# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001752724-25-209576
**Filing Date:** 2025-8
**Character Count:** 132165
**Document Hash:** a8ae6412e290807605a6c45024337e8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209576.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209576

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 251265112

**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 Taxable Bond Fund (Series ID: S000059404)

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

## Nport-Ex

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 27.1%** |  |
| 2297254 | GMO Equity Dislocation Investment Fund - Class A<sup>1</sup> | $47185596 |
| 726347 | Lazard Rathmore Alternative Fund - Class E\* <sup>1 2</sup> | 83315337 |
| 1211225 | Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares\* <sup>1 2 3</sup> | 135487885 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $252,624,620) | **265988818** |
|  | **OPEN-END MUTUAL FUNDS — 50.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.6%** |  |
| 3849742 | BlackRock Event Driven Equity Fund - Institutional Shares | 40614783 |
| 6477497 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 72936610 |
|  |  | **113551393** |
|  | **CORE DIVERSIFIER — 12.6%** |  |
| 5722954 | JPMorgan Global Allocation Fund - Class R6 | 123844720 |
|  | **CORE/ALTERNATIVE DIVERSIFIER — 25.9%** |  |
| 9052451 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 254011786 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $432,655,765) | **491407899** |
|  | **EXCHANGE-TRADED FUNDS — 8.9%** |  |
|  | **ALTERNATIVE DIVERSIFIER — 7.3%** |  |
| 1140646 | iShares Gold Trust\* | 71130684 |
|  | **CORE DIVERSIFIER — 1.6%** |  |
| 254108 | iShares Core 60/40 Balanced Allocation ETF | 15645430 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,612,080) | **86776114** |
|  | **PRIVATE FUNDS<sup>5</sup> — 12.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 12.1%** |  |
|  | Elliott Associates, LP - Class C Shares\* <sup>6</sup> | 54144923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29073<br>| Millennium International, Ltd. - Class GG\* <sup>7</sup> | 64965155 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $76,417,053) | **119110078** |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
| 12360598 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>8</sup> | 12364306 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,363,167) | **12364306** |

---

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $828,672,685) | **975647215** |
|  | Other assets less liabilities — 0.5% | 5007457 |
|  | **TOTAL NET ASSETS — 100.0%** | $**980654672** |

---

<sup>\*</sup> Non-income producing security.

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

<sup>2</sup> Affiliated investments for which ownership exceeds 5% of the investment's capital

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

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

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $119,110,078 or 12.1% of the Fund's net assets.

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

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $34,858,883 or $1,199 per share.

