Aspiriant Trust NPORT-P Aspiriant Risk-Managed Equity Allocation Fund (Dec 2020 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 25.4%
		AUSTRALIA — 0.1%
	109,513	Goodman Group - REIT	$	1,600,803
	1,818	Newcrest Mining Ltd.		36,283
				1,637,086
		BELGIUM — 0.2%
	17,094	Colruyt S.A.		1,009,751
	5,566	Proximus SADP		109,947
	11,339	UCB S.A.		1,171,289
				2,290,987
		BERMUDA — 0.5%
	34,077	Arch Capital Group Ltd.*		1,229,157
	2,589	Everest Re Group Ltd.		606,059
	106,265	Hongkong Land Holdings Ltd.		438,892
	18,282	IHS Markit Ltd.		1,642,272
	10,000	Jardine Matheson Holdings Ltd.		559,381
	14,000	Jardine Strategic Holdings Ltd.		347,997
	36,716	Marvell Technology Group Ltd.		1,745,479
	7,321	RenaissanceRe Holdings Ltd.		1,213,968
				7,783,205
		CANADA — 0.4%
	4,984	Agnico Eagle Mines Ltd.		351,422
	10,151	Bank of Nova Scotia1		548,560
	38,848	Dollarama, Inc.1		1,583,341
	21,616	Franco-Nevada Corp.		2,709,133
	4,459	Toronto-Dominion Bank		251,577
				5,444,033
		CAYMAN ISLANDS — 1.2%
	18,199	Alibaba Group Holding Ltd. - ADR*		4,235,454
	138,306	ANTA Sports Products Ltd.		2,194,517
	3,833	Autohome, Inc. - ADR1		381,843
	2,291	Baidu, Inc. - ADR*		495,406
	15,000	CK Hutchison Holdings Ltd.		104,728
	82,000	Haitian International Holdings Ltd.		283,523
	36,000	Hengan International Group Co., Ltd.		254,901
	35,639	Huazhu Group Ltd. - ADR1		1,604,824
	164,500	Kingboard Holdings Ltd.		694,059
	3,466	Noah Holdings Ltd. - ADR* 1		165,709
	23,273	StoneCo Ltd. - Class A*		1,953,070
	21,993	TAL Education Group - ADR*		1,572,719
	40,850	Tencent Holdings Ltd.		2,939,313
	22,545	Tencent Holdings Ltd. - ADR		1,620,760

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CAYMAN ISLANDS (Continued)
	84,000	Tingyi Cayman Islands Holding Corp.	$	143,683
	4,598	Vipshop Holdings Ltd. - ADR*		129,250
				18,773,759
		CHILE — 0.0%2
	42,388	Enel Americas S.A. - ADR1		348,429
		CHINA — 0.5%
	29,831	China Construction Bank Corp. - ADR		448,062
	925,380	China Construction Bank Corp. - Class H		697,995
	175,500	China Merchants Bank Co., Ltd. - Class H		1,110,221
	238,000	China Shenhua Energy Co., Ltd.		448,627
	1,416,100	China Telecom Corp. Ltd.1		390,643
	3,983	China Telecom Corp. Ltd. - ADR		109,732
	106,000	Dongfeng Motor Group Co., Ltd.		123,864
	22,000	Fuyao Glass Industry Group Co., Ltd.		121,094
	2,338,000	Industrial & Commercial Bank of China Ltd. - Class H		1,502,141
	188,000	Jiangsu Expressway Co., Ltd. - Class H		210,278
	6,000	Kweichow Moutai Co., Ltd.		1,833,592
	43,200	Legend Holdings Corp. - Class H1 3		56,749
	32,700	Zhuzhou CRRC Times Electric Co., Ltd. - Class H		142,887
				7,195,885
		DENMARK — 0.4%
	9,221	Coloplast A/S - Class B		1,410,157
	5,130	Demant A/S*		202,766
	10,181	DSV PANALPINA A/S		1,711,037
	35,408	Novo Nordisk A/S - ADR		2,473,249
	1,949	Novozymes A/S		111,015
	7,059	Pandora A/S		790,028
				6,698,252
		FINLAND — 0.1%
	7,117	Elisa OYJ		390,149
	7,026	Kone Oyj - Class B		572,479
	2,405	Orion Oyj - Class B		110,474
	3,520	UPM-Kymmene Oyj		131,267
				1,204,369
		FRANCE — 0.7%
	18,103	Cie Generale des Etablissements Michelin		2,330,885
	27,663	Edenred		1,571,016
	114	Hermes International		122,582
	2,367	Kering S.A.		1,717,812

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FRANCE (Continued)
	1,216	L'Oreal S.A.	$	463,968
	255	Pernod Ricard S.A.		48,972
	14,426	Safran S.A.*		2,044,653
	3,992	Ubisoft Entertainment S.A.*		384,703
	18,171	Worldline S.A./France* 3		1,765,279
				10,449,870
		GERMANY — 0.3%
	1,153	Beiersdorf A.G.		132,548
	55,595	Commerzbank A.G.*		359,281
	1,214	Henkel A.G. & Co.		116,982
	43,702	Infineon Technologies A.G.		1,668,919
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,432,149
	917	Symrise A.G.		121,909
	41,396	Telefonica Deutschland Holding A.G.		114,016
				3,945,804
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.		3,142,270
		HONG KONG — 0.7%
	83,800	Bank of East Asia Ltd.		179,271
	32,000	Beijing Enterprises Holdings Ltd.		104,504
	41,846	BOC Hong Kong Holdings Ltd.		126,845
	476,000	China Merchants Port Holdings Co., Ltd.		582,657
	232,956	China Unicom Hong Kong Ltd.		132,896
	96,500	CLP Holdings Ltd.		892,301
	64,000	Guangdong Investment Ltd.		115,372
	2,177	Hang Lung Properties Ltd. - ADR		28,671
	44,210	Hang Seng Bank Ltd.		762,979
	185,000	Henderson Land Development Co., Ltd.		718,661
	618,000	HK Electric Investments and HK Electric Investments Ltd.4		608,233
	888,000	HKT Trust and HKT Ltd.4		1,151,674
	33,200	Hong Kong Exchanges & Clearing Ltd.		1,821,077
	13,500	Link REIT		122,604
	155,058	MTR Corp. Ltd.		867,183
	226,000	Power Assets Holdings Ltd.		1,223,933
	149,500	Sun Art Retail Group Ltd.1		152,098
	25,000	Sun Hung Kai Properties Ltd.		319,725
	284,400	Swire Properties Ltd.		826,874
				10,737,558

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDIA — 0.2%
	16,368	Dr Reddy's Laboratories Ltd. - ADR1	$	1,166,875
	87,492	Infosys Ltd. - ADR		1,482,989
				2,649,864
		IRELAND — 0.4%
	5,404	Accenture PLC - Class A		1,411,579
	6,808	Flutter Entertainment PLC*		1,408,306
	7,474	ICON PLC*		1,457,281
	1,301	Linde PLC		342,826
	11,250	Trane Technologies PLC		1,633,050
				6,253,042
		ISRAEL — 0.2%
	2,131	Elbit Systems Ltd.		278,735
	8,283	Nice Ltd. - ADR*,1		2,348,562
				2,627,297
		JAPAN — 1.7%
	1,900	ABC-Mart, Inc.		105,644
	1,400	Bandai Namco Holdings, Inc.		121,241
	25,000	Bridgestone Corp.		819,896
	12,600	Calbee, Inc.		379,821
	14,700	Denso Corp.		874,956
	15,871	FUJIFILM Holdings Corp.		837,227
	5,700	Hamamatsu Photonics KK		326,119
	3,900	Hirose Electric Co., Ltd.		591,908
	12,263	Hoya Corp.		1,698,362
	10,000	Itochu Corp.		287,601
	2,800	Itochu Techno-Solutions Corp.		99,982
	188,880	Japan Post Bank Co., Ltd.		1,552,523
	7,959	Japan Tobacco, Inc.		162,261
	91,787	KDDI Corp.		2,721,509
	8,800	Kyocera Corp.		540,130
	5,000	Makita Corp.		250,786
	10,200	MEIJI Holdings Co., Ltd.		717,873
	14,878	Mitsubishi UFJ Financial Group, Inc.		65,874
	53,680	Mizuho Financial Group, Inc.		681,317
	1,600	Murata Manufacturing Co., Ltd.		144,847
	138,000	Nippon Steel Corp.*		1,779,811
	74,000	Nippon Telegraph & Telephone Corp.		1,898,766
	66,948	Nippon Telegraph & Telephone Corp. - ADR1		1,720,564
	5,800	Nissin Foods Holdings Co., Ltd.		497,150
	800	Obic Co., Ltd.		160,782

