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: March 31

Date of reporting period: September 30, 2023

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, 2023

(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	68
Expense Examples	70

2

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SUMMARY OF INVESTMENTS

As of September 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Domestic		74.5	%
Foreign		8.3	%
Total Open-End Mutual Funds		82.8	%
Exchange-Traded Fund
Opportunistic		4.1	%
Total Exchange-Traded Fund		4.1	%
Private Fund
Opportunistic		4.7	%
Total Private Fund		4.7	%
Short-Term Investment		8.3	%
Total Investments		99.9	%
Other assets less liabilities		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, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Municipal Bonds
General		15.7	%
Medical		9.7	%
Transportation		8.1	%
Development		6.0	%
General Obligation		5.9	%
Airport		5.9	%
Water		5.2	%
Higher Education		4.6	%
Education		4.4	%
School District		3.6	%
Power		1.6	%
Housing		1.4	%
Other		4.3	%
Total Municipal Bonds		76.4	%
Common Stocks		0.2	%
Exchange-Traded Fund		5.0	%
Closed-End Mutual Funds		0.5	%
Private Funds		10.6	%
Short-Term Investment		6.7	%
Total Investments		99.4	%
Other assets less liabilities		0.6	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

4

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of September 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Foreign Collective Investment Funds
Market Neutral		12.2	%
Multi-Strategy/Style		11.2	%
Total Foreign Collective Investment Funds		23.4	%
Open-End Mutual Funds
Global Allocation		37.7	%
Global Macro		5.6	%
Merger Arbitrage		5.4	%
Total Open-End Mutual Funds		48.7	%
Exchange-Traded Fund
Real Asset		4.7	%
Total Exchange-Traded Fund		4.7	%
Private Funds
Multi-Strategy/Style		9.4	%
Global Allocation		3.8	%
Total Private Funds		13.2	%
Short-Term Investment		9.8	%
Total Investments		99.8	%
Other assets less liabilities		0.2	%
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, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		6.8	%
Health Care		4.2	%
Consumer Discretionary		2.0	%
Financials		1.9	%
Communications		1.8	%
Consumer Staples		1.6	%
Industrials		1.6	%
Other		0.8	%
Total Common Stocks		20.7	%
Exchange-Traded Funds		18.2	%
Foreign Collective Investment Fund		6.4	%
Open-End Mutual Funds		36.0	%
Preferred Stock		0.0	%1
Private Funds		13.1	%
Short-Term Investments		8.9	%
Total Investments		103.3	%
Liabilities in excess of other assets		(3.3	)%
Total Net Assets		100.0	%

¹ Rounds to less than 0.05%.

See accompanying Notes to Financial Statements.

6

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Schedule of Investments

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 82.8%
		CORE — 73.5%
	3,920,228	DoubleLine Total Return Bond Fund - I Class	$	32,969,115
	7,472,508	MetWest Total Return Bond Fund - Plan Class1		60,602,037
	3,085,032	PIMCO Income Fund - Institutional Class		31,436,474
	2,003,930	River Canyon Total Return Bond Fund - Institutional Class		19,798,835
	1,074,083	Vanguard Total Bond Market Index Fund - Institutional Class		9,860,084
				154,666,545
		OPPORTUNISTIC — 9.3%
	969,514	GMO Emerging Country Debt Fund, Class VI		17,528,813
	386,616	Vanguard High-Yield Corporate Fund - Admiral Shares		1,983,339
				19,512,152
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost 208,366,277)		174,178,697
		EXCHANGE-TRADED FUND — 4.1%
		OPPORTUNISTIC — 4.1%
	153,355	Vanguard Long-Term Treasury ETF		8,512,736
		TOTAL EXCHANGE-TRADED FUND
		(Cost 9,197,909)		8,512,736
		PRIVATE FUND2 — 4.7%
		OPPORTUNISTIC — 4.7%
		AG Direct Lending Fund IV Annex, LP* 3		9,943,295
		TOTAL PRIVATE FUND
		(Cost 8,611,787)		9,943,295

Number of Shares			Value
		SHORT-TERM INVESTMENT — 8.3%
	17,501,300	JPMorgan Prime Money Market Fund - Institutional Shares, 5.39%4	$	17,506,550
		TOTAL SHORT-TERM INVESTMENT
		(Cost 17,504,141)		17,506,550
		TOTAL INVESTMENTS — 99.9%
		(Cost 243,680,114)		210,141,278
		Other assets less liabilities — 0.1%		308,382
		TOTAL NET ASSETS — 100.0%	$	210,449,660

^* Non-income producing security.

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 $8,611,787.

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

See accompanying Notes to Financial Statements.

7

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 76.4%
		ALABAMA — 2.0%
$	1,715,000	Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026	$	1,700,584
		Black Belt Energy Gas District
	2,000,000	4.00%, 06/1/2051, Call 09/1/20311		1,887,043
	1,000,000	4.00%, 10/1/2052, Call 09/1/20261		972,264
	1,950,000	5.25%, 02/1/2053, Call 03/1/20291		1,979,738
	500,000	4.63% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20272		490,611
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/24/2023		500,065
		Health Care Authority for Baptist Health
	1,000,000	5.00%, 11/15/2036, Call 11/15/2032		1,022,971
	875,000	5.00%, 11/15/2037, Call 11/15/2032		886,712
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20293		1,060,001
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,372,297
	1,200,000	Selma Industrial Development Board, 1.38%, 05/1/20341		1,141,614
		Southeast Alabama Gas Supply District
	350,000	4.00%, 06/1/2049, Call 03/1/20241		347,714
	1,710,000	4.50% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20242		1,709,616
		Southeast Energy Authority A Cooperative District
	750,000	5.00%, 06/1/2030, Call 03/1/2030		758,417
	1,500,000	5.25%, 01/1/2054, Call 04/1/20291		1,510,477
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		1,987,605
				20,327,729
		ARIZONA — 0.9%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 10/24/2023		490,838

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
		Arizona Industrial Development Authority
$	805,000	4.00%, 03/1/20274	$	767,874
	600,000	4.00%, 07/1/2041, Call 07/1/2026		506,511
	530,000	5.00%, 07/1/2047, Call 07/1/20274		465,141
	213,316	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274 5		164,253
	1,000,000	City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027		935,707
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		632,459
	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026		654,485
	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024		498,483
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 11/3/20234		302,923
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		920,682
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		111,690
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		370,064
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,012,212
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		786,471
				9,619,793
		ARKANSAS — 0.3%
		Arkansas Development Finance Authority
	2,800,000	4.50%, 09/1/2049, Call 09/1/20263 4		2,541,124
	500,000	5.45%, 09/1/2052, Call 09/1/20253 4		466,971

8

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARKANSAS (Continued)
$	500,000	State of Arkansas, 3.00%, 10/1/2024, Call 10/19/2023	$	493,968
				3,502,063
		CALIFORNIA — 6.9%
	1,000,000	Bay Area Toll Authority, 5.23% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20262		1,001,990
	1,325,000	Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031		864,383
		California Community Choice Financing Authority
	500,000	4.00%, 05/1/2053, Call 05/1/20281		484,247
	1,000,000	5.00%, 07/1/2053, Call 05/1/20291		1,009,161
	1,000,000	5.51% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/20292		1,010,411
	1,000,000	5.25%, 01/1/2054, Call 10/1/20301		998,286
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		79,904
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		156,389
	1,715,000	4.00%, 11/15/2042, Call 11/15/2027		1,573,330
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,021,701
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 11/3/2023		877,999
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		997,160
	50,000	5.00%, 10/1/2039, Call 10/1/20274		46,260
	850,000	5.00%, 06/1/2046, Call 06/1/2026		761,955
	1,000,000	4.00%, 12/31/2047, Call 06/30/20283		852,623
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/20243 4		999,968
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		51,131
	650,000	5.00%, 08/1/2036, Call 08/1/20254		649,996
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		926,554

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	100,000	5.00%, 08/1/2041, Call 08/1/20254	$	102,263
	900,000	5.00%, 08/1/2041, Call 08/1/20254		858,802
	350,000	6.75%, 11/1/2045, Call 11/1/20244		352,171
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,004,443
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		864,264
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,409,840
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		974,257
	1,000,000	5.50%, 12/1/2058, Call 06/1/20284		951,315
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		199,421
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		496,461
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		933,007
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20283		1,543,893
	1,000,000	5.50%, 05/15/2035, Call 11/15/20313		1,091,165
	2,000,000	5.00%, 05/15/2048, Call 05/15/20293		1,993,485
	1,895,000	Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031		1,932,605
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		583,757
	1,470,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,323,035
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,201,099
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,001,054
		Golden State Tobacco Securitization Corp.
	500,000	5.00%, 06/1/2051, Call 12/1/2031		508,005
	3,000,000	0.00%, 06/1/2066, Call 12/1/2031		260,624
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,005,687
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,003,239

9

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,250,000	Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030	$	891,444
	4,000,000	Los Angeles Department of Water & Power, 5.00%, 07/1/2044, Call 07/1/2024		4,000,120
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		351,292
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,425,412
	850,000	Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025		800,859
	1,330,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,376,795
	1,000,000	Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032		934,880
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 11/3/2023		1,000,421
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		703,557
	750,000	Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026		768,350
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,634,853
	950,000	Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030		1,004,225
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,590,489
	625,000	San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040		510,205
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/20293		1,006,771
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,139,112
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		293,323

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024	$	972,412
		Santa Ana Financing Authority, NATL-RE
	110,000	6.25%, 07/1/2024		111,882
	110,000	6.25%, 07/1/2024		111,850
	500,000	Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029		370,145
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		970,903
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		569,566
	1,390,000	5.00%, 11/1/2033		1,397,988
	1,000,000	5.00%, 07/1/2048, Call 07/1/2033		1,057,400
		State of California
	1,155,000	5.00%, 12/1/2028		1,236,336
	855,000	5.00%, 04/1/2042, Call 04/1/2032		903,223
	500,000	5.00%, 09/1/2042, Call 09/1/2032		529,326
	1,000,000	5.00%, 09/1/2052, Call 09/1/2032		1,039,544
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		104,723
	1,100,000	University of California, 5.50%, 05/15/2040, Call 05/15/2033		1,227,585
				71,992,331
		COLORADO — 3.9%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		410,298
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		584,859
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		1,910,079
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		626,459
	500,000	5.00%, 12/1/2043, Call 12/1/2023		500,511
		City & County of Denver Airport System Revenue
	1,000,000	5.50%, 11/15/2038, Call 11/15/20323		1,065,395

10

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,000,000	5.75%, 11/15/2041, Call 11/15/20323	$	1,077,650
	2,000,000	City & County of Denver Co. Airport System Revenue, 5.00%, 12/1/2048, Call 12/1/20283		1,993,389
	2,000,000	City of Colorado Springs Utilities System Revenue, 5.00%, 11/15/2044, Call 11/15/2024		2,010,135
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/20254		502,067
	500,000	4.75%, 04/1/2030, Call 11/3/2023		500,054
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,021,726
	460,000	5.00%, 10/1/2039, Call 10/1/20274		424,682
	500,000	4.00%, 07/1/2041, Call 07/1/20314		394,926
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		100,575
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,026,662
	500,000	4.00%, 10/1/2039, Call 10/1/2024		438,394
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		507,952
	500,000	5.00%, 06/1/2036, Call 06/1/2027		521,147
	1,000,000	4.00%, 08/1/2039, Call 08/1/2029		883,446
	500,000	8.00%, 08/1/2043, Call 02/1/2024		486,385
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		1,851,937
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		1,613,318
	500,000	5.25%, 11/1/2052, Call 11/1/2032		489,918
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		442,692
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		498,226
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,383,910
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		499,523

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030	$	355,871
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,083,314
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 11/3/2023		1,009,950
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		728,728
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,818,217
	770,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		775,079
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		903,118
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		428,974
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,057,195
	1,500,000	State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032		1,701,430
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		126,634
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		767,193
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		538,439
	1,000,000	Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032		1,051,498
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,019,719
				41,131,674
		CONNECTICUT — 0.9%
	1,685,000	City of Bridgeport, 5.00%, 06/1/2029		1,784,334
	2,000,000	Connecticut Housing Finance Authority, 3.83%, 05/15/2048, Call 10/3/20231		2,000,000

11

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT (Continued)
$	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 11/3/20233	$	495,023
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		397,407
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,278,996
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		968,910
	1,500,000	State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031		1,419,906
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,192,796
				9,537,372
		DELAWARE — 0.3%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		327,947
	375,000	5.00%, 01/1/2036, Call 01/1/2032		406,857
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,038,636
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,502,234
				3,275,674
		DISTRICT OF COLUMBIA — 1.1%
		District of Columbia
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,515,264
	1,465,000	5.00%, 10/15/2044, Call 04/15/2029		1,502,323
		Metropolitan Washington Airports Authority
	1,520,000	4.00%, 10/1/2036, Call 10/1/20263		1,441,579
	1,820,000	5.00%, 10/1/2042, Call 10/1/20273		1,817,002
	655,000	5.00%, 10/1/2044, Call 10/1/20243		652,996
	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/20313		498,732
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		727,056
	615,000	6.50%, 10/1/2041, Call 10/1/2026		664,588