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 25.0%** |  |
|  | **AUSTRIA — 0.1%** |  |
| 19939 | Erste Group Bank A.G. | $1697313 |
|  | **BELGIUM — 0.2%** |  |
| 22005 | KBC Group N.V. | 2271128 |
|  | **BERMUDA — 0.0%<sup>1</sup>** |  |
| 5642 | Arch Capital Group Ltd. | 513704 |
|  | **BRAZIL — 0.1%** |  |
| 255736 | Itau Unibanco Holding S.A. - ADR | 1736448 |
| 5938 | TIM S.A. - ADR<sup>2</sup> | 119413 |
|  |  | **1855861** |
|  | **CANADA — 0.2%** |  |
| 4191 | Agnico Eagle Mines Ltd. | 498435 |
| 595 | Constellation Software, Inc. | 2181718 |
|  |  | **2680153** |
|  | **CAYMAN ISLANDS — 0.2%** |  |
| 36952 | Tencent Holdings Ltd. | 2381025 |
|  | **CHINA — 0.2%** |  |
| 86763 | BYD Co., Ltd. | 1350903 |
| 69500 | China Shenhua Energy Co., Ltd. | 270071 |
| 59000 | NetEase, Inc. | 1590012 |
|  |  | **3210986** |
|  | **DENMARK — 0.3%** |  |
| 2600 | AP Moller - Maersk A/S - ADR | 23998 |
| 9014 | DSV A/S | 2162047 |
| 3922 | Novo Nordisk A/S - ADR<sup>2</sup> | 270696 |
| 20115 | Novo Nordisk A/S - Class B | 1393850 |
|  |  | **3850591** |
|  | **FRANCE — 1.0%** |  |
| 21003 | Accor SA | 1100735 |
| 15049 | Canal+ S.A.\* | 47113 |
| 49223 | Dassault Systemes S.E. | 1783922 |
| 15049 | Havas N.V.\* | 25873 |
| 379 | L'Oreal S.A. | 162346 |
| 15049 | Louis Hachette Group | 30897 |
| 4180 | LVMH Moet Hennessy Louis Vuitton S.E. | 2187728 |
| 10620 | Publicis Groupe S.A. | 1199473 |
| 21462 | Safran S.A. | 6999278 |
|  |  | **13537365** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY — 0.8%** |  |
| 4279 | Allianz S.E. | $1736562 |
| 7790 | Knorr-Bremse A.G. | 755606 |
| 4764 | Mercedes-Benz Group AG | 277552 |
| 724 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 470118 |
| 514 | Rheinmetall A.G. | 1088497 |
| 16462 | SAP S.E. | 5033742 |
| 15501 | Siemens Energy A.G.\* | 1811771 |
|  |  | **11173848** |
|  | **GUERNSEY — 0.0%<sup>1</sup>** |  |
| 4109 | Amdocs Ltd. | 374905 |
|  | **HONG KONG — 0.0%<sup>1</sup>** |  |
| 13000 | Beijing Enterprises Holdings Ltd. | 53602 |
| 92000 | China Merchants Port Holdings Co., Ltd. | 167593 |
| 14000 | CK Hutchison Holdings Ltd. | 86208 |
| 17000 | Power Assets Holdings Ltd. | 109303 |
|  |  | **416706** |
|  | **INDIA — 0.2%** |  |
| 18163 | Dr Reddy's Laboratories Ltd. - ADR<sup>2</sup> | 272990 |
| 51037 | ICICI Bank Ltd. - ADR | 1716885 |
| 23304 | Infosys Ltd. - ADR<sup>2</sup> | 431823 |
|  |  | **2421698** |
|  | **INDONESIA — 0.0%<sup>1</sup>** |  |
| 827 | United Tractors Tbk P.T. - ADR | 21878 |
|  | **IRELAND — 0.6%** |  |
| 15370 | Accenture PLC - Class A | 4593939 |
| 4224 | Aon PLC - Class A | 1506954 |
| 6381 | Flutter Entertainment PLC\* | 1814062 |
|  |  | **7914955** |
|  | **ISRAEL — 0.1%** |  |
| 60058 | Bank Leumi Le-Israel BM | 1117412 |
| 803 | Elbit Systems Ltd. | 360949 |
| 1754 | Nice Ltd. - ADR\* <sup>2</sup> | 296268 |
|  |  | **1774629** |
|  | **JAPAN — 0.7%** |  |
| 4200 | Bandai Namco Holdings, Inc. | 150525 |
| 59600 | Hitachi Ltd. | 1732235 |
| 4700 | Itochu Corp. | 246116 |
| 3445 | Keyence Corp. | 1377408 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN (Continued)** |  |
| 4400 | MEIJI Holdings Co., Ltd. | $97301 |
| 58063 | Mizuho Financial Group, Inc. | 1611825 |
| 42800 | Nippon Steel Corp. | 809431 |
| 319200 | Nippon Telegraph & Telephone Corp. | 341260 |
| 170 | Shin-Etsu Chemical Co., Ltd. | 5614 |
| 78100 | Sony Group Corp. | 2030625 |
| 5700 | Tokyo Electron Ltd. | 1091604 |
|  |  | **9493944** |
|  | **NETHERLANDS — 0.3%** |  |
| 4418 | AerCap Holdings N.V. | 516906 |
| 1934 | ASML Holding N.V. | 1549785 |
| 27372 | Qiagen N.V.\* | 1318773 |
|  |  | **3385464** |
|  | **SINGAPORE — 0.3%** |  |
| 40723 | Flex Ltd.\* <sup>2</sup> | 2032892 |
| 676200 | Singapore Telecommunications Ltd. | 2038600 |
|  |  | **4071492** |
|  | **SOUTH KOREA — 0.1%** |  |
| 2238 | Hanwha Aerospace Co., Ltd. | 1404406 |
| 2 | POSCO Holdings, Inc. - ADR | 97 |
| 1 | Woori Financial Group, Inc. - ADR | 50 |
|  |  | **1404553** |
|  | **SPAIN — 0.2%** |  |
| 14833 | Amadeus IT Group S.A.<sup>2</sup> | 1253137 |
| 14174 | Industria de Diseno Textil S.A. | 739411 |
| 26288 | Repsol S.A.<sup>2</sup> | 384499 |
|  |  | **2377047** |
|  | **SWEDEN — 0.1%** |  |
| 46660 | Volvo A.B. - B Shares\* | 1312901 |
|  | **SWITZERLAND — 0.4%** |  |
| 2652 | Garmin Ltd. | 553526 |
| 12944 | Holcim A.G. | 961210 |
| 28144 | Nestle S.A. | 2798256 |
| 8839 | Novartis A.G. | 1072852 |
| 227 | Zurich Insurance Group A.G. | 158837 |
|  |  | **5544681** |
|  | **TAIWAN — 1.1%** |  |
| 43306 | MediaTek, Inc. | 1855604 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 287253 | Taiwan Semiconductor Manufacturing Co., Ltd. | $10504657 |
| 5986 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1355769 |
| 62250 | United Microelectronics Corp. - ADR<sup>2</sup> | 476213 |
|  |  | **14192243** |
|  | **UNITED KINGDOM — 1.8%** |  |
| 9168 | AstraZeneca PLC | 1275903 |
| 1 | AstraZeneca PLC - ADR | 70 |
| 56994 | British American Tobacco PLC | 2709858 |
| 118717 | Compass Group PLC | 4021183 |
| 87185 | Diageo PLC | 2198466 |
| 975360 | Haleon PLC | 5012991 |
| 11416 | London Stock Exchange Group PLC | 1669558 |
| 193724 | Prudential PLC | 2424698 |
| 85378 | Unilever PLC | 5210300 |
| 3531 | Vodafone Group PLC - ADR | 37641 |
|  |  | **24560668** |
|  | **UNITED STATES — 15.9%** |  |
| 40833 | Abbott Laboratories | 5553696 |
| 3068 | Adtalem Global Education, Inc.\* | 390342 |
| 5322 | Aflac, Inc. | 561258 |
| 45726 | Alphabet, Inc. - Class A | 8058293 |
| 16872 | Alphabet, Inc. - Class C | 2992924 |
| 44649 | Amazon.com, Inc.\* | 9795544 |
| 723 | Amedisys, Inc.\* | 71136 |
| 4061 | American Express Co. | 1295378 |
| 9577 | American Tower Corp. - REIT | 2116709 |
| 12944 | Amrize Ltd.\* | 645691 |
| 6908 | Analog Devices, Inc. | 1644242 |
| 46470 | Apple, Inc. | 9534250 |
| 8720 | Ares Management Corp. - Class A | 1510304 |
| 417 | Atmos Energy Corp.<sup>2</sup> | 64264 |
| 10497 | Boston Scientific Corp.\* | 1127483 |
| 23107 | Broadcom, Inc. | 6369445 |
| 802 | Chemed Corp. | 390518 |
| 3768 | Church & Dwight Co., Inc. | 362143 |
| 7475 | Cigna Group | 2471086 |
| 5633 | Cisco Systems, Inc. | 390818 |
| 5859 | CNX Resources Corp.\* <sup>2</sup> | 197331 |
| 62271 | Coca-Cola Co. | 4405673 |
| 19655 | Constellation Brands, Inc. - Class A | 3197475 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 604 | Constellation Energy Corp. | $194947 |
| 760 | Costco Wholesale Corp. | 752354 |
| 883 | DT Midstream, Inc. | 97051 |
| 11564 | Elevance Health, Inc. | 4497933 |
| 6081 | Eli Lilly & Co. | 4740322 |
| 1058 | Equinix, Inc. - REIT | 841607 |
| 24742 | Equitable Holdings, Inc.<sup>2</sup> | 1388026 |
| 1807 | Exelixis, Inc.\* | 79644 |
| 831 | Expeditors International of Washington, Inc. | 94942 |
| 7714 | GoDaddy, Inc.\* | 1388983 |
| 10166 | Hilton Worldwide Holdings, Inc. | 2707612 |
| 146 | Home Depot, Inc. | 53529 |
| 5834 | Intuitive Surgical, Inc.\* | 3170254 |
| 9895 | Jabil, Inc. | 2158100 |
| 32135 | Johnson & Johnson | 4908621 |
| 12578 | KKR & Co., Inc. | 1673251 |
| 2777 | KLA Corp. | 2487470 |
| 7769 | Kroger Co. | 557270 |
| 49717 | Lam Research Corp. | 4839453 |
| 8514 | Live Nation Entertainment, Inc.\* <sup>2</sup> | 1287998 |
| 394 | Marzetti Co. | 68071 |
| 4074 | Mastercard, Inc. - Class A | 2289344 |
| 842 | McCormick & Co., Inc. | 63840 |
| 566 | McDonald's Corp. | 165368 |
| 2398 | McKesson Corp. | 1757206 |
| 32355 | Merck & Co., Inc. | 2561222 |
| 14559 | Meta Platforms, Inc. - Class A | 10745852 |
| 40986 | Microsoft Corp. | 20386846 |
| 750 | Monster Beverage Corp.\* | 46980 |
| 1249 | Motorola Solutions, Inc. | 525155 |
| 1763 | Netflix, Inc.\* | 2360886 |
| 48537 | NVIDIA Corp. | 7668361 |
| 38 | NVR, Inc.\* | 280655 |
| 29892 | Oracle Corp. | 6535288 |
| 16065 | O'Reilly Automotive, Inc.\* <sup>2</sup> | 1447938 |
| 2083 | Parker-Hannifin Corp.<sup>2</sup> | 1454913 |
| 11324 | Philip Morris International, Inc. | 2062440 |
| 3441 | Procter & Gamble Co. | 548220 |
| 9252 | Quest Diagnostics, Inc.<sup>2</sup> | 1661937 |
| 2619 | Republic Services, Inc. | 645872 |
| 2578 | Royal Gold, Inc. | 458472 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 19976 | Salesforce, Inc. | $5447255 |
| 10824 | Starbucks Corp. | 991803 |
| 1313 | Stryker Corp. | 519462 |
| 1102 | Synopsys, Inc.\* | 564973 |
| 8905 | Targa Resources Corp. | 1550182 |
| 24517 | Texas Instruments, Inc. | 5090220 |
| 9689 | Thermo Fisher Scientific, Inc. | 3928502 |
| 19248 | TJX Cos., Inc. | 2376936 |
| 5878 | T-Mobile US, Inc. | 1400492 |
| 11074 | Tradeweb Markets, Inc. - Class A | 1621234 |
| 82583 | U.S. Bancorp | 3736881 |
| 25213 | U.S. Foods Holding Corp.\* | 1941653 |
| 45311 | Uber Technologies, Inc.\* | 4227516 |
| 11075 | UnitedHealth Group, Inc. | 3455068 |
| 2875 | Viatris, Inc. | 25674 |
| 15009 | Visa, Inc. - Class A<sup>2</sup> | 5328945 |
| 10412 | Walmart, Inc. | 1018085 |
| 68362 | Wells Fargo & Co. | 5477163 |
| 12319 | Welltower, Inc. - REIT | 1893800 |
| 25421 | Williams Cos., Inc. | 1596693 |
|  |  | **216992773** |
|  | **URUGUAY — 0.1%** |  |
| 655 | MercadoLibre, Inc.\* | 1711928 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $240,769,072) | **341144439** |
|  | **EXCHANGE-TRADED FUNDS — 14.9%** |  |
| 360160 | iShares MSCI ACWI ETF | 46316576 |
| 612100 | iShares MSCI Global Min Vol Factor ETF<sup>2</sup> | 72576697 |
| 2560111 | Schwab Fundamental Emerging Markets Equity ETF<sup>2</sup> | 84509264 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $156,678,184) | **203402537** |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.0%** |  |
| 2625090 | GMO Equity Dislocation Investment Fund - Class A<sup>3</sup> | 53919345 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,654,757) | **53919345** |
|  | **OPEN-END MUTUAL FUNDS — 41.7%** |  |
| 2896301 | AQR Large Cap Defensive Style Fund - Class R6 | 62386315 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS (Continued)** |  |
| 2553955 | Baillie Gifford Emerging Markets Equities Fund - Class K | $57515074 |
| 12827077 | GMO Quality Fund - Class VI<sup>4 5</sup> | 448819426 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $391,751,848) | **568720815** |
|  | **PRIVATE FUNDS<sup>6</sup> — 11.9%** |  |
|  | RIEF Strategic Partners Fund LLC - Series SB\* <sup>7</sup> | 110888465 |
|  | Viking Global Equities LP - Class H Interests\* <sup>8</sup> | 50951450 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $107,984,606) | **161839915** |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.3%** |  |
|  | Collateral Investments | 4268996 |
|  | **MONEY MARKET FUNDS — 2.6%** |  |
| 34620784 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>9</sup> | 34631170 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,893,410) | **38900166** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $990,731,877) | **1367927217** |
|  | Liabilities in excess of other assets — (0.4)% | (5246067) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1362681150** |

---

\* Non-income producing security.

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

<sup>2</sup> Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $14,361,159.

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

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

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

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $161,839,915 or 11.9% of the Fund's net assets.

<sup>7</sup> The investment was acquired on 7/2/2018. The cost is $62,568,972.

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

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

 