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	14,266	Otsuka Holdings Co., Ltd.	$	611,247
	44,800	Recruit Holdings Co., Ltd.		1,881,732
	2,500	Rinnai Corp.		290,605
	4,569	Secom Co., Ltd.		421,498
	40,000	Sekisui House Ltd.		814,872
	1,000	Shimamura Co., Ltd.		105,075
	34	Shin-Etsu Chemical Co., Ltd.		5,968
	44,000	Shizuoka Bank Ltd.		322,974
	23,700	Sumitomo Mitsui Financial Group, Inc.		734,656
	2,600	Sundrug Co., Ltd.		103,914
	3,041	Suntory Beverage & Food Ltd.		107,710
	2,000	Toyo Suisan Kaisha Ltd.		97,334
	7,006	Toyota Motor Corp.		540,654
	14,500	Trend Micro, Inc.*		834,811
	700	Tsuruha Holdings, Inc.		99,543
	13	Unicharm Corp.		617
	2,100	Yakult Honsha Co., Ltd.		105,907
	6,000	Yamazaki Baking Co., Ltd.		100,209
				26,216,276
		JERSEY — 0.1%
	43,971	Experian PLC		1,670,399
		NETHERLANDS — 0.4%
	4,448	ASML Holding N.V.		2,153,620
	118,974	Koninklijke Ahold Delhaize N.V.		3,356,416
	14,012	Koninklijke Ahold Delhaize N.V. - ADR		395,489
	6,725	Koninklijke Vopak N.V.		352,788
				6,258,313
		NEW ZEALAND — 0.0%2
	174,948	Spark New Zealand Ltd.		592,586
		NORWAY — 0.0%2
	3,840	Yara International A.S.A.		159,304
		PHILIPPINES — 0.0%2
	5,236	PLDT, Inc. - ADR1		146,137
		PORTUGAL — 0.0%2
	17,925	Jeronimo Martins SGPS S.A.		301,314
		SINGAPORE — 0.2%
	12,622	DBS Group Holdings Ltd.		239,196

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SINGAPORE (Continued)
	6,072	DBS Group Holdings Ltd. - ADR	$	461,775
	32,000	Oversea-Chinese Banking Corp. Ltd.		243,856
	76,000	United Overseas Bank Ltd.		1,295,376
				2,240,203
		SOUTH KOREA — 0.1%
	11,178	POSCO - ADR1		696,501
	4,334	Woori Financial Group, Inc. - ADR* 1		118,665
				815,166
		SPAIN — 0.1%
	26,519	Cellnex Telecom S.A.1 3		1,592,545
		SWEDEN — 0.0%2
	5,731	Industrivarden A.B. - A Shares*		190,941
	4,787	L E Lundbergforetagen A.B. - B Shares*		256,817
	8,946	Swedbank A.B.*		156,916
				604,674
		SWITZERLAND — 1.1%
	880	Alcon, Inc.*		58,062
	16	Chocoladefabriken Lindt & Spruengli A.G.1		155,956
	1,365	EMS-Chemie Holding A.G.1		1,313,079
	6,065	Garmin Ltd.		725,738
	32,092	Julius Baer Group Ltd.		1,848,869
	7,031	Logitech International S.A.		683,343
	7,504	Nestle S.A. - ADR		883,971
	6,471	Novartis A.G. - ADR		611,057
	2,044	Partners Group Holding A.G.		2,401,786
	3,085	Roche Holding A.G.		1,074,501
	14,816	Roche Holding A.G. - ADR		649,533
	4,173	Schindler Holding A.G.		1,127,937
	6,279	Sonova Holding A.G.*		1,633,128
	1,137	Swatch Group A.G.		309,086
	6,028	Swisscom A.G.		3,246,304
	227	Zurich Insurance Group A.G.		95,663
	2,010	Zurich Insurance Group A.G. - ADR1		84,862
				16,902,875
		TAIWAN — 1.1%
	97,779	Chunghwa Telecom Co., Ltd. - ADR1		3,776,225
	64,000	MediaTek, Inc.		1,706,706

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TAIWAN (Continued)
	97,364	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR1	$	10,616,570
	66,650	United Microelectronics Corp. - ADR1		561,860
				16,661,361
		UNITED KINGDOM — 0.4%
	18,475	AstraZeneca PLC		1,842,203
	51,301	Berkeley Group Holdings PLC		3,318,537
	5,848	Burberry Group PLC*		142,809
	4,414	HSBC Holdings PLC - ADR* 1		114,367
	51,795	J Sainsbury PLC		159,203
	5,302	RELX PLC		129,726
	163,166	Wm Morrison Supermarkets PLC		394,814
				6,101,659
		UNITED STATES — 14.1%
	1,027	Abbott Laboratories		112,446
	7,934	Activision Blizzard, Inc.		736,672
	5,044	Adobe, Inc.*		2,522,605
	7,272	Adtalem Global Education, Inc.*		246,884
	19,657	Advanced Micro Devices, Inc.*		1,802,743
	12,168	Aflac, Inc.		541,111
	14,781	Agilent Technologies, Inc.		1,751,401
	408	Air Products and Chemicals, Inc.		111,474
	1,011	Akamai Technologies, Inc.*		106,145
	3,329	Align Technology, Inc.*		1,778,951
	796	Allstate Corp.		87,504
	2,526	Alphabet, Inc. - Class A*		4,427,169
	2,624	Alphabet, Inc. - Class C*		4,596,933
	2,922	Amazon.com, Inc.*		9,516,749
	540	AMERCO		245,138
	7,842	American Electric Power Co., Inc.		653,003
	18,608	American Express Co.		2,249,893
	8,564	American National Group, Inc.		823,172
	8,176	Anthem, Inc.		2,625,232
	102,841	Apple, Inc.		13,645,972
	2,553	AptarGroup, Inc.		349,480
	35,294	Ares Management Corp. - Class A		1,660,583
	46,178	AT&T, Inc.		1,328,079
	417	Atmos Energy Corp.		39,794
	18,892	Avangrid, Inc.		858,641
	12,247	BancorpSouth Bank		336,058
	6,902	Baxter International, Inc.		553,817

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,202	Becton, Dickinson and Co.	$	300,764
	3,947	Berkshire Hathaway, Inc.*		915,191
	1,298	Biogen, Inc.*		317,828
	1,736	Bio-Rad Laboratories, Inc. - Class A*		1,011,984
	5,054	Black Knight, Inc.* 1		446,521
	29,598	Blackstone Group, Inc. - Class A		1,918,246
	2,720	C.H. Robinson Worldwide, Inc.		255,326
	13,117	CDW Corp.		1,728,689
	51,584	Cerner Corp.1		4,048,312
	2,593	Charter Communications, Inc. - Class A* 1		1,715,399
	2,871	Chemed Corp.		1,529,123
	5,174	Church & Dwight Co., Inc.		451,328
	66,193	Ciena Corp.* 1		3,498,300
	28,313	Cisco Systems, Inc.		1,267,007
	895	Citrix Systems, Inc.		116,440
	720	CME Group, Inc.		131,076
	5,859	CNX Resources Corp.*		63,277
	2,337	Coca-Cola Co.		128,161
	6,494	Comcast Corp. - Class A		340,286
	3,107	Consolidated Edison, Inc.		224,543
	7,330	Corteva, Inc.		283,818
	5,302	Costco Wholesale Corp.		1,997,688
	8,306	Danaher Corp.		1,845,095
	24,020	Dolby Laboratories, Inc. - Class A		2,333,063
	9,473	Dollar General Corp.		1,992,172
	1,766	DTE Energy Co.		214,410
	2,136	Duke Energy Corp.		195,572
	17	Electronic Arts, Inc.		2,441
	20,694	Eli Lilly & Co.		3,493,975
	8,953	Equifax, Inc.		1,726,497
	9,381	Exelon Corp.		396,066
	4,786	Expeditors International of Washington, Inc.		455,196
	20,042	Facebook, Inc. - Class A*		5,474,672
	2,343	Fastenal Co.		114,409
	17,012	Fidelity National Information Services, Inc.		2,406,518
	5,145	First Financial Bankshares, Inc.		186,120
	2,407	First Financial Corp.		93,512
	27,515	Flowers Foods, Inc.		622,664
	13,422	FMC Corp.		1,542,590
	17,742	Fortune Brands Home & Security, Inc.		1,520,844
	11,797	Gentex Corp.		400,272

