Aspiriant Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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: September 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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

Semi-Annual Report

September 30, 2022

(Unaudited)

ASPIRIANT TRUST

TABLE OF CONTENTS

Summaries of Investments	2
Schedules of Investments	6
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	46
Other Information	66
Expense Examples	70

2

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SUMMARY OF INVESTMENTS

As of September 30, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Domestic		83.2	%
Foreign		8.7	%
Total Open-End Mutual Funds		91.9	%
Private Fund
Opportunistic		4.7	%
Total Private Fund		4.7	%
Short-Term Investment		3.5	%
Total Investments		100.1	%
Liabilities in excess of other assets		(0.1	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

3

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SUMMARY OF INVESTMENTS

As of September 30, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Municipal Bonds
General		15.3	%
Medical		10.0	%
Transportation		8.5	%
General Obligation		7.2	%
Development		6.5	%
Education		5.6	%
Water		5.3	%
Airport		4.8	%
Higher Education		4.4	%
School District		3.7	%
Housing		1.6	%
Power		1.4	%
Other		4.6	%
Total Municipal Bonds		78.9	%
Common Stock		0.3	%
Exchange-Traded Fund		2.7	%
Closed-End Mutual Funds		0.6	%
Private Funds		12.4	%
Short-Term Investment		3.6	%
Total Investments		98.5	%
Other assets less liabilities		1.5	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

4

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of September 30, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Foreign Collective Investment Funds
Multi-Strategy/Style		7.9	%
Market Neutral		6.1	%
Total Foreign Collective Investment Funds		14.0	%
Open-End Mutual Funds
Global Allocation		43.7	%
Merger Arbitrage		5.5	%
Global Macro		5.4	%
Total Open-End Mutual Funds		54.6	%
Exchange-Traded Fund
Real Asset		5.5	%
Total Exchange-Traded Fund		5.5	%
Private Funds
Multi-Strategy/Style		9.6	%
Merger Arbitrage		5.5	%
Global Allocation		4.6	%
Total Private Funds		19.7	%
Short-Term Investment		5.9	%
Total Investments		99.7	%
Other assets less liabilities		0.3	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

5

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Summary of Investments

As of September 30, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		5.2	%
Health Care		3.3	%
Financials		3.0	%
Consumer Staples		2.4	%
Communications		2.4	%
Consumer Discretionary		1.8	%
Industrials		1.3	%
Materials		1.1	%
Other		1.5	%
Total Common Stocks		22.0	%
Exchange-Traded Funds		16.6	%
Foreign Collective Investment Funds		6.4	%
Open-End Mutual Funds		38.0	%
Preferred Stocks		0.2	%
Private Funds		13.2	%
Short-Term Investments		6.3	%
Total Investments		102.7	%
Liabilities in excess of other assets		(2.7	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

6

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 91.9%
		CORE — 82.1%
	3,759,816	DoubleLine Total Return Bond Fund - I Class	$	33,349,571
	7,130,708	MetWest Total Return Bond Fund - Plan Class1		59,969,259
	2,650,089	PIMCO Income Fund - Institutional Class		27,216,413
	2,003,931	River Canyon Total Return Bond Fund - Institutional Class		20,159,542
	182,406	Vanguard Total Bond Market Index Fund - Admiral Shares		1,712,790
				142,407,575
		OPPORTUNISTIC — 9.8%
	866,325	GMO Emerging Country Debt Fund, Class VI		15,100,046
	364,660	Vanguard High-Yield Corporate Fund - Admiral Shares		1,816,009
				16,916,055
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $189,463,885)		159,323,630
		PRIVATE FUND2 — 4.7%
		OPPORTUNISTIC — 4.7%
		AG Direct Lending Fund IV Annex, LP3		8,112,180
		TOTAL PRIVATE FUND
		(Cost $7,997,924)		8,112,180
		SHORT-TERM INVESTMENT — 3.5%
	6,052,862	JPMorgan Prime Money Market Fund - Institutional Shares, 2.95%4		6,054,677
		TOTAL SHORT-TERM INVESTMENT
		(Cost $6,053,225)		6,054,677
		TOTAL INVESTMENTS — 100.1%
		(Cost $203,515,034)		173,490,487
		Liabilities in excess of other assets — (0.1)%		(148,896	)
		TOTAL NET ASSETS — 100.0%	$	173,341,591

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 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 4/8/2022. The cost is $7,997,924.

⁴ The rate is the annualized seven-day yield at period end.

LP — Limited Partnership

7

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 78.9%
		ALABAMA — 1.3%
		Black Belt Energy Gas District
$	1,000,000	4.00%, 10/1/2049, Call 07/1/20261	$	983,409
	2,000,000	4.00%, 06/1/2051, Call 09/1/20311		1,924,859
	500,000	3.11% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20272		502,820
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		515,881
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20293		1,101,135
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,524,063
	1,710,000	Southeast Alabama Gas Supply District, 2.57% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20242		1,683,475
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,000,201
				11,235,843
		ARIZONA — 1.2%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023		500,888
		Arizona Industrial Development Authority
	985,000	4.00%, 03/1/20274		944,918
	600,000	4.00%, 07/1/2041, Call 07/1/2026		501,416
	530,000	5.00%, 07/1/2047, Call 07/1/20274		489,648
	350,000	4.00%, 07/1/2061, Call 07/1/2026		255,986
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274 5		164,253
	1,250,000	City of Peoria , 3.00%, 07/15/2033, Call 07/15/2031		1,121,410
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		643,986
	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026		657,428

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	$	501,351
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 11/7/20224		322,171
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		935,171
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		114,236
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		373,074
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,011,389
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		787,811
				10,325,136
		ARKANSAS — 0.2%
		Arkansas Development Finance Authority
	1,800,000	4.50%, 09/1/2049, Call 09/1/20263 4		1,462,132
	500,000	5.45%, 09/1/2052, Call 09/1/20253 4		452,357
				1,914,489
		CALIFORNIA — 7.0%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		658,412
	1,000,000	Bay Area Toll Authority, 3.71% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20262		1,009,296
	500,000	California Community Choice Financing Authority, 4.00%, 02/1/2052, Call 05/1/20311		478,283
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		77,133

8

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		California Health Facilities Financing Authority
$	155,000	5.00%, 08/15/2036, Call 08/15/2027	$	155,891
	1,000,000	4.00%, 05/15/2046, Call 05/15/2032		876,884
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		2,991,367
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 11/7/2022		851,363
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,011,150
	50,000	5.00%, 10/1/2039, Call 10/1/20274		45,362
	850,000	5.00%, 06/1/2046, Call 06/1/2026		824,239
	1,000,000	4.00%, 12/31/2047, Call 06/30/20283		852,688
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/20233 4		975,484
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		52,396
	650,000	5.00%, 08/1/2036, Call 08/1/20254		652,440
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,177,172
	100,000	5.00%, 08/1/2041, Call 08/1/20254		104,791
	900,000	5.00%, 08/1/2041, Call 08/1/20254		898,338
	500,000	5.00%, 10/1/20424		500,000
	350,000	6.75%, 11/1/2045, Call 11/1/20244		355,846
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,027,332
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		885,099
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,504,752
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,005,696
$	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20233		644,363
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		201,502
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		504,868
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		880,702

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	$	1,532,665
	1,000,000	5.50%, 05/15/2035, Call 11/15/20313		1,087,001
	1,895,000	Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031		1,999,350
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		597,396
	1,000,000	Fontana Unified School District, BAM, 3.00%, 08/1/2041, Call 08/1/2028		743,257
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,054,652
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,117,646
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,019,462
	5,000,000	Golden State Tobacco Securitization Corp., 0.00%, 06/1/2066, Call 12/1/2031		439,086
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		934,151
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,017,733
	1,000,000	Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2042, Call 01/1/2031		1,060,237
	410,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 11/7/2022		410,915
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		355,132
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,193,561
	1,000,000	Peralta Community College District, 4.00%, 08/1/2039, Call 08/1/2025		910,295
	1,000,000	Perris Union High School District, 3.00%, 09/1/2037, Call 09/1/2029		824,188
	1,510,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,583,848

9

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

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	$	1,014,751
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		717,624
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,683,508
	950,000	Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030		1,033,087
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,609,492
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/20293		1,008,602
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,182,381
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		266,302
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		991,587
		Santa Ana Financing Authority, NATL-RE
	215,000	6.25%, 07/1/2024		222,952
	215,000	6.25%, 07/1/2024		222,855
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,000,741
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		585,040
	1,390,000	5.00%, 11/1/2033		1,415,448
		State of California
	1,155,000	5.00%, 12/1/2028		1,269,845
	1,000,000	4.00%, 10/1/2041, Call 04/1/2031		934,887
	855,000	5.00%, 04/1/2042, Call 04/1/2032		916,435
	500,000	5.00%, 09/1/2042, Call 09/1/2032		537,193
	700,000	5.00%, 09/1/2052, Call 09/1/2032		743,014

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274	$	104,017
				60,543,185
		COLORADO — 4.3%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		442,438
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		589,578
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		1,978,807
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		641,215
	500,000	5.00%, 12/1/2043, Call 12/1/2023		508,311
		City & County of Denver Airport System Revenue
	1,000,000	5.50%, 11/15/2038, Call 11/15/20323		1,067,361
	2,000,000	5.25%, 12/1/2043, Call 12/1/20283		2,023,734
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/20254		508,414
	550,000	4.75%, 04/1/2030, Call 11/7/2022		550,157
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,050,994
	460,000	5.00%, 10/1/2039, Call 10/1/20274		430,952
	500,000	4.00%, 07/1/2041, Call 07/1/20314		395,506
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		101,740
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,051,406
	500,000	4.00%, 10/1/2039, Call 10/1/2024		450,918
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		506,991
	500,000	5.00%, 06/1/2036, Call 06/1/2027		534,170
	1,000,000	4.00%, 08/1/2039, Call 08/1/2029		879,275
	500,000	8.00%, 08/1/2043, Call 02/1/2024		507,532
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		1,970,154

10

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	2,000,000	4.00%, 08/1/2049, Call 08/1/2029	$	1,603,549
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		447,547
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		501,068
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,470,311
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		474,244
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		342,510
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,125,120
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,010,191
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		742,306
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,866,105
	770,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		788,536
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		939,064
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		438,280
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,148,582
	1,500,000	State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032		1,734,511
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		128,508
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		916,775
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		546,486
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,034,755
				37,448,101

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT — 1.0%
$	1,685,000	City of Bridgeport , 5.00%, 06/1/2029	$	1,818,058
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 11/7/20223		489,289
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		392,745
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,256,595
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,003,909
		State of Connecticut Special Tax Revenue
	1,000,000	4.00%, 05/1/2036, Call 05/1/2030		955,780
	1,500,000	4.00%, 11/1/2039, Call 11/1/2031		1,405,117
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,215,747
				8,537,240
		DELAWARE — 0.4%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		324,818
	375,000	5.00%, 01/1/2036, Call 01/1/2032		401,907
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,032,317
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,498,998
				3,258,040
		DISTRICT OF COLUMBIA — 1.7%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,024,157
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,548,685
	1,465,000	5.00%, 10/15/2044, Call 04/15/2029		1,538,175
		Metropolitan Washington Airports Authority
	1,520,000	4.00%, 10/1/2036, Call 10/1/20263		1,410,690
	1,820,000	5.00%, 10/1/2042, Call 10/1/20273		1,827,964
	655,000	5.00%, 10/1/2044, Call 10/1/20243		655,002

11

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
$	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/20313	$	500,208
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		690,154
	615,000	6.50%, 10/1/2041, Call 10/1/2026		687,280
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		1,791,811
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		1,752,000
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		472,118
	875,000	4.00%, 10/1/2036, Call 10/1/2030		816,380
				14,714,624
		FLORIDA — 6.0%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,312,160
	790,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		791,824
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		86,209
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		385,891
	580,000	5.35%, 07/1/2029, Call 11/7/2022		580,389
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		84,865
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		503,207
	3,000,000	City of Jacksonville FL, 2.48%, 08/1/2036, Call 11/1/20221		3,000,000
	2,435,000	City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024		2,424,405
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		538,118
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		476,303
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		500,319

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20253	$	1,006,131
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,416,735
	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/20293		495,010
	500,000	County of Miami-Dade FL Transit System, 5.00%, 07/1/2045, Call 07/1/2032		521,849
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20294		156,328
	1,325,000	County of Palm Beach FL Airport System Revenue, 5.00%, 10/1/20233		1,342,605
	500,000	County of St. Lucie, 2.80%, 09/1/2028, Call 10/5/20221		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		754,939
	500,000	8.50%, 06/15/2044, Call 06/15/2023		517,864
	825,000	6.13%, 06/15/2046, Call 06/15/20254		839,954
	1,710,000	6.50%, 01/1/2049, Call 11/7/20221 3 4		1,456,882
	3,000,000	7.38%, 01/1/2049, Call 01/1/20243 4		2,592,888
	2,000,000	7.25%, 07/1/2057, Call 11/7/20221 3 4		1,952,632
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		465,504
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 11/7/2022		1,001,084
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		496,411
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20233		964,693
	1,665,000	5.00%, 10/1/2046, Call 10/1/20263		1,665,342
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,047,950

