Aspiriant Trust NPORT-P Aspiriant Risk-Managed Taxable Bond Fund (Nov 2019 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 29.8%
		AUSTRALIA — 0.4%
	47,500	Bendigo and Adelaide Bank Ltd.	$	322,490
	62,226	Dexus - REIT		514,179
	14,768	Evolution Mining Ltd.		39,087
	58,972	Newcrest Mining Ltd.		1,228,075
	641,680	Scentre Group - REIT		1,708,127
	14,302	Wesfarmers Ltd.		411,233
				4,223,191
		AUSTRIA — 0.0%1
	2,588	Agrana Beteiligungs A.G.		52,234
	7,633	EVN AG		138,585
	235	Oberbank A.G.		24,906
	13,047	UNIQA Insurance Group A.G.		129,873
	885	Vienna Insurance Group A.G. Wiener Versicherung Gruppe		24,459
				370,057
		BELGIUM — 0.3%
	2,800	Ageas		167,984
	25,661	Colruyt S.A.		1,328,724
	42,102	Proximus SADP		1,269,891
	11,339	UCB S.A.		918,565
				3,685,164
		BERMUDA — 0.6%
	34,077	Arch Capital Group Ltd.*		1,430,212
	5,929	Asian Growth Properties Ltd.*		80
	14,636	Assured Guaranty Ltd.		726,677
	8,000	CK Infrastructure Holdings Ltd.		54,149
	5,595	Credicorp Ltd.		1,181,608
	5,896	Everest Re Group Ltd.		1,599,349
	2,383	Genpact Ltd.		96,988
	139,896	Hongkong Land Holdings Ltd.		769,177
	960	Ocean Wilsons Holdings Ltd.		11,361
	122,000	Public Financial Holdings Ltd.		48,455
	7,321	RenaissanceRe Holdings Ltd.		1,378,764
	6,000	Wing On Co. International Ltd.		17,157
				7,313,977
		BRAZIL — 0.1%
	14,698	Banco do Brasil S.A. - ADR		164,764
	106,725	Telefonica Brasil S.A. - ADR2		1,403,434
				1,568,198

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CANADA — 1.3%
	4,984	Agnico Eagle Mines Ltd.2	$	297,046
	22,900	ATCO Ltd.		868,728
	17,931	Bank of Montreal		1,379,839
	38,824	Bank of Nova Scotia2		2,178,803
	40,200	Barrick Gold Corp.2		675,360
	25,001	BCE, Inc.		1,201,798
	1,500	Calian Group Ltd.		44,809
	15,000	Centerra Gold, Inc.*		128,284
	15,100	Emera Inc.		620,916
	29,900	Fortis, Inc.2		1,171,419
	21,616	Franco-Nevada Corp.2		2,125,285
	8,058	George Weston Ltd.		655,414
	6,852	Magna International, Inc.		376,997
	36,952	Royal Bank of Canada		3,022,040
	24,956	Toronto-Dominion Bank		1,440,807
	4,600	True North Commercial Real Estate Investment Trust		25,488
				16,213,033
		CHILE — 0.1%
	35,706	Banco de Chile - ADR2		729,831
	6,357	Cia Cervecerias Unidas S.A. - ADR		117,668
	42,388	Enel Americas S.A. - ADR		409,892
				1,257,391
		CHINA — 0.3%
	1,156,000	Bank of China Ltd. - Class H		463,630
	36,850	China Construction Bank Corp. - ADR		583,335
	100	China Telecom Corp. Ltd.		38
	3,260	China Telecom Corp. Ltd. - ADR		123,521
	740,000	Dongfeng Motor Group Co., Ltd.		710,729
	2,418,321	Industrial & Commercial Bank of China Ltd. - Class H		1,723,545
				3,604,798
		COLOMBIA — 0.0%1
	1,338	Bancolombia S.A. - ADR		64,585
		CURACAO — 0.0%1
	3,552	Retail Holdings N.V.		7,992
		DENMARK — 0.3%
	9,920	Carlsberg A/S - Class B		1,426,985
	9,221	Coloplast A/S - Class B		1,089,318
	5,130	Demant A/S*		156,954

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		DENMARK (Continued)
	15,654	Novo Nordisk A/S - ADR	$	878,972
	7,059	Pandora A/S		284,146
				3,836,375
		FINLAND — 0.0%1
	1,022	Olvi OYJ		45,263
		FRANCE — 0.4%
	611	Baikowski SAS*		9,289
	357	Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France		39,201
	138	Caisse Regionale de Credit Agricole Mutuel Toulouse 31		20,266
	18,103	Cie Generale des Etablissements Michelin		2,170,757
	46,175	Engie S.A.		730,320
	438	Gaumont S.A.		62,248
	171	Laurent-Perrier		15,821
	542	L'Oreal S.A.		154,523
	5,619	NetGem S.A.		5,396
	255	Pernod Ricard S.A.		46,840
	768	PSB Industries S.A.		16,091
	2,284	Societe BIC S.A.		157,268
	369	Societe Fonciere Lyonnaise S.A. - REIT		29,026
	31,868	Veolia Environnement S.A.		815,907
	2,946	Veolia Environnement S.A. - ADR		75,418
	213	Voyageurs du Monde		26,741
				4,375,112
		GERMANY — 0.2%
	7,890	Allianz S.E. - ADR		188,256
	45,867	Deutsche Telekom A.G.		770,012
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,382,936
	1,191	MVV Energie A.G.		36,244
	4,873	Talanx A.G.		232,149
				2,609,597
		GUERNSEY — 0.4%
	61,809	Amdocs Ltd.		4,283,364
		HONG KONG — 1.5%
	52	AIA Group Ltd.		520
	2,000	Allied Group Ltd.		10,092
	47,000	Beijing Enterprises Holdings Ltd.		207,739
	69,500	BOC Hong Kong Holdings Ltd.		236,101
	674,500	China Mobile Ltd.		5,085,517
	43,264	China Mobile Ltd. - ADR2		1,632,351

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		HONG KONG (Continued)
	26,635	China Unicom Hong Kong Ltd. - ADR2	$	226,664
	64,000	Chinney Investments Ltd.		19,557
	406,000	CITIC Ltd.		508,261
	125,000	CLP Holdings Ltd.		1,288,019
	5,314	CNOOC Ltd. - ADR2		771,699
	42,910	Hang Seng Bank Ltd.		874,742
	13,000	Harbour Centre Development Ltd.		19,976
	435,000	HK Electric Investments and HK Electric Investments Ltd.3		426,217
	1,128,000	HKT Trust and HKT Ltd.3		1,654,316
	60,000	Hon Kwok Land Investment Co., Ltd.		24,554
	180,000	Hysan Development Co., Ltd.		678,441
	392,117	Link REIT		4,004,201
	58	MTR Corp. Ltd.		326
	132,500	Power Assets Holdings Ltd.		921,184
	25,000	Sun Hung Kai Properties Ltd.		364,219
	490	Swire Pacific Ltd. - Class A		4,424
				18,959,120
		INDIA — 0.1%
	16,368	Dr Reddy's Laboratories Ltd. - ADR		666,505
	87,492	Infosys Ltd. - ADR		860,046
	59,944	Wipro Ltd. - ADR		217,597
				1,744,148
		INDONESIA — 0.0%1
	5,628	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		155,727
		IRELAND — 0.2%
	4,271	Accenture PLC - Class A		859,154
	1,448	Jazz Pharmaceuticals PLC*		218,822
	10,854	Medtronic PLC		1,209,027
	720	STERIS PLC		108,821
				2,395,824
		ISRAEL — 0.6%
	11,616	Alony Hetz Properties & Investments Ltd.		173,571
	138,136	Bank Hapoalim B.M.		1,113,587
	15,246	Check Point Software Technologies Ltd.*		1,797,199
	2,488	Dor Alon Energy in Israel 1988 Ltd.		58,352
	2,131	Elbit Systems Ltd.2		352,254
	13,220	Freshmarket Ltd.		31,578
	446	Malam - Team Ltd.		83,057
	6,868	Minrav Projects Ltd.		12,447

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		ISRAEL (Continued)
	16,638	Mizrahi Tefahot Bank Ltd.	$	444,368
	589	Neto ME Holdings Ltd.		51,687
	17,771	Nice Ltd. - ADR*		2,692,128
	2,308	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		131,957
	2,916	Taro Pharmaceutical Industries Ltd.		282,123
	3,225	Victory Supermarket Chain Ltd.		48,231
				7,272,539
		ITALY — 0.2%
	179,870	A2A S.p.A.		338,130
	29,605	Assicurazioni Generali S.p.A.		603,710
	98,852	Enel S.p.A.		747,064
	30,621	Hera S.p.A.		135,015
	145,174	Iren S.p.A.		449,981
	2,700	Orsero S.p.A.		17,550
				2,291,450
		JAPAN — 3.2%
	13,200	ABC-Mart, Inc.		879,460
	10,900	Aeon Hokkaido Corp.		79,100
	2,200	Alps Logistics Co., Ltd.		16,462
	35	Astellas Pharma, Inc.		597
	1,400	Bandai Namco Holdings, Inc.		84,892
	3,600	Biofermin Pharmaceutical Co., Ltd.		76,657
	35,900	Bridgestone Corp.		1,435,447
	1,400	Bull-Dog Sauce Co., Ltd.		14,223
	227	Canadian Solar Infrastructure Fund, Inc.		254,065
	1,600	Canare Electric Co., Ltd.		27,453
	67	Canon, Inc.		1,855
	5,500	Choushimaru Co., Ltd.		64,678
	31,600	Chubu Electric Power Co., Inc.		440,483
	7,900	Chugoku Electric Power Co., Inc.		104,403
	2,600	Coco's Japan Co., Ltd.		39,524
	1,100	Daiichi Kensetsu Corp.		17,165
	2,800	Dainichi Co., Ltd.		17,707
	1,500	Dairei Co., Ltd.		27,039
	4,100	DCM HOLDINGS Co., Ltd.		39,781
	1,200	Dynac Holdings Corp.		18,218
	3,200	FamilyMart Co., Ltd.		75,419
	26	Frontier Real Estate Investment Corp. - REIT		113,063
	17,400	FUJIFILM Holdings Corp.		822,502
	63	Fukuoka REIT Corp. - REIT		107,187

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	400	Fuso Pharmaceutical Industries Ltd.	$	7,574
	2,586	Gourmet Kineya Co., Ltd.		28,026
	1,100	Hakuyosha Co., Ltd.		29,079
	32	Industrial & Infrastructure Fund Investment Corp. - REIT		50,019
	2,800	Isewan Terminal Service Co., Ltd.		21,360
	15,000	Isuzu Motors Ltd.		175,589
	10,000	Itochu Corp.		218,273
	2,800	Itochu Techno-Solutions Corp.		74,812
	50,300	Japan Airlines Co., Ltd.		1,563,123
	71	Japan Excellent, Inc. - REIT		120,004
	118	Japan Logistics Fund, Inc. - REIT		302,075
	47,300	Japan Post Bank Co., Ltd.		458,181
	128,000	Japan Post Holdings Co., Ltd.		1,203,645
	53	Japan Rental Housing Investments, Inc. - REIT		52,634
	5,700	Japan Tobacco, Inc.		129,832
	300	JFE Container Co., Ltd.		11,654
	3,335	Kakiyasu Honten Co., Ltd.		85,105
	9,016	Kamigumi Co., Ltd.		199,928
	1,000	Kao Corp.		78,707
	500	Kato Sangyo Co., Ltd.		16,760
	132,487	KDDI Corp.		3,805,251
	62	Kenedix Retail REIT Corp. - REIT		159,284
	13,868	KFC Holdings Japan Ltd.		366,543
	10,400	King Co., Ltd.		50,855
	3,000	Kohsoku Corp.		32,828
	5,000	Makita Corp.		165,492
	2,700	Maxvalu Tohoku Co., Ltd.*		37,025
	705	Maxvalu Tokai Co., Ltd.		14,359
	5,500	Medipal Holdings Corp.		118,057
	1,000	Meiko Trans Co., Ltd.		10,911
	7,700	Miyoshi Oil & Fat Co., Ltd.		90,374
	806,500	Mizuho Financial Group, Inc.		1,248,443
	88	Mori Trust Sogo Reit, Inc. - REIT		158,144
	1,000	Morishita Jintan Co., Ltd.		18,709
	1,200	Morozoff Ltd.		54,378
	19,200	MS&AD Insurance Group Holdings, Inc.		621,349
	2,400	Nakayamafuku Co., Ltd.		11,865
	14,100	Nichia Steel Works Ltd.		44,220
	137	Nihon Shokuhin Kako Co., Ltd.		1,678
	6,100	Nippon Flour Mills Co., Ltd.		94,755
	108,500	Nippon Telegraph & Telephone Corp.		5,479,570