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
$	2,130,000	4.00%, 10/1/2049, Call 10/1/2029	$	1,789,729
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		488,821
	875,000	4.00%, 10/1/2036, Call 10/1/2030		836,293
				11,934,383
		FLORIDA — 6.3%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,298,749
	760,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 11/3/2023		725,613
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		83,910
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		387,037
	510,000	5.35%, 07/1/2029, Call 11/3/2023		510,370
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		84,161
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		485,038
	2,435,000	City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024		2,251,530
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		504,794
	425,000	City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032		436,720
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		463,223
	1,000,000	City of Tampa, 5.00%, 11/15/2046, Call 05/15/2026		986,231
	500,000	County of Bay, 5.00%, 09/1/2043, Call 11/3/2023		490,081
	2,000,000	County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/20323		2,048,562
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20253		999,087
	1,000,000	County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031		857,178

12

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025	$	2,373,830
	650,000	County of Miami-Dade, 4.00%, 07/1/2042, Call 07/1/2028		590,191
	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/20293		490,848
		County of Miami-Dade Transit System
	500,000	5.00%, 07/1/2045, Call 07/1/2032		512,477
	2,000,000	4.00%, 07/1/2048, Call 07/1/2028		1,741,433
	1,500,000	4.00%, 07/1/2049, Call 07/1/2030		1,296,831
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20294		166,548
	375,000	County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033		396,413
	1,000,000	County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030		911,053
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		750,773
	825,000	6.13%, 06/15/2046, Call 06/15/20254		796,027
	1,710,000	6.50%, 01/1/2049, Call 11/3/20231 3 4	��	1,625,530
	3,000,000	7.38%, 01/1/2049, Call 01/1/20243 4		2,985,017
	2,000,000	7.25%, 07/1/20571 3 4		2,080,000
	1,000,000	7.50%, 07/1/2057, Call 11/3/20231 3 4		981,682
	2,000,000	8.00%, 07/1/2057, Call 11/3/20231 3 4		1,980,031
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		467,152
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 11/3/2023		1,000,946
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		476,349
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 11/3/20233		957,254
	1,665,000	5.00%, 10/1/2046, Call 10/1/20263		1,660,776
	2,000,000	4.00%, 10/1/2052, Call 10/1/20313		1,669,607

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026	$	1,025,522
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20283		1,967,663
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,037,825
		Lake Ashton Community Development District
	45,000	5.00%, 05/1/2025		45,005
	380,000	5.00%, 05/1/2037, Call 05/1/2025		365,987
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,676,779
	1,250,000	Lakewood Ranch Stewardship District, 5.13%, 05/1/2047, Call 05/1/20274		1,157,356
	1,000,000	Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033		1,033,560
		Lee County Industrial Development Authority
	500,000	5.00%, 11/15/2039, Call 11/15/2026		477,072
	100,000	5.75%, 06/15/2042, Call 11/3/20234		91,611
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		1,838,422
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		895,458
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		866,563
	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 11/3/2023		374,226
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		981,598
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		630,827
	330,000	5.25%, 09/15/2044, Call 09/15/2024		316,095

13

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	105,000	5.00%, 09/15/2044, Call 09/15/20274	$	97,360
	1,000,000	North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031		989,881
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		684,245
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,515,509
	1,535,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		1,499,594
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		91,370
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		1,955,148
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		130,237
	485,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 11/3/2023		478,022
	1,000,000	Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033		1,043,842
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		799,848
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,013,224
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		697,291
				65,300,192
		GEORGIA — 2.3%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		973,993
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		896,417
	2,000,000	Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033		1,849,734

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
		Burke County Development Authority
$	500,000	2.20%, 10/1/2032, Call 11/19/2026	$	384,132
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		808,237
	500,000	Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027		506,655
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		381,161
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,102,242
	750,000	Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032		775,078
	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030		1,076,068
	325,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		319,493
		Main Street Natural Gas, Inc.
	1,100,000	4.00%, 12/1/2026		1,068,984
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,441,070
	1,500,000	4.00%, 08/1/2052, Call 05/1/20271 4		1,414,727
	1,000,000	5.00%, 12/1/2052, Call 03/1/20291		998,621
	1,000,000	5.00%, 06/1/2053, Call 03/1/20301		992,312
	2,000,000	5.00%, 12/1/2053, Call 03/1/20311		2,023,982
	2,000,000	5.00%, 05/1/2054, Call 09/1/20301		1,982,495
		Municipal Electric Authority of Georgia
	200,000	5.00%, 01/1/2056, Call 01/1/2030		194,477
	1,000,000	5.00%, 01/1/2063, Call 07/1/2028		954,304
	1,335,000	Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033		1,342,115
		Private Colleges & Universities Authority
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,332,364
	1,000,000	5.25%, 10/1/2051, Call 10/1/2032		1,014,645
	500,000	State of Georgia, 5.00%, 07/1/2025		511,182
				24,344,488

14

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GUAM
$	1,000,000	Guam Government Waterworks Authority, 5.00%, 07/1/2035, Call 07/1/2024	$	1,000,821
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		203,059
				1,203,880
		HAWAII — 0.1%
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20283		996,712
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244		298,398
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		381,016
	415,000	6.00%, 07/1/2049, Call 07/1/20284		423,000
	565,000	6.00%, 07/1/2054, Call 07/1/20284		574,715
				1,677,129
		ILLINOIS — 10.2%
		Chicago Board of Education
	100,000	5.75%, 04/1/2034, Call 04/1/2027		104,653
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,052,486
	1,000,000	5.00%, 12/1/2036, Call 12/1/2030		985,519
	180,000	5.00%, 04/1/2037, Call 04/1/2027		180,620
	500,000	5.00%, 04/1/2038, Call 04/1/2028		499,976
	500,000	5.25%, 12/1/2039, Call 12/1/2024		475,389
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		955,403
	575,000	5.00%, 12/1/2042, Call 11/3/2023		530,540
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,007,590
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,131,829
	1,000,000	5.00%, 12/1/2046, Call 12/1/2023		899,844
	1,900,000	Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033		1,992,014
		Chicago O’Hare International Airport
	500,000	5.00%, 01/1/2031, Call 01/1/20253		501,591
	1,000,000	3.88%, 01/1/2032, Call 11/3/2023		971,906
	500,000	5.00%, 07/1/2033, Call 07/1/20283		502,415
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,470,478
	1,000,000	5.00%, 01/1/2048, Call 01/1/20293		992,588

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	Chicago O’Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/20313	$	1,019,855
	680,000	Chicago Park District, 5.00%, 11/15/2024		685,929
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,492,132
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029		1,484,148
	1,885,000	Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031		1,956,151
		City of Chicago
	1,000,000	5.00%, 01/1/2027		1,022,359
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,010,067
	1,835,000	5.00%, 01/1/2034, Call 01/1/2031		1,880,054
	880,000	6.00%, 01/1/2038, Call 01/1/2027		914,072
	500,000	5.50%, 01/1/2040, Call 01/1/2025		500,310
		City of Chicago Wastewater Transmission Revenue
	665,000	5.00%, 01/1/2034, Call 01/1/2025		668,540
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		2,952,902
	1,650,000	5.00%, 01/1/2039, Call 01/1/2025		1,589,847
		City of Chicago Waterworks Revenue
	1,000,000	5.00%, 11/1/2031, Call 11/1/2024		1,005,041
	1,000,000	5.00%, 11/1/2044, Call 11/1/2024		964,801
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,013,183
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,337,982
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,240,518
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,023,393
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		1,983,944
	570,000	3.90%, 11/1/2036, Call 11/1/2027		525,380
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		705,051
	425,000	5.00%, 08/1/2027		430,420
	500,000	5.00%, 08/1/2028, Call 08/1/2027		507,031

15

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	670,000	5.00%, 03/1/2033, Call 03/1/2027	$	673,385
	315,000	5.00%, 02/15/2034, Call 02/15/2027		323,322
	500,000	5.00%, 03/1/2034, Call 03/1/2027		501,825
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,000,223
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,293,410
	225,000	5.00%, 02/15/2037, Call 08/15/2027		218,370
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,581,756
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		910,917
	550,000	5.00%, 09/1/2042, Call 09/1/2024		554,970
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		827,595
	1,590,000	5.00%, 06/1/2044, Call 12/1/2032		1,587,968
	2,000,000	5.00%, 02/15/2045, Call 02/15/2026		1,974,985
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,799,105
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		1,898,766
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		882,282
	4,330,000	5.25%, 05/15/2048, Call 05/15/2033		4,528,424
	1,250,000	4.00%, 08/15/2048, Call 08/15/2031		1,060,484
	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025		942,564
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,004,532
		Illinois State Toll Highway Authority
	1,755,000	5.00%, 01/1/2037, Call 01/1/2024		1,755,657
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,033,968
	750,000	4.00%, 01/1/2046, Call 01/1/2032		665,212
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,526,795
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,041,295
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		897,358
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		432,387

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,355,000	5.00%, 06/15/2050, Call 12/15/2029	$	1,309,987
	530,000	5.00%, 06/15/2057, Call 12/15/2027		507,791
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		772,888
	3,300,000	0.00%, 12/15/2030		2,382,286
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		1,917,040
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		996,836
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		764,074
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,053,526
	500,000	4.00%, 01/1/2038, Call 01/1/2030		452,334
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		666,458
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,002,054
		State of Illinois
	1,000,000	5.00%, 02/1/2025		1,010,432
	1,000,000	5.00%, 11/1/2026		1,025,949
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,049,508
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,730,643
	660,000	5.00%, 03/1/2036, Call 03/1/2031		678,476
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		934,995
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,445,722
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,044,073
	500,000	5.00%, 03/1/2046, Call 03/1/2031		494,190
	1,000,000	State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030		1,044,455
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		1,948,244
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,411,822
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		540,296

16

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,500,000	Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026	$	1,336,226
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		394,567
	250,000	0.00%, 01/1/2032		170,733
	710,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		628,888
				106,799,999
		INDIANA — 0.9%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,278,436
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		899,341
	1,000,000	3.00%, 11/1/2030		898,780
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		2,818,593
	1,000,000	5.00%, 10/1/2053, Call 10/1/2033		1,018,391
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		1,974,154
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/3/20233		500,572
				9,388,267
		IOWA — 0.3%
		Iowa Finance Authority
	1,520,000	4.75%, 08/1/2042, Call 11/3/2023		1,397,277
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		956,996
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		445,917
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		498,931
				3,299,121
		KANSAS — 0.1%
	1,000,000	Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033		894,009
		KENTUCKY — 1.0%
		Kentucky Economic Development Finance Authority
	2,000,000	3.95%, 04/1/20311		1,998,895
	200,000	5.00%, 06/1/2037, Call 06/1/2027		188,315

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		KENTUCKY (Continued)
$	1,100,000	5.00%, 07/1/2040, Call 07/1/2025	$	1,077,631
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,183,429
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		775,817
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/20241		2,575,988
	1,500,000	Louisville/Jefferson County Metropolitan Government, 5.00%, 10/1/2042, Call 10/1/2033		1,510,126
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,013,750
				10,323,951
		LOUISIANA — 1.2%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 11/3/2023		1,151,607
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,521,203
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,178,028
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		998,714
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		500,688
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,009,113
	885,000	6.50%, 07/1/2036, Call 11/3/20233 4		875,087
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,367,674
	1,000,000	Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033		1,022,569
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		517,404
	1,500,000	5.00%, 01/1/2048, Call 01/1/20273		1,472,428

17

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
$	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20283	$	1,232,080
				12,846,595
		MAINE — 0.6%
		Maine Health & Higher Educational Facilities Authority
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,652,853
	700,000	5.00%, 07/1/2035, Call 07/1/2027		716,407
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		472,714
	500,000	4.00%, 07/1/2039, Call 07/1/2031		460,037
		Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY
	50,000	5.00%, 07/1/2028, Call 07/1/2027		52,356
	950,000	5.00%, 07/1/2028, Call 07/1/2027		979,639
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,589,989
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 11/3/20233		500,840
				6,424,835
		MARYLAND — 1.5%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,561,085
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,293,075
	1,000,000	County of Frederick, 1.75%, 10/1/2037, Call 10/1/2031		660,410
	1,330,000	County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026		1,440,537
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,593,009
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20293		938,365
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 10/24/2023		2,649,204
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		989,596
	1,065,000	5.00%, 05/15/2045, Call 05/15/2027		1,048,264
	500,000	5.00%, 07/1/2045, Call 07/1/2025		488,526

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
$	1,000,000	4.00%, 07/1/2048, Call 01/1/2028	$	846,580
	340,000	Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028		360,246
	1,000,000	Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033		898,430
				15,767,327
		MASSACHUSETTS — 0.6%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		112,487
	1,000,000	Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029		1,017,769
		Massachusetts Development Finance Agency
	1,000,000	5.00%, 08/15/2045, Call 08/15/2025		995,977
	1,000,000	5.00%, 07/1/2047, Call 07/1/2026		990,863
	1,200,000	5.25%, 07/1/2048, Call 07/1/2033		1,183,085
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20283		1,015,610
	200,000	4.25%, 07/1/2046, Call 07/1/20263		170,334
	500,000	Town of Milford, 2.00%, 12/1/2037, Call 12/1/2031		342,851
				5,828,976
		MICHIGAN — 2.2%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		490,113
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		689,164
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,021,484
		Michigan Finance Authority
	240,000	5.00%, 06/1/2029, Call 11/3/2023		207,999
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,163,529
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,508,930
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,011,966
	1,000,000	5.00%, 07/1/2035, Call 07/1/2025		1,009,453
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,274,475
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		942,757

