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033 |  | 948747 |
|  |  |  | **20217123** |
|  | **MASSACHUSETTS — 0.8%** | **MASSACHUSETTS — 0.8%** | **MASSACHUSETTS — 0.8%** |
| 500000 | City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031 |  | 469543 |
| 645000 | City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029 |  | 497057 |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 |  | 120056 |
| 1000000 | Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034 |  | 1038751 |
|  | Massachusetts Development Finance Agency |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2045, Call 10/23/2025 |  | 1000154 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2047, Call 07/1/2026 |  | 1002695 |
| 1200000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2048, Call 07/1/2033 |  | 1199221 |
| 745000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2054, Call 01/1/2034 |  | 770228 |
| 1000000 | Massachusetts Development Finance Agency, AG, 5.00%, 07/1/2050, Call 07/1/2035 |  | 1017951 |
|  | Massachusetts Educational Financing Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2028<sup>3</sup> |  | 1044762 |
| 195000 | &nbsp;&nbsp;&nbsp; 4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> |  | 173530 |
| 1000000 | Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 10/23/2025 |  | 973447 |
| 500000 | Massachusetts Housing Finance Agency, FHA, 3.10%, 12/1/2044, Call 12/1/2028 |  | 403125 |
| 420000 | Massachusetts Port Authority, 5.00%, 07/1/2051, Call 07/1/2031<sup>3</sup> |  | 423715 |
|  |  |  | **10134235** |
|  | **MICHIGAN — 1.8%** | **MICHIGAN — 1.8%** | **MICHIGAN — 1.8%** |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 |  | 1012636 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_15.jpg) | 15 |

---

![](fp0095905-2_15a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MICHIGAN (Continued)** | **MICHIGAN (Continued)** | **MICHIGAN (Continued)** |
| $730000 | Great Lakes Water Authority Water Supply System Revenue, 5.50%, 07/1/2050, Call 01/1/2035 | $| 784300 |
| 400000 | Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034 |  | 424653 |
|  | Michigan Finance Authority |  |  |
| 160000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2029, Call 11/2/2025 |  | 146312 |
| 1165000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2031, Call 10/14/2025 |  | 1165979 |
| 1270000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2038, Call 09/1/2031 |  | 1327613 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2039, Call 10/14/2025 |  | 1000840 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041, Call 11/15/2026 |  | 1006692 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2044, Call 08/15/2029 |  | 1832166 |
| 950000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/1/2047, Call 12/1/2031 |  | 851829 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2048, Call 11/2/2029 |  | 1003348 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/1/2049, Call 12/1/2029 |  | 878164 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.38%, 02/28/2054, Call 02/28/2034 |  | 940756 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 |  | 905203 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 |  | 3038084 |
|  | Michigan State Housing Development Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.20%, 12/1/2026 |  | 501638 |
| 1250000 | &nbsp;&nbsp;&nbsp; 2.13%, 10/1/2036, Call 10/1/2030 |  | 1006095 |
| 375000 | &nbsp;&nbsp;&nbsp; 4.70%, 12/1/2043, Call 06/1/2032 |  | 377225 |
| 1000000 | Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034 |  | 1034302 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 11/2/2025 |  | 250140 |
| 1000000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 |  | 927312 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 |  | 1535050 |
|  |  |  | **21950337** |
|  | **MINNESOTA — 0.3%** | **MINNESOTA — 0.3%** | **MINNESOTA — 0.3%** |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 11/2/2025 |  | 250053 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **MINNESOTA (Continued)** | **MINNESOTA (Continued)** | **MINNESOTA (Continued)** |
| $70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | $| 67072 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 10/23/2025<sup>1 4</sup> |  | 1718960 |
|  | Duluth Economic Development Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2058, Call 02/15/2028 |  | 1005393 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2058, Call 02/15/2028 |  | 1003416 |
|  |  |  | **4044894** |
|  | **MISSISSIPPI — 0.4%** | **MISSISSIPPI — 0.4%** | **MISSISSIPPI — 0.4%** |
| 265000 | County of Warren, 4.00%, 09/1/2032 |  | 272354 |
| 4000000 | State of Mississippi, 4.00%, 10/1/2036, Call 10/1/2027 |  | 4017008 |
|  |  |  | **4289362** |
|  | **MISSOURI — 0.6%** | **MISSOURI — 0.6%** | **MISSOURI — 0.6%** |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 |  | 70043 |
|  | Hannibal Industrial Development Authority |  |  |
| 640000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2042, Call 10/1/2027 |  | 611910 |
| 445000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2047, Call 10/1/2027 |  | 411564 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043, Call 05/15/2028 |  | 1016269 |
| 350000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2049, Call 11/15/2027 |  | 310113 |
| 1175000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2052, Call 12/1/2033 |  | 1211149 |
|  | Kansas City Industrial Development Authority |  |  |
| 980000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> |  | 1009005 |
| 1020000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> |  | 1041682 |
| 1285000 | Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033 |  | 1272018 |
|  |  |  | **6953753** |
|  | **NEBRASKA — 0.3%** | **NEBRASKA — 0.3%** | **NEBRASKA — 0.3%** |
| 1000000 | Central Plains Energy Project, 5.00%, 08/1/2055, Call 05/1/2031<sup>1</sup> |  | 1081662 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_16.jpg) | 16 |

---

![](fp0095905-2_16a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEBRASKA (Continued)** | **NEBRASKA (Continued)** | **NEBRASKA (Continued)** |
| $900000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | $| 929334 |
| 2000000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 |  | 2085719 |
|  |  |  | **4096715** |
|  | **NEVADA — 0.7%** | **NEVADA — 0.7%** | **NEVADA — 0.7%** |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 |  | 242312 |
| 1195000 | Clark County School District, 2.00%, 06/15/2028, Call 10/23/2025 |  | 1155599 |
|  | County of Clark |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 2.10%, 06/1/2031 |  | 455043 |
| 1520000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2043, Call 06/1/2028 |  | 1551577 |
|  | Las Vegas Convention & Visitors Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2043, Call 07/1/2028 |  | 1021974 |
| 750000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2049, Call 07/1/2028 |  | 679264 |
|  | Las Vegas Valley Water District |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2041, Call 06/1/2026 |  | 2009421 |
| 1300000 | &nbsp;&nbsp;&nbsp; 4.00%, 06/1/2046, Call 12/1/2031 |  | 1218923 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> |  | 595236 |
|  |  |  | **8929349** |
|  | **NEW HAMPSHIRE — 0.7%** | **NEW HAMPSHIRE — 0.7%** | **NEW HAMPSHIRE — 0.7%** |
|  | New Hampshire Business Finance Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.50%, 10/1/2033 |  | 1046939 |
| 455266 | &nbsp;&nbsp;&nbsp; 4.13%, 01/20/2034 |  | 457983 |
| 650000 | &nbsp;&nbsp;&nbsp; 6.89%, 04/1/2034, Call 01/1/2034<sup>4</sup> |  | 682163 |
| 995700 | &nbsp;&nbsp;&nbsp; 4.17%, 01/20/2041<sup>1</sup> |  | 959995 |
| 1842568 | &nbsp;&nbsp;&nbsp; 4.25%, 07/20/2041 |  | 1789986 |
| 1000000 | New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033 |  | 1039987 |
|  | New Hampshire Health and Education Facilities Authority Act |  |  |
| 215000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2037, Call 02/1/2028 |  | 220339 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2043, Call 08/1/2029 |  | 918962 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW HAMPSHIRE (Continued)** | **NEW HAMPSHIRE (Continued)** | **NEW HAMPSHIRE (Continued)** |
| $1000000 | New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033 | $| 1060778 |
|  |  |  | **8177132** |
|  | **NEW JERSEY — 1.8%** | **NEW JERSEY — 1.8%** | **NEW JERSEY — 1.8%** |
|  | New Jersey Economic Development Authority |  |  |
| 890000 | &nbsp;&nbsp;&nbsp; 3.13%, 07/1/2029, Call 07/1/2027 |  | 877626 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.38%, 07/1/2030, Call 07/1/2027 |  | 992583 |
| 100000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032, Call 07/15/2027 |  | 102018 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2033, Call 07/1/2027 |  | 509645 |
| 280000 | &nbsp;&nbsp;&nbsp; 6.00%, 10/1/2034, Call 11/2/2025<sup>4</sup> |  | 280256 |
| 880000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2036, Call 12/15/2026 |  | 906569 |
| 350000 | &nbsp;&nbsp;&nbsp; 6.30%, 10/1/2049, Call 11/2/2025<sup>4</sup> |  | 350124 |
|  | New Jersey Health Care Facilities Financing Authority |  |  |
| 1175000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2046, Call 11/2/2025 |  | 1175234 |
| 750000 | &nbsp;&nbsp;&nbsp; 4.25%, 07/1/2054, Call 07/1/2034 |  | 712854 |
|  | New Jersey Higher Education Student Assistance Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> |  | 523957 |
| 855000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> |  | 773400 |
|  | New Jersey Transportation Trust Fund Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040, Call 12/15/2030 |  | 524965 |
| 1850000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2041, Call 12/15/2034 |  | 2023112 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2042, Call 06/15/2032 |  | 472836 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2043, Call 12/15/2028 |  | 2055892 |
| 3800000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2048, Call 12/15/2032 |  | 4393896 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 |  | 1842083 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> |  | 1017704 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 |  | 367970 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_17.jpg) | 17 |

---

![](fp0095905-2_17a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW JERSEY (Continued)** | **NEW JERSEY (Continued)** | **NEW JERSEY (Continued)** |
| $1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | $| 1649024 |
|  |  |  | **21551748** |
|  | **NEW MEXICO — 0.1%** | **NEW MEXICO — 0.1%** | **NEW MEXICO — 0.1%** |
| 700000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 11/2/2025 |  | 700137 |
|  | **NEW YORK — 6.9%** | **NEW YORK — 6.9%** | **NEW YORK — 6.9%** |
| 4400000 | City of New York, 5.25%, 03/1/2053, Call 03/1/2034 |  | 4634304 |
| 750000 | County of Orange, 2.38%, 06/15/2029, Call 11/2/2025 |  | 727344 |
|  | Hempstead Town Local Development Corp. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.66%, 02/1/2044, Call 02/1/2030 |  | 937742 |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.24%, 02/1/2047, Call 02/1/2027 |  | 982849 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.60%, 02/1/2051, Call 02/1/2030 |  | 765788 |
| 2000000 | Metropolitan Transportation Authority, 5.25%, 11/15/2049, Call 05/15/2034 |  | 2093214 |
| 2000000 | Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030 |  | 1752988 |
| 1845000 | Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034 |  | 1675072 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 11/2/2025 |  | 650346 |
|  | New York City Municipal Water Finance Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2049, Call 12/15/2029 |  | 509418 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2052, Call 12/15/2032 |  | 1048236 |
| 1535000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2054, Call 12/15/2033 |  | 1618216 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2054, Call 06/15/2034 |  | 1592064 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/1/2041, Call 11/1/2029 |  | 972005 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 05/1/2044, Call 11/1/2030 |  | 944102 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $725000 | &nbsp;&nbsp;&nbsp; 5.50%, 11/1/2045, Call 11/1/2032 | $779961 |
| 350000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 356100 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 10/1/2035 | 1150794 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2040, Call 10/23/2025<sup>4</sup> | 2000353 |
| 730000 | &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2042, Call 02/15/2030 | 601939 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044, Call 10/23/2025<sup>4</sup> | 2000007 |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044, Call 10/23/2025<sup>4</sup> | 1501182 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.13%, 09/15/2050, Call 03/15/2030 | 745794 |
| 615000 | New York Power Authority, 4.00%, 11/15/2049, Call 11/15/2034 | 565806 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2040, Call 07/1/2029 | 840730 |
| 500000 | &nbsp;&nbsp;&nbsp; 3.00%, 07/1/2041, Call 07/1/2031 | 423285 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2048, Call 07/1/2031 | 438213 |
| 650000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2051, Call 03/15/2035 | 673749 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2052, Call 03/15/2034 | 1579887 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2054, Call 03/15/2034 | 913066 |
| 240000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 249626 |
| 1500000 | New York State Thruway Authority, 5.00%, 01/1/2041, Call 01/1/2026 | 1500756 |
|  | New York State Urban Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2038, Call 09/15/2031 | 1007483 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2063, Call 09/15/2033 | 2059028 |
|  | New York Transportation Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2033, Call 12/1/2032<sup>3</sup> | 1082208 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 06/30/2039, Call 06/30/2034<sup>3</sup> | 541119 |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2040, Call 10/1/2030<sup>3</sup> | 2527217 |
| 2500000 | &nbsp;&nbsp;&nbsp; 4.38%, 10/1/2045, Call 10/1/2030<sup>3</sup> | 2303885 |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2046, Call 11/2/2025<sup>3</sup> | 2974183 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_18.jpg) | 18 |