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	4,590	Gilead Sciences, Inc.	$	267,413
	10,133	Global Payments, Inc.		2,182,851
	8,715	GoDaddy, Inc.*		722,909
	3,200	Graco, Inc.		231,520
	1,395	Hanover Insurance Group, Inc.		163,103
	10,636	Home Depot, Inc.		2,825,134
	76,837	Hormel Foods Corp.		3,581,373
	6,186	Humana, Inc.1		2,537,930
	580	IDEX Corp.		115,536
	76,191	Intel Corp.		3,795,836
	5,365	Intuit, Inc.		2,037,895
	4,408	Jack Henry & Associates, Inc.		714,052
	21,650	JM Smucker Co.		2,502,740
	9,344	Johnson & Johnson		1,470,559
	5,122	Juniper Networks, Inc.1		115,296
	6,463	Lancaster Colony Corp.		1,187,447
	929	Landstar System, Inc.		125,099
	11,666	Lowe's Cos., Inc.		1,872,510
	15,645	LPL Financial Holdings, Inc.		1,630,522
	3,742	Lululemon Athletica, Inc.*		1,302,328
	3,835	Madison Square Garden Entertainment Corp.*		402,828
	203	MarketAxess Holdings, Inc.		115,824
	7,056	Mastercard, Inc. - Class A		2,518,569
	10,767	Match Group, Inc.*		1,627,863
	3,772	MAXIMUS, Inc.		276,073
	842	McCormick & Co., Inc.		80,495
	7,071	McDonald's Corp.		1,517,295
	8,947	Merck & Co., Inc.		731,865
	50,371	Microsoft Corp.		11,203,518
	375	Monster Beverage Corp.*		34,680
	1,078	Morningstar, Inc.		249,632
	2,858	Motorola Solutions, Inc.		486,032
	1,128	National HealthCare Corp.		74,910
	569	Netflix, Inc.*		307,675
	2,737	New York Times Co. - Class A		141,695
	1,165	NewMarket Corp.		464,008
	20,836	Newmont Corp.		1,247,868
	844	NextEra Energy, Inc.		65,115
	16,121	NIKE, Inc. - Class B		2,280,638
	793	NVIDIA Corp.		414,105

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	404	NVR, Inc.*	$	1,648,264
	555	Old Dominion Freight Line, Inc.		108,325
	318	ONE Gas, Inc.		24,413
	11,336	PayPal Holdings, Inc.*		2,654,891
	8,640	People's United Financial, Inc.		111,715
	6,841	PepsiCo, Inc.		1,014,520
	61,378	Pfizer, Inc.		2,259,324
	14,475	Pinnacle West Capital Corp.		1,157,276
	12,852	Procter & Gamble Co.		1,788,227
	18,069	Progressive Corp.		1,786,663
	1,748	Prosperity Bancshares, Inc.		121,241
	28,827	Public Service Enterprise Group, Inc.		1,680,614
	964	Public Storage - REIT		222,617
	13,394	QUALCOMM, Inc.		2,040,442
	10,706	Republic Services, Inc.		1,030,988
	2,143	ResMed, Inc.		455,516
	3,545	Royal Gold, Inc.		377,046
	9,919	salesforce.com, Inc.* 1		2,207,275
	24,166	Schneider National, Inc. - Class B1		500,236
	82	Seaboard Corp.		248,542
	1,397	Seagen, Inc.*		244,671
	4,142	Southern Copper Corp.1		269,727
	5,344	Stryker Corp.		1,309,494
	7,363	Synopsys, Inc.*		1,908,784
	367	Take-Two Interactive Software, Inc.*		76,259
	3,226	Target Corp.		569,486
	13,367	Teradyne, Inc.		1,602,570
	1,265	Tesla, Inc.*		892,673
	14,294	Texas Instruments, Inc.		2,346,074
	14,446	TFS Financial Corp.		254,683
	4,713	Thermo Fisher Scientific, Inc.		2,195,221
	10,664	TJX Cos., Inc.		728,245
	1,704	T-Mobile US, Inc.*		229,784
	29,344	Tootsie Roll Industries, Inc.1		871,517
	3,674	Tradeweb Markets, Inc. - Class A		229,441
	15,850	TransUnion		1,572,637
	31,419	Trustmark Corp.		858,053
	1,253	Tyler Technologies, Inc.*		546,960
	10,224	United States Cellular Corp.* 1		313,775
	7,859	UnitedHealth Group, Inc.		2,755,994
	820	Varian Medical Systems, Inc.*		143,508

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	30,335	Verizon Communications, Inc.	$	1,782,181
	7,090	Vertex Pharmaceuticals, Inc.*		1,675,651
	7,615	Viatris, Inc.*		142,705
	17,015	Visa, Inc. - Class A1		3,721,691
	33,377	Walmart, Inc.		4,811,295
	4,777	Walt Disney Co.*		865,497
	1,991	Watsco, Inc.		451,061
	2,132	WEC Energy Group, Inc.		196,208
	13,903	Wells Fargo & Co.		419,593
	34,736	Werner Enterprises, Inc.		1,362,346
	7,054	Workday, Inc. - Class A*		1,690,209
	10,910	Yum China Holdings, Inc.		622,852
	710	Zoom Video Communications, Inc. - Class A*		239,497
				214,374,262
		TOTAL COMMON STOCKS
		(Cost $294,300,412)		385,818,784
		EXCHANGE-TRADED FUND — 9.5%
	1,488,562	iShares Edge MSCI Min Vol Global ETF1		144,256,543
		TOTAL EXCHANGE-TRADED FUND
		(Cost $123,995,390)		144,256,543
		OPEN-END MUTUAL FUNDS — 47.8%
	2,718,559	AQR Large Cap Defensive Style Fund - Class R6		72,150,558
	4,157,707	Baillie Gifford Emerging Markets Equities Fund - Class K		115,043,743
	4,340,069	GMO Emerging Markets Fund - Class VI		150,426,792
	15,189,191	GMO Quality Fund - Class VI5		388,843,289
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $602,379,551)		726,464,382
		PREFERRED STOCKS — 0.0%2
		GERMANY — 0.0%2
	1,958	Fuchs Petrolub SE		110,475
	1,239	Porsche Automobil Holding S.E.		85,586
		TOTAL PREFERRED STOCKS
		(Cost $168,558)		196,061

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		PRIVATE FUND — 8.8%
		RIEF Strategic Partners Fund LLC*	$	133,923,824
		TOTAL PRIVATE FUND
		(Cost $154,000,000)		133,923,824
		SHORT-TERM INVESTMENTS — 9.0%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.9%
		Collateral Investments		13,381,395
		MONEY MARKET FUNDS — 8.1%
	124,075,333	JPMorgan Prime Money Market Fund - Institutional Shares, 0.09%6		124,137,371
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $137,447,276)		137,518,766
		TOTAL INVESTMENTS — 100.5%
		(Cost $1,312,291,187)		1,528,178,360
		Liabilities in excess of other assets — (0.5)%		(8,106,727	)
		TOTAL NET ASSETS — 100.0%	$	1,520,071,633

^* 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 $33,048,324.