18

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	1,000,000	5.00%, 11/15/2041, Call 11/15/2026	$	993,693
	2,000,000	4.00%, 02/15/2044, Call 08/15/2029		1,750,148
	1,000,000	4.00%, 12/1/2049, Call 12/1/2029		848,349
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,453,302
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		842,693
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,042,055
	1,250,000	Michigan State Housing Development Authority, 2.13%, 10/1/2036, Call 10/1/2030		895,015
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 11/3/2023		246,566
	890,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031		795,415
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 11/3/20235		200,000
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,525,274
				22,912,380
		MINNESOTA — 0.3%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		237,683
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		65,730
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,682,245
	1,000,000	Duluth Economic Development Authority, 5.25%, 02/15/2058, Call 02/15/2028		931,500
				2,917,158
		MISSOURI — 1.0%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		60,286
	780,000	City of Kansas City, 5.00%, 09/1/2027		814,547
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		632,521

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MISSOURI (Continued)
$	685,000	5.00%, 01/1/2032, Call 01/1/2028	$	721,717
	350,000	5.00%, 01/1/2034, Call 01/1/2028		369,472
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		618,409
	445,000	5.00%, 10/1/2047, Call 10/1/2027		414,192
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		995,599
	350,000	4.00%, 11/15/2049, Call 11/15/2027		296,995
	1,175,000	5.00%, 12/1/2052, Call 12/1/2033		1,155,690
	1,000,000	4.00%, 06/1/2053, Call 06/1/2030		824,305
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20293		987,027
	1,020,000	5.00%, 03/1/2039, Call 03/1/20293		1,013,551
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,418,503
	500,000	St. Charles County School District No. R-IV Wentzville, State Aid Direct Deposit, 1.88%, 03/1/2040, Call 03/1/2028		307,055
				10,629,869
		NEBRASKA — 0.3%
	1,350,000	Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/20251		1,332,674
	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027		1,031,482
	500,000	Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032		522,620
				2,886,776
		NEVADA — 1.2%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		235,615
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		855,016
		County of Clark
	500,000	2.10%, 06/1/2031		390,073
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,554,015
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,010,789

19

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
		Las Vegas Convention & Visitors Authority
$	1,000,000	5.00%, 07/1/2043, Call 07/1/2028	$	1,014,095
	750,000	4.00%, 07/1/2049, Call 07/1/2028		640,342
		Las Vegas Valley Water District
	1,000,000	5.00%, 06/1/2033, Call 12/1/2024		1,010,459
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,037,488
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,022,177
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,009,091
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		568,763
				12,347,923
		NEW HAMPSHIRE — 0.5%
		New Hampshire Business Finance Authority
	1,000,000	4.50%, 10/1/2033		990,174
	473,477	4.13%, 01/20/2034		440,683
	1,000,000	New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033		1,037,112
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,057,846
	215,000	5.00%, 08/1/2037, Call 02/1/2028		217,297
	1,000,000	New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033		1,035,974
				4,779,086
		NEW JERSEY — 2.8%
		New Jersey Economic Development Authority
	890,000	3.13%, 07/1/2029, Call 07/1/2027		810,577
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		918,006
	100,000	5.00%, 07/15/2032, Call 07/15/2027		101,401
	500,000	5.00%, 07/1/2033, Call 07/1/2027		511,453
	280,000	6.00%, 10/1/2034, Call 10/1/20244		280,239
	880,000	5.00%, 06/15/2036, Call 12/15/2026		889,329
	1,050,000	5.25%, 06/15/2040, Call 06/15/2025		1,075,336

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	350,000	6.30%, 10/1/2049, Call 10/1/20244	$	350,098
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,011,762
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,006,056
	1,175,000	New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025		1,140,801
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20283		509,476
	855,000	4.25%, 12/1/2047, Call 12/1/20263		790,244
	3,595,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20243		3,538,815
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,312,302
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		1,901,832
	500,000	5.00%, 06/15/2040, Call 12/15/2030		513,863
	500,000	4.00%, 06/15/2042, Call 06/15/2032		453,929
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,037,730
	805,000	5.00%, 06/15/2044, Call 06/15/2024		793,379
	3,800,000	5.00%, 06/15/2048, Call 12/15/2032		3,849,284
	250,000	5.50%, 06/15/2050, Call 12/15/2032		263,595
		New Jersey Turnpike Authority
	245,000	4.00%, 01/1/2039, Call 07/1/2032		235,849
	1,750,000	5.25%, 01/1/2052, Call 01/1/2033		1,820,264
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20283		1,011,860
	350,000	South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032		348,645
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,644,611
				29,120,736

20

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW MEXICO — 0.3%
$	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 11/3/2023	$	785,174
	1,000,000	University of New Mexico, AGM, 5.25%, 06/1/2049, Call 06/1/2033		1,036,883
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		958,688
				2,780,745
		NEW YORK — 5.6%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 11/3/20234		396,739
	1,035,000	City of Long Beach, 5.00%, 09/1/2027		1,051,828
	1,000,000	City of New York, 5.25%, 09/1/2042, Call 09/1/2032		1,052,004
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		871,339
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		920,633
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		700,114
		Metropolitan Transportation Authority
	1,000,000	5.25%, 11/15/2031, Call 11/15/2025		1,011,698
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,060,824
	2,000,000	Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030		1,699,790
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		651,470
		New York City Municipal Water Finance Authority
	1,000,000	5.00%, 06/15/2048, Call 06/15/2030		1,017,992
	500,000	5.00%, 06/15/2049, Call 12/15/2029		508,000
	1,000,000	5.25%, 06/15/2052, Call 12/15/2032		1,043,901
		New York City Transitional Finance Authority Building Aid Revenue, SAW
	1,000,000	4.00%, 07/15/2034, Call 07/15/2031		1,004,838

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	750,000	3.00%, 07/15/2047, Call 07/15/2030	$	526,816
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		919,638
	1,000,000	4.00%, 05/1/2044, Call 11/1/2030		901,714
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,052,946
	500,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		509,068
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,088,333
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		1,929,405
	730,000	3.00%, 02/15/2042, Call 02/15/2030		521,406
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		927,340
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,507,777
	1,000,000	3.13%, 09/15/2050, Call 03/15/2030		684,959
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		709,102
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,000,089
	500,000	4.00%, 07/1/2048, Call 07/1/2031		413,358
	750,000	5.00%, 07/1/2050, Call 07/1/2030		766,661
	460,000	New York State Dormitory Authority, NATL, 5.75%, 07/1/2027		477,846
	1,000,000	New York State Energy Research & Development Authority, 4.00%, 04/1/2034, Call 07/1/2033		948,136
		New York Transportation Development Corp.
	2,500,000	5.00%, 10/1/2040, Call 10/1/20303		2,403,117
	1,500,000	4.38%, 10/1/2045, Call 10/1/20303		1,308,711
	3,000,000	5.00%, 07/1/2046, Call 07/1/20243		2,855,472
	1,750,000	5.25%, 01/1/2050, Call 07/1/20243		1,717,634
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243		912,320

21

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
		Onondaga Civic Development Corp.
$	235,000	5.00%, 07/1/2040, Call 07/1/2025	$	227,665
	500,000	5.00%, 07/1/2045, Call 07/1/2025		471,713
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2043, Call 12/1/2029		1,240,529
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/20243		2,004,885
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,573,171
	4,000,000	5.00%, 12/1/2048, Call 12/1/20333		4,005,162
	1,500,000	4.00%, 07/15/2050, Call 07/15/20303		1,257,393
	375,000	Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030		272,439
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,505,387
	1,000,000	5.50%, 05/15/2052, Call 11/15/2032		1,058,948
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		857,464
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		746,207
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		683,686
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		246,637
				58,224,304
		NORTH CAROLINA — 0.5%
	1,000,000	City of Charlotte NC Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033		1,044,362
	1,380,000	City of Charlotte Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028		1,375,332
	1,000,000	Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/20323		1,028,072
	715,000	North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028		545,479

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NORTH CAROLINA (Continued)
$	1,250,000	Town of Cary, 1.75%, 09/1/2037, Call 09/1/2031	$	826,490
				4,819,735
		NORTH DAKOTA — 0.2%
	400,000	County of Burleigh, 4.38%, 04/15/2026		388,293
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		1,423,297
				1,811,590
		OHIO — 1.3%
	2,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,725,341
	830,000	City of Akron, 5.00%, 12/1/2026		836,441
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		839,653
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		679,059
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,027,332
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		1,805,011
	1,880,000	County of Miami, 5.00%, 08/1/2049, Call 08/1/2028		1,830,472
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		469,089
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,336,481
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,553,143
				13,102,022
		OKLAHOMA — 0.5%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		945,301
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,018,637
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		940,902
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20283		997,407

22

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA (Continued)
$	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028	$	1,680,944
				5,583,191
		OREGON — 0.4%
	1,325,000	County of Clackamas, 3.00%, 06/1/2028, Call 11/3/2023		1,252,824
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		906,393
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,000,988
	45,000	5.00%, 10/1/2046, Call 10/1/2026		46,536
	720,000	5.00%, 10/1/2046, Call 10/1/2026		663,396
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		420,567
				4,290,704
		PENNSYLVANIA — 2.9%
	3,000,000	Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/20313		2,409,395
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		282,898
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 10/24/2023		95,054
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		233,254
	100,000	Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024		95,316
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303		881,973
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,883,414
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,028,880
	1,000,000	Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028		907,523
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		362,586

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	$	261,253
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		658,018
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,516,383
		Pennsylvania Economic Development Financing Authority
	300,000	10.00%, 12/1/2040, Call 06/1/20304 5		276,462
	300,000	10.00%, 12/1/2040, Call 06/1/20303 4 5		272,442
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		865,276
	1,000,000	4.00%, 05/15/2048, Call 05/15/2033		847,330
	1,000,000	Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/20323		1,051,071
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,043,251
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,043,322
	1,000,000	5.00%, 12/1/2040, Call 06/1/2033		1,046,530
	500,000	5.00%, 12/1/2041, Call 06/1/2026		497,225
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,010,531
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		871,976
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,006,826
	500,000	5.25%, 12/1/2052, Call 12/1/2032		517,666
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		815,353
	850,000	4.00%, 11/1/2037, Call 11/1/2029		751,028
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		859,882
	1,140,000	Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030		1,001,403
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,186
	995,000	5.00%, 09/1/2038, Call 09/1/2026		995,209
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		834,683

23

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027	$	2,172,385
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20283		268,306
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		513,909
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		488,570
				30,671,769
		PUERTO RICO — 0.7%
		Commonwealth of Puerto Rico
	9,037	0.00%, 07/1/2024		8,732
	61,865	5.38%, 07/1/2025		62,531
	61,305	5.63%, 07/1/2027		62,972
	1,060,310	5.63%, 07/1/2029		1,097,233
	1,558,579	5.75%, 07/1/2031		1,630,706
	55,548	4.00%, 07/1/2033, Call 07/1/2031		49,907
	71,485	0.00%, 07/1/2033, Call 07/1/2031		42,251
	49,930	4.00%, 07/1/2035, Call 07/1/2031		43,510
	42,853	4.00%, 07/1/2037, Call 07/1/2031		36,081
	263,008	0.00%, 11/1/20431		136,764
	60,594	4.00%, 07/1/2046, Call 07/1/2031		46,907
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/20425		505,000
	4,000,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		3,628,334
				7,350,928
		RHODE ISLAND — 0.2%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,532,643
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		515,700
				2,048,343
		SOUTH CAROLINA — 1.0%
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		1,948,896

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	500,000	Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/20311	$	503,583
	500,000	South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 11/3/20233 4 5		50,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283		2,010,541
		South Carolina Public Service Authority
	1,500,000	5.75%, 12/1/2047, Call 12/1/2032		1,567,004
	730,000	5.00%, 12/1/2055, Call 06/1/2025		702,848
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,007,129
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,045,066
				10,835,067
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,187,036
		TENNESSEE — 1.0%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,104,619
		Knox County Health Educational & Housing Facility Board
	289,625	5.25%, 05/1/2025, Call 11/1/20244 5		29
	35,707	6.00%, 05/1/20345		4
	1,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033		1,015,563
	1,000,000	Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034		1,028,133
	1,000,000	Metropolitan Nashville Airport Authority, 5.25%, 07/1/2047, Call 07/1/20323		1,017,338
		Tennergy Corp.
	1,500,000	4.00%, 12/1/2051, Call 06/1/20281		1,436,261
	1,000,000	5.50%, 10/1/2053, Call 09/1/20301		1,016,236