---

![](fp0095905-2_18a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $1620000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2049, Call 06/30/2031<sup>3</sup> | $1623997 |
| 1250000 | &nbsp;&nbsp;&nbsp; 5.25%, 01/1/2050, Call 11/2/2025<sup>3</sup> | 1249944 |
| 1500000 | &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2054, Call 06/30/2031<sup>3</sup> | 1563877 |
| 2780000 | &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2055, Call 06/30/2034<sup>3</sup> | 2955889 |
| 1955000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1879153 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1009746 |
| 1475000 | New York Transportation Development Corp., AG, 6.00%, 06/30/2045, Call 06/30/2034<sup>3</sup> | 1622858 |
| 1220000 | New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/2034<sup>3</sup> | 1243800 |
| 1315000 | New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/2031<sup>3</sup> | 1356703 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2040, Call 11/2/2025 | 235036 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2045, Call 11/2/2025 | 494137 |
|  | Port Authority of New York & New Jersey |  |
| 4535000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2041, Call 10/15/2025 | 4538940 |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2048, Call 12/1/2033<sup>3</sup> | 3077808 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2050, Call 07/15/2030<sup>3</sup> | 1335941 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 | 301810 |
| 1250000 | Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029 | 1014301 |
|  | Triborough Bridge & Tunnel Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043, Call 11/15/2033 | 1056959 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2045, Call 11/15/2025 | 1504202 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2052, Call 11/15/2032 | 1066718 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2054, Call 05/15/2034 | 1038761 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NEW YORK (Continued)** | **NEW YORK (Continued)** | **NEW YORK (Continued)** |
| $1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2064, Call 05/15/2034 | $| 1052818 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 |  | 852694 |
| 500000 | Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034 |  | 549220 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 |  | 268964 |
|  |  |  | **82614335** |
|  | **NORTH CAROLINA — 0.6%** | **NORTH CAROLINA — 0.6%** | **NORTH CAROLINA — 0.6%** |
| 1000000 | City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033 |  | 1060695 |
| 750000 | Columbus County Industrial Facilities & Pollution Control Financing Authority, 4.20%, 05/1/2034 |  | 769057 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> |  | 1033346 |
|  | North Carolina Housing Finance Agency |  |  |
| 720000 | &nbsp;&nbsp;&nbsp; 3.85%, 07/1/2038, Call 07/1/2027 |  | 710386 |
| 270000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2048, Call 07/1/2027 |  | 271479 |
| 1545000 | North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030 |  | 1528901 |
| 715000 | North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028 |  | 587869 |
| 1000000 | North Carolina Turnpike Authority, AG, 5.00%, 01/1/2058, Call 01/1/2034 |  | 1024837 |
| 765000 | Town of Apex, 2.00%, 06/1/2033, Call 06/1/2030 |  | 692823 |
|  |  |  | **7679393** |
|  | **NORTH DAKOTA — 0.4%** | **NORTH DAKOTA — 0.4%** | **NORTH DAKOTA — 0.4%** |
| 1000000 | City of Horace, 5.00%, 05/1/2050, Call 05/1/2033 |  | 983744 |
| 200000 | County of Burleigh, 4.38%, 04/15/2026 |  | 199660 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 |  | 1836542 |
|  | North Dakota Housing Finance Agency |  |  |
| 585000 | &nbsp;&nbsp;&nbsp; 3.30%, 01/1/2033, Call 01/1/2032 |  | 566671 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_19.jpg) | 19 |

---

![](fp0095905-2_19a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **NORTH DAKOTA (Continued)** | **NORTH DAKOTA (Continued)** | **NORTH DAKOTA (Continued)** |
| $1015000 | &nbsp;&nbsp;&nbsp; 3.00%, 01/1/2052, Call 07/1/2030 | $| 1003958 |
|  |  |  | **4590575** |
|  | **OHIO — 1.5%** | **OHIO — 1.5%** | **OHIO — 1.5%** |
| 3000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 |  | 2564301 |
| 435000 | City of Akron, 5.00%, 12/1/2026 |  | 439065 |
| 2000000 | City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027 |  | 2007901 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 |  | 916107 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 |  | 714980 |
| 500000 | Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/2035<sup>3</sup> |  | 531130 |
|  | County of Hamilton |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 |  | 1108910 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2045, Call 03/15/2030 |  | 1986418 |
| 1880000 | County of Miami, 5.00%, 08/1/2049, Call 08/1/2028 |  | 1887522 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 11/2/2025 |  | 480697 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 |  | 2354197 |
| 1500000 | Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/2029<sup>3 4</sup> |  | 1374607 |
| 975000 | Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033 |  | 965437 |
| 1000000 | Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030 |  | 1047301 |
|  |  |  | **18378573** |
|  | **OKLAHOMA — 0.6%** | **OKLAHOMA — 0.6%** | **OKLAHOMA — 0.6%** |
| 1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 |  | 1016226 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 |  | 1050387 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> |  | 1005904 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **OKLAHOMA (Continued)** | **OKLAHOMA (Continued)** | **OKLAHOMA (Continued)** |
| $2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | $| 1860084 |
| 995000 | Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033 |  | 1127361 |
| 750000 | Tulsa Municipal Airport Trust Trustees, 6.25%, 12/1/2035<sup>3</sup> |  | 858449 |
| 570000 | University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034 |  | 525276 |
|  |  |  | **7443687** |
|  | **OREGON — 0.2%** | **OREGON — 0.2%** | **OREGON — 0.2%** |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 |  | 960517 |
|  | Oregon State Facilities Authority |  |  |
| 45000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2046, Call 10/1/2026 |  | 46056 |
| 720000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2046, Call 10/1/2026 |  | 710156 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 |  | 448054 |
|  |  |  | **2164783** |
|  | **PENNSYLVANIA — 3.3%** | **PENNSYLVANIA — 3.3%** | **PENNSYLVANIA — 3.3%** |
| 1500000 | Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033<sup>3</sup> |  | 1570612 |
| 3000000 | Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031<sup>3</sup> |  | 2558043 |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 |  | 320008 |
| 90000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 10/23/2025 |  | 90090 |
|  | Allentown Neighborhood Improvement Zone Development Authority |  |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/1/2042, Call 05/1/2032 |  | 256023 |
| 200000 | &nbsp;&nbsp;&nbsp; 5.25%, 05/1/2042, Call 05/1/2031<sup>4</sup> |  | 195629 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030<sup>3</sup> |  | 941445 |
| 1825000 | Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028 |  | 1903815 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_20.jpg) | 20 |

---

![](fp0095905-2_20a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PENNSYLVANIA (Continued)** | **PENNSYLVANIA (Continued)** |
| $2000000 | Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028 | $1964894 |
| 1000000 | County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026 | 1007418 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 367688 |
| 1000000 | DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028 | 918961 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 265109 |
| 500000 | Luzerne County Industrial Development Authority, AG, 5.00%, 12/15/2027, Call 12/15/2025 | 501616 |
| 650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | 670095 |
|  | 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 | 912535 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2048, Call 05/15/2033 | 890031 |
| 1250000 | &nbsp;&nbsp;&nbsp; 5.75%, 06/30/2048, Call 12/31/2032<sup>3</sup> | 1293683 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.80%, 06/1/2049<sup>1 3</sup> | 999702 |
| 500000 | Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032 | 512545 |
| 1500000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | 1583108 |
| 625000 | Pennsylvania Higher Education Assistance Agency, 4.75%, 06/1/2046, Call 06/1/2034<sup>3</sup> | 626138 |
| 1000000 | Pennsylvania Higher Educational Facilities Authority, 5.50%, 11/1/2054, Call 11/1/2034 | 1054473 |
| 1980000 | Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032 | 1949259 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PENNSYLVANIA (Continued)** | **PENNSYLVANIA (Continued)** | **PENNSYLVANIA (Continued)** |
|  | Pennsylvania Turnpike Commission |  |  |
| $2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2037, Call 12/1/2027 | $| 2069476 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2040, Call 06/1/2033 |  | 1076152 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2041, Call 06/1/2026 |  | 503746 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2043, Call 12/1/2028 |  | 1021606 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/1/2045, Call 12/1/2030 |  | 929139 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2047, Call 12/1/2027 |  | 1010715 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/1/2052, Call 12/1/2032 |  | 522289 |
|  | Philadelphia Authority for Industrial Development |  |  |
| 850000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/1/2037, Call 11/1/2029 |  | 833899 |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.60%, 11/1/2047, Call 11/1/2027 |  | 823880 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 07/1/2053, Call 07/1/2034 |  | 538413 |
| 100000 | &nbsp;&nbsp;&nbsp; 3.70%, 07/1/2054, Call 10/2/2025<sup>1</sup> |  | 100000 |
| 1140000 | Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030 |  | 1076331 |
| 500000 | Philadelphia Housing Authority, 5.00%, 03/1/2045, Call 03/1/2035 |  | 508842 |
| 1000000 | School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031 |  | 983661 |
|  | School District of Philadelphia, SAW |  |  |
| 5000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2038, Call 09/1/2026 |  | 5114 |
| 995000 | &nbsp;&nbsp;&nbsp; 5.00%, 09/1/2038, Call 09/1/2026 |  | 1000475 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 |  | 836696 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> |  | 277375 |
| 1000000 | Union County Hospital Authority, 5.00%, 08/1/2048, Call 10/23/2025 |  | 1000454 |
| 1115000 | Westmoreland County Municipal Authority, BAM, 5.00%, 08/15/2038, Call 11/2/2025 |  | 1115723 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 10/23/2025 |  | 500107 |
|  |  |  | **40087073** |
|  | **PUERTO RICO — 0.8%** | **PUERTO RICO — 0.8%** | **PUERTO RICO — 0.8%** |
|  | Commonwealth of Puerto Rico |  |  |
| 61305 | &nbsp;&nbsp;&nbsp; 5.63%, 07/1/2027 |  | 63472 |
| 1060310 | &nbsp;&nbsp;&nbsp; 5.63%, 07/1/2029 |  | 1134737 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_21.jpg) | 21 |

---

![](fp0095905-2_21a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **PUERTO RICO (Continued)** | **PUERTO RICO (Continued)** | **PUERTO RICO (Continued)** |
| $1558579 | &nbsp;&nbsp;&nbsp; 5.75%, 07/1/2031 | $| 1728180 |
| 55548 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2033, Call 07/1/2031 |  | 54966 |
| 71485 | &nbsp;&nbsp;&nbsp; 0.00%, 07/1/2033, Call 07/1/2031 |  | 51142 |
| 49930 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2035, Call 07/1/2031 |  | 48740 |
| 42853 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2037, Call 07/1/2031 |  | 40709 |
| 229812 | &nbsp;&nbsp;&nbsp; 0.00%, 11/1/2043<sup>1</sup> |  | 152250 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 11/2/2025<sup>5</sup> |  | 1355000 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |  |
| 1125000 | &nbsp;&nbsp;&nbsp; 4.33%, 07/1/2040, Call 07/1/2028 |  | 1077646 |
| 4300000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2058, Call 07/1/2028 |  | 4156350 |
|  |  |  | **9863192** |
|  | **RHODE ISLAND — 0.2%** | **RHODE ISLAND — 0.2%** | **RHODE ISLAND — 0.2%** |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 |  | 1538450 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 |  | 524581 |
|  |  |  | **2063031** |
|  | **SOUTH CAROLINA — 1.0%** | **SOUTH CAROLINA — 1.0%** | **SOUTH CAROLINA — 1.0%** |
| 1000000 | Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> |  | 1033312 |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 |  | 2006504 |
| 500000 | Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031<sup>1</sup> |  | 545003 |
| 250000 | South Carolina Jobs-Economic Development Authority, 5.50%, 11/15/2044, Call 11/15/2034 |  | 252675 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028<sup>3</sup> |  | 2052831 |
|  | South Carolina Public Service Authority |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.75%, 12/1/2047, Call 12/1/2032 |  | 1616704 |
| 730000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2055, Call 10/23/2025 |  | 730049 |
| 1015000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/1/2055, Call 12/1/2025 |  | 1015540 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **SOUTH CAROLINA (Continued)** | **SOUTH CAROLINA (Continued)** | **SOUTH CAROLINA (Continued)** |
| $3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | $| 3028537 |
|  |  |  | **12281155** |
|  | **SOUTH DAKOTA — 0.1%** | **SOUTH DAKOTA — 0.1%** | **SOUTH DAKOTA — 0.1%** |
|  | South Dakota Health & Educational Facilities Authority |  |  |
| 545000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2045, Call 11/1/2025 |  | 546012 |
| 690000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2045, Call 11/2/2025 |  | 691522 |
|  |  |  | **1237534** |
|  | **TENNESSEE — 0.8%** | **TENNESSEE — 0.8%** | **TENNESSEE — 0.8%** |
| 1000000 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033 |  | 1025185 |
| 1000000 | Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034 |  | 1039727 |
|  | Metropolitan Nashville Airport Authority |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 07/1/2039, Call 07/1/2032<sup>3</sup> |  | 1084322 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> |  | 1031530 |
|  | Tennergy Corp. |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> |  | 1537316 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> |  | 1079689 |
|  | Tennessee Energy Acquisition Corp. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.63%, 09/1/2026 |  | 1016051 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2035, Call 09/1/2035 |  | 1623569 |
|  |  |  | **9437389** |
|  | **TEXAS — 7.0%** | **TEXAS — 7.0%** | **TEXAS — 7.0%** |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 |  | 76530 |
| 1000000 | Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033 |  | 1050933 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 |  | 321878 |
| 155000 | Canyon Falls Municipal Utility District No. 1, 2.75%, 02/15/2038, Call 02/15/2027 |  | 118468 |
|  | Central Texas Regional Mobility Authority |  |  |
| 1070000 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2027 |  | 1029105 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2043, Call 01/1/2028 |  | 2023360 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_22.jpg) | 22 |