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	33,474	Nippon Telegraph & Telephone Corp. - ADR	$	1,689,433
	5,800	Nissin Foods Holdings Co., Ltd.		434,768
	2,900	Nissui Pharmaceutical Co., Ltd.		34,394
	2,000	Nittobest Corp.		16,445
	278,059	NTT DOCOMO, Inc.		7,632,065
	20,833	NTT DOCOMO, Inc. - ADR2		571,762
	1,300	Okinawa Cellular Telephone Co.		46,162
	112	Orix JREIT, Inc. - REIT		246,026
	14,266	Otsuka Holdings Co., Ltd.		622,489
	6,000	OUG Holdings, Inc.		148,533
	5,400	Paris Miki Holdings, Inc.		14,173
	1,492	Plant Co., Ltd.		8,970
	53	Premier Investment Corp. - REIT		79,073
	1,500	Resol Holdings Co., Ltd.		56,873
	2,000	Rock Paint Co., Ltd.		14,819
	1,400	S&B Foods, Inc.		51,623
	5,900	Secom Co., Ltd.		500,895
	40,000	Sekisui House Ltd.		864,790
	1,234	Shin-Etsu Chemical Co., Ltd.		132,599
	2,600	Shofu, Inc.		39,807
	1,500	Showa Sangyo Co., Ltd.		43,872
	87,000	Softbank Corp.		1,181,454
	242	Star Asia Investment Corp. - REIT		257,336
	13,300	Sumitomo Mitsui Financial Group, Inc.		486,842
	14,041	Suntory Beverage & Food Ltd.		609,520
	2,000	Suzuken Co., Ltd.		87,498
	200	Taiko Bank Ltd.		3,192
	60,800	Tokyo Electric Power Co., Inc.*		266,640
	600	Tokyu Recreation Co., Ltd.		28,621
	42	Tosei Reit Investment Corp.		51,802
	6	Toyota Motor Corp.		420
	1,437	Toyota Motor Corp. - ADR		201,482
	14,500	Trend Micro, Inc.		783,264
	100	Unicafe, Inc.		949
	13	Unicharm Corp.		426
	38	United Urban Investment Corp. - REIT		73,899
	5,000	Weds Co., Ltd.		26,956
	586	Yamaguchi Financial Group, Inc.		4,033
	2,600	Yamazawa Co., Ltd.		39,525

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	2,100	Yomeishu Seizo Co., Ltd.	$	38,364
	200	Yonkyu Co., Ltd.		2,917
				39,562,561
		JERSEY — 0.2%
	708,107	Centamin PLC		1,017,562
	350,550	Highland Gold Mining Ltd.		827,837
				1,845,399
		NETHERLANDS — 0.5%
	247,039	Fiat Chrysler Automobiles N.V.		3,635,534
	34,843	Koninklijke Ahold Delhaize N.V.		897,351
	10,135	Koninklijke Ahold Delhaize N.V. - ADR		260,976
	33,752	NN Group N.V.		1,294,564
				6,088,425
		NEW ZEALAND — 0.2%
	15,611	Arvida Group Ltd.		16,231
	4,384	Briscoe Group Ltd.*		10,523
	19,012	Contact Energy Ltd.		87,484
	1,125	EBOS Group Ltd.		16,456
	120,276	Genesis Energy Ltd.		247,057
	227,190	Goodman Property Trust - REIT		311,328
	23,400	Kathmandu Holdings Ltd.		45,309
	75,128	Mercury NZ Ltd.		231,480
	11,830	Oceania Healthcare Ltd.		8,201
	4,632	PGG Wrightson Ltd.		7,135
	52,325	Property for Industry Ltd.		78,776
	24,994	Sanford Ltd.		121,923
	302,950	Spark New Zealand Ltd.		882,854
	45,654	Stride Property Group3		65,341
	32,857	Trustpower Ltd.		153,691
	30,318	Warehouse Group Ltd.		54,872
				2,338,661
		NORWAY — 0.2%
	454	AF Gruppen A.S.A.		9,116
	27,446	Mowi A.S.A.		681,201
	2,681	Olav Thon Eiendomsselskap A.S.A.		45,839
	137,075	Orkla A.S.A.		1,327,660
	41,184	Telenor A.S.A.		752,516
	3,840	Yara International A.S.A.		144,776
				2,961,108

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		PANAMA — 0.0%1
	1,261	Carnival Corp.	$	56,846
		PHILIPPINES — 0.0%1
	19,648	PLDT, Inc. - ADR		425,576
		PORTUGAL — 0.0%1
	134,387	REN - Redes Energeticas Nacionais SGPS S.A.		410,234
		SINGAPORE — 0.3%
	25,000	DBS Group Holdings Ltd.		461,341
	7,499	DBS Group Holdings Ltd. - ADR		552,301
	22,600	Fraser and Neave Ltd.		28,432
	17,600	Hotel Grand Central Ltd.*		16,471
	44,500	Keong Hong Holdings Ltd.		14,479
	8,000	Keppel Corp. Ltd.		39,301
	235,003	Keppel Infrastructure Trust		91,065
	39,324	Sheng Siong Group Ltd.		35,948
	732,000	Singapore Telecommunications Ltd.		1,808,742
				3,048,080
		SOUTH KOREA — 0.1%
	48,581	SK Telecom Co., Ltd. - ADR		1,113,477
		SPAIN — 0.1%
	61,099	Repsol S.A.		961,810
		SWEDEN — 0.2%
	5,312	Axfood A.B.		114,413
	34,143	ICA Gruppen A.B.		1,490,034
	5,731	Industrivarden A.B. - A Shares		135,225
	4,787	L E Lundbergforetagen A.B. - B Shares		189,718
				1,929,390
		SWITZERLAND — 1.1%
	5,806	Alcon, Inc.*		320,692
	1,255	Allreal Holding A.G.		240,188
	26	Basellandschaftliche Kantonalbank		23,660
	158	Berner Kantonalbank A.G.		34,286
	881	BFW Liegenschaften A.G.		39,205
	6,892	BKW A.G.		484,570
	9,993	Chubb Ltd.		1,513,740
	6,065	Garmin Ltd.		592,490
	1,400	Helvetia Holding A.G.		191,117
	354	Intershop Holding A.G.		199,022
	11,103	Nestle S.A.		1,152,701

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	7,504	Nestle S.A. - ADR	$	779,966
	12,558	Novartis A.G.		1,157,381
	4,401	Novartis A.G. - ADR		406,212
	3,045	Pargesa Holding S.A.		240,264
	125	Plazza A.G.		32,865
	479	PSP Swiss Property A.G.		62,302
	4,397	Roche Holding A.G.		1,355,225
	5,960	Roche Holding A.G. - ADR		229,877
	6,238	Sonova Holding A.G.		1,424,947
	723	Swiss Life Holding A.G.		358,486
	5,409	Swisscom A.G.		2,799,598
	440	Zurich Insurance Group A.G.		172,637
	2,010	Zurich Insurance Group A.G. - ADR2		78,792
				13,890,223
		TAIWAN — 0.7%
	99,648	Chunghwa Telecom Co., Ltd. - ADR2		3,708,899
	78,228	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		4,153,124
	66,650	United Microelectronics Corp. - ADR		162,626
				8,024,649
		THAILAND — 0.0%1
	8,330	Kasikornbank PCL - ADR		169,349
		UNITED KINGDOM — 1.3%
	397,370	3i Group PLC		5,501,250
	24,925	Amino Technologies PLC		34,332
	6,844	Aptitude Software Group PLC		52,001
	55,704	Berkeley Group Holdings PLC		3,302,200
	60,383	British American Tobacco PLC - ADR2		2,391,771
	37,590	Britvic PLC		470,509
	5,848	Burberry Group PLC		159,085
	16,621	Diageo PLC		679,107
	6,885	Eco Animal Health Group PLC		19,323
	5,443	Eurocell PLC		14,572
	11,477	Finsbury Food Group PLC		12,396
	14,967	Harworth Group PLC		23,384
	47,483	HSBC Holdings PLC - ADR2		1,769,217
	13,159	Marshall Motor Holdings PLC		25,699
	44,142	National Grid PLC		507,583
	6,346	Palace Capital PLC		23,269
	401,348	Petropavlovsk PLC*		55,542
	5,302	RELX PLC		128,360

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	19,352	Royal Dutch Shell PLC - Class A - ADR	$	1,112,546
	17,713	Shoe Zone PLC		30,813
	1,638	System1 Group PLC		4,279
	6,554	Tate & Lyle PLC		61,970
	1,801	Unilever PLC		106,691
				16,485,899
		UNITED STATES — 14.7%
	524	1st Source Corp.		26,939
	15,225	Aaron's, Inc.		889,140
	7,272	Adtalem Global Education, Inc.*		245,285
	56,139	Aflac, Inc.		3,078,663
	796	Allstate Corp.		88,635
	978	Alphabet, Inc. - Class A*		1,275,400
	349	Amazon.com, Inc.*		628,479
	7,386	American Eagle Outfitters, Inc.		110,568
	7,842	American Electric Power Co., Inc.		716,367
	5,406	American Equity Investment Life Holding Co.		160,666
	17,403	American Financial Group, Inc.		1,909,283
	24,548	American National Insurance Co.		2,896,664
	1,144	America's Car-Mart, Inc.*		124,993
	676	ANSYS, Inc.*		172,170
	12,159	Anthem, Inc.		3,509,817
	51,999	Apple Hospitality REIT, Inc.		845,504
	10,035	Apple, Inc.		2,681,854
	11,153	Archer-Daniels-Midland Co.		478,799
	95,150	AT&T, Inc.		3,556,707
	417	Atmos Energy Corp.		44,602
	4,354	Automatic Data Processing, Inc.		743,576
	83,011	Avangrid, Inc.2		4,029,354
	891	Avidbank Holdings, Inc.*		22,097
	27,611	Avista Corp.		1,305,448
	2,571	BancFirst Corp.2		151,920
	19,227	Bank of America Corp.		640,644
	2,087	Bank of Hawaii Corp.2		188,060
	1,917	Bank of Marin Bancorp		86,514
	1,800	BankFinancial Corp.		24,570
	6,902	Baxter International, Inc.		565,757
	5,661	Baycom Corp.*		124,316
	711	Becton, Dickinson and Co.		183,794
	431	Berkshire Hathaway, Inc.*		94,949
	2,876	Biogen, Inc.*		862,254