12

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20283	$	2,001,811
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,065,491
		Lake Ashton Community Development District
	65,000	5.00%, 05/1/2025		65,255
	390,000	5.00%, 05/1/2037, Call 05/1/2025		377,512
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,679,471
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 11/7/20224		99,873
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		1,976,163
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		972,460
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		870,400
	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023		368,343
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		998,238
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		635,283
	320,000	5.25%, 09/15/2044, Call 09/15/2024		321,990
	105,000	5.00%, 09/15/2044, Call 09/15/20274		99,510
	750,000	North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031		768,900
	500,000	Palm Beach County Health Facilities Authority, 5.00%, 11/1/2043, Call 11/7/2022		468,281
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		709,882

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026	$	1,551,264
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		99,013
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,028,783
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		135,132
	490,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		487,912
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		811,622
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,032,594
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		733,664
				52,237,338
		GEORGIA — 2.0%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		979,794
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		898,598
		Burke County Development Authority
	500,000	2.20%, 10/1/2032, Call 11/19/2026		447,640
	500,000	2.25%, 10/1/20321		494,999
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		825,813
	1,000,000	3.00%, 11/1/20451		996,187
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		506,002
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,015,484
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		386,412
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,117,970
	750,000	Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032		780,633

13

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030	$	1,093,916
	395,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		388,329
		Main Street Natural Gas, Inc.
	1,100,000	4.00%, 12/1/2026		1,070,626
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,491,825
	1,500,000	4.00%, 08/1/2052, Call 05/1/20271 4		1,412,015
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		192,960
		Private Colleges & Universities Authority	��
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,360,838
	1,000,000	5.25%, 10/1/2051, Call 10/1/2032		1,015,181
	1,000,000	State of Georgia, 4.00%, 07/1/2036, Call 07/1/2028		989,352
				17,464,574
		GUAM — 0.2%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		507,691
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,010,937
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		202,487
				1,721,115
		HAWAII — 0.3%
	1,000,000	City & County Honolulu HI Wastewater System Revenue, 5.00%, 07/1/2051, Call 07/1/2032		1,062,983
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 11/7/2022		500,285
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20283		997,120
				2,560,388
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244		294,121

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IDAHO (Continued)
		Idaho Housing & Finance Association
$	370,000	6.00%, 07/1/2039, Call 07/1/20284	$	387,109
	415,000	6.00%, 07/1/2049, Call 07/1/20284		428,765
	565,000	6.00%, 07/1/2054, Call 07/1/20284		582,333
				1,692,328
		ILLINOIS — 11.2%
		Chicago Board of Education
	1,000,000	0.00%, 12/1/2022		993,697
	100,000	5.75%, 04/1/2034, Call 04/1/2027		104,867
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,060,598
	180,000	5.00%, 04/1/2037, Call 04/1/2027		181,826
	500,000	5.00%, 04/1/2038, Call 04/1/2028		503,928
	500,000	5.25%, 12/1/2039, Call 12/1/2024		503,355
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		970,927
	575,000	5.00%, 12/1/2042, Call 12/1/2022		536,216
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,082,479
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,146,496
		Chicago O’Hare International Airport
	1,000,000	3.88%, 01/1/2032, Call 11/7/2022		1,000,038
	500,000	5.00%, 07/1/2033, Call 07/1/20283		500,118
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,503,265
	1,000,000	Chicago O’Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/20313		1,044,769
	680,000	Chicago Park District, 5.00%, 11/15/2024		693,511
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,504,097
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.25%, 12/1/2049, Call 12/1/2024		1,529,970
		City of Chicago
	1,000,000	5.00%, 01/1/2027		1,019,504
	800,000	4.84%, 04/15/2028, Call 01/16/20234		802,140
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,004,086
	1,500,000	5.00%, 01/1/2034, Call 01/1/2031		1,485,734
	1,250,000	4.00%, 01/1/2036, Call 01/1/2031		1,098,605
	880,000	6.00%, 01/1/2038, Call 01/1/2027		910,450
	500,000	5.50%, 01/1/2040, Call 01/1/2025		501,519
	1,000,000	City of Chicago Waterworks Revenue, 5.00%, 11/1/2044, Call 11/1/2024		946,899

14

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
		City of Chicago Wastewater Transmission Revenue
$	1,960,000	5.00%, 01/1/2028, Call 11/7/2022	$	1,961,255
	665,000	5.00%, 01/1/2034, Call 01/1/2025		674,320
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		2,939,337
	1,000,000	City of Chicago Waterworks Revenue, 5.00%, 11/1/2031, Call 11/1/2024		1,009,701
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,028,608
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,343,413
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,254,555
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,035,924
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,007,530
	570,000	3.90%, 11/1/2036, Call 11/1/2027		540,042
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		718,111
	425,000	5.00%, 08/1/2027		437,580
	500,000	5.00%, 08/1/2028, Call 08/1/2027		513,900
	600,000	5.75%, 10/1/2032		600,000
	670,000	5.00%, 03/1/2033, Call 03/1/2027		684,525
	315,000	5.00%, 02/15/2034, Call 02/15/2027		322,524
	500,000	5.00%, 03/1/2034, Call 03/1/2027		508,608
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		1,999,513
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,237,624
	225,000	5.00%, 02/15/2037, Call 08/15/2027		207,601
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,609,543
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		923,918
	550,000	5.00%, 09/1/2042, Call 09/1/2024		568,239
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		809,736
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,856,208
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		1,830,324
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		954,873
	1,000,000	6.00%, 10/1/2048		1,000,000

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025	$	979,188
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,022,127
		Illinois State Toll Highway Authority
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,037,037
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,536,237
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,070,360
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		934,132
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		408,533
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,268,917
	530,000	5.00%, 06/15/2057, Call 12/15/2027		491,886
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		736,812
	3,300,000	0.00%, 12/15/2030		2,243,679
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		1,958,584
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032		500,000
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,003,689
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		772,687
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,061,725
	500,000	4.00%, 01/1/2038, Call 01/1/2030		448,234
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		729,519
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,039,323

15

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
		State of Illinois
$	1,000,000	5.00%, 03/1/2023	$	1,005,741
	1,000,000	5.00%, 02/1/2025		1,017,195
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,515,045
	1,000,000	5.00%, 11/1/2026		1,019,063
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,018,439
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,711,271
	660,000	5.00%, 03/1/2036, Call 03/1/2031		653,029
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		889,557
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,467,961
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,012,757
	500,000	5.00%, 03/1/2046, Call 03/1/2031		473,578
	1,000,000	State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030		1,059,572
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,007,240
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,397,550
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		517,392
	1,415,000	Village of Brookfield, 2.48%, 06/1/2038, Call 10/5/20221		1,415,000
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,003,938
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		384,363
	250,000	0.00%, 01/1/2032		165,514
	750,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		664,816
				96,848,296
		INDIANA — 1.5%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,282,111
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		884,135
	1,000,000	3.00%, 11/1/2030		883,516
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		2,858,910

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	$	3,061,523
	1,500,000	Merrillville Multi School Building Corp., ST INTERCEPT, 5.00%, 01/15/2042, Call 07/15/2032		1,570,890
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,029,044
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20233		506,951
				13,077,080
		IOWA — 0.4%
		Iowa Finance Authority
	1,520,000	4.75%, 08/1/2042, Call 11/7/2022		1,361,329
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		870,890
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		416,376
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		507,806
				3,156,401
		KENTUCKY — 0.8%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		200,313
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,060,096
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,279,523
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		806,564
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/20241		2,591,148
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,057,679
				6,995,323
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,170,404
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,579,191

16

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

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	$	1,205,800
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,002,085
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		506,385
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,006,181
	885,000	6.50%, 07/1/2036, Call 07/1/20233 4		892,916
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,401,686
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		524,930
	1,500,000	5.00%, 01/1/2048, Call 01/1/20273		1,468,397
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20283		1,283,194
				12,041,169
		MAINE — 0.7%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,051,060
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,651,294
	700,000	5.00%, 07/1/2035, Call 07/1/2027		715,731
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		468,492
	500,000	4.00%, 07/1/2039, Call 07/1/2031		458,092
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,626,578
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 11/7/20223		502,341
				6,473,588
		MARYLAND — 1.4%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,614,202
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,269,983

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
$	1,330,000	County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026	$	1,398,863
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,623,296
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20293		1,005,094
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,700,056
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		987,523
	500,000	5.00%, 07/1/2045, Call 07/1/2025		470,800
	340,000	Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028		368,828
				12,438,645
		MASSACHUSETTS — 0.5%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		111,876
	1,000,000	Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029		1,040,205
		Massachusetts Development Finance Agency
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		839,052
	1,000,000	5.00%, 08/15/2045, Call 08/15/2025		992,981
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20283		1,050,125
	200,000	4.25%, 07/1/2046, Call 07/1/20263		184,926
				4,219,165
		MICHIGAN — 2.3%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		500,144
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		702,793
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,035,525
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 11/7/2022		238,927

17

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	1,165,000	5.00%, 07/1/2031, Call 07/1/2024	$	1,177,670
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,550,471
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,022,293
	500,000	5.00%, 07/1/2035, Call 07/1/2025		510,626
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,303,315
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,004,972
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		995,719
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,471,438
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		867,435
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,113,477
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 11/7/2022		246,883
	925,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2045, Call 11/15/2030		840,484
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 11/7/2022		470,629
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,540,324
				19,593,125
		MINNESOTA — 0.2%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		241,854
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		66,566
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,688,250
				1,996,670
		MISSOURI — 1.0%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		57,849
	780,000	City of Kansas City, 5.00%, 09/1/2027		828,573
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		648,130
	685,000	5.00%, 01/1/2032, Call 01/1/2028		736,751

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MISSOURI (Continued)
$	350,000	5.00%, 01/1/2034, Call 01/1/2028	$	374,336
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		631,296
	445,000	5.00%, 10/1/2047, Call 10/1/2027		431,586
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,004,694
	350,000	4.00%, 11/15/2049, Call 11/15/2027		295,184
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20293		980,470
	1,020,000	5.00%, 03/1/2039, Call 03/1/20293		1,020,785
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,438,854
				8,448,508
		NEBRASKA — 0.4%
	1,350,000	Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/20251		1,343,943
	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027		1,045,050
		Omaha Public Power District
	925,000	4.00%, 02/1/2039, Call 08/1/2024		895,334
	500,000	5.25%, 02/1/2052, Call 02/1/2032		536,789
				3,821,116
		NEVADA — 1.3%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		237,991
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		873,101
		County of Clark
	500,000	2.10%, 06/1/2031		402,315
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,584,306
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,036,234
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,022,331

18

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
		Las Vegas Valley Water District
$	2,025,000	5.00%, 06/1/2039, Call 12/1/2024	$	2,074,422
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,055,319
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,011,368
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		579,366
				10,876,753
		NEW HAMPSHIRE — 0.2%
	480,951	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		445,960
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,120,367
	215,000	5.00%, 08/1/2037, Call 02/1/2028		215,879
				1,782,206
		NEW JERSEY — 2.8%
		New Jersey Economic Development Authority
	170,000	5.13%, 09/15/2023, Call 11/7/20223		170,096
	890,000	3.13%, 07/1/2029, Call 07/1/2027		800,343
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		906,335
	100,000	5.00%, 07/15/2032, Call 07/15/2027		100,487
	500,000	5.00%, 07/1/2033, Call 07/1/2027		507,469
	280,000	6.00%, 10/1/2034, Call 10/1/20244		281,924
	880,000	5.00%, 06/15/2036, Call 12/15/2026		885,537
	350,000	6.30%, 10/1/2049, Call 10/1/20244		351,551
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,030,724
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,016,384
		New Jersey Health Care Facilities Financing Authority
	1,000,000	5.25%, 07/1/2035, Call 07/1/2023		1,007,895
	490,000	5.75%, 07/1/2037, Call 11/7/2022		491,347
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,164,568

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
		New Jersey Higher Education Student Assistance Authority
$	500,000	5.00%, 12/1/2028, Call 06/1/20283	$	520,909
	855,000	4.25%, 12/1/2047, Call 12/1/20263		844,407
	3,690,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20243		3,626,642
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,230,704
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		1,869,595
	500,000	5.00%, 06/15/2040, Call 12/15/2030		496,073
	500,000	4.00%, 06/15/2042, Call 06/15/2032		428,964
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,022,787
	805,000	5.00%, 06/15/2044, Call 06/15/2024		797,618
	1,050,000	5.00%, 06/15/2044, Call 12/15/2028		1,040,371
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20283		993,852
	350,000	South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032		357,923
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,629,754
				24,574,259
		NEW MEXICO — 0.2%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		785,907
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		966,312
				1,752,219
		NEW YORK — 5.0%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/20234		412,668
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,063,777
		City of New York NY
	1,210,000	4.00%, 08/1/2042, Call 08/1/2031		1,110,269