---

![](fp0095905-2_22a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
|  | Central Texas Turnpike System |  |
| $2310000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038, Call 08/15/2034 | $2527701 |
| 900000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042, Call 08/15/2034 | 952299 |
| 1125000 | City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034 | 1013543 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1010926 |
| 875000 | City of Austin TX Airport System Revenue, 5.00%, 11/15/2031<sup>3</sup> | 968235 |
| 500000 | City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033 | 516524 |
| 1670000 | City of Bryan, 2.50%, 08/15/2043, Call 02/15/2029 | 1182330 |
| 1400000 | City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033 | 1316583 |
| 1255000 | City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1262758 |
| 250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 240102 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1009872 |
|  | City of Houston Airport System Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035, Call 11/2/2025<sup>3</sup> | 750220 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038, Call 07/15/2034<sup>3</sup> | 1073658 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1363620 |
| 1125000 | City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/2033<sup>3</sup> | 1061464 |
| 1750000 | City of Houston TX Airport System Revenue, 5.50%, 07/1/2050, Call 07/1/2035<sup>3</sup> | 1865501 |
| 605000 | City of Missouri City, 2.13%, 06/15/2040, Call 06/15/2029 | 428702 |
| 1000000 | City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032 | 915276 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1000000 | City of San Antonio Electric & Gas Systems Revenue, 5.25%, 02/1/2049, Call 08/1/2034 | $1057199 |
| 1000000 | City of San Antonio TX Electric & Gas Systems Revenue, 5.25%, 02/1/2054, Call 02/1/2035 | 1055565 |
| 960000 | City of Uhland, 5.50%, 09/1/2055, Call 09/1/2032<sup>4</sup> | 926868 |
|  | Clifton Higher Education Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.40%, 12/1/2047, Call 11/2/2025 | 88718 |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.60%, 12/1/2049, Call 11/2/2025 | 1354229 |
| 1000000 | Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033 | 1032680 |
| 1000000 | Denton Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2033 | 1040111 |
| 1000000 | Fort Bend County Municipal Utility District No. 118, BAM, 3.25%, 09/1/2033, Call 11/2/2025 | 979234 |
| 355000 | Fort Bend County Municipal Utility District No. 161, AG, 3.50%, 09/1/2034, Call 11/2/2025 | 347708 |
| 700000 | Fort Bend County Municipal Utility District No. 57, AG, 2.00%, 04/1/2038, Call 04/1/2026 | 513844 |
| 1250000 | Fort Bend Independent School District, PSF, 4.00%, 08/1/2054<sup>1</sup> | 1279410 |
| 500000 | FW Chaparral PFC, 4.00%, 10/1/2035, Call 10/1/2032 | 490548 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1034908 |
|  | Harris County Cultural Education Facilities Finance Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2036, Call 10/1/2029 | 3019048 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050, Call 05/15/2030<sup>1</sup> | 1096124 |
| 750000 | Harris County Flood Control District, 4.00%, 09/15/2043, Call 09/15/2033 | 719091 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1133201 |
| 1055000 | Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034 | 968077 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_23.jpg) | 23 |

---

![](fp0095905-2_23a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1105000 | Lazy Nine Municipal Utility District No. 1B, AG, 3.13%, 03/1/2036, Call 03/1/2026 | $1039438 |
|  | Lower Colorado River Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045, Call 02/15/2032<sup>1</sup> | 1098890 |
| 840000 | &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050, Call 05/15/2034 | 866707 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/23/2025<sup>3 4</sup> | 500599 |
| 1055000 | New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 982988 |
| 2505000 | New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 11/2/2025<sup>5</sup> | 2325913 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2038, Call 07/1/2027 | 382326 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 04/1/2046, Call 10/23/2025 | 1499971 |
| 2200000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2048, Call 07/1/2027 | 2213456 |
| 450000 | North Harris County Regional Water Authority, 3.00%, 12/15/2036, Call 12/15/2026 | 397565 |
|  | North Texas Tollway Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.13%, 01/1/2039, Call 01/1/2032 | 251215 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.25%, 01/1/2049, Call 01/1/2028 | 902439 |
| 1000000 | Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027 | 983295 |
| 1000000 | Northside Independent School District, PSF, 3.55%, 06/1/2050<sup>1</sup> | 1014427 |
|  | Port of Beaumont Navigation District |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.00%, 01/1/2039, Call 01/1/2032<sup>3 4</sup> | 247171 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 01/1/2050, Call 11/2/2025<sup>3 4</sup> | 760066 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1041467 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 11/2/2025<sup>5</sup> | 460000 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | $300121 |
| 2500000 | San Angelo Independent School District, PSF, 5.00%, 02/15/2045, Call 02/15/2035 | 2650688 |
| 1365000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 11/2/2025 | 1365470 |
| 1000000 | San Antonio Water System, 5.00%, 05/15/2043, Call 05/15/2028 | 1021547 |
| 1000000 | Tarrant County College District, 2.00%, 08/15/2036, Call 08/15/2030 | 820293 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2051, Call 11/15/2032 | 1020231 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 11/2/2025 | 1408856 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2025 | 557086 |
| 575000 | &nbsp;&nbsp;&nbsp; 6.25%, 12/15/2026 | 587200 |
| 1000000 | Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/1/2055, Call 07/1/2033<sup>1</sup> | 1092954 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 12/31/2037, Call 12/31/2029 | 490268 |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2058, Call 06/30/2029<sup>3</sup> | 2458927 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4059142 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 561745 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2037, Call 10/15/2027 | 1504212 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.00%, 08/1/2038, Call 08/1/2030 | 2025601 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2047, Call 10/15/2032 | 519230 |
| 175000 | Town of Westlake, 6.13%, 09/1/2035, Call 11/2/2025 | 175006 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_24.jpg) | 24 |

---

![](fp0095905-2_24a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **TEXAS (Continued)** | **TEXAS (Continued)** | **TEXAS (Continued)** |
| $1000000 | Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034 | $| 928136 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 |  | 1206503 |
| 350000 | Williamson County Municipal Utility District No. 10, BAM, 3.25%, 08/1/2031, Call 11/2/2025 |  | 347384 |
|  |  |  | **84284684** |
|  | **UTAH — 0.8%** | **UTAH — 0.8%** | **UTAH — 0.8%** |
| 1000000 | City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> |  | 978384 |
| 1500000 | County of Utah, 4.00%, 05/15/2045, Call 11/2/2025 |  | 1403822 |
| 2000000 | Downtown Revitalization Public Infrastructure District, AG, 5.50%, 06/1/2050, Call 06/1/2035 |  | 2147811 |
|  | Intermountain Power Agency |  |  |
| 995000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2034, Call 07/1/2031 |  | 1090897 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2045, Call 07/1/2032 |  | 1046689 |
| 500000 | MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 06/1/2054, Call 06/1/2029<sup>4</sup> |  | 481256 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> |  | 1012047 |
|  | Utah Charter School Finance Authority |  |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2027<sup>4</sup> |  | 399713 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> |  | 454757 |
|  |  |  | **9015376** |
|  | **VIRGIN ISLANDS — 0.1%** | **VIRGIN ISLANDS — 0.1%** | **VIRGIN ISLANDS — 0.1%** |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 |  | 1017443 |
|  | **VIRGINIA — 0.8%** | **VIRGINIA — 0.8%** | **VIRGINIA — 0.8%** |
| 640000 | Albemarle County Economic Development Authority, 3.90%, 10/1/2048, Call 10/2/2025<sup>1</sup> |  | 640000 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **VIRGINIA (Continued)** | **VIRGINIA (Continued)** | **VIRGINIA (Continued)** |
| $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 |  | 1037336 |
| 1000000 | Louisa Industrial Development Authority, 3.13%, 11/1/2035<sup>1</sup> |  | 1009700 |
| 1000000 | Roanoke Economic Development Authority, 5.00%, 07/1/2047 |  | 1077797 |
| 405000 | Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030 |  | 443791 |
|  | Virginia Small Business Financing Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> |  | 473946 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2047, Call 12/31/2032<sup>3</sup> |  | 500921 |
| 1750000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> |  | 1708611 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2056, Call 06/30/2027<sup>3</sup> |  | 1455304 |
|  |  |  | **9791965** |
|  | **WASHINGTON — 2.2%** | **WASHINGTON — 2.2%** | **WASHINGTON — 2.2%** |
| 1325000 | Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032 |  | 1350628 |
| 250000 | Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030 |  | 255969 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 |  | 2255053 |
| 1560000 | King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026 |  | 1570202 |
|  | Port of Seattle |  |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2041, Call 07/1/2034<sup>3</sup> |  | 810037 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2043, Call 07/1/2034<sup>3</sup> |  | 1595720 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> |  | 1516651 |
| 2500000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> |  | 2559178 |
| 330000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2048, Call 06/1/2034<sup>3</sup> |  | 339906 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> |  | 1043196 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_25.jpg) | 25 |

---

![](fp0095905-2_25a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WASHINGTON (Continued)** | **WASHINGTON (Continued)** | **WASHINGTON (Continued)** |
| $1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> | $| 1497419 |
| 700000 | Port of Tacoma WA, 5.00%, 12/1/2028, Call 12/1/2026<sup>3</sup> |  | 713397 |
|  | State of Washington |  |  |
| 1710000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2043, Call 07/1/2029 |  | 1757866 |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2044, Call 07/1/2029 |  | 1536635 |
| 145000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 10/18/2025 |  | 143231 |
| 1000000 | Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034 |  | 968035 |
|  | Washington Health Care Facilities Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032, Call 08/15/2027 |  | 511457 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 08/1/2038, Call 08/1/2029 |  | 517657 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2041, Call 11/2/2025 |  | 1000373 |
|  | Washington State Convention Center Public Facilities District |  |  |
| 1210000 | &nbsp;&nbsp;&nbsp; 3.00%, 07/1/2043, Call 07/1/2031 |  | 949073 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2058, Call 07/1/2028 |  | 991437 |
| 1550000 | &nbsp;&nbsp;&nbsp; 3.00%, 07/1/2058, Call 07/1/2031 |  | 1013853 |
| 745488 | Washington State Housing Finance Commission, 4.22%, 03/20/2040<sup>1</sup> |  | 717248 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 |  | 1025090 |
|  |  |  | **26639311** |
|  | **WEST VIRGINIA — 0.3%** | **WEST VIRGINIA — 0.3%** | **WEST VIRGINIA — 0.3%** |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> |  | 1012256 |
| 150000 | West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/2030<sup>1 3 4</sup> |  | 156542 |
| 750000 | West Virginia Hospital Finance Authority, 6.00%, 09/1/2048, Call 09/1/2033 |  | 814097 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 |  | 1038719 |
|  |  |  | **3021614** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WISCONSIN — 1.6%** | **WISCONSIN — 1.6%** |
| $1000000 | Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031 | $970527 |
|  | Public Finance Authority |  |
| 285000 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2027, Call 11/2/2025 | 285026 |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.30%, 11/1/2030, Call 05/1/2026<sup>3</sup> | 2002595 |
| 535000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2037, Call 11/2/2025 | 535092 |
| 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> | 456705 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/1/2041, Call 06/1/2029<sup>4</sup> | 503214 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 02/1/2042, Call 02/1/2032 | 509271 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.00%, 07/1/2042, Call 11/2/2025<sup>3</sup> | 1000024 |
| 165000 | &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2042, Call 10/23/2025 | 165071 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.63%, 07/1/2045, Call 10/18/2025<sup>4</sup> | 991886 |
| 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> | 487132 |
| 188738 | &nbsp;&nbsp;&nbsp; 4.00%, 07/1/2051<sup>5</sup> | 128435 |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.75%, 06/30/2060, Call 06/30/2035<sup>3</sup> | 2057932 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2064, Call 06/15/2032 | 475138 |
| 1485000 | &nbsp;&nbsp;&nbsp; 5.75%, 12/31/2065, Call 06/30/2035<sup>3</sup> | 1528014 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2046<sup>4 5</sup> | 241 |
| 7085 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2047<sup>4 5</sup> | 219 |
| 7034 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2048<sup>4 5</sup> | 204 |
| 6984 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2049<sup>4 5</sup> | 189 |
| 6882 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2050<sup>4 5</sup> | 172 |
| 7540 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2051<sup>4 5</sup> | 178 |
| 7490 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2052<sup>4 5</sup> | 163 |
| 7388 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2053<sup>4 5</sup> | 152 |
| 7338 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2054<sup>4 5</sup> | 141 |
| 7237 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2055<sup>4 5</sup> | 131 |
| 7135 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2056<sup>4 5</sup> | 122 |
| 7085 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2057<sup>4 5</sup> | 114 |
| 6984 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2058<sup>4 5</sup> | 106 |
| 6933 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2059<sup>4 5</sup> | 99 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_26.jpg) | 26 |

