N-CSR 1 fp0076553_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22648

Aspiriant Trust

(Exact name of registrant as specified in charter)

11100 Santa Monica Boulevard, Suite 600

Los Angeles, California 90025

(Address of principal executive offices) (Zip code)

Robert J. Francais

Aspiriant Trust

11100 Santa Monica Boulevard, Suite 600

Los Angeles, California 90025

(Name and address of agent for service)

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

Date of fiscal year end: Mar 31

Date of reporting period: March 31, 2022

Item 1. Reports to Stockholders

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

ASPIRIANT DEFENSIVE ALLOCATION FUND

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Each, a series of Aspiriant Trust

Shareholder Report

March 31, 2022

ASPIRIANT TRUST

TABLE OF CONTENTS


Letter to Shareholders	2
Growth of a $10,000 Investment and Performance	10
Summaries of Investments	14
Schedules of Investments	18
Statements of Assets and Liabilities	47
Statements of Operations	48
Statements of Changes in Net Assets	49
Financial Highlights	51
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	73
Other Information	75
Expense Examples	78
Trustees and Officers	80
Privacy Policy	82

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Letter to Shareholders

March 31, 2022

The Aspiriant Risk-Managed Taxable Bond Fund (“Taxable Bond Fund” or the “Fund”) returned -3.76% for the fiscal year ended March 31, 2022. Over the same period, Taxable Bond Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Benchmark”), returned -4.15%. Corporate high yield issues outperformed higher rated bonds as represented by the Bloomberg U.S. Corporate High Yield Index’s return of -0.66% for the fiscal year ended March 31, 2022, providing a buffer with their higher yield component.

The Fund’s core funds, which generally have strategies closer to the Benchmark, returned approximately -3.31% over the one-year period ended March 31, 2022. While the Fund’s opportunistic funds, which have strategies distinct from the Benchmark, returned approximately -5.85% over the same period.

The bond market was relatively benign for the first three quarters of the fiscal year. The market had little reaction to higher inflation until December when interest rates started to increase. The continued increase in rates through March provided the Benchmark with its worst three-month return since 1980. In the short-term, bond returns are generally predicated on changes in interest rates. Higher rates typically mean lower values for bonds and negative returns. We ended the period with the 2-year Treasury yielding 2.28%, up 1.55% over the quarter ended March 31, 2022. The bellwether 10-year Treasury yield moved up over 2.5% in the first days of April following the fiscal year end. While not overly enticing, these yields provide a level of security greater than the 0.50% yield seen two years ago. In the end, we believe that higher rates are good for bond investors and provide for higher future returns.

In June, the Fund made an investment in River Canyon Total Return Bond Fund. It is a core bond fund, with a focus on credit quality but is smaller in size compared to many of our other core bond positions. Currently, the fund has a bias toward higher quality, more liquid securities amidst the backdrop of increasing market volatility and relatively low additional return per additional unit of risk. It was funded out of two of our larger core bond managers.

Subsequent to the end of the period, we made an investment in the AG Direct Lending Fund IV Annex, L.P., a private fund that invests primarily in privately negotiated, secured cash-flow based loans to private equity sponsor-backed North American middle market companies. We believe this provides a compelling opportunity even as the economy slows and should allow for additional yield enhancement for the Fund.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

LETTER TO SHAREHOLDERS (Continued)

March 31, 2022

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There is no guarantee that the Fund will achieve its investment objective. The cost of investing in a fund of funds may be higher than other mutual funds as the Fund will bear not only its own direct expenses but also a portion of expenses of the underlying funds. The Fund’s performance is tied to the performance of the underlying funds which means that if one or more of the underlying funds fails to meet its objective then the performance of the Fund may be adversely impacted.

The Fund’s asset allocation percentages are made across a broad range of investment strategies which may expose investors to increased risks. This may include investing significant portions of assets in certain asset classes and industries within certain economic sectors which may be unfavorably affected by the same political, economic or market events. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include asset and mortgage-backed securities, call, counterparty, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, inflation index bond, interest rate, large shareholder, leverage, preferred securities, prepayment, restricted securities, sector, short sale and zero coupon bond risks. Further information about these and other risk considerations are described in detail in the Fund’s prospectus.

Income may be subject to the alternative minimum tax.

The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.

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

The Bloomberg U.S. Aggregate Bond Index is an uninvestable, unmanaged, broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. It is not possible to invest directly in an index.

The Bloomberg U.S. Corporate High Yield Bond Index is an uninvestable, unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. It is not possible to invest directly in an index.

Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor’s, Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

LETTER TO SHAREHOLDERS

March 31, 2022

The Aspiriant Risk-Managed Municipal Bond Fund (“Municipal Bond Fund” or the “Fund”) returned -2.87% for the fiscal year ended March 31, 2022. Over the same period, the Municipal Bond Fund’s benchmark, the Bloomberg Municipal Bond Index (the “Benchmark”), returned -4.47%. All components of the Fund outperformed the Benchmark for the one-year period ended March 31, 2022. This included the MacKay Municipal Opportunities Fund, L.P. and the MacKay Municipal Credit Opportunities Fund, L.P. which generally have more credit exposure than our other managers and generated a blended return of -2.32% for the one-year period ended March 31, 2022.

Lower rated bonds continued to outperform higher rated bonds with high yield municipal bonds providing a return of -1.35%, as measured by the Bloomberg High Yield Municipal Bond Index, for the one-year period ended March 31, 2022. The Fund’s allocation to high yield municipal bonds contributed positively to performance as their higher yield provided a buffer against rising inflation and interest rate expectations. We do have some concern that the outperformance of high yield may have run its course as the spread between lower and higher credit quality have compressed.

Over the past few quarters, inflation and interest rate expectations have moved higher and the Federal Reserve has its work cut out to bring down inflation without sending the economy into a recession. We believe we have the best-in-class municipal bond managers, and the Fund is well positioned to take advantage of any dislocations that occurs as the Federal Reserve walks its tight rope.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser, the sub-advisers or distributor.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The Fund is exposed to the same risks that are associated with investing in underlying municipal securities owned by the Fund. The actual cost of investing in underlying funds may be higher than a direct investment in such securities because the Fund will bear its pro rata portion of the expenses of the underlying funds in addition to its own direct expenses. The Fund is subject to interest rate risk; as interest rates rise, bond prices generally fall. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. Investments in securities of non-U.S. issuers or U.S. issuers with significant non-U.S. operations may present more risk. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

LETTER TO SHAREHOLDERS (Continued)

March 31, 2022

The use of derivatives involves substantial financial risks and transaction costs. Certain derivatives may be illiquid. The Fund’s use of inverse floaters may magnify the potential for losses. The Fund periodically engages in portfolio leverage and when doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.

These and other risk considerations, such as preferred securities, call, counterparty, extension, defaulted securities, income, municipal lease obligations, political and economic, prepayment, restricted securities, tax, zero coupon bond risks, and, as a result of investing in underlying funds, short sale risk, are described in detail in the Fund’s prospectus.

Income may be subject to the alternative minimum tax.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. It includes most investment-grade tax-exempt bonds that are issued by state and local governments. It is not possible to invest directly in an index.

The Bloomberg High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar–denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prerefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index.

ASPIRIANT DEFENSIVE ALLOCATION FUND

LETTER TO SHAREHOLDERS

March 31, 2022

The Aspiriant Defensive Allocation Fund (“Defensive Allocation Fund” or the “Fund”) returned 2.27% for the one-year period ended March 31, 2022. Over the same period, the Fund’s benchmark, the HFRI Fund of Funds Composite Index (the “Benchmark”), returned 1.25%.

Core Diversifiers, global asset allocation strategies that invest across a wide range of financial markets and geographies, returned approximately -0.76% for the one-year period ended March 31, 2022. Performance of the Core Diversifiers held up well in the face of increased volatility brought on by inflation and as central banks began to pull back their accommodative fiscal policies. Alternative Diversifiers, investments in strategies with return patterns that are less sensitive to movements in traditional markets, provided an approximate return of 7.34% for the one-year period ended March 31, 2022. This category benefited from the 13.20% return from gold and strong performance of the private funds. The investments that comprise the Alternative Diversifiers provided the non-correlated return profile for which we were looking, especially in the first quarter of 2022, when both equity and fixed income returns were negative.

The Fund’s allocations to private funds (All Weather Portfolio Limited, Millennium International, Ltd. and Elliott Associates, L.P.) performed well with a blended return of 12.18% for the one-year period ended March 31, 2022. During the year, the Fund added the GMO Equity Dislocation Investment Fund, a long/short fund that seeks to maximize total return by owning attractively valued equities while correspondingly shorting equities where valuations are reflective of implausible growth expectations, as assessed by GMO. After a long period of outperformance by growth stocks over value, we believe we are in the early innings of a rotation back to value stocks, and the GMO Equity Dislocation Investment Fund should be well positioned to take advantage of that rotation.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.

ASPIRIANT DEFENSIVE ALLOCATION FUND

LETTER TO SHAREHOLDERS (Continued)

March 31, 2022

As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include alternative strategies, asset-backed and mortgage-backed securities, call, commodity, counterparty, covered calls and equity collars, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, interest rate, inverse floaters, large shareholder, leverage, preferred securities, prepayment, REIT and real estate, restricted securities, sector, short sale, small and mid-cap company and zero coupon bond risks. Further information about these and other risks may be found in the prospectus.

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

The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 800 constituent hedge fund of funds that invest over a broad range of strategies.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Letter to Shareholders

March 31, 2022

The Aspiriant Risk-Managed Equity Allocation Fund (“Equity Allocation Fund” or the “Fund”), returned 4.10% for the fiscal year ended March 31, 2022. Over the same period, Equity Allocation Fund’s benchmark, the MSCI ACWI Index (the “Benchmark”), returned 7.28%. During the one-year period ended March 31, 2022, U.S. equities, as measured by the S&P 500 Index, returned 15.65% while international stocks, as measured by the MSCI EAFE Index and the MSCI Emerging Markets Index, returned 1.16% and -11.37%, respectively.

The fiscal year started with strong market performance with many of the large growth companies performing well through much of the first nine months. Late 2021 and early 2022 saw a turn in the market where growth suffered more than value. Much of this change can be attributed to concerns over the economy from continued, and growing, inflation concerns and the heartbreaking news from Ukraine. The geopolitical impact on the markets fell on the world due to worries over contagion. Markets were immediately impacted by strategic concerns and questions, such as, with whom China would align and how does this impact China’s view of Taiwan. Some of this concern has subsided — for the time being at least. Pockets of the world did see strong performance during the quarter, specifically countries that benefit from higher commodity prices, but in general, the conflict has dragged down emerging markets performance. The Baillie Gifford Emerging Markets Equities Fund and the GMO Emerging Markets Fund returned approximately -21.90% and -22.35%, respectively underperforming the Benchmark for the one-year period ended March 31, 2022, and negatively impacted the performance of the Fund.

The Fund’s allocations to sub-advisors and underlying funds utilizing quality and/or low volatility equity approaches performed well during the year. The Fund’s sub-advisers and underlying funds that have a Quality mandate returned 9.82% for the one-year period ended March 31, 2022, outperforming the Benchmark. Meanwhile, the low volatility strategies returned 13.11%.

The Fund’s investments in private funds, RIEF Strategic Partners Fund, LLC, Bridgewater All Weather China, Ltd., and GMO Equity Dislocation Fund, returned 18.04% for the one-year period ended March 31, 2022, as their strategies benefited from volatility returning to the markets and allocations to value stocks, which began to outperform in the second half of the year. We believe these investments have great potential to dampen volatility in the Fund and to provide outperformance as volatility is likely to continue with the Federal Reserve removing liquidity from the markets and likely needing to raise interest rates to combat inflation.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

LETTER TO SHAREHOLDERS (Continued)

March 31, 2022

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, asset allocation, investing in smaller companies with limited resources and the use of predictive models. Low volatility and quality investing may go in and out of favor which may cause the Fund to sometimes underperform other equity funds. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

Foreign securities, including depositary receipts, have additional risks including currency rate changes, political and economic instability, less regulation and market liquidity. Investments in emerging markets involve even greater risks.

The adviser and sub-advisers may be unable to construct the Fund’s investment portfolio such that the intended federal tax implications, when making investment decisions with respect to individual securities, are achieved.

The actual cost of investing in underlying funds may be higher than a direct investment in such securities because the Fund will bear its pro rata portion of the expenses of the underlying funds in addition to its own direct expenses. As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include counterparty, derivatives, focused investment, large shareholder, leverage and short sale risks. Further information about these and other risks may be found in the prospectus.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets. It is not possible to invest directly in an index.

The S&P 500 Index is a market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in U.S. Dollars and include reinvested dividends. It is not possible to invest directly in an index.

The MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. It is not possible to invest directly in an index.

The MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. It is not possible to invest directly in an index.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Growth of a $10,000 Investment and Performance

March 31, 2022 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on March 29, 2018 (Commencement of the Fund’s Operations).

Total Returns as of March 31, 2022	1 Year	Annualized Since Inception*
Aspiriant Risk-Managed Taxable Bond Fund	(3.76)%	2.10%
Bloomberg U.S. Aggregate Bond Index⁽¹⁾	(4.15)%	2.38%

The Adviser has contractually agreed to waive its advisory fee from 0.25% to 0.08% through June 30, 2022. The Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2022. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

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

*	For the period close of business March 29, 2018 (commencement of operations) through March 31, 2022.

⁽¹⁾

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

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE

March 31, 2022 (Unaudited)

The above graph assumes an initial investment of $10,000 in Shares made as of the close of business on July 1, 2015 (Commencement of the Fund’s Operations).

Total Returns as of March 31, 2022	1 Year	5 Year	Annualized Since Inception*
Aspiriant Risk-Managed Municipal Bond Fund	(2.87)%	3.08%	3.00%
Bloomberg Municipal Bond Index ⁽¹⁾	(4.47)%	2.52%	2.61%

The Adviser has contractually agreed to waive its advisory fee from 0.27% to 0.21% through June 30, 2022. The Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2022. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

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

*	For the period close of business July 1, 2015 (commencement of operations) through March 31, 2022.

⁽¹⁾	The Bloomberg Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds.

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

ASPIRIANT DEFENSIVE ALLOCATION FUND

GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE

March 31, 2022 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on December 14, 2015 (Commencement of the Fund’s Operations).

Total Returns as of March 31, 2022	1 Year	5 Year	Annualized Since Inception*
Aspiriant Defensive Allocation Fund	2.27%	4.00%	3.87%
HFRI Fund of Funds Composite Index ⁽¹⁾	1.25%	4.64%	4.05%

The Adviser has contractually agreed to waive its administrative services fee from 0.10% to 0.01% through June 30, 2022. This arrangement may be terminated only by the Aspiriant Trust’s Board of Trustees.

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

*	For the period close of business December 14, 2015 (commencement of operations) through March 31, 2022.

⁽¹⁾	The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 650 constituent hedge fund of funds that invest over a broad range of strategies.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Growth of a $10,000 Investment and Performance

March 31, 2022 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Advisor Shares made as of the close of business on April 4, 2013 (Commencement of the Fund’s Operations).

Total Returns as of March 31, 2022	1 Year	5 Year	Annualized Since Inception*
Aspiriant Risk-Managed Equity Allocation Fund
Advisor Shares	4.10%	7.50%	6.69%
MSCI ACWI Index ⁽¹⁾	7.28%	11.64%	10.06%

The Adviser has contractually agreed to waive its advisory fee from 0.24% to 0.16% through June 30, 2022. The Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.04% through June 30, 2022. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

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

*	For the period close of business April 4, 2013 (commencement of operations) through March 31, 2022.