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 77.8%** |  |
|  | **ALABAMA — 2.8%** |  |
| $1715000 | Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026 | $1696006 |
| 375000 | Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028 | 375504 |
|  | Black Belt Energy Gas District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | 2025015 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 1002659 |
| 500000 | &nbsp;&nbsp;&nbsp;2.27% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/2026<sup>2</sup> | 493580 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2051328 |
| 500000 | &nbsp;&nbsp;&nbsp;2.57% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 489953 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2055, Call 06/1/2032<sup>1</sup> | 520233 |
| 1035000 | County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033 | 1047333 |
| 1000000 | Energy Southeast A Cooperative District, 5.25%, 07/1/2054, Call 03/1/2032<sup>1</sup> | 1070334 |
|  | Health Care Authority for Baptist Health |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 11/15/2032 | 1046614 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2037, Call 11/15/2032 | 909415 |
| 1000000 | Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034 | 1014888 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1089588 |
| 1500000 | Industrial Development Board of the City of Mobile Alabama, 3.30%, 07/15/2034<sup>1</sup> | 1501009 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2336233 |
|  | Mobile County Industrial Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2054, Call 06/20/2034<sup>3</sup> | 1440565 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 12/1/2054, Call 12/1/2034<sup>3</sup> | 922119 |
| 3000000 | Southeast Alabama Gas Supply District, 5.00%, 08/1/2054, Call 01/1/2032<sup>1</sup> | 3155961 |
|  | Southeast Energy Authority A Cooperative District |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2030, Call 03/1/2030 | 791551 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2035, Call 11/1/2034 | 1551101 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 04/1/2029<sup>1</sup> | 1573929 |
| 885000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2055, Call 11/1/2030<sup>1</sup> | 934978 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2055, Call 08/1/2032<sup>1</sup> | 1054496 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2015981 |
|  |  | **32110373** |
|  | **ARIZONA — 1.1%** |  |
|  | Arizona Industrial Development Authority |  |
| 410000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> | 406767 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 | 532014 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ARIZONA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 | $784038 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> | 149321 |
| 1625000 | Chandler Industrial Development Authority, 4.00%, 06/1/2049, Call 02/1/2029<sup>1 3</sup> | 1621913 |
| 1000000 | City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027 | 968741 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 08/2/2025<sup>4</sup> | 661194 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 | 648868 |
|  | Industrial Development Authority of the County of Yavapai |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.45%, 04/1/2029<sup>1</sup> | 1000000 |
| 340000 | &nbsp;&nbsp;&nbsp;5.13%, 03/1/2042, Call 08/2/2025<sup>4</sup> | 318006 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> | 963196 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | 120630 |
|  | Maricopa County Pollution Control Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.40%, 06/1/2035, Call 12/1/2031 | 399966 |
| 625000 | &nbsp;&nbsp;&nbsp;0.88%, 06/1/2043<sup>1</sup> | 602627 |
| 1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2121722 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 791434 |
|  |  | **12090437** |
|  | **ARKANSAS — 0.2%** |  |
|  | Arkansas Development Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> | 963097 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 09/1/2025<sup>3</sup> | 501170 |
| 1255000 | West Memphis School District No. 4, SAW, 2.75%, 02/1/2039, Call 08/2/2025 | 989150 |
|  |  | **2453417** |
|  | **CALIFORNIA — 7.3%** |  |
| 2000000 | Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037 | 1112176 |
| 1000000 | Bay Area Toll Authority, 3.17% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> | 993007 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 | 903363 |
|  | California Community Choice Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> | 504443 |
| 2125000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2053, Call 05/1/2029<sup>1</sup> | 2218631 |
| 750000 | &nbsp;&nbsp;&nbsp;4.55% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/2029<sup>2</sup> | 750400 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.87% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> | 1011880 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 10/1/2030<sup>1</sup> | 1048401 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $875000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2055, Call 07/1/2032<sup>1</sup> | $922773 |
| 1000000 | California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/2029<sup>4</sup> | 810354 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 80651 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | 155874 |
| 1715000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2042, Call 11/15/2027 | 1568039 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 2976915 |
| 1000000 | California Infrastructure & Economic Development Bank, 9.50%, 01/1/2065, Call 01/1/2029<sup>1 3 4</sup> | 948203 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 08/2/2025 | 904931 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1002620 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 47861 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 819875 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 863718 |
|  | California Pollution Control Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2025<sup>3</sup> | 998665 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 01/1/2026<sup>3 4</sup> | 1000228 |
|  | California School Finance Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 50068 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/2/2025<sup>4</sup> | 649966 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1110340 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 100135 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/2/2025<sup>4</sup> | 863444 |
|  | California Statewide Communities Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 08/2/2025 | 1460772 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 08/2/2025 | 984310 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2058, Call 06/1/2028<sup>4</sup> | 977499 |
| 2125000 | Central Valley Energy Authority, 5.00%, 12/1/2055, Call 05/1/2035<sup>1</sup> | 2266791 |
| 200000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 200737 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 09/2/2025 | 499944 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 974849 |
| 2000000 | City of Los Angeles, 5.00%, 06/25/2026 | 2040512 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1539023 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2048, Call 05/15/2029<sup>3</sup> | 999775 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2028<sup>3</sup> | 1005456 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.25%, 05/15/2049, Call 05/15/2032<sup>3</sup> | 715927 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2051, Call 11/15/2031<sup>3</sup> | 1735379 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2055, Call 05/15/2035<sup>3</sup> | $1045647 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 08/2/2025 | 614597 |
| 1000000 | CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 893863 |
| 1470000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1396693 |
| 2000000 | Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035 | 1425181 |
|  | Golden State Tobacco Securitization Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2051, Call 12/1/2031 | 492832 |
| 3000000 | &nbsp;&nbsp;&nbsp;0.00%, 06/1/2066, Call 12/1/2031 | 318126 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1001137 |
| 2000000 | Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 07/18/2025 | 899998 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 952660 |
|  | Los Angeles Department of Water & Power |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2028 | 1040357 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 01/1/2029 | 651710 |
| 830000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 07/1/2029 | 870178 |
| 925000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028 | 956123 |
| 250000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2048, Call 08/1/2025<sup>1</sup> | 250000 |
| 500000 | Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2030, Call 07/1/2028 | 522480 |
|  | Los Angeles Unified School District |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040 | 500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 01/1/2035 | 896710 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 358211 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3593960 |
| 930000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 972374 |
| 1000000 | Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032 | 948173 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 08/2/2025 | 1000468 |
| 1000000 | Riverside County Transportation Commission, 3.00%, 06/1/2049, Call 06/1/2031 | 717849 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 757508 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2596096 |
| 1565000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1608838 |
|  | San Diego County Regional Airport Authority |  |
| 680000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2035<sup>3</sup> | 709993 |
| 1430000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2033<sup>3</sup> | 1429702 |
| 1000000 | San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033 | 1055777 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $625000 | San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040 | $613490 |
|  | 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> | 1015060 |
| 1410000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2044, Call 05/1/2034<sup>3</sup> | 1444953 |
| 475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 340330 |
| 1500000 | San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/2035<sup>1</sup> | 1646312 |
| 550000 | Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031 | 331122 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 385977 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 08/2/2025 | 1000034 |
|  | Southern California Public Power Authority |  |
| 565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | 586670 |
| 835000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031 | 912671 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 | 1470457 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2055, Call 06/1/2030<sup>1</sup> | 2104267 |
| 1250000 | Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031 | 1016520 |
| 250000 | State of California, 4.00%, 08/1/2038, Call 08/1/2026 | 245442 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> | 104533 |
| 500000 | Yosemite Community College District, 0.00%, 08/1/2042 | 401724 |
|  |  | **83914738** |
|  | **COLORADO — 4.0%** |  |
|  | Aerotropolis Regional Transportation Authority |  |
| 985000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2051, Call 08/2/2025 | 878527 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2054, Call 12/1/2029<sup>4</sup> | 981335 |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 08/2/2025 | 421165 |
| 1500000 | Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034 | 1502120 |
|  | Cathedral Pines Metropolitan District |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 | 587171 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 | 1935509 |
|  | City & County of Denver Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2040, Call 11/15/2032<sup>3</sup> | 1062441 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1075026 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 11/15/2032<sup>3</sup> | 1000099 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2028<sup>3</sup> | 1969738 |
| 1000000 | Colorado Bridge & Tunnel Enterprise, AG, 5.50%, 12/1/2054, Call 12/1/2034 | 1054105 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
|  | Colorado Educational & Cultural Facilities Authority |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> | $502152 |
| 390000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 08/2/2025 | 390289 |
| 460000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 445641 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 403813 |
| 1425000 | &nbsp;&nbsp;&nbsp;6.88%, 02/1/2059, Call 02/1/2035<sup>4</sup> | 1452380 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 95000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 08/2/2025 | 95222 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1037867 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 08/2/2025 | 451731 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 01/15/2026 | 502908 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 520293 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 935077 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 08/2/2025<sup>5</sup> | 313306 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043, Call 11/15/2029 | 1787223 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 08/2/2025 | 1976953 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2048, Call 05/15/2028 | 645769 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1676006 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 503256 |
| 790000 | Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030 | 780946 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 07/23/2025 | 472721 |
| 1060000 | Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026 | 656052 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 504220 |
|  | Denver Health & Hospital Authority |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2039, Call 08/2/2025 | 1472263 |
| 335000 | &nbsp;&nbsp;&nbsp;5.13%, 12/1/2050, Call 12/1/2034 | 331994 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 547424 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 407964 |
| 500000 | Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/2029<sup>4</sup> | 487494 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1828370 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 771930 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 08/2/2025 | 857213 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 434110 |
| 1500000 | Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028 | 890517 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4024623 |
| 1500000 | State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032 | 1679400 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 126926 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
| $1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | $902097 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 565348 |
| 1000000 | Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032 | 1043774 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1001799 |
|  |  | **45894307** |
|  | **CONNECTICUT — 0.4%** |  |
| 500000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/2/2025<sup>3</sup> | 500100 |
|  | Connecticut State Health & Educational Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 08/2/2025 | 499974 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2032 | 1349903 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> | 1002849 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | 1469292 |
|  |  | **4822118** |
|  | **DELAWARE — 0.2%** |  |