19

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	1,000,000	5.25%, 09/1/2042, Call 09/1/2032	$	1,076,006
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		952,377
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,018,429
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		726,040
		Metropolitan Transportation Authority
	1,000,000	5.25%, 11/15/2031, Call 11/15/2025		1,022,973
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,000,131
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		656,295
	1,000,000	New York City Municipal Water Finance Authority, 5.00%, 06/15/2050, Call 12/15/2030		1,034,839
	1,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 4.00%, 07/15/2034, Call 07/15/2031		984,497
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029		928,563
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,073,255
	615,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		622,700
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,037,802
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		1,949,061
	730,000	3.00%, 02/15/2042, Call 02/15/2030		543,963
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		897,507
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,512,047
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		754,383
	1,500,000	5.00%, 03/15/2041, Call 03/15/2029		1,552,162

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	1,000,000	5.00%, 02/15/2045, Call 02/15/2025	$	1,011,876
	500,000	4.00%, 07/1/2048, Call 07/1/2031		416,760
	1,000,000	New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/20243		970,813
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243		910,137
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		232,068
	500,000	5.00%, 07/1/2045, Call 07/1/2025		482,727
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2045, Call 12/1/2029		1,255,610
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/20243		2,025,921
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,671,753
	1,145,000	Town of Oyster Bay NY, AGM, 4.00%, 03/1/2025		1,162,726
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,523,422
	1,000,000	5.50%, 05/15/2052, Call 11/15/2032		1,083,550
	1,000,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue, 5.25%, 05/15/2052, Call 11/15/2032		1,059,205
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		850,608
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		751,875
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		705,455
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		253,182
				43,297,432

20

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NORTH CAROLINA — 0.5%
$	1,000,000	Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/20323	$	1,029,260
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 12/1/2022		2,000,736
	715,000	4.00%, 09/1/2046, Call 09/1/2028		588,966
	1,000,000	North Carolina Municipal Power Agency No. 1, 5.00%, 01/1/2025		1,032,664
				4,651,626
		NORTH DAKOTA — 0.3%
	500,000	County of Burleigh, 4.38%, 04/15/2026		485,433
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		1,662,575
				2,148,008
		OHIO — 1.3%
	830,000	City of Akron, 5.00%, 12/1/2026		848,075
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		887,055
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		694,433
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,060,333
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		1,962,027
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		493,301
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,399,512
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,575,431
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,004,151
				10,924,318
		OKLAHOMA — 0.7%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		956,732
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,042,446
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,004,944

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA (Continued)
$	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20283	$	999,636
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		1,690,465
				5,694,223
		OREGON — 0.5%
	1,425,000	County of Clackamas, 3.00%, 06/1/2028, Call 11/7/2022		1,363,006
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		897,950
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,000,420
	45,000	5.00%, 10/1/2046, Call 10/1/2026		47,682
	720,000	5.00%, 10/1/2046, Call 10/1/2026		699,029
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		404,953
				4,413,040
		PENNSYLVANIA — 2.9%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		288,629
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		96,110
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		250,569
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		100,007
	780,000	5.38%, 10/15/2042, Call 10/15/2022		780,536
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303		882,449
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,891,480
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,034,524
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		362,644

21

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025	$	269,430
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		657,913
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,550,418
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/20255		192,500
	300,000	10.00%, 12/1/2040, Call 06/1/20304		266,535
	300,000	10.00%, 12/1/2040, Call 06/1/20303 4		266,535
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		861,875
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,066,369
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,058,415
	500,000	5.00%, 12/1/2041, Call 06/1/2026		507,900
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,015,699
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		886,804
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,007,290
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		841,477
	500,000	8.00%, 01/1/2033, Call 01/1/2023		505,521
	500,000	6.88%, 06/15/2033, Call 06/15/2023		510,025
	850,000	4.00%, 11/1/2037, Call 11/1/2029		758,612
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		911,405
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,321
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,012,979
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		878,989
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,204,963

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20283	$	275,694
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		528,146
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		493,351
				25,221,114
		PUERTO RICO — 0.6%
		Commonwealth of Puerto Rico
	30,863	5.25%, 07/1/2023		31,008
	18,548	0.00%, 07/1/2024		17,057
	61,865	5.38%, 07/1/2025		62,510
	61,305	5.63%, 07/1/2027		62,656
	60,310	5.63%, 07/1/2029		61,788
	1,558,579	5.75%, 07/1/2031		1,592,233
	55,548	4.00%, 07/1/2033, Call 07/1/2031		48,973
	71,485	0.00%, 07/1/2033, Call 07/1/2031		39,526
	49,930	4.00%, 07/1/2035, Call 07/1/2031		42,805
	42,853	4.00%, 07/1/2037, Call 07/1/2031		35,276
	58,264	4.00%, 07/1/2041, Call 07/1/2031		45,639
	277,359	0.00%, 11/1/20431		139,026
	60,594	4.00%, 07/1/2046, Call 07/1/2031		45,542
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 11/7/20225		1,490,000
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		1,327,953
				5,041,992
		RHODE ISLAND — 0.4%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,551,325
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,025,151
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		521,272
				3,097,748

22

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA — 1.0%
$	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026	$	2,007,405
	500,000	South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 02/1/20233 4 5		200,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283		2,024,063
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		692,243
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,001,768
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,123,915
				9,049,394
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,213,107
		TENNESSEE — 0.7%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,186,749
		Knox County Health Educational & Housing Facility Board
	365,000	0.00%, 05/1/2025, Call 11/1/20244 5		171,550
	45,000	0.00%, 05/1/20345		21,150
	1,000,000	Metropolitan Nashville Airport Authority, 5.00%, 07/1/2054, Call 07/1/20303		986,795
	1,500,000	Tennergy Corp., 4.00%, 12/1/2051, Call 06/1/20281		1,454,260
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,045,344
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,485,500
				6,351,348
		TEXAS — 6.6%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		73,598
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		314,737

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	2,000,000	Central Texas Regional Mobility Authority, 5.00%, 01/1/2043, Call 01/1/2028	$	2,015,225
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/20263		1,008,926
	1,000,000	5.00%, 11/15/2044, Call 11/15/20243		999,954
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,044,364
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		222,329
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,007,318
		City of Houston Airport System Revenue
	600,000	4.75%, 07/1/20243		595,960
	750,000	5.00%, 07/15/2035, Call 07/15/20253		704,035
	1,000,000	4.00%, 07/1/2036, Call 07/1/20313		914,302
	1,500,000	4.00%, 07/15/2041, Call 07/15/20293		1,178,923
	1,100,000	City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029		1,213,085
	1,000,000	City of Lubbock TX Electric Light & Power System Revenue, 4.00%, 04/15/2041, Call 04/15/2030		897,550
	1,280,000	City of Mesquite TX Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,149,269
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		800,788
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 11/7/2022		500,144
	100,000	4.40%, 12/1/2047, Call 12/1/2022		85,987
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,320,611
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		946,231

23

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

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	$	1,025,984
	260,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		267,486
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,119,907
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,047,027
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,056,851
	1,300,000	Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032		1,418,092
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		2,828,889
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,159,120
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/26/20223 4		493,310
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		612,915
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,025,576
	2,505,000	5.00%, 07/1/2047, Call 07/1/20255		2,129,250
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		383,116
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,517,297
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,223,921
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,058,366
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 11/7/20225		610,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		302,528

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	$	1,802,499
		San Antonio Water System
	1,000,000	5.00%, 05/15/2024		1,027,681
	1,000,000	5.25%, 05/15/2052, Call 05/15/2032		1,064,694
	500,000	Southwest Higher Education Authority, Inc., 4.00%, 10/1/2042, Call 10/1/2023		449,822
	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023		1,008,095
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,302,674
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		570,271
	1,270,000	6.25%, 12/15/2026		1,319,807
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		435,895
	1,110,000	5.00%, 12/31/2040, Call 12/31/20253		1,077,960
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		3,762,158
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		411,892
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,445,657
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		1,898,884
	1,000,000	5.00%, 08/1/2041, Call 08/1/2032		1,071,735
		Town of Westlake
	175,000	5.50%, 09/1/2025		172,954
	200,000	6.13%, 09/1/2035, Call 09/1/2025		194,191
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,192,164
				57,482,004
		UTAH — 0.4%
	1,000,000	City of Salt Lake City UT Airport Revenue, 4.00%, 07/1/2039, Call 07/1/20313		887,952

24

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		UTAH (Continued)
$	750,000	Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031	$	713,621
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20283		1,009,308
		Utah Charter School Finance Authority
	800,000	4.50%, 07/15/20274		769,958
	500,000	5.38%, 06/15/2048, Call 06/15/20274		450,467
				3,831,306
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		1,003,586
		VIRGINIA — 1.0%
	715,000	Celebrate North Community Development Authority, 4.69%, 03/1/20185		464,750
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,010,996
	1,000,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		909,031
	1,000,000	Fairfax County Industrial Development Authority, 3.50%, 05/15/2039, Call 05/15/2032		864,864
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 11/7/20223 4		29,989
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,109,241
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/20323		1,970,602
	500,000	4.00%, 01/1/2040, Call 01/1/20323		434,932
	1,750,000	5.00%, 12/31/2052, Call 06/30/20273		1,651,068
				8,445,473
		WASHINGTON — 3.3%
	1,000,000	City of Seattle WA Municipal Light & Power Revenue, 4.00%, 07/1/2036, Call 07/1/2030		977,012

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028	$	2,021,440
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,559,524
	705,000	King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025		650,719
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,238,467
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,240,107
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,594,338
	65,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		70,952
	1,500,000	Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20293		1,501,672
	500,000	Port of Seattle WA, 5.00%, 08/1/2047, Call 08/1/20323		497,347
	1,360,000	Port of Tacoma, 5.00%, 12/1/20313		1,457,116
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,808,456
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,694,186
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,774,005
	1,515,000	5.00%, 02/1/2044, Call 02/1/2032		1,611,289
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,549,296
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 10/21/2022		179,988
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		507,564
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,820,464
	500,000	5.00%, 08/1/2038, Call 08/1/2029		497,446
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		801,772
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		881,338
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,013,212
				28,947,710

25

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WEST VIRGINIA — 0.2%
$	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274	$	1,001,953
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,061,560
				2,063,513
		WISCONSIN — 1.2%
		Public Finance Authority
	665,000	4.00%, 07/1/2027, Call 07/1/2024		637,698
	500,000	5.75%, 02/1/2035, Call 02/1/2025		465,275
	535,000	5.00%, 07/1/2037, Call 07/1/2024		521,331
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		843,927
	500,000	5.00%, 06/15/2039, Call 06/15/20264		448,651
	500,000	5.00%, 02/1/2042, Call 02/1/2032		462,627
	1,000,000	5.00%, 07/1/2042, Call 11/7/20223		1,002,307
	165,000	6.00%, 07/15/2042, Call 10/26/2022		165,057
	450,000	5.50%, 03/1/2045, Call 03/1/20254		443,048
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,001,284
	345,000	6.38%, 01/1/2048, Call 01/1/20284		212,175
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		155
	7,085	0.00%, 01/1/20474 5		143
	7,034	0.00%, 01/1/20484 5		136
	6,984	0.00%, 01/1/20494 5		128
	6,882	0.00%, 01/1/20504 5		118
	7,540	0.00%, 01/1/20514 5		123
	194,116	0.00%, 07/1/20514 5		91,671
	7,490	0.00%, 01/1/20524 5		115
	7,388	0.00%, 01/1/20534 5		108
	7,338	0.00%, 01/1/20544 5		101
	7,237	0.00%, 01/1/20554 5		95
	7,135	0.00%, 01/1/20564 5		90
	7,085	0.00%, 01/1/20574 5		84
	6,984	0.00%, 01/1/20584 5		79
	6,933	0.00%, 01/1/20594 5		75
	6,882	0.00%, 01/1/20604 5		70
	6,781	0.00%, 01/1/20614 5		65
	6,730	0.00%, 01/1/20624 5		62
	6,629	0.00%, 01/1/20634 5		58
	6,579	0.00%, 01/1/20644 5		55

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,528	0.00%, 01/1/20654 5	$	52
	6,427	0.00%, 01/1/20664 5		47
	83,706	0.00%, 01/1/20674 5		557
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		1,026,939
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,094,410
				10,418,916
		TOTAL MUNICIPAL BONDS
		(Cost $732,246,667)		685,042,782
		COMMON STOCK — 0.3%
	32,339	Energy Harbor Corp.*		2,457,764
		TOTAL COMMON STOCK
		(Cost $965,130)		2,457,764
		EXCHANGE-TRADED FUND— 2.7%
	231,435	iShares National Muni Bond ETF		23,740,602
		TOTAL EXCHANGE-TRADED FUND
		(Cost $24,777,204)		23,740,602

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.6%
	18,027	BlackRock Long-Term Municipal Advantage Trust	177,386
	41,753	BlackRock MuniVest Fund, Inc.	277,240
	29,817	BlackRock MuniYield Quality Fund, Inc.	329,478
	55,299	BNY Mellon Municipal Income, Inc.	332,347
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	721,259
	20,359	BNY Mellon Strategic Municipals, Inc.	123,783
	11,444	DTF Tax-Free Income, Inc.	127,030
	66,923	DWS Municipal Income Trust	556,799
	17,462	Invesco Advantage Municipal Income Trust II	141,791
	17,008	Invesco Municipal Opportunity Trust	154,943

26

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	21,119	Invesco Municipal Trust	$	193,028
	10,819	Invesco Trust for Investment Grade Municipals		101,266
	6,391	Neuberger Berman Municipal Fund, Inc.		64,677
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		280,739
	111,999	Pioneer Municipal High Income Fund, Inc.		919,512
	78,923	Western Asset Managed Municipals Fund, Inc.		765,553
	6,466	Western Asset Municipal Partners Fund, Inc.		72,419
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $7,760,733)		5,339,250
		PRIVATE FUNDS6 — 12.4%
		MacKay Municipal Credit Opportunities Fund, LP* 7		24,926,886
		MacKay Municipal Opportunities Fund, LP* 8		82,399,038
		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		107,325,924
		SHORT-TERM INVESTMENT — 3.6%
	31,601,920	JPMorgan Prime Money Market Fund - Institutional Shares, 2.95%9		31,611,400
		TOTAL SHORT-TERM INVESTMENT
		(Cost $31,606,478)		31,611,400
		TOTAL INVESTMENTS — 98.5%
		(Cost $892,014,048)		855,517,722
		Other assets less liabilities — 1.5%		12,731,269
		TOTAL NET ASSETS — 100.0%	$	868,248,991

^* Non-income producing security.