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

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 78.8%
		ALABAMA — 1.3%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 02/8/20211 2	$	500,105
	3,855,000	Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221		4,049,022
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		555,810
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292		1,058,649
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,938,043
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/20251		1,732,245
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/20241		1,110,440
	1,710,000	0.95% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20243		1,707,828
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,492,135
				16,144,277
		ARIZONA — 1.7%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043, Call 01/1/2022		1,556,580
	500,000	5.00%, 02/1/2043, Call 02/1/2023		536,630
	1,000,000	5.00%, 01/1/2044, Call 01/1/2024		1,126,080
		Arizona Industrial Development Authority
	1,180,000	4.00%, 03/1/20274		1,251,166
	530,000	5.00%, 07/1/2047, Call 07/1/20274		591,416
	230,000	Cahava Springs Revitalization District, 0.00%, 07/1/2041, Call 07/1/2027* 4 5		177,100
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		719,205
		Industrial Development Authority of the City of Phoenix
	645,000	5.00%, 10/1/2036, Call 10/1/2026		739,763
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,042,270
		Industrial Development Authority of the County of Pima
	285,000	7.00%, 01/1/2022		288,976
	500,000	6.75%, 03/1/2034, Call 03/1/2024		525,210
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224		350,567
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		1,044,210
		Maricopa County Industrial Development Authority
	250,000	2.88%, 07/1/20214		251,108
	120,000	5.00%, 07/1/2039, Call 07/1/20294		137,965
	645,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		677,134
	5,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025		5,886,450

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032	$	2,684,731
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		887,239
				20,473,800
		ARKANSAS — 0.2%
	2,250,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 4		2,427,143
		CALIFORNIA — 6.9%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		704,013
	1,000,000	Bay Area Toll Authority, 1.34% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20263		1,015,000
	545,000	California Community Housing Agency, 5.00%, 02/1/2050, Call 02/1/20304		610,209
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		110,419
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		185,144
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,648,480
	5,000,000	4.00%, 08/15/2050, Call 08/15/2030		5,992,450
		California Municipal Finance Authority
	200,000	6.63%, 01/1/2032, Call 01/1/20224		203,162
	500,000	7.00%, 06/1/2034, Call 06/1/2022		544,045
	500,000	5.75%, 10/1/2034, Call 10/1/2021		507,260
	905,000	5.00%, 10/1/2035, Call 10/1/2022		951,318
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,181,370
	50,000	5.00%, 10/1/2039, Call 10/1/20274		53,504
	850,000	5.00%, 06/1/2046, Call 06/1/2026		950,377
	1,000,000	4.00%, 12/31/2047, Call 06/30/20282		1,109,900
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/20222 4		1,064,040
		California School Finance Authority
	700,000	5.00%, 08/1/2036, Call 08/1/20254		809,613
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,371,750
	1,000,000	5.00%, 08/1/2041, Call 08/1/20254		1,147,430
	500,000	5.00%, 10/1/2042, Call 10/1/20224		521,310
	350,000	6.75%, 11/1/2045, Call 11/1/20244		383,387
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,155,690
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		955,868
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,653,345
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,106,080
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		695,731
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		229,190

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		City of Lathrop
$	500,000	5.00%, 09/2/2040, Call 09/2/2025	$	567,100
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,081,370
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20282		1,866,555
	1,000,000	5.00%, 05/15/2047, Call 05/15/20272		1,188,380
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		329,869
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		756,266
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,504,940
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,102,250
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,085,580
	2,000,000	5.25%, 06/1/2047, Call 06/1/2022		2,083,280
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,096,110
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,122,700
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,060,120
	3,250,000	Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030		3,924,927
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021		519,430
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		481,197
	500,000	National City Community Development Commission, 7.00%, 08/1/2032, Call 08/1/2021		519,500
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		252,854
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		4,045,600
	1,845,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,203,391
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,105,940
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,416,580
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		799,556
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,232,300
	1,850,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,973,876
		San Francisco City & County Airport Commission-San Francisco International Airport
	1,000,000	5.00%, 05/1/2039, Call 05/1/20292		1,255,220
	2,500,000	5.00%, 05/1/2046, Call 05/1/20262		2,909,800
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,403,780
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,340,933

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034	$	346,475
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		531,420
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,114,237
		Santa Ana Financing Authority, NATL-RE
	415,000	6.25%, 07/1/2024		463,999
	415,000	6.25%, 07/1/2024		465,510
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,092,430
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		733,432
	1,390,000	5.00%, 11/1/2033		1,915,045
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,065,530
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		110,588
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,045,660
				83,973,815
		COLORADO — 3.3%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		534,420
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		636,411
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,149,761
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		679,275
	500,000	5.00%, 12/1/2043, Call 12/1/2023		524,585
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282		2,460,680
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		567,080
	550,000	4.75%, 04/1/2030, Call 04/1/2022		567,518
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,061,070
	460,000	5.00%, 10/1/2039, Call 10/1/20274		509,813
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		112,113
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,289,090
	500,000	4.00%, 10/1/2039, Call 10/1/2024		533,810
	500,000	5.13%, 12/1/2039, Call 02/8/2021		500,430
		Colorado Health Facilities Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	500,000	5.00%, 01/15/2035, Call 01/15/2026	$	597,080
	500,000	5.00%, 06/1/2036, Call 06/1/2027		642,755
	500,000	8.00%, 08/1/2043, Call 02/1/2024		536,760
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,246,420
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		2,255,260
	500,000	Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024		549,950
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		495,750
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		578,500
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,595,009
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		531,220
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		416,146
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,535,080
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,052,167
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		802,027
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,171,413
	3,951	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		1,170,519
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,077,800
	1,080,000	Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 02/8/2021		1,113,934
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		519,274
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,822,040
	161,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		161,359
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		147,278
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		618,395
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,228,620
				39,994,763
		CONNECTICUT — 0.3%
	1,685,000	City of Bridgeport, 5.00%, 06/1/2029		2,057,689
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/8/20212		467,500
	375,000	Connecticut State Health & Educational Facilities Authority, 5.00%, 06/1/2033, Call 06/1/2030		487,226
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,099,830
				4,112,245

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DELAWARE — 0.2%
$	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254	$	1,129,990
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,709,400
				2,839,390
		DISTRICT OF COLUMBIA — 1.6%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,183,600
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,821,600
	1,000,000	4.00%, 03/1/2045, Call 03/1/2030		1,202,150
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,526,900
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/20282		1,262,910
	1,520,000	4.00%, 10/1/2036, Call 10/1/20262		1,699,269
	1,820,000	5.00%, 10/1/2042, Call 10/1/20272		2,201,072
	655,000	5.00%, 10/1/2044, Call 10/1/20242		734,799
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		874,297
	615,000	6.50%, 10/1/2041, Call 10/1/2026		771,468
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		2,398,848
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		2,271,020
				18,947,933
		FLORIDA — 5.8%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,528,722
	900,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		945,396
	845,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		875,707
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		111,614
		Capital Trust Agency, Inc.
	500,000	4.38%, 06/15/20274		525,185
	705,000	5.35%, 07/1/2029, Call 02/8/2021		707,425
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		104,381
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		533,160
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		566,314
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,762,361
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		555,471

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023	$	530,875
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252		1,154,380
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,808,838
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,828,305
		County of Miami-Dade Aviation Revenue
	1,000,000	5.00%, 10/1/2030, Call 10/1/20242		1,142,560
	1,000,000	5.00%, 10/1/2032, Call 10/1/20242		1,136,640
	4,240,000	5.00%, 10/1/2033, Call 10/1/20242		4,809,390
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,710,760
	175,000	5.00%, 04/1/2039, Call 04/1/20294		182,425
	500,000	County of St. Lucie, 0.12%, 09/1/2028, Call 01/6/20211		500,000
	30,000	Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021		30,104
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		811,290
	2,000,000	7.63%, 06/15/2041, Call 06/15/2021		2,066,220
	500,000	8.50%, 06/15/2044, Call 06/15/2023		563,470
	825,000	6.13%, 06/15/2046, Call 06/15/20254		925,774
	4,210,000	6.50%, 01/1/2049, Call 02/8/20211 2 4		4,054,693
	1,000,000	7.38%, 01/1/2049, Call 01/1/20242 4		981,130
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		522,390
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,061,450
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		531,175
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20232		1,036,110
	1,665,000	5.00%, 10/1/2046, Call 10/1/20262		1,951,613
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,213,490
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282		2,416,920
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,341,860
		Lake Ashton Community Development District
	105,000	5.00%, 05/1/2025		113,538
	405,000	5.00%, 05/1/2037, Call 05/1/2025		428,352
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,801,948
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		101,810
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,215,640
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		1,103,300

