Aspiriant Trust NPORT-P Aspiriant Risk-Managed Taxable Bond Fund (Jun 2020 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 25.0%
		AUSTRALIA — 0.1%
	132,009	Goodman Group - REIT	$	1,362,099
	1,818	Newcrest Mining Ltd.		40,313
				1,402,412
		BELGIUM — 0.3%
	24,886	Colruyt S.A.		1,367,721
	30,675	Proximus SADP		625,067
	11,339	UCB S.A.		1,315,851
				3,308,639
		BERMUDA — 0.5%
	34,077	Arch Capital Group Ltd.*		976,306
	5,929	Asian Growth Properties Ltd.*		77
	6,915	Credicorp Ltd.		924,328
	16,000	Dairy Farm International Holdings Ltd.		74,763
	2,589	Everest Re Group Ltd.		533,852
	28,000	Jardine Matheson Holdings Ltd.		1,170,703
	19,000	Jardine Strategic Holdings Ltd.		409,851
	38,444	Marvell Technology Group Ltd.		1,347,847
	7,321	RenaissanceRe Holdings Ltd.		1,252,111
				6,689,838
		CANADA — 0.4%
	4,984	Agnico Eagle Mines Ltd.		319,275
	1,330	Bank of Nova Scotia1		54,849
	35,975	Dollarama, Inc.		1,196,694
	21,616	Franco-Nevada Corp.1		3,018,458
	13,687	Toronto-Dominion Bank1		610,577
				5,199,853
		CAYMAN ISLANDS — 0.7%
	10,611	Alibaba Group Holding Ltd. - ADR*		2,288,793
	129,000	ANTA Sports Products Ltd.		1,147,723
	3,246	Baidu, Inc. - ADR*		389,163
	13,224	iQIYI, Inc. - ADR*		306,665
	19,943	TAL Education Group - ADR*		1,363,702
	40,500	Tencent Holdings Ltd.		2,595,155
	4,040	Tencent Holdings Ltd. - ADR		258,560
				8,349,761
		CHILE — 0.0%2
	42,388	Enel Americas S.A. - ADR1		318,334
		CHINA — 0.8%
	4,454	Bank of China Ltd. - ADR		40,977

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHINA (Continued)
	3,595,000	Bank of China Ltd. - Class H	$	1,331,707
	41,646	China Construction Bank Corp. - ADR		662,171
	3,932,000	China Construction Bank Corp. - Class H		3,198,222
	1,788,100	China Telecom Corp. Ltd.		502,272
	5,486	China Telecom Corp. Ltd. - ADR		153,992
	4,127	Industrial & Commercial Bank of China Ltd. - ADR1		49,772
	5,634,321	Industrial & Commercial Bank of China Ltd. - Class H		3,406,332
	43,200	Legend Holdings Corp. - Class H1 3		50,661
				9,396,106
		DENMARK — 0.5%
	9,221	Coloplast A/S - Class B		1,437,259
	5,130	Demant A/S* 1		135,950
	11,893	DSV PANALPINA A/S		1,460,876
	35,408	Novo Nordisk A/S - ADR		2,318,516
	7,059	Pandora A/S		385,524
				5,738,125
		FRANCE — 0.5%
	18,103	Cie Generale des Etablissements Michelin		1,886,932
	29,961	Edenred		1,314,034
	542	L'Oreal S.A.		174,929
	3,601	LVMH Moet Hennessy Louis Vuitton S.E.		1,589,825
	255	Pernod Ricard S.A.		40,154
	3,992	Ubisoft Entertainment S.A.		330,579
	15,914	Worldline S.A./France3		1,387,534
				6,723,987
		GERMANY — 0.2%
	756	Knorr-Bremse A.G.		76,723
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,255,104
	231,318	Telefonica Deutschland Holding A.G.		682,201
				2,014,028
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.1		2,697,045
		HONG KONG — 0.7%
	52	AIA Group Ltd.		487
	70,800	Bank of East Asia Ltd.		162,294
	69,500	BOC Hong Kong Holdings Ltd.		222,532
	394	China Mobile Ltd.		2,660
	956	China Unicom Hong Kong Ltd.		520
	43,000	CLP Holdings Ltd.		422,314

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		HONG KONG (Continued)
	688,800	CSPC Pharmaceutical Group Ltd.	$	1,304,509
	2,177	Hang Lung Properties Ltd. - ADR		25,732
	42,910	Hang Seng Bank Ltd.		722,702
	230,500	HK Electric Investments and HK Electric Investments Ltd. 4		239,418
	888,000	HKT Trust and HKT Ltd.4		1,303,112
	35,400	Hong Kong Exchanges & Clearing Ltd.		1,507,747
	88,000	Link REIT		722,495
	214,558	MTR Corp. Ltd.		1,115,862
	25,000	Sun Hung Kai Properties Ltd.		319,381
	3,822	Sun Hung Kai Properties Ltd. - ADR		48,616
	490	Swire Pacific Ltd. - Class A		2,604
				8,122,985
		INDIA — 0.1%
	16,368	Dr Reddy's Laboratories Ltd. - ADR		867,667
	87,492	Infosys Ltd. - ADR1		845,173
				1,712,840
		IRELAND — 0.3%
	10,964	Accenture PLC - Class A		2,354,191
	7,277	ICON PLC		1,225,883
				3,580,074
		ISRAEL — 0.2%
	2,131	Elbit Systems Ltd.		292,053
	0	Isracard Ltd.		1
	8,283	Nice Ltd. - ADR*		1,567,475
				1,859,529
		JAPAN — 2.1%
	13,200	ABC-Mart, Inc.		774,357
	35	Astellas Pharma, Inc.		585
	1,400	Bandai Namco Holdings, Inc.		73,693
	66,000	Bridgestone Corp.		2,130,180
	67	Canon, Inc.		1,337
	14,700	Denso Corp.		576,491
	3,200	FamilyMart Co., Ltd.		54,937
	15,871	FUJIFILM Holdings Corp.		679,306
	13,100	Hoya Corp.		1,254,443
	10,000	Itochu Corp.		216,378
	2,800	Itochu Techno-Solutions Corp.		105,299
	91,787	KDDI Corp.		2,738,662
	3,500	Keyence Corp.		1,466,715
	4,600	Kyocera Corp.		251,089

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	3,500	Lawson, Inc.	$	176,052
	5,000	Makita Corp.		181,822
	10,200	MEIJI Holdings Co., Ltd.		811,677
	536,800	Mizuho Financial Group, Inc.		660,288
	138,000	Nippon Steel Corp.		1,304,025
	94,152	Nippon Telegraph & Telephone Corp.		2,193,690
	66,948	Nippon Telegraph & Telephone Corp. - ADR		1,555,872
	5,800	Nissin Foods Holdings Co., Ltd.		513,879
	141,296	NTT DOCOMO, Inc.		3,751,129
	14,266	Otsuka Holdings Co., Ltd.		621,740
	4,569	Secom Co., Ltd.		400,896
	40,000	Sekisui House Ltd.		763,687
	3,600	Seven & i Holdings Co., Ltd.		117,769
	34	Shin-Etsu Chemical Co., Ltd.		3,990
	44,000	Shizuoka Bank Ltd.		283,053
	2,500	SMC Corp./Japan		1,284,803
	14,041	Suntory Beverage & Food Ltd.		547,855
	6	Toyota Motor Corp.		377
	14,500	Trend Micro, Inc.		810,325
	13	Unicharm Corp.		533
	586	Yamaguchi Financial Group, Inc.		3,601
				26,310,535
		JERSEY — 0.1%
	37,923	Experian PLC		1,331,054
		NETHERLANDS — 0.6%
	5,239	ASML Holding N.V.		1,916,495
	128,891	Koninklijke Ahold Delhaize N.V.		3,512,804
	14,012	Koninklijke Ahold Delhaize N.V. - ADR		380,594
	16,325	Wolters Kluwer N.V.		1,275,076
				7,084,969
		NEW ZEALAND — 0.0%2
	174,948	Spark New Zealand Ltd.		517,613
		NORWAY — 0.0%2
	3,840	Yara International A.S.A.		133,871
		PHILIPPINES — 0.0%2
	5,236	PLDT, Inc. - ADR1		127,811
		PORTUGAL — 0.1%
	47,545	Jeronimo Martins SGPS S.A.*		832,035

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SINGAPORE — 0.1%
	25,000	DBS Group Holdings Ltd.	$	376,171
	7,499	DBS Group Holdings Ltd. - ADR		451,065
	8,000	Keppel Corp. Ltd.		34,455
				861,691
		SOUTH KOREA — 0.1%
	16,696	POSCO - ADR		618,420
	4,334	Woori Financial Group, Inc. - ADR1		96,085
				714,505
		SPAIN — 0.1%
	25,554	Cellnex Telecom S.A.3		1,560,781
		SWEDEN — 0.0%2
	5,731	Industrivarden A.B. - A Shares*		131,073
	4,787	L E Lundbergforetagen A.B. - B Shares*		218,209
				349,282
		SWITZERLAND — 1.4%
	880	Alcon, Inc.* 1		50,442
	6,065	Garmin Ltd.		591,338
	17,952	Nestle S.A.		1,990,349
	7,504	Nestle S.A. - ADR		828,742
	18,266	Novartis A.G.		1,591,353
	4,401	Novartis A.G. - ADR		384,383
	1,896	Partners Group Holding A.G.		1,726,674
	10,586	Roche Holding A.G.		3,667,515
	25,848	Roche Holding A.G. - ADR		1,121,286
	884	Schindler Holding A.G.		209,571
	6,279	Sonova Holding A.G.		1,256,901
	7,186	Swisscom A.G.		3,768,346
	227	Zurich Insurance Group A.G.		80,433
	2,010	Zurich Insurance Group A.G. - ADR1		70,873
				17,338,206
		TAIWAN — 0.9%
	97,779	Chunghwa Telecom Co., Ltd. - ADR1		3,849,559
	116,104	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		6,591,224
	66,650	United Microelectronics Corp. - ADR		175,956
				10,616,739
		UNITED KINGDOM — 0.5%
	175,003	3i Group PLC		1,802,005
	17,531	AstraZeneca PLC		1,824,528
	51,301	Berkeley Group Holdings PLC		2,642,012