24

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE (Continued)
		Tennessee Energy Acquisition Corp.
$	1,000,000	5.63%, 09/1/2026	$	1,005,322
	2,500,000	4.00%, 11/1/2049, Call 08/1/20251		2,453,171
				10,076,676
		TEXAS — 6.2%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		72,051
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		318,918
		Central Texas Regional Mobility Authority
	1,070,000	0.00%, 01/1/2027		928,418
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,012,742
	1,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/20263		1,010,656
	1,400,000	City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033		1,265,135
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,018,047
	1,000,000	City of El Paso Water & Sewer Revenue, 5.25%, 03/1/2049, Call 03/1/2033		1,030,027
	1,255,000	City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031		1,153,233
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		217,561
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,003,125
		City of Houston Airport System Revenue
	400,000	4.75%, 07/1/20243		399,249
	750,000	5.00%, 07/15/2035, Call 07/15/20253		729,127
	1,500,000	4.00%, 07/15/2041, Call 07/15/20293		1,247,707
	1,100,000	City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029		1,180,439
	1,280,000	City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,119,828

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027	$	783,030
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 11/3/2023		471,206
	100,000	4.40%, 12/1/2047, Call 11/3/2023		80,025
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,223,033
	1,500,000	Crowley Independent School District, PSF, 5.25%, 02/1/2053, Call 02/1/2033		1,577,809
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		965,242
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,089,538
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,026,985
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,057,134
	1,300,000	Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032		1,388,585
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		2,838,972
		Harris County Flood Control District
	750,000	4.00%, 09/15/2043, Call 09/15/2033		673,074
	1,000,000	4.00%, 09/15/2048, Call 09/15/2033		877,344
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,126,578
	1,000,000	Lamar Consolidated Independent School District, AGM, 5.50%, 02/15/2058, Call 02/15/2033		1,054,836
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/24/20233 4		479,493
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		602,227
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,004,923
	2,505,000	5.00%, 07/1/2047, Call 07/1/20255		2,273,288

25

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
		New Hope Cultural Education Facilities Finance Corp., AGM
$	375,000	5.00%, 07/1/2038, Call 07/1/2027	$	374,531
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,391,043
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,086,884
		North Texas Tollway Authority
	500,000	4.13%, 01/1/2039, Call 01/1/2032		471,691
	1,000,000	4.25%, 01/1/2049, Call 01/1/2028		875,283
	1,000,000	Permanent University Fund - University of Texas System, 4.00%, 07/1/2033, Call 07/1/2024		950,055
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,045,652
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 11/3/20235		600,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		294,763
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,754,151
		San Antonio Water System
	1,000,000	5.00%, 05/15/2043, Call 05/15/2028		1,012,670
	1,000,000	5.25%, 05/15/2052, Call 05/15/2032		1,031,212
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,284,430
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		559,768
	1,060,000	6.25%, 12/15/2026		1,082,361
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		457,311
	1,110,000	5.00%, 12/31/2040, Call 12/31/20253		1,078,387
	1,630,000	5.00%, 12/31/2045, Call 12/31/20253		1,556,903
	1,000,000	5.00%, 06/30/2058, Call 06/30/20293		957,094
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		3,872,955

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029	$	436,044
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,418,059
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		1,905,356
	500,000	5.00%, 08/1/2042, Call 08/1/2033		523,961
	500,000	5.00%, 10/15/2047, Call 10/15/2032		519,036
		Town of Westlake
	100,000	5.50%, 09/1/2025		98,504
	200,000	6.13%, 09/1/2035, Call 09/1/2025		191,598
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,192,287
				64,321,574
		UTAH — 0.4%
	1,000,000	City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/20313		905,133
	750,000	Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031		741,681
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20283		1,006,888
		Utah Charter School Finance Authority
	600,000	4.50%, 07/15/20274		575,168
	500,000	5.38%, 06/15/2048, Call 06/15/20274		438,444
				3,667,314
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		965,404
		VIRGINIA — 0.8%
	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		1,006,578
	1,000,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		902,556

26

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	1,000,000	County of Fairfax, SAW, 3.00%, 10/1/2026, Call 10/1/2024	$	957,342
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 11/3/20233 4		29,740
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,080,389
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/20323		2,012,238
	500,000	4.00%, 01/1/2040, Call 01/1/20323		447,250
	1,750,000	5.00%, 12/31/2052, Call 06/30/20273		1,664,774
				8,565,617
		WASHINGTON — 2.8%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		1,979,565
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,522,523
	1,325,000	Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032		1,275,496
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,205,608
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,201,308
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,567,648
	40,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		42,920
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/20293		1,491,962
	2,500,000	5.00%, 08/1/2047, Call 08/1/20323		2,456,116
	1,360,000	Port of Tacoma, 5.00%, 12/1/20313		1,438,349
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,788,891
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,660,939
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,739,428
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,523,593

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	180,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 10/19/2023	$	164,682
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		503,980
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,793,726
	500,000	5.00%, 08/1/2038, Call 08/1/2029		503,812
	1,000,000	5.00%, 10/1/2041, Call 10/1/2024		967,394
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		863,459
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		946,281
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,003,914
				29,641,594
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,010,015
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,035,871
				2,045,886
		WISCONSIN — 1.2%
	1,000,000	Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031		905,061
		Public Finance Authority
	545,000	4.00%, 07/1/2027, Call 07/1/2024		524,206
	500,000	5.75%, 02/1/2035, Call 02/1/2025		486,185
	535,000	5.00%, 07/1/2037, Call 07/1/2024		511,248
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		888,994
	500,000	5.00%, 06/15/2039, Call 06/15/20264		432,475
	500,000	5.00%, 02/1/2042, Call 02/1/2032		468,934
	1,000,000	5.00%, 07/1/2042, Call 11/3/20233		927,151
	165,000	6.00%, 07/15/2042, Call 10/24/2023		165,040
	450,000	5.50%, 03/1/2045, Call 03/1/20254		431,072
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		984,498
	345,000	6.38%, 01/1/2048, Call 01/1/20284		212,175

27

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	500,000	6.25%, 06/15/2048, Call 06/15/20334	$	472,376
	194,116	3.75%, 07/1/2051, Call 03/15/20281 4 5		105,308
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		161
	7,085	0.00%, 01/1/20474 5		147
	7,034	0.00%, 01/1/20484 5		138
	6,984	0.00%, 01/1/20494 5		129
	6,882	0.00%, 01/1/20504 5		118
	7,540	0.00%, 01/1/20514 5		122
	7,490	0.00%, 01/1/20524 5		112
	7,388	0.00%, 01/1/20534 5		105
	7,338	0.00%, 01/1/20544 5		98
	7,237	0.00%, 01/1/20554 5		91
	7,135	0.00%, 01/1/20564 5		85
	7,085	0.00%, 01/1/20574 5		79
	6,984	0.00%, 01/1/20584 5		74
	6,933	0.00%, 01/1/20594 5		69
	6,882	0.00%, 01/1/20604 5		64
	6,781	0.00%, 01/1/20614 5		60
	6,730	0.00%, 01/1/20624 5		56
	6,629	0.00%, 01/1/20634 5		52
	6,579	0.00%, 01/1/20644 5		49
	6,528	0.00%, 01/1/20654 5		45
	6,427	0.00%, 01/1/20664 5		41
	83,706	0.00%, 01/1/20674 5		485
	500,000	Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032		519,151
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		994,206
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		2,936,804
	500,000	Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030		160,435
	1,000,000	Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031		869,312
				12,997,011
		TOTAL MUNICIPAL BONDS
		(Cost 849,094,368)		796,996,938

Number of Shares			Value
		COMMON STOCKS — 0.2%
	32,339	Energy Harbor Corp.*	$	2,587,120
	150	Talen Energy Corp.*		7,935
		TOTAL COMMON STOCKS
		(Cost 971,705)		2,595,055
		EXCHANGE-TRADED FUND — 5.0%
	507,501	iShares National Muni Bond ETF		52,039,153
		TOTAL EXCHANGE-TRADED FUND
		(Cost 54,621,600)		52,039,153
		CLOSED-END MUTUAL FUNDS — 0.5%
	15,482	BlackRock Long-Term Municipal Advantage Trust		138,874
	6,405	BlackRock Municipal Income Fund, Inc.		65,011
	41,753	BlackRock MuniVest Fund, Inc.		253,023
	29,817	BlackRock MuniYield Quality Fund, Inc.		305,028
	54,302	BNY Mellon Municipal Income, Inc.		307,892
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		633,332
	24,909	BNY Mellon Strategic Municipals, Inc.		132,765
	11,444	DTF Tax-Free Income 2028 Term Fund, Inc.		122,108
	66,923	DWS Municipal Income Trust		515,307
	17,462	Invesco Advantage Municipal Income Trust II		129,393
	16,750	Invesco Municipal Opportunity Trust		137,853
	21,119	Invesco Municipal Trust		176,132
	3,424	Invesco Quality Municipal Income Trust		28,727
	10,819	Invesco Trust for Investment Grade Municipals		91,962
	6,391	Neuberger Berman Municipal Fund, Inc.		58,861
	4,050	PIMCO Municipal Income Fund III		26,204
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		250,248
	111,999	Pioneer Municipal High Income Fund, Inc.		809,753
	78,923	Western Asset Managed Municipals Fund, Inc.		704,782

28

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	6,466	Western Asset Municipal Partners Fund, Inc.	$	68,410
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost 7,866,474)		4,955,665
		PRIVATE FUNDS6 — 10.6%
		MacKay Municipal Credit Opportunities Fund, LP* 7		25,852,327
		MacKay Municipal Opportunities Fund, LP* 8		84,685,078
		TOTAL PRIVATE FUNDS
		(Cost 94,657,836)		110,537,405
		SHORT-TERM INVESTMENT — 6.7%
	69,437,710	JPMorgan Prime Money Market Fund - Institutional Shares, 5.39%9		69,458,541
		TOTAL SHORT-TERM INVESTMENT
		(Cost 69,452,885)		69,458,541
		TOTAL INVESTMENTS — 99.4%
		(Cost 1,076,664,868)		1,036,582,757
		Other assets less liabilities — 0.6%		5,971,132
		TOTAL NET ASSETS — 100.0%	$	1,042,553,889

* 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 Security may be exempt from Alternative Minimum Tax.

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 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

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

ST RES FD GTY — State Resource Fund Guaranty

See accompanying Notes to Financial Statements.

29

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUNDS — 23.4%
		ALTERNATIVE DIVERSIFIERS — 23.4%
	4,136,796	GMO Equity Dislocation Investment Fund - Class A1 2	$	92,043,702
	1,698,208	Managed Fund/Bridgewater Fund Limited2 3		150,241,006
	711,168	Lazard Rathmore Alternative Fund - Class E1		71,908,008
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS
		(Cost 315,081,035)		314,192,716
		OPEN-END MUTUAL FUNDS — 48.7%
		ALTERNATIVE DIVERSIFIERS — 11.0%
	7,361,993	BlackRock Event Driven Equity Fund - Institutional Shares		72,368,394
	7,573,485	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		76,264,991
				148,633,385
		CORE/ALTERNATIVE DIVERSIFIERS — 37.7%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV2 4		378,079,084
	7,418,651	JPMorgan Global Allocation Fund - Class R6		128,120,107
				506,199,191
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost 664,113,934)		654,832,576
		EXCHANGE-TRADED FUND — 4.7%
		REAL ASSET — 4.7%
	1,810,889	iShares Gold Trust*		63,363,006
		TOTAL EXCHANGE-TRADED FUND
		(Cost 58,781,682)		63,363,006

Number of Shares			Value
		PRIVATE FUNDS5 — 13.2%
		ALTERNATIVE DIVERSIFIERS — 9.4%
		Elliott Associates, LP* 6	$	48,942,432
	18,520	Millennium International, Ltd. - Class GG* 7		34,540,711
	29,015	Millennium International, Ltd. - Sub-Class GG-C* 8		43,102,615
				126,585,758
		CORE DIVERSIFIER — 3.8%
		All Weather Portfolio Limited* 9		50,893,883
				50,893,883
		TOTAL PRIVATE FUNDS
		(Cost 142,577,598)		177,479,641
		SHORT-TERM INVESTMENT — 9.8%
	131,336,161	JPMorgan Prime Money Market Fund - Institutional Shares, 5.39%10		131,375,562
		TOTAL SHORT-TERM INVESTMENT
		(Cost 131,360,425)		131,375,562
		TOTAL INVESTMENTS — 99.8%
		(Cost 1,311,914,674)		1,341,243,501
		Other assets less liabilities — 0.2%		2,631,412
		TOTAL NET ASSETS — 100.0%	$	1,343,874,913

* Non-income producing security.

¹ Domiciled in Ireland.

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

³ Domiciled in Jersey. In the United States the security is offered in private placement transactions and as such is restricted to resale.

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.

30

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

⁶ The investment was acquired on 1/2/2020. The cost is $42,892,652.

⁷ The investment was acquired on 1/1/2020. The cost is $20,238,575.

⁸ The investment was acquired on 10/1/2020. The cost is $32,330,936.

⁹ The investment was acquired on 5/1/2018. The cost is $47,115,435.

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

LP — Limited Partnership

Ltd. — Limited

See accompanying Notes to Financial Statements.