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	875,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026	$	944,326
		Mediterra South Community Development District
	90,000	5.10%, 05/1/2031, Call 05/1/2022		94,643
	385,000	5.00%, 05/1/2034, Call 05/1/2023		390,617
		Miami Beach Health Facilities Authority
	1,500,000	4.25%, 11/15/2034, Call 02/8/2021		1,502,010
	1,000,000	5.00%, 11/15/2039, Call 11/15/2024		1,110,040
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		689,894
	320,000	5.25%, 09/15/2044, Call 09/15/2024		348,406
	105,000	5.00%, 09/15/2044, Call 09/15/20274		118,955
		Palm Beach County Health Facilities Authority
	430,000	6.75%, 06/1/2024, Call 06/1/2022		469,057
	850,000	5.00%, 12/1/2031, Call 12/1/2024		1,004,632
	500,000	5.00%, 11/1/2043, Call 11/1/2022		522,180
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		772,913
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		829,294
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,820,715
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,228,300
	1,650,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		1,977,509
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		111,442
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,350,460
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		157,752
	495,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		514,765
				70,250,096
		GEORGIA — 1.7%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,298,946
		Burke County Development Authority
	1,500,000	2.05%, 10/1/20321		1,521,660
	500,000	2.25%, 10/1/20321		517,525
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,136,770
	1,000,000	3.00%, 11/1/20451		1,043,870
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		609,295
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,134,850

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	130,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 02/8/2021	$	130,276
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,256,563
	500,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		523,230
	1,470,000	Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029		1,825,446
	5,000,000	Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/20211		5,033,400
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,852,618
	2,500,000	Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021		2,590,275
				20,474,724
		GUAM — 0.1%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		561,855
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,112,460
				1,674,315
		HAWAII — 0.4%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		522,040
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,525,452
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282		1,208,680
				5,256,172
		IDAHO — 0.3%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/20244		326,799
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,272,065
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		433,396
	415,000	6.00%, 07/1/2049, Call 07/1/20284		479,578
	565,000	6.00%, 07/1/2054, Call 07/1/20284		650,914
				3,162,752
		ILLINOIS — 8.8%
		Chicago Board of Education
	1,000,000	5.00%, 12/1/2021		1,026,950
	1,000,000	0.00%, 12/1/2022		965,430
	100,000	5.75%, 04/1/2034, Call 04/1/2027		119,357
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,215,590
	180,000	5.00%, 04/1/2037, Call 04/1/2027		204,107
	500,000	5.00%, 04/1/2038, Call 04/1/2028		571,905
	500,000	5.25%, 12/1/2039, Call 12/1/2024		540,985
	575,000	5.00%, 12/1/2042, Call 12/1/2022		589,714

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,950,000	7.00%, 12/1/2044, Call 12/1/2025	$	2,335,242
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,305,656
		Chicago O'Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/20282		599,615
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,846,925
	680,000	Chicago Park District, 5.00%, 11/15/2024		774,751
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,923,475
	675,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029		812,322
		City of Chicago
	1,000,000	4.84%, 04/15/2028, Call 01/16/20234		1,036,810
	1,000,000	5.25%, 01/1/2035, Call 02/8/2021		1,001,850
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,102,270
	880,000	6.00%, 01/1/2038, Call 01/1/2027		1,031,096
	500,000	5.50%, 01/1/2040, Call 01/1/2025		547,625
	900,000	5.00%, 01/1/2041, Call 01/1/2022		943,299
	1,000,000	City of Chicago, 5.00%, 01/1/2027		1,135,890
	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024		1,042,610
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 01/1/2022		2,038,537
	665,000	5.00%, 01/1/2034, Call 01/1/2025		763,979
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,322,470
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,158,420
		County of Cook
	1,000,000	5.25%, 11/15/2022, Call 02/8/2021		1,003,130
	2,000,000	5.25%, 11/15/2033, Call 02/8/2021		2,005,180
	1,200,000	County of Cook Sales Tax Revenue, 5.00%, 11/15/2033, Call 11/15/2027		1,489,692
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,242,660
	570,000	3.90%, 11/1/2036, Call 11/1/2027		625,985
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		824,628
	425,000	5.00%, 08/1/2027		509,983
	500,000	5.00%, 08/1/2028, Call 08/1/2027		596,040
	600,000	5.75%, 10/1/2032, Call 10/1/2022		629,256
	670,000	5.00%, 03/1/2033, Call 03/1/2027		813,413
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,168,820
	315,000	5.00%, 02/15/2034, Call 02/15/2027		388,074
	500,000	5.00%, 03/1/2034, Call 03/1/2027		605,500
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,283,340

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	225,000	5.00%, 02/15/2037, Call 08/15/2027	$	236,347
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		2,052,374
	550,000	5.00%, 09/1/2042, Call 09/1/2024		616,440
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,141,293
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,194,773
	1,135,000	4.00%, 06/1/2047, Call 06/1/2022		1,194,849
	25,000	4.00%, 06/1/2047, Call 06/1/2022		26,318
	630,000	4.00%, 06/1/2047, Call 06/1/2022		647,300
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,124,110
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,043,280
		Illinois Sports Facilities Authority
	485,000	5.00%, 06/15/2021		491,009
	1,000,000	5.25%, 06/15/2032, Call 06/15/2024		1,120,240
	1,000,000	Illinois State Toll Highway Authority, 5.00%, 01/1/2045, Call 01/1/2031		1,288,190
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,230,210
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,133,140
		Metropolitan Pier & Exposition Authority
	2,355,000	5.00%, 06/15/2050, Call 12/15/2029		2,727,655
	530,000	5.00%, 06/15/2057, Call 12/15/2027		595,953
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		841,920
	3,300,000	0.00%, 12/15/2030		2,646,468
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,667,936
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,301,983
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		520,550
		Railsplitter Tobacco Settlement Authority
	780,000	5.25%, 06/1/2021		795,444
	3,000,000	5.00%, 06/1/2024		3,443,820
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,116,960
		Sales Tax Securitization Corp.
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,413,320
	500,000	4.00%, 01/1/2038, Call 01/1/2030		565,050
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		865,620
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,189,160
		State of Illinois

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	5.00%, 11/1/2021	$	1,028,390
	750,000	5.38%, 05/1/2023		815,490
	1,000,000	5.00%, 02/1/2025		1,124,400
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,626,120
	1,000,000	5.00%, 11/1/2026		1,131,170
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,204,360
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,986,760
	500,000	5.00%, 03/1/2037, Call 03/1/2022		512,590
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,080,450
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,591,275
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,223,760
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,739,280
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		642,466
	1,415,000	Village of Brookfield, 0.10%, 06/1/2038, Call 01/6/20211		1,415,000
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,302,952
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,069,360
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		448,883
	250,000	0.00%, 01/1/2032		197,875
	830,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		830,515
				107,345,389
		INDIANA — 1.4%
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222		988,960
		Indiana Finance Authority
	710,000	6.00%, 12/1/2026, Call 02/8/2021		710,809
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,592,620
	1,000,000	3.00%, 11/1/2030		1,069,930
	1,000,000	3.00%, 11/1/2030		1,069,930
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,493,650
	3,360,000	Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031		4,107,902
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,266,466
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232		532,060
				16,832,327
		IOWA — 0.4%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,091,310

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IOWA (Continued)
$	1,520,000	4.75%, 08/1/2042, Call 08/1/2022	$	1,570,950
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		511,175
		Iowa Tobacco Settlement Authority
	800,000	5.60%, 06/1/2034, Call 02/8/2021		810,840
	410,000	5.38%, 06/1/2038, Call 02/8/2021		415,556
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		612,970
				5,012,801
		KENTUCKY — 1.0%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		224,482
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,194,292
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,484,420
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		904,827
		Kentucky Public Energy Authority
	2,600,000	4.00%, 01/1/2049, Call 10/1/20241		2,923,622
	1,950,000	4.00%, 12/1/2049, Call 03/1/20251		2,222,473
	1,500,000	4.00%, 02/1/2050, Call 11/1/20271		1,787,670
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,190,550
				11,932,336
		LOUISIANA — 1.2%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,215,177
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,834,290
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,444,614
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,188,890
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		538,820
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,156,240
	885,000	6.50%, 07/1/2036, Call 07/1/20232 4		932,409
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,619,338
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		618,360
	1,500,000	5.00%, 01/1/2048, Call 01/1/20272		1,739,205
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282		1,524,625
	1,000,000	State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026		1,159,430
				14,971,398