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	5,848	Burberry Group PLC	$	115,557
	5,302	RELX PLC		122,719
				6,506,821
		UNITED STATES — 13.5%
	7,682	Activision Blizzard, Inc.		583,064
	4,840	Adobe, Inc.*		2,106,900
	7,272	Adtalem Global Education, Inc.*		226,523
	12,168	Aflac, Inc.		438,413
	14,989	Agilent Technologies, Inc.		1,324,578
	1,011	Akamai Technologies, Inc.*		108,268
	796	Allstate Corp.		77,204
	2,438	Alphabet, Inc. - Class A*		3,457,206
	2,320	Alphabet, Inc. - Class C*		3,279,575
	2,030	Amazon.com, Inc.*		5,600,405
	7,842	American Electric Power Co., Inc.		624,537
	18,675	American National Insurance Co.		1,345,907
	5,614	American Tower Corp. - REIT		1,451,444
	13,446	Anthem, Inc.		3,536,029
	24,806	Apple, Inc.		9,049,229
	30,928	Ares Management Corp. - Class A		1,227,842
	45,510	AT&T, Inc.		1,375,767
	417	Atmos Energy Corp.		41,525
	18,892	Avangrid, Inc.1		793,086
	22,018	Baxter International, Inc.		1,895,750
	711	Becton, Dickinson and Co.		170,121
	2,876	Biogen, Inc.*		769,474
	1,736	Bio-Rad Laboratories, Inc. - Class A*		783,787
	23,674	Blackstone Group, Inc. - Class A		1,341,369
	11,347	CDW Corp.		1,318,294
	51,584	Cerner Corp.		3,536,083
	2,819	Charter Communications, Inc. - Class A*		1,437,803
	2,871	Chemed Corp.		1,295,022
	5,174	Church & Dwight Co., Inc.		399,950
	69,676	Ciena Corp.*		3,773,652
	28,313	Cisco Systems, Inc.		1,320,518
	2,337	Coca-Cola Co.		104,417
	3,107	Consolidated Edison, Inc.		223,487
	20,056	Corteva, Inc.		537,300
	4,571	Costco Wholesale Corp.		1,385,973
	8,596	Danaher Corp.		1,520,031
	24,020	Dolby Laboratories, Inc. - Class A		1,582,197

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	2,153	Dominion Energy, Inc.	$	174,781
	1,766	DTE Energy Co.		189,845
	10,195	Duke Energy Corp.		814,479
	17,377	Electronic Arts, Inc.*		2,294,633
	19,365	Eli Lilly & Co.		3,179,346
	5,080	EQT Corp.		60,452
	8,727	Equifax, Inc.		1,499,997
	34,795	Equity Commonwealth - REIT		1,120,399
	37,931	Evergy, Inc.		2,248,929
	9,381	Exelon Corp.		340,436
	4,786	Expeditors International of Washington, Inc.		363,927
	17,087	Facebook, Inc. - Class A*		3,879,945
	12,623	Fidelity National Information Services, Inc.		1,692,618
	2,407	First Financial Corp.		88,674
	6,043	FleetCor Technologies, Inc.*		1,519,996
	17,400	Flowers Foods, Inc.		389,064
	12,429	FMC Corp.		1,238,177
	17,572	Fortive Corp.		1,188,922
	9,235	Global Payments, Inc.		1,566,441
	1,395	Hanover Insurance Group, Inc.		141,355
	10,434	Home Depot, Inc.		2,613,821
	78,142	Hormel Foods Corp.		3,771,914
	5,450	Humana, Inc.		2,113,237
	78,520	Intel Corp.		4,697,852
	4,696	Intuit, Inc.		1,390,908
	504	Jack Henry & Associates, Inc.		92,751
	21,650	JM Smucker Co.		2,290,786
	9,344	Johnson & Johnson		1,314,047
	7,537	KLA Corp.		1,465,796
	16,873	Kroger Co.		571,151
	6,463	Lancaster Colony Corp.		1,001,700
	4,027	Lockheed Martin Corp.		1,469,533
	20,339	LogMeIn, Inc.		1,724,137
	15,340	LPL Financial Holdings, Inc.		1,202,656
	6,146	Mastercard, Inc. - Class A		1,817,372
	421	McCormick & Co., Inc.		75,532
	7,071	McDonald's Corp.		1,304,387
	8,947	Merck & Co., Inc.		691,872
	31,400	Microsoft Corp.		6,390,214
	375	Monster Beverage Corp.*		25,995
	2,858	Motorola Solutions, Inc.		400,492

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,128	National HealthCare Corp.	$	71,560
	3,732	Netflix, Inc.*		1,698,209
	20,836	Newmont Corp.		1,286,415
	211	NextEra Energy, Inc.		50,676
	1,378	NIKE, Inc. - Class B		135,113
	4,268	Northrop Grumman Corp.		1,312,154
	38	NVR, Inc.*		123,832
	318	ONE Gas, Inc.		24,502
	10,520	PayPal Holdings, Inc.*		1,832,900
	6,841	PepsiCo, Inc.		904,791
	65,139	Pfizer, Inc.		2,130,045
	14,475	Pinnacle West Capital Corp.		1,060,873
	6,463	Procter & Gamble Co.		772,781
	16,977	Progressive Corp.		1,360,027
	28,827	Public Service Enterprise Group, Inc.		1,417,135
	10,706	Republic Services, Inc.		878,427
	2,143	ResMed, Inc.		411,456
	14,616	Ross Stores, Inc.		1,245,868
	3,545	Royal Gold, Inc.		440,714
	8,773	salesforce.com, Inc.*		1,643,446
	57,659	Schneider National, Inc. - Class B		1,422,448
	5,344	Stryker Corp.		962,935
	7,363	Synopsys, Inc.*		1,435,785
	394	Target Corp.		47,252
	18,808	Teradyne, Inc.		1,589,464
	13,850	Texas Instruments, Inc.		1,758,535
	37,577	TJX Cos., Inc.		1,899,893
	28,835	Tootsie Roll Industries, Inc.1		988,175
	14,607	TransUnion		1,271,393
	17,691	Trustmark Corp.		433,783
	10,224	United States Cellular Corp.*		315,615
	7,542	UnitedHealth Group, Inc.		2,224,513
	820	Varian Medical Systems, Inc.* 1		100,466
	12,977	Verizon Communications, Inc.		715,422
	4,865	Vertex Pharmaceuticals, Inc.*		1,412,358
	15,076	Visa, Inc. - Class A1		2,912,231
	35,896	Walmart, Inc.		4,299,623
	2,132	WEC Energy Group, Inc.		186,870
	11,106	Wells Fargo & Co.		284,314

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	34,736	Werner Enterprises, Inc.	$	1,512,058
	10,910	Yum China Holdings, Inc.		524,444
				165,559,800
		TOTAL COMMON STOCKS
		(Cost $260,872,997)		306,959,269
		EXCHANGE-TRADED FUND — 10.1%
	1,415,368	iShares Edge MSCI Min Vol Global ETF1		123,957,930
		TOTAL EXCHANGE-TRADED FUND
		(Cost $117,002,425)		123,957,930
		OPEN-END MUTUAL FUNDS — 41.1%
	4,103,478	Baillie Gifford Emerging Markets Equities Fund - Class K		81,207,833
	3,875,856	GMO Emerging Markets Fund - Class VI		116,198,146
	12,807,201	GMO Quality Fund - Class VI5		307,885,121
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $457,019,496)		505,291,100
		PREFERRED STOCK — 0.0%2
		GERMANY — 0.0%2
	1,239	Porsche Automobil Holding S.E.		71,761
		TOTAL PREFERRED STOCK
		(Cost $56,592)		71,761
		PRIVATE FUND — 11.8%
		RIEF Strategic Partners Fund LLC*		144,714,707
		TOTAL PRIVATE FUND
		(Cost $154,000,000)		144,714,707
		SHORT-TERM INVESTMENTS — 15.4%
		COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 0.7%
		Collateral Investments		8,632,360

Number of Shares			Value
		SHORT-TERM INVESTMENTS (Continued)
		MONEY MARKET FUNDS — 14.7%
	180,793,660	JPMorgan Prime Money Market Fund - Institutional Shares, 0.40%6	$	180,956,374
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $189,468,063)		189,588,734
		TOTAL INVESTMENTS — 103.4%
		(Cost $1,178,419,573)		1,270,583,501
		Liabilities in excess of other assets — (3.4)%		(41,211,593	)
		TOTAL NET ASSETS — 100.0%	$	1,229,371,908

* Non-income producing security.

1 Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $8,477,880.