⁽¹⁾

The MSCI ACWI Index, which captures large and mid-cap representation, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Returns include the reinvestment of distributions but do not consider sales charges. Performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

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

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SUMMARY OF INVESTMENTS

As of March 31, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Domestic		88.6	%
Foreign		8.8	%
Total Open-End Mutual Funds		97.4	%
Short-Term Investment		2.7	%
Total Investments		100.1	%
Liabilities in excess of other assets		(0.1	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SUMMARY OF INVESTMENTS

As of March 31, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Municipal Bonds
General		16.5	%
Medical		11.8	%
Transportation		7.4	%
General Obligation		7.4	%
Development		6.1	%
Water		5.3	%
Education		5.2	%
Airport		5.2	%
Higher Education		3.6	%
School District		2.8	%
Power		1.4	%
Housing		1.3	%
Tobacco Settlement		1.2	%
Other		3.9	%
Total Municipal Bonds		79.1	%
Common Stock		0.2	%
Closed-End Mutual Funds		0.7	%
Open-End Mutual Fund		1.2	%
Private Funds		10.3	%
Short-Term Investment		4.7	%
Total Investments		96.2	%
Other assets less liabilities		3.8	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of March 31, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Global Allocation		47.6	%
Global Macro		4.9	%
Merger Arbitrage		4.7	%
Market Neutral		3.7	%
Total Open-End Mutual Funds		60.9	%
Exchange-Traded Fund
Real Asset		15.6	%
Total Exchange-Traded Fund		15.6	%
Private Funds
Multi-Strategy/Style		7.9	%
Global Allocation		6.1	%
Merger Arbitrage		5.0	%
Total Private Funds		19.0	%
Short-Term Investment		4.1	%
Total Investments		99.6	%
Other assets less liabilities		0.4	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Summary of Investments

As of March 31, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		6.0	%
Health Care		3.6	%
Financials		2.8	%
Consumer Staples		2.3	%
Communications		2.1	%
Consumer Discretionary		1.6	%
Industrials		1.2	%
Materials		1.0	%
Other		0.9	%
Total Common Stocks		21.5	%
Exchange-Traded Fund		9.5	%
Open-End Mutual Funds		52.0	%
Preferred Stock		0.0	%¹
Private Funds		11.8	%
Short-Term Investments		3.5	%
Total Investments		98.3	%
Other assets less liabilities		1.7	%
Total Net Assets		100.0	%

¹	Rounds to less than 0.05%.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Schedule of Investments

As of March 31, 2022

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 97.4%
		CORE — 87.6%
	3,692,077	DoubleLine Total Return Bond Fund - I Class	$	36,256,195
	9,366,921	MetWest Total Return Bond Fund - Plan Class¹		89,454,094
	2,583,575	PIMCO Income Fund - Institutional Class		29,246,062
	1,999,155	River Canyon Total Return Bond Fund, Institutional Class		21,330,987
	361,558	Vanguard Total Bond Market Index Fund - Institutional Class		3,781,899
				180,069,237
		OPPORTUNISTIC — 9.8%
	842,768	GMO Emerging Country Debt Fund, Class VI		18,136,376
	355,393	Vanguard High-Yield Corporate Fund - Admiral Shares		2,004,416
				20,140,792
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $212,960,838)		200,210,029

		SHORT-TERM INVESTMENT — 2.7%
	5,448,934	JPMorgan Prime Money Market Fund - Institutional Shares, 0.29%²		5,450,024

		TOTAL SHORT-TERM INVESTMENT
		(Cost $5,449,860)		5,450,024

		TOTAL INVESTMENTS — 100.1%
		(Cost $218,410,698)		205,660,053
		Liabilities in excess of other assets — (0.1)%		(140,347	)

		TOTAL NET ASSETS — 100.0%	$	205,519,706

¹	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.

²	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS — 79.1%
		ALABAMA — 1.2%
		Black Belt Energy Gas District
$	2,000,000	4.00%, 06/1/2051, Call 09/1/2031¹	$	2,170,131
	500,000	1.16% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027²		500,227
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		534,361
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029³		1,202,043
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,766,670
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/2025¹		1,550,902
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/2024¹		1,031,158
	1,710,000	1.00% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/2024²		1,709,841
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,236,786
				13,702,119
		ARIZONA — 1.6%
		Arizona Health Facilities Authority
	500,000	5.00%, 02/1/2043, Call 02/1/2023		512,673
	1,000,000	5.00%, 01/1/2044, Call 01/1/2024		1,053,054
		Arizona Industrial Development Authority
	985,000	4.00%, 03/1/2027⁴		1,016,289
	600,000	4.00%, 07/1/2041, Call 07/1/2026		600,992
	530,000	5.00%, 07/1/2047, Call 07/1/2027⁴		564,086
	350,000	4.00%, 07/1/2061, Call 07/1/2026		334,142
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027^{4 5}		164,253
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025⁴		708,013
		Industrial Development Authority of the City of Phoenix
	645,000	5.00%, 10/1/2036, Call 10/1/2026		707,820
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,004,872

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024	$	513,510
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/2022⁴		342,243
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027⁴		1,033,409
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029⁴		129,350
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		437,286
	550,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		559,533
	5,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025		5,390,835
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,311,238
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		822,800
				18,206,398
		ARKANSAS — 0.3%
	2,800,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/2026^{3 4}		2,854,950

		CALIFORNIA — 7.0%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		680,862
	1,000,000	Bay Area Toll Authority, 1.76% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026²		1,033,031
	1,000,000	California Community Choice Financing Authority, 4.00%, 02/1/2052, Call 05/1/2031¹		1,082,679
	545,000	California Community Housing Agency, 5.00%, 02/1/2050, Call 02/1/2030⁴		544,962
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		98,274

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		California Health Facilities Financing Authority
$	155,000	5.00%, 08/15/2036, Call 08/15/2027	$	174,320
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,383,333
	5,000,000	4.00%, 08/15/2050, Call 08/15/2030		5,245,459
		California Municipal Finance Authority
	500,000	7.00%, 06/1/2034, Call 06/1/2022		514,693
	905,000	5.00%, 10/1/2035, Call 10/1/2022		930,744
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,118,040
	50,000	5.00%, 10/1/2039, Call 10/1/2027⁴		51,351
	850,000	5.00%, 06/1/2046, Call 06/1/2026		903,893
	1,000,000	4.00%, 12/31/2047, Call 06/30/2028³		1,017,095
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/2023^{3 4}		1,017,553
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/2025⁴		54,768
	650,000	5.00%, 08/1/2036, Call 08/1/2025⁴		699,552
	1,250,000	5.00%, 06/1/2040, Call 06/1/2027⁴		1,302,351
	100,000	5.00%, 08/1/2041, Call 08/1/2025⁴		109,536
	900,000	5.00%, 08/1/2041, Call 08/1/2025⁴		964,306
	500,000	5.00%, 10/1/2042, Call 10/1/2022⁴		504,397
	350,000	6.75%, 11/1/2045, Call 11/1/2024⁴		365,641
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,059,886
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		917,128
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,608,256
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,073,249
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/2023³		659,427
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		214,606
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		532,905
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,021,548

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		City of Los Angeles Department of Airports
$	1,500,000	5.00%, 05/15/2034, Call 05/15/2028³	$	1,672,716
	2,000,000	5.00%, 05/15/2045, Call 05/15/2032³		2,296,534
	1,000,000	5.00%, 05/15/2047, Call 05/15/2027³		1,092,155
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 04/26/2022		320,660
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		713,218
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,301,303
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,296,639
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,054,138
		Golden State Tobacco Securitization Corp.
	1,425,000	5.30%, 06/1/2037, Call 06/1/2022		1,434,928
	365,000	5.25%, 06/1/2047, Call 06/1/2022		367,514
	5,000,000	0.00%, 06/1/2066, Call 12/1/2031		610,333
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,035,139
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,063,120
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,010,191
	3,250,000	Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030		3,459,048
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 05/6/2022		501,586
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		400,385
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		242,108
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,504,799
	1,680,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,864,621

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023	$	1,043,406
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,200,129
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		747,072
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,850,540
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,787,754
	2,100,000	San Diego County Regional Airport Authority, 4.00%, 07/1/2039, Call 07/1/2031³		2,199,904
		San Francisco City & County Airport Commission-San Francisco International Airport
	1,000,000	5.00%, 05/1/2039, Call 05/1/2029³		1,114,782
	2,500,000	5.00%, 05/1/2046, Call 05/1/2026³		2,688,140
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,193,879
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,269,996
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		318,827
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		507,754
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,028,954
		Santa Ana Financing Authority, NATL-RE
	320,000	6.25%, 07/1/2024		337,655
	320,000	6.25%, 07/1/2024		337,220
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,039,828
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		645,164
	1,390,000	5.00%, 11/1/2033		1,639,382

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022	$	1,010,594
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027⁴		107,110
				80,193,070
		COLORADO — 3.9%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		521,184
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		621,326
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,118,784
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		647,991
	500,000	5.00%, 12/1/2043, Call 12/1/2023		509,011
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/2028³		2,241,029
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		535,973
	550,000	4.75%, 04/1/2030, Call 05/6/2022		550,837
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,095,553
	460,000	5.00%, 10/1/2039, Call 10/1/2027⁴		481,323
	500,000	4.00%, 07/1/2041, Call 07/1/2031⁴		460,958
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		105,129
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,147,893
	500,000	4.00%, 10/1/2039, Call 10/1/2024		506,208
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		542,450
	500,000	5.00%, 06/1/2036, Call 06/1/2027		567,486
	2,400,000	5.00%, 11/15/2041, Call 11/15/2031		2,858,766
	500,000	8.00%, 08/1/2043, Call 02/1/2024		518,990

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	2,000,000	5.00%, 05/15/2045, Call 05/15/2025	$	2,141,263
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		2,075,268
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		502,657
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		543,659
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,523,318
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		509,492
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		380,474
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,292,487
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,021,509
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		771,640
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,991,119
	3,755	Mount Carbon Metropolitan District, 7.00%, 06/1/2043, Call 05/6/2022		3,493
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,099,061
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,037,976
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		477,954
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,458,703
		State of Colorado
	3,000,000	4.00%, 12/15/2038, Call 12/15/2031		3,244,498
	1,335,000	4.00%, 12/15/2039, Call 12/15/2031		1,441,263
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		138,842

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026	$	1,037,179
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		598,296
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,135,723
				44,456,765
		CONNECTICUT — 0.7%
	1,685,000	City of Bridgeport , 5.00%, 06/1/2029		1,959,889
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 05/6/2022³		500,056
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		437,418
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,551,984
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027⁴		1,087,724
	1,500,000	State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031		1,605,246
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,361,749
				8,504,066
		DELAWARE — 0.3%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		351,015
	375,000	5.00%, 01/1/2036, Call 01/1/2032		437,658
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025⁴		1,075,318
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,610,621
				3,474,612
		DISTRICT OF COLUMBIA — 1.7%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,075,863
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,656,500
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,283,365

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
		Metropolitan Washington Airports Authority
$	1,000,000	5.00%, 10/1/2032, Call 10/1/2028³	$	1,126,259
	1,520,000	4.00%, 10/1/2036, Call 10/1/2026³		1,592,959
	1,820,000	5.00%, 10/1/2042, Call 10/1/2027³		2,031,142
	655,000	5.00%, 10/1/2044, Call 10/1/2024³		692,597
		Metropolitan Washington Airports Authority Aviation Revenue
	1,335,000	4.00%, 10/1/2041, Call 10/1/2031³		1,402,169
	500,000	5.00%, 10/1/2046, Call 10/1/2031³		565,621
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		793,297
	615,000	6.50%, 10/1/2041, Call 10/1/2026		733,977
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		2,207,561
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		2,103,874
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		549,049
	875,000	4.00%, 10/1/2036, Call 10/1/2030		959,845
				19,774,078
		FLORIDA — 5.8%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,420,407
	880,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		883,794
	820,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		838,804
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		103,669
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/2027⁴		406,900
	645,000	5.35%, 07/1/2029, Call 05/6/2022		646,709
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		98,370
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		517,307
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		544,853

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	2,435,000	5.00%, 11/15/2045, Call 11/15/2024	$	2,550,618
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		645,753
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		511,476
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		512,050
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025³		1,073,208
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,561,289
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,652,197
		County of Miami-Dade Aviation Revenue
	1,000,000	5.00%, 10/1/2030, Call 10/1/2024³		1,057,401
	1,000,000	5.00%, 10/1/2032, Call 10/1/2024³		1,055,418
	4,240,000	5.00%, 10/1/2033, Call 10/1/2024³		4,469,727
	500,000	5.00%, 10/1/2049, Call 10/1/2029³		548,553
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,350,890
	175,000	5.00%, 04/1/2039, Call 04/1/2029⁴		185,691
	500,000	County of St. Lucie, 0.35%, 09/1/2028, Call 04/5/2022¹		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		776,493
	500,000	8.50%, 06/15/2044, Call 06/15/2023		538,406
	825,000	6.13%, 06/15/2046, Call 06/15/2025⁴		888,882
	1,710,000	6.50%, 01/1/2049, Call 05/6/2022^{1 3 4}		1,713,170
	3,000,000	7.38%, 01/1/2049, Call 01/1/2024^{3 4}		3,169,538
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028⁴		508,040
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,014,322
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		512,931

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
		Greater Orlando Aviation Authority
$	1,000,000	5.00%, 11/15/2036, Call 05/15/2023³	$	1,019,891
	1,665,000	5.00%, 10/1/2046, Call 10/1/2026³		1,820,607
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,104,437
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028³		2,220,206
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,249,893
		Lake Ashton Community Development District
	85,000	5.00%, 05/1/2025		88,282
	390,000	5.00%, 05/1/2037, Call 05/1/2025		399,148
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,737,144
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		100,257
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,194,115
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		1,092,982
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		904,942
		Mediterra South Community Development District
	85,000	5.10%, 05/1/2031, Call 05/1/2022		85,269
	385,000	5.00%, 05/1/2034, Call 05/1/2023		385,783
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,062,971
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		660,049
	320,000	5.25%, 09/15/2044, Call 09/15/2024		335,173
	105,000	5.00%, 09/15/2044, Call 09/15/2027⁴		111,576

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
		Palm Beach County Health Facilities Authority
$	330,000	6.75%, 06/1/2024, Call 06/1/2022	$	339,529
	850,000	5.00%, 12/1/2031, Call 12/1/2024		916,676
	500,000	5.00%, 11/1/2043, Call 11/1/2022		505,608
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		762,947
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,662,151
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,143,237
	1,650,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		1,848,553
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		104,465
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,226,636
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028⁴		146,904
	490,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		497,623
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		888,495
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,154,963
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		852,558
				65,879,936
		GEORGIA — 1.8%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,185,312
		Brookhaven Development Authority
	1,000,000	4.00%, 07/1/2044, Call 07/1/2029		1,060,689
	5,000,000	4.00%, 07/1/2049, Call 07/1/2029		5,268,328
		Burke County Development Authority
	500,000	2.25%, 10/1/2032¹		498,829

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	1,000,000	4.13%, 11/1/2045, Call 02/1/2028	$	1,030,172
	1,000,000	3.00%, 11/1/2045¹		1,010,047
	500,000	Development Authority of Burke County, 2.20%, 10/1/2032, Call 11/19/2026		474,629
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		557,754
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,045,604
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/2031⁴		512,504
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,159,691
	460,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027⁴		479,104
		Main Street Natural Gas, Inc.
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,618,559
	1,500,000	4.00%, 07/1/2052, Call 06/1/2027¹		1,589,910
	1,500,000	4.00%, 08/1/2052, Call 05/1/2027^{1 4}		1,539,368
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		223,231
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,797,102
				21,050,833
		GUAM — 0.2%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		520,793
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,048,852
		Territory of Guam
	415,000	4.00%, 01/1/2036, Call 01/1/2031		419,789
	250,000	4.00%, 01/1/2042, Call 01/1/2031		251,236
				2,240,670
		HAWAII — 0.4%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/6/2022		500,823
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,182,789

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		HAWAII (Continued)
$	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028³	$	1,093,108
				4,776,720
		IDAHO — 0.3%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/2024⁴		310,852
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,159,154
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/2028⁴		417,458
	415,000	6.00%, 07/1/2049, Call 07/1/2028⁴		461,626
	565,000	6.00%, 07/1/2054, Call 07/1/2028⁴		626,830
				2,975,920
		ILLINOIS — 8.8%
		Chicago Board of Education
	1,000,000	0.00%, 12/1/2022		987,051
	100,000	5.75%, 04/1/2034, Call 04/1/2027		111,644
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,131,930
	180,000	5.00%, 04/1/2037, Call 04/1/2027		193,261
	500,000	5.00%, 04/1/2038, Call 04/1/2028		537,718
	500,000	5.25%, 12/1/2039, Call 12/1/2024		525,034
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		1,084,548
	575,000	5.00%, 12/1/2042, Call 12/1/2022		584,309
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,198,042
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,226,257
		Chicago O’Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/2028³		561,564
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,635,151
	680,000	Chicago Park District, 5.00%, 11/15/2024		729,102
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,772,460
		City of Chicago
	900,000	4.84%, 04/15/2028, Call 01/16/2023⁴		908,699
	880,000	6.00%, 01/1/2038, Call 01/1/2027		986,046
	500,000	5.50%, 01/1/2040, Call 01/1/2025		534,839
	1,000,000	City of Chicago , 5.00%, 01/1/2027		1,086,717
	1,500,000	City of Chicago IL, 5.00%, 01/1/2034, Call 01/1/2031		1,649,132
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 05/6/2022		1,965,887