---

![](fp0095905-2_26a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount |  | Value | Value |
|  | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **WISCONSIN (Continued)** | **WISCONSIN (Continued)** | **WISCONSIN (Continued)** |
| $6882 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2060<sup>4 5</sup> | $| 92 |
| 6781 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2061<sup>4 5</sup> |  | 85 |
| 6730 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2062<sup>4 5</sup> |  | 80 |
| 6629 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2063<sup>4 5</sup> |  | 74 |
| 6579 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2064<sup>4 5</sup> |  | 70 |
| 6528 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2065<sup>4 5</sup> |  | 65 |
| 6427 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2066<sup>4 5</sup> |  | 59 |
| 83706 | &nbsp;&nbsp;&nbsp; 0.00%, 01/1/2067<sup>4 5</sup> |  | 696 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 |  | 519344 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 |  | 1016077 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 |  | 3042793 |
| 500000 | Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030 |  | 192729 |
| 1000000 | Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031 |  | 888644 |
| 1000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033 |  | 997424 |
|  |  |  | **19711775** |
|  | **WYOMING — 0.1%** | **WYOMING — 0.1%** | **WYOMING — 0.1%** |
| 840000 | Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030 |  | 833436 |
|  | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $943,957,124) |  | **928481644** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 6.0%** | **EXCHANGE-TRADED FUNDS — 6.0%** |
| 670465 | iShares National Muni Bond ETF | $71397818 |
| 15917 | VanEck CEF Muni Income ETF | 348423 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $70,315,963) | **71746241** |
|  | **CLOSED-END MUTUAL FUNDS — 0.6%** | **CLOSED-END MUTUAL FUNDS — 0.6%** |
| 10127 | BlackRock Long-Term Municipal Advantage Trust | 97017 |
| 783 | BlackRock MuniAssets Fund, Inc. | 8691 |
| 1273 | BlackRock Municipal Income Trust - Class USD INC | 12794 |
| 4400 | BlackRock Municipal Income Trust II | 45980 |
| 18174 | BlackRock MuniHoldings Fund, Inc. | 213544 |
| 1410 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 16342 |
| 4548 | BlackRock MuniHoldings Quality Fund II, Inc. | 45753 |
| 36548 | BlackRock MuniVest Fund, Inc. | 250719 |
| 10448 | BlackRock MuniYield Quality Fund II, Inc. | 104793 |
| 30241 | BlackRock MuniYield Quality Fund, Inc. | 352308 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 754392 |
| 34014 | BNY Mellon Strategic Municipals, Inc. | 212587 |
| 11444 | DTF Tax-Free Income 2028 Term Fund, Inc. | 130805 |
| 66923 | DWS Municipal Income Trust | 613684 |
| 288 | Eaton Vance Municipal Bond Fund | 2863 |
| 34009 | Invesco Advantage Municipal Income Trust II | 298259 |
| 6570 | Invesco Municipal Income Opportunities Trust | 39617 |
| 26598 | Invesco Municipal Opportunity Trust | 257203 |
| 29760 | Invesco Municipal Trust | 287184 |
| 10183 | Invesco Quality Municipal Income Trust | 100303 |
| 20110 | Invesco Trust for Investment Grade Municipals | 203513 |
| 12605 | Invesco Value Municipal Income Trust | 158193 |
| 13218 | Neuberger Berman Municipal Fund, Inc. | 136410 |
| 18219 | Nuveen AMT-Free Municipal Credit Income Fund | 223912 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_27.jpg) | 27 |

---

![](fp0095905-2_27a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** | **CLOSED-END MUTUAL FUNDS (Continued)** |
| 16542 | Nuveen AMT-Free Quality Municipal Income Fund | $188413 |
| 13621 | Nuveen California Quality Municipal Income Fund | 156641 |
| 27921 | Nuveen Municipal Credit Income Fund | 350688 |
| 51 | Nuveen New York AMT-Free Quality Municipal Income Fund | 520 |
| 13055 | Nuveen Quality Municipal Income Fund | 152613 |
| 29855 | PIMCO Municipal Income Fund II | 236153 |
| 86507 | Western Asset Managed Municipals Fund, Inc. | 894482 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** | **TOTAL CLOSED-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $7,585,702) | **6546376** |
|  | **PRIVATE FUNDS<sup>7</sup>** **— 10.6%** | **PRIVATE FUNDS<sup>7</sup>** **— 10.6%** |
|  | MacKay Municipal Credit Opportunities Fund, LP - Class A<sup>\* 8</sup> | 25364698 |
|  | MacKay Municipal Opportunities Fund, LP - Class A<sup>\* 9</sup> | 101926426 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $97,715,054) | **127291124** |
|  | **SHORT-TERM INVESTMENTS — 4.0%** | **SHORT-TERM INVESTMENTS — 4.0%** |
| 32911550 | BlackRock MuniCash - Institutional Shares, 2.90%<sup>10</sup> | 32914841 |
| 15558484 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.10%<sup>10</sup> | 15566263 |
|  | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $48,480,496) | **48481104** |
|  | **TOTAL INVESTMENTS — 98.6%** | **TOTAL INVESTMENTS — 98.6%** |
|  | &nbsp;&nbsp;&nbsp; (Cost $1,168,054,339) | **1182546489** |
|  | Other assets less liabilities — 1.4% | 17358398 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1199904887** |

---

\* 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></sup>

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

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

<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 September 30, 2025, the aggregate fair value of these investments is $53,340,856 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></sup>

<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 September 30, 2025, the aggregate fair value of these investments is $127,291,124 or 10.6% of the Fund's net assets. 

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $16,811,394. 

<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

---

| | |
|:---|:---|
| ![](fp0095905-2_28.jpg) | 28 |

---

![](fp0095905-2_28a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

**Schedule of Open Futures Contracts:** 

At September 30, 2025, the Aspiriant Risk-Managed Municipal Bond Fund had futures contracts as set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Number of <br> Contracts** | **Description** | **Notional Value <br> at Time of <br> Purchase**  | **Notional Value <br> as of 9/30/2025**  | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)**  |
|  **Short Futures Contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; December 2025  | 3 | U.S. Treasury Bond Futures | $(353018) | $(349781) | $3237 |
|  |  |  | $**(353018)** | $**(349781)** | $**3237** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](fp0095905-2_29.jpg) | 29 |

---

![](fp0095905-2_29a.jpg)

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.0%** | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.0%** |
|  | **ALTERNATIVE DIVERSIFIERS — 27.0%** | **ALTERNATIVE DIVERSIFIERS — 27.0%** |
| 2302376 | GMO Equity Dislocation Investment Fund - Class A<sup>1</sup> | $49432014 |
| 682861 | Lazard Rathmore Alternative Fund - Class E\* <sup>1 2</sup> | 80030934 |
| 1211225 | Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares\* <sup>1 2 3</sup> | 142373579 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $247,848,398) | **271836527** |
|  | **OPEN-END MUTUAL FUNDS — 49.0%** | **OPEN-END MUTUAL FUNDS — 49.0%** |
|  | **ALTERNATIVE DIVERSIFIERS — 11.0%** | **ALTERNATIVE DIVERSIFIERS — 11.0%** |
| 3849742 | BlackRock Event Driven Equity Fund - Institutional Shares | 39998824 |
| 6035019 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 70730418 |
|  |  | **110729242** |
|  | **CORE DIVERSIFIER — 12.2%** | **CORE DIVERSIFIER — 12.2%** |
| 5492963 | JPMorgan Global Allocation Fund - Class R6 | 123371949 |
|  | **CORE/ALTERNATIVE DIVERSIFIER — 25.8%** | **CORE/ALTERNATIVE DIVERSIFIER — 25.8%** |
| 8735215 | GMO Benchmark-Free Allocation Fund - Class IV <sup>2 4</sup> | 259523234 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $414,943,326) | **493624425** |
|  | **EXCHANGE-TRADED FUNDS — 9.9%** | **EXCHANGE-TRADED FUNDS — 9.9%** |
|  | **ALTERNATIVE DIVERSIFIER — 8.3%** | **ALTERNATIVE DIVERSIFIER — 8.3%** |
| 1140646 | iShares Gold Trust\* | 83004810 |
|  | **CORE DIVERSIFIER — 1.6%** | **CORE DIVERSIFIER — 1.6%** |
| 254108 | iShares Core 60/40 Balanced Allocation ETF | 16359473 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $54,612,081) | **99364283** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **PRIVATE FUNDS<sup>5</sup>** **— 11.2%** | **PRIVATE FUNDS<sup>5</sup>** **— 11.2%** |
|  | **ALTERNATIVE DIVERSIFIERS — 11.2%** | **ALTERNATIVE DIVERSIFIERS — 11.2%** |
|  | Elliott Associates, LP - Class C Shares\* <sup>6</sup> | $48284298 |
| 27619 | Millennium International, Ltd. - Class GG\* <sup>7</sup> | 63836127 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $69,161,385) | **112120425** |
|  | **SHORT-TERM INVESTMENT — 3.0%** | **SHORT-TERM INVESTMENT — 3.0%** |
| 30428222 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.10%<sup>8</sup> | 30443436 |
|  | **TOTAL SHORT-TERM INVESTMENT** | **TOTAL SHORT-TERM INVESTMENT** |
|  | &nbsp;&nbsp;&nbsp; (Cost $30,433,924) | **30443436** |
|  | **TOTAL INVESTMENTS — 100.1%** | **TOTAL INVESTMENTS — 100.1%** |
|  | &nbsp;&nbsp;&nbsp; (Cost $816,999,114) | **1007389096** |
|  | Liabilities in excess of other assets — (0.1)% | (688010) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1006701086** |

---

\* Non-income producing security.

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

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

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

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

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of September 30, 2025, the aggregate fair value of these investments is $112,120,425 or 11.2% 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 $32,803,138 or $1,188 per share. 