2 Rounds to less than 0.05%.

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

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

5 Global equity fund.

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying Notes to Schedule of Investments.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 69.1%
		ALABAMA — 1.1%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 08/3/20201 2	$	499,990
	120,000	Birmingham Airport Authority, BAM, 4.00%, 07/1/2039, Call 07/1/2030		136,397
	3,855,000	Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221		4,077,665
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		556,470
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292		930,031
	2,605,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,927,395
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/20251		1,708,395
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/20241		1,102,260
	1,710,000	0.97% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20243		1,670,738
	475,000	Tuscaloosa County Industrial Development Authority, 4.50%, 05/1/2032, Call 05/1/20294		511,917
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,429,416
				16,550,674
		ALASKA — 0.1%
	1,200,000	Alaska Industrial Development & Export Authority, 3.50%, 12/1/2020, Call 08/3/2020		1,202,328
		ARIZONA — 2.2%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043, Call 01/1/2022		1,525,440
	500,000	5.00%, 02/1/2043, Call 02/1/2023		535,480
	1,000,000	5.00%, 01/1/2044, Call 01/1/2024		1,089,300
		Arizona Industrial Development Authority
	1,180,000	4.00%, 03/1/20274		1,196,390
	530,000	5.00%, 07/1/2047, Call 07/1/20274		555,149
	2,000,000	Arizona State University, 5.00%, 07/1/2042, Call 07/1/2026		2,387,200
	230,000	Cahava Springs Revitalization District, 0.00%, 07/1/2041, Call 07/1/20274 5		177,100
		City of Mesa Utility System Revenue
	250,000	5.00%, 07/1/2034, Call 07/1/2028		317,788
	2,000,000	5.00%, 07/1/2035, Call 07/1/2029		2,584,720
		City of Phoenix Civic Improvement Corp.
	2,000,000	5.00%, 07/1/2038, Call 07/1/2028		2,516,800
	1,000,000	4.00%, 07/1/2045, Call 07/1/2029		1,039,970
	1,500,000	County of Pima, 4.00%, 07/1/2023		1,661,970
	699,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		672,878
		Industrial Development Authority of the City of Phoenix
	375,000	7.00%, 07/1/2022		375,000
	645,000	5.00%, 10/1/2036, Call 10/1/2026		716,827

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	1,000,000	5.00%, 06/1/2042, Call 06/1/2022	$	1,039,580
		Industrial Development Authority of the County of Pima
	285,000	7.00%, 01/1/2022		288,414
	500,000	6.75%, 03/1/2034, Call 03/1/2024		516,090
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224		343,754
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		1,002,800
		Maricopa County Industrial Development Authority
	500,000	2.88%, 07/1/20214		499,340
	120,000	5.00%, 07/1/2039, Call 07/1/20294		127,658
	2,000,000	Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025		2,383,300
	645,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		684,519
	5,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025		5,850,500
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,547,974
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		884,570
				33,520,511
		ARKANSAS — 0.1%
	2,250,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 4		2,246,243
		CALIFORNIA — 6.2%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		697,830
	1,000,000	Bay Area Toll Authority, 1.38% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20263		981,380
		California Community Housing Agency
	1,000,000	5.00%, 08/1/2049, Call 08/1/20294		1,073,910
	545,000	5.00%, 02/1/2050, Call 02/1/20304		587,101
		California County Tobacco Securitization Agency
	955,000	5.13%, 06/1/2038, Call 08/3/2020		955,745
	95,000	4.00%, 06/1/2049, Call 06/1/2030		104,032
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		179,640
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,592,350
	5,000,000	4.00%, 08/15/2050, Call 08/15/2030		5,776,400
		California Municipal Finance Authority
	200,000	6.63%, 01/1/2032, Call 01/1/20224 5		202,048
	500,000	7.00%, 06/1/2034, Call 06/1/2022		542,340
	500,000	5.75%, 10/1/2034, Call 10/1/2021		509,895
	905,000	5.00%, 10/1/2035, Call 10/1/2022		932,838

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	5.00%, 02/1/2037, Call 02/1/2027	$	1,151,200
	50,000	5.00%, 10/1/2039, Call 10/1/20274		51,404
	850,000	5.00%, 06/1/2046, Call 06/1/2026		926,500
	1,000,000	4.00%, 12/31/2047, Call 06/30/20282		1,067,040
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/20222 4		1,037,900
		California School Finance Authority
	700,000	5.00%, 08/1/2036, Call 08/1/20254		773,409
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,308,663
	1,000,000	5.00%, 08/1/2041, Call 08/1/20254		1,094,320
	500,000	5.00%, 10/1/2042, Call 10/1/20224		519,690
	350,000	6.75%, 11/1/2045, Call 11/1/20244		376,513
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,139,200
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		953,530
	435,000	5.25%, 12/1/2043, Call 06/1/20284		473,606
	2,005,000	5.25%, 12/1/2044, Call 12/1/2024		2,153,691
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,073,230
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		702,246
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		221,772
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		551,830
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,045,240
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20282		1,839,720
	1,000,000	5.00%, 05/15/2047, Call 05/15/20272		1,167,940
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		337,107
	1,000,000	County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028		1,195,490
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		733,929
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,334,020
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,108,130
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,060,740
	3,435,000	5.25%, 06/1/2047, Call 06/1/2022		3,494,700
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,077,640
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,119,010
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,056,030
	3,250,000	Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030		3,809,260

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021	$	530,505
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		454,137
		National City Community Development Commission
	500,000	5.75%, 08/1/2021		529,655
	500,000	7.00%, 08/1/2032, Call 08/1/2021		535,860
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		252,036
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,963,900
	1,845,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,209,572
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,120,830
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,341,860
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		795,796
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,228,050
	1,850,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,893,530
	1,000,000	San Diego Association of Governments South Bay Expressway Revenue, 5.00%, 07/1/2042, Call 07/1/2027		1,154,620
		San Francisco City & County Airport Commission-San Francisco International Airport
	2,500,000	5.00%, 05/1/2039, Call 05/1/20292		3,056,250
	2,500,000	5.00%, 05/1/2046, Call 05/1/20262		2,848,675
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,359,040
	1,000,000	San Francisco City & County Redevelopment Agency, 6.63%, 08/1/2041, Call 02/1/2021		1,036,540
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,317,371
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		310,869
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		536,430
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,135,718
		Santa Ana Financing Authority, NATL-RE
	500,000	6.25%, 07/1/2024		559,065
	500,000	6.25%, 07/1/2024		560,340
	450,000	Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021		474,629
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,093,050
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		703,679
	1,390,000	5.00%, 11/1/2033		1,794,851

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,500,000	State of California, 5.00%, 04/1/2028	$	1,972,890
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,071,140
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		106,265
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,046,490
				95,083,852
		COLORADO — 3.0%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		495,320
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		609,829
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,059,115
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		666,188
	500,000	5.00%, 12/1/2043, Call 12/1/2023		511,890
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282		2,421,140
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		559,615
	550,000	4.75%, 04/1/2030, Call 04/1/2022		566,390
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,026,270
	460,000	5.00%, 10/1/2039, Call 10/1/20274		472,912
	600,000	6.25%, 11/1/2040, Call 11/1/2020		611,784
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		111,842
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,238,960
	500,000	4.00%, 10/1/2039, Call 10/1/2024		527,825
	500,000	5.13%, 12/1/2039, Call 08/3/2020		500,170
	1,000,000	Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025		1,155,330
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		578,650
	500,000	5.00%, 06/1/2036, Call 06/1/2027		644,080
	500,000	8.00%, 08/1/2043, Call 02/1/2024		528,630
	1,295,000	5.00%, 08/1/2044, Call 08/1/2029		1,522,428
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,210,860
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		2,146,920
	500,000	Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024		535,980
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		456,690
		Denver Convention Center Hotel Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	500,000	5.00%, 12/1/2034, Call 12/1/2026	$	529,530
	550,000	5.00%, 12/1/2040, Call 12/1/2026		579,915
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,580,911
	250,000	Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020		252,345
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		517,420
		E-470 Public Highway Authority, NATL-RE
	320,000	0.00%, 09/1/2028, Call 09/1/2020		204,640
	480,000	0.00%, 09/1/2030		403,392
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,442,360
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,039,977
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		782,708
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,171,646
	3,952	Mount Carbon Metropolitan District, 7.00%, 06/1/20435		3,951
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,161,540
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,036,290
	1,080,000	Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020		1,117,519
	1,000,000	Public Authority for Colorado Energy, 6.50%, 11/15/2038		1,505,150
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		512,350
		Regional Transportation District
	1,000,000	6.00%, 01/15/2041, Call 08/3/2020		1,001,710
	4,000,000	5.00%, 11/1/2041, Call 11/1/2026		4,739,920
	289,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		286,598
	500,000	State of Colorado, 4.00%, 12/15/2039, Call 12/15/2030		601,560
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		144,815
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		594,240
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,220,420
				46,589,725
		CONNECTICUT — 0.3%
	1,685,000	City of Bridgeport , 5.00%, 06/1/2029		2,047,039
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/3/20202		458,525
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		478,815
	600,000	5.00%, 06/1/2034, Call 06/1/2030		763,578