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

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

⁶ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

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

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

⁹ 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

ETF — Exchange-Traded Fund

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

See accompanying Notes to Financial Statements.

27

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

At September 30, 2022, the Aspiriant Risk-Managed Municipal Bond Fund had futures contracts as set forth below:

Interest Rate Futures Contracts:
Expiration Date	Number of Contracts			Description	Notional Amount			Value			Unrealized Appreciation (Depreciation)
Short Futures Contracts:
December 2022		10	10-Year U.S. Treasury Note		$	(1,174,010	)	$	(1,120,625	)	$	53,385
					$	(1,174,010	)	$	(1,120,625	)	$	53,385

28

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUNDS — 14.0%
		ALTERNATIVE DIVERSIFIERS — 14.0%
	3,725,967	GMO Equity Dislocation Investment Fund - Class A1 2	$	77,909,975
	1,000,000	Managed Fund/Bridgewater Fund Limited2 3		100,000,000
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS
		(Cost $177,329,343)		177,909,975
		OPEN-END MUTUAL FUNDS — 54.6%
		ALTERNATIVE DIVERSIFIERS — 10.9%
	7,181,296	BlackRock Event Driven Equity Fund - Institutional Shares		70,017,634
	7,218,458	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		68,864,085
				138,881,719
		CORE/ALTERNATIVE DIVERSIFIERS — 43.7%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV2 4		339,610,455
	1,041,050	GMO Global Asset Allocation Fund - Class III2		28,535,189
	11,415,549	JPMorgan Global Allocation Fund - Class R62		188,584,872
				556,730,516
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $766,763,559)		873,522,210
		EXCHANGE-TRADED FUND — 5.5%
		REAL ASSET — 5.5%
	2,230,394	iShares Gold Trust*		70,324,323
		TOTAL EXCHANGE-TRADED FUND
		(Cost $73,243,896)		70,324,323

Number of Shares			Value
		PRIVATE FUNDS5 — 19.7%
		ALTERNATIVE DIVERSIFIERS — 15.1%
		Elliott Associates, LP - Class C* 6	$	35,585,113
		Millennium International, Ltd. - Class GG* 7		38,708,983
		Millennium International, Ltd. - Sub-Class GG-C* 8		48,304,112
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* 9		70,679,844
				193,278,052
		CORE DIVERSIFIER — 4.6%
		All Weather Portfolio Limited* 10		58,213,347
				58,213,347
		TOTAL PRIVATE FUNDS
		(Cost $219,915,203)		251,491,399
		SHORT-TERM INVESTMENT — 5.9%
	75,054,254	JPMorgan Prime Money Market Fund - Institutional Shares, 2.95%11		75,076,770
		TOTAL SHORT-TERM INVESTMENT
		(Cost $75,074,197)		75,076,770
		TOTAL INVESTMENTS — 99.7%
		(Cost $1,312,326,198)		1,270,414,702
		Other assets less liabilities — 0.3%		4,043,370
		TOTAL NET ASSETS — 100.0%	$	1,274,458,072

^* Non-income producing security.

¹ Domiciled in Ireland.

² Affiliated investments for which ownership exceeds 5% of the investment’s capital (See note 5).

³ Domiciled in Jersey.

⁴ 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.

⁵ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

29

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

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

⁷ The investment was acquired on 1/4/2021. The cost is $25,128,212.

⁸ The investment was acquired on 10/1/2020. The cost is $40,301,447.

⁹ The investment was acquired on 2/26/2018. The cost is $63,955,644. Moderately liquid investment. For redemption terms, please refer to Note 2, Fair Value Measurements and Disclosures, in the Notes to Financial Statements.

¹⁰ The investment was acquired on 5/1/2018. The cost is $58,850,300.

¹¹ The rate is the annualized seven-day yield at period end.

LP — Limited Partnership

Ltd. — Limited

See accompanying Notes to Financials.

30

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 22.0%
		AUSTRALIA — 0.1%
	116,238	Goodman Group - REIT	$	1,174,796
	1,818	Newcrest Mining Ltd.		19,960
				1,194,756
		BELGIUM — 0.1%
	91,611	Proximus SADP		949,829
		BERMUDA — 0.4%
	66,696	Arch Capital Group Ltd.*		3,037,336
	24,000	China Resources Gas Group Ltd.		76,095
	2,589	Everest Re Group Ltd.		679,457
	106,265	Hongkong Land Holdings Ltd.		466,931
	1,700	Jardine Matheson Holdings Ltd.		85,949
	6,160	RenaissanceRe Holdings Ltd.		864,802
				5,210,570
		BRAZIL — 0.1%
	138,958	Telefonica Brasil S.A. - ADR1		1,044,964
		CANADA — 0.4%
	4,984	Agnico Eagle Mines Ltd.		210,474
	1,330	Bank of Nova Scotia1		63,268
	33,346	Brookfield Asset Management, Inc. - Class A		1,364,160
	24,113	Dollarama, Inc.		1,384,270
	21,616	Franco-Nevada Corp.		2,582,680
	4,459	Toronto-Dominion Bank		273,470
				5,878,322
		CAYMAN ISLANDS — 0.6%
	118,000	China Medical System Holdings Ltd.		140,565
	13,500	CK Asset Holdings Ltd.		81,046
	220,500	CK Hutchison Holdings Ltd.		1,214,128
	97,023	ENN Energy Holdings Ltd.		1,293,625
	386,500	Kingboard Holdings Ltd.		1,088,036
	204,000	Li Ning Co., Ltd.		1,547,928
	1,126,000	WH Group Ltd.2		708,185
	58,551	ZTO Express Cayman, Inc. - ADR		1,406,981
				7,480,494
		CHINA — 0.5%
	29,831	China Construction Bank Corp. - ADR		343,057
	881,000	China Shenhua Energy Co., Ltd.		2,621,555
	530,300	East Money Information Co., Ltd.		1,311,503

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHINA (Continued)
	3,329,000	Industrial & Commercial Bank of China Ltd. - Class H	$	1,561,654
	468,000	PICC Property & Casualty Co., Ltd. - Class H		483,951
				6,321,720
		CURACAO — 0.1%
	40,874	Schlumberger Ltd.		1,467,377
		DENMARK — 0.4%
	9,221	Coloplast A/S - Class B		937,078
	35,408	Novo Nordisk A/S - ADR		3,527,699
	7,059	Pandora A/S		330,123
				4,794,900
		FRANCE — 0.5%
	8,727	Capgemini S.E.		1,397,197
	14,961	Cie Generale des Etablissements Michelin SCA		335,212
	114	Hermes International		134,078
	542	L’Oreal S.A.		173,300
	255	Pernod Ricard S.A.		46,781
	30,679	Publicis Groupe S.A.		1,453,654
	14,928	Safran S.A.		1,358,295
	13,740	Thales S.A.		1,514,065
				6,412,582
		GERMANY — 0.2%
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,160,274
	7,800	Rheinmetall A.G.		1,200,946
				2,361,220
		GUERNSEY — 0.2%
	41,204	Amdocs Ltd.		3,273,658
		HONG KONG — 0.3%
	181,000	Beijing Enterprises Holdings Ltd.		507,264
	382,000	China Merchants Port Holdings Co., Ltd.		479,796
	339,000	HKT Trust and HKT Ltd.3		397,041
	64,500	Power Assets Holdings Ltd.		323,324
	248,500	Sun Hung Kai Properties Ltd.1		2,742,514
				4,449,939

31

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDIA — 0.2%
	16,368	Dr Reddy’s Laboratories Ltd. - ADR1	$	856,701
	87,492	Infosys Ltd. - ADR1		1,484,739
				2,341,440
		IRELAND — 0.5%
	11,944	Accenture PLC - Class A		3,073,191
	5,521	Aon PLC - Class A		1,478,911
	6,531	ICON PLC*		1,200,267
	763	Linde PLC1		205,697
				5,958,066
		ISRAEL — 0.2%
	2,131	Elbit Systems Ltd.1		405,252
	8,283	Nice Ltd. - ADR* 1		1,559,192
				1,964,444
		JAPAN — 1.4%
	1,400	Bandai Namco Holdings, Inc.		91,236
	22,700	Brother Industries Ltd.		392,178
	8,000	Canon, Inc.		174,740
	14,700	Denso Corp.		672,131
	15,871	FUJIFILM Holdings Corp.		724,905
	1,900	Hirose Electric Co., Ltd.		249,174
	10,000	Itochu Corp.		241,379
	2,800	Itochu Techno-Solutions Corp.		65,635
	56,500	Japan Tobacco, Inc.		928,451
	143,387	KDDI Corp.		4,192,102
	25,300	McDonald’s Holdings Co. Japan Ltd.		881,527
	138,000	Nippon Steel Corp.		1,915,201
	74,000	Nippon Telegraph & Telephone Corp.		1,995,951
	52,019	Nippon Telegraph & Telephone Corp. - ADR1		1,409,715
	5,800	Nissin Foods Holdings Co., Ltd.		403,157
	21,900	Otsuka Holdings Co., Ltd.		693,461
	40,000	Sekisui House Ltd.		662,492
	1,134	Shin-Etsu Chemical Co., Ltd.		112,217
	145,100	Tosoh Corp.		1,617,192
	30	Toyota Motor Corp.		392
	14,500	Trend Micro, Inc.		781,010
				18,204,246
		JERSEY — 0.1%
	285,820	Glencore PLC		1,501,989

Number of Shares			Value
		COMMON STOCKS (Continued)
		NETHERLANDS — 0.7%
	16,154	Airbus S.E.	$	1,392,481
	118,264	CNH Industrial N.V.		1,323,641
	111,896	Koninklijke Ahold Delhaize N.V.		2,850,153
	9,908	NXP Semiconductors N.V.		1,461,529
	201,940	Stellantis N.V.1		2,390,969
				9,418,773
		NEW ZEALAND — 0.0%4
	174,948	Spark New Zealand Ltd.		489,461
		NORWAY — 0.0%4
	3,840	Yara International A.S.A.		134,765
		PHILIPPINES — 0.0%4
	5,236	PLDT, Inc. - ADR		132,471
		SINGAPORE — 0.3%
	12,622	DBS Group Holdings Ltd.		291,990
	6,072	DBS Group Holdings Ltd. - ADR		562,358
	335,700	Singapore Telecommunications Ltd.		619,447
	76,000	United Overseas Bank Ltd.		1,376,556
	83,900	Venture Corp. Ltd.		953,351
				3,803,702
		SOUTH KOREA — 0.0%4
	11,178	POSCO - ADR		409,227
	1	Woori Financial Group, Inc. - ADR		22
				409,249
		SWEDEN — 0.0%4
	4,787	L E Lundbergforetagen A.B. - B Shares		172,813
		SWITZERLAND — 0.6%
	880	Alcon, Inc.		51,198
	16	Chocoladefabriken Lindt & Spruengli A.G.		154,629
	6,065	Garmin Ltd.		487,080
	7,504	Nestle S.A. - ADR		807,505
	22,383	Novartis A.G.		1,706,413
	4,401	Novartis A.G. - ADR		334,520
	6,279	Sonova Holding A.G.		1,381,763
	2,143	Swisscom A.G.		1,003,441
	99,241	UBS Group A.G.		1,439,785