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_30.jpg) | 30 |

---

![](fp0095905-2_30a.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS — 23.4%** | **COMMON STOCKS — 23.4%** |
|  | **AUSTRIA — 0.2%** | **AUSTRIA — 0.2%** |
| 19939 | Erste Group Bank A.G. | $1960054 |
|  | **BELGIUM — 0.2%** | **BELGIUM — 0.2%** |
| 17429 | KBC Group N.V. | 2088673 |
|  | **BRAZIL — 0.2%** | **BRAZIL — 0.2%** |
| 44700 | Cia de Saneamento Basico do Estado de Sao Paulo | 1110057 |
| 222210 | Itau Unibanco Holding S.A. - ADR | 1631021 |
|  |  | **2741078** |
|  | **CAYMAN ISLANDS — 0.3%** | **CAYMAN ISLANDS — 0.3%** |
| 42056 | Tencent Holdings Ltd. | 3583575 |
|  | **CHINA — 0.1%** | **CHINA — 0.1%** |
| 53900 | NetEase, Inc. | 1637070 |
|  | **DENMARK — 0.2%** | **DENMARK — 0.2%** |
| 4966 | DSV A/S | 992061 |
| 20945 | Novo Nordisk A/S - Class B | 1166253 |
|  |  | **2158314** |
|  | **FRANCE — 0.8%** | **FRANCE — 0.8%** |
| 26762 | Accor SA | 1271473 |
| 49887 | Dassault Systemes S.E. | 1678250 |
| 4180 | LVMH Moet Hennessy Louis Vuitton S.E. | 2572294 |
| 17625 | Safran S.A. | 6254567 |
|  |  | **11776584** |
|  | **GERMANY — 0.5%** | **GERMANY — 0.5%** |
| 7790 | Knorr-Bremse A.G. | 732951 |
| 16462 | SAP S.E. | 4407984 |
| 15034 | Siemens Energy A.G.\* | 1767685 |
|  |  | **6908620** |
|  | **HONG KONG — 0.0%<sup>1</sup>** | **HONG KONG — 0.0%<sup>1</sup>** |
| 1746 | Alibaba Group Holding Ltd. - ADR | 312063 |
|  | **INDIA — 0.1%** | **INDIA — 0.1%** |
| 52991 | ICICI Bank Ltd. - ADR | 1601918 |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IRELAND — 0.4%** | **IRELAND — 0.4%** |
| 17198 | Accenture PLC - Class A | $4241027 |
| 5007 | Flutter Entertainment PLC\* | 1305996 |
|  |  | **5547023** |
|  | **ISRAEL — 0.1%** | **ISRAEL — 0.1%** |
| 76041 | Bank Leumi Le-Israel BM | 1498205 |
|  | **JAPAN — 0.6%** | **JAPAN — 0.6%** |
| 59600 | Hitachi Ltd. | 1578987 |
| 58063 | Mizuho Financial Group, Inc. | 1951839 |
| 66000 | Nippon Steel Corp. | 271837 |
| 25200 | Recruit Holdings Co., Ltd. | 1354850 |
| 11200 | SoftBank Group Corp. | 1413222 |
| 8420 | Sony Financial Group, Inc. | 9337 |
| 84200 | Sony Group Corp. | 2420472 |
|  |  | **9000544** |
|  | **NETHERLANDS — 0.6%** | **NETHERLANDS — 0.6%** |
| 606 | Adyen N.V.\* <sup>2</sup> | 975102 |
| 2164 | Argenx S.E. - ADR\* | 1596080 |
| 2929 | ASML Holding N.V. | 2856323 |
| 15049 | Havas N.V.\* | 27743 |
| 7223 | NXP Semiconductors N.V. | 1644894 |
| 31068 | Qiagen N.V. | 1385742 |
|  |  | **8485884** |
|  | **SINGAPORE — 0.3%** | **SINGAPORE — 0.3%** |
| 27823 | Flex Ltd.\* | 1612899 |
| 495845 | Singapore Telecommunications Ltd. | 1585250 |
| 14847 | Trip.com Group Ltd. - ADR | 1116495 |
|  |  | **4314644** |
|  | **SOUTH KOREA — 0.1%** | **SOUTH KOREA — 0.1%** |
| 2434 | Hanwha Aerospace Co., Ltd. | 1924893 |
|  | **SPAIN — 0.1%** | **SPAIN — 0.1%** |
| 14833 | Amadeus IT Group S.A. | 1179072 |
|  | **SWEDEN — 0.1%** | **SWEDEN — 0.1%** |
| 55027 | Volvo A.B. - B Shares\* | 1582445 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_31.jpg) | 31 |

---

![](fp0095905-2_31a.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **SWITZERLAND — 0.5%** | **SWITZERLAND — 0.5%** |
| 30176 | Amrize Ltd.\* | $1475481 |
| 12944 | Holcim A.G. | 1104441 |
| 28144 | Nestle S.A. | 2584611 |
| 43018 | UBS Group A.G. | 1768623 |
|  |  | **6933156** |
|  | **TAIWAN — 0.9%** | **TAIWAN — 0.9%** |
| 20706 | MediaTek, Inc. | 898014 |
| 264253 | Taiwan Semiconductor Manufacturing Co., Ltd. | 11478576 |
|  |  | **12376590** |
|  | **UNITED KINGDOM — 1.4%** | **UNITED KINGDOM — 1.4%** |
| 10720 | AstraZeneca PLC | 1642316 |
| 32669 | British American Tobacco PLC | 1737576 |
| 118717 | Compass Group PLC | 4046559 |
| 87185 | Diageo PLC | 2086135 |
| 702283 | Haleon PLC | 3160401 |
| 165242 | Prudential PLC | 2313342 |
| 86572 | Unilever PLC | 5117154 |
|  |  | **20103483** |
|  | **UNITED STATES — 15.6%** | **UNITED STATES — 15.6%** |
| 42267 | Abbott Laboratories | 5661242 |
| 4300 | AbbVie, Inc. | 995622 |
| 35760 | Alphabet, Inc. - Class A | 8693256 |
| 25406 | Alphabet, Inc. - Class C | 6187631 |
| 44373 | Amazon.com, Inc.\* | 9742980 |
| 3602 | American Express Co. | 1196440 |
| 7196 | Analog Devices, Inc. | 1768057 |
| 53823 | Apple, Inc. | 13704950 |
| 3594 | Ares Management Corp. - Class A | 574645 |
| 21552 | Broadcom, Inc. | 7110220 |
| 11722 | C.H. Robinson Worldwide, Inc.<sup>3</sup> | 1551993 |
| 37774 | Chewy, Inc.\* | 1527958 |
| 7873 | Cigna Group | 2269392 |
| 36301 | Coca-Cola Co. | 2407482 |
| 19655 | Constellation Brands, Inc. - Class A<sup>3</sup> | 2646939 |
| 13434 | Corning, Inc. | 1101991 |
| 12768 | Elevance Health, Inc. | 4125596 |
| 6752 | Eli Lilly & Co. | 5151776 |
| 23933 | Equitable Holdings, Inc. | 1215318 |
| 5223 | Evercore, Inc. - Class A | 1761822 |
| 10166 | Hilton Worldwide Holdings, Inc. | 2637467 |

---

---

| | | | |
|:---|:---|:---|:---|
| Number of <br> Shares |  | Value | Value |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **UNITED STATES (Continued)** | **UNITED STATES (Continued)** | **UNITED STATES (Continued)** |
| 5733 | Home Depot, Inc. | $| 2322954 |
| 6008 | Intuitive Surgical, Inc.\* |  | 2686958 |
| 9370 | Jabil, Inc. |  | 2034883 |
| 33754 | Johnson & Johnson |  | 6258667 |
| 13491 | KKR & Co., Inc. |  | 1753155 |
| 1950 | KLA Corp. |  | 2103270 |
| 30820 | Kroger Co. |  | 2077576 |
| 49717 | Lam Research Corp. |  | 6657106 |
| 9469 | Live Nation Entertainment, Inc.\* <sup>3</sup> |  | 1547235 |
| 4744 | Mastercard, Inc. - Class A |  | 2698435 |
| 3129 | McKesson Corp. |  | 2417278 |
| 31089 | Merck & Co., Inc. |  | 2609300 |
| 14042 | Meta Platforms, Inc. - Class A |  | 10312164 |
| 40387 | Microsoft Corp. |  | 20918447 |
| 1997 | Netflix, Inc.\* |  | 2394243 |
| 50712 | NVIDIA Corp. |  | 9461845 |
| 21453 | Oracle Corp.<sup>3</sup> |  | 6033442 |
| 1661 | Parker-Hannifin Corp.<sup>3</sup> |  | 1259287 |
| 7437 | Philip Morris International, Inc. |  | 1206281 |
| 9252 | Quest Diagnostics, Inc. |  | 1763246 |
| 19540 | Salesforce, Inc. |  | 4630980 |
| 11081 | Targa Resources Corp. |  | 1856511 |
| 24517 | Texas Instruments, Inc. |  | 4504508 |
| 11250 | Thermo Fisher Scientific, Inc. |  | 5456475 |
| 19248 | TJX Cos., Inc. |  | 2782106 |
| 7176 | T-Mobile US, Inc. |  | 1717791 |
| 18142 | Tradeweb Markets, Inc. - Class A |  | 2013399 |
| 88616 | U.S. Bancorp |  | 4282811 |
| 19259 | U.S. Foods Holding Corp.\* |  | 1475625 |
| 28916 | Uber Technologies, Inc.\* |  | 2832901 |
| 14041 | UnitedHealth Group, Inc. |  | 4848357 |
| 12931 | Visa, Inc. - Class A<sup>3</sup> |  | 4414385 |
| 56396 | Wells Fargo & Co. |  | 4727113 |
| 14161 | Welltower, Inc. - REIT |  | 2522641 |
| 25421 | Williams Cos., Inc. |  | 1610420 |
|  |  |  | **220224572** |
|  | **URUGUAY — 0.1%** | **URUGUAY — 0.1%** | **URUGUAY — 0.1%** |
| 694 | MercadoLibre, Inc.\* |  | 1621836 |
|  | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $239,644,523) |  | **329560296** |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_32.jpg) | 32 |

---

![](fp0095905-2_32a.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS (Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 16.4%** | **EXCHANGE-TRADED FUNDS — 16.4%** |
| 476250 | iShares MSCI ACWI ETF<sup>3</sup> | $65836800 |
| 612100 | iShares MSCI Global Min Vol Factor ETF<sup>3</sup> | 73403032 |
| 2560111 | Schwab Fundamental Emerging Markets Equity ETF<sup>3</sup> | 92573614 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $171,682,826) | **231813446** |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.0%** | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.0%** |
| 2630943 | GMO Equity Dislocation Investment Fund - Class A<sup>4</sup> | 56486344 |
|  | **TOTAL FOREIGN COLLECTIVE**  | **TOTAL FOREIGN COLLECTIVE**  |
|  | &nbsp;&nbsp;&nbsp; **INVESTMENT FUND** (Cost $54,780,048) | **56486344** |
|  | **OPEN-END MUTUAL FUNDS — 42.6%** | **OPEN-END MUTUAL FUNDS — 42.6%** |
| 2896301 | AQR Large Cap Defensive Style Fund - Class R6 | 63921354 |
| 2553955 | Baillie Gifford Emerging Markets Equities Fund - Class K | 65176940 |
| 13148277 | GMO Quality Fund - Class VI<sup>5 6</sup> | 471760165 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** | **TOTAL OPEN-END MUTUAL FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $402,788,265) | **600858459** |
|  | **PRIVATE FUNDS<sup>7</sup>** **— 11.1%** | **PRIVATE FUNDS<sup>7</sup>** **— 11.1%** |
|  | RIEF Strategic Partners Fund LLC - Series SB\* <sup>8</sup> | 104547824 |
|  | Viking Global Equities LP - Class H Interests\* <sup>9</sup> | 51789890 |
|  | **TOTAL PRIVATE FUNDS** | **TOTAL PRIVATE FUNDS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $106,151,266) | **156337714** |
|  | **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 2.5%** | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 2.5%** |
|  | Collateral Investments | 35436401 |
|  | **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** |
| 29314650 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.10%<sup>10</sup> | 29329308 |
|  | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |
|  | &nbsp;&nbsp;&nbsp; (Cost $64,756,920) | **64765709** |

---

---

| | | |
|:---|:---|:---|
| Number of <br> Shares |  | Value |
|  | **TOTAL INVESTMENTS — 102.1%** | **TOTAL INVESTMENTS — 102.1%** |
|  | &nbsp;&nbsp;&nbsp; (Cost $1,039,803,848) | $**1439821968** |
|  | Liabilities in excess of other assets — (2.1)% | (29309603) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1410512365** |

---

\* Non-income producing security.

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

<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 September 30, 2025, the aggregate fair value of these investments is $975,102 or 0.1% of the Fund's net assets. 

<sup>3</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 $72,780,474. 

<sup>4</sup> Domiciled in Ireland.

<sup>5</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>6</sup> The Fund primarily invests in global equities.

<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 September 30, 2025, the aggregate fair value of these investments is $156,337,714 or 11.1% of the Fund's net assets. 

<sup>8</sup> The investment was acquired on 7/2/2018. The cost is $60,735,632. 

<sup>9</sup> The investment was acquired on 12/1/2023. The cost is $45,415,634. 