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT (Continued)
$	90,000	Connecticut State Health & Educational Facility Authority, 5.00%, 07/1/2037, Call 07/1/2027	$	104,851
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,059,780
				4,912,588
		DELAWARE — 0.2%
		Delaware State Economic Development Authority
	1,000,000	6.75%, 09/1/2035, Call 03/1/20254		1,066,350
	900,000	5.00%, 08/1/2049, Call 08/1/2029		979,614
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,691,220
				3,737,184
		DISTRICT OF COLUMBIA — 1.3%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,106,550
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,793,355
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,492,340
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/20282		1,248,110
	1,520,000	4.00%, 10/1/2036, Call 10/1/20262		1,680,755
	1,820,000	5.00%, 10/1/2042, Call 10/1/20272		2,159,849
	655,000	5.00%, 10/1/2044, Call 10/1/20242		728,360
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		836,025
	615,000	6.50%, 10/1/2041, Call 10/1/2026		759,679
	3,130,000	4.00%, 10/1/2049, Call 10/1/2029		3,378,522
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		2,162,160
	1,000,000	Washington Convention & Sports Authority, 5.00%, 10/1/2030, Call 10/1/2027		1,103,650
				19,449,355
		FLORIDA — 4.9%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,473,373
	900,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		951,174
	845,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		864,021
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		109,413
	1,350,000	Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 08/3/2020		1,348,866
		Capital Trust Agency, Inc.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	500,000	4.38%, 06/15/20274	$	510,255
	760,000	5.35%, 07/1/2029, Call 08/3/2020		762,721
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		102,866
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		522,460
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		564,889
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,708,475
	450,000	City of Orlando FL Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		531,220
		City of Tampa
	1,000,000	5.00%, 05/1/2037, Call 05/1/2028		1,257,250
	520,000	4.00%, 07/1/2045, Call 07/1/2030		575,099
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		527,405
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252		1,139,360
	1,000,000	County of Broward Port Facilities Revenue, 4.00%, 09/1/2039, Call 09/1/20292		1,080,100
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,818,049
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,821,240
		County of Miami-Dade Aviation Revenue
	1,000,000	5.00%, 10/1/2030, Call 10/1/20242		1,125,400
	1,000,000	5.00%, 10/1/2032, Call 10/1/20242		1,117,160
	4,240,000	5.00%, 10/1/2033, Call 10/1/20242		4,722,173
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,714,810
	175,000	5.00%, 04/1/2039, Call 04/1/20294		174,144
	30,000	Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021		30,101
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		785,797
	2,000,000	7.63%, 06/15/2041, Call 06/15/2021		2,135,480
	500,000	8.50%, 06/15/2044, Call 06/15/2023		562,880
	825,000	6.13%, 06/15/2046, Call 06/15/20254		879,112
	5,000,000	6.50%, 01/1/2049, Call 08/3/20201 2 4		4,418,350
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		479,620
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,064,320
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		522,405
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20232		1,007,400
	1,665,000	5.00%, 10/1/2046, Call 10/1/20262		1,923,658

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Princiial Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026	$	1,211,590
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282		2,379,080
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,306,780
		Lake Ashton Community Development District
	105,000	5.00%, 05/1/2025		110,935
	405,000	5.00%, 05/1/2037, Call 05/1/2025		417,794
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,760,978
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		100,161
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,106,940
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		1,049,530
	2,000,000	Lee Memorial Health System, 5.00%, 04/1/2044, Call 04/1/2029		2,365,520
	880,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		921,835
		Mediterra South Community Development District
	90,000	5.10%, 05/1/2031, Call 05/1/2022		95,806
	385,000	5.00%, 05/1/2034, Call 05/1/2023		384,592
		Miami Beach Health Facilities Authority
	1,500,000	4.25%, 11/15/2034, Call 08/3/2020		1,501,755
	1,000,000	5.00%, 11/15/2039, Call 11/15/2024		1,088,970
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		677,678
	320,000	5.25%, 09/15/2044, Call 09/15/2024		341,830
	105,000	5.00%, 09/15/2044, Call 09/15/20274		114,322
		Palm Beach County Health Facilities Authority
	430,000	6.75%, 06/1/2024, Call 06/1/2022		460,939
	850,000	5.00%, 12/1/2031, Call 12/1/2024		1,019,660
	500,000	5.00%, 11/1/2043, Call 11/1/2022		523,470
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		780,727
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		822,616
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,819,830
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,195,190
		South Miami Health Facilities Authority
	900,000	5.00%, 08/15/2042, Call 08/15/2027		1,048,770
	1,650,000	5.00%, 08/15/2047, Call 08/15/2027		1,910,205
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		110,461
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,291,980

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284	$	154,678
	495,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		509,702
				75,915,370
		GEORGIA — 1.3%
		Burke County Development Authority
	1,500,000	2.05%, 10/1/20321		1,518,015
	500,000	2.25%, 10/1/20321		510,740
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,085,410
	1,000,000	3.00%, 11/1/20451		1,037,910
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		571,105
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,023,020
	130,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 08/3/2020		130,276
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,265,407
	500,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		508,205
	1,470,000	Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029		1,747,947
	665,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2038, Call 07/1/2028		794,841
	5,000,000	Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/20211		5,042,350
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,846,550
	600,000	Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/2/2020		610,026
	2,500,000	Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021		2,644,850
				20,336,652
		GUAM — 0.1%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		546,180
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,102,460
				1,648,640
		HAWAII — 0.3%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		531,300
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,474,100
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282		1,178,800
				5,184,200
		IDAHO — 0.2%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/20244		324,435

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IDAHO (Continued)
$	1,040,000	5.00%, 12/1/2047, Call 12/1/2027	$	1,237,611
		Idaho Housing & Finance Association
	250,000	6.00%, 06/1/2038, Call 08/3/2020		250,440
	370,000	6.00%, 07/1/2039, Call 07/1/20284		429,004
	415,000	6.00%, 07/1/2049, Call 07/1/20284		474,382
	565,000	6.00%, 07/1/2054, Call 07/1/20284		643,761
				3,359,633
		ILLINOIS — 7.1%
		Chicago Board of Education
	1,000,000	5.00%, 12/1/2021		1,024,450
	1,000,000	0.00%, 12/1/2022		942,020
	100,000	5.75%, 04/1/2034, Call 04/1/2027		113,119
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,155,900
	180,000	5.00%, 04/1/2037, Call 04/1/2027		192,101
	500,000	5.00%, 04/1/2038, Call 04/1/2028		536,515
	500,000	5.25%, 12/1/2039, Call 12/1/2024		519,255
	575,000	5.00%, 12/1/2042, Call 12/1/2022		583,453
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,243,923
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,241,372
		Chicago O'Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/20282		578,460
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,778,325
	680,000	Chicago Park District, 5.00%, 11/15/2024		770,318
		Chicago Transit Authority
	475,000	5.25%, 12/1/2030, Call 12/1/2021		496,166
	2,500,000	5.00%, 12/1/2046, Call 12/1/2026		2,736,925
		City of Chicago
	1,000,000	4.84%, 04/15/2028, Call 01/16/20234		1,006,130
	1,000,000	5.25%, 01/1/2035, Call 01/1/2021		1,006,380
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,071,480
	2,380,000	6.00%, 01/1/2038, Call 01/1/2027		2,690,709
	500,000	5.50%, 01/1/2040, Call 01/1/2025		531,645
	900,000	5.00%, 01/1/2041, Call 01/1/2022		962,577
	1,000,000	City of Chicago , 5.00%, 01/1/2027		1,088,920
	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024		1,009,730
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 01/1/2022		2,058,314
	665,000	5.00%, 01/1/2034, Call 01/1/2025		742,645
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,267,990
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,126,950

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
		County of Cook
$	1,000,000	5.25%, 11/15/2022, Call 11/15/2020	$	1,011,130
	2,000,000	5.25%, 11/15/2033, Call 11/15/2020		2,015,700
	1,500,000	6.75%, 10/15/2040, Call 10/15/20201		1,502,280
	1,200,000	County of Cook Sales Tax Revenue, 5.00%, 11/15/2033, Call 11/15/2027		1,409,556
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,204,340
	570,000	3.90%, 11/1/2036, Call 11/1/2027		617,099
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		786,135
	235,000	5.00%, 08/15/2026, Call 08/15/2020		236,309
	465,000	5.00%, 08/15/2026, Call 08/15/2020		467,074
	425,000	5.00%, 08/1/2027		481,925
	500,000	5.00%, 08/1/2028, Call 08/1/2027		564,950
	2,135,000	5.00%, 03/1/2031, Call 03/1/2027		2,531,363
	600,000	5.75%, 10/1/2032, Call 10/1/2022		625,656
	670,000	5.00%, 03/1/2033, Call 03/1/2027		781,635
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,182,430
	315,000	5.00%, 02/15/2034, Call 02/15/2027		379,818
	500,000	5.00%, 03/1/2034, Call 03/1/2027		579,895
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,281,760
	1,500,000	5.00%, 08/15/2035, Call 08/15/2030		1,905,765
	225,000	5.00%, 02/15/2037, Call 08/15/2027		229,988
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		2,010,931
	550,000	5.00%, 09/1/2042, Call 09/1/2024		612,656
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,132,842
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,108,610
	1,135,000	4.00%, 06/1/2047, Call 06/1/2022		1,212,600
	25,000	4.00%, 06/1/2047, Call 06/1/2022		26,709
	630,000	4.00%, 06/1/2047, Call 06/1/2022		648,982
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,051,300
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,036,360
		Illinois Sports Facilities Authority
	485,000	5.00%, 06/15/2021		494,176
	1,000,000	5.25%, 06/15/2032, Call 06/15/2024		1,091,690
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,152,510
		Metropolitan Pier & Exposition Authority
	2,355,000	5.00%, 06/15/2050, Call 12/15/2029		2,515,846
	530,000	5.00%, 06/15/2057, Call 12/15/2027		557,576
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		742,020

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	3,300,000	0.00%, 12/15/2030	$	2,288,649
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,642,816
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,193,779
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		518,360
		Railsplitter Tobacco Settlement Authority
	780,000	5.25%, 06/1/2021		811,613
	3,000,000	5.00%, 06/1/2024		3,408,630
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,109,710
		Sales Tax Securitization Corp.
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,325,780
	500,000	4.00%, 01/1/2038, Call 01/1/2030		535,420
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,218,170
		State of Illinois
	1,000,000	5.00%, 11/1/2021		1,029,960
	750,000	5.38%, 05/1/2023		797,603
	1,000,000	5.00%, 02/1/2025		1,075,960
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,590,420
	1,000,000	5.00%, 11/1/2026		1,090,640
	1,000,000	5.00%, 05/1/2028, Call 05/1/2024		1,050,020
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,838,320
	500,000	5.00%, 03/1/2037, Call 03/1/2022		508,105
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,003,760
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,550,535
	105,000	State of Illinois, AMBAC, 6.25%, 12/15/2020		106,880
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,097,000
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,668,180
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		618,044
	1,500,000	Village of Brookfield, 0.14%, 06/1/2038, Call 07/2/20201		1,500,000
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,275,250
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,075,270
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		421,751