32

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	227	Zurich Insurance Group A.G.	$	90,494
	2,010	Zurich Insurance Group A.G. - ADR		79,958
				7,536,786
		TAIWAN — 0.5%
	80,891	Chunghwa Telecom Co., Ltd. - ADR		2,874,057
	52,939	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		3,629,498
	66,650	United Microelectronics Corp. - ADR1		371,241
				6,874,796
		UNITED KINGDOM — 0.6%
	48,467	Anglo American PLC		1,455,262
	17,735	AstraZeneca PLC		1,949,599
	1	AstraZeneca PLC - ADR		55
	43,123	British American Tobacco PLC		1,546,285
	5,848	Burberry Group PLC		116,817
	20,531	London Stock Exchange Group PLC		1,733,820
	5,302	RELX PLC		129,558
	207,677	Standard Chartered PLC		1,298,927
				8,230,323
		UNITED STATES — 13.0%
	7,272	Adtalem Global Education, Inc.*		265,064
	12,168	Aflac, Inc.		683,842
	796	Allstate Corp.		99,126
	47,580	Alphabet, Inc. - Class A*		4,551,027
	42,907	Alphabet, Inc. - Class C*		4,125,508
	36,297	Amazon.com, Inc.*		4,101,561
	540	AMERCO1		274,979
	7,842	American Electric Power Co., Inc.		677,941
	11,937	American Express Co.		1,610,421
	11,290	Analog Devices, Inc.		1,573,149
	71,723	Apple, Inc.		9,912,119
	29,330	Ares Management Corp. - Class A		1,816,993
	9,598	Arthur J. Gallagher & Co.		1,643,370
	417	Atmos Energy Corp.1		42,471
	18,892	Avangrid, Inc.1		787,796
	3,226	Baxter International, Inc.		173,752
	711	Becton, Dickinson and Co.		158,432
	3,404	Berkshire Hathaway, Inc.*		908,936
	1,736	Bio-Rad Laboratories, Inc. - Class A*		724,155
	66,179	Brixmor Property Group, Inc. - REIT		1,222,326
	27,487	Builders FirstSource, Inc.*		1,619,534

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	9,682	Cadence Bank1	$	246,020
	10,179	CDW Corp.		1,588,738
	25,278	Charles Schwab Corp.		1,816,730
	2,871	Chemed Corp.		1,253,364
	5,174	Church & Dwight Co., Inc.		369,631
	56,026	Ciena Corp.*		2,265,131
	28,313	Cisco Systems, Inc.		1,132,520
	5,859	CNX Resources Corp.*		90,990
	2,337	Coca-Cola Co.		130,919
	3,107	Consolidated Edison, Inc.		266,456
	3,127	Constellation Energy Corp.		260,135
	2,941	Corteva, Inc.		168,078
	4,979	Costco Wholesale Corp.		2,351,432
	52,327	Coterra Energy Inc.1		1,366,781
	24,020	Dolby Laboratories, Inc. - Class A		1,564,903
	883	DT Midstream, Inc.		45,819
	1,766	DTE Energy Co.		203,178
	2,136	Duke Energy Corp.		198,691
	11,578	Electronic Arts, Inc.		1,339,690
	13,027	Elevance Health, Inc.		5,917,384
	14,547	Eli Lilly & Co.		4,703,772
	142	Embecta Corp.		4,088
	10,293	EOG Resources, Inc.		1,150,037
	9,381	Exelon Corp.		351,412
	8,350	ExlService Holdings, Inc.*		1,230,456
	4,786	Expeditors International of Washington, Inc.		422,652
	5,145	First Financial Bankshares, Inc.1		215,215
	2,407	First Financial Corp.		108,772
	6,923	FleetCor Technologies, Inc.*		1,219,625
	24,996	Flowers Foods, Inc.		617,151
	7,350	Gartner, Inc.*		2,033,671
	43,128	Gentex Corp.		1,028,172
	15,257	Global Payments, Inc.		1,648,519
	24,727	GoDaddy, Inc.* 1		1,752,650
	7,650	Grand Canyon Education, Inc.*		629,213
	33,377	H&R Block, Inc.		1,419,858
	1,395	Hanover Insurance Group, Inc.		178,755
	2,212	Home Depot, Inc.		610,379
	65,497	Hormel Foods Corp.		2,976,184
	6,373	Humana, Inc.		3,092,116

33

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	4,009	Incyte Corp.*	$	267,160
	30,261	Intel Corp.		779,826
	21,650	JM Smucker Co.		2,974,926
	9,344	Johnson & Johnson		1,526,436
	5,122	Juniper Networks, Inc.		133,787
	16,071	Kroger Co.		703,106
	12,408	Lancaster Colony Corp.1		1,864,674
	13,140	Life Storage, Inc. - REIT		1,455,386
	8,665	Lowe’s Cos., Inc.		1,627,374
	11,912	LPL Financial Holdings, Inc.		2,602,534
	7,391	Mastercard, Inc. - Class A		2,101,557
	842	McCormick & Co., Inc.		60,009
	7,071	McDonald’s Corp.		1,631,563
	6,003	McKesson Corp.		2,040,240
	8,947	Merck & Co., Inc.		770,516
	23,529	MetLife, Inc.		1,430,093
	46,150	Microsoft Corp.		10,748,335
	375	Monster Beverage Corp.*		32,610
	2,858	Motorola Solutions, Inc.		640,106
	20,610	NetApp, Inc.		1,274,729
	10,106	Newmont Corp.		424,755
	844	NextEra Energy, Inc.		66,178
	1,378	NIKE, Inc. - Class B		114,539
	38	NVR, Inc.*		151,509
	1,256	Old Dominion Freight Line, Inc.1		312,455
	20,468	Omnicom Group, Inc.		1,291,326
	318	ONE Gas, Inc.		22,384
	8,406	Palo Alto Networks, Inc.* 1		1,376,819
	1,570	PDC Energy, Inc.		90,730
	6,841	PepsiCo, Inc.		1,116,862
	61,378	Pfizer, Inc.		2,685,901
	21,862	Philip Morris International, Inc.		1,814,765
	11,943	Procter & Gamble Co.		1,507,804
	12,563	Progressive Corp.		1,459,946
	28,827	Public Service Enterprise Group, Inc.		1,620,942
	1,306	Public Storage - REIT		382,410
	12,378	QUALCOMM, Inc.		1,398,466
	15,847	Raymond James Financial, Inc.		1,566,001
	10,706	Republic Services, Inc.		1,456,444
	2,143	ResMed, Inc.		467,817
	3,545	Royal Gold, Inc.		332,592

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	45,878	Schneider National, Inc. - Class B	$	931,323
	36,046	SEI Investments Co.		1,768,056
	5,344	Stryker Corp.		1,082,374
	7,363	Synopsys, Inc.*		2,249,470
	394	Target Corp.		58,466
	1,374	Tesla, Inc.*		364,453
	1,869	Texas Instruments, Inc.		289,284
	40,222	TJX Cos., Inc.		2,498,591
	11,484	T-Mobile US, Inc.* 1		1,540,808
	11,510	Tootsie Roll Industries, Inc.1		383,053
	3,505	Tradeweb Markets, Inc. - Class A		197,752
	31,419	Trustmark Corp.1		962,364
	12,842	Tyson Foods, Inc. - Class A		846,673
	3,375	Ulta Beauty, Inc.*		1,354,016
	6,211	UnitedHealth Group, Inc.		3,136,803
	6,893	Vertex Pharmaceuticals, Inc.*		1,995,799
	17,784	Visa, Inc. - Class A1		3,159,328
	29,508	Walmart, Inc.		3,827,188
	476	Watsco, Inc.1		122,551
	2,132	WEC Energy Group, Inc.		190,665
	13,903	Wells Fargo & Co.		559,179
	19,970	Welltower, Inc. - REIT1		1,284,470
	34,736	Werner Enterprises, Inc.		1,306,074
	41,061	WillScot Mobile Mini Holdings Corp.*		1,655,990
				171,032,131
		TOTAL COMMON STOCKS
		(Cost $246,013,337)		289,045,786
		EXCHANGE-TRADED FUNDS — 16.6%
	1,433,811	iShares Edge MSCI Min Vol Global ETF1		126,978,302
	3,913,890	Schwab Fundamental Emerging Markets Large Co. Index ETF		91,741,582
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $218,763,980)		218,719,884

34

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUND — 6.4%
	4,041,815	GMO Equity Dislocation Investment Fund - Class A5 6	$	84,514,343
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUND
		(Cost $84,371,053)		84,514,343
		OPEN-END MUTUAL FUNDS — 38.0%
	2,712,385	AQR Large Cap Defensive Style Fund - Class R6		67,728,255
	3,242,774	Baillie Gifford Emerging Markets Equities Fund - Class K		52,273,518
	16,665,991	GMO Quality Fund - Class VI6 7 8		378,651,322
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $501,798,327)		498,653,095
		PREFERRED STOCKS — 0.2%
		BRAZIL — 0.1%
	416,500	Banco Bradesco S.A.		1,531,855
		GERMANY — 0.1%
	10,278	Porsche Automobil Holding S.E.		579,094
		TOTAL PREFERRED STOCKS
		(Cost $2,261,635)		2,110,949
		PRIVATE FUNDS9 — 13.2%
		Bridgewater All Weather China, Ltd.10		54,413,328
		RIEF Strategic Partners Fund LLC11		119,523,484
		TOTAL PRIVATE FUNDS
		(Cost $186,362,244)		173,936,812
		SHORT-TERM INVESTMENTS — 6.3%
		COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 2.7%
		Collateral Investments12		35,816,949

Number of Shares			Value
		MONEY MARKET FUND — 3.6%
	46,512,875	JPMorgan Prime Money Market Fund - Institutional Shares, 2.95%13	$	46,526,829
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $82,338,215)		82,343,778
		TOTAL INVESTMENTS — 102.7%
		(Cost $1,321,908,791)		1,349,324,647
		Liabilities in excess of other assets — (2.7)%		(36,087,293	)
		TOTAL NET ASSETS — 100.0%	$	1,313,237,354

^* Non-income producing security.

¹ Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $51,813,228.

² 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.

³ Comprised of securities in separate entities or units of stapled securities that must be traded together.

⁴ Rounds to less than 0.05%.

⁵ Domiciled in Ireland.

⁶ Affiliated investments for which ownership exceeds 5% of the investment’s capital, (See note 5).

⁷ 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.

⁸ Global equity fund.

⁹ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

¹⁰ The investment was acquired on 3/1/2021. The cost is $64,000,000.

¹¹ The investment was acquired on 7/2/2018. The cost is $122,362,244.

¹² Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

¹³ The rate is the annualized seven-day yield at period end.

35

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2022 (Unaudited)

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.

36

ASPIRIANT TRUST

Statements of Assets and Liabilities

As of September 30, 2022 (Unaudited)

	Risk-Managed Taxable Bond Fund		Risk-Managed Municipal Bond Fund		Defensive Allocation Fund		Risk-Managed Equity Allocation Fund
ASSETS:
Unaffiliated investments, at value (cost $203,515,034, $892,014,048, $515,852,786 and $861,045,771, respectively)	$	173,490,487	$	855,517,722	$	535,774,211	$	886,158,982	1
Affiliated investments, at value (cost $0, $0, $796,473,412 and $460,863,020, respectively)		—		—		734,640,491		463,165,665
Cash		—		998,729		—		—
Foreign currency, at value (cost $0, $0, $0 and $175,243, respectively)		—		—		—		172,618
Unrealized appreciation on:
Futures		—		53,384		—		—
Receivables:
Investments sold		—		—		4,493,369		23,920,551
Due from custodian		—		—		—		41,000
Fund shares sold		1,634		6,544,855		74,150		91,071
Dividends and interest		—		10,051,339		221,548		1,140,754
Other receivables		—		—		—		13,885
Other prepaid expenses		25,337		52,137		34,375		21,214
Total assets		173,517,458		873,218,166		1,275,238,144		1,374,725,740
LIABILITIES:
Payables:
Investments purchased		—		3,525,973		—		24,863,309
Securities lending collateral (see Note 2)		—		—		—		35,816,949
Fund shares redeemed		97,393		1,019,066		423,859		231,262
Accrued fund accounting fees		14,557		88,495		73,420		96,528
Due to Adviser		11,969		167,991		107,926		188,224
Accrued Trustees’ fees		10,239		10,239		10,239		6,499
Accrued fund administration fees		7,700		41,506		55,660		62,339
Accrued transfer agent fees and expenses		5,979		5,986		6,250		6,358
Accrued administrative servicing fees		4,484		23,612		10,627		47,219
Accrued Chief Compliance Officer fees		1,609		1,609		1,609		1,609
Accrued custody fees		1,408		8,203		4,704		16,451
Due to Custodian		—		31,478		59,293		100,506
Accrued other expenses		20,529		45,017		26,485		51,133
Total liabilities		175,867		4,969,175		780,072		61,488,386
Commitments and contingencies (see Note 2)
NET ASSETS	$	173,341,591	$	868,248,991	$	1,274,458,072	$	1,313,237,354

¹ Includes $51,813,228 of securities on loan to unaffiliated brokers-dealers. Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

37

ASPIRIANT TRUST

Statements of Assets and Liabilities (Continued)

As of September 30, 2022 (Unaudited)

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund			Risk-Managed Equity Allocation Fund
NET ASSETS CONSIST OF:
Paid-in capital (unlimited shares authorized, no par value)	$	206,054,352		$	961,057,997		$	1,376,226,138		$	1,273,743,862
Total distributable earnings (losses)		(32,712,761	)		(92,809,006	)		(101,768,066	)		39,493,492
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	173,341,591		$	868,248,991		$	1,274,458,072		$	1,313,237,354
SHARES ISSUED AND OUTSTANDING		20,831,240			96,592,822			132,178,086			107,334,409	^
NET ASSET VALUE PER SHARE	$	8.32		$	8.99		$	9.64		$	12.24	^

^{^} Advisor Shares

See accompanying Notes to Financial Statements.