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MAINE — 0.5%
		Maine Health & Higher Educational Facilities Authority
$	1,000,000	5.00%, 07/1/2028, Call 07/1/2027	$	1,256,370
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,906,475
	700,000	5.00%, 07/1/2035, Call 07/1/2027		826,336
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,928,119
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 02/8/20212		500,150
				6,417,450
		MARYLAND — 1.7%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		3,043,500
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,417,410
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,551,139
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,737,104
	4,750,000	Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/20214		4,754,750
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292		1,120,430
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,967,624
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,141,860
	500,000	5.00%, 07/1/2045, Call 07/1/2025		566,460
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,495,940
	340,000	5.00%, 05/1/2047, Call 05/1/2028		449,579
				21,245,796
		MASSACHUSETTS — 1.0%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		131,780
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,803,285
		Massachusetts Development Finance Agency
	2,000,000	5.00%, 07/1/20381		2,285,640
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,094,440
		Massachusetts Educational Financing Authority
	300,000	5.50%, 01/1/2022, Call 01/19/2021		300,648
	115,000	6.00%, 01/1/2028, Call 01/19/2021		116,418
	1,000,000	5.00%, 07/1/20282		1,257,460
	200,000	4.25%, 07/1/2046, Call 07/1/20262		216,010
	3,000,000	Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025		3,593,400
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,222,520
				12,021,601

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN — 2.9%
$	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024	$	555,750
		Grand Rapids Public Schools, AGM
	1,170,000	5.00%, 05/1/2022		1,241,861
	685,000	5.00%, 05/1/2024		791,757
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,208,740
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		284,210
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 02/8/2021		256,520
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,695,930
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,283,585
	1,670,000	5.00%, 12/1/2032, Call 06/1/2022		1,782,692
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,906,800
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,167,540
	500,000	5.00%, 07/1/2035, Call 07/1/2025		582,815
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,085,730
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,188,650
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,728,125
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,641,705
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,150,130
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,633,330
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/20471		2,093,940
	910,000	Michigan State Housing Development Authority, 1.16% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/20212 3		911,101
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		254,840
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 02/8/2021		500,505
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/20252		2,357,180
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,813,560
				35,116,996
		MINNESOTA — 0.4%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		275,778
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		77,202
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,778,755
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,224,470

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
$	1,285,000	5.00%, 11/15/2030, Call 11/15/2025	$	1,573,444
	480,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		501,173
				5,430,822
		MISSISSIPPI — 0.0%6
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 4		522,460
		MISSOURI — 0.9%
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		774,570
	685,000	5.00%, 01/1/2032, Call 01/1/2028		879,677
	350,000	5.00%, 01/1/2034, Call 01/1/2028		446,289
	165,000	Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 01/12/2021		165,185
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		765,894
	445,000	5.00%, 10/1/2047, Call 10/1/2027		526,493
		Health & Educational Facilities Authority of the State of Missouri
	1,150,000	6.00%, 02/1/2041, Call 02/8/2021		1,153,254
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,235,650
	350,000	4.00%, 11/15/2049, Call 11/15/2027		394,352
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20292		1,209,888
	1,020,000	5.00%, 03/1/2039, Call 03/1/20292		1,253,162
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,668,296
				10,472,710
		NEBRASKA — 0.4%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		2,006,812
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,675,750
	250,000	5.25%, 09/1/2037, Call 09/1/2022		268,603
				4,951,165
		NEVADA — 1.5%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		285,123
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		1,069,488
		County of Clark
	2,520,000	5.00%, 6/1/2043, Call 6/1/2028		3,080,549
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,201,396
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,077,400
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,199,000

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
		Las Vegas Valley Water District
$	2,025,000	5.00%, 06/1/2039, Call 12/1/2024	$	2,328,669
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,404,220
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		635,186
				18,281,031
		NEW HAMPSHIRE — 0.3%
	493,945	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		555,100
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,305,326
	215,000	5.00%, 08/1/2037, Call 02/1/2028		262,915
	1,000,000	5.00%, 07/1/2041, Call 01/1/2028		1,235,450
				3,358,791
		NEW JERSEY — 2.8%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		5,033,840
		New Jersey Economic Development Authority
	465,000	5.13%, 09/15/2023, Call 08/20/20222		492,844
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,632,210
	1,000,000	5.25%, 09/1/2025, Call 03/1/2021		1,007,400
	890,000	3.13%, 07/1/2029, Call 07/1/2027		898,971
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,033,020
	100,000	5.00%, 07/15/2032, Call 07/15/2027		116,048
	500,000	5.00%, 07/1/2033, Call 07/1/2027		578,475
	280,000	6.00%, 10/1/2034, Call 10/1/20244		299,751
	880,000	5.00%, 06/15/2036, Call 12/15/2026		1,023,757
	350,000	6.30%, 10/1/2049, Call 10/1/20244		373,289
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,131,010
		New Jersey Health Care Facilities Financing Authority
	500,000	5.75%, 07/1/2037, Call 02/8/2021		501,535
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,322,145
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20282		626,485
	855,000	4.25%, 12/1/2047, Call 12/1/20262		919,784
	4,305,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,639,283
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,436,454
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,251,820
	500,000	5.00%, 06/15/2040, Call 12/15/2030		617,590
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,412,460
	805,000	5.00%, 06/15/2044, Call 06/15/2024		877,120

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282	$	1,148,140
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		2,010,584
	2,000,000	Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 12/1/20212		2,081,060
				34,465,075
		NEW MEXICO — 0.3%
	760,000	County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 02/8/20212		760,547
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		837,913
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,045,500
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 02/8/20214		1,071,078
				3,715,038
		NEW YORK — 6.4%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		464,728
	1,035,000	City of Long Beach, 5.00%, 09/1/2027		1,255,331
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,290,780
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,480,800
	2,000,000	County of Suffolk, 5.00%, 03/19/2021		2,018,180
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,104,400
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,114,540
		Metropolitan Transportation Authority
	3,000,000	5.00%, 09/1/2021		3,057,450
	1,240,000	5.00%, 05/15/2022		1,289,538
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,356,280
	225,000	Monroe County Industrial Development Corp., 5.00%, 01/1/2040, Call 01/1/2026		247,316
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		725,270
	475,000	Nassau Health Care Corp., County Guarantee, 0.07%, 08/1/2029, Call 01/6/20211		475,000
	1,500,000	New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 02/8/2021		1,500,645
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,513,220
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029		1,183,940
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,909,185

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	5,000,000	5.00%, 06/15/2047, Call 12/15/2022	$	5,438,300
	2,025,000	5.00%, 06/15/2048, Call 12/15/2027		2,535,259
	830,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		899,554
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,454,620
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244	��	2,159,000
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		1,078,050
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,655,775
		New York State Dormitory Authority
	5,000,000	4.00%, 02/15/2038, Call 02/15/2030		5,981,650
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,129,280
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,325,600
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,161,920
	1,500,000	New York State Urban Development Corp., 4.00%, 03/15/2045, Call 09/15/2030		1,775,190
		New York Transportation Development Corp.
	3,000,000	5.00%, 10/1/2035, Call 10/1/20302		3,700,080
	1,000,000	5.25%, 01/1/2050, Call 07/1/20242		1,100,990
	2,000,000	Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021		2,087,140
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		258,397
	500,000	5.00%, 07/1/2045, Call 07/1/2025		544,840
		Port Authority of New York & New Jersey
	590,000	5.50%, 12/1/2031, Call 01/14/2021		590,785
	1,000,000	5.00%, 09/1/2037, Call 09/1/2028		1,266,150
	1,000,000	4.00%, 07/15/2040, Call 07/15/20302		1,181,720
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		5,311,120
	265,000	6.00%, 12/1/2042, Call 01/14/2021		265,387
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,764,045
	3,405,000	5.00%, 11/15/2049, Call 11/15/2030		4,402,154
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		1,044,118
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		817,462
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		323,312
				78,238,501
		NORTH CAROLINA — 0.2%
	2,000,000	North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022		2,173,200