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	665,000	5.00%, 01/1/2034, Call 01/1/2025	$	712,204
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,126,019
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,071,500
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,369,514
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,157,074
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,108,803
	570,000	3.90%, 11/1/2036, Call 11/1/2027		610,091
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		768,304
	425,000	5.00%, 08/1/2027		473,851
	500,000	5.00%, 08/1/2028, Call 08/1/2027		555,071
	600,000	5.75%, 10/1/2032, Call 10/1/2022		604,342
	670,000	5.00%, 03/1/2033, Call 03/1/2027		738,488
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,066,973
	315,000	5.00%, 02/15/2034, Call 02/15/2027		352,740
	500,000	5.00%, 03/1/2034, Call 03/1/2027		551,110
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,120,155
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,440,823
	225,000	5.00%, 02/15/2037, Call 08/15/2027		242,507
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,853,755
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		1,062,487
	550,000	5.00%, 09/1/2042, Call 09/1/2024		589,400
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		1,001,998
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,125,280
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,240,046
	25,000	4.00%, 06/1/2047, Call 06/1/2022		25,117
	630,000	4.00%, 06/1/2047, Call 06/1/2022		632,946
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,073,169
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,006,650
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,046,001
		Illinois State Toll Highway Authority
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,151,349

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	5.00%, 01/1/2043, Call 01/1/2032	$	1,165,650
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,736,262
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,142,583
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,047,011
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		501,174
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,445,799
	530,000	5.00%, 06/15/2057, Call 12/15/2027		559,745
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		775,775
	3,300,000	0.00%, 12/15/2030		2,399,769
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,612,299
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,126,829
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		503,199
	3,000,000	Railsplitter Tobacco Settlement Authority, 5.00%, 06/1/2024		3,169,897
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,034,284
		Sales Tax Securitization Corp.
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,228,181
	500,000	4.00%, 01/1/2038, Call 01/1/2030		521,855
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		803,852
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,080,951
		State of Illinois
	750,000	5.38%, 05/1/2023		776,287

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	5.00%, 02/1/2025	$	1,069,671
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,576,550
	1,000,000	5.00%, 11/1/2026		1,094,283
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,127,338
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,903,323
	660,000	5.00%, 03/1/2036, Call 03/1/2031		736,634
	500,000	5.00%, 03/1/2037, Call 05/6/2022		501,533
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,028,680
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,571,379
	500,000	5.00%, 03/1/2046, Call 03/1/2031		546,094
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,120,173
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,616,176
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027⁴		614,953
	1,415,000	Village of Brookfield, 0.51%, 06/1/2038, Call 04/5/2022¹		1,415,000
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,291,775
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,021,273
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		412,845
	250,000	0.00%, 01/1/2032		180,588
	750,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		726,302
				100,473,130
		INDIANA — 1.3%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,571,109
		Indiana Finance Authority
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,306,446
	1,000,000	3.00%, 11/1/2030		936,966
	1,000,000	3.00%, 11/1/2030		936,966
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,199,086

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		INDIANA (Continued)
$	3,360,000	Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031	$	3,666,252
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,088,386
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023³		522,207
				15,227,418
		IOWA — 0.3%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,035,764
	1,520,000	4.75%, 08/1/2042, Call 08/1/2022		1,528,291
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		600,957
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026¹		540,684
				3,705,696
		KENTUCKY — 1.0%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		220,468
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,179,095
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,468,243
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		846,252
		Kentucky Public Energy Authority
	2,600,000	4.00%, 01/1/2049, Call 10/1/2024¹		2,698,021
	1,950,000	4.00%, 12/1/2049, Call 03/1/2025¹		2,021,428
	1,365,000	Louisville/Jefferson County Metropolitan Government, 5.00%, 05/15/2047, Call 05/15/2032		1,518,381
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,117,878
				11,069,766
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,190,734
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,702,094

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
$	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027	$	1,344,099
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,125,158
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		519,121
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,075,290
	885,000	6.50%, 07/1/2036, Call 07/1/2023^{3 4}		910,929
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,524,178
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		579,032
	1,500,000	5.00%, 01/1/2048, Call 01/1/2027³		1,614,119
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028³		1,404,304
		State of Louisiana
	1,200,000	5.00%, 09/1/2031, Call 09/1/2030		1,429,281
	1,000,000	4.00%, 09/1/2032, Call 09/1/2026		1,063,802
				15,482,141
		MAINE — 0.6%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,119,321
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,803,188
	700,000	5.00%, 07/1/2035, Call 07/1/2027		781,567
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		551,980
	500,000	4.00%, 07/1/2039, Call 07/1/2031		548,739
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,726,462
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 05/6/2022³		500,251
				7,031,508

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND — 1.4%
		City of Baltimore
$	2,500,000	5.00%, 07/1/2036, Call 01/1/2027	$	2,787,236
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,508,260
	1,330,000	County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026		1,478,967
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,674,238
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029³		1,099,902
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,812,948
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,077,447
	500,000	5.00%, 07/1/2045, Call 07/1/2025		536,631
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,236,423
	340,000	5.00%, 05/1/2047, Call 05/1/2028		394,333
				15,606,385
		MASSACHUSETTS — 0.9%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		123,652
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,614,035
		Massachusetts Development Finance Agency
	2,000,000	5.00%, 07/1/2038¹		2,114,591
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,042,038
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/2028³		1,125,371
	200,000	4.25%, 07/1/2046, Call 07/1/2026³		203,996
	3,000,000	Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025		3,265,591
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,122,389
				10,611,663

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN — 2.7%
$	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024	$	527,521
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		727,148
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,107,846
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		276,452
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 05/6/2022		246,133
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,591,629
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,208,020
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,682,315
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,080,377
	500,000	5.00%, 07/1/2035, Call 07/1/2025		539,701
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,466,291
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,030,591
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,099,859
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,559,734
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,530,135
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,060,822
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,295,112
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/2047¹		2,009,922
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/6/2022		250,205
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 05/6/2022		500,160
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/2025³		2,166,343
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,667,237
				30,623,553
		MINNESOTA — 0.4%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		264,385
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027⁴		73,329

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
$	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025^{1 4}	$	1,769,503
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,102,303
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,416,459
				4,625,979
		MISSISSIPPI — 0.0%⁶
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/2036^{1 3 4}		503,029

		MISSOURI — 0.7%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		76,849
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		692,962
	685,000	5.00%, 01/1/2032, Call 01/1/2028		790,031
	350,000	5.00%, 01/1/2034, Call 01/1/2028		402,125
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		709,080
	445,000	5.00%, 10/1/2047, Call 10/1/2027		489,755
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,136,430
	350,000	4.00%, 11/15/2049, Call 11/15/2027		365,843
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/2029³		1,089,066
	1,020,000	5.00%, 03/1/2039, Call 03/1/2029³		1,130,600
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,521,545
				8,404,286
		NEBRASKA — 0.4%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		1,901,282
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,535,043

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEBRASKA (Continued)
$	250,000	5.25%, 09/1/2037, Call 09/1/2022	$	253,757
				4,690,082
		NEVADA — 1.5%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		262,839
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		950,985
		County of Clark
	500,000	2.10%, 06/1/2031		446,865
	2,520,000	5.00%, 06/1/2043, Call 06/1/2028		2,855,351
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		5,744,462
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,053,759
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,125,753
		Las Vegas Valley Water District
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,171,852
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,199,498
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025⁴		627,572
				17,438,936
		NEW HAMPSHIRE — 0.3%
	485,518	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		518,739
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,233,465
	215,000	5.00%, 08/1/2037, Call 02/1/2028		245,946
	1,000,000	5.00%, 07/1/2041, Call 01/1/2028		1,129,708
				3,127,858
		NEW JERSEY — 2.9%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		4,586,385
		New Jersey Economic Development Authority
	325,000	5.13%, 09/15/2023, Call 08/20/2022³		331,632
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,540,941
	890,000	3.13%, 07/1/2029, Call 07/1/2027		891,309
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,004,831
	100,000	5.00%, 07/15/2032, Call 07/15/2027		108,728

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	500,000	5.00%, 07/1/2033, Call 07/1/2027	$	546,873
	280,000	6.00%, 10/1/2034, Call 10/1/2024⁴		291,872
	880,000	5.00%, 06/15/2036, Call 12/15/2026		963,770
	350,000	6.30%, 10/1/2049, Call 10/1/2024⁴		363,855
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,056,593
		New Jersey Health Care Facilities Financing Authority
	500,000	5.75%, 07/1/2037, Call 05/6/2022		501,162
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,262,468
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/2028³		562,058
	855,000	4.25%, 12/1/2047, Call 12/1/2026³		864,476
	3,915,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/2024³		3,949,104
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,348,712
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,053,314
	530,000	4.00%, 06/15/2036, Call 06/15/2031		552,821
	500,000	5.00%, 06/15/2040, Call 12/15/2030		558,532
	500,000	4.00%, 06/15/2042, Call 06/15/2032		510,969
	835,000	4.00%, 06/15/2042, Call 12/15/2031		857,112
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,228,462
	805,000	5.00%, 06/15/2044, Call 06/15/2024		847,728
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028³		1,081,352
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,777,844
	1,990,000	Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 05/6/2022³		1,996,395
				32,639,298

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW MEXICO — 0.2%
$	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023	$	818,748
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,030,191
				1,848,939
		NEW YORK — 6.4%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		455,765
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,127,034
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,110,532
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,242,703
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,064,197
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,078,682
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		887,669
	2,000,000	Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028		2,209,611
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		686,360
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,291,171
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,500,000	4.00%, 11/1/2037, Call 05/1/2031		1,599,728
	1,250,000	4.00%, 11/1/2038, Call 05/1/2031		1,330,874
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		1,045,466
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,702,841
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,113,978
	2,025,000	5.00%, 06/15/2048, Call 12/15/2027		2,295,740

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	730,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035	$	764,702
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,228,185
	2,000,000	5.38%, 11/15/2040, Call 11/15/2024⁴		2,124,714
	730,000	3.00%, 02/15/2042, Call 02/15/2030		659,732
	1,000,000	5.00%, 11/15/2044, Call 11/15/2024⁴		1,047,576
	1,500,000	7.25%, 11/15/2044, Call 11/15/2024⁴		1,589,919
		New York State Dormitory Authority
	5,000,000	4.00%, 02/15/2039, Call 02/15/2030		5,295,495
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		931,402
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,137,301
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,066,650
	500,000	4.00%, 07/1/2048, Call 07/1/2031		524,637
		New York State Urban Development Corp.
	1,500,000	4.00%, 03/15/2043, Call 03/15/2030		1,570,332
	2,000,000	4.00%, 03/15/2046, Call 03/15/2030		2,082,553
		New York Transportation Development Corp.
	3,000,000	5.00%, 10/1/2035, Call 10/1/2030³		3,363,083
	1,000,000	5.25%, 01/1/2050, Call 07/1/2024³		1,046,553
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		251,759
	500,000	5.00%, 07/1/2045, Call 07/1/2025		533,259
		Port Authority of New York & New Jersey
	1,000,000	4.00%, 07/15/2040, Call 07/15/2030³		1,035,139
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,914,766
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,628,800
	3,405,000	5.00%, 11/15/2049, Call 11/15/2030		3,895,014

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	4,000,000	5.00%, 05/15/2051, Call 05/15/2031	$	4,582,313
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		1,005,145
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		795,019
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		875,440
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		302,747
				72,494,586
		NORTH CAROLINA — 0.2%
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 12/1/2022		2,041,389
	715,000	4.00%, 09/1/2046, Call 09/1/2028		735,332
				2,776,721
		NORTH DAKOTA — 0.3%
	1,000,000	City of Grand Forks, 4.00%, 12/1/2036, Call 12/1/2031		1,047,630
	600,000	County of Burleigh, 4.38%, 04/15/2026		606,688
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,174,326
				3,828,644
		OHIO — 1.6%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,041,393
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		975,077
	830,000	City of Akron, 5.00%, 12/1/2026		877,029
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		1,076,903
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		757,011
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,261,353
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		2,290,625

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OHIO (Continued)
$	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025	$	519,517
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,585,945
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,033,757
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,683,827
	750,000	Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/2033¹		751,951
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,016,040
				17,870,428
		OKLAHOMA — 0.6%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,011,062
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,107,977
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,110,516
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028³		1,099,662
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,083,862
				6,413,079
		OREGON — 0.4%
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		1,051,111
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,080,750
	45,000	5.00%, 10/1/2046, Call 10/1/2026		50,386
	720,000	5.00%, 10/1/2046, Call 10/1/2026		783,480
		Port of Portland Airport Revenue
	450,000	4.00%, 07/1/2040, Call 07/1/2030		478,675
	1,000,000	5.00%, 07/1/2044, Call 07/1/2029³		1,110,787
				4,555,189

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA — 3.2%
$	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027	$	327,661
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		98,427
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		281,331
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		105,519
	780,000	5.38%, 10/15/2042, Call 10/15/2022		788,763
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030³		1,036,446
	105,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		106,337
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,039,713
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,116,702
	2,180,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,373,774
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		400,489
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		283,932
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,011,114
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		739,400
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,105,223
	400,000	5.00%, 11/15/2029, Call 05/15/2022		401,899
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,608,313

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
		Pennsylvania Economic Development Financing Authority
$	250,000	6.40%, 12/1/2038, Call 09/1/2025	$	171,467
	300,000	10.00%, 12/1/2040, Call 06/1/2030⁴		300,415
	300,000	10.00%, 12/1/2040, Call 06/1/2030^{3 4}		300,415
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		1,049,285
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,146,770
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,069,306
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,241,371
	500,000	5.00%, 12/1/2041, Call 06/1/2026		552,794
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,271,553
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		1,044,156
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,119,571
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		886,995
	500,000	8.00%, 01/1/2033, Call 01/1/2023		523,403
	500,000	6.88%, 06/15/2033, Call 06/15/2023		524,646
	850,000	4.00%, 11/1/2037, Call 11/1/2029		908,289
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,025,164
	155,000	Quakertown General Authority, 4.00%, 07/1/2022		155,129
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,620
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,097,177
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,019,090
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,373,182
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,210,062
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028³		300,927

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026	$	549,832
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		520,729
				36,192,391
		PUERTO RICO — 0.4%
		Commonwealth of Puerto Rico
	62,039	5.25%, 07/1/2023		63,567
	28,574	0.00%, 07/1/2024		26,091
	61,865	5.38%, 07/1/2025		65,329
	61,305	5.63%, 07/1/2027		67,030
	60,310	5.63%, 07/1/2029		67,379
	58,579	5.75%, 07/1/2031		66,868
	55,548	4.00%, 07/1/2033, Call 07/1/2031		54,373
	71,485	0.00%, 07/1/2033, Call 07/1/2031		41,395
	49,930	4.00%, 07/1/2035, Call 07/1/2031		48,329
	42,853	4.00%, 07/1/2037, Call 07/1/2031		41,285
	58,264	4.00%, 07/1/2041, Call 07/1/2031		55,548
	277,359	0.00%, 11/1/2043¹		149,427
	60,594	4.00%, 07/1/2046, Call 07/1/2031		57,259
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 07/1/2022⁵		1,915,000
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		1,598,549
				4,317,429
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,666,807
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,058,867
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		648,923
				3,374,597
		SOUTH CAROLINA — 1.3%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,029,104