| 995000 | Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033 | 1086067 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 07/23/2025 | 1500124 |
|  |  | **2586191** |
|  | **DISTRICT OF COLUMBIA — 1.3%** |  |
| 1000000 | District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033 | 1039128 |
| 5000000 | District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 08/2/2025 | 1246464 |
|  | Metropolitan Washington Airports Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> | 1504924 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> | 1820533 |
|  | Metropolitan Washington Airports Authority Aviation Revenue |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> | 500451 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1189250 |
| 1850000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2051, Call 10/1/2031<sup>3</sup> | 1567149 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 | 751278 |
| 615000 | &nbsp;&nbsp;&nbsp;6.50%, 10/1/2041, Call 10/1/2026 | 643080 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 | 1815420 |
|  | Washington Convention & Sports Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 | 501449 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **DISTRICT OF COLUMBIA (Continued)** |  |
| $875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 | $870605 |
| 1000000 | Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2054, Call 07/15/2034 | 1009454 |
|  |  | **14459185** |
|  | **FLORIDA — 6.8%** |  |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 08/2/2025 | 1334896 |
| 1175000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 08/2/2025 | 1138646 |
| 100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 86798 |
|  | Capital Trust Agency, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 198157 |
| 435000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 08/2/2025 | 435551 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 90628 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 08/2/2025 | 500091 |
| 500000 | City of Fort Lauderdale, 5.00%, 07/1/2048, Call 07/1/2032 | 517867 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 520231 |
| 425000 | City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032 | 440406 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 465626 |
|  | City of Tampa |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2046, Call 05/15/2026 | 1000067 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2050, Call 07/1/2030 | 994538 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 08/2/2025 | 482535 |
| 2000000 | County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032<sup>3</sup> | 2039881 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025<sup>3</sup> | 1000695 |
| 1185000 | County of Broward FL Airport System Revenue, 5.00%, 10/1/2035, Call 10/1/2029<sup>3</sup> | 1221250 |
| 1000000 | County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031 | 857299 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2359218 |
| 1750000 | County of Lee Airport Revenue, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1753773 |
| 1000000 | County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1010932 |
|  | County of Miami-Dade |  |
| 4020000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2026 | 4049003 |
| 650000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2028 | 611789 |
|  | County of Miami-Dade Aviation Revenue |  |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2034<sup>3</sup> | 3175022 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 492090 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
|  | County of Miami-Dade Transit System |  |
| $2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2028 | $1741522 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2030 | 1292869 |
| 1000000 | County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031 | 886796 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 168849 |
| 375000 | County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033 | 394276 |
| 1000000 | County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030 | 931839 |
|  | Florida Development Finance Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;12.00%, 07/15/2032, Call 07/13/2025<sup>1 3 4</sup> | 995000 |
| 750000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 08/2/2025 | 750758 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2032<sup>3</sup> | 911475 |
| 725000 | &nbsp;&nbsp;&nbsp;6.13%, 06/15/2046, Call 08/2/2025<sup>4</sup> | 724946 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2032<sup>3</sup> | 925443 |
| 180000 | &nbsp;&nbsp;&nbsp;5.25%, 06/1/2054, Call 06/1/2034<sup>4</sup> | 169351 |
| 1750000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2054, Call 07/3/2031<sup>1 3 4</sup> | 1744507 |
| 2000000 | &nbsp;&nbsp;&nbsp;8.25%, 07/1/2057, Call 07/13/2025<sup>1 3 4</sup> | 2055650 |
| 3125000 | Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 3136359 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 471513 |
| 1500000 | Florida State Board of Governors University of North Florida Dormitory Revenue, BAM, 5.00%, 11/1/2053, Call 11/1/2033 | 1513416 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 08/2/2025 | 1001587 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 08/2/2025 | 500014 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 08/2/2025<sup>3</sup> | 1000024 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1706213 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 10/1/2031<sup>3</sup> | 1687336 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 1997184 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2024365 |
| 360000 | Lake Ashton Community Development District, 5.00%, 05/1/2037, Call 08/2/2025 | 360057 |
| 1670000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 08/2/2025 | 1671033 |
|  | Lakewood Ranch Stewardship District |  |
| 1245000 | &nbsp;&nbsp;&nbsp;5.13%, 05/1/2047, Call 05/1/2027<sup>4</sup> | 1238993 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 05/1/2051, Call 05/1/2030<sup>4</sup> | 788437 |
| 1000000 | Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033 | 1026376 |
|  | Lee County Industrial Development Authority |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039, Call 11/15/2026 | $508023 |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 08/2/2025<sup>4</sup> | 98008 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 1982251 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 962685 |
| 825000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 830325 |
| 355000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 08/2/2025 | 355115 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 08/2/2025 | 1000039 |
| 715000 | Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046 | 693972 |
|  | Miami-Dade County Industrial Development Authority |  |
| 630000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 08/2/2025 | 630030 |
| 330000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 08/2/2025 | 306951 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 681454 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1523810 |
| 900000 | River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/2034<sup>4</sup> | 851122 |
| 1535000 | South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027 | 1526694 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 97878 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 1989010 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028 | 136265 |
| 405000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 08/2/2025 | 405207 |
| 1000000 | Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033 | 1048939 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 801524 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1019095 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | 733548 |
|  |  | **78775122** |
|  | **GEORGIA — 2.8%** |  |
| 250000 | Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 251681 |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 | 1053261 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 | 901008 |
| 2000000 | Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033 | 1890332 |
|  | Burke County Development Authority |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **GEORGIA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 | $420455 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 | 880170 |
| 500000 | Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027 | 507601 |
|  | George L Smith II Congress Center Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 448215 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2054, Call 01/1/2031 | 815927 |
|  | Georgia Housing & Finance Authority |  |
| 725000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 06/1/2033 | 743285 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2054, Call 06/1/2033 | 963003 |
| 750000 | Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032 | 769252 |
| 170000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> | 171711 |
|  | Main Street Natural Gas, Inc. |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 | 1509440 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2029 | 1001642 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2049 | 1000772 |
| 1350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2052, Call 06/1/2027<sup>1</sup> | 1362972 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | 1495850 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 03/1/2029<sup>1</sup> | 1038416 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2053, Call 03/1/2030<sup>1</sup> | 1048714 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2053, Call 06/1/2030<sup>1</sup> | 1058000 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2053, Call 03/1/2031<sup>1</sup> | 2108336 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 09/1/2030<sup>1</sup> | 2104986 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 06/1/2031<sup>1</sup> | 1057257 |
| 4000000 | Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027 | 4021916 |
|  | Municipal Electric Authority of Georgia |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2052, Call 07/1/2032 | 745214 |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2056, Call 01/1/2030 | 197527 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2063, Call 07/1/2028 | 975173 |
| 1335000 | Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033 | 1332898 |
|  |  | **31875014** |
|  | **GUAM — 0.0%<sup>6</sup>** |  |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 | 221577 |
|  | **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> | 991734 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2051, Call 07/1/2035<sup>3</sup> | 1021207 |
|  |  | **2012941** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **IDAHO — 0.2%** |  |
| $300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 08/2/2025 | $300084 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 374808 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 416080 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 565012 |
| 1000000 | Spring Valley Community Infrastructure District No. 1, 6.25%, 09/1/2054, Call 09/1/2030<sup>4</sup> | 1002997 |
|  |  | **2658981** |
|  | **ILLINOIS — 8.0%** |  |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 | 102933 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 | 1031565 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2036, Call 12/1/2030 | 1010576 |
| 180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | 181637 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 | 506196 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2039, Call 08/2/2025 | 494282 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 980850 |
| 1950000 | &nbsp;&nbsp;&nbsp;7.00%, 12/1/2044, Call 12/1/2025 | 1960018 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1115749 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 08/2/2025 | 906355 |
| 2000000 | Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033 | 2069851 |
|  | Chicago O'Hare International Airport |  |
| 40000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 08/2/2025 | 40005 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 512970 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2044, Call 01/1/2029 | 887990 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2029<sup>3</sup> | 985229 |
| 625000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2055, Call 01/1/2032<sup>3</sup> | 637640 |
| 500000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 511744 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2502856 |
| 1500000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 1470028 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1920036 |
|  | City of Chicago |  |
| 1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | 1899742 |
| 1150000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2044, Call 01/1/2033 | 1095210 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2045, Call 01/1/2033 | 973904 |
| 625000 | City of Chicago Wastewater Transmission Revenue, NATL, 0.00%, 01/1/2026 | 614127 |
| 750000 | City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033 | 728722 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $1250000 | Cook County Community College District No. 508, BAM, 5.00%, 12/1/2039, Call 12/1/2033 | $1297756 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 11/15/2027 | 1246359 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2038, Call 11/15/2030 | 1040591 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 08/2/2025 | 2000016 |
| 570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | 570333 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 710759 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 438427 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 515273 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 677094 |
| 55000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 56960 |
| 260000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 265355 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 504258 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1312821 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 222770 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2037, Call 08/15/2031 | 572626 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1615352 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 933659 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 818377 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 1013179 |
| 845000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 856137 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1605199 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/15/2026 | 1976051 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1859994 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 1949439 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2047, Call 01/15/2028 | 1090457 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 968851 |
| 4330000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2033 | 4442454 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2048, Call 08/15/2031 | 1061030 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 12/1/2050, Call 12/1/2032<sup>1 3 4</sup> | 969116 |
| 3000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 07/28/2025 | 3005526 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | 1034483 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 08/2/2025 | 624965 |
| 2775000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2026 | 2765224 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2046, Call 01/1/2032 | 1779511 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1517404 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1036450 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $1830000 | Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032 | $1775946 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 971094 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 448014 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1326848 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 511142 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1940162 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1007919 |