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	250,000	0.00%, 01/1/2032	$	184,178
	830,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		770,398
				108,970,589
		INDIANA — 1.2%
	1,820,000	Ball State University, 5.00%, 07/1/2036, Call 07/1/2028		2,275,218
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222		905,490
		Indiana Finance Authority
	710,000	6.00%, 12/1/2026, Call 08/3/2020		666,569
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,601,140
	1,000,000	3.00%, 11/1/2030		1,029,030
	1,000,000	3.00%, 11/1/2030		1,029,030
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,372,540
	1,340,000	Indiana Municipal Power Agency, 5.00%, 01/1/2036, Call 07/1/2026		1,597,803
	1,000,000	Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/1/2049, Call 02/1/2029		1,234,740
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,290,456
	1,300,000	Purdue University, 0.09%, 07/1/2032, Call 07/2/20201		1,300,000
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232		527,180
				18,829,196
		IOWA — 0.4%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,044,350
	2,520,000	4.75%, 08/1/2042, Call 08/1/2022		2,550,769
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		516,205
		Iowa Tobacco Settlement Authority
	800,000	5.60%, 06/1/2034, Call 08/3/2020		811,632
	410,000	5.38%, 06/1/2038, Call 08/3/2020		415,962
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		604,025
				5,942,943
		KENTUCKY — 0.8%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		214,988
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,160,764
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,429,393
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		880,278
		Kentucky Public Energy Authority
	2,600,000	4.00%, 01/1/2049, Call 10/1/20241		2,866,006
	1,950,000	4.00%, 12/1/2049, Call 03/1/20251		2,193,438

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		KENTUCKY (Continued)
$	1,500,000	4.00%, 02/1/2050, Call 11/1/20271	$	1,754,895
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,187,840
				11,687,602
		LOUISIANA — 1.1%
	1,170,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,208,434
	500,000	Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021		507,740
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,800,765
		Louisiana Local Government Environmental Facilities & Community Development Authority
	500,000	6.50%, 11/1/2035, Call 11/1/2020		506,715
	1,205,000	5.00%, 10/1/2041, Call 10/1/2027		1,397,475
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,140,010
		Louisiana Public Facilities Authority
	1,000,000	5.00%, 12/15/2021		1,055,900
	500,000	8.13%, 12/15/2033, Call 12/15/2023		532,620
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,125,900
	885,000	6.50%, 07/1/2036, Call 07/1/20232 4		925,029
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,539,972
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		604,780
	1,500,000	5.00%, 01/1/2048, Call 01/1/20272		1,708,290
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282		1,525,797
	1,000,000	State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026		1,142,320
				16,721,747
		MAINE — 0.4%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,208,210
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,861,255
	700,000	5.00%, 07/1/2035, Call 07/1/2027		806,736
	315,000	5.00%, 07/1/2040		315,000
	105,000	5.00%, 07/1/2040		105,000
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,911,600
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 08/3/20202		500,035
				6,707,836
		MARYLAND — 1.6%
		City of Baltimore

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
$	2,500,000	5.00%, 07/1/2036, Call 01/1/2027	$	3,002,250
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,381,785
	1,000,000	5.00%, 09/1/2046, Call 09/1/2027		920,150
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,510,042
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,738,800
	4,750,000	Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/20214		4,784,485
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292		1,063,230
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,939,760
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,104,800
	160,000	4.00%, 07/1/2040, Call 07/1/2030		178,539
	500,000	5.00%, 07/1/2045, Call 07/1/2025		544,905
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2036, Call 05/1/2028		2,423,240
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,288,300
	1,000,000	5.00%, 05/1/2047, Call 05/1/2028		1,184,670
				25,064,956
		MASSACHUSETTS — 1.0%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		121,723
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,774,905
		Massachusetts Development Finance Agency
	600,000	5.00%, 07/1/2034, Call 07/1/2027		682,794
	2,000,000	5.00%, 07/1/20381		2,315,120
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,049,670
	150,000	4.00%, 06/1/2049, Call 06/1/2029		155,187
		Massachusetts Educational Financing Authority
	1,500,000	5.00%, 01/1/20212		1,524,330
	300,000	5.50%, 01/1/2022, Call 07/13/2020		300,357
	115,000	6.00%, 01/1/2028, Call 07/13/2020		115,124
	1,000,000	5.00%, 07/1/20282		1,188,360
	1,000,000	5.00%, 07/1/20292		1,199,110
	200,000	4.25%, 07/1/2046, Call 07/1/20262		209,570
	3,000,000	Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025		3,543,600
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,211,400
				15,391,250
		MICHIGAN — 2.3%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		559,855

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
		Grand Rapids Public Schools, AGM
$	1,170,000	5.00%, 05/1/2022	$	1,266,712
	685,000	5.00%, 05/1/2024		801,142
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,198,190
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		281,762
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 08/3/2020		252,115
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,674,405
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,261,462
	1,670,000	5.00%, 12/1/2032, Call 06/1/2022		1,812,618
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,883,675
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,171,950
	500,000	5.00%, 07/1/2035, Call 07/1/2025		583,085
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,062,090
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,163,380
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,777,250
	855,000	5.00%, 12/1/2048, Call 12/1/2028		1,032,481
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,647,562
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,130,330
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,591,270
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/20471		2,094,620
	925,000	Michigan State Housing Development Authority, 2.00% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/20212 3		924,852
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		253,298
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 08/3/2020		500,245
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/20252		2,307,980
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,771,380
				36,003,709
		MINNESOTA — 0.6%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		268,123
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		72,810
	3,700,000	City of Minneapolis/St Paul Housing & Redevelopment Authority, AGM, 0.12%, 08/15/2037, Call 07/2/20201		3,700,000
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,687,509
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,238,710
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,591,742

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
$	415,000	5.50%, 09/1/2043, Call 09/1/2020	$	420,117
	490,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		516,102
				9,495,113
		MISSISSIPPI — 0.0%6
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 4		511,075
		MISSOURI — 1.0%
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		771,240
	685,000	5.00%, 01/1/2032, Call 01/1/2028		869,669
	350,000	5.00%, 01/1/2034, Call 01/1/2028		439,520
	225,000	Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 08/3/2020		225,506
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		728,678
	445,000	5.00%, 10/1/2047, Call 10/1/2027		500,269
		Health & Educational Facilities Authority of the State of Missouri
	685,000	4.00%, 02/15/2039, Call 02/15/2029		782,784
	1,150,000	6.00%, 02/1/2041, Call 02/1/2021		1,171,010
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,178,190
	350,000	4.00%, 11/15/2049, Call 11/15/2027		383,604
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20292		1,182,674
	1,020,000	5.00%, 03/1/2039, Call 03/1/20292		1,224,010
	3,000,000	5.00%, 03/1/2046, Call 03/1/20292		3,545,550
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,672,692
				14,675,396
		MONTANA — 0.1%
	1,170,000	Montana Facility Finance Authority, 5.00%, 07/1/2031, Call 07/1/2028		1,422,790
		NEBRASKA — 0.3%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		2,006,700
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,675,600
	250,000	5.25%, 09/1/2037, Call 09/1/2022		268,883
				4,951,183
		NEVADA — 1.2%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		273,737
		Clark County School District, AGM
	800,000	5.00%, 06/15/2031, Call 06/15/2030		1,055,128

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
$	175,000	4.00%, 06/15/2038, Call 06/15/2030	$	203,866
		County of Clark
	2,520,000	5.00%, 6/1/2043, Call 6/1/2028		3,067,420
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,187,779
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,067,450
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,139,850
		Las Vegas Valley Water District
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,329,661
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,350,300
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		604,341
				18,279,532
		NEW HAMPSHIRE — 0.4%
	497,279	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		533,914
		New Hampshire Health and Education Facilities Authority Act
	2,000,000	5.00%, 07/1/2037, Call 07/1/2027		2,258,580
	215,000	5.00%, 08/1/2037, Call 02/1/2028		253,279
	3,000,000	5.00%, 07/1/2041, Call 01/1/2028		3,579,360
				6,625,133
		NEW JERSEY — 2.6%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		4,977,080
		New Jersey Economic Development Authority
	600,000	5.13%, 09/15/2023, Call 08/20/20222		608,706
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,600,980
	1,000,000	5.25%, 09/1/2025, Call 03/1/2021		1,022,640
	1,450,000	3.13%, 07/1/2029, Call 07/1/2027		1,445,752
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,002,460
	100,000	5.00%, 07/15/2032, Call 07/15/2027		111,673
	1,000,000	5.00%, 06/15/2033, Call 06/15/2027		1,110,590
	500,000	5.00%, 07/1/2033, Call 07/1/2027		555,515
	280,000	6.00%, 10/1/2034, Call 10/1/20244		292,093
	880,000	5.00%, 06/15/2036, Call 12/15/2026		962,104
	350,000	6.30%, 10/1/2049, Call 10/1/20244		363,661
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,093,640
		New Jersey Health Care Facilities Financing Authority
	500,000	5.75%, 07/1/2037, Call 08/3/2020		501,540
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,269,799
		New Jersey Higher Education Student Assistance Authority
	1,000,000	5.00%, 12/1/20252		1,150,110