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026	$	2,188,742
	1,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/2023¹		1,545,059
		South Carolina Jobs-Economic Development Authority
	500,000	0.00%, 02/1/2035, Call 02/1/2023^{3 4 5}		200,000
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,130,231
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028³		2,213,619
		South Carolina Public Service Authority
	1,335,000	4.00%, 12/1/2042, Call 12/1/2031		1,416,022
	730,000	5.00%, 12/1/2055, Call 06/1/2025		783,053
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,107,227
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,370,003
				14,983,060
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,333,872

		TENNESSEE — 0.8%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,303,033
	2,000,000	Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022		2,023,611
		Knox County Health Educational & Housing Facility Board
	365,000	0.00%, 05/1/2025, Call 11/1/2024^{4 5}		171,550
	45,000	0.00%, 05/1/2034⁵		21,150
	1,500,000	Tennergy Corp., 4.00%, 12/1/2051, Call 06/1/2028¹		1,591,360
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,122,834
	1,000,000	4.00%, 05/1/2048, Call 02/1/2023¹		1,017,352
	1,500,000	4.00%, 11/1/2049, Call 08/1/2025¹		1,550,384
				8,801,274

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS — 7.3%
$	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027	$	86,960
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		338,034
		Central Texas Regional Mobility Authority
	1,000,000	5.00%, 01/1/2036, Call 01/1/2031		1,161,699
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,214,609
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,246,201
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/2026³		1,102,264
	2,250,000	5.00%, 11/15/2044, Call 11/15/2024³		2,374,231
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,113,175
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		262,924
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,067,035
		City of Houston Airport System Revenue
	700,000	4.75%, 07/1/2024³		720,247
	750,000	5.00%, 07/15/2035, Call 07/15/2025³		789,595
	1,085,000	City of Houston Combined Utility System Revenue, 4.00%, 11/15/2041, Call 11/15/2031		1,181,062
	1,500,000	City of Houston TX Airport System Revenue, 4.00%, 07/15/2041, Call 07/15/2029³		1,463,483
	1,400,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/2022⁴		1,469,132
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		851,668
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		504,968
	100,000	4.40%, 12/1/2047, Call 12/1/2022		100,557
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,538,620
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		5,838,611

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023	$	1,060,404
	280,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		296,711
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,181,787
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,130,372
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,165,062
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,228,364
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,257,631
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		483,144
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 04/26/2022^{3 4}		525,510
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		632,621
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,059,228
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,160,563
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		423,260
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,581,625
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,474,950
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		836,464
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,140,161
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 05/6/2022⁵		625,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		330,795

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025	$	1,875,587
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,201,014
	2,515,000	5.00%, 10/1/2036, Call 10/1/2025		2,756,188
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,033,373
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,073,610
	1,430,000	5.00%, 07/1/2043, Call 01/1/2029		1,601,143
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,679,984
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		608,306
	1,670,000	6.25%, 12/15/2026		1,832,826
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		518,466
	1,110,000	5.00%, 12/31/2040, Call 12/31/2025³		1,188,101
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,397,503
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		513,160
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,623,933
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,199,896
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,678,376
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		5,737,672
		Town of Westlake
	225,000	5.50%, 09/1/2025		226,073
	200,000	6.13%, 09/1/2035, Call 09/1/2025		199,534
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,282,391
				83,245,863

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		UTAH — 0.2%
$	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028³	$	1,107,088
		Utah Charter School Finance Authority
	1,000,000	4.50%, 07/15/2027⁴		1,013,867
	500,000	5.38%, 06/15/2048, Call 06/15/2027⁴		523,104
				2,644,059
		VIRGINIA — 1.4%
	715,000	Celebrate North Community Development Authority, 0.00%, 03/1/2018⁵		464,750
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,077,707
	530,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 05/6/2022^{3 4}		531,265
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,294,584
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,146,376
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,155,510
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,672,087
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/2032³		2,299,041
	500,000	4.00%, 01/1/2039, Call 01/1/2032³		516,481
	775,000	4.00%, 07/1/2039, Call 01/1/2032³		800,545
	500,000	4.00%, 01/1/2040, Call 01/1/2032³		515,593
	130,000	5.50%, 01/1/2042, Call 07/1/2022³		131,107
	500,000	5.00%, 12/31/2047, Call 12/31/2032³		558,572
	1,750,000	5.00%, 12/31/2052, Call 06/30/2027³		1,939,016
				16,102,634

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON — 3.2%
$	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028	$	2,185,999
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,616,851
	705,000	King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025		717,592
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,416,613
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,338,504
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,662,589
	65,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		74,854
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/2029³		1,681,039
	2,000,000	5.00%, 08/1/2046, Call 08/1/2031³		2,263,599
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,990,464
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,076,769
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,643,276
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,103,498
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,891,081
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,980,025
	1,515,000	5.00%, 02/1/2044, Call 02/1/2032		1,818,416
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,734,166
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 04/21/2022		195,288
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		553,837
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,946,168
	500,000	5.00%, 08/1/2038, Call 08/1/2029		566,933
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		1,057,870
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		1,250,211

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028	$	1,106,472
				35,872,114
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027⁴		1,074,537
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,153,458
				2,227,995
		WISCONSIN — 1.2%
		Public Finance Authority
	170,000	5.00%, 07/1/2022³		171,016
	780,000	4.00%, 07/1/2027, Call 07/1/2024		799,786
	500,000	5.75%, 02/1/2035, Call 02/1/2025		507,228
	535,000	5.00%, 07/1/2037, Call 07/1/2024		558,104
	1,000,000	6.50%, 12/1/2037, Call 12/1/2027⁴		991,177
	500,000	5.00%, 06/15/2039, Call 06/15/2026⁴		508,476
	500,000	5.00%, 02/1/2042, Call 02/1/2032		535,430
	500,000	5.75%, 04/1/2042		500,000
	1,000,000	5.00%, 07/1/2042, Call 07/1/2022³		1,004,823
	165,000	6.00%, 07/15/2042, Call 07/15/2022		166,089
	450,000	5.50%, 03/1/2045, Call 03/1/2025⁴		474,713
	1,000,000	5.63%, 07/1/2045, Call 07/1/2025⁴		1,043,313
	390,000	4.00%, 07/1/2046, Call 01/1/2031		394,792
	345,000	6.38%, 01/1/2048, Call 01/1/2028⁴		212,175
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/2046^{4 5}		190
	7,085	0.00%, 01/1/2047^{4 5}		178
	7,034	0.00%, 01/1/2048^{4 5}		171
	6,984	0.00%, 01/1/2049^{4 5}		164
	6,882	0.00%, 01/1/2050^{4 5}		153
	7,540	0.00%, 01/1/2051^{4 5}		162
	194,116	0.00%, 07/1/2051^{4 5}		106,946
	7,490	0.00%, 01/1/2052^{4 5}		153
	7,388	0.00%, 01/1/2053^{4 5}		146
	7,338	0.00%, 01/1/2054^{4 5}		139
	7,237	0.00%, 01/1/2055^{4 5}		133
	7,135	0.00%, 01/1/2056^{4 5}		127
	7,085	0.00%, 01/1/2057^{4 5}		121

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,984	0.00%, 01/1/2058^{4 5}	$	115
	6,933	0.00%, 01/1/2059^{4 5}		111
	6,882	0.00%, 01/1/2060^{4 5}		105
	6,781	0.00%, 01/1/2061^{4 5}		99
	6,730	0.00%, 01/1/2062^{4 5}		95
	6,629	0.00%, 01/1/2063^{4 5}		90
	6,579	0.00%, 01/1/2064^{4 5}		87
	6,528	0.00%, 01/1/2065^{4 5}		82
	6,427	0.00%, 01/1/2066^{4 5}		76
	83,706	0.00%, 01/1/2067^{4 5}		914
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,450,852
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,139,718
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,364,472
				13,932,721
		TOTAL MUNICIPAL BONDS
		(Cost $894,240,792)		902,166,460

		COMMON STOCK — 0.2%
	32,339	Energy Harbor Corp.*		1,959,743

		TOTAL COMMON STOCK
		(Cost $965,130)		1,959,743

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.7%
	18,027	BlackRock Long-Term Municipal Advantage Trust	211,276
	53,753	BlackRock MuniVest Fund, Inc.	438,625
	31,817	BlackRock MuniYield Quality Fund, Inc.	438,756
	72,299	BNY Mellon Municipal Income, Inc.	548,749
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	900,937
	30,359	BNY Mellon Strategic Municipals, Inc.	218,281
	15,444	DTF Tax-Free Income, Inc.	200,618
	87,593	DWS Municipal Income Trust	911,843

Number of Shares			Value
		MUNICIPAL BONDS (Continued)
		CLOSED-END MUTUAL FUNDS (Continued)
	17,462	Invesco Advantage Municipal Income Trust II	$	182,653
	17,008	Invesco Municipal Opportunity Trust		194,742
	23,118	Invesco Municipal Trust		266,088
	11,819	Invesco Trust for Investment Grade Municipals		137,337
	8,572	Neuberger Berman Municipal Fund, Inc.		113,836
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		365,519
	123,034	Pioneer Municipal High Income Fund, Inc.		1,291,857
	108,960	Western Asset Managed Municipals Fund, Inc.		1,266,115
	8,866	Western Asset Municipal Partners Fund, Inc.		119,425

		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,139,084)		7,806,657

		OPEN-END MUTUAL FUND — 1.2%
	954,258	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		13,197,386

		TOTAL OPEN-END MUTUAL FUND
		(Cost $13,237,568)		13,197,386

		PRIVATE FUNDS⁷ — 10.3%
		MacKay Municipal Credit Opportunities Fund, LP* ⁸		28,219,036
		MacKay Municipal Opportunities Fund, LP* ⁹		89,602,376

		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		117,821,412

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Number of Shares			Value
		SHORT-TERM INVESTMENT — 4.7%
	53,431,325	JPMorgan Prime Money Market Fund - Institutional Shares, 0.29%¹⁰	$	53,442,011

		TOTAL SHORT-TERM INVESTMENT
		(Cost $53,445,171)		53,442,011

		TOTAL INVESTMENTS — 96.2%
		(Cost $1,065,685,581)		1,096,393,669
		Other assets less liabilities — 3.8%		43,699,733

		TOTAL NET ASSETS — 100.0%	$	1,140,093,402

*	Non-income producing security.

¹	Variable rate security.

²	Floating rate security.

³	Alternative Minimum Tax eligible security.

⁴	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.

⁵	Security is in default and non-income producing.

⁶	Rounds to less than 0.05%.

⁷	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁸	The investment was acquired on 3/1/2016. The cost is $19,752,111.

⁹	The investment was acquired on 3/1/2016. The cost is $74,905,725.

¹⁰	The rate is the annualized seven-day yield at period end.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AGM-CR — Assured Guaranty Municipal Custodial Receipts

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

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

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2022

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 60.9%
		ALTERNATIVE DIVERSIFIERS — 13.3%
	7,278,664	BlackRock Event Driven Equity Fund - Institutional Shares	$	72,277,132
	7,635,559	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		75,515,675
	2,825,535	GMO Equity Dislocation Investment Fund – Class A* ¹		57,104,064
				204,896,871
		CORE/ALTERNATIVE DIVERSIFIERS — 47.6%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV		367,213,899
	1,041,050	GMO Global Asset Allocation Fund - Class III		33,469,768
	16,240,805	JPMorgan Global Allocation Fund - Class R6		330,500,383
				731,184,050
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $927,357,975)		936,080,921

		EXCHANGE-TRADED FUND — 15.6%
		REAL ASSET — 15.6%
	6,526,337	iShares Gold Trust*		240,364,992

		TOTAL EXCHANGE-TRADED FUND
		(Cost $218,493,837)		240,364,992

		PRIVATE FUNDS² — 19.0%
		ALTERNATIVE DIVERSIFIERS — 12.9%
		Elliott Associates, LP - Class C* ³		30,038,746
		Millennium International, Ltd. - Class GG* ⁴		40,446,739
		Millennium International, Ltd. - Sub-Class GG-C* ⁵		50,472,619
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* ⁶		77,873,422
				198,831,526
		CORE DIVERSIFIER — 6.1%
		All Weather Portfolio Limited* ⁷		92,955,895
				92,955,895
		TOTAL PRIVATE FUNDS
		(Cost $241,122,663)		291,787,421

Number of Shares			Value
		SHORT-TERM INVESTMENT — 4.1%
	62,615,903	JPMorgan Prime Money Market Fund - Institutional Shares, 0.29%⁸	$	62,628,426

		TOTAL SHORT-TERM INVESTMENT
		(Cost $62,622,127)		62,628,426

		TOTAL INVESTMENTS — 99.6%
		(Cost $1,449,596,602)		1,530,861,760
		Other assets less liabilities — 0.4%		5,521,376

		TOTAL NET ASSETS — 100.0%	$	1,536,383,136

*	Non-income producing security.

¹	Domiciled in Ireland.

²	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

³	The investment was acquired on 1/2/2020. The cost is $26,962,800.

⁴	The investment was acquired on 1/4/2021. The cost is $28,404,075.

⁵	The investment was acquired on 10/1/2020. The cost is $44,845,178.

⁶	The investment was acquired on 2/26/2018. The cost is $69,500,708. Moderately liquid investment. For redemption terms, please refer to Note 2, Fair Value Measurements and Disclosures, in the Notes to Financial Statements.

⁷	The investment was acquired on 5/1/2018. The cost is $71,409,902.

⁸	The rate is the annualized seven-day yield at period end.

LP — Limited Partnership

Ltd. — Limited

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Schedule of Investments

As of March 31, 2022

Number of Shares			Value
		COMMON STOCKS — 21.5%
		AUSTRALIA — 0.1%
	100,733	Goodman Group - REIT	$	1,712,110
	1,818	Newcrest Mining Ltd.		36,737
				1,748,847
		AUSTRIA — 0.1%
	50,213	Erste Group Bank A.G.		1,831,093

		BELGIUM — 0.1%
	4,782	Colruyt S.A.		197,948
	11,339	UCB S.A.		1,356,110
				1,554,058
		BERMUDA — 0.2%
	34,077	Arch Capital Group Ltd.*		1,650,008
	2,589	Everest Re Group Ltd.		780,273
	106,265	Hongkong Land Holdings Ltd.		519,200
	7,321	RenaissanceRe Holdings Ltd.		1,160,452
				4,109,933
		BRAZIL — 0.0%¹
	46,121	Telefonica Brasil S.A. - ADR²		518,861

		CANADA — 0.5%
	4,984	Agnico Eagle Mines Ltd.²		305,220
	10,151	Bank of Nova Scotia		728,030
	36,342	Brookfield Asset Management, Inc. - Class A		2,054,676
	21,616	Franco-Nevada Corp.		3,448,184
	18,738	Royal Bank of Canada		2,063,031
	4,459	Toronto-Dominion Bank		354,134
				8,953,275
		CAYMAN ISLANDS — 0.2%
	114,423	ENN Energy Holdings Ltd.		1,709,014
	164,500	Kingboard Holdings Ltd.		793,407
				2,502,421
		CHILE — 0.0%¹
	42,388	Enel Americas S.A. - ADR²		253,056

		CHINA — 0.3%
	29,831	China Construction Bank Corp. - ADR		442,990
	175,500	China Merchants Bank Co., Ltd. - Class H		1,366,167
	881,000	China Shenhua Energy Co., Ltd.		2,804,399

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHINA (Continued)
	1,506,000	Industrial & Commercial Bank of China Ltd. - Class H	$	923,257
	43,200	Legend Holdings Corp. - Class H³		53,977
				5,590,790
		CURACAO — 0.1%
	43,093	Schlumberger Ltd.		1,780,172

		DENMARK — 0.5%
	9,221	Coloplast A/S - Class B		1,396,414
	5,130	Demant A/S*		232,158
	9,020	DSV PANALPINA A/S		1,728,734
	35,408	Novo Nordisk A/S - ADR		3,932,058
	1,949	Novozymes A/S		133,632
	7,059	Pandora A/S		672,471
				8,095,467
		FRANCE — 0.6%
	8,120	Capgemini S.E.		1,801,853
	18,103	Cie Generale des Etablissements Michelin		2,453,239
	605	Hermes International		856,285
	4,598	L’Oreal S.A.		1,836,650
	255	Pernod Ricard S.A.		56,026
	28,279	Publicis Groupe S.A.		1,716,356
	11,055	Schneider Electric S.E.		1,856,028
				10,576,437
		GERMANY — 0.2%
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,288,577
	16,904	Siemens A.G.		2,340,652
				3,629,229
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.		3,641,985