38

ASPIRIANT TRUST

Statements of Operations

As of September 30, 2022 (Unaudited)

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund			Risk-Managed Equity Allocation Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments (net of foreign withholding taxes of $0, $0, $0 and $277,853, respectively)	$	3,459,780		$	581,249		$	169		$	7,203,385
Dividends from affiliated investments		—			—			1,655,811			843,217
Interest income from unaffiliated investments		66,228			14,133,496			730,716			784,250
Net securities lending income		—			—			—			60,938
Other Income		—			—			270,113			306,802
Total investment income		3,526,008			14,714,745			2,656,809			9,198,592
EXPENSES:
Advisory fees		238,810			1,339,269			706,996			1,875,544
Administrative services fees		95,524			496,025			706,996			781,476
Fund accounting fees		41,230			189,196			150,387			195,689
Trustees’ fees and expenses		31,082			31,082			31,082			34,842
Fund administration fees		23,606			122,510			174,747			193,087
Legal fees		19,376			29,389			22,239			24,297
Transfer agent fees and expenses		17,859			17,876			18,640			18,926
Audit and tax fees		12,278			25,819			12,702			35,780
Chief Compliance Officer fees		9,526			9,526			9,526			9,526
Registration fees		8,715			23,996			36,903			15,732
Insurance fees		6,297			6,297			6,297			6,297
Regulatory services		5,164			6,668			5,164			5,716
Custody fees		2,447			16,420			9,411			30,375
Shareholder reporting fees		1,506			2,864			3,271			3,169
Other expenses		3,833			5,569			5,471			11,311
Total expenses		517,253			2,322,506			1,899,832			3,241,767
Less: Advisory fees waived		(162,391	)		(297,614	)		—			(625,337	)
Less: Administrative services fees waived		(66,867	)		(347,217	)		(636,298	)		(468,885	)
Net expenses		287,995			1,677,675			1,263,534			2,147,545
Net investment income		3,238,013			13,037,070			1,393,275			7,051,047

39

ASPIRIANT TRUST

Statements of Operations (Continued)

As of September 30, 2022 (Unaudited)

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund			Risk-Managed Equity Allocation Fund
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Unaffiliated investments	$	(3,416,858	)	$	(13,359,922	)	$	(794,802	)	$	(38,993,857	)
Affiliated investments		—			—			(4,627,664	)		(8,236,088	)
Foreign currency translations		—			—			—			(81,805	)
Futures contracts		—			(155,543	)		—			—
Capital gain distributions from unaffiliated investments		—			—			51,423			11,664,507
Total net realized (loss)		(3,416,858	)		(13,515,465	)		(5,371,043	)		(35,647,243	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(17,273,902	)		(67,204,414	)		(47,290,013	)		(154,408,608	)
Affiliated Investments		—			—			(75,886,641	)		(87,788,578	)
Foreign currency translations		—			—			—			(43,782	)
Futures contracts change		—			53,385			—			—
Total net change in unrealized appreciation (depreciation)		(17,273,902	)		(67,151,029	)		(123,176,654	)		(242,240,968	)
Net realized and unrealized gain (loss)		(20,690,760	)		(80,666,494	)		(128,547,697	)		(277,888,211	)
Net Decrease in Net Assets from Operations	$	(17,452,747	)	$	(67,629,424	)	$	(127,154,422	)	$	(270,837,164	)

See accompanying Notes to Financial Statements.

40

ASPIRIANT TRUST

Statements of Changes in Net Assets

	Risk-Managed Taxable Bond Fund						Risk-Managed Municipal Bond Fund
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022			Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	3,238,013		$	5,357,004		$	13,037,070		$	27,909,226
Net realized gain (loss) on investments		(3,416,858	)		221,414			(13,515,465	)		4,186,361
Net change in unrealized (depreciation) on investments		(17,273,902	)		(13,618,760	)		(67,151,029	)		(65,816,057	)
Change in net assets resulting from operations		(17,452,747	)		(8,040,342	)		(67,629,424	)		(33,720,470	)
DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		(3,004,224	)		(9,162,414	)		(16,203,504	)		(47,726,167	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		19,864,984			45,883,783			478,780,708			207,867,955
Shares issued for reinvestment of distributions		2,852,639			8,614,057			15,521,937			45,845,037
Shares redeemed		(34,438,767	)		(45,324,352	)		(682,314,128	)		(203,377,871	)
Change in net assets resulting from capital stock transactions		(11,721,144	)		9,173,488			(188,011,483	)		50,335,121
Change in net assets	$	(32,178,115	)	$	(8,029,268	)	$	(271,844,411	)	$	(31,111,516	)
NET ASSETS:
Beginning of period		205,519,706			213,548,974			1,140,093,402			1,171,204,918
End of period	$	173,341,591		$	205,519,706		$	868,248,991		$	1,140,093,402
TRANSACTIONS IN SHARES:
Shares sold		2,255,597			4,613,028			50,420,785			19,863,338
Shares issued for reinvestment of distributions		336,256			874,914			1,696,293			4,444,489
Shares redeemed		(3,939,106	)		(4,542,950	)		(72,336,732	)		(19,507,477	)
Change in shares outstanding		(1,347,253	)		944,992			(20,219,654	)		4,800,350

See accompanying Notes to Financial Statements.

41

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Defensive Allocation Fund						Risk-Managed Equity Allocation Fund
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022			Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	1,393,275		$	20,287,267		$	7,051,047		$	20,971,859
Net realized gain (loss) on investments and foreign currency		(5,371,043	)		51,802,624			(35,647,243	)		39,845,482
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(123,176,654	)		(39,832,173	)		(242,240,968	)		7,699,749
Change in net assets resulting from operations		(127,154,422	)		32,257,718			(270,837,164	)		68,517,090
DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		—			(75,177,928	)		—			(44,777,500	)
RETURN OF CAPITAL TO SHAREHOLDERS:
Change in net assets resulting from return of capital		—			(338,217	)		—			—
CAPITAL SHARE TRANSACTIONS:
Shares sold		107,050,924			340,832,806			113,051,060			204,504,235
Shares issued for reinvestment of distributions		—			71,404,357			—			41,614,717
Shares redeemed		(241,821,566	)		(277,523,441	)		(258,973,015	)		(168,179,027	)
Change in net assets resulting from capital stock transactions		(134,770,642	)		134,713,722			(145,921,955	)		77,939,925
Change in net assets	$	(261,925,064	)	$	91,455,295		$	(416,759,119	)	$	101,679,515
NET ASSETS:
Beginning of period		1,536,383,136			1,444,927,841			1,729,996,473			1,628,316,958
End of period	$	1,274,458,072		$	1,536,383,136		$	1,313,237,354		$	1,729,996,473
TRANSACTIONS IN SHARES^:
Shares sold		10,592,094			31,284,476			8,323,955			13,511,793
Shares issued for reinvestment of distributions		—			6,679,547			—			2,671,034
Shares redeemed		(24,073,516	)		(25,227,304	)		(19,648,860	)		(11,012,680	)
Change in shares outstanding		(13,481,422	)		12,736,719			(11,324,905	)		5,170,147

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

See accompanying Notes to Financial Statements.

42

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Financial Highlights

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

	Six Months Ended September 30, 2022 (Unaudited)			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	$	9.27		$	10.06		$	10.13		$	10.53		$	9.99		$	10.00
Income from Investment Operations:
Net investment income		0.16			0.25			0.26			0.03			0.33			0.26
Net realized and unrealized gain (loss) on investments		(0.96	)		(0.61	)		0.21			(0.35	)		0.56			(0.05	)
Total from investment operations		(0.80	)		(0.36	)		0.47			(0.32	)		0.89			0.21
Less Distributions:
From net investment income		(0.15	)		(0.22	)		(0.47	)		(0.08	)		(0.35	)		(0.22	)
From net realized gain		—			(0.21	)		(0.07	)		—			—			—
Total distributions		(0.15	)		(0.43	)		(0.54	)		(0.08	)		(0.35	)		(0.22	)
Net assets value, end of period	$	8.32		$	9.27		$	10.06		$	10.13		$	10.53		$	9.99
Total return		(8.71	)%3		(3.76	)%		4.58	%		(3.06	)%3		9.02	%		2.16	%3
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	173,342		$	205,520		$	213,549		$	276,744		$	300,398		$	206,356
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver5		0.54	%4		0.52	%		0.50	%		0.58	%4		0.51	%		0.60	%4
Expense waiver5		(0.24	)%4		(0.24	)%		(0.24	)%		(0.24	)%4		(0.24	)%		(0.24	)%4
Total expenses after expense waiver5		0.30	%4		0.28	%		0.26	%		0.34	%4		0.27	%		0.36	%4
Net investment income5		3.39	%4		2.52	%		2.35	%		2.87	%4		3.33	%		3.46	%4
Portfolio turnover rate		6	%3		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.

⁵ The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

See accompanying Notes to Financial Statements.

43

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended September 30, 2022 (Unaudited)			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	$	9.76		$	10.46		$	10.11		$	10.68		$	10.07		$	10.03		$	10.00
Income from Investment Operations:
Net investment income		0.05			0.26			0.20			0.02			0.27			0.30			0.28
Net realized and unrealized gain (loss) on investments		(0.65	)		(0.55	)		0.51			(0.50	)		0.70			0.06			0.05
Total from investment operations		(0.60	)		(0.29	)		0.71			(0.48	)		0.97			0.36			0.33
Less Distributions:
From net investment income		(0.17	)		(0.35	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)		(0.30	)
From net realized gain		—			(0.06	)		—			—			—			—			(0.00	)2
Total distributions		(0.17	)		(0.41	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)		(0.30	)
Net assets value, end of period	$	8.99		$	9.76		$	10.46		$	10.11		$	10.68		$	10.07		$	10.03
Total return		(6.17	)%3		(2.87	)%		7.10	%		(4.55	)%3		9.79	%		3.71	%		3.35	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	868,249		$	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 waiver5		0.47	%4		0.45	%		0.45	%		0.47	%4		0.45	%		0.46	%		0.46	%
Expense waiver5		(0.13	)%4		(0.13	)%		(0.13	)%		(0.13	)%4		(0.13	)%		(0.12	)%		(0.11	)%
Total expenses after expense waiver5		0.34	%4		0.32	%		0.32	%		0.34	%4		0.32	%		0.34	%		0.35	%
Net investment income5		2.63	%4		2.32	%		2.40	%		2.37	%4		2.55	%		2.96	%		2.80	%
Portfolio turnover rate		31	%3		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.

⁵ The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

See accompanying Notes to Financial Statements.

44

ASPIRIANT DEFENSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended September 30, 2022 (Unaudited)			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	$	10.55		$	10.87		$	9.38		$	10.23		$	10.24		$	10.82		$	10.29
Income from Investment Operations:
Net investment income		(0.02	)		0.21			0.15			0.00	2		0.22			0.21			0.15
Net realized and unrealized gain (loss) on investments		(0.89	)		0.04			1.59			(0.85	)		0.17			(0.39	)		0.61
Total from investment operations		(0.91	)		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	$	9.64		$	10.55		$	10.87		$	9.38		$	10.23		$	10.24		$	10.82
Total return		(8.63	)%3		2.27	%		18.52	%		(8.31	)%3		3.69	%		(1.46	)%		7.44	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,274,458		$	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 waiver5		0.27	%4		0.26	%		0.27	%	��	0.29	%4		0.27	%		0.28	%		0.30	%
Expense waiver5		(0.09	)%4		(0.09	)%		(0.09	)%		(0.09	)%4		(0.09	)%		(0.09	)%		(0.08	)%
Total expenses after expense waiver5		0.18	%4		0.17	%		0.18	%		0.20	%4		0.18	%		0.19	%		0.22	%
Net investment income5		0.20	%4		1.32	%		1.36	%		0.69	%4		2.13	%		1.88	%		1.63	%
Portfolio turnover rate		9	%3		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.  