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	1,000,000	5.00%, 12/1/2027	$	1,228,180
	500,000	5.00%, 12/1/2028, Call 06/1/20282		591,795
	855,000	4.25%, 12/1/2047, Call 12/1/20262		901,726
	1,195,000	4.00%, 12/1/2048, Call 06/1/20282		1,230,539
	4,365,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,757,850
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,241,964
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,076,310
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,234,540
	805,000	5.00%, 06/15/2044, Call 06/15/2024		844,300
	2,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282		2,150,100
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,936,218
	2,000,000	Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 12/1/20212		2,098,880
				39,360,745
		NEW MEXICO — 0.2%
	780,000	County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 08/3/20202	��	780,265
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		824,410
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,019,857
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 08/3/20204		1,048,850
				3,673,382
		NEW YORK — 4.8%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		454,037
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,293,340
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,436,080
	2,000,000	County of Suffolk, 5.00%, 03/19/2021		2,046,760
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,005,090
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,044,830
		Metropolitan Transportation Authority
	1,240,000	5.00%, 05/15/2022		1,295,279
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,282,120
	225,000	Monroe County Industrial Development Corp., 5.00%, 01/1/2040, Call 01/1/2026		205,616
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		713,954
	515,000	Nassau Health Care Corp., County Guarantee, 0.12%, 08/1/2029, Call 07/2/20201		515,000

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	1,500,000	New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 08/3/2020	$	1,500,150
	1,000,000	New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 08/3/2020		1,002,000
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,476,220
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		1,154,510
	1,000,000	4.00%, 11/1/2042, Call 05/1/2029		1,144,550
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,887,045
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,466,550
	2,025,000	5.00%, 06/15/2048, Call 12/15/2027		2,488,219
	830,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		885,726
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,351,920
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		2,075,840
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		1,038,050
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,627,215
		New York State Dormitory Authority
	1,250,000	5.00%, 10/1/2033, Call 10/1/2028		1,568,787
	1,485,000	4.00%, 07/1/2034, Call 07/1/2030		1,576,803
	5,000,000	4.00%, 02/15/2038, Call 02/15/2030		5,872,500
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,070,060
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,299,920
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,148,520
	1,000,000	5.00%, 05/1/2048, Call 11/1/20231		1,125,380
	1,500,000	New York State Environmental Facilities Corp., 4.00%, 06/15/2049, Call 06/15/2029		1,752,210
	1,000,000	New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/20242		1,084,800
	2,000,000	Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021		2,143,840
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		255,278
	500,000	5.00%, 07/1/2045, Call 07/1/2025		538,655
		Port Authority of New York & New Jersey
	590,000	5.50%, 12/1/2031, Call 12/1/2020		594,708
	1,000,000	5.00%, 09/1/2037, Call 09/1/2028		1,240,320
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		5,271,076
	265,000	6.00%, 12/1/2042, Call 12/1/2020		267,123
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,738,740

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	2,905,000	5.00%, 11/15/2049, Call 11/15/2030	$	3,645,717
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		986,897
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		815,453
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		297,122
				73,684,010
		NORTH CAROLINA — 0.2%
	2,000,000	North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022		2,148,920
	500,000	University of North Carolina at Chapel Hill, 0.10%, 12/1/2025, Call 08/3/20201		500,000
				2,648,920
		NORTH DAKOTA — 0.2%
	800,000	County of Burleigh, 4.38%, 04/15/2026		809,960
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,110,660
				2,920,620
		OHIO — 1.5%
		Buckeye Tobacco Settlement Financing Authority
	990,000	4.00%, 06/1/2048, Call 06/1/2030		1,071,685
	2,000,000	5.00%, 06/1/2055, Call 06/1/2030		2,109,280
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		957,570
	830,000	City of Akron, 5.00%, 12/1/2026		946,881
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		428,440
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		808,882
	2,000,000	County of Hamilton, 5.00%, 09/15/2045, Call 03/15/2030		2,393,740
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		521,040
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,821,653
	2,000,000	Ohio State University, 0.10%, 06/1/2035, Call 08/3/20201		2,000,000
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,238,721
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,852,650
	750,000	Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/20331		750,000
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,053,060
	2,395,000	State of Ohio, 4.00%, 01/15/2039, Call 01/15/2030		2,682,711
				23,636,313
		OKLAHOMA — 0.5%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,102,084

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA (Continued)
$	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026	$	1,218,950
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,209,728
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282		1,183,490
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,162,640
				6,876,892
		OREGON — 0.2%
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,103,080
	765,000	5.00%, 10/1/2046, Call 10/1/2026		870,478
		Port of Portland Airport Revenue
	450,000	4.00%, 07/1/2040, Call 07/1/2030		514,449
	1,000,000	5.00%, 07/1/2044, Call 07/1/20292		1,203,510
				3,691,517
		PENNSYLVANIA — 3.2%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		318,216
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		99,055
	450,000	Berks County Industrial Development Authority, 5.00%, 05/15/2032, Call 05/15/2027		471,267
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		106,974
	780,000	5.38%, 10/15/2042, Call 10/15/2022		798,190
		City of Philadelphia Airport Revenue
	1,000,000	5.00%, 06/15/2027, Call 06/15/20212		1,035,300
	1,000,000	5.25%, 06/15/2028, Call 08/3/20202		1,007,530
	1,125,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		1,223,111
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,228,270
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,216,320
	2,180,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,586,374
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		447,272
	1,000,000	Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028		1,295,110
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		291,018
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,051,540
	2,000,000	Manheim Township School District, 0.54% (1-Month USD Libor+ 42 basis points), 11/1/20213		1,986,060

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
		Montgomery County Higher Education & Health Authority
$	365,000	4.00%, 09/1/2036, Call 09/1/2029	$	403,405
	650,000	5.00%, 09/1/2037, Call 09/1/2028		779,467
		Montgomery County Industrial Development Authority
	290,000	5.00%, 08/1/2024, Call 08/1/2020		291,125
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,156,287
	400,000	5.00%, 11/15/2029, Call 05/15/2022		419,940
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,763,385
	1,580,000	North Pocono School District, AGM SAW, 4.00%, 09/15/2028		1,862,299
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/2025		203,797
	300,000	10.00%, 12/1/2040, Call 06/1/20304		312,378
	300,000	10.00%, 12/1/2040, Call 06/1/20302 4		312,171
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		1,100,830
		Pennsylvania Higher Educational Facilities Authority
	1,000,000	5.00%, 08/15/2027		1,254,990
	600,000	5.80%, 07/1/2030		600,000
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,137,820
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,339,580
	500,000	5.00%, 12/1/2041, Call 06/1/2026		572,020
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,380,000
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,164,730
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		977,293
	500,000	8.00%, 01/1/2033, Call 01/1/2023		545,715
	500,000	6.88%, 06/15/2033, Call 06/15/2023		541,825
	850,000	4.00%, 11/1/2037, Call 11/1/2029		932,883
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,027,310
	3,500,000	0.82%, 09/1/2050, Call 08/3/20201		3,500,000
	440,000	Quakertown General Authority, 4.00%, 07/1/2022		427,918
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,178,700
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		984,250
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,604,746
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,305,917
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282		293,892

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026	$	605,615
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		551,060
				49,692,955
		PUERTO RICO — 0.1%
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		1,572,075
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,678,338
		Rhode Island Health & Educational Building Corp.
	1,000,000	6.00%, 09/1/2033, Call 09/1/2023		1,174,500
	1,000,000	8.38%, 01/1/2046, Call 01/1/2021		1,039,990
				3,892,828
		SOUTH CAROLINA — 1.1%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,121,000
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,289,240
	2,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231		2,747,750
		South Carolina Jobs-Economic Development Authority
	500,000	6.00%, 02/1/2035, Call 02/1/20232 4		420,105
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,186,890
	1,000,000	South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021		1,062,330
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282		2,368,080
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		815,235
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,157,587
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,457,170
				16,625,387
		SOUTH DAKOTA — 0.1%
		South Dakota Health & Educational Facilities Authority
	555,000	5.00%, 09/1/2040, Call 09/1/2027		654,301
	1,235,000	5.00%, 11/1/2045, Call 11/1/2025		1,392,536
				2,046,837
		TENNESSEE — 0.6%
		Chattanooga-Hamilton County Hospital Authority
	500,000	5.00%, 10/1/2034, Call 10/1/2024		521,540
	1,220,000	5.00%, 10/1/2044, Call 10/1/2024		1,236,653

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE (Continued)
		Johnson City Health & Educational Facilities Board
$	500,000	6.50%, 07/1/2038	$	500,000
	2,000,000	5.00%, 08/15/2042, Call 08/15/2022		2,098,520
		Knox County Health Educational & Housing Facility Board
	365,000	5.25%, 05/1/2025, Call 11/1/20244 5		295,081
	45,000	6.00%, 05/1/2034, Call 11/1/20244 5		36,594
		Tennessee Energy Acquisition Corp.
	1,055,000	5.00%, 02/1/2025		1,199,640
	1,000,000	5.63%, 09/1/2026		1,203,260
	1,000,000	4.00%, 05/1/2048, Call 02/1/20231		1,076,880
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,699,950
				9,868,118
		TEXAS — 6.6%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		86,267
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		321,318
		Central Texas Regional Mobility Authority
	500,000	6.75%, 01/1/2041, Call 01/1/2021		515,885
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,240,400
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,311,700
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/20262		1,171,800
	2,250,000	5.00%, 11/15/2044, Call 11/15/20242		2,487,960
	1,000,000	5.00%, 11/15/2048, Call 11/15/20292		1,203,550
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,209,830
	1,500,000	City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026		1,844,145
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		276,760
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,172,550
	750,000	City of Houston Airport System Revenue, 5.00%, 07/15/2035, Call 07/15/20252		758,963
	500,000	City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021		508,790
	1,450,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224		1,459,918
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		945,022
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		525,265
	100,000	4.40%, 12/1/2047, Call 12/1/2022		100,938
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,535,280
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,473,150
	3,000,000	Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/20212		3,120,960