		HONG KONG — 0.2%
	382,000	China Merchants Port Holdings Co., Ltd.		687,976
	142,000	Henderson Land Development Co., Ltd.		589,445
	339,000	HKT Trust and HKT Ltd.⁴		464,822
	64,500	Power Assets Holdings Ltd.		420,350
	25,000	Sun Hung Kai Properties Ltd.		297,437
				2,460,030

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDIA — 0.3%
	16,368	Dr Reddy’s Laboratories Ltd. - ADR	$	912,189
	162,145	Infosys Ltd. - ADR²		4,035,789
				4,947,978
		IRELAND — 0.7%
	12,999	Accenture PLC - Class A		4,383,653
	8,954	Aon PLC - Class A		2,915,691
	6,900	ICON PLC*		1,678,218
	34,143	Johnson Controls International PLC		2,238,757
	763	Linde PLC		243,725
				11,460,044
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.²		469,779
	8,283	Nice Ltd. - ADR* ²		1,813,977
				2,283,756
		ITALY — 0.1%
	28,198	Moncler S.p.A.		1,564,479

		JAPAN — 1.1%
	1,400	Bandai Namco Holdings, Inc.		106,161
	18,500	Bridgestone Corp.		718,092
	14,700	Denso Corp.		937,862
	15,871	FUJIFILM Holdings Corp.		968,765
	1,700	Hamamatsu Photonics KK		90,292
	1,900	Hirose Electric Co., Ltd.		275,414
	10,000	Itochu Corp.		338,260
	2,800	Itochu Techno-Solutions Corp.		71,524
	23,408	Japan Post Bank Co., Ltd.		187,985
	91,787	KDDI Corp.		3,009,388
	200	Keyence Corp.		92,740
	3,800	Lawson, Inc.		145,464
	5,000	Makita Corp.		159,983
	14,878	Mitsubishi UFJ Financial Group, Inc.		91,963
	53,680	Mizuho Financial Group, Inc.		684,708
	138,000	Nippon Steel Corp.		2,434,962
	74,000	Nippon Telegraph & Telephone Corp.		2,149,989
	66,948	Nippon Telegraph & Telephone Corp. - ADR²		1,948,856
	5,800	Nissin Foods Holdings Co., Ltd.		406,668
	1,700	Nomura Research Institute Ltd.		55,466
	40,000	Sekisui House Ltd.		773,727
	500	Shimano, Inc.		114,504

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	34	Shin-Etsu Chemical Co., Ltd.	$	5,166
	44,000	Shizuoka Bank Ltd.		308,814
	23,700	Sumitomo Mitsui Financial Group, Inc.		748,645
	35,030	Toyota Motor Corp.		631,871
	14,500	Trend Micro, Inc.		846,773
	5,700	Tsuruha Holdings, Inc.		361,940
	23,574	Welcia Holdings Co., Ltd.		580,043
				19,246,025
		JERSEY — 0.1%
	131,435	WPP PLC		1,720,234

		LUXEMBOURG — 0.1%
	238,668	B&M European Value Retail S.A.		1,669,794

		NETHERLANDS — 0.5%
	17,237	Airbus S.E.*		2,079,963
	1,186	Ferrari N.V.		258,655
	111,896	Koninklijke Ahold Delhaize N.V.		3,599,192
	14,012	Koninklijke Ahold Delhaize N.V. - ADR		451,326
	16,697	Wolters Kluwer N.V.		1,780,008
				8,169,144
		NEW ZEALAND — 0.0%¹
	174,948	Spark New Zealand Ltd.		553,645

		NORWAY — 0.0%¹
	3,840	Yara International A.S.A.		192,033

		PHILIPPINES — 0.0%¹
	5,236	PLDT, Inc. - ADR		183,993

		SINGAPORE — 0.2%
	12,622	DBS Group Holdings Ltd.		330,724
	6,072	DBS Group Holdings Ltd. - ADR		633,067
	76,000	United Overseas Bank Ltd.		1,778,248
				2,742,039
		SOUTH KOREA — 0.1%
	11,178	POSCO - ADR²		662,520
	4,334	Woori Financial Group, Inc. - ADR		163,219
				825,739

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWEDEN — 0.0%¹
	5,731	Industrivarden A.B. - A Shares	$	162,536
	4,787	L E Lundbergforetagen A.B. - B Shares		242,952
				405,488
		SWITZERLAND — 1.1%
	880	Alcon, Inc.²		69,810
	16	Chocoladefabriken Lindt & Spruengli A.G.		190,431
	1,365	EMS-Chemie Holding A.G.		1,326,513
	6,065	Garmin Ltd.		719,370
	884	Kuehne + Nagel International A.G.		250,993
	19,955	Nestle S.A.		2,594,523
	7,504	Nestle S.A. - ADR		976,271
	24,309	Novartis A.G.		2,134,125
	4,401	Novartis A.G. - ADR		386,188
	194	Partners Group Holding A.G.		240,211
	7,618	Roche Holding A.G.		3,014,152
	14,816	Roche Holding A.G. - ADR		732,059
	6,279	Sonova Holding A.G.		2,622,979
	2,911	Swisscom A.G.²		1,748,947
	96,664	UBS Group A.G.		1,888,941
	227	Zurich Insurance Group A.G.		112,115
	2,010	Zurich Insurance Group A.G. - ADR		98,932
				19,106,560
		TAIWAN — 0.8%
	93,242	Chunghwa Telecom Co., Ltd. - ADR²		4,144,607
	51,000	MediaTek, Inc.		1,587,147
	12,000	Taiwan Semiconductor Manufacturing Co., Ltd.		246,162
	76,260	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		7,950,868
	66,650	United Microelectronics Corp. - ADR²		607,848
				14,536,632
		UNITED KINGDOM — 0.5%
	60,937	Anglo American PLC		3,166,432
	20,578	AstraZeneca PLC		2,728,911
	1	AstraZeneca PLC - ADR		66
	60,116	British American Tobacco PLC		2,524,705
	5,848	Burberry Group PLC		127,660
	51,795	J Sainsbury PLC		171,431
	5,302	RELX PLC		164,986
				8,884,191

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES — 12.5%
	1,533	Adobe, Inc.*	$	698,465
	7,272	Adtalem Global Education, Inc.* ²		216,051
	12,168	Aflac, Inc.		783,498
	796	Allstate Corp.		110,254
	2,379	Alphabet, Inc. - Class A*		6,616,832
	2,574	Alphabet, Inc. - Class C*		7,189,156
	2,316	Amazon.com, Inc.*		7,550,044
	540	AMERCO²		322,348
	7,842	American Electric Power Co., Inc.		782,396
	12,970	American Express Co.		2,425,390
	2,948	American National Group, Inc.		557,437
	11,822	Analog Devices, Inc.		1,952,758
	13,861	Anthem, Inc.		6,808,800
	78,283	Apple, Inc.		13,668,995
	36,239	Ares Management Corp. - Class A		2,943,694
	417	Atmos Energy Corp.²		49,827
	18,892	Avangrid, Inc.²		883,012
	6,902	Baxter International, Inc.		535,181
	711	Becton, Dickinson and Co.		189,126
	3,404	Berkshire Hathaway, Inc.*		1,201,306
	1,736	Bio-Rad Laboratories, Inc. - Class A*		977,767
	15,685	Blackstone Group, Inc. - Class A		1,991,054
	66,233	Brixmor Property Group, Inc. - REIT		1,709,474
	21,644	Builders FirstSource, Inc.*		1,396,904
	9,682	Cadence Bank		283,295
	17,662	CBRE Group, Inc. - Class A* ²		1,616,426
	10,450	CDW Corp.		1,869,401
	47,156	Cerner Corp.		4,411,915
	37,146	Charles Schwab Corp.		3,131,779
	2,871	Chemed Corp.		1,454,305
	5,174	Church & Dwight Co., Inc.		514,192
	56,026	Ciena Corp.*		3,396,856
	72,988	Cisco Systems, Inc.		4,069,811
	5,859	CNX Resources Corp.*		121,398
	2,337	Coca-Cola Co.		144,894
	22,420	Cognizant Technology Solutions Corp. - Class A		2,010,401
	3,107	Consolidated Edison, Inc.		294,171
	3,127	Constellation Energy Corp.		175,894
	2,941	Corteva, Inc.		169,049
	4,979	Costco Wholesale Corp.		2,867,157

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	8,095	Danaher Corp.	$	2,374,506
	24,020	Dolby Laboratories, Inc. - Class A		1,878,844
	883	DT Midstream, Inc.²		47,912
	1,766	DTE Energy Co.		233,483
	2,136	Duke Energy Corp.		238,506
	20,091	Eli Lilly & Co.		5,753,460
	9,381	Exelon Corp.		446,817
	4,786	Expeditors International of Washington, Inc.		493,724
	5,145	First Financial Bankshares, Inc.²		226,997
	2,407	First Financial Corp.		104,175
	22,256	Flowers Foods, Inc.		572,202
	7,350	Gartner, Inc.*		2,186,331
	1,395	Hanover Insurance Group, Inc.		208,580
	7,975	HCA Healthcare, Inc.		1,998,695
	2,212	Home Depot, Inc.		662,118
	65,497	Hormel Foods Corp.		3,375,715
	6,595	Humana, Inc.		2,869,946
	76,191	Intel Corp.		3,776,026
	327	Intuit, Inc.		157,235
	21,650	JM Smucker Co.		2,931,627
	24,815	Johnson & Johnson		4,397,962
	5,122	Juniper Networks, Inc.		190,334
	11,342	Knight-Swift Transportation Holdings, Inc.		572,317
	16,071	Kroger Co.		921,993
	6,649	L3Harris Technologies, Inc.		1,652,077
	6,463	Lancaster Colony Corp.		963,956
	9,155	Lowe’s Cos., Inc.		1,851,049
	15,674	LPL Financial Holdings, Inc.		2,863,326
	6,853	Mastercard, Inc. - Class A		2,449,125
	842	McCormick & Co., Inc.		84,032
	7,071	McDonald’s Corp.		1,748,517
	8,947	Merck & Co., Inc.		734,101
	9,673	Meta Platforms, Inc. - Class A*		2,150,888
	49,473	Microsoft Corp.		15,253,021
	375	Monster Beverage Corp.*		29,963
	1,078	Morningstar, Inc.		294,477
	2,858	Motorola Solutions, Inc.		692,208
	20,610	NetApp, Inc.		1,710,630
	345	Netflix, Inc.*		129,234
	20,836	Newmont Corp.		1,655,420

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	844	NextEra Energy, Inc.	$	71,495
	1,378	NIKE, Inc. - Class B		185,424
	3,604	NVIDIA Corp.		983,387
	38	NVR, Inc.*		169,756
	1,256	Old Dominion Freight Line, Inc.		375,142
	19,224	Omnicom Group, Inc.		1,631,733
	318	ONE Gas, Inc.		28,060
	4,001	Palo Alto Networks, Inc.* ²		2,490,663
	6,841	PepsiCo, Inc.		1,145,047
	106,356	Pfizer, Inc.		5,506,050
	20,704	Philip Morris International, Inc.		1,944,934
	11,943	Procter & Gamble Co.		1,824,890
	26,347	Progressive Corp.		3,003,295
	28,827	Public Service Enterprise Group, Inc.		2,017,890
	1,306	Public Storage - REIT		509,706
	15,847	Raymond James Financial, Inc.		1,741,744
	10,706	Republic Services, Inc.		1,418,545
	2,143	ResMed, Inc.		519,699
	3,545	Royal Gold, Inc.		500,838
	8,402	S&P Global, Inc.		3,446,332
	1,024	salesforce.com, Inc.*		217,416
	56,993	Schneider National, Inc. - Class B²		1,453,322
	509	Snowflake, Inc. - Class A*		116,627
	5,344	Stryker Corp.		1,428,718
	7,363	Synopsys, Inc.*		2,453,867
	3,226	Target Corp.		684,622
	1,641	Tesla, Inc.*		1,768,342
	1,869	Texas Instruments, Inc.		342,924
	10,664	TJX Cos., Inc.		646,025
	11,510	Tootsie Roll Industries, Inc.²		402,390
	3,505	Tradeweb Markets, Inc. - Class A		307,984
	31,419	Trustmark Corp.		954,823
	940	Tyler Technologies, Inc.*		418,197
	4,561	Ulta Beauty, Inc.*		1,816,281
	6,995	UnitedHealth Group, Inc.		3,567,240
	8,566	Vertex Pharmaceuticals, Inc.*		2,235,469
	4,836	Visa, Inc. - Class A²		1,072,480
	33,377	Walmart, Inc.		4,970,503
	1,237	Watsco, Inc.		376,840
	2,132	WEC Energy Group, Inc.		212,795
	13,903	Wells Fargo & Co.		673,739

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	34,736	Werner Enterprises, Inc.	$	1,424,176
				216,031,652
		TOTAL COMMON STOCKS
		(Cost $257,574,160)		371,769,080

		EXCHANGE-TRADED FUND — 9.5%
	1,569,951	iShares Edge MSCI Min Vol Global ETF²		164,562,264

		TOTAL EXCHANGE-TRADED FUND
		(Cost $132,405,270)		164,562,264

		OPEN-END MUTUAL FUNDS — 52.0%
	3,074,835	AQR Large Cap Defensive Style Fund - Class R6		92,245,056
	3,720,228	Baillie Gifford Emerging Markets Equities Fund - Class K		78,906,029
	4,879,608	GMO Emerging Markets Fund - Class VI		132,969,325
	4,024,377	GMO Equity Dislocation Investment Fund - Class A* ⁵		81,332,650
	18,080,183	GMO Quality Fund - Class VI^{6 7}		514,742,816

		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $794,991,364)		900,195,876

		PREFERRED STOCK — 0.0%¹
		GERMANY — 0.0%¹
	1,239	Porsche Automobil Holding S.E.		119,185

		TOTAL PREFERRED STOCK
		(Cost $56,592)		119,185

		PRIVATE FUNDS⁸ — 11.8%
		Bridgewater All Weather China, Ltd.⁹		69,910,097
		RIEF Strategic Partners Fund LLC¹⁰		134,427,234

		TOTAL PRIVATE FUNDS
		(Cost $186,362,244)		204,337,331

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 3.5%
		COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 0.3%
		Collateral Investments¹¹	$	4,037,872

		MONEY MARKET FUNDS — 3.2%
	55,677,045	JPMorgan Prime Money Market Fund - Institutional Shares, 0.29%¹²		55,688,180

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $59,707,116)		59,726,052

		TOTAL INVESTMENTS — 98.3%
		(Cost $1,431,096,746)		1,700,709,788
		Other assets less liabilities — 1.7%		29,286,685

		TOTAL NET ASSETS — 100.0%	$	1,729,996,473

*	Non-income producing security.

¹	Rounds to less than 0.05%.

²	Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $17,998,416.

³	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.

⁴	Comprised of securities in separate entities or units of stapled securities that must be traded together.

⁵	Domiciled in Ireland.

⁶	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.

⁷	Global equity fund.

⁸	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁹	The investment was acquired on 3/1/2021. The cost is $64,000,000.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2022

¹⁰	The investment was acquired on 7/1/2018. The cost is $122,362,244.

¹¹	Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

¹²	The rate is the annualized seven-day yield at period end.