|  | Sales Tax Securitization Corp. |  |
| 735000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028 | 769492 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2030 | 477913 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 694270 |
| 1000000 | Southwestern Illinois Development Authority, BAM, 5.50%, 04/1/2050, Call 04/1/2035 | 1032474 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1024667 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1818891 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 691288 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 962743 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 496604 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2007116 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1501263 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 558038 |
| 1500000 | Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026 | 1430088 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |
| 550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | 449441 |
| 250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 | 195509 |
| 615000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 07/23/2025 | 568064 |
|  |  | **92153457** |
|  | **INDIANA — 0.7%** |  |
| 325000 | City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032 | 334415 |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 | 1302760 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **INDIANA (Continued)** |  |
|  | Indiana Finance Authority |  |
| $1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | $972812 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 971390 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 | 3016268 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1551911 |
| 400000 | IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033 | 409565 |
|  |  | **8559121** |
|  | **IOWA — 0.3%** |  |
|  | Iowa Finance Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 08/2/2025 | 1464776 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2032 | 1134131 |
| 4485000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 | 657053 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> | 506164 |
|  |  | **3762124** |
|  | **KANSAS — 0.2%** |  |
| 640000 | City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026 | 568528 |
| 1000000 | City of Wichita , 5.88%, 05/15/2050, Call 05/15/2031 | 942623 |
| 1000000 | Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033 | 921131 |
|  |  | **2432282** |
|  | **KENTUCKY — 0.8%** |  |
| 1000000 | County of Carroll, 2.13%, 10/1/2034, Call 06/1/2031<sup>3</sup> | 797527 |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 200851 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 08/2/2025 | 1100095 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 1934193 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 776216 |
|  | Louisville/Jefferson County Metropolitan Government |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1519890 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2052, Call 05/15/2032 | 2389026 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1018019 |
|  |  | **9735817** |
|  | **LOUISIANA — 1.5%** |  |
| 1165000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 08/2/2025 | 1165311 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1531465 |
| 1000000 | Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034<sup>1</sup> | 1007754 |
| 440000 | Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030 | 435239 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **LOUISIANA (Continued)** |  |
| $1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | $1200119 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1004541 |
|  | Louisiana Public Facilities Authority |  |
| 885000 | &nbsp;&nbsp;&nbsp;6.50%, 07/1/2036, Call 08/2/2025<sup>3 4</sup> | 885218 |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1404951 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2053, Call 04/1/2033 | 1426590 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 09/1/2064, Call 09/1/2034<sup>3</sup> | 1030050 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2066, Call 09/1/2034<sup>3</sup> | 2354808 |
| 1000000 | Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033 | 1015253 |
|  | New Orleans Aviation Board |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 | 517652 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> | 1473907 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> | 1261008 |
|  |  | **17713866** |
|  | **MAINE — 0.4%** |  |
|  | Maine Health & Higher Educational Facilities Authority |  |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 1647515 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2026 | 921230 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 | 497817 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 | 483116 |
| 50000 | Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, Call 07/1/2027 | 52123 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 08/2/2025<sup>3</sup> | 501075 |
|  |  | **4102876** |
|  | **MARYLAND — 1.9%** |  |
|  | City of Baltimore |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 | 2538251 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 | 1425648 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2049, Call 07/1/2029 | 1012496 |
| 1000000 | County of Baltimore, 5.00%, 02/1/2046, Call 02/1/2026 | 1000973 |
| 1250000 | County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031 | 940985 |
| 1290000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 | 1355960 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 08/2/2025 | 1598771 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> | 940967 |
|  | Maryland Health & Higher Educational Facilities Authority |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 07/23/2025 | 2700669 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040 | 1000000 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MARYLAND (Continued)** |  |
| $1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 | $1062125 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045 | 500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 | 881531 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2050, Call 04/15/2030 | 852961 |
| 1000000 | Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/2029<sup>3</sup> | 942262 |
| 1080000 | Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/2028<sup>3</sup> | 910290 |
| 1000000 | University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031 | 869488 |
| 1000000 | Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033 | 902192 |
|  |  | **21435569** |
|  | **MASSACHUSETTS — 0.7%** |  |
| 500000 | City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031 | 449197 |
| 645000 | City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029 | 466793 |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 118703 |
| 1000000 | Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034 | 1019479 |
|  | Massachusetts Development Finance Agency |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 08/15/2025 | 978362 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2026 | 985898 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2048, Call 07/1/2033 | 1190309 |
| 745000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2054, Call 01/1/2034 | 746065 |
|  | Massachusetts Educational Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> | 1040895 |
| 195000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | 168323 |
| 1000000 | Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 07/23/2025 | 907395 |
| 500000 | Massachusetts Housing Finance Agency, FHA, 3.10%, 12/1/2044, Call 12/1/2028 | 380533 |
|  |  | **8451952** |
|  | **MICHIGAN — 2.1%** |  |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1011242 |
| 730000 | Great Lakes Water Authority Water Supply System Revenue, 5.50%, 07/1/2050, Call 01/1/2035 | 768124 |
| 400000 | Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034 | 416020 |
|  | Michigan Finance Authority |  |
| 160000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 08/2/2025 | 145568 |
| 1165000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 08/2/2025 | 1166580 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/30/2025 | 1000053 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/30/2025 | 1001487 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 | 1300713 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MICHIGAN (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2039, Call 08/2/2025 | $1000563 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 | 1000401 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 | 1807099 |
| 950000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2047, Call 12/1/2031 | 817798 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/2/2029 | 982883 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 12/1/2029 | 852301 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.38%, 02/28/2054, Call 02/28/2034 | 901339 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 862026 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3026375 |
|  | Michigan State Housing Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.20%, 12/1/2026 | 500537 |
| 1250000 | &nbsp;&nbsp;&nbsp;2.13%, 10/1/2036, Call 10/1/2030 | 968732 |
| 375000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2043, Call 06/1/2032 | 365438 |
| 1000000 | Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034 | 1011419 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 08/2/2025 | 250105 |
| 1000000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | 904001 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 1518457 |
|  |  | **23579261** |
|  | **MINNESOTA — 0.4%** |  |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 08/2/2025 | 250017 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 66336 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 07/23/2025<sup>1 4</sup> | 1715939 |
|  | Duluth Economic Development Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/15/2058, Call 02/15/2028 | 995267 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2058, Call 02/15/2028 | 968660 |
| 1000000 | Spring Lake Park Independent School District No. 16, School District Credit Program, 5.00%, 02/1/2028 | 1059854 |
|  |  | **5056073** |
|  | **MISSISSIPPI — 0.4%** |  |
| 265000 | County of Warren, 4.00%, 09/1/2032 | 267184 |
| 4000000 | State of Mississippi, 4.00%, 10/1/2036, Call 10/1/2027 | 3974571 |
|  |  | **4241755** |
|  | **MISSOURI — 0.6%** |  |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 | 66758 |
|  | Hannibal Industrial Development Authority |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 | 596318 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 | 401428 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MISSOURI (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 | $1008695 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 | 295771 |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 12/1/2033 | 1144092 |
|  | Kansas City Industrial Development Authority |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> | 998922 |
| 1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> | 1030577 |
| 1285000 | Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033 | 1232681 |
| 500000 | St. Charles County School District No. R-IV Wentzville, State Aid Direct Deposit, 1.88%, 03/1/2040, Call 03/1/2028 | 326648 |
|  |  | **7101890** |
|  | **NEBRASKA — 0.4%** |  |
|  | Central Plains Energy Project |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 08/1/2025<sup>1</sup> | 1000677 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2055, Call 05/1/2031<sup>1</sup> | 1058981 |
| 900000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | 937746 |
| 2000000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 | 2059623 |
|  |  | **5057027** |
|  | **NEVADA — 0.8%** |  |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 240179 |
| 1195000 | Clark County School District, 2.00%, 06/15/2028, Call 07/23/2025 | 1139478 |
|  | County of Clark |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 | 437754 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 | 1537813 |
|  | Las Vegas Convention & Visitors Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 | 1003824 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 | 641275 |
|  | Las Vegas Valley Water District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 2008884 |
| 1300000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2046, Call 12/1/2031 | 1172410 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> | 595408 |
|  |  | **8777025** |
|  | **NEW HAMPSHIRE — 0.7%** |  |
|  | New Hampshire Business Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 10/1/2033 | 1024673 |
| 457546 | &nbsp;&nbsp;&nbsp;4.13%, 01/20/2034 | 452787 |
| 650000 | &nbsp;&nbsp;&nbsp;6.89%, 04/1/2034, Call 01/1/2034<sup>4</sup> | 671353 |
| 997862 | &nbsp;&nbsp;&nbsp;4.17%, 01/20/2041<sup>1</sup> | 948492 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW HAMPSHIRE (Continued)** |  |
| $1848523 | &nbsp;&nbsp;&nbsp;4.25%, 07/20/2041 | $1764926 |
| 1000000 | New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033 | 1024949 |
|  | New Hampshire Health and Education Facilities Authority Act |  |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 | 217922 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2029 | 886628 |
| 1000000 | New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033 | 1040294 |
|  |  | **8032024** |
|  | **NEW JERSEY — 1.8%** |  |
|  | New Jersey Economic Development Authority |  |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 | 863277 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 | 970510 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 | 102210 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 | 504399 |
| 280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 08/2/2025<sup>4</sup> | 280205 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 | 909957 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 08/2/2025<sup>4</sup> | 350101 |
|  | New Jersey Health Care Facilities Financing Authority |  |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 08/2/2025 | 1159617 |
| 750000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2054, Call 07/1/2034 | 678263 |
|  | New Jersey Higher Education Student Assistance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> | 517682 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> | 745945 |
|  | New Jersey Transportation Trust Fund Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 | 513558 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041, Call 12/15/2034 | 1964669 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | 458778 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 | 2018127 |
| 3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 | 4325747 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 | 1808471 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> | 1011300 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 | 357991 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1632592 |
|  |  | **21173399** |
|  | **NEW MEXICO — 0.1%** |  |
| 700000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 08/2/2025 | 699963 |
|  | **NEW YORK — 6.7%** |  |
| 4400000 | City of New York, 5.25%, 03/1/2053, Call 03/1/2034 | 4552563 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $750000 | County of Orange, 2.38%, 06/15/2029, Call 08/2/2025 | $713545 |
|  | Hempstead Town Local Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 | 898414 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 | 950821 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 | 726706 |