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,736	Bio-Rad Laboratories, Inc. - Class A*	$	641,244
	33,212	BlackRock TCP Capital Corp.		480,910
	1,084	BOK Financial Corp.2		90,341
	4,029	Booz Allen Hamilton Holding Corp.		293,150
	7,037	Brady Corp. - Class A2		401,109
	1,928	Bryn Mawr Bank Corp.		75,713
	911	CACI International, Inc. - Class A*		218,021
	7,305	Cadence Design Systems, Inc.*		513,176
	1,573	Career Education Corp.*		26,238
	3,037	Cathay General Bancorp2		111,822
	22,442	CenterPoint Energy, Inc.		551,176
	5,106	Central Pacific Financial Corp.		148,380
	5,744	Chemed Corp.		2,470,034
	10,734	Chemours Co.		169,490
	5,174	Church & Dwight Co., Inc.		363,422
	1,723	Churchill Downs, Inc.2		224,007
	95,391	Ciena Corp.*		3,621,042
	3,731	Cigna Corp.		745,901
	1,524	Cintas Corp.		391,759
	129,881	Cisco Systems, Inc.		5,884,908
	11,702	CIT Group, Inc.		532,675
	2,448	Citigroup, Inc.		183,894
	11,307	Citizens Financial Group, Inc.		434,867
	10,638	Citrix Systems, Inc.		1,200,073
	2,522	CMS Energy Corp.		154,599
	17,148	CNA Financial Corp.		766,859
	20,660	Coca-Cola Co.		1,103,244
	6,289	Colgate-Palmolive Co.		426,520
	9,855	Columbia Sportswear Co.		911,588
	17,769	Comcast Corp. - Class A		784,501
	9,929	Commerce Bancshares, Inc.		665,541
	3,370	CommVault Systems, Inc.*		170,589
	4,253	Consolidated Edison, Inc.		369,543
	1,484	Copart, Inc.*		132,076
	7,323	Costco Wholesale Corp.		2,195,509
	28,931	Covetrus, Inc.*,2		414,003
	2,322	CSG Systems International, Inc.		132,795
	8,115	Danaher Corp.		1,184,628
	4,684	Darden Restaurants, Inc.		554,773
	1,582	Deckers Outdoor Corp.*		266,061
	7,346	Dell Technologies, Inc. - Class C*		356,208

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	31,342	Dolby Laboratories, Inc. - Class A	$	2,158,837
	2,095	Dollar General Corp.		329,669
	2,153	Dominion Energy, Inc.		178,936
	10,595	DTE Energy Co.		1,323,739
	21,842	Duke Energy Corp.2		1,925,809
	8,003	Eli Lilly & Co.		939,152
	1,025	Ellington Financial, Inc.		18,563
	1,358	EMCOR Group, Inc.		120,767
	15,231	Encompass Health Corp.		1,076,984
	1,034	ESSA Bancorp, Inc.		17,816
	2,823	Estee Lauder Cos., Inc. - Class A		551,812
	52,851	Evergy, Inc.		3,343,883
	100,491	Exelon Corp.		4,461,800
	4,786	Expeditors International of Washington, Inc.		357,801
	2,569	F5 Networks, Inc.*		374,329
	18,084	Fifth Third Bancorp		545,956
	2,407	First Financial Corp.		106,438
	1,216	First Northern Community Bancorp*		13,802
	4,320	Flagstar Bancorp, Inc.		160,963
	8,919	FLIR Systems, Inc.		477,702
	14,641	Flowers Foods, Inc.2		315,221
	20,081	Foot Locker, Inc.		804,244
	2,986	Genuine Parts Co.2		311,649
	17,088	Globe Life, Inc.		1,755,963
	2,221	Graham Holdings Co. - Class B		1,402,805
	3,866	Hancock Whitney Corp.		156,998
	1,321	Hanger, Inc.*		34,610
	1,395	Hanover Insurance Group, Inc.2		189,622
	1,550	Hasbro, Inc.		157,635
	31,390	Hawaiian Electric Industries, Inc.		1,370,801
	2,896	HCA Healthcare, Inc.		401,559
	6,234	Herman Miller, Inc.2		297,861
	6,395	Hilltop Holdings, Inc.		157,509
	6,094	Hologic, Inc.*		312,744
	8,402	Home Depot, Inc.		1,852,725
	1,892	HomeStreet, Inc.*		60,393
	81,852	Hormel Foods Corp.2		3,644,870
	5,204	Humana, Inc.		1,775,761
	2,501	Independent Bank Corp.		55,897
	134,247	Intel Corp.		7,793,038
	3,379	Inter Parfums, Inc.		238,186

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	9,647	Interpublic Group of Cos., Inc.2	$	216,093
	823	J&J Snack Foods Corp.2		152,255
	1,973	JM Smucker Co.		207,343
	1,416	John B Sanfilippo & Son, Inc.2		138,400
	476	John Wiley & Sons, Inc. - Class A2		22,496
	9,344	Johnson & Johnson		1,284,707
	10,692	JPMorgan Chase & Co.		1,408,778
	9,593	Juniper Networks, Inc.		240,401
	6,138	Kearny Financial Corp.		86,546
	396	Keurig Dr Pepper, Inc.2		12,252
	5,641	KKR Real Estate Finance Trust, Inc. - REIT2		113,892
	4,672	Laboratory Corp. of America Holdings*		804,939
	7,026	Lancaster Colony Corp.		1,110,319
	3,770	Liberty Media Corp.-Liberty SiriusXM*		182,883
	18,470	Lincoln National Corp.		1,090,653
	1,768	Lockheed Martin Corp.		691,341
	464	Loews Corp.		23,618
	5,483	Lululemon Athletica, Inc.*		1,237,458
	559	M&T Bank Corp.		92,090
	16,823	Macy's, Inc.2		257,728
	1,442	Marcus Corp.		45,365
	499	Masimo Corp.*		77,380
	3,965	Materion Corp.		233,380
	3,969	MAXIMUS, Inc.		296,286
	421	McCormick & Co., Inc.		71,254
	7,071	McDonald's Corp.		1,375,168
	18,111	MDU Resources Group, Inc.		525,943
	8,947	Merck & Co., Inc.		779,999
	6,590	MetLife, Inc.		328,907
	957	Mettler-Toledo International, Inc.*		688,475
	143,214	MFA Financial, Inc. - REIT2		1,097,019
	12,827	MGIC Investment Corp.		184,837
	18,512	Microsoft Corp.		2,802,346
	375	Monster Beverage Corp.*		22,433
	3,597	Motorola Solutions, Inc.		601,778
	2,159	Murphy USA, Inc.*		253,747
	1,128	National HealthCare Corp.		95,880
	6,043	National Instruments Corp.		254,531
	1,052	NBT Bancorp, Inc.		42,080
	12,504	Newmont Goldcorp Corp.		480,154
	48,591	News Corp.		625,852

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	211	NextEra Energy, Inc.	$	49,336
	1,378	NIKE, Inc. - Class B		128,829
	17,640	Northwest Bancshares, Inc.2		293,530
	319	NorthWestern Corp.		22,831
	38	NVR, Inc.*		144,092
	3,572	Omnicom Group, Inc.2		283,903
	318	ONE Gas, Inc.		28,261
	3,598	Oracle Corp.		201,992
	6,944	Oritani Financial Corp.		129,158
	1,577	Otter Tail Corp.2		77,525
	5,910	Paychex, Inc.		508,969
	744	Peoples Bancorp, Inc.		24,336
	15,665	PepsiCo, Inc.		2,127,777
	95,613	Pfizer, Inc.		3,683,012
	14,475	Pinnacle West Capital Corp.		1,264,970
	4,126	PNC Financial Services Group, Inc.		632,144
	1,352	Portland General Electric Co.		75,050
	9,894	Prestige Consumer Healthcare, Inc.*,2		373,696
	14,577	Procter & Gamble Co.		1,779,269
	5,430	Progress Software Corp.		228,114
	6,808	Provident Financial Services, Inc.2		165,571
	11,699	Prudential Financial, Inc.		1,095,260
	33,724	Public Service Enterprise Group, Inc.		2,000,170
	4,776	Public Storage - REIT		1,006,208
	5,533	Quest Diagnostics, Inc.		589,541
	12,984	Radian Group, Inc.		335,507
	721	Raytheon Co.		156,760
	500	Reading International, Inc.*		5,365
	4,354	Regions Financial Corp.		72,451
	2,173	Reinsurance Group of America, Inc.		359,544
	9,285	Reliance Steel & Aluminum Co.		1,095,444
	15,674	Republic Services, Inc.		1,389,500
	2,143	ResMed, Inc.		320,593
	4,366	Robert Half International, Inc.		254,101
	13,915	Royal Gold, Inc.2		1,631,812
	13,739	Scholastic Corp.2		510,129
	20	Seaboard Corp.		82,231
	11,718	Service Corp. International		515,826
	1,415	Southern Copper Corp.		53,812
	12,791	Star Group LP		120,107
	3,700	Starbucks Corp.		316,091

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	29,089	Starwood Property Trust, Inc. - REIT	$	712,681
	5,344	Stryker Corp.		1,094,772
	7,363	Synopsys, Inc.*		1,038,478
	22,974	Sysco Corp.		1,850,556
	1,536	Target Corp.		192,015
	3,144	Tech Data Corp.*		455,534
	3,869	Texas Instruments, Inc.		465,092
	21,912	TJX Cos., Inc.		1,339,480
	31,917	Tootsie Roll Industries, Inc.2		1,096,349
	5,074	Tractor Supply Co.		479,189
	1,959	Travelers Cos., Inc.		267,834
	13,271	Trustmark Corp.2		455,992
	20,289	U.S. Bancorp		1,217,949
	235	Umpqua Holdings Corp.		3,847
	4,121	UnitedHealth Group, Inc.		1,153,344
	1,594	Universal Corp.		83,239
	8,770	Universal Health Services, Inc. - Class B		1,223,327
	65,156	Urban Outfitters, Inc.*,2		1,671,903
	6,497	USANA Health Sciences, Inc.*		478,179
	5,676	Valero Energy Corp.		542,001
	6,508	Varian Medical Systems, Inc.*		870,315
	18,909	Verizon Communications, Inc.		1,139,078
	5,958	Viavi Solutions, Inc.*		89,489
	4,836	Visa, Inc. - Class A2		892,290
	13,328	Voya Financial, Inc.2		776,756
	1,161	W.R. Berkley Corp.		78,948
	1,487	W.W. Grainger, Inc.		471,305
	71,984	Walmart, Inc.		8,572,574
	1,446	Walt Disney Co.		219,185
	12,632	Washington Federal, Inc.2		464,984
	10,102	Waste Management, Inc.		1,140,617
	939	WD-40 Co.2		181,330
	2,132	WEC Energy Group, Inc.		189,002
	34,736	Werner Enterprises, Inc.		1,276,895
	8,669	Yum! Brands, Inc.		872,708
	189	Zoetis, Inc.		22,778
				181,870,864
		TOTAL COMMON STOCKS
		(Cost $290,379,825)		367,459,456

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		EXCHANGE-TRADED FUNDS — 25.3%
	1,761,978	iShares Core MSCI Emerging Markets ETF2	$	90,160,414
	2,199,029	iShares Edge MSCI Min Vol Emerging Markets ETF		125,432,614
	551,168	iShares Edge MSCI Min Vol Global ETF		52,608,986
	573,828	iShares MSCI ACWI ETF2		44,494,623
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $286,260,075)		312,696,637
		OPEN-END MUTUAL FUND — 20.1%
	9,636,455	GMO Quality Fund - Class VI		247,849,639
		TOTAL OPEN-END MUTUAL FUND
		(Cost $202,472,738)		247,849,639
		PREFERRED STOCKS — 0.2%
		GERMANY — 0.2%
	27,995	Porsche Automobil Holding S.E.		2,067,541
		SWEDEN — 0.0%1
	2,291	Akelius Residential Property AB		82,760
		TOTAL PREFERRED STOCKS
		(Cost $1,770,959)		2,150,301
		PRIVATE FUND — 11.1%
		RIEF Strategic Partners Fund LLC*		137,245,569
		TOTAL PRIVATE FUND
		(Cost $125,000,000)		137,245,569
		SHORT-TERM INVESTMENTS — 18.8%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 6.3%
		Collateral Pool Allocation		78,204,016
		MONEY MARKET FUNDS — 12.5%
	153,991,317	JPMorgan Prime Money Market Fund - Institutional Shares, 1.73%4		154,037,514
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $232,220,057)		232,241,530
		TOTAL INVESTMENTS — 105.3%
		(Cost $1,138,103,654)		1,299,643,132
		Liabilities in excess of other assets — (5.3)%		(65,716,292	)
		TOTAL NET ASSETS — 100.0%	$	1,233,926,840

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of November 30, 2019 (Unaudited)

*	Non-income producing security.
1	Rounds to less than 0.05%.
2	Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $83,451,235.
3	Comprised of securities in separate entities that are traded as a single stapled security.
4	The rate is the annualized seven-day yield at period end.