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Assets and Liabilities

As of March 31, 2022

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund		Risk-Managed Equity Allocation Fund
ASSETS:
Investments, at value (cost $218,410,698, $1,065,685,581, $1,449,596,602 and $1,431,096,746, respectively)	$	205,660,053		$	1,096,393,669		$	1,530,861,760	$	1,700,709,788
Cash		—			1,000,000			248,093		313,642
Foreign currency, at value (cost $0, $0, $0 and $73,069, respectively)		—			—			—		45,703
Receivables:
Investments sold		—			38,000,000			5,047,708		32,000,000
Fund shares sold		100,970			768,675			549,895		324,970
Dividends and interest		718			12,104,362			8,864		1,130,698
Other receivables		—			—			—		34,868
Other prepaid expenses		30,289			21,292			51,253		25,283
Total assets		205,792,030			1,148,287,998			1,536,767,573		1,734,584,952

LIABILITIES:
Payables:
Investments purchased		—			7,649,548			—		—
Securities lending collateral		—			—			—		4,037,872
Fund shares redeemed		190,051			140,030			77,530		38,590
Due to Adviser		14,033			207,653			129,774		228,894
Accrued Trustees’ fees		13,719			13,719			13,719		13,719
Accrued fund administration fees		7,646			43,116			56,352		63,295
Accrued transfer agent fees and expenses		5,930			5,953			6,211		6,251
Accrued administrative servicing fees		5,258			29,279			12,814		57,347
Accrued fund accounting fees		3,416			53,840			52,702		68,327
Accrued custody fees		1,316			5,137			3,560		13,546
Accrued Chief Compliance Officer fees		1,250			1,250			1,250		1,250
Accrued other expenses		29,705			45,071			30,525		59,388
Total liabilities		272,324			8,194,596			384,437		4,588,479

NET ASSETS	$	205,519,706		$	1,140,093,402		$	1,536,383,136	$	1,729,996,473

NET ASSETS CONSIST OF:
Paid-in capital (unlimited shares authorized, no par value)	$	217,775,496		$	1,149,069,480		$	1,510,996,780	$	1,419,665,817
Total distributable earnings (losses)		(12,255,790	)		(8,976,078	)		25,386,356		310,330,656
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	205,519,706		$	1,140,093,402		$	1,536,383,136	$	1,729,996,473

SHARES ISSUED AND OUTSTANDING		22,178,493			116,812,476			145,659,508		118,659,314	^
NET ASSET VALUE PER SHARE	$	9.27		$	9.76		$	10.55	$	14.58	^

^{^}	Advisor Shares

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Operations

For the Year Ended March 31, 2022

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund			Risk-Managed Equity Allocation Fund
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $0, $0, $0 and $469,903, respectively)	$	5,955,348		$	666,462		$	22,858,219		$	25,610,076
Interest		2,989			31,076,099			56,742			54,926
Securities lending income		—			—			—			82,231
Total investment income		5,958,337			31,742,561			22,914,961			25,747,233

EXPENSES:
Advisory fees		532,018			3,246,002			1,536,081			4,254,394
Administrative services fees		212,806			1,202,205			1,536,081			1,772,659
Fund accounting fees		63,925			363,762			309,104			421,116
Trustees’ fees and expenses		62,000			62,000			62,000			62,000
Fund administration fees		48,048			271,517			346,691			400,086
Legal fees		38,154			39,638			33,084			46,209
Transfer agent fees and expenses		35,577			35,656			37,223			37,510
Registration fees		26,386			31,250			38,558			40,882
Audit and tax fees		31,529			54,200			32,115			70,558
Chief Compliance Officer fees		15,000			15,000			15,000			15,000
Insurance fees		14,360			14,360			14,360			14,360
Regulatory services		10,300			13,300			10,300			11,400
Custody fees		7,140			29,488			20,019			78,707
Shareholder reporting fees		4,972			5,473			7,552			8,215
Other expenses		9,853			12,346			12,038			23,842
Total expenses		1,112,068			5,396,197			4,010,206			7,256,938
Less: Advisory fees waived		(361,770	)		(721,314	)		—			(1,417,982	)
Less: Administrative services fees waived		(148,965	)		(841,548	)		(1,382,512	)		(1,063,582	)
Net expenses		601,333			3,833,335			2,627,694			4,775,374
Net investment income		5,357,004			27,909,226			20,287,267			20,971,859

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(272,643	)		4,166,769			24,151,668			14,133,137
Foreign currency translations		—			—			—			(137,431	)
Capital gain distributions		494,057			19,592			27,650,956			25,849,776
Total net realized gain		221,414			4,186,361			51,802,624			39,845,482
Net change in unrealized appreciation (depreciation) on:
Investments		(13,618,760	)		(65,816,057	)		(39,832,173	)		7,707,942
Foreign currency translations		—			—			—			(8,193	)
Total net change in unrealized appreciation (depreciation)		(13,618,760	)		(65,816,057	)		(39,832,173	)		7,699,749
Net realized and unrealized gain (loss)		(13,397,346	)		(61,629,696	)		11,970,451			47,545,231
Net Increase (Decrease) in Net Assets from Operations	$	(8,040,342	)	$	(33,720,470	)	$	32,257,718		$	68,517,090

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Changes in Net Assets

	Risk-Managed Taxable Bond Fund						Risk-Managed Municipal Bond Fund
	Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2022			Year Ended March 31, 2021
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	5,357,004		$	6,293,475		$	27,909,226		$	33,556,811
Net realized gain on investments		221,414			9,612,814			4,186,361			20,883,973
Net change in unrealized appreciation (depreciation) on investments		(13,618,760	)		(1,908,829	)		(65,816,057	)		42,852,596
Change in net assets resulting from operations		(8,040,342	)		13,997,460			(33,720,470	)		97,293,380

DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		(9,162,414	)		(12,279,710	)		(47,726,167	)		(46,555,374	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		45,883,783			64,384,129			207,867,955			165,650,016
Shares issued for reinvestment of distributions		8,614,057			11,394,860			45,845,037			44,977,690
Shares redeemed		(45,324,352	)		(140,692,021	)		(203,377,871	)		(580,871,821	)
Change in net assets resulting from capital stock transactions		9,173,488			(64,913,032	)		50,335,121			(370,244,115	)

Change in net assets	$	(8,029,268	)	$	(63,195,282	)	$	(31,111,516	)	$	(319,506,109	)

NET ASSETS:
Beginning of year		213,548,974			276,744,256			1,171,204,918			1,490,711,027
End of year	$	205,519,706		$	213,548,974		$	1,140,093,402		$	1,171,204,918

TRANSACTIONS IN SHARES:
Shares sold		4,613,028			6,182,109			19,863,338			16,097,863
Shares issued for reinvestment of distributions		874,914			1,099,460			4,444,489			4,333,526
Shares redeemed		(4,542,950	)		(13,369,599	)		(19,507,477	)		(55,852,517	)
Change in shares outstanding		944,992			(6,088,030	)		4,800,350			(35,421,128	)

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Defensive Allocation Fund						Risk-Managed Equity Allocation Fund
	Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2022			Year Ended March 31, 2021
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	20,287,267		$	18,517,124		$	20,971,859		$	18,352,623
Net realized gain on investments and foreign currency		51,802,624			1,816,998			39,845,482			28,101,621
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(39,832,173	)		203,666,111			7,699,749			288,475,697
Change in net assets resulting from operations		32,257,718			224,000,233			68,517,090			334,929,941

DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		(75,177,928	)		(31,640,932	)		(44,777,500	)		(24,948,283	)

RETURN OF CAPITAL TO SHAREHOLDERS
Change in net assets resulting from return of capital		(338,217	)		—			—			—

CAPITAL SHARE TRANSACTIONS:
Shares sold		340,832,806			279,246,834			204,504,235			444,644,622
Shares issued for reinvestment of distributions		71,404,357			29,917,024			41,614,717			23,222,461
Shares redeemed		(277,523,441	)		(273,802,913	)		(168,179,027	)		(197,373,488	)
Change in net assets resulting from capital stock transactions		134,713,722			35,360,945			77,939,925			270,493,595

Change in net assets	$	91,455,295		$	227,720,246		$	101,679,515		$	580,475,253

NET ASSETS:
Beginning of year		1,444,927,841			1,217,207,595			1,628,316,958			1,047,841,705
End of year	$	1,536,383,136		$	1,444,927,841		$	1,729,996,473		$	1,628,316,958

TRANSACTIONS IN SHARES^:
Shares sold		31,284,476			26,933,514			13,511,793			34,402,646
Shares issued for reinvestment of distributions		6,679,547			2,764,974			2,671,034			1,676,712
Shares redeemed		(25,227,304	)		(26,598,779	)		(11,012,680	)		(15,310,852	)
Change in shares outstanding		12,736,719			3,099,709			5,170,147			20,768,506

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

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Financial Highlights

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

	Year Ended March 31, 2022			Year Ended March 31, 2021			One Month Period Ended March 31, 2020¹			Year Ended February 29, 2020			Period Ended February 28, 2019²
Net asset value, beginning of period	$	10.06		$	10.13		$	10.53		$	9.99		$	10.00

Income from Investment Operations:
Net investment income		0.25			0.26			0.03			0.33			0.26
Net realized and unrealized gain (loss) on investments		(0.61	)		0.21			(0.35	)		0.56			(0.05	)
Total from investment operations		(0.36	)		0.47			(0.32	)		0.89			0.21

Less Distributions:
From net investment income		(0.22	)		(0.47	)		(0.08	)		(0.35	)		(0.22	)
From net realized gain		(0.21	)		(0.07	)		—			—			—
Total distributions		(0.43	)		(0.54	)		(0.08	)		(0.35	)		(0.22	)

Net assets value, end of period	$	9.27		$	10.06		$	10.13		$	10.53		$	9.99

Total return		(3.76	)%		4.58	%		(3.06	)%³		9.02	%		2.16	%³

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	205,520		$	213,549		$	276,744		$	300,398		$	206,356
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.52	%		0.50	%		0.58	%⁴		0.51	%		0.60	%⁴
Expense waiver		(0.24	)%		(0.24	)%		(0.24	)%⁴		(0.24	)%		(0.24	)%⁴
Total expenses after expense waiver		0.28	%		0.26	%		0.34	%⁴		0.27	%		0.36	%⁴
Net investment income		2.52	%		2.35	%		2.87	%⁴		3.33	%		3.46	%⁴
Portfolio turnover rate		24	%		20	%		5	%³		4	%		0	%³

¹	Effective March 1, 2020, the fiscal year end changed from February 28 to March 31.

²	Commenced operations as of the close of business on March 29, 2018.

³	Not annualized.

⁴	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

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

	Year Ended March 31, 2022			Year Ended March 31, 2021			One Month Period Ended March 31, 2020¹			Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018
Net asset value, beginning of period	$	10.46		$	10.11		$	10.68		$	10.07		$	10.03		$	10.00

Income from Investment Operations:
Net investment income		0.26			0.20			0.02			0.27			0.30			0.28
Net realized and unrealized gain (loss) on investments		(0.55	)		0.51			(0.50	)		0.70			0.06			0.05
Total from investment operations		(0.29	)		0.71			(0.48	)		0.97			0.36			0.33

Less Distributions:
From net investment income		(0.35	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)		(0.30	)
From net realized gain		(0.06	)		—			—			—			—			(0.00	)²
Total distributions		(0.41	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)		(0.30	)

Net assets value, end of period	$	9.76		$	10.46		$	10.11		$	10.68		$	10.07		$	10.03

Total return		(2.87	)%		7.10	%		(4.55	)%³		9.79	%		3.71	%		3.35	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,140,093		$	1,171,205		$	1,490,711		$	1,626,461		$	1,429,178		$	1,250,837
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.45	%		0.45	%		0.47	%⁴		0.45	%		0.46	%		0.46	%
Expense waiver		(0.13	)%		(0.13	)%		(0.13	)%⁴		(0.13	)%		(0.12	)%		(0.11	)%
Total expenses after expense waiver		0.32	%		0.32	%		0.34	%⁴		0.32	%		0.34	%		0.35	%
Net investment income		2.32	%		2.40	%		2.37	%⁴		2.55	%		2.96	%		2.80	%
Portfolio turnover rate		11	%		16	%		6	%³		24	%		16	%		28	%

¹	Effective March 1, 2020, the fiscal year end changed from February 28 to March 31.

²	Rounds to less than 0.005.

³	Not annualized.

⁴	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

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

	Year Ended March 31, 2022			Year Ended March 31, 2021			One Month Period Ended March 31, 2020¹			Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018
Net asset value, beginning of period	$	10.87		$	9.38		$	10.23		$	10.24		$	10.82		$	10.29

Income from Investment Operations:
Net investment income		0.21			0.15			0.00	²		0.22			0.21			0.15
Net realized and unrealized gain (loss) on investments		0.04			1.59			(0.85	)		0.17			(0.39	)		0.61
Total from investment operations		0.25			1.74			(0.85	)		0.39			(0.18	)		0.76

Less Distributions:
From net investment income		(0.57	)		(0.25	)		—			(0.40	)		(0.22	)		(0.16	)
From net realized gain		—			—			—			—			(0.18	)		(0.07	)
From return of capital		(0.00	)²		—			—			—			—			—
Total distributions		(0.57	)		(0.25	)		—			(0.40	)		(0.40	)		(0.23	)

Net assets value, end of period	$	10.55		$	10.87		$	9.38		$	10.23		$	10.24		$	10.82

Total return		2.27	%		18.52	%		(8.31	)%³		3.69	%		(1.46	)%		7.44	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,536,383		$	1,444,928		$	1,217,208		$	1,344,079		$	1,239,786		$	1,123,832
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.26	%		0.27	%		0.29	%⁴		0.27	%		0.28	%		0.30	%
Expense waiver		(0.09	)%		(0.09	)%		(0.09	)%⁴		(0.09	)%		(0.09	)%		(0.08	)%
Total expenses after expense waiver		0.17	%		0.18	%		0.20	%⁴		0.18	%		0.19	%		0.22	%
Net investment income		1.32	%		1.36	%		0.69	%⁴		2.13	%		1.88	%		1.63	%
Portfolio turnover rate		20	%		4	%		3	%³		10	%		29	%		37	%

¹	Effective March 1, 2020, the fiscal year end changed from February 28 to March 31.

²	Rounds to less than 0.005.

³	Not annualized.

⁴	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

FINANCIAL HIGHLIGHTS - ADVISOR SHARES

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

	Year Ended March 31, 2022			Year Ended March 31, 2021			One Month Period Ended March 31, 2020¹			Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018
Net asset value, beginning of period	$	14.35		$	11.30		$	12.58		$	13.02		$	13.27		$	11.77

Income from Investment Operations:
Net investment income		0.18			0.17			0.01			0.25			0.26			0.25
Net realized and unrealized gain (loss) on investments and foreign currency		0.44			3.11			(1.29	)		(0.05	)		0.08			1.61
Total from investment operations		0.62			3.28			(1.28	)		0.20			0.34			1.86

Less Distributions:
From net investment income		(0.37	)		(0.10	)		—			(0.30	)		(0.26	)		(0.29	)
From net realized gain		(0.02	)		(0.13	)		—			(0.34	)		(0.33	)		(0.07	)
Total distributions		(0.39	)		(0.23	)		—			(0.64	)		(0.59	)		(0.36	)

Net assets value, end of period	$	14.58		$	14.35		$	11.30		$	12.58		$	13.02		$	13.27

Total return		4.10	%		29.08	%		(10.17	)%²		1.17	%		2.83	%		15.80	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,729,996		$	1,628,317		$	1,047,842		$	1,147,049		$	1,136,369		$	1,039,849
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.41	%		0.42	%		0.48	%³		0.42	%		0.44	%		0.44	%
Expense waiver		(0.14	)%		(0.14	)%		(0.14	)%³		(0.13	)%		(0.14	)%		(0.16	)%
Total expenses after expense waiver		0.27	%		0.28	%		0.34	%³		0.29	%		0.30	%		0.28	%
Net investment income		1.18	%		1.34	%		1.38	%³		1.87	%		1.90	%		2.05	%
Portfolio turnover rate		24	%		47	%		3	%²		28	%		79	%		38	%

¹	Effective March 1, 2020, the fiscal year end changed from February 28 to March 31.

²	Not annualized.

³	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Notes to Financial Statements

March 31, 2022

1.	ORGANIZATION

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

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

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

The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in Underlying Funds and may, to a limited extent, invest in SMAs, which are private portfolios of securities for individual accounts. The

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

1.	ORGANIZATION (Continued)

Fund seeks to provide a return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures, including investments that focus on a specialized asset class (i.e., long-short strategies).

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

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

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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

(a)

Securities Valuations

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

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a)

Securities Valuations (Continued)

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

Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV.

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

The Board oversees the Trust’s Valuation Committee, whose actions are reported to the Board at least quarterly and more frequently, if appropriate.