31

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Schedule of Investments

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 20.7%
		BELGIUM — 0.1%
	17,885	KBC Group N.V.	$	1,113,460
		BERMUDA — 0.3%
	35,907	Arch Capital Group Ltd.*		2,862,147
	4,805	Everest Group Ltd.		1,785,874
				4,648,021
		BRAZIL — 0.0%2
	73,493	Telefonica Brasil S.A. - ADR1		628,365
		CANADA — 0.1%
	4,984	Agnico Eagle Mines Ltd.		226,523
	11,272	Franco-Nevada Corp.		1,504,699
				1,731,222
		CAYMAN ISLANDS — 0.4%
	115,095	Alibaba Group Holding Ltd.*		1,247,881
	66,200	ANTA Sports Products Ltd.		740,735
	273,500	CK Hutchison Holdings Ltd.		1,452,036
	199,000	Kingboard Holdings Ltd.		445,726
	32,500	Tencent Holdings Ltd.		1,259,829
				5,146,207
		CHINA — 0.2%
	177,000	Anhui Conch Cement Co., Ltd. - Class H		468,282
	447,500	China Shenhua Energy Co., Ltd.		1,448,010
	1,327,000	Industrial & Commercial Bank of China Ltd. - Class H		636,483
				2,552,775
		CURACAO — 0.1%
	25,399	Schlumberger Ltd.1		1,480,762
		DENMARK — 0.3%
	6,485	DSV A/S		1,208,420
	1,253	Genmab A/S*		443,625
	23,598	Novo Nordisk A/S - ADR		2,146,002
				3,798,047
		FRANCE — 0.8%
	24,153	Edenred		1,510,916
	542	L’Oreal S.A.		224,611
	1,911	LVMH Moet Hennessy Louis Vuitton S.E.		1,442,481
	255	Pernod Ricard S.A.		42,455
	12,941	Publicis Groupe S.A.		979,539

Number of Shares			Value
		COMMON STOCKS (Continued)
		FRANCE (Continued)
	32,133	Safran S.A.	$	5,035,538
	7,041	Thales S.A.		989,565
	10,740	Vinci S.A.		1,188,177
				11,413,282
		GERMANY — 0.5%
	7,790	Knorr-Bremse A.G.		493,865
	1,191	Muenchener Rueckversicherungs-Gesellschaft A.G.		463,838
	5,144	Rheinmetall A.G.		1,323,302
	25,293	SAP S.E.		3,273,977
	6,382	Siemens A.G.		912,044
				6,467,026
		GUERNSEY — 0.1%
	16,079	Amdocs Ltd.		1,358,515
		HONG KONG — 0.1%
	124,000	Beijing Enterprises Holdings Ltd.		426,495
	140,000	China Merchants Port Holdings Co., Ltd.		174,025
	21,000	Power Assets Holdings Ltd.		101,420
	57,000	Sun Hung Kai Properties Ltd.		608,188
	137,800	Swire Properties Ltd.		286,585
				1,596,713
		INDIA — 0.2%
	20,752	Axis Bank Ltd.		1,301,150
	7,455	Dr Reddy’s Laboratories Ltd. - ADR		498,516
	80,108	Infosys Ltd. - ADR1		1,370,648
				3,170,314
		INDONESIA — 0.0%2
	3,016	Telkom Indonesia Persero Tbk P.T. - ADR		72,686
		IRELAND — 0.5%
	15,198	Accenture PLC - Class A		4,667,458
	6,913	Flutter Entertainment PLC		1,124,789
	2,386	ICON PLC*		587,553
				6,379,800
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.1		421,895
	7,443	Nice Ltd. - ADR* 1		1,265,310
				1,687,205

32

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN — 0.6%
	4,200	Bandai Namco Holdings, Inc.	$	85,430
	8,371	FUJIFILM Holdings Corp.		484,267
	18,600	Honda Motor Co., Ltd.		209,244
	10,000	Itochu Corp.		361,140
	2,800	Itochu Techno-Solutions Corp.		80,731
	12,800	Japan Tobacco, Inc.		294,503
	29,387	KDDI Corp.		899,550
	27,100	MEIJI Holdings Co., Ltd.		673,545
	118,800	Nippon Steel Corp.		2,783,264
	347,500	Nippon Telegraph & Telephone Corp.		411,313
	25,060	Nippon Telegraph & Telephone Corp. - ADR1		743,530
	5,800	Nissin Foods Holdings Co., Ltd.		481,939
	170	Shin-Etsu Chemical Co., Ltd.		4,938
	5,932	SoftBank Corp. - ADR1		67,506
	1,150	Suntory Beverage & Food Ltd. - ADR		17,457
	30	Toyota Motor Corp.		538
	14,500	Trend Micro, Inc.		548,874
				8,147,769
		NETHERLANDS — 0.5%
	21,600	AerCap Holdings N.V.*		1,353,672
	10,641	Airbus S.E.		1,424,282
	34,843	Koninklijke Ahold Delhaize N.V.		1,050,157
	4,537	NXP Semiconductors N.V.		907,037
	95,495	Stellantis N.V.1		1,826,819
				6,561,967
		NEW ZEALAND — 0.0%2
	101,544	Spark New Zealand Ltd.		292,329
		SINGAPORE — 0.0%2
	12,622	DBS Group Holdings Ltd.		309,992
	17,000	United Overseas Bank Ltd.		354,078
				664,070
		SOUTH KOREA — 0.0%2
	894	POSCO Holdings, Inc. - ADR1		91,635
	1	Woori Financial Group, Inc. - ADR		27
				91,662
		SPAIN — 0.0%2
	12,172	Amadeus IT Group S.A.		735,222

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWEDEN — 0.1%
	59,249	Volvo A.B. - B Shares	$	1,220,390
		SWITZERLAND — 0.4%
	88	Alcon, Inc.		6,781
	6,065	Garmin Ltd.		638,038
	14,359	Nestle S.A.		1,625,382
	11,508	Novartis A.G.		1,175,296
	7,758	Roche Holding A.G.		2,117,943
	227	Zurich Insurance Group A.G.		103,865
				5,667,305
		TAIWAN — 0.6%
	21,579	Chunghwa Telecom Co., Ltd. - ADR		775,549
	287,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,679,892
	24,459	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,125,487
	66,650	United Microelectronics Corp. - ADR1		470,549
				8,051,477
		UNITED KINGDOM — 0.9%
	13,276	AstraZeneca PLC		1,790,727
	1	AstraZeneca PLC - ADR		68
	123,283	Compass Group PLC		3,000,905
	35,824	Diageo PLC		1,320,763
	15,211	London Stock Exchange Group PLC		1,524,537
	16,193	Reckitt Benckiser Group PLC*		1,141,942
	116,880	Standard Chartered PLC		1,075,008
	55,237	Unilever PLC		2,732,398
				12,586,348
		UNITED STATES — 13.8%
	30,408	Abbott Laboratories		2,945,015
	4,960	Adobe, Inc.*		2,529,104
	7,272	Adtalem Global Education, Inc.*		311,605
	12,168	Aflac, Inc.		933,894
	4,393	Airbnb, Inc. - Class A*		602,764
	42,311	Alphabet, Inc. - Class A*		5,536,817
	32,103	Alphabet, Inc. - Class C*		4,232,781
	58,180	Amazon.com, Inc.*		7,395,842
	6,837	American Express Co.		1,020,012
	8,571	Analog Devices, Inc.		1,500,696
	55,045	Apple, Inc.		9,424,254
	16,888	Ares Management Corp. - Class A		1,737,269
	5,908	Arthur J. Gallagher & Co.		1,346,610

33

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	417	Atmos Energy Corp.1	$	44,173
	528	AutoZone, Inc.*		1,341,115
	711	Becton, Dickinson and Co.		183,815
	1,736	Bio-Rad Laboratories, Inc. - Class A*		622,269
	1,906	Broadcom, Inc.		1,583,085
	9,779	Builders FirstSource, Inc.*		1,217,388
	2,871	Chemed Corp.1		1,492,059
	6,184	Cencora, Inc.		1,112,934
	838	Chevron Corp.		141,304
	5,174	Church & Dwight Co., Inc.		474,094
	4,812	Cigna Group		1,376,569
	25,505	Cisco Systems, Inc.		1,371,149
	5,859	CNX Resources Corp.* 1		132,296
	55,561	Coca-Cola Co.		3,110,305
	6,612	Constellation Brands, Inc. - Class A		1,661,794
	3,127	Constellation Energy Corp.1		341,093
	2,941	Corteva, Inc.		150,462
	3,112	Costco Wholesale Corp.		1,758,155
	18,802	Dolby Laboratories, Inc. - Class A		1,490,247
	883	DT Midstream, Inc.		46,728
	9,546	Elevance Health, Inc.		4,156,519
	13,283	Eli Lilly & Co.		7,134,698
	816	Enovis Corp.*		43,028
	26,745	ExlService Holdings, Inc.*		749,930
	4,786	Expeditors International of Washington, Inc.		548,619
	5,265	FleetCor Technologies, Inc.*		1,344,365
	5,163	Gartner, Inc.*		1,774,058
	8,543	General Electric Co.		944,429
	9,580	Hologic, Inc.*		664,852
	146	Home Depot, Inc.		44,115
	1,391	Humana, Inc.		676,749
	7,533	Intuitive Surgical, Inc.*		2,201,821
	19,970	Jabil, Inc.		2,533,993
	2,736	JM Smucker Co.		336,282
	38,104	Johnson & Johnson		5,934,698
	6,124	KLA Corp.		2,808,834
	5,868	Lam Research Corp.		3,677,886
	3,442	Lancaster Colony Corp.		568,033
	8,804	Lennar Corp. - Class A		988,073
	5,287	Marriott International, Inc. - Class A		1,039,213

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	5,885	Marsh & McLennan Cos., Inc.	$	1,119,915
	3,995	Mastercard, Inc. - Class A		1,581,660
	842	McCormick & Co., Inc.		63,689
	6,161	McDonald’s Corp.		1,623,054
	4,678	McKesson Corp.		2,034,228
	51,290	Merck & Co., Inc.		5,280,305
	22,227	Meta Platforms, Inc. - Class A*		6,672,768
	43,235	Microsoft Corp.		13,651,451
	20,045	Monster Beverage Corp.*		1,061,383
	2,858	Motorola Solutions, Inc.		778,062
	2,345	MSCI, Inc.		1,203,173
	506	NIKE, Inc. - Class B		48,384
	3,931	NVIDIA Corp.		1,709,946
	38	NVR, Inc.*		226,605
	11,117	ON Semiconductor Corp.*		1,033,325
	36,213	Oracle Corp.		3,835,681
	27,060	Otis Worldwide Corp.		2,173,189
	13,232	Philip Morris International, Inc.		1,225,019
	6,463	Procter & Gamble Co.		942,693
	7,838	Progressive Corp.		1,091,833
	13,596	Quest Diagnostics, Inc.		1,656,809
	10,706	Republic Services, Inc.		1,525,712
	2,143	ResMed, Inc.		316,885
	3,545	Royal Gold, Inc.1		376,940
	3,116	S&P Global, Inc.		1,138,618
	21,095	Salesforce, Inc.*		4,277,644
	1,311	ServiceNow, Inc.*		732,797
	5,344	Stryker Corp.		1,460,355
	4,513	Synopsys, Inc.*		2,071,332
	20,328	Texas Instruments, Inc.		3,232,355
	34,458	TJX Cos., Inc.		3,062,627
	1	Tootsie Roll Industries, Inc.		30
	17,617	TransUnion		1,264,724
	64,671	U.S. Bancorp		2,138,023
	44,167	Uber Technologies, Inc.*		2,031,240
	3,606	United Therapeutics Corp.*		814,487
	17,077	UnitedHealth Group, Inc.		8,610,053
	3,564	Vertex Pharmaceuticals, Inc.*		1,239,345
	34,229	VICI Properties, Inc. - REIT1		996,064
	24,741	Visa, Inc. - Class A1		5,690,677
	12,175	Walmart, Inc.		1,947,148

34

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	58,792	Wells Fargo & Co.	$	2,402,241
	34,736	Werner Enterprises, Inc.		1,352,967
	4,788	Workday, Inc. - Class A*		1,028,702
				194,062,030
		TOTAL COMMON STOCKS
		(Cost 218,027,485)		291,324,969
		EXCHANGE-TRADED FUNDS — 18.2%
	1,530,075	iShares MSCI Global Min Vol Factor ETF1		145,999,757
	4,250,087	Schwab Fundamental Emerging Markets Large Co. Index ETF1		111,437,281
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost 236,857,816)		257,437,038
		FOREIGN COLLECTIVE INVESTMENT FUND — 6.4%
	4,078,173	GMO Equity Dislocation Investment Fund - Class A3 4		90,739,346
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUND
		(Cost 85,142,854)		90,739,346
		OPEN-END MUTUAL FUNDS — 36.0%
	2,996,275	AQR Large Cap Defensive Style Fund - Class R6		76,135,342
	3,735,703	Baillie Gifford Emerging Markets Equities Fund - Class K		67,541,513
	13,609,458	GMO Quality Fund - Class VI5 6		364,325,192
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost 437,039,380)		508,002,047
		PREFERRED STOCK — 0.0%2
		GERMANY — 0.0%2
	5,934	Porsche Automobil Holding S.E.		291,890
		TOTAL PREFERRED STOCK
		(Cost 326,146)		291,890

Number of Shares			Value
		PRIVATE FUNDS7 — 13.1%
		Bridgewater All Weather China, Ltd.* 4 8	$	49,901,646
		RIEF Strategic Partners Fund LLC* 9		134,378,591
		TOTAL PRIVATE FUNDS
		(Cost 164,075,770)		184,280,237
		SHORT-TERM INVESTMENTS — 8.9%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 3.3%
		Collateral Investments10		46,123,807
		MONEY MARKET FUNDS — 5.6%
	78,754,338	JPMorgan Prime Money Market Fund - Institutional Shares, 5.39%11		78,777,965
		TOTAL SHORT-TERM INVESTMENTS
		(Cost 124,887,093)		124,901,772
		TOTAL INVESTMENTS — 103.3%
		(Cost 1,266,356,544)		1,456,977,299
		Liabilities in excess of other assets — (3.3)%		(46,957,093	)
		TOTAL NET ASSETS — 100.0%	$	1,410,020,206

* 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 $57,139,220.