|  | Metropolitan Transportation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 05/15/2034 | 1005109 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 11/15/2049, Call 05/15/2034 | 2044848 |
| 2000000 | Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030 | 1666524 |
| 1845000 | Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034 | 1590326 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 08/2/2025 | 650052 |
|  | New York City Municipal Water Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2049, Call 12/15/2029 | 503297 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1030243 |
| 1535000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 12/15/2033 | 1584766 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 06/15/2034 | 1557576 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2041, Call 11/1/2029 | 935508 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2044, Call 11/1/2030 | 902469 |
| 725000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2045, Call 11/1/2032 | 767663 |
| 350000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 354833 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1122562 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 07/23/2025<sup>4</sup> | 1999936 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 567576 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 07/23/2025<sup>4</sup> | 1958103 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 07/23/2025<sup>4</sup> | 1500970 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.13%, 09/15/2050, Call 03/15/2030 | 718327 |
| 615000 | New York Power Authority, 4.00%, 11/15/2049, Call 11/15/2034 | 539754 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 849044 |
| 500000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2041, Call 07/1/2031 | 402135 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2047, Call 03/15/2035 | 640051 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | 420096 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 03/15/2052, Call 03/15/2034 | 1551876 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2054, Call 03/15/2034 | 864578 |
| 355000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 365932 |
| 1500000 | New York State Thruway Authority, 5.00%, 01/1/2041, Call 01/1/2026 | 1500032 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
|  | New York State Urban Development Corp. |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2038, Call 09/15/2031 | $982436 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2063, Call 09/15/2033 | 2013211 |
|  | New York Transportation Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2033, Call 12/1/2032<sup>3</sup> | 1063000 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2040, Call 10/1/2030<sup>3</sup> | 2489252 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2045, Call 10/1/2030<sup>3</sup> | 2232361 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 08/2/2025<sup>3</sup> | 2908380 |
| 1620000 | &nbsp;&nbsp;&nbsp;5.00%, 6/30/2049, Call 6/30/2031<sup>3</sup> | 1596836 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 08/2/2025<sup>3</sup> | 1233273 |
| 1500000 | &nbsp;&nbsp;&nbsp;6.00%, 06/30/2054, Call 06/30/2031<sup>3</sup> | 1550300 |
| 1955000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1838402 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1000628 |
| 1220000 | New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/2034<sup>3</sup> | 1221885 |
| 1315000 | New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/2031<sup>3</sup> | 1361792 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 08/2/2025 | 234640 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 08/2/2025 | 476993 |
|  | Port Authority of New York & New Jersey |  |
| 4535000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2041, Call 10/15/2025 | 4541302 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2033<sup>3</sup> | 3015999 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2050, Call 07/15/2030<sup>3</sup> | 1263189 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 | 286643 |
| 1250000 | Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029 | 976142 |
|  | Triborough Bridge & Tunnel Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 11/15/2033 | 1040793 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045, Call 11/15/2025 | 1502723 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 | 1046027 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2054, Call 05/15/2034 | 1018687 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2064, Call 05/15/2034 | 1031403 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 855010 |
| 500000 | Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034 | 538872 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 265547 |
|  |  | **77021961** |
|  | **NORTH CAROLINA — 0.7%** |  |
| 1650000 | Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2048, Call 07/2/2025<sup>1</sup> | 1650000 |
| 1000000 | City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033 | 1050940 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NORTH CAROLINA (Continued)** |  |
| $750000 | Columbus County Industrial Facilities & Pollution Control Financing Authority, 4.20%, 05/1/2034 | $756926 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> | 1027830 |
|  | North Carolina Housing Finance Agency |  |
| 720000 | &nbsp;&nbsp;&nbsp;3.85%, 07/1/2038, Call 07/1/2027 | 668716 |
| 340000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2027 | 341032 |
| 1760000 | North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030 | 1737206 |
| 715000 | North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028 | 576598 |
| 765000 | Town of Apex, 2.00%, 06/1/2033, Call 06/1/2030 | 668546 |
|  |  | **8477794** |
|  | **NORTH DAKOTA — 0.4%** |  |
| 1000000 | City of Horace, 5.00%, 05/1/2050, Call 05/1/2033 | 948901 |
| 200000 | County of Burleigh, 4.38%, 04/15/2026 | 199225 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 1816782 |
| 1120000 | North Dakota Housing Finance Agency, 3.00%, 01/1/2052, Call 07/1/2030 | 1104815 |
|  |  | **4069723** |
|  | **OHIO — 1.6%** |  |
| 3000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 | 2561227 |
| 435000 | City of Akron, 5.00%, 12/1/2026 | 439714 |
| 2000000 | City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027 | 1964674 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 | 899686 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 711160 |
| 500000 | Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/2035<sup>3</sup> | 523997 |
|  | County of Hamilton |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 | 1074277 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 | 1931175 |
| 1880000 | County of Miami, 5.00%, 08/1/2049, Call 08/1/2028 | 1842236 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 08/2/2025 | 474591 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2331953 |
| 1500000 | Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/2029<sup>3 4</sup> | 1330661 |
| 980000 | Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033 | 929120 |
| 1000000 | Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030 | 1036848 |
|  |  | **18051319** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **OKLAHOMA — 0.6%** |  |
| $1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | $1017512 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1035688 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> | 998681 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 1748958 |
| 1000000 | Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033 | 1120447 |
| 750000 | Tulsa Municipal Airport Trust Trustees, 6.25%, 12/1/2035<sup>3</sup> | 829146 |
| 570000 | University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034 | 519305 |
|  |  | **7269737** |
|  | **OREGON — 0.2%** |  |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | 946462 |
|  | Oregon State Facilities Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 46198 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 701410 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 | 435933 |
|  |  | **2130003** |
|  | **PENNSYLVANIA — 3.2%** |  |
| 1500000 | Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033<sup>3</sup> | 1556757 |
| 3000000 | Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031<sup>3</sup> | 2460173 |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 319353 |
| 95000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/23/2025 | 95085 |
|  | Allentown Neighborhood Improvement Zone Development Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2042, Call 05/1/2032 | 252833 |
| 200000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2042, Call 05/1/2031<sup>4</sup> | 194276 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030<sup>3</sup> | 920729 |
| 1825000 | Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028 | 1881860 |
| 1000000 | Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028 | 935336 |
| 1000000 | County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026 | 1012749 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 363370 |
| 1000000 | DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028 | 890669 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 265021 |
| 500000 | Luzerne County Industrial Development Authority, AG, 5.00%, 12/15/2027, Call 12/15/2025 | 503333 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | $665362 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>3 4 5</sup> | 284922 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>4 5</sup> | 280875 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 875623 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.10%, 08/1/2045<sup>1 3</sup> | 1000261 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2048, Call 05/15/2033 | 857326 |
| 500000 | Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032 | 510578 |
| 1500000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | 1557283 |
| 625000 | Pennsylvania Higher Education Assistance Agency, 4.75%, 06/1/2046, Call 06/1/2034<sup>3</sup> | 615883 |
| 1000000 | Pennsylvania Higher Educational Facilities Authority, 5.50%, 11/1/2054, Call 11/1/2034 | 1028626 |
| 1980000 | Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032 | 1885936 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2049361 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 06/1/2033 | 1049549 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 497916 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | 1006374 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 903557 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1002947 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 514231 |
|  | Philadelphia Authority for Industrial Development |  |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 801238 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 823992 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2034 | 527348 |
| 1140000 | Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030 | 1031103 |
| 1000000 | School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031 | 939199 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5133 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1011243 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 824048 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 275776 |
| 1000000 | Union County Hospital Authority, 5.00%, 08/1/2048, Call 08/1/2025 | 972835 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $1115000 | Westmoreland County Municipal Authority, BAM, 5.00%, 08/15/2038, Call 08/15/2025 | $1115914 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 07/23/2025 | 500025 |
|  |  | **37066008** |
|  | **PUERTO RICO — 0.8%** |  |
|  | Commonwealth of Puerto Rico |  |
| 30777 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2025 | 30777 |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 63104 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1118904 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1682149 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 54236 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 49507 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 48120 |
| 42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | 40870 |
| 229812 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 141621 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 08/2/2025<sup>5</sup> | 975000 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |
| 1125000 | &nbsp;&nbsp;&nbsp;4.33%, 07/1/2040, Call 07/1/2028 | 1056753 |
| 4300000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 4048853 |
|  |  | **9309894** |
|  | **RHODE ISLAND — 0.2%** |  |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1536182 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 512724 |
| 500000 | Rhode Island Housing & Mortgage Finance Corp., GNMA, 5.00%, 04/1/2049, Call 04/1/2033 | 498695 |
|  |  | **2547601** |
|  | **SOUTH CAROLINA — 1.1%** |  |
| 1000000 | Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1017651 |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2000814 |
| 500000 | Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031<sup>1</sup> | 528759 |
|  | South Carolina Jobs-Economic Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.00%, 02/1/2035, Call 08/2/2025<sup>3 4 5</sup> | 45000 |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2044, Call 11/15/2034 | 248220 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028<sup>3</sup> | 2028175 |
|  | South Carolina Public Service Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 | 1596885 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 07/23/2025 | 728816 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **SOUTH CAROLINA (Continued)** |  |
| $1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 12/1/2025 | $1015820 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3013523 |
|  |  | **12223663** |
|  | **SOUTH DAKOTA — 0.1%** |  |
| 1235000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025 | 1222030 |
|  | **TENNESSEE — 0.7%** |  |
| 1000000 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033 | 997402 |
| 1000000 | Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034 | 1025481 |
|  | Metropolitan Nashville Airport Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2039, Call 07/1/2032<sup>3</sup> | 1067267 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 1012411 |
|  | Tennergy Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> | 1508888 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> | 1050034 |
| 1000000 | Tennessee Energy Acquisition Corp., 5.63%, 09/1/2026 | 1018037 |
|  |  | **7679520** |
|  | **TEXAS — 6.7%** |  |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 75564 |
| 1000000 | Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033 | 1035476 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 320808 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 1017930 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2012536 |
|  | Central Texas Turnpike System |  |
| 2310000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2034 | 2478326 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 08/15/2034 | 931792 |
| 1125000 | City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034 | 989345 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1006257 |
| 500000 | City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033 | 508890 |
| 1670000 | City of Bryan, 2.50%, 08/15/2043, Call 02/15/2029 | 1132244 |
| 1400000 | City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033 | 1266908 |
| 1000000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1012471 |
| 1255000 | City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1248808 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | $233645 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1006145 |
|  | City of Houston Airport System Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035, Call 08/2/2025<sup>3</sup> | 749954 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/15/2038, Call 07/15/2034<sup>3</sup> | 1029386 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1303054 |