(b)

Fair Value Measurements and Disclosures

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

●

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

●

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

●

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

The Trust measures the fair value of its investments in private funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV is adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	180,069,237	$	—	$	—	$	180,069,237
Opportunistic		20,140,792		—		—		20,140,792
Short-Term Investment		5,450,024		—		—		5,450,024
Total Investments	$	205,660,053	$	—	$	—	$	205,660,053

There were no transfers into or out of level 3 for the Taxable Bond Fund during the period ended March 31, 2022.

As of March 31, 2022, the Taxable Bond Fund had total unfunded commitment of $10,000,000 to the private fund.

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Municipal Bond Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Municipal Bonds	$	—	$	902,166,460	$	—	$	—	$	902,166,460
Common Stock		1,959,743		—		—		—		1,959,743
Closed-End Mutual Funds		7,806,657		—		—		—		7,806,657
Open-End Mutual Fund		13,197,386		—		—		—		13,197,386
Private Funds		—		—		—		117,821,412		117,821,412
Short-Term Investment		53,442,011		—		—		—		53,442,011
Total Investments	$	76,405,797	$	902,166,460	$	—	$	117,821,412	$	1,096,393,669

There were no transfers into or out of level 3 for the Municipal Bond Fund during the period ended March 31, 2022.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of March 31, 2022:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period (in
Days)

Redemption
Terms

Private Funds - Fixed Income Relative-Value ^(a)

117,821,412

N/A

Indefinite

Monthly - Quarterly

30 - 65

N/A - 25% investor level gate, if redemptions exceed 25% of total fund’s assets

117,821,412

N/A

^(a)

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of March 31, 2022:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
MacKay Municipal Opportunities Fund, LP	7.9%	Fixed Income Relative-Value	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Defensive Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Alternative Diversifiers	$	204,896,871	$	—	$	—	$	—	$	204,896,871
Core/Alternative Diversifiers		731,184,050		—		—		—		731,184,050
Exchange-Traded Fund:
Real Asset		240,364,992		—		—		—		240,364,992
Private Funds:
Alternative Diversifiers		—		—		—		198,831,526		198,831,526
Core Diversifier		—		—		—		92,955,895		92,955,895
Short-Term Investment		62,628,426		—		—		—		62,628,426
Total Investments	$	1,239,074,339	$	—	$	—	$	291,787,421	$	1,530,861,760

There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the period ended March 31, 2022.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of March 31, 2022:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period

Redemption
Terms

Private Funds –

Merger Arbitrage ^(a)

77,873,422

N/A

Indefinite

Daily

3 business days

N/A

Multi-Strategy ^(b)

120,958,104

20,205,200

Indefinite

Quarterly-Semi-annual

60-90 calendar days

1) 0%-20% fund-level gate.

2) 5%-12.5% investor-level gate per cycle.

3) Commitment lock-up of the earlier of ^(a) July 1, 2024 or ^(b) the date that is six months after the call date on which the commitment is fully drawn.

Risk Parity ^(c)

92,955,895

N/A

Indefinite

Monthly

5-10 business days

N/A

291,787,421

20,205,200

^(a)

This category includes the funds that primarily focus on definitive merger arbitrage opportunities and aim to capture idiosyncratic spread returns by investing in securities of, and financial instruments relating to, companies subject to publicly announced mergers and acquisitions.

^(b)

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

^(c)

This category includes the funds that hold a globally diversified portfolio with approximately equal risk allocations across equities, developed market sovereign bonds, credit (e.g., corporate and emerging country debt) and inflation hedges (e.g., commodities and inflation linked sovereign debt), and some relative value positions to drive outperformance or fund alpha.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of March 31, 2022:

Private Funds	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A	5.1%	Merger Arbitrage	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Daily	N/A
All Weather Portfolio Limited	6.1%	Risk Parity	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Equity Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Common Stock
Australia	$	—	$	1,748,847	$	—	$	—	$	1,748,847
Austria		—		1,831,093		—		—		1,831,093
Belgium		—		1,554,058		—		—		1,554,058
Bermuda		3,590,733		519,200		—		—		4,109,933
Brazil		518,861		—		—		—		518,861
Canada		8,953,275		—		—		—		8,953,275
Cayman Islands		—		2,502,421		—		—		2,502,421
Chile		253,056		—		—		—		253,056
China		442,990		5,147,800		—		—		5,590,790
Curacao		1,780,172		—		—		—		1,780,172
Denmark		3,932,058		4,163,409		—		—		8,095,467
France		—		10,576,437		—		—		10,576,437
Germany		—		3,629,229		—		—		3,629,229
Guernsey		3,641,985		—		—		—		3,641,985
Hong Kong		—		2,460,030		—		—		2,460,030
India		4,947,978		—		—		—		4,947,978
Ireland		11,460,044		—				—		11,460,044
Israel		469,779		1,813,977		—		—		2,283,756
Italy		—		1,564,479		—		—		1,564,479
Japan		1,948,856		17,297,169		—		—		19,246,025

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Jersey	$	—	$	1,720,234	$	—	$	—	$	1,720,234
Luxembourg		—		1,669,794		—		—		1,669,794
Netherlands		709,981		7,459,163		—		—		8,169,144
New Zealand		—		553,645		—		—		553,645
Norway		—		192,033		—		—		192,033
Philippines		183,993		—		—		—		183,993
Singapore		633,067		2,108,972		—		—		2,742,039
South Korea		825,739		—		—		—		825,739
Sweden		—		405,488		—		—		405,488
Switzerland		4,871,571		14,234,989		—		—		19,106,560
Taiwan		12,703,323		1,833,309		—		—		14,536,632
United Kingdom		66		8,884,125		—		—		8,884,191
United States		216,031,652		—		—		—		216,031,652
Exchange-Traded Fund		164,562,264		—		—		—		164,562,264
Open-End Mutual Funds		818,863,226		81,332,650		—		—		900,195,876
Preferred Stock
Germany		—		119,185		—		—		119,185
Private Funds		—		—		—		204,337,331		204,337,331
Short-Term Investments		55,688,180		4,037,872		—		—		59,726,052
Total Investments	$	1,317,012,849	$	179,359,608	$	—	$	204,337,331	$	1,700,709,788

There were no transfers into or out of level 3 for the Equity Allocation Fund during the period ended March 31, 2022.

Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of March 31, 2022:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period

Redemption
Terms

Private Funds - Long/Short Equity ^(a)

134,427,234

N/A

Indefinite

Bi-monthly - Monthly

3 Business Days – 2 Months

N/A

Risk Parity ^(b)

69,910,097

N/A

Indefinite

Monthly

1 Month

N/A

204,337,331

N/A

^(a)

This category includes funds that employ long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempt to achieve capital appreciation.

^(b)

This category includes the funds that hold a diversified portfolio with approximately equal risk allocations across equities, developed market sovereign bonds, credit (e.g., corporate and emerging country debt) and inflation hedges (e.g., commodities and inflation linked sovereign debt), and some relative value positions to drive outperformance or fund alpha.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund’s net assets as of March 31, 2022:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
RIEF Strategic Partners Fund LLC	7.8%	Long/Short Equity	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

(c)

Security Transactions and Related Investment Income

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

(d)

Foreign Currency and Risk

Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on March 31, 2022.

ii.

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

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

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

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

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e)

Securities Lending

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

For the year ended March 31, 2022, the Taxable Bond Fund, Municipal Bond Fund and Defensive Allocation Fund had not participated in a securities lending program. The Equity Allocation Fund’s securities on loan were appropriately collateralized at March 31, 2022. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of March 31, 2022:

Description	PAR		Value
Repurchase Agreement with BofA Securities, Inc., 0.27%, 4/1/2022*#	$	4,037,872	$	4,037,872
Total	$	4,037,872	$	4,037,872

The rate shown is the annualized 7-day yield as of March 31, 2022.

The repurchase agreement is collateralized by a fixed income U.S. Treasury Security in the amount of $4,118,631.

As of March 31, 2022, the Equity Allocation Fund held Non-Cash Collateral in the amount of $14,532,942 which consisted of U.S. Treasury Securities.

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the year ended March 31, 2022, the Equity Allocation Fund paid $35,829 to JPM from securities lending revenue.

(f)

Distributions to Shareholders

The Taxable Bond Fund and Municipal Bond Fund intend to pay dividends from net investment income at least quarterly. The Defensive Allocation Fund and Equity Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(j)

Federal Income Taxes (Continued)

distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of each individual Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

(g)

Amortization

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

(h)

Use of Estimates

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

(i)

Guarantees and Indemnifications

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

(j)

Federal Income Taxes

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

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

The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years. As of and during the year ended March 31, 2022, the Funds did not record a liability for any tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

3.	INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS

(a)

Investment Advisory Fees

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

Taxable Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.25% of the Taxable Bond Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.25% to 0.08% through June 30, 2022. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2022, the Adviser waived $361,770 of its advisory fee for the Taxable Bond Fund.

Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2022, the Adviser waived $148,965 under the Administration Agreement.

Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through June 30, 2022. The advisory fee waiver is not subject to recoupment. For the year ended March 31, 2022, the Adviser waived $721,314 of its advisory fee for the Municipal Bond Fund.

Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2022, the Adviser waived $841,548 under the Administration Agreement.

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

Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.01% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2022, the Adviser waived $1,382,512 under the Administration Agreement.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

3.	INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued)

(a)

Investment Advisory Fees (Continued)

Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through June 30, 2022. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2022, the Adviser waived $1,417,982 of its advisory fee for the Equity Allocation Fund.

Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. The Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2022, the Adviser waived $1,063,582 under the Administration Agreement.

(b)

Sub-Advisory Fees

Nuveen Asset Management, LLC and Allspring Global Investments, LLC (formerly known as Wells Capital Management Inc.) serve as the sub-advisers of the Municipal Bond Fund. Aperio Group, LLC and Wellington Management Company LLP serve as the sub-advisers of the Equity Allocation Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.

(c)

Custodian Fees

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

(d)

Fund Accounting Fees

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

(e)

Administration Fees

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

(f)

Transfer Agent Fees

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

(g)

Trustees’ Fees

Certain Trustees and officers of the Trust are officers of the Adviser. Each Trustee receives an annual retainer. Effective April 1, 2021, the annual retainer is $70,000. Each Trustee also receives $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. The Chair of the Audit Committee is paid an additional $7,500 per year. Each Trustee who is a member of the Valuation Committee is paid an additional $2,000 per year.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

4.	INVESTMENT TRANSACTIONS

For the year ended March 31, 2022, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:

	Other than U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
Taxable Bond Fund	$	57,321,152	$	49,928,265	$	—	$	—
Municipal Bond Fund		309,738		38,000,000		130,026,336		94,744,907
Defensive Allocation Fund		420,422,202		290,138,820		—		—
Equity Allocation Fund		485,560,879		387,756,730		—		—

5.	FEDERAL TAX INFORMATION

At March 31, 2022, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

	Taxable Bond Fund			Municipal Bond Fund			Defensive Allocation Fund			Equity Allocation Fund
Cost of investments	$	217,830,135		$	1,106,370,165		$	1,500,256,160		$	1,407,286,681

Gross unrealized appreciation	$	62,067		$	15,988,785		$	64,739,422		$	316,627,756
Gross unrealized depreciation		(12,232,149	)		(25,965,281	)		(34,133,822	)		(23,204,649	)

Net unrealized appreciation/(depreciation) on investments	$	(12,170,082	)	$	(9,976,496	)	$	30,605,600		$	293,423,107

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

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the fiscal tax year ended February 28, 2022, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings/(losses) as follows:

	Increase/(Decrease)
	Paid-In Capital			Total Distributable Earnings/(Losses)
Taxable Bond Fund	$	—		$	—
Municipal Bond Fund		(447,216	)		447,216
Defensive Allocation Fund		(338,218	)		338,218
Equity Allocation Fund		(2,834	)		2,834

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

5.	FEDERAL TAX INFORMATION (Continued)

As of February 28, 2022, the components of accumulated earnings/(losses) on a tax basis were as follows:

	Taxable Bond Fund			Municipal Bond Fund		Defensive Allocation Fund			Equity Allocation Fund
Undistributed ordinary income	$	802,276		$	—	$	—		$	125,107
Undistributed tax-exempt income		—			3,388,801		—			—
Undistributed long-term capital gains		79,185			991,579		—			16,201,930
Tax Accumulated earnings		881,461			4,380,380		—			16,327,037
Accumulated capital and other losses		—			—		(7,889,404	)		(46,218	)
Unrealized appreciation/(depreciation) on investments		(7,148,849	)		28,972,878		41,785,515			283,849,668
Unrealized appreciation on foreign currency		—			—		—			2,956
Total distributable earnings/(losses)	$	(6,267,388	)	$	33,353,258	$	33,896,111		$	300,133,443

The tax character of the distributions paid by the Taxable Bond Fund during the years ended February 28, 2022 and February 28, 2021, is as follows:

	Year Ended February 28, 2022		Year Ended February 28, 2021
Distributions paid from:
Ordinary Income	$	4,603,763	$	11,842,248
Net long-term capital gains		4,447,008		1,289,845
Total taxable distributions		9,050,771		13,132,093
Total distributions paid	$	9,050,771	$	13,132,093

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2022 and February 28, 2021, is as follows:

	Year Ended February 28, 2022		Year Ended February 28, 2021
Distributions paid from:
Ordinary Income	$	—	$	666,848
Net long-term capital gains		7,008,501		8,195
Total taxable distributions		7,008,501		675,043
Tax-exempt dividends		40,305,768		48,882,922
Total distributions paid	$	47,314,269	$	49,557,965

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

5.	FEDERAL TAX INFORMATION (Continued)

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 28, 2022 and February 28, 2021, is as follows:

	Year Ended February 28, 2022		Year Ended February 28, 2021
Distributions paid from:
Ordinary Income	$	75,177,928	$	31,640,932
Net long-term capital gains		—		—
Total taxable distributions		75,177,928		31,640,932
Return of Capital distributions		338,217		—
Total distributions paid	$	75,516,145	$	31,640,932

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2022 and February 28, 2021, is as follows:

	Year Ended February 28, 2022		Year Ended February 28, 2021
Distributions paid from:
Ordinary Income	$	42,906,900	$	10,954,504
Net long-term capital gains		1,870,600		13,993,777
Total taxable distributions		44,777,500		24,948,281
Total distributions paid	$	44,777,500	$	24,948,281

As of February 28, 2022 the Defensive Allocation Fund utilized $19,035,566 of capital loss carryforwards to offset current year capital gains.

As of February 28, 2022, the following Fund had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

	Not Subject to Expiration
	Short-Term		Long-Term
Defensive Allocation Fund	$	7,889,404	$	—

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2022

6.	OTHER FUND MATTERS

On September 26, 2019, the Board of Trustees of Aspiriant Trust approved the proposed reorganization of Defensive Allocation Fund into a newly created closed-end fund also called Aspiriant Defensive Allocation Fund (the “Acquiring Fund”) that will operate as an interval fund. The purpose of the reorganization is to give shareholders the opportunity to pursue the same basic investment strategy while investing in a fund that can take increased advantage of less liquid investment opportunities such as hedge funds and private funds. Defensive Allocation Fund and the Acquiring Fund have the same investment objective and substantially similar principal investment strategies. The proposed reorganization is expected to be a tax-free transaction for federal income tax purposes and is subject to certain conditions including approval by shareholders of the Fund. If approved by the Securities and Exchange Commission and shareholders, the reorganization is expected to occur during the second half of 2022.

7.	RECENT MARKET DEVELOPMENTS

The Funds may be subject to various risks as described in the Funds’ prospectus. Political tensions and armed conflicts, including the Russian invasion of Ukraine, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect the performance of the Funds.

8.	SUBSEQUENT EVENTS

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

On February 22, 2022 the Board considered and approved a new investment sub-advisory agreement between the Adviser, on behalf of Municipal Bond Fund, and MacKay Shields LLC (“MacKay Shields”). Effective April 11, 2022, MacKay Shields began serving as a sub-adviser to the Municipal Bond Fund.