² Rounds to less than 0.05%.

³ Domiciled in Ireland.

⁴ Affiliated investments for which ownership exceeds 5% of the investment’s capital. Please refer to Note 5, Investments in Affiliated Issuers, in the Notes to Financial Statements.

⁵ 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.

⁶ The Fund primarily invests in global equities.

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

35

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2023 (Unaudited)

⁸ The investment was acquired on 3/1/2021. The cost is $54,864,012.

⁹ The investment was acquired on 7/2/2018. The cost is $109,211,758.

¹⁰ Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements.

36

ASPIRIANT TRUST

Statements of Assets and Liabilities

As of September 30, 2023 (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 $243,680,114, $1,076,664,868, $683,389,685 and $1,126,349,678, respectively)	$	210,141,278	$	1,036,582,757	$	720,879,709	$	1,316,336,307	1
Affiliated investments, at value (cost $0, $0, $628,524,989 and $140,006,866, respectively)		—		—		620,363,792		140,640,992
Cash		184,873		999,305		—		114,558
Foreign currency, at value (cost $0, $0, $0 and $82,230, respectively)		—		—		—		84,133
Receivables:
Investments sold		—		—		4,086,491		2,127,883
Fund shares sold		456,155		222,940		192,836		185,940
Dividends and interest		83,379		12,214,401		597,426		1,198,642
Other receivables		—		—		—		6,357
Other prepaid expenses		22,658		44,490		22,551		26,973
Total assets		210,888,343		1,050,063,893		1,346,142,805		1,460,721,785
LIABILITIES:
Payables:
Investments purchased		—		6,682,533		—		3,130,119
Securities lending collateral (see Note 2)		—		—		—		46,123,807
Fund shares redeemed		368,532		468,430		2,011,092		1,042,061
Accrued Trustees’ fees		17,031		17,031		17,031		17,031
Due to Adviser		14,372		185,442		112,197		188,923
Accrued fund accounting fees		9,498		61,697		49,201		62,685
Accrued fund administration fees		7,435		36,820		46,873		49,976
Accrued administrative servicing fees		5,384		26,100		11,036		47,414
Accrued transfer agent fees and expenses		3,877		3,869		4,056		4,068
Accrued Chief Compliance Officer fees		1,557		1,557		1,557		1,557
Accrued custody fees		963		5,213		2,404		10,490
Accrued other expenses		10,034		21,312		12,445		23,448
Total liabilities		438,683		7,510,004		2,267,892		50,701,579
Commitments and contingencies (see Note 2)
NET ASSETS	$	210,449,660	$	1,042,553,889	$	1,343,874,913	$	1,410,020,206

¹ Includes $57,139,220 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, 2023 (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)	$	247,489,672		$	1,149,252,515		$	1,356,589,693		$	1,158,198,554
Total distributable earnings (losses)		(37,040,012	)		(106,698,626	)		(12,714,780	)		251,821,652
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	210,449,660		$	1,042,553,889		$	1,343,874,913		$	1,410,020,206
SHARES ISSUED AND OUTSTANDING		25,710,180			117,081,326			130,139,961			99,321,648	^
NET ASSET VALUE PER SHARE	$	8.19		$	8.90		$	10.33		$	14.20	^

^{^} Advisor Shares

38

ASPIRIANT TRUST

Statements of Operations

As of September 30, 2023 (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 $141,229, respectively)	$	4,285,670		$	790,272		$	—		$	6,260,231
Dividends from affiliated investments		—			—			1,542,308			387,078
Interest income from unaffiliated investments		535,020			17,620,938			3,456,256			2,056,966
Net securities lending income		—			—			—			67,219
Total investment income		4,820,690			18,411,210			4,998,564			8,771,494
EXPENSES:
Advisory fees		261,123			1,422,897			674,884			1,746,358
Administrative services fees		104,449			526,991			674,884			727,647
Trustees’ fees and expenses		36,750			36,750			36,750			36,750
Fund accounting fees		35,824			188,414			148,036			185,277
Legal fees		25,972			45,589			37,948			26,258
Fund administration fees		24,653			124,655			159,604			172,274
Registration fees		22,070			45,776			31,787			20,880
Audit and tax fees		19,381			32,252			19,703			43,978
Transfer agent fees and expenses		15,831			15,755			16,500			16,563
Chief Compliance Officer fees		9,474			9,474			9,474			9,474
Insurance fees		5,632			5,632			5,632			5,632
Regulatory services		5,136			6,632			5,136			5,684
Shareholder reporting fees		5,077			6,363			11,286			10,261
Custody fees		2,928			16,209			6,797			27,645
Other expenses		5,793			7,964			37,197			16,452
Total expenses		580,093			2,491,353			1,875,618			3,051,133
Less: Advisory fees waived		(177,563	)		(316,191	)		—			(582,321	)
Less: Administrative services fees waived		(73,114	)		(368,896	)		(607,413	)		(436,583	)
Net expenses		329,416			1,806,266			1,268,205			2,032,229
Net investment income		4,491,274			16,604,944			3,730,359			6,739,265

39

ASPIRIANT TRUST

Statements of Operations (Continued)

As of September 30, 2023 (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	$	(3,160	)	$	(432,800	)	$	4,000,791		$	17,882,512
Affiliated investments		—			—			—			(1,135,988	)
Foreign currency translations		—			—			—			(30,504	)
Futures contracts		—			(1,278	)		—			—
Total net realized gain (loss)		(3,160	)		(434,078	)		4,000,791			16,716,020
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(7,815,505	)		(44,850,177	)		(2,327,712	)		17,984,022
Affiliated investments		—			—			26,906,147			4,063,044
Foreign currency translations		—			—			—			(8,696	)
Futures contracts change		—			183,373			—			—
Total net change in unrealized appreciation (depreciation)		(7,815,505	)		(44,666,804	)		24,578,435			22,038,370
Net realized and unrealized gain (loss)		(7,818,665	)		(45,100,882	)		28,579,226			38,754,390
Net Increase (Decrease) in Net Assets from Operations	$	(3,327,391	)	$	(28,495,938	)	$	32,309,585		$	45,493,655

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, 2023 (Unaudited)			Year Ended March 31, 2023			Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	4,491,274		$	8,610,092		$	16,604,944		$	27,464,670
Net realized gain (loss) on investments		(3,160	)		(3,840,758	)		(434,079	)		(16,983,022	)
Net change in unrealized appreciation (depreciation) on investments		(7,815,505	)		(12,972,686	)		(44,666,803	)		(26,123,395	)
Change in net assets resulting from operations		(3,327,391	)		(8,203,352	)		(28,495,938	)		(15,641,747	)
DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		(4,921,977	)		(8,331,502	)		(19,486,291	)		(34,350,896	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		36,671,404			55,970,504			132,984,494			826,705,923
Shares issued for reinvestment of distributions		4,611,952			7,917,289			18,549,020			32,879,569
Shares redeemed		(19,133,451	)		(56,323,522	)		(83,891,791	)		(926,791,856	)
Change in net assets resulting from capital stock transactions		22,149,905			7,564,271			67,641,723			(67,206,364	)
Change in net assets	$	13,900,537		$	(8,970,583	)	$	19,659,494		$	(117,199,007	)
NET ASSETS:
Beginning of period		196,549,123			205,519,706			1,022,894,395			1,140,093,402
End of period	$	210,449,660		$	196,549,123		$	1,042,553,889		$	1,022,894,395
TRANSACTIONS IN SHARES:
Shares sold		4,336,604			6,493,010			14,420,264			88,461,824
Shares issued for reinvestment of distributions		556,625			936,035			2,044,037			3,570,527
Shares redeemed		(2,273,307	)		(6,517,280	)		(9,096,105	)		(99,131,697	)
Change in shares outstanding		2,619,922			911,765			7,368,196			(7,099,346	)

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, 2023 (Unaudited)			Year Ended March 31, 2023			Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	3,730,359		$	25,108,150		$	6,739,265		$	24,304,709
Net realized gain (loss) on investments and foreign currency		4,000,791			(8,364,491	)		16,716,020			4,147,034
Net change in unrealized appreciation (depreciation) on investments and foreign currency		24,578,435			(76,514,766	)		22,038,370			(101,030,815	)
Change in net assets resulting from operations		32,309,585			(59,771,107	)		45,493,655			(72,579,072	)
DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		—			(10,301,397	)		—			(31,426,254	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		41,072,036			276,139,826			39,651,606			234,547,241
Shares issued for reinvestment of distributions		—			9,846,318			—			29,482,923
Shares redeemed		(69,026,149	)		(412,777,335	)		(127,866,038	)		(437,280,328	)
Change in net assets resulting from capital stock transactions		(27,954,113	)		(126,791,191	)		(88,214,432	)		(173,250,164	)
Change in net assets	$	4,355,472		$	(196,863,695	)	$	(42,720,777	)	$	(277,255,490	)
NET ASSETS:
Beginning of period		1,339,519,441			1,536,383,136			1,452,740,983			1,729,996,473
End of period	$	1,343,874,913		$	1,339,519,441		$	1,410,020,206		$	1,452,740,983
TRANSACTIONS IN SHARES^:
Shares sold		4,022,158			27,720,838			2,776,334			17,687,370
Shares issued for reinvestment of distributions		—			997,601			—			2,254,046
Shares redeemed		(6,748,431	)		(41,511,713	)		(9,027,430	)		(33,027,986	)
Change in shares outstanding		(2,726,273	)		(12,793,274	)		(6,251,096	)		(13,086,570	)

^ 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, 2023 (Unaudited)			Year Ended March 31, 2023			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	$	8.51		$	9.27		$	10.06		$	10.13		$	10.53		$	9.99		$	10.00
Income from Investment Operations:
Net investment income		0.18			0.40			0.25			0.26			0.03			0.33			0.26
Net realized and unrealized gain (loss) on investments		(0.30	)		(0.77	)		(0.61	)		0.21			(0.35	)		0.56			(0.05	)
Total from investment operations		(0.12	)		(0.37	)		(0.36	)		0.47			(0.32	)		0.89			0.21
Less Distributions:
From net investment income		(0.20	)		(0.39	)		(0.22	)		(0.47	)		(0.08	)		(0.35	)		(0.22	)
From net realized gain		—			(0.00	)3		(0.21	)		(0.07	)		—			—			—
Total distributions		(0.20	)		(0.39	)		(0.43	)		(0.54	)		(0.08	)		(0.35	)		(0.22	)
Net assets value, end of period	$	8.19		$	8.51		$	9.27		$	10.06		$	10.13		$	10.53		$	9.99
Total return		(1.48	)%4		(3.89	)%		(3.76	)%		4.58	%		(3.06	)%4		9.02	%		2.16	%4
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	210,450		$	196,549		$	205,520		$	213,549		$	276,744		$	300,398		$	206,356
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver5		0.56	%6		0.56	%		0.52	%		0.50	%		0.58	%6		0.51	%		0.60	%6
Expense waiver5		(0.24	)%6		(0.24	)%		(0.24	)%		(0.24	)%		(0.24	)%6		(0.24	)%		(0.24	)%6
Total expenses after expense waiver5		0.32	%6		0.32	%		0.28	%		0.26	%		0.34	%6		0.27	%		0.36	%6
Net investment income5		4.31	%6		4.60	%		2.52	%		2.35	%		2.87	%6		3.33	%		3.46	%6
Portfolio turnover rate		0	%4		19	%		24	%		20	%		5	%4		4	%		0	%4

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 Rounds to less than 0.005.

⁴ Not 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 companies in which the Fund invests.

⁶ Annualized.