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying Notes to Schedule of Investments.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 62.4%
		ALABAMA — 1.0%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 01/6/20201 2	$	506,980
	3,855,000	Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221		4,097,634
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		568,990
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292		1,164,823
	2,605,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		3,044,828
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/20241		1,091,600
	1,710,000	2.04% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20243		1,710,701
	475,000	Tuscaloosa County Industrial Development Authority, 4.50%, 05/1/2032, Call 05/1/20294		521,180
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,398,275
				15,105,011
		ALASKA — 0.1%
	1,200,000	Alaska Industrial Development & Export Authority, 3.50%, 12/1/2020, Call 01/6/2020		1,201,368
		ARIZONA — 1.7%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043, Call 01/1/2022		1,550,715
	500,000	5.00%, 02/1/2043, Call 02/1/2023		539,190
		Arizona Industrial Development Authority
	1,195,000	4.00%, 03/1/20274		1,257,761
	530,000	5.00%, 07/1/2047, Call 07/1/20274		575,516
	2,000,000	Arizona State University, 5.00%, 07/1/2042, Call 07/1/2026		2,353,100
	230,000	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274		236,951
		City of Mesa Utility System Revenue
	250,000	5.00%, 07/1/2034, Call 07/1/2028		312,937
	2,000,000	5.00%, 07/1/2035, Call 07/1/2029		2,548,060
	2,000,000	City of Phoenix Civic Improvement Corp., 5.00%, 07/1/2038, Call 07/1/2028		2,466,160
	1,500,000	County of Pima, 4.00%, 07/1/2023		1,648,140
	699,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		725,667
		Industrial Development Authority of the City of Phoenix
	375,000	7.00%, 07/1/2022, Call 07/1/2020		387,480
	645,000	5.00%, 10/1/2036, Call 10/1/2026		743,524
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,065,450
		Industrial Development Authority of the County of Pima
	420,000	7.00%, 01/1/2022		422,537
	500,000	6.75%, 03/1/2034, Call 03/1/2024		522,165

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224	$	352,155
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		1,045,940
		Maricopa County Industrial Development Authority
	500,000	2.88%, 07/1/20214		500,605
	120,000	5.00%, 07/1/2039, Call 07/1/20294		134,323
	2,000,000	Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025		2,385,900
	740,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		807,429
	1,975,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,545,222
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		864,984
				25,991,911
		ARKANSAS — 0.2%
	2,250,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 4		2,394,135
		CALIFORNIA — 5.5%
	1,000,000	Bay Area Toll Authority, 2.35% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20263		1,043,630
	1,000,000	California Community Housing Agency, 5.00%, 08/1/2049, Call 08/1/20294		1,131,650
	1,000,000	California County Tobacco Securitization Agency, 5.13%, 06/1/2038, Call 01/6/2020		1,000,280
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		185,298
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,584,280
		California Municipal Finance Authority
	1,500,000	4.00%, 07/15/20292		1,703,265
	200,000	6.63%, 01/1/2032, Call 01/1/20224		210,278
	500,000	7.00%, 06/1/2034, Call 06/1/2022		554,315
	500,000	5.75%, 10/1/2034, Call 10/1/2021		512,880
	905,000	5.00%, 10/1/2035, Call 10/1/2022		945,535
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,174,220
	850,000	5.00%, 06/1/2046, Call 06/1/2026		962,268
	1,000,000	California Municipal Finance Authority, AGM, 4.00%, 12/31/2047, Call 06/30/20282		1,078,140
		California Pollution Control Financing Authority
	1,000,000	5.00%, 07/1/2037, Call 07/1/20222 4		1,069,560
	250,000	8.00%, 07/1/2039, Call 07/1/20272 4		271,830
	650,000	7.50%, 12/1/2039, Call 12/1/20292 4		631,689
		California School Finance Authority
	700,000	5.00%, 08/1/2036, Call 08/1/20254		786,632

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	5.00%, 08/1/2041, Call 08/1/20254	$	1,113,520
	500,000	5.00%, 10/1/2042, Call 10/1/20224		530,850
	350,000	6.75%, 11/1/2045, Call 11/1/20244		376,519
	603,082	0.00%, 06/1/2047, Call 06/1/2020* 5		12,062
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,153,510
		California Statewide Communities Development Authority
	435,000	5.25%, 12/1/2043, Call 06/1/20284		506,618
	2,005,000	5.25%, 12/1/2044, Call 12/1/2024		2,217,329
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,112,240
	850,000	California Statewide Communities Development Authority, AGM, 5.25%, 10/1/2043, Call 10/1/2024		958,443
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		709,517
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		226,012
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		565,080
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,060,090
	1,000,000	City of Los Angeles Department of Airports, 5.00%, 05/15/2047, Call 05/15/20272		1,175,100
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		341,978
	250,000	County of Madera, 5.38%, 03/15/2036, Call 03/15/2020		253,125
	1,000,000	County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028		1,242,590
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		751,548
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,328,400
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,119,660
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,081,440
	3,435,000	5.25%, 06/1/2047, Call 06/1/2022		3,555,465
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,090,440
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,137,310
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,059,920
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021		546,325
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		456,150
		National City Community Development Commission
	500,000	5.75%, 08/1/2021		539,800
	500,000	7.00%, 08/1/2032, Call 08/1/2021		549,635
	150,000	Norco Community Redevelopment Agency Successor Agency, 5.88%, 03/1/2032, Call 03/1/2020		151,763
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		255,821

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032	$	3,598,000
	2,000,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,376,200
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,122,110
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,340,400
	500,000	Ridgecrest Redevelopment Agency, 6.13%, 06/30/2037, Call 06/30/2020		514,800
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		811,538
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,176,050
	1,855,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		2,068,139
	1,000,000	San Diego Association of Governments South Bay Expressway Revenue, 5.00%, 07/1/2042, Call 07/1/2027		1,198,230
		San Francisco City & County Airport Commission-San Francisco International Airport
	2,500,000	5.00%, 05/1/2039, Call 05/1/20292		3,067,575
	2,500,000	5.00%, 05/1/2046, Call 05/1/20262		2,883,700
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,388,960
	1,000,000	San Francisco City & County Redevelopment Agency, 6.63%, 08/1/2041, Call 02/1/2021		1,065,600
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,378,817
	75,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		48,499
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		540,840
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,109,480
		Santa Ana Financing Authority, NATL-RE
	500,000	6.25%, 07/1/2024		567,445
	500,000	6.25%, 07/1/2024		563,735
	450,000	Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021		478,485
	490,000	Semitropic Improvement District, 5.00%, 12/1/2038		490,000
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,077,470
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		706,154
	1,390,000	5.00%, 11/1/2033		1,819,913
	1,500,000	State of California, 5.00%, 04/1/2028		1,919,835
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,085,780

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274	$	106,675
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,084,490
				85,612,930
		COLORADO — 3.1%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		521,030
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		642,663
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,182,382
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		707,213
	500,000	5.00%, 12/1/2043, Call 12/1/2023		538,355
		City & County of Denver Airport System Revenue
	1,000,000	5.00%, 12/1/2035, Call 12/1/20282		1,212,050
	2,000,000	5.25%, 12/1/2043, Call 12/1/20282		2,434,000
	500,000	City Center West Residential Metropolitan District, 6.25%, 12/1/2044, Call 01/6/2020		500,090
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		548,395
	550,000	4.75%, 04/1/2030, Call 04/1/2022		570,675
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,054,420
	460,000	5.00%, 10/1/2039, Call 10/1/20274		509,188
	600,000	6.25%, 11/1/2040, Call 11/1/2020		617,376
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		112,573
	500,000	4.00%, 10/1/2039, Call 10/1/2024		528,615
	500,000	5.13%, 12/1/2039, Call 01/6/2020		500,520
	1,000,000	Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025		1,165,710
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		585,470
	500,000	5.00%, 06/1/2036, Call 06/1/2027		628,855
	1,615,000	4.00%, 01/1/2039, Call 01/1/2030		1,792,795
	1,200,000	5.00%, 11/15/2039, Call 11/15/2029		1,487,868
	1,500,000	5.00%, 01/1/2040, Call 01/1/2020		1,504,470
	500,000	8.00%, 08/1/2043, Call 02/1/2024		566,095
	1,295,000	5.00%, 08/1/2044, Call 08/1/2029		1,530,068
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,248,620
	500,000	Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024		548,290
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		529,010

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
		Denver Convention Center Hotel Authority
$	500,000	5.00%, 12/1/2034, Call 12/1/2026	$	576,275
	550,000	5.00%, 12/1/2040, Call 12/1/2026		624,740
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,608,209
	250,000	Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020		255,975
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		490,380
		E-470 Public Highway Authority, NATL-RE
	320,000	0.00%, 09/1/2028, Call 09/1/2020		202,186
	480,000	0.00%, 09/1/2030		368,616
	250,000	Fitzsimons Village Metropolitan District No. 3, 5.75%, 03/1/2032, Call 03/1/2020		245,458
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,525,060
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,077,316
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		783,180
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,120,864
	4,146	Mount Carbon Metropolitan District, 7.00%, 06/1/2043		4,147
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,171,741
	1,080,000	Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020		1,134,950
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		506,617
		Regional Transportation District
	1,000,000	6.00%, 01/15/2041, Call 07/15/2020		1,022,930
	4,000,000	5.00%, 11/1/2041, Call 11/1/2026		4,761,200
	433,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		434,758
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		143,596
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		633,575
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,198,890
				47,657,459
		CONNECTICUT — 0.1%
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 01/6/20202		496,985
	90,000	Connecticut State Health & Educational Facility Authority, 5.00%, 07/1/2037, Call 07/1/2027		107,951
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,128,330
				1,733,266
		DELAWARE — 0.2%
		Delaware State Economic Development Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DELAWARE (Continued)
$	1,000,000	6.75%, 09/1/2035, Call 03/1/20254	$	1,085,510
	900,000	5.00%, 08/1/2049, Call 08/1/2029		1,028,475
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,712,535
				3,826,520
		DISTRICT OF COLUMBIA — 0.8%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,089,730
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,769,760
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,433,740
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/20282		1,229,530
	1,520,000	4.00%, 10/1/2036, Call 10/1/20262		1,667,471
	1,820,000	5.00%, 10/1/2042, Call 10/1/20272		2,147,709
	655,000	5.00%, 10/1/2044, Call 10/1/20242		740,602
	1,000,000	Washington Convention & Sports Authority, 5.00%, 10/1/2030, Call 10/1/2027		1,236,050
				12,314,592
		FLORIDA — 4.6%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,497,202
	915,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		943,164
	870,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		895,874
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		107,558
	1,350,000	Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 01/6/2020		1,385,059
		Capital Trust Agency, Inc.
	500,000	4.38%, 06/15/20274		521,655
	760,000	5.35%, 07/1/2029, Call 07/1/2020		773,042
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		102,648
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		556,910
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		575,959
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,730,950
	1,000,000	City of Tampa, 5.00%, 05/1/2037, Call 05/1/2028		1,234,130
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		529,320
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252		1,153,060