⁵ The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

See accompanying Notes to Financial Statements.

45

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

FINANCIAL HIGHLIGHTS - ADVISOR SHARES

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

	Six Months Ended September 30, 2022 (Unaudited)			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	$	14.58		$	14.35		$	11.30		$	12.58		$	13.02		$	13.27		$	11.77
Income from Investment Operations:
Net investment income		0.06			0.18			0.17			0.01			0.25			0.26			0.25
Net realized and unrealized gain (loss) on investments and foreign currency		(2.40	)		0.44			3.11			(1.29	)		(0.05	)		0.08			1.61
Total from investment operations		(2.34	)		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	$	12.24		$	14.58		$	14.35		$	11.30		$	12.58		$	13.02		$	13.27
Total return		(16.05	)%2		4.10	%		29.08	%		(10.17	)%2		1.17	%		2.83	%		15.80	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,313,237		$	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 waiver4		0.42	%3		0.41	%		0.42	%		0.48	%3		0.42	%		0.44	%		0.44	%
Expense waiver4		(0.14	)%3		(0.14	)%		(0.14	)%		(0.14	)%3		(0.13	)%		(0.14	)%		(0.16	)%
Total expenses after expense waiver4		0.28	%3		0.27	%		0.28	%		0.34	%3		0.29	%		0.30	%		0.28	%
Net investment income4		0.90	%3		1.18	%		1.34	%		1.38	%3		1.87	%		1.90	%		2.05	%
Portfolio turnover rate		18	%2		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.

⁴ The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

See accompanying Notes to Financial Statements.

46

ASPIRIANT TRUST

Notes to Financial Statements

September 30, 2022 (Unaudited)

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 applicable to non-corporate shareholders. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds, exchange-traded funds (“ETFs”) and private funds that invest primarily in securities of the types in which the Municipal Bond Fund may invest directly.

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

47

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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

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

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

48

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Securities Valuations (Continued)

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.

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.

(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.

49

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

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.

The following is a summary of the inputs used, as of September 30, 2022, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Core	$	142,407,575	$	—	$	—	$	—	$	142,407,575
Opportunistic		16,916,055		—		—		—		16,916,055
Private Fund:
Opportunistic		—		—		—		8,112,180		8,112,180
Short-Term Investment		6,054,677		—		—		—		6,054,677
Total Investments	$	165,378,307	$	—	$	—	$	8,112,180	$	173,490,487

There were no transfers into or out of level 3 for the Taxable Bond Fund during the period ended September 30, 2022.

Certain investments valued using the NAV as a practical expedient in which the Taxable Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Taxable Bond Fund and their attributes as of September 30, 2022:

Investment Category	Fair Value		Unfunded Commitments		Remaining Life		Redemption Frequency		Notice Period (in Days)		Redemption Terms
Private Fund - Private Credit (a)	$	8,112,180	$	2,000,000		5 Years (Subject to one year extension)		None		N/A		N/A
	$	8,112,180	$	2,000,000

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

50

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of September 30, 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	$	—	$	685,042,782	$	—	$	—	$	685,042,782
Common Stock		2,457,764		—		—		—		2,457,764
Exchange-Traded Fund		23,740,602		—		—		—		23,740,602
Closed-End Mutual Funds		5,339,250		—		—		—		5,339,250
Private Funds		—		—		—		107,325,924		107,325,924
Short-Term Investment		31,611,400		—		—		—		31,611,400
Total Investments	$	63,149,016	$	685,042,782	$	—	$	107,325,924	$	855,517,722

The following is a summary of the inputs used in valuing the Municipal Bond Fund’s assets and liabilities of other financial instruments that are derivative instruments not reflected in the Schedule of Investments as of September 30, 2022.:

Assets	Level 1		Level 2			Level 3		NAV Practical Expedient		Total
Futures Contracts	$	—	$	(1,120,625	)	$	—	$	—	$	(1,120,625	)
Total	$	—	$	(1,120,625	)	$	—	$	—	$	(1,120,625	)

There were no transfers into or out of level 3 for the Municipal Bond Fund during the period ended September 30, 2022.

Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of September 30, 2022:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Days)

Redemption Terms

Private Funds - Fixed Income Relative-Value (a)

$

107,325,924

N/A

Indefinite

Monthly - Quarterly

30 - 65

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

$

107,325,924

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.

51

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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 Municipal Bond Fund’s net assets as of September 30, 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	9.5%	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

The following is a summary of the inputs used, as of September 30, 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
Foreign Collective Investment Funds:
Alternative Diversifiers	$	77,909,975		—		—	$	100,000,000	$	177,909,975
Open-End Mutual Funds:
Alternative Diversifiers		138,881,719		—		—		—		138,881,719
Core/Alternative Diversifiers		556,730,516		—		—		—		556,730,516
Exchange-Traded Fund:
Real Asset		70,324,323		—		—		—		70,324,323
Private Funds:
Alternative Diversifiers		—		—		—		193,278,052		193,278,052
Core Diversifier		—		—		—		58,213,347		58,213,347
Short-Term Investment		75,076,770		—		—		—		75,076,770
Total Investments	$	918,923,303	$	—	$	—	$	351,491,399	$	1,270,414,702

There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the period ended September 30, 2022.

52

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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 September 30, 2022:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Foreign Collective Investment Funds –

Multi-Strategy (a)

$

100,000,000

N/A

Indefinite

Weekly

1 business day

N/A

Private Funds –

Merger Arbitrage (b)

70,679,844

N/A

Indefinite

Daily

3 business days

N/A

Multi-Strategy (a)

122,598,208

15,488,400

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)

58,213,347

N/A

Indefinite

Monthly

5-10 business days

N/A

$

351,491,399

$

15,488,400

^(a) 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.

^(b) 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.

^(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.

53

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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 September 30, 2022:

Investment Category	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Foreign Collective Investment Funds–
Managed Fund/ Bridgewater Fund Limited	7.9%	Multi-Strategy	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Weekly	N/A
Private Funds –
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A	5.5%	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

The following is a summary of the inputs used, as of September 30, 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	$	—	$	1,194,756	$	—	$	—	$	1,194,756
Belgium		—		949,829		—		—		949,829
Bermuda		4,581,595		628,975		—		—		5,210,570
Brazil		1,044,964		—		—		—		1,044,964
Canada		5,878,322		—		—		—		5,878,322
Cayman Islands		1,406,981		6,073,513		—		—		7,480,494
China		343,057		5,978,663		—		—		6,321,720
Curacao		—		1,467,377		—		—		1,467,377
Denmark		3,527,699		1,267,201		—		—		4,794,900
France		—		6,412,582		—		—		6,412,582
Germany		—		2,361,220		—		—		2,361,220

54

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Guernsey	$	3,273,658	$	—	$	—	$	—	$	3,273,658
Hong Kong		—		4,449,939		—		—		4,449,939
India		2,341,440		—		—		—		2,341,440
Ireland		5,958,066		—		—		—		5,958,066
Israel		1,964,444		—		—		—		1,964,444
Japan		1,409,715		16,794,531		—		—		18,204,246
Jersey		—		1,501,989		—		—		1,501,989
Netherlands		3,852,498		5,566,275		—		—		9,418,773
New Zealand		—		489,461		—		—		489,461
Norway		—		134,765		—		—		134,765
Philippines		132,471		—		—		—		132,471
Singapore		562,358		3,241,344		—		—		3,803,702
South Korea		409,249		—		—		—		409,249
Sweden		—		172,813		—		—		172,813
Switzerland		1,760,261		5,776,525		—		—		7,536,786
Taiwan		6,874,796		—		—		—		6,874,796
United Kingdom		55		8,230,268		—		—		8,230,323
United States		171,032,131		—		—		—		171,032,131
Exchange-Traded Funds		218,719,884		—		—		—		218,719,884
Foreign Collective Investment Funds		84,514,343		—		—		—		84,514,343
Open-End Mutual Funds		498,653,095		—		—		—		498,653,095
Preferred Stocks
Brazil		1,531,855		—		—		—		1,531,855
Germany		—		579,094		—		—		579,094
Private Funds		—		—		—		173,936,812		173,936,812
Short-Term Investments		46,526,829		35,816,949		—		—		82,343,778
Total Investments	$	1,066,299,766	$	109,088,069	$	—	$	173,936,812	$	1,349,324,647

There were no transfers into or out of level 3 for the Equity Allocation Fund during the period ended September 30, 2022.

55

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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 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 September 30, 2022:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Private Funds - Long/Short Equity (a)

$

119,523,484

N/A

Indefinite

Bi-monthly - Monthly

3 Business Days – 2 Months

N/A

Risk Parity (b)

54,413,328

N/A

Indefinite

Monthly

1 Month

N/A

$

173,936,812

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.

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund’s net assets as of September 30, 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	9.1%	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.

56

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Foreign Currency and Risk

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

(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.

57

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e) Securities Lending (Continued)

For the six months ended September 30, 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 September 30, 2022. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of September 30, 2022:

Description	PAR		Value
Repurchase Agreement with HSBC Securities, Inc., 2.95%, 10/3/2022*#	$	25,816,949	$	25,816,949
Repurchase Agreement with Natixis, New York, 2.95%, 10/3/2022*#		10,000,000		10,000,000
Total	$	35,816,949	$	35,816,949

* The rate shown is the annualized 7-day yield as of September 30, 2022.

# The repurchase agreement is collateralized by a fixed income U.S. Treasury Security in the amount of $36,542,269.

As of September 30, 2022, the Equity Allocation Fund held Non-Cash Collateral in the amount of $17,298,959 which consisted of U.S. Treasury Securities.

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the six months ended September 30, 2022, the Equity Allocation Fund paid $29,349 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 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.

58

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i) Commitments and Contingencies

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

(j) Derivatives

Futures Contracts – A Fund may engage in futures transactions. The Fund may buy and sell futures contracts that relate to (1) interest rates, (2) debt securities, and (3) bond or equity indices. The Fund may only enter into futures contracts which are standardized and traded on a U.S. or foreign exchange, board of trade or similar entity, or quoted on an automated quotation system.

A futures contract is an agreement between two parties to buy and sell a security, index or interest rate (each a “financial instrument”) for a set price on a future date. Certain futures contracts, such as futures 7 contracts relating to individual securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale of a matching futures contract. Other futures contracts, such as futures contracts on indices, do not call for making or taking delivery of the underlying financial instrument, but rather are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the financial instrument at the close of the last trading day of the contract and the price at which the contract was originally written. These contracts also may be settled by entering into an offsetting futures contract.

(k) Federal Income Taxes

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

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

The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years. As of and during the six months ended September 30, 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.

59

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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, 2023. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2022, the Adviser waived $162,391 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 six months ended September 30, 2022, the Adviser waived $66,867 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, 2023. The advisory fee waiver is not subject to recoupment. For the six months ended September 30, 2022, the Adviser waived $297,614 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 six months ended September 30, 2022, the Adviser waived $347,217 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 six months ended September 30, 2022, the Adviser waived $636,298 under the Administration Agreement.

60

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

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, 2023. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2022, the Adviser waived $625,337 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 six months ended September 30, 2022, the Adviser waived $468,885 under the Administration Agreement.

(b) Sub-Advisory Fees

Nuveen Asset Management, LLC, MacKay Shields 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, 2022, the annual retainer is $75,000. 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.