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, 2023 (Unaudited)			Year Ended March 31, 2023			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
Net asset value, beginning of period	$	9.32		$	9.76		$	10.46		$	10.11		$	10.68		$	10.07		$	10.03
Income from Investment Operations:
Net investment income		0.18			0.25			0.26			0.20			0.02			0.27			0.30
Net realized and unrealized gain (loss) on investments		(0.43	)		(0.35	)		(0.55	)		0.51			(0.50	)		0.70			0.06
Total from investment operations		(0.25	)		(0.10	)		(0.29	)		0.71			(0.48	)		0.97			0.36
Less Distributions:
From net investment income		(0.17	)		(0.33	)		(0.35	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)
From net realized gain		—			(0.01	)		(0.06	)		—			—			—			—
Total distributions		(0.17	)		(0.34	)		(0.41	)		(0.36	)		(0.09	)		(0.36	)		(0.32	)
Net assets value, end of period	$	8.90		$	9.32		$	9.76		$	10.46		$	10.11		$	10.68		$	10.07
Total return		(2.71	)%2		(0.88	)%		(2.87	)%		7.10	%		(4.55	)%2		9.79	%		3.71	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,042,554		$	1,022,894		$	1,140,093		$	1,171,205		$	1,490,711		$	1,626,461		$	1,429,178
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver3		0.47	%4		0.47	%		0.45	%		0.45	%		0.47	%4		0.45	%		0.46	%
Expense waiver3		(0.13	)%4		(0.13	)%		(0.13	)%		(0.13	)%		(0.13	)%4		(0.13	)%		(0.12	)%
Total expenses after expense waiver3		0.34	%4		0.34	%		0.32	%		0.32	%		0.34	%4		0.32	%		0.34	%
Net investment income3		3.16	%4		2.84	%		2.32	%		2.40	%		2.37	%4		2.55	%		2.96	%
Portfolio turnover rate		3	%2		49	%		11	%		16	%		6	%2		24	%		16	%

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

² Not annualized.

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

⁴ Annualized.

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, 2023 (Unaudited)			Year Ended March 31, 2023			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
Net asset value, beginning of period	$	10.08		$	10.55		$	10.87		$	9.38		$	10.23		$	10.24		$	10.82
Income from Investment Operations:
Net investment income		0.03			0.16			0.21			0.15			0.00	2		0.22			0.21
Net realized and unrealized gain (loss) on investments		0.22			(0.55	)		0.04			1.59			(0.85	)		0.17			(0.39	)
Total from investment operations		0.25			(0.39	)		0.25			1.74			(0.85	)		0.39			(0.18	)
Less Distributions:
From net investment income		—			(0.08	)		(0.57	)		(0.25	)		—			(0.40	)		(0.22	)
From net realized gain		—			—			—			—			—			—			(0.18	)
From return of capital		—			—			(0.00	)2		—			—			—			—
Total distributions		—			(0.08	)		(0.57	)		(0.25	)		—			(0.40	)		(0.40	)
Net assets value, end of period	$	10.33		$	10.08		$	10.55		$	10.87		$	9.38		$	10.23		$	10.24
Total return		2.48	%3		(3.71	)%		2.27	%		18.52	%		(8.31	)%3		3.69	%		(1.46	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,343,875		$	1,339,519		$	1,536,383		$	1,444,928		$	1,217,208		$	1,344,079		$	1,239,786
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver4		0.28	%5		0.27	%		0.26	%		0.27	%		0.29	%5		0.27	%		0.28	%
Expense waiver4		(0.09	)%5		(0.09	)%		(0.09	)%		(0.09	)%		(0.09	)%5		(0.09	)%		(0.09	)%
Total expenses after expense waiver4		0.19	%5		0.18	%		0.17	%		0.18	%		0.20	%5		0.18	%		0.19	%
Net investment income4		0.55	%5		1.84	%		1.32	%		1.36	%		0.69	%5		2.13	%		1.88	%
Portfolio turnover rate		3	%3		21	%		20	%		4	%		3	%3		10	%		29	%

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

⁵ Annualized.

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, 2023 (Unaudited)			Year Ended March 31, 2023			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
Net asset value, beginning of period	$	13.76		$	14.58		$	14.35		$	11.30		$	12.58		$	13.02		$	13.27
Income from Investment Operations:
Net investment income		0.07			0.22			0.18			0.17			0.01			0.25			0.26
Net realized and unrealized gain (loss) on investments and foreign currency		0.37			(0.75	)		0.44			3.11			(1.29	)		(0.05	)		0.08
Total from investment operations		0.44			(0.53	)		0.62			3.28			(1.28	)		0.20			0.34
Less Distributions:
From net investment income		—			(0.14	)		(0.37	)		(0.10	)		—			(0.30	)		(0.26	)
From net realized gain		—			(0.15	)		(0.02	)		(0.13	)		—			(0.34	)		(0.33	)
Total distributions		—			(0.29	)		(0.39	)		(0.23	)		—			(0.64	)		(0.59	)
Net assets value, end of period	$	14.20		$	13.76		$	14.58		$	14.35		$	11.30		$	12.58		$	13.02
Total return		3.20	%2		(3.58	)%		4.10	%		29.08	%		(10.17	)%2		1.17	%		2.83	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,410,020		$	1,452,741		$	1,729,996		$	1,628,317		$	1,047,842		$	1,147,049		$	1,136,369
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver3		0.42	%4		0.42	%		0.41	%		0.42	%		0.48	%4		0.42	%		0.44	%
Expense waiver3		(0.14	)%4		(0.14	)%		(0.14	)%		(0.14	)%		(0.14	)%4		(0.13	)%		(0.14	)%
Total expenses after expense waiver3		0.28	%4		0.28	%		0.27	%		0.28	%		0.34	%4		0.29	%		0.30	%
Net investment income3		0.93	%4		1.62	%		1.18	%		1.34	%		1.38	%4		1.87	%		1.90	%
Portfolio turnover rate		5	%2		36	%		24	%		47	%		3	%2		28	%		79	%

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

² Not annualized.

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

⁴ Annualized.

See accompanying Notes to Financial Statements.

46

ASPIRIANT TRUST

Notes to Financial Statements

September 30, 2023 (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 an open-end management investment company (the “Trust”). The Trust currently consists of the following four portfolios: Aspiriant Risk-Managed Taxable Bond Fund (the “Taxable Bond Fund”), which commenced operations on March 29, 2018, Aspiriant Risk-Managed Municipal Bond Fund (the “Municipal Bond Fund”), which commenced operations on July 1, 2015, Aspiriant Defensive Allocation Fund (the “Defensive Allocation Fund”), which commenced operations on December 14, 2015, and Aspiriant Risk-Managed Equity Allocation Fund (the “Equity Allocation Fund”, together with the Taxable Bond Fund, the Municipal Bond Fund, and the Defensive Allocation Fund, each individually referred to as a “Fund” or collectively, the “Funds”), which commenced operations on April 4, 2013. All Funds are diversified investment companies under the 1940 Act, except for the Defensive Allocation Fund. Effective January 3, 2023, Defensive Allocation Fund’s fundamental diversification policy was eliminated, thereby changing the Fund’s classification from a diversified investment company to a non-diversified investment company under the 1940 Act. The Taxable Bond Fund, the Municipal Bond Fund, and the Defensive Allocation Fund have each established, offered and issued only one class of shares. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Funds’ investment objectives are as follows:

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

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

47

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

1. ORGANIZATION (Continued)

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

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

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

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

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 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

48

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Securities Valuations (Continued)

other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter (“OTC”) market are valued on the basis of the last sales price as reported by NASDAQ^®. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ^®. Securities for which market quotations are not readily available and other assets are valued at fair value as determined by the Valuation Designee. Debt securities including listed issues, are valued by using an evaluated mean price furnished by an independent pricing service, which may use matrix and valuation models as necessary to formulate its prices.

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

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

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

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

(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

49

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

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

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

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

The following is a summary of the inputs used, as of September 30, 2023, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Core	$	154,666,545	$	—	$	—	$	—	$	154,666,545
Opportunistic		19,512,152		—		—		—		19,512,152
Exchange Traded Fund:
Opportunistic		8,512,736		—		—		—		8,512,736
Private Fund:
Opportunistic		—		—		—		9,943,295		9,943,295
Short-Term Investment		17,506,550		—		—		—		17,506,550
Total Investments	$	200,197,983	$	—	$	—	$	9,943,295	$	210,141,278

There were no transfers into or out of level 3 for the Taxable Bond Fund during the period ended September 30, 2023.

50

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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 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, 2023:

Investment Category	Fair Value		Unfunded Commitments		Remaining Life		Redemption Frequency		Notice Period (in Days)		Redemption Terms
Private Fund - Private Credit (a)	$	9,943,295	$	500,000		5 Years (Subject to one year extension)		None		N/A		N/A
	$	9,943,295	$	500,000

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

The following is a summary of the inputs used, as of September 30, 2023, 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	$	—	$	796,996,938	$	—	$	—	$	796,996,938
Common Stock		7,935		2,587,120		—		—		2,595,055
Exchange-Traded Fund		52,039,153		—		—		—		52,039,153
Closed-End Mutual Funds		4,955,665		—		—		—		4,955,665
Private Funds		—		—		—		110,537,405		110,537,405
Short-Term Investment		69,458,541		—		—		—		69,458,541
Total Investments	$	126,461,294	$	799,584,058	$	—	$	110,537,405	$	1,036,582,757

There were no transfers into or out of level 3 for the Municipal Bond Fund during the year ended September 30, 2023.

51

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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 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, 2023:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Days)

Redemption Terms

Private Funds - Fixed Income Relative-Value (a)

$

110,537,405

N/A

Indefinite

Monthly - Quarterly

30 - 65

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

$

110,537,405

N/A

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of September 30, 2023:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
MacKay Municipal Opportunities Fund, LP	8.1%	Fixed Income Relative-Value	The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

52

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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, 2023, 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	$	163,951,710	$	—	$	—	$	150,241,006	$	314,192,716
Open-End Mutual Funds:
Alternative Diversifiers		148,633,385		—		—		—		148,633,385
Core/Alternative Diversifiers		506,199,191		—		—		—		506,199,191
Exchange-Traded Fund:
Real Asset		63,363,006		—		—		—		63,363,006
Private Funds:
Alternative Diversifiers		—		—		—		126,585,758		126,585,758
Core Diversifier		—		—		—		50,893,883		50,893,883
Short-Term Investment		131,375,562		—		—		—		131,375,562
Total Investments	$	1,013,522,854	$	—	$	—	$	327,720,647	$	1,341,243,501

There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the year ended September 30, 2023.

53

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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, 2023:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Foreign Collective

Investment Fund –

Multi-Strategy (a)

$

150,241,006

N/A

Indefinite

Weekly

1 business day

N/A

Private Funds –

Multi-Strategy (a)

126,585,758

$

4,275,348

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 (b)

50,893,883

N/A

Indefinite

Monthly

5 business days

N/A

$

327,720,647

$

4,275,348

^(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 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.

54

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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, 2023:

Investment Category	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Foreign Collective Investment Fund–
Managed Fund/ Bridgewater Fund Limited	11.2%	Multi-Strategy	The NAV will be the value of all assets of the fund less all of the liabilities of the fund.	Weekly	N/A

The following is a summary of the inputs used, as of September 30, 2023, 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
Belgium	$	—	$	1,113,460	$	—	$	—	$	1,113,460
Bermuda		4,648,021		—		—		—		4,648,021
Brazil		628,365		—		—		—		628,365
Canada		1,731,222		—		—		—		1,731,222
Cayman Islands		—		5,146,207		—		—		5,146,207
China		—		2,552,775		—		—		2,552,775
Curacao		1,480,762		—		—		—		1,480,762
Denmark		2,146,002		1,652,045		—		—		3,798,047
France		—		11,413,282		—		—		11,413,282
Germany		—		6,467,026		—		—		6,467,026
Guernsey		1,358,515		—		—		—		1,358,515
Hong Kong		—		1,596,713		—		—		1,596,713
India		1,869,164		1,301,150		—		—		3,170,314
Indonesia		72,686		—		—		—		72,686
Ireland		5,255,011		1,124,789		—		—		6,379,800
Israel		1,687,205		—		—		—		1,687,205
Japan		828,493		7,319,276		—		—		8,147,769
Netherlands		4,087,528		2,474,439		—		—		6,561,967
New Zealand		—		292,329		—		—		292,329
Singapore		—		664,070		—		—		664,070
South Korea		91,662		—		—		—		91,662

55

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Spain	$	—	$	735,222	$	—	$	—	$	735,222
Sweden		—		1,220,390		—		—		1,220,390
Switzerland		644,819		5,022,486		—		—		5,667,305
Taiwan		3,371,585		4,679,892		—		—		8,051,477
United Kingdom		68		12,586,280		—		—		12,586,348
United States		194,062,030		—		—		—		194,062,030
Exchange-Traded Funds		257,437,038		—		—		—		257,437,038
Foreign Collective Investment Fund		90,739,346		—		—		—		90,739,346
Open-End Mutual Funds		508,002,047		—		—		—		508,002,047
Preferred Stock
Germany		—		291,890		—		—		291,890
Private Funds		—		—		—		184,280,237		184,280,237
Short-Term Investments		103,777,965		21,123,807		—		—		124,901,772
Total Investments	$	1,183,919,534	$	88,777,528	$	—	$	184,280,237	$	1,456,977,299

There were no transfers into or out of level 3 for the Equity Allocation Fund during the period ended September 30, 2023.

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, 2023:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Private Funds - Long/Short Equity (a)

$

134,378,591

N/A

Indefinite

Monthly

2 Months

N/A

Risk Parity (b)

49,901,646

N/A

Indefinite

Monthly

1 Month

N/A

$

184,280,237

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.