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NORTH DAKOTA — 0.3%
$	800,000	County of Burleigh, 4.38%, 04/15/2026	$	819,808
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,265,400
				3,085,208
		OHIO — 1.6%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,132,150
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		1,007,250
	830,000	City of Akron, 5.00%, 12/1/2026		955,122
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		419,040
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		1,128,050
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		822,876
	2,000,000	County of Hamilton, 5.00%, 09/15/2045, Call 03/15/2030		2,451,820
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		531,880
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,838,849
	1,615,000	Ohio State University, 0.06%, 06/1/2035, Call 02/1/20211		1,615,000
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,301,642
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,867,575
	750,000	Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/20331		755,625
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,049,450
				19,876,329
		OKLAHOMA — 0.6%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,096,115
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,221,400
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,204,923
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282		1,201,300
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,251,080
				6,974,818
		OREGON — 0.4%
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		1,189,880
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,103,370
	45,000	5.00%, 10/1/2046, Call 10/1/2026		56,587
	720,000	5.00%, 10/1/2046, Call 10/1/2026		832,464
		Port of Portland Airport Revenue

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OREGON (Continued)
$	450,000	4.00%, 07/1/2040, Call 07/1/2030	$	525,154
	1,000,000	5.00%, 07/1/2044, Call 07/1/20292		1,227,980
				4,935,435
		PENNSYLVANIA — 3.4%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		337,611
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		101,911
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		108,976
	780,000	5.38%, 10/15/2042, Call 10/15/2022		806,590
		Coatesville School District, AGM SAW
	105,000	5.00%, 08/1/2022		112,838
	1,020,000	5.00%, 08/1/2022		1,090,288
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,285,028
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,249,630
	2,180,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,597,710
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		452,038
	1,000,000	Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028		1,306,200
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		298,093
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,061,980
	2,000,000	Manheim Township School District, 0.53% (1-Month USD Libor+ 42 basis points), 11/1/20213		1,996,480
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		800,130
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,172,666
	400,000	5.00%, 11/15/2029, Call 05/15/2022		426,424
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,746,600
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/2025		217,012
	300,000	10.00%, 12/1/2040, Call 06/1/20304		322,461
	300,000	10.00%, 12/1/2040, Call 06/1/20302 4		322,461
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		1,156,660
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,293,880
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,154,840
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,438,420

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	500,000	5.00%, 12/1/2041, Call 06/1/2026	$	593,805
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,430,900
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,213,660
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		976,777
	500,000	8.00%, 01/1/2033, Call 01/1/2023		575,095
	500,000	6.88%, 06/15/2033, Call 06/15/2023		554,820
	850,000	4.00%, 11/1/2037, Call 11/1/2029		984,062
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,078,860
	300,000	Quakertown General Authority, 4.00%, 07/1/2022		298,587
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,186,560
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,025,640
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,617,182
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,291,657
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282		297,968
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		604,860
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		550,230
				41,137,590
		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		1,675,350
		RHODE ISLAND — 0.2%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,701,931
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,153,250
				2,855,181
		SOUTH CAROLINA — 1.3%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,100,310
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,339,820
	1,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231		1,651,710
		South Carolina Jobs-Economic Development Authority
	500,000	6.00%, 02/1/2035, Call 02/1/20232 4		400,360
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,220,660

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	1,000,000	South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021	$	1,034,760
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282		2,465,180
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		841,763
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,200,481
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,528,420
				15,783,464
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,436,676
		TENNESSEE — 0.6%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,330,483
	2,000,000	Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022		2,089,640
		Knox County Health Educational & Housing Facility Board
	365,000	5.25%, 05/1/2025, Call 11/1/20244 5		151,475
	45,000	6.00%, 05/1/20345		18,675
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,233,700
	1,000,000	4.00%, 05/1/2048, Call 02/1/20231		1,076,050
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,723,980
				7,624,003
		TEXAS — 7.5%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		89,942
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		334,710
	2,000,000	Central Texas Regional Mobility Authority, 5.00%, 01/1/2043, Call 01/1/2028		2,427,620
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,335,140
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/20262		1,191,620
	2,250,000	5.00%, 11/15/2044, Call 11/15/20242		2,519,257
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,214,830
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		282,150
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,169,370
		City of Houston Airport System Revenue
	1,000,000	4.75%, 07/1/20242		1,040,250
	750,000	5.00%, 07/15/2035, Call 07/15/20252		800,010

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	500,000	City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021	$	510,460
	1,425,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224		1,486,190
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		941,348
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		523,220
	100,000	4.40%, 12/1/2047, Call 12/1/2022		102,242
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,576,275
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,522,200
	3,000,000	Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/20212		3,116,970
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,155,450
	300,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		328,935
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,265,018
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,267,410
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,626,910
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,386,656
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		526,395
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/20212 4		531,680
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		540,228
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		896,070
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,079,150
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		443,606
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,616,490
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,556,554
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		849,613
	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024		1,218,861
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,196,260
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 12/1/2021* 5		662,500
		SA Energy Acquisition Public Facility Corp.
	1,000,000	5.50%, 08/1/2021		1,029,650
	290,000	5.50%, 08/1/2027		369,332
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		2,054,202
		State of Texas

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	2,000,000	5.00%, 10/1/2026, Call 10/1/2025	$	2,445,840
	2,515,000	5.00%, 10/1/2036, Call 10/1/2025		3,037,340
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,103,920
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,183,980
	1,430,000	5.00%, 07/1/2043, Call 01/1/2029		1,773,529
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,772,118
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		679,714
	1,920,000	6.25%, 12/15/2026		2,304,826
		Texas Municipal Gas Acquisition & Supply Corp. III
	500,000	5.00%, 12/15/2028, Call 12/15/2022		538,145
	500,000	5.00%, 12/15/2031, Call 12/15/2022		535,240
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		585,335
	1,110,000	5.00%, 12/31/2040, Call 12/31/20252		1,241,491
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,842,000
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		519,863
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,800,060
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,506,080
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,913,149
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,397,500
		Town of Westlake
	300,000	5.50%, 09/1/2025		307,527
	200,000	6.13%, 09/1/2035, Call 09/1/2025		205,510
	1,200,000	Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026		1,381,056
				91,858,997
		UTAH — 0.9%
	3,000,000	County of Utah, 5.00%, 05/15/2043, Call 05/15/2021		3,052,710
		Salt Lake City Corp. Airport Revenue
	1,200,000	5.00%, 07/1/20262		1,460,496
	1,000,000	5.25%, 07/1/2048, Call 07/1/20282		1,217,450
		Utah Charter School Finance Authority
	100,000	3.63%, 06/15/20214		100,656
	1,100,000	4.50%, 07/15/20274		1,147,201
	500,000	5.38%, 06/15/2048, Call 06/15/20274		552,140
	4,000,000	Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/20211		4,027,880
				11,558,533

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VERMONT — 0.1%
$	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/20222	$	1,488,396
		VIRGINIA — 1.2%
	715,000	Celebrate North Community Development Authority, 4.69%, 03/1/2018* 5		429,000
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,154,520
	675,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/8/20212 4		677,309
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,575,900
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,258,820
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,300,150
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,907,775
		Virginia Small Business Financing Authority
	130,000	5.50%, 01/1/2042, Call 07/1/20222		136,206
	2,000,000	5.00%, 07/1/2049, Call 01/1/20222		2,075,500
	1,750,000	5.00%, 12/31/2052, Call 06/30/20272		2,038,925
				14,554,105
		WASHINGTON — 3.2%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,418,640
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,738,515
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		740,053
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,060,450
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,652,152
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,537,465
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,797,323
	155,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		190,159
	1,500,000	Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20292		1,832,745
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		2,237,925
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,223,140
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,820,613
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,214,990
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,098,332
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,195,897
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,921,260
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/22/2021		195,259