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

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](fp0095905-2_33.jpg) | 33 |

---

![](fp0095905-2_33a.jpg)

**ASPIRIANT TRUST** 

**Statements of Assets and Liabilities** 

As of September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
|  **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $321,051,529, $1,168,054,339, $395,807,825 and $1,039,803,848, respectively)  | $316306901 | $1182546489 | $525461349 | $1439821968<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $0, $0, $421,191,289 and $0, respectively)  |  |  | 481927747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  |  | 1000000 |  | 285040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $0, $0, $0 and $147,191, respectively)  |  |  |  | 149847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  |  | 3237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  |  | 1076738 | 3359796 | 11356076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits with brokers for futures contracts  |  | 8613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 126970 | 2869310 | 121240 | 563540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 104595 | 12935700 | 885732 | 1003167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables  |  |  |  | 5318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other prepaid expenses  | 19941 | 25530 | 13668 | 18414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 316558407 | 1200465617 | 1011769532 | 1453203370 |
|  **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  |  |  |  | 5906102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral (see Note 2)  |  |  |  | 35436401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 12000 | 109000 | 4823887 | 891059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser  | 20722 | 206741 | 81825 | 180905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees' fees  | 19104 | 19104 | 19104 | 19104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees  | 14187 | 75619 | 38661 | 64690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees  | 11326 | 42203 | 35466 | 49047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative servicing fees  | 10354 | 39010 | 16244 | 56914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees and expenses  | 4904 | 4873 | 5033 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer fees  | 1609 | 1609 | 1609 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees  | 819 | 5540 | 1425 | 12294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses  | 33287 | 57031 | 45192 | 67835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 128312 | 560730 | 5068446 | 42691005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (see Note 2)  |  |  |  |  |
|  **NET ASSETS**  | $316430095 | $1199904887 | $1006701086 | $1410512365 |

---

<sup>1</sup> Includes $72,780,474 of securities on loan to unaffiliated broker-dealers. Please refer to Note 2, Securities Lending, in the Notes to Financial Statements. 

 

 

---

| | |
|:---|:---|
| ![](fp0095905-2_34.jpg) | 34 |

---

![](fp0095905-2_34a.jpg)

**ASPIRIANT TRUST** 

**S** **tatements of Assets and Liabilities** **(Continued)** 

As of September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, no par value)  | $340819098 | $1271035642 | $871267908 | $869097375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (losses)  | (24389003) | (71130755) | 135433178 | 541414990 |
|  **NET ASSETS APPLICABLE TO OUTSTANDING SHARES**  | $**316430095** | $**1199904887** | $**1006701086** | $**1410512365** |
|  **SHARES ISSUED AND OUTSTANDING**  | 36711982 | 129810438 | 84966860 | 80836233 |
|  **NET ASSET VALUE PER SHARE**  | $8.62 | $9.24 | $11.85 | $17.45 |

---

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

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_35.jpg) | 35 |

---

![](fp0095905-2_35a.jpg)

**ASPIRIANT TRUST** 

**Statements of Operations** 

As of September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments (net of foreign withholding taxes of $0, $0, $0 and $161,970, respectively)  | $6765846 | $1563173 | $3549888 | $5508147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments  |  |  | 452484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments  | 342333 | 19300042 | 620096 | 609816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net securities lending income  |  |  |  | 43009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 7108179 | 20863215 | 4622468 | 6160972 |
|  **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 368097 | 1587407 | 490680 | 1611643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fees  | 147238 | 587920 | 490680 | 671516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees  | 43988 | 227981 | 115587 | 193413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses  | 39042 | 39042 | 39042 | 39042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees  | 33965 | 132588 | 110809 | 150835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 25088 | 32107 | 32107 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees  | 19447 | 27920 | 19748 | 43043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees  | 15378 | 18445 | 15311 | 11793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses  | 15142 | 15018 | 15461 | 15488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 9526 | 9526 | 9526 | 9526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regulatory services  | 5164 | 6668 | 5164 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees  | 4683 | 4683 | 4683 | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 2592 | 16561 | 4487 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 7000 | 8953 | 11396 | 25493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 736350 | 2714819 | 1364681 | 2846289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Advisory fees waived  | (250305) | (352748) |  | (537279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Administrative services fees waived  | (88342) | (352748) | (392551) | (335770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 397703 | 2009323 | 972130 | 1973240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 6710476 | 18853892 | 3650338 | 4187732 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_36.jpg) | 36 |

---

![](fp0095905-2_36a.jpg)

**ASPIRIANT TRUST** 

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

As of September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed <br> Taxable Bond <br> Fund** | **Risk-Managed <br> Municipal Bond <br> Fund** | **Defensive <br> Allocation <br> Fund** | **Risk-Managed <br> Equity Allocation <br> Fund** |
|  **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | $(136542) | $(5271667) | $4810884 | $51164258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  |  |  | 636955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  |  |  |  | (17019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  |  | 21258 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from unaffiliated investments  |  |  |  | 10085931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized gain (loss)  | (136542) | (5250409) | 5447839 | 61233170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 4736791 | 10484113 | 36457588 | 74237466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  |  |  | 37866818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  |  |  |  | 54850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts change  |  | 3237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net change in unrealized appreciation (depreciation)  | 4736791 | 10487350 | 74324406 | 74292316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 4600249 | 5236941 | 79772245 | 135525486 |
|  **Net Increase in Net Assets from Operations**  | $**11310725** | $**24090833** | $**83422583** | $**139713218** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](fp0095905-2_37.jpg) | 37 |

---

![](fp0095905-2_37a.jpg)

**ASPIRIANT TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Risk-Managed<br> Taxable Bond Fund**  | **Risk-Managed<br> Taxable Bond Fund**  | **Risk-Managed <br> Municipal Bond Fund** | **Risk-Managed <br> Municipal Bond Fund** |
|  | **Six Months <br> Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Six Months <br> Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025**  |
|  **CHANGES IN NET ASSETS FROM:** |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $6710476 | $13983349 | $18853892 | $39990909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (136542) | (5842731) | (5250409) | 1695669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 4736791 | 8979325 | 10487350 | (14990293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations  | 11310725 | 17119943 | 24090833 | 26696285 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (6498857) | (17015787) | (21676506) | (45854565) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 39816185 | 85420106 | 162859573 | 202854387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for reinvestment of distributions  | 5870067 | 15807129 | 20743645 | 43810306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (17534717) | (87185830) | (209892716) | (236481823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital stock transactions  | 28151535 | 14041405 | (26289498) | 10182870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets  | $32963403 | $14145561 | $(23875171) | $(8975410) |
|  **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 283466692 | 269321131 | 1223780058 | 1232755468 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $316430095 | $283466692 | $1199904887 | $1223780058 |
|  **TRANSACTIONS IN SHARES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 4665016 | 10026347 | 17890255 | 21610703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for reinvestment of distributions  | 685947 | 1871462 | 2269374 | 4696665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2058683) | (10215070) | (23038201) | (25169324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares outstanding  | 3292280 | 1682739 | (2878572) | 1138044 |

---

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_38.jpg) | 38 |

---

![](fp0095905-2_38a.jpg)

**ASPIRIANT TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Allocation Fund**  | **Defensive Allocation Fund**  | **Risk-Managed <br> Equity Allocation Fund**  | **Risk-Managed <br> Equity Allocation Fund**  |
|  | **Six Months <br> Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Six Months <br> Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025**  |
|  **CHANGES IN NET ASSETS FROM:** |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $3650338 | $20940292 | $4187732 | $17162081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency  | 5447839 | 14100975 | 61233170 | 93110281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency  | 74324406 | 31529094 | 74292316 | 4723607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations  | 83422583 | 66570361 | 139713218 | 114995969 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders  |  | (46125654) |  | (97492284) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 20103736 | 56485255 | 21694521 | 71846245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for reinvestment of distributions  |  | 43709750 |  | 89506726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (68441325) | (394611946) | (47613148) | (273870417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital stock transactions  | (48337589) | (294416941) | (25918627) | (112517446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets  | $35084994 | $(273972234) | $113794591 | $(95013761) |
|  **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 971616092 | 1245588326 | 1296717774 | 1391731535 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $1006701086 | $971616092 | $1410512365 | $1296717774 |
|  **TRANSACTIONS IN SHARES^:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1785124 | 5252366 | 1326756 | 4494463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for reinvestment of distributions  |  | 4194794 |  | 5737611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (6090724) | (36689061) | (2909972) | (17139301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares outstanding  | (4305600) | (27241901) | (1583216) | (6907227) |

---

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

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| ![](fp0095905-2_39.jpg) | 39 |

---

![](fp0095905-2_39a.jpg)

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND** 

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
|  Net asset value, beginning of period  | $8.48 | $8.49 | $8.51 | $9.27 | $10.06 | $10.13 |
|  Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.20 | 0.41 | 0.42 | 0.40 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.13 | 0.08 | 0.01 | (0.77) | (0.61) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 0.33 | 0.49 | 0.43 | (0.37) | (0.36) | 0.47 |
|  Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.19) | (0.50) | (0.45) | (0.39) | (0.22) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain  |  |  |  | (0.00)<sup>1</sup> | (0.21) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  | (0.19) | (0.50) | (0.45) | (0.39) | (0.43) | (0.54) |
|  Net assets value, end of period  | $8.62 | $8.48 | $8.49 | $8.51 | $9.27 | $10.06 |
|  Total return  | 3.86%<sup>2</sup> | 5.91% | 5.15% | (3.89)% | (3.76)% | 4.58% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands)  | $316430 | $283467 | $269321 | $196549 | $205520 | $213549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios (as a percentage of average daily net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before expense waiver<sup>3</sup>  | 0.50%<sup>4</sup> | 0.50% | 0.54% | 0.56% | 0.52% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waiver<sup>3</sup>  | (0.23)%<sup>4</sup> | (0.23)% | (0.24)% | (0.24)% | (0.24)% | (0.24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after expense waiver<sup>3</sup>  | 0.27%<sup>4</sup> | 0.27% | 0.30% | 0.32% | 0.28% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>3</sup>  | 4.56%<sup>4</sup> | 4.75% | 5.03% | 4.60% | 2.52% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 0%<sup>1,2</sup> | 15% | 14% | 19% | 24% | 20% |

---

<sup>1</sup> Rounds to less than 0.005 or 0.5%. 

<sup>2</sup> Not annualized.

<sup>3</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_40.jpg) | 40 |

---

![](fp0095905-2_40a.jpg)

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
|  Net asset value, beginning of period  | $9.22 | $9.37 | $9.32 | $9.76 | $10.46 | $10.11 |
|  Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.14 | 0.30 | 0.37 | 0.25 | 0.26 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.05 | (0.11) | 0.02 | (0.35) | (0.55) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 0.19 | 0.19 | 0.39 | (0.10) | (0.29) | 0.71 |
|  Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.17) | (0.34) | (0.34) | (0.33) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain  |  |  |  | (0.01) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  | (0.17) | (0.34) | (0.34) | (0.34) | (0.41) | (0.36) |
|  Net assets value, end of period  | $9.24 | $9.22 | $9.37 | $9.32 | $9.76 | $10.46 |
|  Total return  | 2.09%<sup>1</sup> | 2.05% | 4.30% | (0.88)% | (2.87)% | 7.10% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands)  | $1199905 | $1223780 | $1232755 | $1022894 | $1140093 | $1171205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios (as a percentage of average daily net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before expense waiver<sup>2</sup>  | 0.46%<sup>3</sup> | 0.46% | 0.48% | 0.47% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waiver<sup>2</sup>  | (0.12)%<sup>3</sup> | (0.12)% | (0.13)% | (0.13)% | (0.13)% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after expense waiver<sup>2</sup>  | 0.34%<sup>3</sup> | 0.34% | 0.35% | 0.34% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 3.21%<sup>3</sup> | 3.16% | 3.15% | 2.84% | 2.32% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 12%<sup>1</sup> | 23% | 21% | 49% | 11% | 16% |

---

<sup>1</sup> Not annualized.

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

<sup>3</sup> Annualized.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_41.jpg) | 41 |

---

![](fp0095905-2_41a.jpg)

**ASPIRIANT DEFENSIVE ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
|  Net asset value, beginning of period  | $10.88 | $10.69 | $10.08 | $10.55 | $10.87 | $9.38 |
|  Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.02 | 0.13 | 0.21 | 0.16 | 0.21 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.95 | 0.55 | 0.78 | (0.55) | 0.04 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 0.97 | 0.68 | 0.99 | (0.39) | 0.25 | 1.74 |
|  Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.49) | (0.38) | (0.08) | (0.57) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From return of capital  |  |  |  |  | (0.00)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  |  | (0.49) | (0.38) | (0.08) | (0.57) | (0.25) |
|  Net assets value, end of period  | $11.85 | $10.88 | $10.69 | $10.08 | $10.55 | $10.87 |
|  Total return  | 8.92%<sup>2</sup> | 6.55% | 9.97% | (3.71)% | 2.27% | 18.52% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands)  | $1006701 | $971616 | $1245588 | $1339519 | $1536383 | $1444928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios (as a percentage of average daily net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before expense waiver<sup>3</sup>  | 0.28%<sup>4</sup> | 0.27% | 0.27% | 0.27% | 0.26% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waiver<sup>3</sup>  | (0.08)%<sup>4</sup> | (0.08)% | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after expense waiver<sup>3</sup>  | 0.20%<sup>4</sup> | 0.19% | 0.18% | 0.18% | 0.17% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>3</sup>  | 0.74%<sup>4</sup> | 1.93% | 2.35% | 1.84% | 1.32% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 0% <sup>1,2</sup> | 5% | 3% | 21% | 20% | 4% |

---

<sup>1</sup> Rounds to less than 0.005 or 0.5%. 