56

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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 Equity Allocation Fund’s net assets as of September 30, 2023:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
RIEF Strategic Partners Fund LLC	9.5%	Long/Short Equity	The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

(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. Distributions received from private funds are recorded on the effective date, based on the character determined by the private fund. Return of capital or security distributions received from private funds and securities are accounted for as a reduction to cost. Realized gains and losses on investments and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes.

(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, 2023.

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.

57

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e) Securities Lending

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

For the six months ended September 30, 2023, 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, 2023. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of September 30, 2023:

Description	Par		Value
Repurchase Agreement with ING Financial Markets LLC, 5.30%, 10/2/2023*#	$	18,123,807	$	18,123,807
Dreyfus Treasury Obligations Cash Management, Institutional Class, 5.38%, 10/2/2023*		5,000,000		5,000,000
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.36%, 10/2/2023*		5,000,000		5,000,000
RBC BlueBay U.S. Government Money Market Fund, Institutional Class, 5.37%, 10/2/2023*		4,000,000		4,000,000
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.37%, 10/2/2023*		3,000,000		3,000,000
Repurchase Agreement with Nomura Securities, 5.28%, 10/2/2023*#		3,000,000		3,000,000
Allspring Government Money Market Fund, Select Class, 5.33%, 10/2/2023*		3,000,000		3,000,000
Invesco Government & Agency Portfolio, Institutional Class, 5.34%, 10/2/2023*		3,000,000		3,000,000
Fidelity Investments Money Market Government Portfolio, I Class, 5.33%, 10/2/2023*		1,000,000		1,000,000

58

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e) Securities Lending (Continued)

Description	Par		Value
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.34%, 10/2/2023*	$	1,000,000	$	1,000,000
Total	$	46,123,807	$	46,123,807

* The rate shown is the annualized 7-day yield as of September 30, 2023.

# The repurchase agreements are collateralized by U.S. Treasury Securities in the amount of $21,549,333.

As of September 30, 2023, the Equity Allocation Fund held Non-Cash Collateral in the amount of $12,514,270 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, 2023, the Equity Allocation Fund paid $27,827 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.

59

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (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 – The Municipal Bond Fund invests in futures contracts for purpose of hedging its existing portfolio securities or securities the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The Fund only enters into futures contracts which are standardized and traded on a U.S. or foreign exchange, board of trade or similar entity, or quoted on an automated quotation system. As of September 30, 2023, the Municipal Bond Fund did not have outstanding futures contracts.

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

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

(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.

60

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(k) Federal Income Taxes (Continued)

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, 2023, 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.

(l) Market Risks

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

(m) Non-Diversification Risk

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

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 July 31, 2024. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2023, the Adviser waived $177,563 of its advisory fee for the Taxable Bond Fund.

61

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

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

(a) Investment Advisory Fees (Continued)

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, 2023, the Adviser waived $73,114 under the Administration Agreement.

Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through July 31, 2024. The advisory fee waiver is not subject to recoupment. For the six months ended September 30, 2023, the Adviser waived $316,191 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, 2023, the Adviser waived $368,896 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, 2023, the Adviser waived $607,413 under the Administration Agreement.

Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through July 31, 2024. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2023, the Adviser waived $582,321 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, 2023, the Adviser waived $436,583 under the Administration Agreement.

(b) Sub-Advisory Fees

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

62

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

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

(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, 2023, the annual retainer is $85,000. The Chair of the Board is paid an additional $5,000 per year. Each Trustee also receives $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. Each Trustee who is a member of the Audit Committee is paid an additional $2,000 per year. The Chair of the Audit Committee is paid an additional $8,000 per year.

4. INVESTMENT TRANSACTIONS

For the six months ended September 30, 2023, 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	$	17,990,346	$	—	$	—	$	—
Municipal Bond Fund		5,189,033		69,314		110,610,155		32,456,060
Defensive Allocation Fund		32,654,980		43,250,601		—		—
Equity Allocation Fund		74,971,814		129,486,941		—		—

63

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

5. INVESTMENTS IN AFFILIATED ISSUERS

As of September 30, 2023, 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 investments (including activity during the period ended September 30, 2023) is shown below:

Investment	Shares 3/31/2023		Shares 9/30/2023		Fair Value 3/31/2023		Purchases		Proceeds From Sales or Other Dispositions			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Fair Value 9/30/2023		Dividend Income
Defensive Allocation Fund
GMO Benchmark-Free Allocation Fund - Class IV		14,682,683		14,682,683	$	364,130,536	$	—	$	—		$	—		$	13,948,548		$	378,079,084	$	1,149,654
GMO Equity Dislocation Investment Fund - Class A		4,118,232		4,136,796		86,153,419		392,654		—			—			5,497,629			92,043,702		392,654
Managed Fund/Bridgewater Fund Limited		1,355,942		1,698,208		113,781,036		29,000,000		—			—			7,459,970			150,241,006		—
Total Defensive Allocation Affiliated Investments					$	564,064,991	$	29,392,654	$	—		$	—		$	26,906,147		$	620,363,792	$	1,542,308
Equity Allocation Fund
Bridgewater All Weather China, Ltd.		—		—	$	60,394,312	$	—	$	(8,000,000	)	$	(1,135,988	)	$	(1,356,678	)	$	49,901,646	$	—
GMO Equity Dislocation Investment Fund - Class A		4,059,873		4,078,173		84,932,535		387,089		—			—			5,419,722		$	90,739,346		387,078
Total Equity Allocation Affiliated Investments					$	145,326,847	$	387,089	$	(8,000,000	)	$	(1,135,988	)	$	4,063,044		$	140,640,992	$	387,078

6. OTHER DERIVATIVE INFORMATION

The quarterly average notional value for short futures contracts for the Municipal Bond Fund during the six months ended September 30, 2023 was $(2,602,677), which is indicative of the volume of activity during the period. The effects of these derivative instruments on the Municipal Bond Fund’s financial performance by risk category during the six months ended September 30, 2023 are reflected in the Statement of Operations and are presented in the table below. The Municipal Bond Fund did not hold any derivative instruments as of September 30, 2023.

Primary Underlying Risk	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Interest Rate
Short Futures Contracts	$	(1,278	)	$	183,373

64

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

7. FEDERAL TAX INFORMATION

At September 30, 2023, 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	$	243,512,517		$	1,112,609,553		$	1,362,355,541		$	1,241,205,132
Gross unrealized appreciation	$	1,156,974		$	4,180,399		$	25,517,934		$	237,776,170
Gross unrealized depreciation		(34,528,213	)		(80,207,195	)		(46,629,974	)		(22,004,003	)
Net unrealized appreciation/(depreciation) on investments	$	(33,371,239	)	$	(76,026,796	)	$	(21,112,040	)	$	215,772,167

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, 2023, 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		(252,324	)		252,324
Defensive Allocation Fund		338,217			(338,217	)
Equity Allocation Fund		(2,667	)		2,667

65

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

As of February 28, 2023, 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	$	1,924,185		$	872,677		$	10,942,379		$	18,282,369
Undistributed tax-exempt income		—			4,317,479			—			—
Undistributed long-term capital gains		—			—			—			6,852,509
Tax Accumulated earnings		1,924,185			5,190,156			10,942,379			25,134,878
Accumulated capital and other losses		(3,629,859	)		(26,943,238	)		(28,549,504	)		(38,620	)
Unrealized appreciation/(depreciation) on investments		(28,463,842	)		(42,125,728	)		(34,355,335	)		133,205,029
Unrealized depreciation on foreign currency		—			—			—			(12,918	)
Unrealized depreciation on futures		—			(5,896	)		—			—
Total distributable earnings/(losses)	$	(30,169,516	)	$	(63,884,706	)	$	(51,962,460	)	$	158,288,369

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

The tax character of the distributions paid by the Taxable Bond Fund during the fiscal tax years ended February 28, 2023 and February 28, 2022, is as follows:

	Year Ended February 28, 2023		Year Ended February 28, 2022
Distributions paid from:
Ordinary Income	$	7,786,381	$	4,603,763
Net long-term capital gains		79,185		4,447,008
Total taxable distributions		7,865,566		9,050,771
Total distributions paid	$	7,865,566	$	9,050,771

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ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2023 and February 28, 2022, is as follows:

	Year Ended February 28, 2023		Year Ended February 28, 2022
Distributions paid from:
Ordinary Income	$	624,545	$	—
Net long-term capital gains		991,579		7,008,501
Total taxable distributions		1,616,124		7,008,501
Tax-exempt dividends		33,344,967		40,305,768
Total distributions paid	$	34,961,091	$	47,314,269

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 28, 2023 and February 28, 2022, is as follows:

	Year Ended February 28, 2023		Year Ended February 28, 2022
Distributions paid from:
Ordinary Income	$	10,301,397	$	75,177,928
Net long-term capital gains		—		—
Total taxable distributions		10,301,397		75,177,928
Return of Capital distributions		—		338,217
Total distributions paid	$	10,301,397	$	75,516,145

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2023 and February 28, 2022, is as follows:

	Year Ended February 28, 2023		Year Ended February 28, 2022
Distributions paid from:
Ordinary Income	$	15,219,840	$	42,906,900
Net long-term capital gains		16,206,414		1,870,600
Total taxable distributions		31,426,254		44,777,500
Total distributions paid	$	31,426,254	$	44,777,500

67

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

September 30, 2023 (Unaudited)

7. FEDERAL TAX INFORMATION (Continued)

As of February 28, 2023, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

	Not Subject to Expiration
	Short-Term		Long-Term
Taxable Bond Fund	$	19,835	$	3,610,024
Municipal Bond Fund		13,440,834		13,502,404
Defensive Allocation Fund		17,487,623		11,061,881

8. SUBSEQUENT EVENTS

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

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ASPIRIANT TRUST

Other Information

September 30, 2023 (Unaudited)

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ASPIRIANT TRUST

At a meeting held on May 11, 2023, 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 Allspring Global Investments, LLC (“Allspring”), MacKay Shields LLC (“MacKay”), and Nuveen Asset Management, LLC (“Nuveen”, together with Aperio, Wellington, Allspring, MacKay, 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 Allspring, MacKay and Nuveen. 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, MacKay and Nuveen, as applicable.

69

ASPIRIANT TRUST

Other Information (Continued)

September 30, 2023 (Unaudited)

Costs of Services

The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that the advisory fee for the Defensive Allocation Fund was lower than the advisory fees of 90% of funds in its Morningstar fund universe, Taxable Bond Fund’s advisory fee was in line with the ninetieth percentile of funds in its Morningstar fund universe, and 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, they 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 and Municipal Bond Fund was in the lowest 40% and 30% of funds in its respective Morningstar category. The Board also observed that the net expense ratio of each of the Defensive Allocation Fund and Taxable Bond Fund was in the highest 20% and 10% of funds in its respective Morningstar category. 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 fee 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 most of 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.

70

ASPIRIANT TRUST

Expense Examples

September 30, 2023 (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, 2023 to September 30, 2023.

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, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio(1)		Expense Paid During the Period from April 1, 2023 to September 30, 2023(1)
Actual		$1,000.00		$985.20		0.32%		$1.57
Hypothetical		$1,000.00		$1,023.42		0.32%		$1.60

71

ASPIRIANT TRUST

EXPENSE EXAMPLES (Continued)

September 30, 2023 (Unaudited)

Municipal Bond Fund	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio(1)		Expense Paid During the Period from April 1, 2023 to September 30, 2023(1)
Actual		$1,000.00		$972.90		0.34%		$1.70
Hypothetical		$1,000.00		$1,023.28		0.34%		$1.74

Defensive Allocation Fund	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio(1)		Expense Paid During the Period from April 1, 2023 to September 30, 2023(1)
Actual		$1,000.00		$1,024.80		0.19%		$0.95
Hypothetical		$1,000.00		$1,024.06		0.19%		$0.95

Equity Allocation Fund	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio(1)		Expense Paid During the Period from April 1, 2023 to September 30, 2023(1)
Actual		$1,000.00		$1,032.00		0.28%		$1.42
Hypothetical		$1,000.00		$1,023.60		0.28%		$1.42

⁽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 183/366 (to reflect the half-year period).

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ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
(Ticker RMTBX)

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

(Ticker RMMBX)

ASPIRIANT DEFENSIVE ALLOCATION FUND

(Ticker RMDFX)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Advisor Shares (Ticker RMEAX)

Each, a series of Aspiriant Trust

INVESTMENT ADVISER

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

SUB-ADVISERS

Aperio Group, LLC
Three Harbor Drive, Suite 204
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
1415 Vantage Park Drive, 3^rd Floor
Charlotte, NC 28203

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

Grantham, Mayo, Van Otterloo & Co. LLC
53 State Street, 33^rd Floor
Boston, MA 02109

AUDITOR

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

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

(b) Not applicable.

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 to semi-annual reports.

(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) Change in the Registrant’s independent public accountant. 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) under 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	12/7/2023

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	12/7/2023
By	/s/ Douglas S. Hendrickson
Title	Douglas S. Hendrickson, Treasurer and Principal Financial Officer
Date	12/7/2023