61

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the six months ended September 30, 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	$	10,917,725	$	23,000,000	$	—	$	—
Municipal Bond Fund		131,062,866		117,660,681		155,584,172		304,189,843
Defensive Allocation Fund		124,634,906		268,918,512		—		—
Equity Allocation Fund		255,875,947		340,450,506		—		—

5. INVESTMENTS IN AFFILIATED ISSUERS

As of September 30, 2022, certain of the Fund’s investments were deemed to be investments in affiliated issuers under the 1940 Act, primarily because the Fund owns 5% or more of the investment’s total capital. The activity resulting from investments in these investments, including dividend income as well as realized gains and losses, is identified in the Statement of Operations as transactions with affiliated investments. A listing of these affiliated invesments (including activity during the period ended September 30, 2022) is shown below:

Investment	Shares 3/31/2022		Shares 9/30/2022		Fair Value 3/31/2022		Purchases		Proceeds From Sales or Other Dispositions			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Fair Value 9/30/2022		Dividend Income
Defensive Allocation Fund
GMO Benchmark-Free Allocation Fund - Class IV		14,682,683		14,682,683	$	367,213,899	$	—	$	—		$	—		$	(27,603,444	)	$	339,610,455	$	—
GMO Equity Dislocation Investment Fund - Class A		2,825,535		3,725,967		57,104,064		18,329,343		—			—			2,476,568			77,909,975		—
GMO Global Asset Allocation Fund - Class III		1,041,050		1,041,050		33,469,768		—		—			—			(4,934,579	)		28,535,189		118,472
JPMorgan Global Allocation Fund - Class R6		16,240,805		11,415,549		330,500,383		1,537,339		(93,000,000	)		(4,627,664	)		(45,825,186	)		188,584,872		1,537,339
Managed Fund/Bridgewater Fund Limited		—		1,000,000		—		100,000,000		—			—			—			100,000,000		—
Total Defensive Allocation Affiliated Investments						788,288,114		119,866,682		(93,000,000	)		(4,627,664	)		(75,886,641	)		734,640,491		1,655,811
Equity Allocation Fund
GMO Equity Dislocation Investment Fund - Class A		4,024,377		4,041,815		81,332,650		371,053		—			—			2,810,640			84,514,343		—
GMO Quality Fund - Class VI		18,080,183.00		16,665,991		514,742,816		12,507,724		(49,763,912	)		(8,236,088	)		(90,599,218	)		378,651,322		843,217
Total Equity Allocation Affiliated Investments						596,075,466		12,878,777		(49,763,912	)		(8,236,088	)		(87,788,578	)		463,165,665		843,217

62

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

6. OTHER DERIVATIVE INFORMATION

The following is a summary of the average quarterly notional value of derivatives for the Municipal Bond Fund as of September 30, 2022, as well as the notional value outstanding as of September 30, 2022:

	Average Quarterly Notional Value			Notional Value Outstanding
Short Futures Contracts	$	(3,514,905	)	$	(1,174,010	)

The effects of these derivative instruments on the Municipal Bond Fund’s financial positions and financial performance are reflected in the Statement of Assets and Liabilities (“SAL”) and Statement of Operations, and are presented in the table below. The values of derivative instruments as of September 30, 2022 by risk category are as follows:

Derivative Assets (Liabilities)	Risk Category Interest Rate Risk
Short Futures Contracts	$	(1,120,625	)

Derivative Realized Gain (Loss)	Risk Category Interest Rate Risk
Short Futures Contracts	$	(155,543	)

Derivative Unrealized Appreciation (Depreciation)	Risk Category Interest Rate Risk
Short Futures Contracts	$	53,385

7. FEDERAL TAX INFORMATION

At September 30, 2022, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

	Risk-Managed Taxable Bond Fund			Risk-Managed Municipal Bond Fund			Aspiriant Defensive Allocation			Risk-Managed Equity Allocation Fund
Cost of investments	$	202,934,471		$	915,428,720		$	1,362,985,756		$	1,298,098,726
Gross unrealized appreciation	$	112,217		$	16,448,471		$	35,672,976		$	113,475,603
Gross unrealized depreciation		(29,556,201	)		(76,359,469	)		(128,244,030	)		(62,249,682	)
Net unrealized appreciation/(depreciation) on investments	$	(29,443,984	)	$	(59,910,998	)	$	(92,571,054	)	$	51,225,921

63

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

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

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 distributions is disclosed for the Funds’ tax years, not the fiscal year, as it represents final and accurate information.

64

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

The tax character of the distributions paid by the Taxable Bond Fund during the fiscal tax 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

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

65

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2022 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

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	$	—

8. 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.

9. 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.

Effective October 25, 2022, Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) began serving as a sub-adviser for the Equity Allocation Fund’s quality strategy. For the services provided pursuant to its sub-advisory agreement, GMO is entitled to a fee at an annual rate based on the average daily net assets of the Fund that it manages. Such fee is paid to GMO by the Adviser out of the advisory fee it receives from the Equity Allocation Fund.

A special meeting of shareholders of the Defensive Allocation Fund has been scheduled for January 3, 2023 to consider the approval of the elimination of the Defensive Allocation Fund’s fundamental investment policy regarding diversification, thereby changing the Defensive Allocation Fund’s classification from a diversified investment company to a non-diversified investment company under the 1940 Act.

66

ASPIRIANT TRUST

Other Information

September 30, 2022 (Unaudited)

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ASPIRIANT TRUST

At a meeting held on May 20, 2022, the Board considered the renewal of (1) the Trust’s advisory agreement with the Adviser, on behalf of the Funds, (2) the sub-advisory agreements between the Adviser and each of Aperio Group, LLC (“Aperio”) and Wellington Management Company LLP (“Wellington”) with respect to Equity Allocation Fund, and (3) the sub-advisory agreements between the Adviser and each of Nuveen Asset Management, LLC (“Nuveen”) and Allspring Global Investments, LLC. (“Allspring”; together with Aperio, Wellington, Nuveen, the “Sub-Advisers”) with respect to the Municipal Bond Fund.

After the initial two-year term, the agreements must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. Each year after the initial term, the Board calls and holds a meeting to decide whether to continue the agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-Advisers.

In considering whether to renew the Trust’s advisory and sub-advisory agreements, the Trustees requested and reviewed materials from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser’s and Sub-Advisers’ fees under the agreements. Representatives from the Adviser provided an overview of its advisory business and discussed its investment personnel, investment processes, and investment experience. The Board discussed the written materials from the Adviser and Sub-Advisers, the Adviser’s oral presentation, and other relevant information that the Board received, and considered the approval of the agreements 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 provided by the Adviser and each Sub-Adviser to each Fund, as applicable, the Board reviewed, among other things, the Adviser’s and each Sub-Adviser’s personnel, experience, and compliance program. The Board considered the background and experience of the Adviser’s and each Sub-Adviser’s senior management and the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s and each Sub-Adviser’s organizational structure, investment operations, and other relevant information, including information relating to the financial condition of the Adviser and each Sub-Adviser to determine whether adequate resources were available to continue to provide a high level of service to the Funds. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser and each Sub-Adviser, as applicable.

Performance

The Board reviewed information regarding the performance of each Fund for various periods, as well as peer group and benchmark comparative performance. The Board also reviewed information regarding the portions of the Equity Allocation Fund managed by Aperio and Wellington, and the portions of the Municipal Bond Fund managed by Nuveen and Allspring. The Board noted periods of outperformance and underperformance relative to each Fund’s comparative index and Morningstar fund universe. The Board concluded that, within the context of its full deliberations, it was satisfied with the performance of each Fund and the portions of the Funds managed by Aperio, Wellington, Allspring and Nuveen, as applicable.

67

ASPIRIANT TRUST

Other Information (Continued)

September 30, 2022 (Unaudited)

Costs of Services

The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that the advisory fee for each of the Defensive Allocation Fund and Taxable Bond Fund was lower than the advisory fees of 90% of funds in its respective Morningstar fund universe and that the advisory fee for each of the Equity Allocation Fund and Municipal Bond Fund was lower than the advisory fees of 80% of funds in its respective Morningstar fund universe. The Trustees noted that the Adviser does not manage any other client accounts using the same strategies as the Funds, and, therefore, did not have a basis for comparing the Funds’ advisory fees to those of other clients of the Adviser. The Board noted that the Adviser is responsible for paying the Sub-Advisers out of the advisory fee it receives from the applicable Funds. The Board further noted that the net expense ratio of each of the Equity Allocation Fund, Municipal Bond Fund and Defensive Allocation Fund, respectively, was in the lowest 50%, 30% and 50% of funds in its respective Morningstar category. The Board also observed that Taxable Bond Fund’s net expense ratio was in the highest 10% of funds in its Morningstar fund universe, but noted that Taxable Bond Fund was still growing its asset base and that most funds in the category were not “fund of fund” structures. With respect to those assets of the Funds that the Adviser invests in underlying funds, the Board noted that the Funds’ advisory fees are based on services that the Adviser provides to the Funds that are in addition to, not duplicative of, the services provided to an underlying fund by an adviser to the underlying fund. The Board concluded that each Fund’s advisory fee and, if applicable, sub-advisory fees are fair and reasonable in light of the services that the Fund receives.

Profitability

The Board reviewed information about the profitability of each Fund to the Adviser and Sub-Advisers and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Fund. The Board noted that the Adviser reimburses to its clients that are also shareholders of a Fund all net ordinary income that it receives from such Fund. Recognizing the difficulty in evaluating an investment adviser’s profitability with respect to the funds it manages in the context of an adviser with multiple lines of business and noting that other profitability methodologies might also be reasonable, the Board determined that the level of profitability of the Adviser and Sub- Advisers was within the range the Board considered reasonable.

Economies of Scale

The Board considered the potential for economies of scale, noting that the Sub-Advisers’ fee schedules include breakpoints and that the Adviser had been decreasing its fee over time with respect to the Equity Allocation Fund and Municipal Bond Fund, and currently was contractually waiving a portion of its fee with respect to the Equity Allocation Fund, Municipal Bond Fund and Taxable Bond Fund, thereby reducing the amount that it retains after paying the Sub- Advisers, if applicable. The Board concluded that the Funds’ shareholders were benefitting from any economies of scale realized by the Adviser with respect to the Funds.

Ancillary Benefits

The Board noted the benefits received by the Adviser and the Sub-Advisers as a result of their relationships with the Funds (other than advisory and sub-advisory fees), including the intangible benefits of their association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance.

Conclusion

Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the Adviser’s and Sub-Advisers’ fees are fair and reasonable in light of the services provided to the Funds and approved the continuation of the agreements.

68

ASPIRIANT TRUST

Other Information (Continued)

September 30, 2022 (Unaudited)

APPROVAL OF SUB-ADVISORY AGREEMENT WITH GMO FOR ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

At a meeting held on June 29, 2022, the Board considered the approval of a sub-advisory agreement between the Adviser and Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) with respect to the Equity Allocation 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 Equity Allocation 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 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 meeting, the Board will request and review a wide variety of information from GMO.

Prior to and at the meeting at which the Trustees considered the agreement, the Trustees requested and reviewed materials from GMO to help the Trustees evaluate GMO’s proposed fee under the agreement. Representatives from GMO provided an overview of their advisory business and discussed their investment personnel, investment processes, and investment experience. The Board discussed the written materials, GMO’s 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 GMO to the Equity Allocation Fund, the Board reviewed the background and experience of GMO’s senior management. The Board also reviewed information pertaining to GMO’s organizational structure, investment operations, and other relevant information, including information relating to the financial condition of GMO to determine whether adequate resources were available to provide a high level of service to the Equity Allocation 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 GMO’s portion of the Equity Allocation 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 Equity Allocation Fund by GMO.

Performance

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

Costs of Services and Profitability

The Board reviewed the proposed sub-advisory fee and compared it to the fee charged by GMO to manage other accounts using the quality strategy. The Board reviewed profitability information provided by GMO. The Board noted that the Adviser would be responsible for paying GMO out of the advisory fee it receives from the Equity Allocation Fund. The Board concluded that the proposed fee was fair and reasonable in light of the services that the Equity Allocation Fund is expected to receive.

Economies of Scale

The Board considered the potential for economies of scale and noted that GMO’s fee schedule includes breakpoints.

69

ASPIRIANT TRUST

Other Information (Continued)

September 30, 2022 (Unaudited)

Ancillary Benefits

The Board noted the potential benefits to be received by GMO as a result of its relationship with the Equity Allocation Fund (other than sub-advisory fees), including the intangible benefits of its association with the Equity Allocation Fund generally and any favorable publicity arising in connection with the Equity Allocation 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 GMO is fair and reasonable in light of the services expected to be provided to the Equity Allocation Fund; and (iii) agreed to approve the agreement for an initial term of two years.

70

ASPIRIANT TRUST

Expense Examples

September 30, 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 April 1, 2022 to September 30, 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 April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio(1)	Expense Paid During the Period from April 1, 2022 to September 30, 2022(1)
Actual	$ 1,000.00	$ 912.90	0.30%	$ 1.45
Hypothetical	$ 1,000.00	$ 1,023.49	0.30%	$ 1.53

71

ASPIRIANT TRUST

EXPENSE EXAMPLES (Continued)

September 30, 2022 (Unaudited)

Municipal Bond Fund	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio(1)	Expense Paid During the Period from April 1, 2022 to September 30, 2022(1)
Actual	$ 1,000.00	$ 938.30	0.34%	$ 1.64
Hypothetical	$ 1,000.00	$ 1,023.30	0.34%	$ 1.72

Defensive Allocation Fund	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio(1)	Expense Paid During the Period from April 1, 2022 to September 30, 2022(1)
Actual	$ 1,000.00	$ 913.70	0.18%	$ 0.86
Hypothetical	$ 1,000.00	$ 1,024.10	0.18%	$ 0.91

Equity Allocation Fund	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio(1)	Expense Paid During the Period from April 1, 2022 to September 30, 2022(1)
Actual	$ 1,000.00	$ 839.50	0.28%	$ 1.27
Hypothetical	$ 1,000.00	$ 1,023.62	0.28%	$ 1.39

⁽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 183/365 (to reflect the half-year period).

[ THIS PAGE INTENTIONALLY LEFT BLANK ]

[ THIS PAGE INTENTIONALLY LEFT BLANK ]

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 Congress 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

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. 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 providers.

(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. Not applicable.

(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	12/7/2022

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	12/7/2022
By	/s/ Douglas S. Hendrickson
Title	Douglas S. Hendrickson, Treasurer and Principal Financial Officer
Date	12/7/2022