<sup>2</sup> Not annualized.

<sup>3</sup> The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying companies in which the Fund invests.

<sup>4</sup> Annualized. 

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_42.jpg) | 42 |

---

![](fp0095905-2_42a.jpg)

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS - ADVISOR SHARES** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
|  Net asset value, beginning of period  | $15.73 | $15.58 | $13.76 | $14.58 | $14.35 | $11.30 |
|  Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.05 | 0.20 | 0.22 | 0.22 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currency  | 1.67 | 1.13 | 2.37 | (0.75) | 0.44 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 1.72 | 1.33 | 2.59 | (0.53) | 0.62 | 3.28 |
|  Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.24) | (0.47) | (0.14) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain  |  | (0.94) | (0.30) | (0.15) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  |  | (1.18) | (0.77) | (0.29) | (0.39) | (0.23) |
|  Net assets value, end of period  | $17.45 | $15.73 | $15.58 | $13.76 | $14.58 | $14.35 |
|  Total return  | 10.93%<sup>1</sup> | 8.63% | 19.29% | (3.58)% | 4.10% | 29.08% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands)  | $1410512 | $1296718 | $1391732 | $1452741 | $1729996 | $1628317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios (as a percentage of average daily net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before expense waiver<sup>2</sup>  | 0.42%<sup>3</sup> | 0.42% | 0.42% | 0.42% | 0.41% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waiver<sup>2</sup>  | (0.13)%<sup>3</sup> | (0.13)% | (0.14)% | (0.14)% | (0.14)% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after expense waiver<sup>2</sup>  | 0.29%<sup>3</sup> | 0.29% | 0.28% | 0.28% | 0.27% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.62%<sup>3</sup> | 1.25% | 1.61% | 1.62% | 1.18% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 11%<sup>1</sup> | 19% | 15% | 36% | 24% | 47% |

---

<sup>1</sup> Not annualized.

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

<sup>3</sup> Annualized.

*See accompanying Notes to Financial Statements.* 

---

| | |
|:---|:---|
| ![](fp0095905-2_43.jpg) | 43 |

---

![](fp0095905-2_43a.jpg)

**ASPIRIANT TRUST** 

**Notes to Financial Statements** 

September 30, 2025 (Unaudited)

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

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

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

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

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

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| | |
|:---|:---|
| ![](fp0095905-2_44.jpg) | 44 |

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![](fp0095905-2_44a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

a limited extent, invest in SMAs, which are private portfolios of securities for individual accounts. The Fund seeks to provide a return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures listed below, including investments that focus on a specialized asset class (i.e., long-short strategies). The Defensive Allocation Fund's exposures may include global equities, global fixed income, market neutral, global macro, managed futures, relative value, long/short equity, long/short debt, merger arbitrage, convertible arbitrage, security arbitrage, managed futures, derivatives and other non-traditional strategies.

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_45.jpg) | 45 |

---

![](fp0095905-2_45a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_46.jpg) | 46 |

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![](fp0095905-2_46a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

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

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

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

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

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

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Taxable Bond Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
|  Open-End Mutual Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Core  | $248187195 | $— | $— | $— | $248187195 |
| &nbsp;&nbsp;&nbsp; Opportunistic  | 21315517 |  |  |  | 21315517 |
|  Exchange Traded Fund: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Core  | 17921874 |  |  |  | 17921874 |
|  Non-Traded Business Development Company: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opportunistic  |  |  |  | 9878610 | 9878610 |
|  Private Fund: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opportunistic  |  |  |  | 6878956 | 6878956 |
|  Short-Term Investment  | 12124749 |  |  |  | 12124749 |
|  **Total Investments**  | $**299549335** | $**—** | $**—** | $**16757566** | $**316306901** |

---

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| | |
|:---|:---|
| ![](fp0095905-2_47.jpg) | 47 |

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![](fp0095905-2_47a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

There were no transfers into or out of level 3 for the Taxable Bond Fund during the period ended September 30, 2025.

Certain investments valued using the NAV as a practical expedient in which the Taxable Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Taxable Bond Fund and their attributes as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value**  | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period<br> (in Days)** | **Redemption <br> Terms** |
|  Non-Traded Business Development Company - Private Credit <sup>(a)</sup>  | $9878610 | N/A | Indefinite | Quarterly | N/A | Subject to quarterly tender offer terms; 5% fund-level gate. |
|  Private Fund - Private Credit <sup>(a)</sup>  | 6878956 | 500000 | 5 Years (Subject to one year extension) |  | N/A | N/A |
|  | $**16757566** | $**500000** |  |  |  |  |

---

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

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Municipal Bond Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
|  Municipal Bonds  | $— | $928481644 | $— | $— | $928481644 |
|  Exchange-Traded Funds  | 71746241 |  |  |  | 71746241 |
|  Closed-End Mutual Funds  | 6546376 |  |  |  | 6546376 |
|  Private Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Private Funds  |  |  |  | 127291124 | 127291124 |
|  Short-Term Investments  | 48481104 |  |  |  | 48481104 |
|  **Total Investments**  | $**126773721** | $**928481644** | $**—** | $**127291124** | $**1182546489** |

---

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| | |
|:---|:---|
| ![](fp0095905-2_48.jpg) | 48 |

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![](fp0095905-2_48a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

The following is a summary of the inputs used in valuing the Municipal Bond Fund's assets and liabilities of other financial instruments that are derivative instruments not reflected in the Schedule of Investments as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
|  Futures Contracts  | $3237 | $— | $— | $— | $3237 |
|  **Total**  | $**3237** | $**—** | $**—** | $**—** | $**3237** |

---

There were no transfers into or out of level 3 for the Municipal Bond Fund during the period ended September 30, 2025.

Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value**  | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period <br> (in Days)** | **Redemption <br> Terms** |
|  Private Funds - Fixed Income Relative-Value <sup>(a)</sup>  | $127291124 | N/A | Indefinite | Monthly - Quarterly | 30 - 65 | N/A - 25% investor level gate, if redemptions exceed 25% of master fund's assets |
|  | $**127291124** | **N/A** |  |  |  |  |

---

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund's net assets as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Fund** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
|  MacKay Municipal Opportunities Fund, LP  | 8.5% | Fixed Income Relative-Value | The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.  | Monthly | N/A |

---

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| | |
|:---|:---|
| ![](fp0095905-2_49.jpg) | 49 |

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![](fp0095905-2_49a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Defensive Allocation Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
|  Foreign Collective Investment Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alternative Diversifiers  | $129462948 | $— | $— | $142373579 | $271836527 |
|  Open-End Mutual Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alternative Diversifiers  | 110729242 |  |  |  | 110729242 |
| &nbsp;&nbsp;&nbsp; Core Diversifier  | 123371949 |  |  |  | 123371949 |
| &nbsp;&nbsp;&nbsp; Core/Alternative Diversifier  | 259523234 |  |  |  | 259523234 |
|  Exchange-Traded Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alternative Diversifier  | 83004810 |  |  |  | 83004810 |
| &nbsp;&nbsp;&nbsp; Core Diversifier  | 16359473 |  |  |  | 16359473 |
|  Private Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alternative Diversifiers  |  |  |  | 112120425 | 112120425 |
|  Short-Term Investment  | 30443436 |  |  |  | 30443436 |
|  **Total Investments**  | $**752895092** | $**—** | $**—** | $**254494004** | $**1007389096** |

---

There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the period ended September 30, 2025.

Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value**  | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
|  Foreign Collective  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Fund –  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Multi-Strategy <sup>(a)</sup>  | $142373579 | N/A | Indefinite | Weekly | 3 business days | N/A |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_50.jpg) | 50 |

---

![](fp0095905-2_50a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value**  | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
|  Private Funds –  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Multi-Strategy <sup>(a)</sup>  | $112120425 | N/A | Indefinite | Quarterly- Semi-annual | 60-90 calendar days | 1) 0%-20% fund-level gate; <br>2) 5%-12.5% investor-level gate per cycle. |
|  | $**254494004** | **N/A** |  |  |  |  |

---

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund's net assets as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Category** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
|  Foreign Collective Investment Fund– |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Wilshire Bridgewater Managed Alpha (Ireland) Fund  | 14.1% | Multi-Strategy | The NAV will be the value of all assets of the fund less all of the liabilities of the fund. | Weekly | N/A |
|  Private Fund– |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Millennium International, Ltd. - Class GG  | 6.3% | Multi-Strategy | The NAV will be the value of all assets of the fund less all of the liabilities of the fund. | Quarterly | 5% investor-level gate per cycle. |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_51.jpg) | 51 |

---

![](fp0095905-2_51a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Equity Allocation Fund's assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1** | **Level 2** | **Level 3** | **NAV Practical <br> Expedient** | **Total** |
|  Common Stock  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Austria  | $— | $1960054 | $— | $— | $1960054 |
| &nbsp;&nbsp;&nbsp; Belgium  |  | 2088673 |  |  | 2088673 |
| &nbsp;&nbsp;&nbsp; Brazil  | 1631021 | 1110057 |  |  | 2741078 |
| &nbsp;&nbsp;&nbsp; Cayman Islands  |  | 3583575 |  |  | 3583575 |
| &nbsp;&nbsp;&nbsp; China  |  | 1637070 |  |  | 1637070 |
| &nbsp;&nbsp;&nbsp; Denmark  |  | 2158314 |  |  | 2158314 |
| &nbsp;&nbsp;&nbsp; France  |  | 11776584 |  |  | 11776584 |
| &nbsp;&nbsp;&nbsp; Germany  |  | 6908620 |  |  | 6908620 |
| &nbsp;&nbsp;&nbsp; Hong Kong  | 312063 |  |  |  | 312063 |
| &nbsp;&nbsp;&nbsp; India  | 1601918 |  |  |  | 1601918 |
| &nbsp;&nbsp;&nbsp; Ireland  | 4241027 | 1305996 |  |  | 5547023 |
| &nbsp;&nbsp;&nbsp; Israel  |  | 1498205 |  |  | 1498205 |
| &nbsp;&nbsp;&nbsp; Japan  |  | 9000544 |  |  | 9000544 |
| &nbsp;&nbsp;&nbsp; Netherlands  | 3240974 | 5244910 |  |  | 8485884 |
| &nbsp;&nbsp;&nbsp; Singapore  | 2729394 | 1585250 |  |  | 4314644 |
| &nbsp;&nbsp;&nbsp; South Korea  |  | 1924893 |  |  | 1924893 |
| &nbsp;&nbsp;&nbsp; Spain  |  | 1179072 |  |  | 1179072 |
| &nbsp;&nbsp;&nbsp; Sweden  |  | 1582445 |  |  | 1582445 |
| &nbsp;&nbsp;&nbsp; Switzerland  |  | 6933156 |  |  | 6933156 |
| &nbsp;&nbsp;&nbsp; Taiwan  |  | 12376590 |  |  | 12376590 |
| &nbsp;&nbsp;&nbsp; United Kingdom  |  | 20103483 |  |  | 20103483 |
| &nbsp;&nbsp;&nbsp; United States  | 220224572 |  |  |  | 220224572 |
| &nbsp;&nbsp;&nbsp; Uruguay  | 1621836 |  |  |  | 1621836 |
|  Exchange-Traded Funds  | 231813446 |  |  |  | 231813446 |
|  Foreign Collective Investment Fund  | 56486344 |  |  |  | 56486344 |
|  Open-End Mutual Funds  | 600858459 |  |  |  | 600858459 |
|  Private Funds  |  |  |  | 156337714 | 156337714 |
|  Short-Term Investments  | 59726194 | 5039515 |  |  | 64765709 |
|  **Total Investments**  | $**1184487248** | $**98997006** | $**—** | $**156337714** | $**1439821968** |

---

There were no transfers into or out of level 3 for the Equity Allocation Fund during the period ended September 30, 2025.

Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to,

---

| | |
|:---|:---|
| ![](fp0095905-2_52.jpg) | 52 |

---

![](fp0095905-2_52a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value**  | **Unfunded <br> Commitments** | **Remaining <br> Life** | **Redemption <br> Frequency** | **Notice <br> Period** | **Redemption <br> Terms** |
|  Private Funds -  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long/Short Equity <sup>(a)</sup>  | $156337714 | N/A | Indefinite | Monthly | 45 Days - 2 Months | 1) 0%-20% fund-level gate.<br> 2) N/A- 12 month lock-up |
|  | $**156337714** | **N/A** |  |  |  |  |

---

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund's net assets as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Fund** | **Fair Value <br> as % of <br> Net Assets** | **Investment <br> Strategy** | **Valuation Policy of <br> Leveraged Investment** | **Redemption <br> Frequency** | **Redemption <br> Terms** |
|  RIEF Strategic Partners Fund LLC  | 7.4% | Long/Short Equity | The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |

---

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_53.jpg) | 53 |

---

![](fp0095905-2_53a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Assets and liabilities —
 at the closing rate of exchange as of 4:00 p.m. Eastern time on September 30, 2025.

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

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

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

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

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

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

For the six months ended September 30, 2025, the Taxable Bond Fund, Municipal Bond Fund and Defensive Allocation Fund had not participated in a securities lending program. The Equity Allocation Fund's securities on

---

| | |
|:---|:---|
| ![](fp0095905-2_54.jpg) | 54 |

---

![](fp0095905-2_54a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

loan were appropriately collateralized at September 30, 2025. Cash Collateral received as part of the Equity Allocation Fund's securities lending program was invested in the following securities as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Description** | **Par** | **Value** |
|  BlackRock Liquidity FedFund, Institutional Class, 4.03%, 10/1/2025\*  | $5396886 | $5396886 |
|  Repurchase Agreement with BNP Paribas Financial Markets, 4.18%, 10/1/2025\* #  | 5000000 | 5000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.00%, 10/1/2025\*  | 5000000 | 5000000 |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.05%, 10/1/2025\*  | 5000000 | 5000000 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class, 4.05%, 10/1/2025\*  | 5000000 | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Class, 4.03%, 10/1/2025\*  | 4000000 | 4000000 |
|  Allspring Government Money Market Fund, Select Class, 4.07%, 10/1/2025\*  | 3000000 | 3000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.04%, 10/1/2025\*  | 2000000 | 2000000 |
|  RBC BlueBay U.S. Government Money Market Fund, Institutional Class, 4.06%, 10/1/2025\*  | 1000000 | 1000000 |
|  Repurchase Agreement with The Bank of Nova Scotia, Toronto, 4.26%, 10/1/2025\* #  | 35000 | 35000 |
|  Repurchase Agreement with Societe Generale, 4.09%, 10/1/2025\* #  | 4515 | 4515 |
|  **Total**  | $**35436401** | $**35436401** |

---

\* The rate shown is the annualized 7-day subsidized yield as of September 30, 2025.

# The repurchase agreements are collateralized by Equity and U.S. Treasury Securities in the amount of $5,149,753. 

As of September 30, 2025, the Equity Allocation Fund held Non-Cash Collateral in the amount of $38,920,500 which consisted of U.S. Treasury Securities.

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. ("JPM") for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the six months ended September 30, 2025, the Equity Allocation Fund paid $18,712 to JPM from securities lending revenue.

---

| | |
|:---|:---|
| ![](fp0095905-2_55.jpg) | 55 |

---

![](fp0095905-2_55a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_56.jpg) | 56 |

---

![](fp0095905-2_56a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

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

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

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

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

The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years. As of and during the six months ended September 30, 2025, the Funds did not record a liability for any tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_57.jpg) | 57 |

---

![](fp0095905-2_57a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

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

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

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

Taxable Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.25% of the Taxable Bond Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.25% to 0.08% through July 31, 2026. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2025, the Adviser waived $250,305 of its advisory fee for the Taxable Bond Fund.

Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2025, the Adviser waived $88,342 under the Administration Agreement.

Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through July 31, 2026. The advisory fee waiver is not subject to recoupment. For the six months ended September 30, 2025, the Adviser waived $352,748 of its advisory fee for the Municipal Bond Fund.

Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2025, the Adviser waived $352,748 under the Administration Agreement.

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

---

| | |
|:---|:---|
| ![](fp0095905-2_58.jpg) | 58 |

---

![](fp0095905-2_58a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.08% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.02% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2025, the Adviser waived $392,551 under the Administration Agreement.

Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund's average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through July 31, 2026. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2025, the Adviser waived $537,279 of its advisory fee for the Equity Allocation Fund.

Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser had contractually agreed to waive expenses at a rate of 0.05% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.05% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2025, the Adviser waived $335,770 under the Administration Agreement.

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| ![](fp0095905-2_59.jpg) | 59 |

---

![](fp0095905-2_59a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

Certain Trustees and officers of the Trust are officers of the Adviser. Each Trustee receives an annual retainer, as well as an additional payment for (i) each telephonic meeting of the Board that he or she attends and (ii) any other telephonic communication for which the Independent Trustees approve such payment. Effective April 1, 2025, the annual retainer is $95,000. The Chair of the Board is paid an additional $5,000 per year. Each Trustee who is a member of the Audit Committee is paid an additional $2,000 per year. The Chair of the Audit Committee is paid an additional $8,000 per year.

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

For the six months ended September 30, 2025, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other than <br> U.S. Government Securities** | **Other than <br> U.S. Government Securities** | **U.S. Government Securities** | **U.S. Government Securities** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  Taxable Bond Fund  | $26208959 | $1400212 | $— | $— |
|  Municipal Bond Fund  | 301710 | 73016771 | 137601336 | 108551060 |
|  Defensive Allocation Fund  | 220542 | 37482709 |  |  |
|  Equity Allocation Fund  | 146063978 | 166220979 |  |  |

---

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

As of September 30, 2025, certain Defensive Allocation Fund's investments were deemed to be investments in affiliated issuers under the 1940 Act, primarily because the Defensive Allocation Fund owns 5% or more of the investment's total capital. The activity resulting from investments in these investments, including dividend income as well as realized gains and losses, is identified in the Statement of Operations as transactions with affiliated investments. A listing of these affiliated investments (including activity during the period ended September 30, 2025) is shown below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**  | **Shares<br> 3/31/2025** | **Shares <br> 9/30/2025** | **Fair Value <br> 3/31/2025** | **Purchases** | **Proceeds <br> From<br> Sales or <br> Other<br> Dispositions** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized <br> Appreciation<br> (Depreciation)** | **Fair Value<br> 9/30/25** | **Dividend <br> Income** |
|  **Defensive Allocation Fund** | **Defensive Allocation Fund** |  |  |  |  |  |  |  |  |
|  GMO Benchmark-Free Allocation Fund - Class IV  | 9052451 | 8735215 | $243873040 | $— | $(9000000) | $522821 | $24127373 | $259523234 | $452484 |
|  Lazard Rathmore Alternative Fund - Class E  | 726347 | 682861 | 82689444 |  | (5000000) | 114134 | 2227356 | 80030934 |  |
|  Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares  | 1211225 | 1211225 | 130861490 |  |  |  | 11512089 | 142373579 |  |
|  Total Defensive Allocation Affiliated Investments  |  |  | $457423974 | $— | $(14000000) | $636955 | $37866818 | $481927747 | $452484 |

---

---

| | |
|:---|:---|
| ![](fp0095905-2_60.jpg) | 60 |

---

![](fp0095905-2_60a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

The quarterly average notional value for short futures contracts for the Municipal Bond Fund during the six months ended September 30, 2025 was $(117,673), which is indicative of the volume of activity during the period. The effects of these derivative instruments on the Municipal Bond Fund's financial positions and financial performance by risk category during the six months ended September 30, 2025 are reflected in Statement of Assets and Liabilities and Statement of Operations, and are presented in the table below. The values of derivative instruments as of September 30, 2025 by risk category are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Underlying Risk**  | **Notional Value <br> Outstanding** | | **Derivative Assets <br> (Liabilities)** |
|  **Interest Rate**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Futures Contracts  | $(349781) |)\* | $3237 |

---

---

| | | |
|:---|:---|:---|
| **Primary Underlying Risk**  | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  **Interest Rate**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Futures Contracts  | $21258 | $3237 |

---

\* Amount represents the Notional Value at September 30, 2025. The unrealized appreciation/(depreciation) listed on the Statement of Assets and Liabilities represents the difference between the Notional Value at the time of purchases versus the Notional Value at September 30, 2025. 

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

At September 30, 2025, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Taxable Bond <br> Fund** | **Municipal Bond <br> Fund** | **Defensive <br> Allocation Fund** | **Equity <br> Allocation Fund** |
|  Cost of investments  | $**323822104** | $**1213160227** | $**1034142502** | $**867046628** |
|  Gross unrealized appreciation | $6049510 | $15093058 | $428275402 | $148322846 |
|  Gross unrealized depreciation  | (13564713) | (45706796) | (22595936) | (7980380) |
|  Net unrealized appreciation/(depreciation) on investments  | $**(7515203)** | $**(30613738)** | $**405679466** | $**140342466** |

---

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

---

| | |
|:---|:---|
| ![](fp0095905-2_61.jpg) | 61 |

---

![](fp0095905-2_61a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| ![](fp0095905-2_62.jpg) | 62 |

---

![](fp0095905-2_62a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

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

---

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

---

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

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| ![](fp0095905-2_63.jpg) | 63 |

---

![](fp0095905-2_63a.jpg)

**ASPIRIANT TRUST** 

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

September 30, 2025 (Unaudited)

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

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

---

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

---

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

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

---

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

---

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

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

Effective October 31, 2025, Aperio no longer serves as a sub-adviser to Equity Allocation Fund.

[ THIS PAGE INTENTIONALLY LEFT BLANK ]

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

**(a) Previous independent registered public accounting firm:**

On November 18, 2025, the Funds' Board of Directors/Trustees (the "Board"), upon recommendation from the Audit Committee, notified Deloitte & Touche LLP ("Deloitte") that it would be dismissed as the independent registered public accounting firm for the Funds. Deloitte's audit reports on the Funds' financial statements as of and for the fiscal years ended March 31, 2025 and March 31, 2024 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds' fiscal years ended March 31, 2025 and March 31, 2024, there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of Deloitte would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Funds' fiscal years ended March 31, 2025 and March 31, 2024, there were no reportable events (as defined in Regulation S-K item 304(a)(1)(v)).

The Funds provided Deloitte with a copy of the foregoing disclosures and requested that Deloitte furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether Deloitte agrees with the above statements.

**(b) New independent registered public accounting firm:**

On November 18, 2025, the Board, upon recommendation from the Audit Committee, appointed Tait, Weller & Baker LLP ("Tait") as the new independent registered public accounting firm for the Funds for the fiscal year ending March 31, 2026. During the Funds' fiscal years ended March 31, 2025 and March 31, 2024, the Funds have not consulted with Tait regarding any of the matters described in Regulation S-K Item 304 ("S-K 304"), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

**Item 16. Controls and Procedures.**

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

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

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

Not applicable to open-investment companies.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2. *Not applicable to semi-annual reports.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). *Filed herewith.*](fp0095905-2_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Registrant's former independent public accountant's letter required by Regulation S-K 304(a)(3). *Filed herewith.*](fp0095905-2_ex9919a5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)). *Filed herewith.*](fp0095905-2_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| Registrant | **Aspiriant Trust** |
| By | /s/ Robert J. Francais |
| Title | Robert J. Francais, President and Principal Executive Officer |
| Date | 12/5/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Robert J. Francais |
| Title | Robert J. Francais, President and Principal Executive Officer |
| Date | 12/5/2025 |
| By | /s/ Douglas S. Hendrickson |
| Title | Douglas S. Hendrickson, Treasurer and Principal Financial Officer |
| Date | 12/5/2025 |

---

## Ex-99.Cert

**Aspiriant Trust**

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

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

THE INVESTMENT COMPANY ACT OF 1940 AND

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Francais, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Robert J. Francais |
|  |  | Robert J. Francais |
|  |  | President and Principal Executive Officer |

---

I, Douglas S. Hendrickson, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Douglas S. Hendrickson |
|  |  | Douglas S. Hendrickson |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.19

Aspiriant Trust

Exhibit 19(a)(5) to Form N-CSR

December 4, 2025

Securities and Exchange Commission<br> 100 F Street, N.E.

Washington D.C. 20549-7561

Dear Sirs/Madams:

We have read Item 8(a) of the Aspiriant trust's Form N-CSR for the period ended September 30, 2025, and we agree with the statements made therein.

Yours Truly,

/s/ DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin

## Exhibit 99.906

Ex-99.906.CERT

**Aspiriant Trust**

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

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

AS ADOPTED

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the registrant for the period ended September 30, 2025 (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Robert J. Francais |
|  |  | Robert J. Francais |
|  |  | President and Principal Executive Officer |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the registrant for the period ended September 30, 2025 (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Douglas S. Hendrickson |
|  |  | Douglas S. Hendrickson |
|  |  | Treasurer and Principal Financial Officer |

---

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