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	County of Broward FL Port Facilities Revenue, 4.00%, 09/1/2039, Call 09/1/20292	$	1,109,480
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,759,393
	1,740,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2033, Call 10/1/20242		1,982,834
	1,500,000	County of Miami-Dade FL, 5.00%, 07/1/2043, Call 07/1/2026		1,764,315
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,647,820
	175,000	5.00%, 04/1/2039, Call 04/1/20294		196,025
	65,000	Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021		65,297
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		803,085
	2,000,000	7.63%, 06/15/2041, Call 06/15/2021		2,126,700
	500,000	8.50%, 06/15/2044, Call 06/15/2023		578,710
	825,000	6.13%, 06/15/2046, Call 06/15/20254		903,218
	5,000,000	6.50%, 01/1/2049, Call 01/6/20201 2 4		4,731,150
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		550,340
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,088,950
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		516,730
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20232		1,065,670
	1,665,000	5.00%, 10/1/2046, Call 10/1/20262		1,925,689
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,187,980
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282		2,396,920
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,416,260
		Lake Ashton Community Development District
	125,000	5.00%, 05/1/2025		130,221
	405,000	5.00%, 05/1/2037, Call 05/1/2025		414,420
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,768,565
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		101,406
	3,000,000	5.00%, 11/15/2049, Call 11/15/2026		3,441,090
	2,000,000	Lee Memorial Health System, 5.00%, 04/1/2044, Call 04/1/2029		2,396,660
	910,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		969,032
		Mediterra South Community Development District
	90,000	5.10%, 05/1/2031, Call 05/1/2022		96,477
	385,000	5.00%, 05/1/2034, Call 05/1/2023		387,260
		Miami Beach Health Facilities Authority
	1,500,000	4.25%, 11/15/2034, Call 01/6/2020		1,502,430

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	5.00%, 11/15/2039, Call 11/15/2024	$	1,120,150
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		685,913
	114,318	5.75%, 11/1/2036, Call 11/1/20264		108,602
	320,000	5.25%, 09/15/2044, Call 09/15/2024		346,941
	105,000	5.00%, 09/15/2044, Call 09/15/20274		116,170
		Palm Beach County Health Facilities Authority
	525,000	6.75%, 06/1/2024, Call 06/1/2022		590,552
	850,000	5.00%, 12/1/2031, Call 12/1/2024		998,911
	500,000	5.00%, 11/1/2043, Call 11/1/2022		530,185
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		803,093
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		805,739
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,782,900
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,194,210
		South Miami Health Facilities Authority
	900,000	5.00%, 08/15/2042, Call 08/15/2027		1,060,551
	1,650,000	5.00%, 08/15/2047, Call 08/15/2027		1,932,381
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		108,796
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,323,920
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		153,260
	495,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		516,236
				71,209,168
		GEORGIA — 1.4%
	1,000,000	Appling County Development Authority, 2.40%, 01/1/20381		1,002,780
		Burke County Development Authority
	1,500,000	2.05%, 10/1/20321		1,511,445
	500,000	2.25%, 10/1/20321		508,235
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,065,830
	1,000,000	3.00%, 11/1/20451		1,026,160
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		591,595
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,034,850
	130,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 06/1/2020		131,327
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,242,615
	500,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		506,880
	1,470,000	Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029		1,788,240
	500,000	Medical Center Hospital Authority, AGM, 5.00%, 08/1/2041, Call 08/1/2020		512,670

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	665,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2038, Call 07/1/2028	$	792,075
	5,000,000	Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/20211		5,004,450
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,898,604
	600,000	Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/2/2020		622,236
	2,500,000	Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021		2,673,075
				21,913,067
		GUAM — 0.1%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		548,630
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,105,540
	450,000	5.63%, 07/1/2040, Call 07/1/2020		461,772
				2,115,942
		HAWAII — 0.3%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		535,000
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,433,080
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282		1,186,910
				5,154,990
		IDAHO — 0.2%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/20244		320,469
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,231,485
		Idaho Housing & Finance Association
	250,000	6.00%, 06/1/2038, Call 01/6/2020		250,492
	370,000	6.00%, 07/1/2039, Call 07/1/20284		431,161
	415,000	6.00%, 07/1/2049, Call 07/1/20284		477,354
	565,000	6.00%, 07/1/2054, Call 07/1/20284		645,467
				3,356,428
		ILLINOIS — 6.4%
		Chicago Board of Education
	1,000,000	5.00%, 12/1/2021		1,054,460
	100,000	5.75%, 04/1/2034, Call 04/1/2027		120,219
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,219,340
	180,000	5.00%, 04/1/2037, Call 04/1/2027		204,053
	500,000	5.00%, 04/1/2038, Call 04/1/2028		573,205
	500,000	5.25%, 12/1/2039, Call 12/1/2024		549,695
	575,000	5.00%, 12/1/2042, Call 12/1/2022		607,867
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,371,258

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,100,000	6.00%, 04/1/2046, Call 04/1/2027	$	1,312,872
	1,000,000	Chicago Board of Education, NATL, 0.00%, 12/1/2022		934,820
		Chicago O'Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/20282		596,105
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,824,925
	680,000	Chicago Park District, 5.00%, 11/15/2024		777,791
		Chicago Transit Authority
	475,000	5.25%, 12/1/2030, Call 12/1/2021		505,609
	2,500,000	5.00%, 12/1/2046, Call 12/1/2026		2,825,950
		City of Chicago
	615,000	4.50%, 01/1/2021, Call 01/1/2020		616,593
	1,000,000	4.84%, 04/15/2028, Call 01/16/20234		1,015,350
	1,000,000	5.25%, 01/1/2035, Call 01/1/2021		1,029,690
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,132,780
	2,380,000	6.00%, 01/1/2038, Call 01/1/2027		2,861,736
	500,000	5.50%, 01/1/2040, Call 01/1/2025		561,580
	900,000	5.00%, 01/1/2041, Call 01/1/2022		970,353
	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024		1,065,030
		City of Chicago Wastewater Transmission Revenue
	665,000	5.00%, 01/1/2034, Call 01/1/2025		744,787
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,269,280
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,139,990
		County of Cook
	1,000,000	5.25%, 11/15/2022, Call 11/15/2020		1,034,830
	2,000,000	5.25%, 11/15/2033, Call 11/15/2020		2,065,460
	1,500,000	6.75%, 10/15/2040, Call 10/15/20201		1,544,685
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,153,920
	570,000	3.90%, 11/1/2036, Call 11/1/2027		621,192
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		822,031
	235,000	5.00%, 08/15/2026, Call 08/15/2020		241,286
	465,000	5.00%, 08/15/2026, Call 08/15/2020		477,141
	425,000	5.00%, 08/1/2027		506,167
	500,000	5.00%, 08/1/2028, Call 08/1/2027		592,145
	2,135,000	5.00%, 03/1/2031, Call 03/1/2027		2,523,912
	600,000	5.75%, 10/1/2032, Call 10/1/2022		645,516
	670,000	5.00%, 03/1/2033, Call 03/1/2027		786,774
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,171,740
	315,000	5.00%, 02/15/2034, Call 02/15/2027		377,017

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	500,000	5.00%, 03/1/2034, Call 03/1/2027	$	585,730
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,219,720
	1,000,000	5.00%, 04/1/2036, Call 01/6/2020		1,002,900
	225,000	5.00%, 02/15/2037, Call 08/15/2027		256,970
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,923,333
	550,000	5.00%, 09/1/2042, Call 09/1/2024		620,197
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,184,856
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,358,174
	1,135,000	4.00%, 06/1/2047, Call 06/1/2022		1,211,998
	655,000	4.00%, 06/1/2047, Call 06/1/2022		674,650
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,100,890
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,071,640
	250,000	Illinois Finance Authority, AGM, 5.25%, 03/1/2030, Call 03/1/2020		252,495
	485,000	Illinois Sports Facilities Authority, 5.00%, 06/15/2021		508,518
	1,000,000	Illinois Sports Facilities Authority, AGM, 5.25%, 06/15/2032, Call 06/15/2024		1,123,980
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,185,250
	530,000	Metropolitan Pier & Exposition Authority, 5.00%, 06/15/2057, Call 12/15/2027		586,811
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		764,500
	3,300,000	0.00%, 12/15/2030		2,375,439
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,710,192
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,205,323
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		527,805
		Railsplitter Tobacco Settlement Authority
	780,000	5.25%, 06/1/2021		824,327
	3,000,000	5.00%, 06/1/2024		3,452,130
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,081,070
	2,000,000	Sales Tax Securitization Corp., 5.00%, 01/1/2034, Call 01/1/2028		2,335,780
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,223,120
		State of Illinois
	1,000,000	5.00%, 11/1/2022		1,080,520
	500,000	5.00%, 03/1/2024, Call 03/1/2022		529,995
	1,000,000	5.00%, 11/1/2025		1,129,790
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,662,915
	1,000,000	5.00%, 11/1/2027		1,151,620
	1,000,000	5.00%, 05/1/2028, Call 05/1/2024		1,101,170

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	2,000,000	3.00%, 06/15/2033, Call 06/15/2026	$	1,894,200
	500,000	5.00%, 03/1/2037, Call 03/1/2022		523,555
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,054,980
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,613,760
	205,000	State of Illinois, AMBAC, 6.25%, 12/15/2020		208,440
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,165,000
		Will County Community High School District No. 210 Lincoln-Way
	550,000	0.00%, 01/1/2031		381,343
	250,000	0.00%, 01/1/2032		166,170
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,234,831
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,087,470
	865,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		879,411
				99,682,122
		INDIANA — 1.0%
	1,820,000	Ball State University, 5.00%, 07/1/2036, Call 07/1/2028		2,245,316
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222		1,026,390
		Indiana Finance Authority
	505,000	6.00%, 12/1/2019		505,000
	710,000	6.00%, 12/1/2026, Call 06/1/2020		720,053
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,518,160
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,338,040
	1,340,000	Indiana Municipal Power Agency, 5.00%, 01/1/2036, Call 07/1/2026		1,591,009
	1,000,000	Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/1/2049, Call 02/1/2029		1,215,610
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,263,996
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232		553,690
				15,977,264
		IOWA — 0.4%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,087,250
	2,520,000	4.75%, 08/1/2042, Call 08/1/2022		2,623,370
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		527,735
		Iowa Student Loan Liquidity Corp.
	290,000	4.63%, 12/1/20192		290,000
	525,000	5.50%, 12/1/2025		525,000
		Iowa Tobacco Settlement Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IOWA (Continued)
$	800,000	5.60%, 06/1/2034, Call 01/6/2020	$	801,024
	410,000	5.38%, 06/1/2038, Call 01/6/2020		410,074
				6,264,453
		KANSAS — 0.0%6
	500,000	Overland Park Development Corp., AMBAC, 5.13%, 01/1/2032, Call 12/16/2019		500,715
		KENTUCKY — 0.7%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		229,116
	2,600,000	5.00%, 01/1/2045, Call 07/1/2025		2,842,970
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,520,033
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		900,145
		Kentucky Public Energy Authority
	1,600,000	4.00%, 01/1/2049, Call 10/1/20241		1,768,208
	1,950,000	4.00%, 12/1/2049, Call 03/1/20251		2,162,647
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,161,980
				10,585,099
		LOUISIANA — 1.1%
	1,170,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,271,626
	500,000	Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021		512,370
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,814,055
		Louisiana Local Government Environmental Facilities & Community Development Authority
	500,000	6.50%, 11/1/2035, Call 11/1/2020		521,570
	1,205,000	5.00%, 10/1/2041, Call 10/1/2027		1,414,996
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,168,010
		Louisiana Public Facilities Authority
	1,000,000	5.00%, 12/15/2021		1,075,050
	500,000	8.13%, 12/15/2033, Call 12/15/2023		540,275
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,128,920
	885,000	6.50%, 07/1/2036, Call 07/1/20232 4		975,093
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,631,728
	1,500,000	New Orleans Aviation Board, 5.00%, 01/1/2048, Call 01/1/20272		1,717,635
	500,000	New Orleans Aviation Board, AGM, 5.00%, 10/1/2035, Call 10/1/2028		604,965