ASPIRIANT TRUST

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Aspiriant Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Aspiriant Trust, comprising Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund, and Aspiriant Risk-Managed Equity Allocation Fund (collectively, the “Funds”), including the schedules of investments, as of March 31, 2022, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Included in the Trust	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Aspiriant Risk-Managed Taxable Bond Fund	For the year ended March 31, 2022.	For the two years in the period ended March 31, 2022.	For the two years in the period ended March 31, 2022, the one-month period ended March 31, 2020, the year ended February 29, 2020, and the period from March 29, 2018 (commencement of operations) through February 28, 2019.
Aspiriant Risk-Managed Municipal Bond Fund	For the year ended March 31, 2022.	For the two years in the period ended March 31, 2022.	For the two years in the period ended March 31, 2022, the one-month period ended March 31, 2020, the year ended February 29, 2020, and the two years in the period ended February 28, 2019.
Aspiriant Defensive Allocation Fund	For the year ended March 31, 2022.	For the two years in the period ended March 31, 2022.	For the two years in the period ended March 31, 2022, the one-month period ended March 31, 2020, the year ended February 29, 2020, and the two years in the period ended February 28, 2019.
Aspiriant Risk-Managed Equity Allocation Fund	For the year ended March 31, 2022.	For the two years in the period ended March 31, 2022.	For the two years in the period ended March 31, 2022, the one-month period ended March 31, 2020, the year ended February 29, 2020, and the two years in the period ended February 28, 2019.

Basis for Opinion

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

ASPIRIANT TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian, brokers, and third-party fund managers and agents; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Milwaukee, WI
May 27, 2022

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

ASPIRIANT TRUST

Other Information

March 31, 2022 (Unaudited)

QUALIFIED DIVIDEND INCOME

Pursuant to Section 854 of the Internal Revenue Code of 1986, the Taxable Bond Fund, Municipal Bond Fund, Defensive Allocation Fund, and Equity Allocation Fund designate income dividends of 0.34%, 0%, 22.15% and 81.22%, respectively, as qualified dividend income paid during the period ended February 28, 2022.

CORPORATE DIVIDENDS RECEIVED DEDUCTION

As of February 28, 2022, dividends paid by the Taxable Bond Fund, Municipal Bond Fund, Defensive Allocation Fund, and Equity Allocation Fund which are not designated as capital gain distributions, should be multiplied by 0%, 0%, 2.83% and 44.06%, respectively, to arrive at the amount eligible for the corporate dividend received deduction.

LONG-TERM CAPITAL GAINS DESIGNATION

Pursuant to IRC 852 (b)(3) of the Internal Revenue Code, the Taxable Bond Fund, Municipal Bond Fund, Defensive Allocation Fund and Equity Allocation Fund, hereby designates $4,447,008, $7,008,501, $0 and $1,870,601, respectively, as long-term capital gains distributed during the year ended February 28, 2022.

TAX-EXEMPT INCOME DESIGNATION

For Federal income tax purposes, the Municipal Bond Fund designates tax-exempt dividends of $40,305,768, or the amount determined to be necessary, for the period ended February 28, 2022.

PROXY VOTING POLICIES AND PROCEDURES

For a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, please call 1-877-997-9971 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov as well as the Funds’ website at www.aspiriantfunds.com.

Information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30 is available without charge, upon request, by calling 1-877-997-9971 or by accessing the website of the U.S. Securities and Exchange Commission.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

STATEMENT REGARDING THE FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted a liquidity risk management program. The program’s principal objectives are to support each Fund’s compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations timely. During the period covered by the report, the program supported the Fund’s ability to honor redemption requests timely and the Adviser’s management of each Fund’s liquidity profile, including during any periods of market volatility and net redemptions. In this regard, the program includes a number of elements that support the management or assessment of liquidity risk, including an assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect an assessment of their

ASPIRIANT TRUST

Other Information (Continued)

March 31, 2022 (Unaudited)

relative liquidity under current market conditions. There can be no assurance that the program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

APPROVAL OF SUB-ADVISORY AGREEMENT WITH MACKAY SHIELDS LLC FOR ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

At a meeting held on February 22, 2022, the Board considered the approval of a sub-advisory agreement between the Adviser and MacKay Shields LLC (“MacKay Shields”) with respect to the Municipal Bond Fund.

After its initial two-year term, the agreement must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Municipal Bond Fund and (ii) by the vote of a majority of the Trustees who are not parties to the agreement or “interested persons” of any party thereto, as defined in the 1940 Act, cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to continue the agreement for an additional one-year term. In preparation for such meetings, the Board will request and review a wide variety of information from MacKay Shields.

Prior to and at the February meeting at which the Trustees considered the agreement, the Trustees requested and reviewed materials from MacKay Shields to help the Trustees evaluate MacKay Shields’ proposed fee under the agreement. Representatives from MacKay Shields provided an overview of their advisory business and discussed their investment personnel, investment processes, and investment experience. The Board discussed the written materials, MacKay Shields’ oral presentation, and other relevant information that the Board received, and considered the approval of the agreement in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.

Nature, Extent, and Quality of Services

In considering the nature, extent, and quality of the services to be provided by MacKay Shields to the Municipal Bond Fund, the Board reviewed the background and experience of MacKay Shields’ senior management. The Board also reviewed information pertaining to MacKay Shields’ organizational structure, investment operations, and other relevant information, including information relating to the financial condition of MacKay Shields to determine whether adequate resources were available to provide a high level of service to the Municipal Bond Fund. The Board reviewed information regarding the qualifications, backgrounds, and responsibilities of the portfolio managers proposed to be responsible for the day-to-day management of MacKay Shields’ portion of the Municipal Bond Fund. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services to be provided to the Municipal Bond Fund by MacKay Shields.

Performance

The Board reviewed MacKay Shields’ comparable account composite performance, noting periods of outperformance relative to the composite’s comparative index. The Board concluded that, within the context of its full deliberations, the Municipal Bond Fund should be in a position to benefit from the expertise of MacKay Shields in managing its comparable accounts.

Costs of Services and Profitability

The Board reviewed the proposed sub-advisory fee, noting that the fee was in line with the fees charged by MacKay Shields to serve as sub-adviser to mutual funds using the same strategy. The Board reviewed the estimated profitability of the Municipal Bond Fund to MacKay Shields and determined that it was within the range the Board considered

ASPIRIANT TRUST

Other Information (Continued)

March 31, 2022 (Unaudited)

reasonable. The Board noted that the Adviser would be responsible for paying MacKay Shields out of the advisory fee it receives from the Municipal Bond Fund. The Board concluded that the proposed fee was fair and reasonable in light of the services that the Municipal Bond Fund is expected to receive.

Economies of Scale

The Board considered the potential for economies of scale and noted that, while MacKay Shields’ fee does not include breakpoints, the proposed sub-advisory fee was significantly lower than the expenses of the MacKay Shields’ private fund in which the Municipal Bond Fund previously had invested.

Ancillary Benefits

The Board noted the potential benefits to be received by MacKay Shields as a result of its relationship with the Municipal Bond Fund (other than sub-advisory fees), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Municipal Bond Fund’s performance.

Conclusion

Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the agreement are fair and reasonable; (ii) concluded that the fee to be paid to MacKay Shields is fair and reasonable in light of the services expected to be provided to the Municipal Bond Fund; and (iii) agreed to approve the agreement for an initial term of two years.

ASPIRIANT TRUST

Expense Examples

March 31, 2022 (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses of each Fund. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of each Fund or an asset-based management fee. The following Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

ACTUAL EXPENSES

The first line of the following table under each Fund’s name titled “Actual” provides information about actual account value and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the following table under each Fund’s name titled “Hypothetical” provides information about hypothetical account value and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any costs that may be associated with investing in each Fund through a financial intermediary. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any costs associated with investing through a financial intermediary were included, your costs would have been higher.

Taxable Bond Fund	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from October 1, 2021 to March 31, 2022⁽¹⁾
Actual	$ 1,000.00	$ 943.00	0.28%	$ 1.37
Hypothetical	$ 1,000.00	$ 1,023.59	0.28%	$ 1.43

ASPIRIANT TRUST

EXPENSE EXAMPLES (Continued)

March 31, 2022 (Unaudited)

Municipal Bond Fund	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from October 1, 2021 to March 31, 2022⁽¹⁾
Actual	$ 1,000.00	$ 952.80	0.32%	$ 1.56
Hypothetical	$ 1,000.00	$ 1,023.40	0.32%	$ 1.62

Defensive Allocation Fund	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from October 1, 2021 to March 31, 2022⁽¹⁾
Actual	$ 1,000.00	$ 1,003.40	0.17%	$ 0.85
Hypothetical	$ 1,000.00	$ 1,024.15	0.17%	$ 0.86

Equity Allocation Fund	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from October 1, 2021 to March 31, 2022⁽¹⁾
Actual	$ 1,000.00	$ 994.60	0.27%	$ 1.33
Hypothetical	$ 1,000.00	$ 1,023.66	0.27%	$ 1.35

⁽¹⁾	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 182/365 (to reflect the half-year period).

ASPIRIANT TRUST

Trustees and Officers

March 31, 2022 (Unaudited)

Set forth below are the names, ages, positions with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust, as well as information about each officer of the Trust. The business address of each Trustee and officer is 11100 Santa Monica Blvd, Suite 600, Los Angeles, CA 90025.

Independent Trustees
Name and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served	Principal Occupations During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past Five Years
Michael D. LeRoy Age 74	Trustee	Indefinite; since 2012	Principal, Crown Capital Advisors LLC (2000-present)	4	Member Board of Directors and Chairman of the Board, The Rockport Company, LLC (2017-2019)
Robert D. Taylor Age 60	Trustee	Indefinite; since 2012	Partner, Centinela Capital Partners, LLC (2006-present)	4	None
Robert M. Wagman Age 70	Trustee/Chairman	Indefinite; since 2013	Retired (2015-present); Managing Director of Investment Management Services, Aspiriant, LLC (2013-2015)	4	None

The Statement of Additional Information (SAI) includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling toll-free 1-877-997-9971.

ASPIRIANT TRUST

TRUSTEES AND OFFICERS (Continued)

March 31, 2022 (Unaudited)

Officers
Name and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served	Principal Occupations During Past Five Years
Robert J. Francais Age 56	President	Indefinite; since 2013	Chief Executive Officer, Aspiriant, LLC (2010-present), Chief Operating Officer, Aspiriant, LLC (2008-2009)
John D. Allen Age 50	Vice President	Indefinite; since 2014	Chief Investment Officer, Aspiriant, LLC (2014-present); Client Relationship Manager, Grantham, Mayo, Van Otterloo (2009-2014)
Michael H. Kossman Age 57	Vice President	Indefinite; since 2012	Chief Operating Officer (2012 -present), Chief Compliance Officer (2008-present), Chief Financial Officer (2008-2012), Aspiriant, LLC
Douglas S. Hendrickson Age 52	Treasurer	Indefinite; since 2016	Chief Financial Officer, Aspiriant, LLC (2016 - present); Acting Chief Financial Officer, Cetera Financial Group (2016-2016); Group Chief Financial Officer, Investor Services Division, Charles Schwab (2013-2015); Head of Corporate Planning, Profitability Analysis and Management Reporting, Charles Schwab (2011-2013)
Benjamin D. Schmidt Age 45	Assistant Treasurer; Secretary, Chief Compliance Officer; Anti-Money Laundering Officer	Indefinite; since 2015	Director, Aspiriant, LLC (2015-present); AVP Fund Administration, UMB Fund Services, Inc. (2000-2015)

ASPIRIANT TRUST

Privacy Policy

FACTS

WHAT DOES ASPIRIANT FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service you have with us. This information can include:

● Social Security number

● Account balances

● Account transactions

● Transaction history

● Wire transfer instructions

● Checking account information

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Aspiriant Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information.	Does Aspiriant Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For marketing purposes – to offer our products and services to you.	No	Do Not Share
For joint marketing with other financial companies.	No	Do Not Share
For our affiliates’ everyday business purposes – information about your transactions and experiences.	Yes	No
For our affiliates’ everyday business purposes – Information about your creditworthiness.	No	Do Not Share
For our affiliates to market to you.	No	Do Not Share
For nonaffiliates to market to you.	No	Do Not Share

Questions?

Call 1.877.997.9971

ASPIRIANT TRUST

PRIVACY POLICY (Continued)

Who we are
Who is providing this notice?	Aspiriant Funds

What we do
How does Aspiriant Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. With respect to online privacy, we employ certain internet and email specific practices to maintain the security of your online sessions, including but not limited to firewall barriers, encryption and authentication procedures.
How does Aspiriant Funds collect my personal information?	We collect you personal information, for example, when you: ● Open an account ● Provide account information ● Give us your contact information ● Make a wire transfer ● Tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ● Sharing for affiliates’ everyday business purposes – information about your creditworthiness ● Affiliates from using your information to market to you ● Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
What happens when I limit sharing for an account I hold jointly with someone else?	Your choices will apply to everyone on your account unless you tell us otherwise.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Aspiriant Funds has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Aspiriant Funds does not share with nonaffiliates so they can market to you. ● Nonaffiliates we share with can include: attorneys, accountants, custodians, brokers, service providers, banks and other financial advisors and institutions.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Aspiriant Funds does not jointly market.

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ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
(Ticker RMTBX)

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

(Ticker RMMBX)

ASPIRIANT DEFENSIVE ALLOCATION FUND

(Ticker RMDFX)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Advisor Shares (Ticker RMEAX)

Each, a series of Aspiriant Trust

INVESTMENT ADVISER

Aspiriant, LLC
11100 Santa Monica Blvd., Suite 600
Los Angeles, CA 90025

SUB-ADVISERS

Aperio Group, LLC
Three Harbor Drive, Suite 315
Sausalito, CA 94965

Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606

Wellington Management Company LLP
280 Contress Street
Boston, MA 02210

Allspring Global Investments, LLC
525 Market Street, 10^th Floor
San Francisco, CA 94105

MacKay Shields, LLC
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

Deloitte & Touche LLP
555 East Wells Street
Milwaukee, WI 53202

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

CUSTODIAN

JPMorgan Chase Bank, N.A.
Seaport Center, 70 Fargo Street
Boston, MA 02210-1950

DISTRIBUTOR

UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, WI 53212

TRANSFER AGENT

UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212

(b) not applicable.

Item 2. Code of Ethics

The Registrant has adopted a code of ethics (the “Code”), as that term is defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. A copy of the Code is attached as an exhibit. There were no amendments to the Code or waivers from the provisions of the Code.

Item 3. Audit Committee Financial Expert

The Registrant’s board has determined that Mr. Michael D. LeRoy possess the technical attributes to qualify as an “audit committee financial expert” serving on the Registrant’s audit committee and designated Mr. LeRoy as “audit committee financial expert.” Mr. LeRoy is independent under the standards set forth in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

The aggregate fees billed for professional services by the principal accountant during the Registrant’s last two fiscal years are as follows:

(a) Audit Fees for Registrant.

Fiscal year ended March 31, 2021	$151,400
Fiscal year ended March 31, 2022	$162,000

(b) Audit-Related Fees for Registrant. These fees were billed by the Registrant’s independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements.

Fiscal year ended March 31, 2021	$19,934
Fiscal year ended March 31, 2022	$17,745

(c) Tax Fees for Registrant. These fees were billed for professional services rendered by the Registrant’s independent auditors for tax compliance, tax advice, and tax planning.

Fiscal year ended March 31, 2021	$34,200
Fiscal year ended March 31, 2022	$36,600

(d) All Other Fees.

Fiscal year ended March 31, 2021	None
Fiscal year ended March 31, 2022	None

The aggregate fees billed for the past two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

Fiscal year ended March 31, 2021	None
Fiscal year ended March 31, 2022	None

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

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

(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

(b) Not applicable.

(d) Not applicable.

(f) None.

(g) Non-Audit Fees Billed for Registrant

None.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-end Management Investment Companies

Not applicable to open-end investment companies.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes to report.

Item 11. Controls and Procedures

(a)

The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider.

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits

(a) (1) Code of Ethics as required by Item 2. Filed herewith.

(2)

Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4)

There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b)

Certification of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) of 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

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

Registrant	Aspiriant Trust

By	/s/ Robert J. Francais
Title	Robert J. Francais, President and Principal Executive Officer

Date	6/7/2022

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

By	/s/ Robert J. Francais
Title	Robert J. Francais, President and Principal Executive Officer

Date	6/7/2022

By	/s/ Douglas S. Hendrickson
Title	Douglas S. Hendrickson, Treasurer and Principal Financial Officer

Date	6/7/2022