| 1125000 | City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/2033<sup>3</sup> | 1030252 |
| 1000000 | City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032 | 879294 |
| 1000000 | City of San Antonio Electric & Gas Systems Revenue, 5.25%, 02/1/2049, Call 08/1/2034 | 1039192 |
| 1000000 | City of San Antonio TX Electric & Gas Systems Revenue, 5.25%, 02/1/2054, Call 02/1/2035 | 1038160 |
| 960000 | City of Uhland, 5.50%, 09/1/2055, Call 09/1/2032<sup>4</sup> | 898398 |
|  | Clifton Higher Education Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 08/2/2025 | 84923 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 08/2/2025 | 1295537 |
| 1000000 | Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033 | 1014758 |
| 1000000 | Denton Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2033 | 1023120 |
| 1250000 | Fort Bend Independent School District, PSF, 4.00%, 08/1/2054<sup>1</sup> | 1273398 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1025063 |
|  | Harris County Cultural Education Facilities Finance Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2029 | 2964247 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2030<sup>1</sup> | 1065757 |
| 750000 | Harris County Flood Control District, 4.00%, 09/15/2043, Call 09/15/2033 | 678460 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1121819 |
| 1055000 | Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034 | 919831 |
|  | Lower Colorado River Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 02/15/2032<sup>1</sup> | 1077475 |
| 840000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2034 | 849032 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 07/23/2025<sup>3 4</sup> | 500801 |
| 1055000 | New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 940674 |
| 2505000 | New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 08/2/2025<sup>5</sup> | 2374597 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 379028 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 07/23/2025 | 1471697 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2146758 |
| 750000 | North Fort Bend Water Authority, BAM, 5.00%, 12/15/2030 | 822503 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $1000000 | North Texas Municipal Water District Water System Revenue, 5.00%, 09/1/2032, Call 09/1/2025 | $1002362 |
|  | North Texas Tollway Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.13%, 01/1/2039, Call 01/1/2032 | 498287 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 01/1/2049, Call 01/1/2028 | 857034 |
| 1000000 | Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027 | 936170 |
| 1000000 | Northside Independent School District, PSF, 3.55%, 06/1/2050<sup>1</sup> | 1008309 |
|  | Port of Beaumont Navigation District |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2032<sup>3 4</sup> | 239267 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2050, Call 08/2/2025<sup>3 4</sup> | 766514 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1036799 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 08/2/2025<sup>5</sup> | 460000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 299161 |
| 1365000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 1366695 |
|  | San Antonio Water System |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2028 | 1009784 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2052, Call 05/15/2032 | 1027101 |
| 750000 | Spring Independent School District, PSF, 5.00%, 08/15/2032, Call 08/15/2025 | 751611 |
| 1000000 | Tarrant County College District, 2.00%, 08/15/2036, Call 08/15/2030 | 768258 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2051, Call 11/15/2032 | 1000919 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 08/2/2025 | 1359113 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 12/15/2025 | 559020 |
| 575000 | &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 590204 |
| 1000000 | Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/1/2055, Call 07/1/2033<sup>1</sup> | 1063652 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 483353 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2058, Call 06/30/2029<sup>3</sup> | 2391105 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 3967843 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 543280 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 | 1468998 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 | 1961726 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2047, Call 10/15/2032 | 511164 |
|  | Town of Westlake |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2025 | 50138 |
| 175000 | &nbsp;&nbsp;&nbsp;6.13%, 09/1/2035, Call 09/1/2025 | 173925 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $1000000 | Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034 | $898957 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 | 1204773 |
|  |  | **77529835** |
|  | **UTAH — 0.8%** |  |
| 1000000 | City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> | 946086 |
| 1500000 | County of Utah, 4.00%, 05/15/2045, Call 08/2/2025 | 1338059 |
| 2000000 | Downtown Revitalization Public Infrastructure District, AG, 5.50%, 06/1/2050, Call 06/1/2035 | 2109893 |
|  | Intermountain Power Agency |  |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2031 | 1067675 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2045, Call 07/1/2032 | 1026574 |
| 500000 | MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 06/1/2054, Call 06/1/2029<sup>4</sup> | 466213 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1001888 |
|  | Utah Charter School Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> | 497527 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> | 439289 |
|  |  | **8893204** |
|  | **VIRGIN ISLANDS — 0.1%** |  |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 | 982501 |
|  | **VIRGINIA — 0.8%** |  |
| 2090000 | Albemarle County Economic Development Authority, 3.95%, 10/1/2048, Call 07/2/2025<sup>1</sup> | 2090000 |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 450450 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 988271 |
| 1000000 | Fairfax County Industrial Development Authority, 5.00%, 05/15/2051, Call 05/15/2034 | 1023360 |
| 1000000 | Roanoke Economic Development Authority, 5.00%, 07/1/2047 | 1045434 |
| 405000 | Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030 | 443287 |
|  | Virginia Small Business Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 454911 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2047, Call 12/31/2032<sup>3</sup> | 500390 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1654257 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2056, Call 06/30/2027<sup>3</sup> | 936862 |
|  |  | **9587222** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WASHINGTON — 2.2%** |  |
| $1325000 | Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032 | $1328741 |
| 250000 | Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030 | 252608 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2240611 |
| 1560000 | King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026 | 1567564 |
|  | Port of Seattle |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2041, Call 07/1/2034<sup>3</sup> | 777754 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2034<sup>3</sup> | 1542105 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> | 1485844 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> | 2486837 |
| 330000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2048, Call 06/1/2034<sup>3</sup> | 334460 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1024934 |
| 1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> | 1474650 |
|  | State of Washington |  |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 | 1739013 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 | 1518958 |
| 145000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/18/2025 | 141940 |
| 1000000 | Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034 | 934257 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 | 506493 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 | 509514 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2041, Call 08/2/2025 | 1000004 |
|  | Washington State Convention Center Public Facilities District |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 | 918800 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 956442 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 | 973026 |
| 746990 | Washington State Housing Finance Commission, 4.09%, 03/20/2040<sup>1</sup> | 702097 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1014964 |
|  |  | **25431616** |
|  | **WEST VIRGINIA — 0.3%** |  |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> | 1009129 |
| 150000 | West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/2030<sup>1 3 4</sup> | 153100 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WEST VIRGINIA (Continued)** |  |
| $750000 | West Virginia Hospital Finance Authority, 6.00%, 09/1/2048, Call 09/1/2033 | $803813 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1032210 |
|  |  | **2998252** |
|  | **WISCONSIN — 1.4%** |  |
| 1000000 | Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031 | 924917 |
|  | Public Finance Authority |  |
| 415000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 08/2/2025 | 414667 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.30%, 11/1/2030, Call 05/1/2026<sup>3</sup> | 1992015 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 08/2/2025 | 534975 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 950000 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> | 448844 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2029<sup>4</sup> | 496234 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 | 502434 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 08/2/2025<sup>3</sup> | 989571 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 07/23/2025 | 165058 |
| 450000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2045, Call 07/18/2025<sup>4</sup> | 450009 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 07/18/2025<sup>4</sup> | 979614 |
| 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> | 489826 |
| 194116 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2051<sup>5</sup> | 130621 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2064, Call 06/15/2032 | 465291 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> | 228 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> | 207 |
| 7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> | 193 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> | 179 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> | 163 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> | 168 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> | 155 |
| 7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | 144 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> | 134 |
| 7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> | 124 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> | 116 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> | 108 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> | 100 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> | 94 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> | 87 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> | 81 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> | 75 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> | 70 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WISCONSIN (Continued)** |  |
| $6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> | $66 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> | 61 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> | 56 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> | 658 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 | 507498 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 | 1009495 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3009867 |
| 500000 | Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030 | 183225 |
| 1000000 | Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031 | 881219 |
| 1000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033 | 963082 |
|  |  | **16646979** |
|  | **WYOMING — 0.1%** |  |
| 840000 | Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030 | 830365 |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $928,076,591) | **895909109** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 6.1%** |  |
| 670465 | iShares National Muni Bond ETF | $70050183 |
| 14200 | VanEck CEF Muni Income ETF | 298058 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $70,278,858) | **70348241** |
|  | **CLOSED-END MUTUAL FUNDS — 0.7%** |  |
| 10127 | BlackRock Long-Term Municipal Advantage Trust | 92865 |
| 783 | BlackRock MuniAssets Fund, Inc. | 8143 |
| 2541 | BlackRock Municipal Credit Alpha Portfolio, Inc. - Class Institutional | 32347 |
| 1273 | BlackRock Municipal Income Trust - Class USD INC | 12208 |
| 14824 | BlackRock MuniHoldings Fund, Inc. | 166029 |
| 1410 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 15440 |
| 4548 | BlackRock MuniHoldings Quality Fund II, Inc. | 43570 |
| 38365 | BlackRock MuniVest Fund, Inc. | 252442 |
| 10448 | BlackRock MuniYield Quality Fund II, Inc. | 100719 |
| 26617 | BlackRock MuniYield Quality Fund, Inc. | 295715 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 713614 |
| 34014 | BNY Mellon Strategic Municipals, Inc. | 201363 |
| 11444 | DTF Tax-Free Income 2028 Term Fund, Inc. | 128058 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** |  |
| 66923 | DWS Municipal Income Trust | $591599 |
| 362 | Eaton Vance Municipal Bond Fund | 3501 |
| 34009 | Invesco Advantage Municipal Income Trust II | 284655 |
| 5070 | Invesco Municipal Income Opportunities Trust | 29152 |
| 26598 | Invesco Municipal Opportunity Trust | 244170 |
| 29760 | Invesco Municipal Trust | 272304 |
| 10700 | Invesco Quality Municipal Income Trust | 100366 |
| 20110 | Invesco Trust for Investment Grade Municipals | 190844 |
| 12605 | Invesco Value Municipal Income Trust | 146722 |
| 13218 | Neuberger Berman Municipal Fund, Inc. | 129933 |
| 21460 | Nuveen AMT-Free Municipal Credit Income Fund | 256018 |
| 21738 | Nuveen AMT-Free Quality Municipal Income Fund | 237379 |
| 20085 | Nuveen California Quality Municipal Income Fund | 224349 |
| 36371 | Nuveen Municipal Credit Income Fund | 433542 |
| 51 | Nuveen New York AMT-Free Quality Municipal Income Fund | 505 |
| 15085 | Nuveen Quality Municipal Income Fund | 170310 |
| 18314 | PIMCO Municipal Income Fund III | 125634 |
| 37184 | Pioneer Municipal High Income Advantage Fund, Inc. | 308627 |
| 113738 | Pioneer Municipal High Income Fund, Inc. | 1041840 |
| 86507 | Western Asset Managed Municipals Fund, Inc. | 856419 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,787,647) | **7710382** |
|  | **OPEN-END MUTUAL FUND — 0.0%<sup>6</sup>** |  |
| 29562 | BNY Mellon AMT-Free Municipal Bond Fund | 382532 |
|  | **TOTAL OPEN-END MUTUAL FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $488,661) | **382532** |
|  | **PRIVATE FUNDS<sup>7</sup> — 10.6%** |  |
|  | MacKay Municipal Credit Opportunities Fund, LP - Class A<sup>\* 8</sup> | 24149004 |
|  | MacKay Municipal Opportunities Fund, LP - Class A<sup>\* 9</sup> | 97811960 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,715,054) | **121960964** |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
| 24830473 | BlackRock MuniCash - Institutional Shares, 2.13%<sup>10</sup> | 24832956 |
| 7600078 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>10</sup> | 7602358 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,434,612) | **32435314** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Value |
| **TOTAL INVESTMENTS — 98.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,138,781,423) | $**1128746542** |
| Other assets less liabilities — 2.0% | 22912051 |
| **TOTAL NET ASSETS — 100.0%** | $**1151658593** |