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023	$	1,181,030
	315,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		347,473
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,242,205
	3,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		3,730,260
		Harris County Cultural Education Facilities Finance Corp.
	1,000,000	5.00%, 11/15/2022		1,107,160
	3,000,000	4.00%, 10/1/2036, Call 10/1/2029		3,543,150
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,359,794
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		539,567
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/20212 4		525,270
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		540,294
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		894,470
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,062,592
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		431,160
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,620,495
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,489,564
	830,000 NN	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		846,675
	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024		1,236,018
	810,000	Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 07/23/20201		810,373
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,140,790
	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		1,041,920
	290,000	5.50%, 08/1/2027		354,470
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		2,058,402
	1,000,000	San Antonio Water System, 2.00%, 05/1/2043, Call 11/1/20211		1,019,190
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,448,700
	2,500,000	5.00%, 10/1/2036, Call 10/1/2025		2,993,700
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,081,360
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,187,840
	1,430,000	5.00%, 07/1/2043, Call 01/1/2029		1,715,642

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025	$	1,635,520
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		656,848
	2,145,000	6.25%, 12/15/2026		2,494,721
		Texas Municipal Gas Acquisition & Supply Corp. III
	500,000	5.00%, 12/15/2028, Call 12/15/2022		535,255
	500,000	5.00%, 12/15/2031, Call 12/15/2022		531,505
		Texas Private Activity Bond Surface Transportation Corp.
	1,000,000	7.50%, 06/30/2032, Call 08/3/2020		1,005,940
	500,000	4.00%, 12/31/2037, Call 12/31/2029		551,405
	1,345,000	7.00%, 06/30/2040, Call 08/3/2020		1,352,438
	1,110,000	5.00%, 12/31/2040, Call 12/31/20252		1,169,207
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,804,400
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		474,019
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,767,690
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,452,560
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,885,854
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,260,650
		Town of Westlake
	375,000	5.50%, 09/1/2025		376,995
	200,000	6.13%, 09/1/2035, Call 09/1/2025		198,424
	1,200,000	Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026		1,364,028
				100,999,974
		UTAH — 0.8%
		County of Utah
	200,000	5.00%, 05/15/2036, Call 05/15/2028		249,390
	3,000,000	5.00%, 05/15/2043, Call 05/15/2021		3,089,130
		Salt Lake City Corp. Airport Revenue
	1,200,000	5.00%, 07/1/20262		1,456,992
	1,000,000	5.25%, 07/1/2048, Call 07/1/20282		1,199,210
		Utah Charter School Finance Authority
	100,000	3.63%, 06/15/20214		100,638
	1,200,000	4.50%, 07/15/20274		1,221,996
	500,000	5.38%, 06/15/2048, Call 06/15/20274		536,530
	4,000,000	Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/20211		4,033,880
				11,887,766

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VERMONT — 0.1%
$	500,000	Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021	$	514,515
	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/20222		1,486,058
				2,000,573
		VIRGINIA — 1.2%
	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		2,160,000
	1,000,000	5.00%, 07/1/2046, Call 07/1/2026		1,086,580
	1,420,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 08/3/20202 4		1,424,700
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,582,960
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,255,850
		Roanoke Economic Development Authority, AGM
	5,000	5.00%, 07/1/20381		5,000
	245,000	5.00%, 07/1/2038		245,000
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,295,700
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,894,650
		Virginia Small Business Financing Authority
	500,000	6.00%, 01/1/2037, Call 07/1/20222		531,000
	130,000	5.50%, 01/1/2042, Call 07/1/20222		136,197
	2,000,000	5.00%, 07/1/2049, Call 01/1/20222		2,056,360
	2,250,000	5.00%, 12/31/2052, Call 06/30/20272		2,488,635
				18,591,632
		WASHINGTON — 2.8%
	1,000,000	City of Seattle WA Municipal Light & Power Revenue, 4.00%, 09/1/2040, Call 09/1/2024		1,099,320
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,367,180
		County of King Sewer Revenue
	1,750,000	2.60%, 01/1/2043, Call 03/1/20211		1,771,630
	1,500,000	5.00%, 07/1/2047, Call 01/1/2025		1,751,325
	2,000,000	Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028		2,589,420
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		728,004
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,026,380
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,622,272
		King County School District No. 406 Tukwila, School Bond Gty

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	2,190,000	4.00%, 12/1/2030, Call 06/1/2026	$	2,539,239
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,794,468
	155,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		191,650
	1,500,000	Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20292		1,774,140
		State of Washington
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,245,280
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,783,074
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,198,070
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,047,394
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,143,519
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,875,270
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/20/2020		194,912
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		537,590
	190,000	5.00%, 10/1/2032, Call 10/1/2028		239,134
	1,000,000	5.00%, 08/15/2037, Call 02/15/2028		1,197,200
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,052,542
	500,000	5.00%, 08/1/2038, Call 08/1/2029		596,280
	2,500,000	1.22% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/20223		2,499,425
	525,000	Washington Higher Education Facilities Authority, 4.00%, 05/1/2045, Call 05/1/2030		578,576
		Washington State Convention Center Public Facilities District
	1,000,000	5.00%, 07/1/2043, Call 07/1/2028		1,109,840
	1,250,000	5.00%, 07/1/2058, Call 07/1/2028		1,370,475
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,207,610
				43,131,219
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,032,420
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,262,930
				2,295,350
		WISCONSIN — 1.0%
		Public Finance Authority
	775,000	5.00%, 07/1/20222		794,786
	1,000,000	4.00%, 07/1/2027, Call 07/1/2024		1,059,620
	500,000	5.75%, 02/1/2035, Call 02/1/2025		507,195
	880,000	5.00%, 06/15/2037, Call 06/15/20244		894,793
	535,000	5.00%, 07/1/2037, Call 07/1/2024		572,065
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		879,800

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	500,000	5.00%, 06/15/2039, Call 06/15/20264	$	510,040
	500,000	5.75%, 04/1/2042, Call 04/1/2022		509,005
	1,000,000	5.00%, 07/1/2042, Call 07/1/20222		1,022,650
	165,000	6.00%, 07/15/2042, Call 07/15/2022		172,321
	450,000	5.50%, 03/1/2045, Call 03/1/20254		464,319
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,019,370
	345,000	6.38%, 01/1/2048, Call 01/1/20284		299,253
	194,116	3.75%, 07/1/2051, Call 03/15/20281 4 5		123,077
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		171
	7,085	0.00%, 01/1/20474 5		162
	7,034	0.00%, 01/1/20484 5		159
	6,984	0.00%, 01/1/20494 5		154
	6,882	0.00%, 01/1/20504 5		146
	7,540	0.00%, 01/1/20514 5		156
	7,490	0.00%, 01/1/20524 5		149
	7,388	0.00%, 01/1/20534 5		144
	7,338	0.00%, 01/1/20544 5		139
	7,237	0.00%, 01/1/20554 5		134
	7,135	0.00%, 01/1/20564 5		129
	7,085	0.00%, 01/1/20574 5		125
	6,984	0.00%, 01/1/20584 5		120
	6,933	0.00%, 01/1/20594 5		117
	6,882	0.00%, 01/1/20604 5		112
	6,781	0.00%, 01/1/20614 5		107
	6,730	0.00%, 01/1/20624 5		103
	6,629	0.00%, 01/1/20634 5		99
	6,579	0.00%, 01/1/20644 5		96
	6,528	0.00%, 01/1/20654 5		92
	6,427	0.00%, 01/1/20664 5		86
	83,706	0.00%, 01/1/20674 5		1,039
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,504,530
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,143,410
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,620,580
	400,000	Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020		402,464
				15,503,017
		TOTAL MUNICIPAL BONDS
		(Cost $1,016,827,984)		1,065,617,135

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

Principal Amount			Value
		COMMON STOCK — 0.1%
	32,171	Energy Harbor Corp.*	$	1,045,558
		TOTAL COMMON STOCK
		(Cost $965,130)		1,045,558

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.5%
	8,184	BlackRock Long-Term Municipal Advantage Trust	$	96,980
	53,753	BlackRock MuniVest Fund, Inc.		451,525
	31,817	BlackRock MuniYield Quality Fund, Inc.		479,164
	72,299	BNY Mellon Municipal Income, Inc.		601,528
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		922,600
	30,359	BNY Mellon Strategic Municipals, Inc.		235,586
	23,539	DTF Tax-Free Income, Inc.		334,725
	87,593	DWS Municipal Income Trust		946,004
	17,462	Invesco Advantage Municipal Income Trust II		182,652
	17,008	Invesco Municipal Opportunity Trust		201,715
	23,118	Invesco Municipal Trust		271,868
	11,819	Invesco Trust for Investment Grade Municipals		142,301
	8,572	Neuberger Berman Municipal Fund, Inc.		118,979
	37,184	Pioneer Municipal High Income Advantage Trust		390,804
	123,034	Pioneer Municipal High Income Trust		1,389,054
	108,960	Western Asset Managed Municipals Fund, Inc.		1,308,610
	8,866	Western Asset Municipal Partners Fund, Inc.		125,454
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,138,880)		8,199,549
		OPEN-END MUTUAL FUND — 14.9%
	15,802,468	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		230,716,033
		TOTAL OPEN-END MUTUAL FUND
		(Cost $222,099,418)		230,716,033
		PRIVATE FUNDS — 13.0%
		MacKay Municipal Credit Opportunities Fund, LP*		35,975,002
		MacKay Municipal Opportunities Fund, LP*		163,888,760
		TOTAL PRIVATE FUNDS
		(Cost $175,000,000)		199,863,762
		SHORT-TERM INVESTMENT — 2.1%
	31,938,018	JPMorgan Prime Money Market Fund - Institutional Shares, 0.40%7		31,966,762
		TOTAL SHORT-TERM INVESTMENT
		(Cost $31,938,783)		31,966,762