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (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 04/1/20282	$	1,493,604
	1,000,000	State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026		1,118,240
				16,988,137
		MAINE — 0.4%
		Maine Health & Higher Educational Facilities Authority
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,922,480
	700,000	5.00%, 07/1/2035, Call 07/1/2027		833,273
	420,000	5.00%, 07/1/2040, Call 07/1/2020		428,249
	1,500,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,869,480
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 01/6/20202		506,980
				5,560,462
		MARYLAND — 1.7%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		3,012,950
	1,525,000	5.00%, 09/1/2036, Call 09/1/2027		1,774,963
	1,000,000	5.00%, 09/1/2046, Call 09/1/2027		1,138,010
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,487,724
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,751,568
	4,750,000	Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/20214		4,778,595
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292		1,187,590
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,991,789
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,143,930
	500,000	5.00%, 07/1/2045, Call 07/1/2025		567,340
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2036, Call 05/1/2028		2,446,200
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,322,420
	1,000,000	5.00%, 05/1/2047, Call 05/1/2028		1,195,500
				25,798,579
		MASSACHUSETTS — 0.8%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		128,978
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,712,070
		Massachusetts Development Finance Agency
	400,000	5.25%, 12/1/2025, Call 12/12/2019		401,032
	600,000	5.00%, 07/1/2034, Call 07/1/2027		705,810
	2,000,000	5.00%, 07/1/20381		2,299,320
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,078,390
	150,000	4.00%, 06/1/2049, Call 06/1/2029		159,476

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MASSACHUSETTS (Continued)
		Massachusetts Educational Financing Authority
$	1,500,000	5.00%, 01/1/20212	$	1,557,375
	300,000	5.50%, 01/1/2022, Call 01/1/2020		301,086
	170,000	6.00%, 01/1/2028, Call 01/1/2020		170,479
	1,000,000	5.00%, 07/1/20282		1,226,480
	1,000,000	5.00%, 07/1/20292		1,239,670
	200,000	4.25%, 07/1/2046, Call 07/1/20262		213,022
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,193,560
				12,386,748
		MICHIGAN — 2.4%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		554,980
		Grand Rapids Public Schools, AGM
	1,170,000	5.00%, 05/1/2022		1,274,036
	685,000	5.00%, 05/1/2024		792,463
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,174,420
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		293,904
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 01/6/2020		269,508
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,792,005
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,302,435
	1,670,000	5.00%, 12/1/2032, Call 06/1/2022		1,807,641
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,847,950
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,157,750
	500,000	5.00%, 07/1/2035, Call 07/1/2025		577,855
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,104,380
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,177,740
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,715,150
	855,000	5.00%, 12/1/2048, Call 12/1/2028		1,025,051
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,640,791
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,101,160
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,537,540
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/20471		2,061,780
	935,000	Michigan State Housing Development Authority, 2.47% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/20212 3		941,975
	830,000	Michigan Strategic Fund, 7.00%, 12/1/2030, Call 12/1/20231 2 4		937,087
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		256,228
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 01/6/2020		500,400

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
		Wayne County Airport Authority
$	2,000,000	5.00%, 12/1/2030, Call 12/1/20252	$	2,333,620
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,805,505
				36,983,354
		MINNESOTA — 0.4%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		271,195
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		71,855
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,832,901
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,210,550
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,555,557
	415,000	5.50%, 09/1/2043, Call 09/1/2020		423,860
	495,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		532,199
				5,898,117
		MISSISSIPPI — 0.2%
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 4		529,320
	2,000,000	Mississippi Home Corp., GNMA/FNMA/FHLMC, 1.91%, 12/1/20201		2,000,000
				2,529,320
		MISSOURI — 1.0%
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		753,240
	685,000	5.00%, 01/1/2032, Call 01/1/2028		854,311
	350,000	5.00%, 01/1/2034, Call 01/1/2028		434,416
	225,000	Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 01/6/2020		225,585
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		737,024
	445,000	5.00%, 10/1/2047, Call 10/1/2027		509,699
		Health & Educational Facilities Authority of the State of Missouri
	835,000	5.00%, 06/1/2034, Call 06/1/2020		850,848
	685,000	4.00%, 02/15/2039, Call 02/15/2029		762,638
	1,150,000	6.00%, 02/1/2041, Call 02/1/2021		1,203,728
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,184,710
	350,000	4.00%, 11/15/2049, Call 11/15/2027		377,962
		Kansas City Industrial Development Authority
	2,000,000	5.00%, 03/1/2039, Call 03/1/20292		2,418,160

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MISSOURI (Continued)
$	3,000,000	5.00%, 03/1/2046, Call 03/1/20292	$	3,577,650
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,644,034
				15,534,005
		MONTANA — 0.1%
	1,170,000	Montana Facility Finance Authority, 5.00%, 07/1/2031, Call 07/1/2028		1,365,858
		NEBRASKA — 0.3%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		2,031,769
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,708,325
	250,000	5.25%, 09/1/2037, Call 09/1/2022		272,495
				5,012,589
		NEVADA — 1.2%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		281,191
	1,000,000	City of Sparks, 6.75%, 06/15/2028, Call 12/20/20194		1,020,200
		County of Clark
	2,500,000	5.00%, 6/1/2043, Call 6/1/2028		3,034,525
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,154,221
	700,000	County of Clark Department of Aviation, 5.00%, 07/1/2030, Call 01/1/2020		702,114
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,117,010
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,194,820
		Las Vegas Valley Water District
	2,000,000	5.00%, 06/1/2039, Call 12/1/2024		2,298,680
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,367,680
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		651,626
				18,822,067
		NEW HAMPSHIRE — 0.4%
		New Hampshire Health and Education Facilities Authority Act
	2,000,000	5.00%, 07/1/2037, Call 07/1/2027		2,339,440
	215,000	5.00%, 08/1/2037, Call 02/1/2028		258,507
	3,000,000	5.00%, 07/1/2041, Call 01/1/2028		3,612,840
				6,210,787
		NEW JERSEY — 2.3%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		5,010,680
		New Jersey Economic Development Authority
	600,000	5.13%, 09/15/2023, Call 08/20/20222		644,310
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,649,940
	1,000,000	5.25%, 09/1/2025, Call 03/1/2021		1,045,780

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	1,450,000	3.13%, 07/1/2029, Call 07/1/2027	$	1,472,170
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,030,560
	100,000	5.00%, 07/15/2032, Call 07/15/2027		116,303
	1,000,000	5.00%, 06/15/2033, Call 06/15/2027		1,151,010
	500,000	5.00%, 07/1/2033, Call 07/1/2027		575,860
	280,000	6.00%, 10/1/2034, Call 10/1/20244		303,069
	880,000	5.00%, 06/15/2036, Call 12/15/2026		1,005,972
	350,000	6.30%, 10/1/2049, Call 10/1/20244		377,668
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,132,600
	500,000	New Jersey Health Care Facilities Financing Authority, 5.75%, 07/1/2037, Call 01/6/2020		501,585
	1,175,000	New Jersey Health Care Facilities Financing Authority, AGM, 5.00%, 07/1/2046, Call 07/1/2025		1,324,025
		New Jersey Higher Education Student Assistance Authority
	1,000,000	5.00%, 12/1/20252		1,185,510
	1,000,000	5.00%, 12/1/2027		1,248,150
	500,000	5.00%, 12/1/2028, Call 06/1/20282		612,320
	855,000	4.25%, 12/1/2047, Call 12/1/20262		920,861
	4,470,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,683,085
		New Jersey Transportation Trust Fund Authority
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,150,403
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,327,120
	805,000	5.00%, 06/15/2044, Call 06/15/2024		878,255
	2,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282		2,338,400
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,909,927
				35,595,563
		NEW MEXICO — 0.2%
	815,000	County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 01/6/20202		815,717
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		857,636
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,066,726
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 05/1/20204		1,089,657
				3,829,736
		NEW YORK — 3.4%
	400,000	Brooklyn Arena Local Development Corp., 6.00%, 07/15/2030, Call 01/15/2020		402,312
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		470,516
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,303,440

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	2,000,000	5.00%, 04/1/2040, Call 04/1/2028	$	2,428,660
	1,000,000	Hempstead Town Local Development Corp., 6.24%, 02/1/2047, Call 02/1/2027		1,100,300
	2,000,000	Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028		2,437,060
	2,500,000	Metropolitan Transportation Authority, AGM, 1.80% (1-Month USD Libor+ 57 basis points), 11/1/20323		2,504,575
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		722,339
	1,500,000	New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 01/6/2020		1,504,005
	1,000,000	New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 01/6/2020		1,036,200
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,460,780
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,841,415
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,486,150
	910,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		982,745
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,361,990
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		2,255,200
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		1,104,910
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,782,075
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,109,030
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,299,120
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,149,150
	1,000,000	5.00%, 05/1/2048, Call 11/1/20231		1,133,010
	1,000,000	New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/20242		1,113,190
	2,000,000	Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021		2,177,820
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		263,710
	500,000	5.00%, 07/1/2045, Call 07/1/2025		558,480
		Port Authority of New York & New Jersey
	590,000	5.50%, 12/1/2031, Call 12/1/2020		615,022
	1,000,000	5.00%, 09/1/2037, Call 09/1/2028		1,241,920
	4,500,000	5.00%, 10/15/2041, Call 10/15/2025		5,283,810
	265,000	6.00%, 12/1/2042, Call 12/1/2020		276,671
	1,500,000	Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025		1,762,065
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		965,567

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024	$	839,512
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		320,914
				53,293,663
		NORTH CAROLINA — 0.1%
	2,000,000	North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022		2,189,220
		NORTH DAKOTA — 0.2%
	1,000,000	County of Burleigh, 4.38%, 04/15/2026		1,035,930
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,239,940
				3,275,870
		OHIO — 1.0%
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		1,020,810
	830,000	City of Akron, 5.00%, 12/1/2026		954,857
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		431,696
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		791,721
	500,000	County of Allen Hospital Facilities Revenue, 5.00%, 06/1/2038, Call 06/1/2020		509,490
	1,000,000	County of Butler, 5.75%, 11/1/2040, Call 11/1/2020		1,041,840
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		532,970
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,764,335
		Ohio Air Quality Development Authority
	500,000	0.00%, 06/1/2018* 5		530,000
	1,000,000	0.00%, 12/1/2023* 1 5		882,500
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,252,153
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,821,780
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,088,060
				15,622,212
		OKLAHOMA — 0.4%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,049,867
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,190,610
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282		1,192,270
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,201,820
				5,634,567
		OREGON — 0.2%
		Oregon State Facilities Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OREGON (Continued)
$	1,000,000	5.00%, 04/1/2045, Call 04/1/2025	$	1,148,540
	765,000	5.00%, 10/1/2046, Call 10/1/2026		868,826
	1,000,000	Port of Portland Airport Revenue, 5.00%, 07/1/2044, Call 07/1/20292		1,208,280
				3,225,646
		PENNSYLVANIA — 2.6%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		346,071
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		100,874
	1,000,000	Allentown City School District, AGM SAW, 4.00%, 02/15/2021		1,031,060
	450,000	Berks County Industrial Development Authority, 5.00%, 05/15/2032, Call 05/15/2027		522,486
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		110,080
	280,000	5.38%, 10/15/2042, Call 10/15/2022		291,318
	1,125,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		1,223,370
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,221,426
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,210,740
	2,160,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,503,829
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		433,837
	1,000,000	Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028		1,262,850
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		303,232
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,086,960
	2,000,000	Manheim Township School District, 1.63% (1-Month USD Libor+ 42 basis points), 11/1/20213		2,005,840
		Montgomery County Higher Education & Health Authority
	365,000	4.00%, 09/1/2036, Call 09/1/2029		407,230
	650,000	5.00%, 09/1/2037, Call 09/1/2028		780,650
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,182,720
	400,000	5.00%, 11/15/2029, Call 05/15/2022		429,884
	290,000	Montgomery County Industrial Development Authority, FHA, 5.00%, 08/1/2024, Call 08/1/2020		297,073
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,715,160
	250,000	Pennsylvania Economic Development Financing Authority, 6.40%, 12/1/2038, Call 09/1/2025		269,990
		Pennsylvania Higher Educational Facilities Authority
	1,000,000	5.00%, 08/15/2027		1,254,240