---

<sup>\*</sup> Non-income producing security.

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

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

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

<sup>4</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of June 30, 2025, the aggregate fair value of these investments is $55,144,311 or 4.8% of the Fund's net assets.

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

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

<sup>7</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $121,960,964 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

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 86.0%** |  |
|  | **CORE — 79.0%** |  |
| 4355404 | DoubleLine Total Return Bond Fund - I Class | $38501770 |
| 4179781 | PIMCO Income Fund - Institutional Class | 45016248 |
| 2565701 | River Canyon Total Return Bond Fund - Institutional Class | 25862264 |
| 3336041 | TCW MetWest Total Return Bond Fund - Plan Class | 28456428 |
| 9007267 | Vanguard Total Bond Market Index Fund - Institutional Class <sup>1</sup> | 87190344 |
|  |  | **225027054** |
|  | **OPPORTUNISTIC — 7.0%** |  |
| 836150 | GMO Emerging Country Debt Fund, Class VI | 17692939 |
| 431123 | Vanguard High-Yield Corporate Fund - Admiral Shares | 2379798 |
|  |  | **20072737** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $255,205,239) | **245099791** |
|  | **EXCHANGE-TRADED FUND — 5.7%** |  |
|  | **CORE — 5.7%** |  |
| 290493 | Vanguard Long-Term Treasury ETF | 16302467 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,095,722) | **16302467** |
|  | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.4%** |  |
|  | **OPPORTUNISTIC — 3.4%** |  |
| 380480 | TPG Twin Brook Capital Income Fund - I Class | 9622768 |
|  | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,670,751) | **9622768** |
|  | **PRIVATE FUND<sup>2</sup> — 2.4%** |  |
|  | **OPPORTUNISTIC — 2.4%** |  |
|  | AG Direct Lending Fund IV Annex, LP\* <sup>3</sup> | 6895004 |
|  | **TOTAL PRIVATE FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,046,733) | **6895004** |
|  | **SHORT-TERM INVESTMENT — 2.9%** |  |
| 8137345 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>4</sup> | 8139786 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,139,047) | **8139786** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $294,157,492) | **286059816** |
|  | Liabilities in excess of other assets — (0.4)% | (1088527) |
|  | **TOTAL NET ASSETS — 100.0%** | $**284971289** |

---

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

<sup>\*</sup> 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 June 30, 2025, the aggregate fair value of these investments is $6,895,004 or 2.4% of the Fund's net assets.

<sup>3</sup> The investment was acquired on 4/8/2022. The cost is $4,046,733.

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

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

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

- **a. Name of Series:** Aspiriant Risk-Managed Taxable Bond Fund

- **b. EDGAR series identifier (if any):** S000059404

- **c. LEI of Series:** 549300JWQQK1S4RTHH77

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $286245717.82

**Total Liabilities:** $307978.81

**Net Assets:** $285937739.01

**Cash Not Reported:** $101997.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194824 | 0.24%                | -0.35%               | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12.26                  | $-387440.87                                |
| Month 2  | $-119.89                 | $-2060613.99                               |
| Month 3  | $-140747.81              | $3831797.37                                |

### Schedule of Portfolio Investments

| Name                                  | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO Income Fund                     | PIMCO Income Fund, Class Institutional                       | CUSIP: 72201F490<br>LEI: XSQUIHC65X62JACTUZ45 | Long             |  | RF                | US        |   4158545 | NS      | $44787527.50  | 15.66%            |  |  |  | No            | 1                  | On Loan: No      |
| TPG Twin Brook Capital Income Fund    | TPG Twin Brook Capital Income Fund                           | CUSIP: N/A<br>LEI: 254900LCG1X7XKKLXF53       | Long             |  | RF                | US        |    380480 | NS      | $9622767.49   | 3.37%             |  |  |  | No            | N/A                | On Loan: No      |
| JPMorgan Prime Money Market Fund      | JPMorgan Prime Money Market Fund, Institutional Class Shares | CUSIP: N/A<br>LEI: 549300YD7H8SEEU7VG41       | Long             | STIV             | RF                | US        |   8137345 | NS      | $8139785.80   | 2.85%             |  |  |  | No            | 1                  | On Loan: No      |
| River Canyon Total Return Bond Fund   | River Canyon Total Return Bond Fund, Class Institutional     | CUSIP: 00770G656<br>LEI: 549300KPJ4MWUB2SY635 | Long             |  | RF                | US        |   2565701 | NS      | $25862264.24  | 9.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard High-Yield Corporate Fund    | Vanguard High-Yield Corporate Fund                           | CUSIP: 922031760<br>LEI: MSRINVBKWZXRZ70AVU36 | Long             |  | RF                | US        |    428844 | NS      | $2367216.29   | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Long-Term Treasury ETF       | Vanguard Long-Term Treasury ETF                              | CUSIP: 92206C847<br>LEI: N/A                  | Long             |  | RF                | US        |    290493 | NS      | $16302467.16  | 5.70%             |  |  |  | No            | 1                  | On Loan: No      |
| AG Direct Lending Fund IV Annex, LP   | AG Direct Lending Fund IV Annex, LP                          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |      9500 | NS      | $6895004.05   | 2.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Vanguard Total Bond Market Index Fund | Vanguard Total Bond Market Index Fund                        | CUSIP: 921937504<br>LEI: CIJB0QNLPT2SSWMJ5W92 | Long             |  | RF                | US        |   8978173 | NS      | $86908717.15  | 30.39%            |  |  |  | No            | 1                  | On Loan: No      |
| DoubleLine Total Return Bond Fund     | DoubleLine Total Return Bond Fund, Class I                   | CUSIP: 258620103<br>LEI: 54930080M2JY1L0IFX13 | Long             |  | RF                | US        |   4336953 | NS      | $38338661.67  | 13.41%            |  |  |  | No            | 1                  | On Loan: No      |
| TCW MetWest Total Return Bond Fund    | TCW MetWest Total Return Bond Fund, Class P                  | CUSIP: 592905764<br>LEI: 549300APUP7QV16M4J34 | Long             |  | RF                | US        |   3324447 | NS      | $28357533.26  | 9.92%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Emerging Country Debt             | GMO Emerging Country Debt, Class VI                          | CUSIP: 36262F103<br>LEI: KCRGSH2QB4OQ3874HQ90 | Long             |  | RF                | US        |    836150 | NS      | $17692938.68  | 6.19%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Aspiriant Trust

**Signature:** Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Director