Number of Shares		Value
	TOTAL INVESTMENTS — 99.7%
	(Cost $1,455,970,195)		1,537,408,799
	Other assets less liabilities — 0.3%		5,263,455
	TOTAL NET ASSETS — 100.0%	$	1,542,672,254

* 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

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 June 30, 2020 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 53.9%
		ALTERNATIVE DIVERSIFIERS — 4.2%
	2,736,033	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	28,646,266
	855,877	GMO SGM Major Markets Fund - Class VI		27,507,876
				56,154,142
		CORE/ALTERNATIVE DIVERSIFIERS — 49.7%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV1		359,432,077
	1,041,050	GMO Global Asset Allocation Fund - Class III		32,376,665
	14,460,169	JPMorgan Global Allocation Fund - Class R6		267,657,731
				659,466,473
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $732,710,640)		715,620,615
		EXCHANGE-TRADED FUND — 10.0%
		REAL ASSET — 10.0%
	7,858,569	iShares Gold Trust*		133,517,087
		TOTAL EXCHANGE-TRADED FUND
		(Cost $119,999,514)		133,517,087
		PRIVATE FUNDS — 21.9%
		ALTERNATIVE DIVERSIFIERS — 10.9%
		Elliott Associates, LP - Class C*		3,578,674
		Millennium International, Ltd. - Class GG*		27,572,527
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A*		114,267,579
				145,418,780
		CORE DIVERSIFIERS — 11.0%
		All Weather Portfolio Limited*		134,126,523
		D. E. Shaw Orienteer International Fund, LP*		11,340,381
				145,466,904
		TOTAL PRIVATE FUNDS
		(Cost $273,117,934)		290,885,684
		SHORT-TERM INVESTMENT — 14.2%
	188,632,098	JPMorgan Prime Money Market Fund - Institutional Shares, 0.40%2		188,801,867
		TOTAL SHORT-TERM INVESTMENT
		(Cost $188,712,675)		188,801,867
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,314,540,763)		1,328,825,253
		Liabilities in excess of other assets — (0.0)%3		(459,684	)
		TOTAL NET ASSETS — 100.0%	$	1,328,365,569

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2020 (Unaudited)

* 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.

³ Rounds to less than 0.05%.

LP — Limited Partnership

See accompanying Notes to Schedule of Investments.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2020 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 97.7%
		CORE — 94.4%
	6,238,729	DoubleLine Total Return Bond Fund - I Class	$	66,879,173
	11,119,493	MetWest Total Return Bond Fund - Plan Class1		120,535,310
	3,653,969	PIMCO Income Fund - Institutional Class		42,020,641
	5,229,060	Vanguard Total Bond Market Index Fund - Institutional Class		60,709,386
				290,144,510
		OPPORTUNISTIC — 3.3%
	261,055	GMO Emerging Country Debt Fund - Class IV		6,808,309
	603,475	Vanguard High-Yield Corporate Fund - Admiral Shares		3,385,494
				10,193,803
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $287,433,620)		300,338,313
		SHORT-TERM INVESTMENT — 2.3%
	7,248,417	JPMorgan Prime Money Market Fund - Institutional Shares, 0.40%2		7,254,940
		TOTAL SHORT-TERM INVESTMENT
		(Cost $7,247,113)		7,254,940
		TOTAL INVESTMENTS — 100.0%
		(Cost $294,680,733)		307,593,253
		Liabilities in excess of other assets — (0.0)%3		(78,918	)
		TOTAL NET ASSETS — 100.0%	$	307,514,335

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

June 30, 2020 (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.

Effective March 1, 2020, the fiscal year end of the Funds has been changed from February 28 to March 31 as approved by the Board on November 7, 2019.

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

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

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

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

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

The Trust measures the fair value of its investments in private funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV 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 June 30, 2020, 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	$	-	$	1,402,412	$	-	$	-	$	1,402,412
Belgium		-		3,308,639		-		-		3,308,639
Bermuda		5,034,444		1,655,394		-		-		6,689,838
Canada		5,199,853		-		-		-		5,199,853
Cayman Islands		4,606,883		3,742,878		-		-		8,349,761
Chile		318,334		-		-		-		318,334
China		906,912		8,489,194		-		-		9,396,106
Denmark		2,318,516		3,419,609		-		-		5,738,125
France		-		6,723,987		-		-		6,723,987
Germany		-		2,014,028		-		-		2,014,028
Guernsey		2,697,045		-		-		-		2,697,045
Hong Kong		74,348		8,048,637		-		-		8,122,985
India		1,712,840		-		-		-		1,712,840
Ireland		3,580,074		-		-		-		3,580,074
Israel		1,859,528		1		-		-		1,859,529
Japan		1,555,872		24,754,663		-		-		26,310,535
Jersey		-		1,331,054		-		-		1,331,054
Netherlands		380,594		6,704,375		-		-		7,084,969
New Zealand		-		517,613		-		-		517,613
Norway		-		133,871		-		-		133,871
Philippines		127,811		-		-		-		127,811
Portugal		-		832,035		-		-		832,035
Singapore		451,065		410,626		-		-		861,691
South Korea		714,505		-		-		-		714,505
Spain		-		1,560,781		-		-		1,560,781
Sweden		-		349,282		-		-		349,282
Switzerland		3,047,064		14,291,142		-		-		17,338,206
Taiwan		10,616,739		-		-		-		10,616,739
United Kingdom		-		6,506,821		-		-		6,506,821
United States		165,559,800		-		-		-		165,559,800
Exchange-Traded Fund		123,957,930		-		-		-		123,957,930

Open-End Mutual Funds		505,291,100		-		-		-		505,291,100
Preferred Stock
Germany		-		71,761		-		-		71,761
Private Fund		-		-		-		144,714,707		144,714,707
Short-Term Investments		180,956,374		8,632,360		-		-		189,588,734
Total Investments	$	1,020,967,631	$	104,901,163	$	-	$	144,714,707	$	1,270,583,501

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 June 30, 2020:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Months)		Redemption Terms
Private Funds- Long/Short Equity(a)	$	144,714,707	N/A	Indefinite	Monthly		2	N/A
	$	144,714,707	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 June 30, 2020:

Private Funds	Fair Value as % of Net Assets			Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
RIEF Strategic Partners Fund LLC		11.8	%	Long/Short Equity	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of June 30, 2020, 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	$	-	$	1,065,617,135	$	-	$	-	$	1,065,617,135
Common Stock		1,045,558		-		-		-		1,045,558

Closed-End Mutual Funds		8,199,549		-		-		-		8,199,549
Open-End Mutual Fund		230,716,033		-		-		-		230,716,033
Private Funds		-		-		-		199,863,762		199,863,762
Short-Term Investment		31,966,762		-		-		-		31,966,762
Total Investments	$	271,927,902	$	1,065,617,135	$	-	$	199,863,762	$	1,537,408,799

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 June 30, 2020:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Days)	Redemption Terms
Private Funds- Fixed Income Relative-Value(a)	$	199,863,762	N/A	Indefinite	Monthly -Quarterly	30 - 65	N/A - 25% investor level gate, if redemptions exceed 25% of total fund's assets
	$	199,863,762	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 June 30, 2020:

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 June 30, 2020, 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	$	56,154,142	$	—	$	—	$	—	$	56,154,142
Core/Alternative Diversifiers		659,466,473		—		—		—		659,466,473
Exchange-Traded Fund:
Real Asset		133,517,087		—		—		—		133,517,087
Private Funds:
Alternative Diversifiers		—		—		—		145,418,780		145,418,780
Core Diversifiers		—		—		—		145,466,904		145,466,904
Short-Term Investment		188,801,867		—		—		—		188,801,867
Total Investments	$	1,037,939,569	$	—	$	—	$	290,885,684	$	1,328,825,253

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 June 30, 2020:

Investment Category	Fair Value		Unfunded Commitments		Remaining Life	Redemption Frequency	Notice Period	Redemption Terms
Private Funds –
Merger Arbitrage (a)	$	114,267,579		N/A	Indefinite	Daily	3 business days	N/A
Multi-Strategy (b)		31,151,201	$	31,651,200	Indefinite	Quarterly-Semi-annual	60-90 calendar days	1) 0%-20% fund-level gate.   2) 5%-12.5% investor-level gate per cycle.   3) Commitment lock-up of the earlier of (a) July 1, 2022 or (b) the date that is six months after the call date on which the commitment is fully drawn.
Risk Parity (c)		145,466,904		N/A	Indefinite	Monthly	5-10 business days	N/A
	$	290,885,684	$	31,651,200

(a)	This category includes the funds that primarily focus on definitive merger arbitrage opportunities and aim to capture idiosyncratic spread returns by investing in securities of, and financial instruments relating to, companies subject to publicly announced mergers and acquisitions.
(b)	This category includes the funds that intend to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies.

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

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 June 30, 2020:

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		8.6	%	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		10.1	%	Risk Parity	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of June 30, 2020, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	290,144,510	$	—	$	—	$	290,144,510
Opportunistic		10,193,803		—		—		10,193,803
Short-Term Investment		7,254,940		—		—		7,254,940
Total Investments	$	307,593,253	$	—	$	—	$	307,593,253

3. FEDERAL INCOME TAXES

At June 30, 2020, 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.