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	600,000	5.80%, 07/1/2030, Call 07/1/2020	$	616,224
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,152,290
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,399,220
	500,000	5.00%, 12/1/2041, Call 06/1/2026		583,085
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,395,800
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,188,110
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		957,267
	500,000	8.00%, 01/1/2033, Call 01/1/2023		551,110
	500,000	6.88%, 06/15/2033, Call 06/15/2023		555,620
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,025,900
	440,000	Quakertown General Authority, 4.00%, 07/1/2022		442,222
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,162,240
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,049,120
	2,000,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,482,640
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,310,655
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282		318,816
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		593,795
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		546,460
				40,321,494
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,763,086
		Rhode Island Health & Educational Building Corp.
	1,000,000	6.00%, 09/1/2033, Call 09/1/2023		1,174,820
	1,000,000	8.38%, 01/1/2046, Call 01/1/2021		1,076,480
				4,014,386
		SOUTH CAROLINA — 1.1%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,096,620
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,302,880
	2,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231		2,730,300
		South Carolina Jobs-Economic Development Authority
	500,000	6.00%, 02/1/2035, Call 02/1/20232 4		534,120
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,188,190

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	1,000,000	South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021	$	1,083,140
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282		2,396,480
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		822,776
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,168,914
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,562,080
				16,885,500
		SOUTH DAKOTA — 0.1%
		South Dakota Health & Educational Facilities Authority
	555,000	5.00%, 09/1/2040, Call 09/1/2027		654,445
	1,235,000	5.00%, 11/1/2045, Call 11/1/2025		1,401,367
				2,055,812
		TENNESSEE — 0.8%
		Chattanooga-Hamilton County Hospital Authority
	500,000	5.00%, 10/1/2034, Call 10/1/2024		558,550
	1,220,000	5.00%, 10/1/2044, Call 10/1/2024		1,344,367
		Johnson City Health & Educational Facilities Board
	500,000	6.50%, 07/1/2038, Call 07/1/2020		515,325
	2,000,000	5.00%, 08/15/2042, Call 08/15/2022		2,149,280
		Knox County Health Educational & Housing Facility Board
	365,000	5.25%, 05/1/2025, Call 11/1/20244		334,355
	45,000	6.00%, 05/1/2034, Call 11/1/20244		39,681
	2,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 1.55%, 11/15/20301		2,004,540
		Tennessee Energy Acquisition Corp.
	1,055,000	5.00%, 02/1/2025		1,213,007
	1,000,000	5.63%, 09/1/2026		1,219,170
	1,000,000	4.00%, 05/1/2048, Call 02/1/20231		1,072,580
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,670,580
				12,121,435
		TEXAS — 6.2%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		88,860
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		371,350
		Central Texas Regional Mobility Authority
	500,000	6.75%, 01/1/2041, Call 01/1/2021		529,400
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,372,780
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,369,680
	3,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2048, Call 11/15/20292		3,632,100

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026	$	1,180,110
	1,500,000	City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026		1,814,505
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		274,623
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,132,270
	750,000	City of Houston Airport System Revenue, 5.00%, 07/15/2035, Call 07/15/20252		836,663
	500,000	City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021		532,815
	1,475,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224		1,557,939
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		922,545
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		531,560
	100,000	4.40%, 12/1/2047, Call 12/1/2022		102,853
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,572,240
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,314,450
	3,000,000	Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/20212		3,175,020
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,114,260
	315,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		367,693
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,268,287
	3,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		3,665,550
		Harris County Cultural Education Facilities Finance Corp.
	1,000,000	5.00%, 11/15/2022		1,106,650
	3,000,000	4.00%, 10/1/2036, Call 10/1/2029		3,429,840
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,334,697
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		490,176
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/20212 4		541,410
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		585,414
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		990,150
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,370,256
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		434,134
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,657,380
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,509,188
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		856,054
	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024		1,222,652
	860,000	Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 12/26/20191		861,187

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028	$	1,240,830
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 12/1/2021* 5		662,500
		SA Energy Acquisition Public Facility Corp.
	1,000,000	5.50%, 08/1/2021		1,063,560
	290,000	5.50%, 08/1/2027		358,283
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		2,033,412
	1,000,000	San Antonio Water System, 2.00%, 05/1/2043, Call 11/1/20211		1,011,840
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,409,580
	2,500,000	5.00%, 10/1/2036, Call 10/1/2025		2,962,275
	4,295,000	5.00%, 04/1/2042, Call 04/1/2022		4,680,949
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,092,240
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,204,740
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,676,506
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		663,247
	155,000	6.25%, 12/15/2026		180,389
		Texas Municipal Gas Acquisition & Supply Corp. III
	500,000	5.00%, 12/15/2028, Call 12/15/2022		544,365
	500,000	5.00%, 12/15/2031, Call 12/15/2022		541,800
		Texas Private Activity Bond Surface Transportation Corp.
	1,000,000	7.50%, 06/30/2032, Call 06/30/2020		1,037,930
	1,345,000	7.00%, 06/30/2040, Call 06/30/2020		1,390,192
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,582,680
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		483,716
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,696,305
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,787,987
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,121,750
		Town of Westlake
	375,000	5.50%, 09/1/2025		383,014
	200,000	6.13%, 09/1/2035, Call 09/1/2025		207,160
	1,200,000	Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026		1,366,320
				96,500,311
		UTAH — 0.8%
		County of Utah
	200,000	5.00%, 05/15/2036, Call 05/15/2028		248,108
	3,000,000	5.00%, 05/15/2043, Call 05/15/2021		3,142,350

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		UTAH (Continued)
$	800,000	County of Weber, 1.14%, 02/15/2031, Call 12/4/20191	$	800,000
		Salt Lake City Corp. Airport Revenue
	1,200,000	5.00%, 07/1/20262		1,448,892
	1,000,000	5.25%, 07/1/2048, Call 07/1/20282		1,206,910
		Utah Charter School Finance Authority
	180,000	3.63%, 06/15/20214		179,932
	1,200,000	4.50%, 07/15/20274		1,265,796
	500,000	5.25%, 06/15/2037, Call 06/15/20274		526,010
	4,000,000	Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/20211		4,003,560
				12,821,558
		VERMONT — 0.1%
	500,000	Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021		526,510
	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/20222		1,515,654
				2,042,164
		VIRGINIA — 1.1%
	715,000	Celebrate North Community Development Authority, 0.00%, 03/1/2018* 5		429,000
		Chesapeake Bay Bridge & Tunnel District
	2,000,000	5.00%, 11/1/2023		2,269,460
	1,000,000	5.00%, 07/1/2046, Call 07/1/2026		1,156,260
	1,430,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 04/15/20202		1,441,354
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,505,320
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,237,540
		Roanoke Economic Development Authority, AGM
	5,000	5.00%, 07/1/2038, Call 07/1/20201		5,111
	245,000	5.00%, 07/1/2038, Call 07/1/2020		249,253
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,265,470
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,827,475
		Virginia Small Business Financing Authority
	500,000	6.00%, 01/1/2037, Call 07/1/20222		552,525
	130,000	5.50%, 01/1/2042, Call 07/1/20222		141,237
	1,000,000	5.00%, 12/31/2049, Call 06/30/20272		1,144,770
	2,250,000	5.00%, 12/31/2052, Call 06/30/20272		2,570,850
				17,795,625
		WASHINGTON — 2.5%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,280,800

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
		County of King Sewer Revenue
$	1,750,000	2.60%, 01/1/2043, Call 03/1/20211	$	1,772,102
	1,500,000	5.00%, 07/1/2047, Call 01/1/2025		1,712,505
	2,000,000	Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028		2,509,760
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		744,579
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,060,830
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,523,572
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,471,108
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,751,459
	205,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		251,728
		State of Washington
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,236,600
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,759,066
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,182,690
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,014,109
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,108,823
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,846,830
	220,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 12/20/2019		220,669
		Washington Health Care Facilities Authority
	190,000	5.00%, 10/1/2032, Call 10/1/2028		236,377
	1,000,000	2.50% (SIFMA Municipal Swap Index Yield+ 140 basis points), 01/1/2035, Call 07/1/20243		1,023,150
	500,000	5.00%, 08/15/2036, Call 08/15/2027		575,945
	1,000,000	5.00%, 08/15/2037, Call 02/15/2028		1,205,550
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,044,643
	500,000	5.00%, 08/1/2038, Call 08/1/2029		598,210
	2,500,000	2.28% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/20223		2,520,675
	1,000,000	Washington State Convention Center Public Facilities District, 5.00%, 07/1/2043, Call 07/1/2028		1,204,250
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,152,290
				39,008,320
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,106,530
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,234,130
				2,340,660

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN — 1.0%
		Public Finance Authority
$	775,000	5.00%, 07/1/20222	$	810,286
	1,000,000	4.00%, 07/1/2027, Call 07/1/2024		1,067,070
	500,000	5.75%, 02/1/2035, Call 02/1/2025		509,325
	880,000	5.00%, 06/15/2037, Call 06/15/20244		906,937
	535,000	5.00%, 07/1/2037, Call 07/1/2024		582,711
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		1,196,070
	35,000	5.00%, 06/15/2039, Call 06/15/20264		36,362
	500,000	5.75%, 04/1/2042, Call 04/1/2022		525,370
	1,000,000	5.00%, 07/1/2042, Call 07/1/20222		1,062,770
	165,000	6.00%, 07/15/2042, Call 07/15/2022		176,708
	450,000	5.50%, 03/1/2045, Call 03/1/20254		486,261
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,046,380
	196,361	3.75%, 07/1/2051, Call 03/15/20281 4		172,821
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464		244
	7,085	0.00%, 01/1/20474		236
	7,034	0.00%, 01/1/20484		235
	6,984	0.00%, 01/1/20494		233
	6,882	0.00%, 01/1/20504		224
	7,540	0.00%, 01/1/20514		246
	7,490	0.00%, 01/1/20524		239
	7,388	0.00%, 01/1/20534		236
	7,338	0.00%, 01/1/20544		232
	7,237	0.00%, 01/1/20554		228
	7,135	0.00%, 01/1/20564		225
	7,085	0.00%, 01/1/20574		221
	6,984	0.00%, 01/1/20584		216
	6,933	0.00%, 01/1/20594		214
	6,882	0.00%, 01/1/20604		209
	6,781	0.00%, 01/1/20614		204
	6,730	0.00%, 01/1/20624		200
	6,629	0.00%, 01/1/20634		196
	6,579	0.00%, 01/1/20644		194
	6,528	0.00%, 01/1/20654		190
	6,427	0.00%, 01/1/20664		180
	83,706	0.00%, 01/1/20674		2,214
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,539,782
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,201,340

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of November 30, 2019 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028	$	3,549,450
	400,000	Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020		411,948
				15,288,407
		TOTAL MUNICIPAL BONDS
		(Cost $918,681,459)		969,548,612

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.6%
	8,184	BlackRock Long-Term Municipal Advantage Trust	$	102,545
	53,753	BlackRock MuniVest Fund, Inc.		484,852
	31,817	BlackRock MuniYield Quality Fund, Inc.		479,800
	72,299	BNY Mellon Municipal Income, Inc.		635,508
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		1,043,660
	30,359	BNY Mellon Strategic Municipals, Inc.		259,569
	23,539	DTF Tax-Free Income, Inc.		343,199
	87,593	DWS Municipal Income Trust		1,006,444
	17,462	Invesco Advantage Municipal Income Trust II		194,003
	17,008	Invesco Municipal Opportunity Trust		211,069
	23,118	Invesco Municipal Trust		283,195
	11,819	Invesco Trust for Investment Grade Municipals		149,747
	8,572	Neuberger Berman Intermediate Municipal Fund, Inc.		133,895
	37,184	Pioneer Municipal High Income Advantage Trust		401,215
	123,034	Pioneer Municipal High Income Trust		1,478,869
	108,960	Western Asset Managed Municipals Fund, Inc.		1,472,050
	8,866	Western Asset Municipal Partners Fund, Inc.		134,054
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,138,880)		8,813,674
		OPEN-END MUTUAL FUND — 19.5%
	20,965,552	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		302,952,234
		TOTAL OPEN-END MUTUAL FUND
		(Cost $296,928,669)		302,952,234
		PRIVATE FUNDS — 13.0%
		MacKay Municipal Credit Opportunities Fund, LP*		37,406,333

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SUMMARY OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		PRIVATE FUNDS (Continued)
		MacKay Municipal Opportunities Fund, LP*	$	164,493,321
		TOTAL PRIVATE FUNDS
		(Cost $175,000,000)		201,899,654
		SHORT-TERM INVESTMENT — 3.7%
	56,907,286	JPMorgan Prime Money Market Fund - Institutional Shares, 1.73%7		56,924,357
		TOTAL SHORT-TERM INVESTMENT
		(Cost $56,924,846)		56,924,357
		TOTAL INVESTMENTS — 99.2%
		(Cost $1,456,673,854)		1,540,138,531
		Other assets less liabilities — 0.8%		12,522,332
		TOTAL NET ASSETS — 100.0%	$	1,552,660,863

^* Non-income producing security.

¹ Variable rate security.

² Alternative Minimum Tax eligible security.

³ Floating rate security.

⁴ Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

⁵ Security is in default.

⁶ Rounds to less than 0.05%.

⁷ The rate is the annualized seven-day yield at period end.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AGM-CR — Assured Guaranty Municipal Custodial Receipts

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

See accompanying Notes to Schedule of Investments.

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 57.8%
		ALTERNATIVE DIVERSIFIERS — 4.0%
	2,624,414	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	27,923,765
	855,877	GMO SGM Major Markets Fund - Class VI		26,814,616
				54,738,381
		CORE/ALTERNATIVE DIVERSIFIERS — 53.8%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV1		397,460,226
	2,129,116	GMO Global Asset Allocation Fund - Class III		71,516,993
	14,211,382	JPMorgan Global Allocation Fund - Class R6		272,290,072
				741,267,291
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $763,282,042)		796,005,672
		EXCHANGE-TRADED FUNDS — 5.1%
		CORE DIVERSIFIERS — 3.3%
	267,030	iShares Core Aggressive Allocation ETF		15,204,688
	325,211	iShares Core Growth Allocation ETF		15,359,716
	388,784	iShares Core Moderate Allocation ETF		15,493,042
				46,057,446
		REAL ASSET — 1.8%
	1,731,300	iShares Gold Trust*		24,203,574
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $69,344,864)		70,261,020
		PRIVATE FUNDS — 20.0%
		ALTERNATIVE DIVERSIFIER — 8.2%
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A*		113,182,416
				113,182,416
		CORE DIVERSIFIERS — 11.8%
		All Weather Portfolio Limited*		136,713,759
		D. E. Shaw Orienteer International Fund, LP*		25,216,115
				161,929,874
		TOTAL PRIVATE FUNDS
		(Cost $254,261,324)		275,112,290
		SHORT-TERM INVESTMENT — 14.8%
	202,921,272	JPMorgan Prime Money Market Fund - Institutional Shares, 1.73%2		202,982,149
		TOTAL SHORT-TERM INVESTMENT
		(Cost $202,962,884)		202,982,149

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Number of Shares			Value
	TOTAL INVESTMENTS — 97.7%
	(Cost $1,289,851,114)		1,344,361,131
	Other assets less liabilities — 2.3%		32,251,271
	TOTAL NET ASSETS — 100.0%	$	1,376,612,402

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

See accompanying Notes to Schedules of Investments.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of November 30, 2019 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 97.7%
		CORE — 92.4%
	6,111,306	DoubleLine Total Return Bond Fund - I Class	$	65,329,858
	7,271,713	MetWest Total Return Bond Fund - Plan Class1		75,625,812
	3,417,154	PIMCO Income Fund - Institutional Class		40,903,330
	5,914,013	Vanguard Total Bond Market Index Fund - Institutional Class		65,586,411
				247,445,411
		OPPORTUNISTIC — 5.3%
	248,054	GMO Emerging Country Debt Fund - Class IV		6,893,423
	1,218,713	Vanguard High-Yield Corporate Fund - Admiral Shares		7,202,592
				14,096,015
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $253,268,223)		261,541,426
		SHORT-TERM INVESTMENT — 2.3%
	6,195,307	JPMorgan Prime Money Market Fund - Institutional Shares, 1.73%2		6,197,166
		TOTAL SHORT-TERM INVESTMENT
		(Cost $6,196,098)		6,197,166
		TOTAL INVESTMENTS — 100.0%
		(Cost $259,464,321)		267,738,592
		Liabilities in excess of other assets — (0.0)%3		(103,184	)
		TOTAL NET ASSETS — 100.0%	$	267,635,408

1	Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.
2	The rate is the annualized seven-day yield at period end.
3	Rounds to less than 0.05%.

See accompanying Notes to Schedule of Investments.

ASPIRIANT TRUST

NOTES TO THE SCHEDULES OF INVESTMENTS

November 30, 2019 (Unaudited)

1. ORGANIZATION

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

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

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

The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in underlying funds (the “Underlying Funds”) and may, to a limited extent, invest in separately managed accounts (“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, 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 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 SMAs. To achieve its investment objective, under normal market conditions, the Fund invests through 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.

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 schedules of investments. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.

(a) Securities Valuations

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

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 quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local close prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets in determining fair value as of the time each Fund calculates its net asset value (“NAV”). Foreign currency exchange rates are generally determined at the close of the NYSE.

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

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

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

(b) Fair Value Measurements and Disclosures

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

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

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

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

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

The following is a summary of the inputs used, as of November 30, 2019, 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 Stocks
Australia	$	-	$	4,223,191	$	-	$	-	$	4,223,191
Austria		-		370,057		-		-		370,057
Belgium		-		3,685,164		-		-		3,685,164
Bermuda		6,413,598		900,379		-		-		7,313,977
Brazil		1,568,198		-		-		-		1,568,198
Canada		16,213,033		-		-		-		16,213,033
Chile		1,257,391		-		-		-		1,257,391
China		706,856		2,897,942		-		-		3,604,798
Colombia		64,585		-		-		-		64,585
Curacao		7,992		-		-		-		7,992
Denmark		878,972		2,957,403		-		-		3,836,375
Finland		-		45,263		-		-		45,263
France		75,418		4,299,694		-		-		4,375,112
Germany		188,256		2,421,341		-		-		2,609,597
Guernsey		4,283,364		-		-		-		4,283,364
Hong Kong		2,630,714		16,328,406		-		-		18,959,120
India		1,744,148		-		-		-		1,744,148
Indonesia		155,727		-		-		-		155,727
Ireland		2,395,824		-		-		-		2,395,824
Israel		5,123,704		2,148,835		-		-		7,272,539
Italy		-		2,291,450		-		-		2,291,450
Japan		2,621,961		36,940,600		-		-		39,562,561
Jersey		-		1,845,399		-		-		1,845,399
Netherlands		260,976		5,827,449		-		-		6,088,425
New Zealand		-		2,338,661		-		-		2,338,661
Norway		-		2,961,108		-		-		2,961,108
Panama		56,846		-		-		-		56,846
Philippines		425,576		-		-		-		425,576
Portugal		-		410,234		-		-		410,234
Singapore		552,301		2,495,779		-		-		3,048,080
South Korea		1,113,477		-		-		-		1,113,477
Spain		-		961,810		-		-		961,810
Sweden		-		1,929,390		-		-		1,929,390
Switzerland		3,649,732		10,240,491		-		-		13,890,223
Taiwan		8,024,649		-		-		-		8,024,649
Thailand		169,349		-		-		-		169,349
United Kingdom		5,335,504		11,150,395		-		-		16,485,899
United States		181,870,864		-		-		-		181,870,864
Exchange-Traded Funds		312,696,637		-		-		-		312,696,637
Open-End Mutual Fund		247,849,639		-		-		-		247,849,639
Preferred Stock
Germany		-		2,067,541		-		-		2,067,541
Sweden		-		82,760		-		-		82,760
Private Fund		-		-		-		137,245,569		137,245,569
Short-Term Investments		154,037,514		78,204,016		-		-		232,241,530
Total Investments	$	962,372,805	$	200,024,758	$	-	$	137,245,569	$	1,299,643,132

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 November 30, 2019:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Months)	Redemption Terms
Private Funds- Long/Short Equity(a)	$	137,245,569	N/A	Indefinite	Monthly	2	N/A
	$	137,245,569	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.

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 November 30, 2019:

Private Funds	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
RIEF Strategic Partners Fund LLC	11.1%	Long/Short Equity	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of November 30, 2019, 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 Schedules of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Municipal Bonds	$	-	$	969,548,612	$	-	$	-	$	969,548,612
Closed-End Mutual Funds		8,813,674		-		-		-		8,813,674
Open-End Mutual Fund		302,952,234		-		-		-		302,952,234
Private Funds		-		-		-		201,899,654		201,899,654
Short-Term Investment		56,924,357		-		-		-		56,924,357
Total Investments	$	368,690,265	$	969,548,612	$	-	$	201,899,654	$	1,540,138,531

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 November 30, 2019:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Days)	Redemption Terms
Private Funds- Fixed Income Relative-Value(a)	$	201,899,654	N/A	Indefinite	Monthly -Quarterly	30 - 65	N/A - 25% investor level gate, if redemptions exceed 25% of total fund's assets
	$	201,899,654	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 November 30, 2019:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Mackay Municipal Opportunities Fund, LP	10.6%	Fixed Income Relative-Value	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of November 30, 2019, in valuing the Defensive Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Alternative Diversifiers	$	54,738,381	$	—	$	—	$	—	$	54,738,381
Core/Alternative Diversifiers		741,267,291		—		—		—		741,267,291
Exchange-Traded Funds:
Core Diversifiers		46,057,446		—		—		—		46,057,446
Real Asset		24,203,574		—		—		—		24,203,574
Private Funds:
Alternative Diversifier		—		—		—		113,182,416		113,182,416
Core Diversifiers		—		—		—		161,833,849		161,833,849
Short-Term Investment		202,982,149		—		—		—		202,982,149
Total Investments	$	1,069,248,841	$	—	$	—	$	275,016,265	$	1,344,265,106

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 November 30, 2019:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Business Days)	Redemption Terms
Private Funds–
Merger Arbitrage(a)	$	113,182,416	N/A	Indefinite	Daily	3	N/A
Risk Parity(b)		161,833,849	N/A	Indefinite	Monthly	5-10	N/A
	$	275,016,265	N/A

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

^(b) This category includes the funds that 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.

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 November 30, 2019:

Private Funds	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A	8.2%	Merger Arbitrage	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Daily	N/A
All Weather Portfolio Limited	9.9%	Risk Parity	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of November 30, 2019, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	247,445,411	$	—	$	—	$	247,445,411
Opportunistic		14,096,015		—		—		14,096,015
Short-Term Investment		6,197,166		—		—		6,197,166
Total Investments	$	267,738,592	$	—	$	—	$	267,738,592

3. FEDERAL INCOME TAXES

At November 30, 2019, the cost of securities on a tax basis and gross unrealized appreciation and (depreciation) on investments for federal income tax purposes were as follows:

	Equity Allocation Fund			Municipal Bond Fund			Defensive Allocation Fund			Taxable Bond Fund
Cost of investments	$	1,140,634,402		$	1,481,996,384		$	1,306,863,662		$	259,464,573
Gross unrealized appreciation	$	164,398,150		$	62,254,269		$	41,593,789		$	8,618,850
Gross unrealized depreciation		(5,389,420	)		(4,112,122	)		(4,192,345	)		(344,831	)
Net unrealized appreciation/(depreciation) on investments	$	159,008,730		$	58,142,147		$	37,401,444		$	8,274,019

The difference between cost amounts for schedule of investments and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.