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
		Washington Health Care Facilities Authority
$	500,000	5.00%, 08/15/2032, Call 08/15/2027	$	580,280
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,072,543
	500,000	5.00%, 08/1/2038, Call 08/1/2029		629,525
	2,500,000	1.20% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/20223		2,509,225
		Washington State Convention Center Public Facilities District
	1,000,000	5.00%, 07/1/2043, Call 07/1/2028		1,171,050
	1,250,000	5.00%, 07/1/2058, Call 07/1/2028		1,458,075
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,222,880
				38,518,496
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,066,120
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,270,730
				2,336,850
		WISCONSIN — 1.2%
		Public Finance Authority
	435,000	5.00%, 07/1/20222		454,088
	890,000	4.00%, 07/1/2027, Call 07/1/2024		961,734
	500,000	5.75%, 02/1/2035, Call 02/1/2025		525,660
	535,000	5.00%, 07/1/2037, Call 07/1/2024		580,625
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		893,570
	500,000	5.00%, 06/15/2039, Call 06/15/20264		524,485
	500,000	5.75%, 04/1/2042, Call 04/1/2022		519,865
	1,000,000	5.00%, 07/1/2042, Call 07/1/20222		1,040,660
	165,000	6.00%, 07/15/2042, Call 07/15/2022		172,951
	450,000	5.50%, 03/1/2045, Call 03/1/20254		484,146
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,074,230
	345,000	6.38%, 01/1/2048, Call 01/1/20284		282,914
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		198
	7,085	0.00%, 01/1/20474 5		188
	7,034	0.00%, 01/1/20484 5		184
	6,984	0.00%, 01/1/20494 5		179
	6,882	0.00%, 01/1/20504 5		169
	7,540	0.00%, 01/1/20514 5		182
	194,116	0.00%, 07/1/20514 5		128,344
	7,490	0.00%, 01/1/20524 5		174
	7,388	0.00%, 01/1/20534 5		168
	7,338	0.00%, 01/1/20544 5		163

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	7,237	0.00%, 01/1/20554 5	$	157
	7,135	0.00%, 01/1/20564 5		152
	7,085	0.00%, 01/1/20574 5		147
	6,984	0.00%, 01/1/20584 5		141
	6,933	0.00%, 01/1/20594 5		138
	6,882	0.00%, 01/1/20604 5		132
	6,781	0.00%, 01/1/20614 5		126
	6,730	0.00%, 01/1/20624 5		122
	6,629	0.00%, 01/1/20634 5		118
	6,579	0.00%, 01/1/20644 5		115
	6,528	0.00%, 01/1/20654 5		110
	6,427	0.00%, 01/1/20664 5		103
	83,706	0.00%, 01/1/20674 5		1,249
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,553,565
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,233,800
	3,000,000	Village of Mount Pleasant WI, BAM-TCRS MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,618,780
				14,053,832
		TOTAL MUNICIPAL BONDS
		(Cost $893,812,460)		961,989,575

Number of Shares
		COMMON STOCK — 0.1%
	32,339	Energy Harbor Corp.*	824,645
		TOTAL COMMON STOCK
		(Cost $965,130)	824,645

	CLOSED-END MUTUAL FUNDS — 0.7%
8,184	BlackRock Long-Term Municipal Advantage Trust	104,100
53,753	BlackRock MuniVest Fund, Inc.	493,990
31,817	BlackRock MuniYield Quality Fund, Inc.	524,980
72,299	BNY Mellon Municipal Income, Inc.	641,292
127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	1,002,882
30,359	BNY Mellon Strategic Municipals, Inc.	257,748
23,539	DTF Tax-Free Income, Inc.	350,731
87,593	DWS Municipal Income Trust	1,018,707
17,462	Invesco Advantage Municipal Income Trust II	198,194
17,008	Invesco Municipal Opportunity Trust	218,043
23,118	Invesco Municipal Trust	296,373
11,819	Invesco Trust for Investment Grade Municipals	156,129

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	8,572	Neuberger Berman Municipal Fund, Inc.	$	130,294
	37,184	Pioneer Municipal High Income Advantage Trust		433,194
	123,034	Pioneer Municipal High Income Trust		1,530,543
	108,960	Western Asset Managed Municipals Fund, Inc.		1,399,046
	8,866	Western Asset Municipal Partners Fund, Inc.		132,547
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,138,880)		8,888,793
		OPEN-END MUTUAL FUND — 2.4%
	1,939,966	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		28,827,901
		TOTAL OPEN-END MUTUAL FUND
		(Cost $26,914,557)		28,827,901
		PRIVATE FUNDS — 13.3%
		MacKay Municipal Credit Opportunities Fund, LP*		32,127,871
		MacKay Municipal Opportunities Fund, LP*		130,607,595
		TOTAL PRIVATE FUNDS
		(Cost $132,171,943)		162,735,466
		SHORT-TERM INVESTMENT — 1.8%
	21,344,313	JPMorgan Prime Money Market Fund - Institutional Shares, 0.09%7		21,354,985
		TOTAL SHORT-TERM INVESTMENT
		(Cost $21,356,338)		21,354,985
		TOTAL INVESTMENTS — 97.1%
		(Cost $1,084,359,308)		1,184,621,365
		Other assets less liabilities — 2.9%		35,568,846
		TOTAL NET ASSETS — 100.0%	$	1,220,190,211

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2020 (Unaudited)

^* 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

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

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 59.7%
		ALTERNATIVE DIVERSIFIERS — 7.1%
	6,801,224	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	70,460,682
	855,877	GMO SGM Major Markets Fund - Class VI		28,132,666
				98,593,348
		CORE/ALTERNATIVE DIVERSIFIERS — 52.6%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV1		372,940,145
	1,041,050	GMO Global Asset Allocation Fund - Class III		35,551,869
	14,680,504	JPMorgan Global Allocation Fund - Class R6		323,264,695
				731,756,709
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $781,469,539)		830,350,057
		EXCHANGE-TRADED FUND — 14.4%
		REAL ASSET — 14.4%
	11,098,928	iShares Gold Trust*		201,223,565
		TOTAL EXCHANGE-TRADED FUND
		(Cost $176,999,511)		201,223,565
		PRIVATE FUNDS — 23.2%
		ALTERNATIVE DIVERSIFIERS — 11.5%
		Elliott Associates, LP - Class C*		3,777,594
		Millennium International, Ltd. - Class GG*		31,263,815
		Millennium International, Ltd. - Sub-Class GG-C*		5,451,527
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A*		119,259,325
				159,752,261
		CORE DIVERSIFIERS — 11.7%
		All Weather Portfolio Limited*		150,349,355
		D. E. Shaw Orienteer International Fund, LP*		12,590,616
				162,939,971
		TOTAL PRIVATE FUNDS
		(Cost $278,117,934)		322,692,232
		SHORT-TERM INVESTMENT — 2.7%
	37,314,119	JPMorgan Prime Money Market Fund - Institutional Shares, 0.09%2		37,332,776
		TOTAL SHORT-TERM INVESTMENT
		(Cost $37,314,662)		37,332,776
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,273,901,646)		1,391,598,630
		Liabilities in excess of other assets — (0.0)%3		(119,244	)
		TOTAL NET ASSETS — 100.0%	$	1,391,479,386

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 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

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2020 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 98.5%
		CORE — 89.7%
	4,226,920	DoubleLine Total Return Bond Fund - I Class	$	45,228,041
	10,576,508	MetWest Total Return Bond Fund - Plan Class1		110,947,574
	2,104,060	PIMCO Income Fund - Institutional Class		25,480,168
	955,694	Vanguard Total Bond Market Index Fund - Institutional Class		11,105,159
				192,760,942
		OPPORTUNISTIC — 8.8%
	518,070	GMO Emerging Country Debt Fund - Class IV		13,671,862
	880,862	Vanguard High-Yield Corporate Fund - Admiral Shares		5,267,553
				18,939,415
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $204,764,499)		211,700,357
		SHORT-TERM INVESTMENT — 3.2%
	6,976,961	JPMorgan Prime Money Market Fund - Institutional Shares, 0.09%2		6,980,450
		TOTAL SHORT-TERM INVESTMENT
		(Cost $6,980,316)		6,980,450
		TOTAL INVESTMENTS — 101.7%
		(Cost $211,744,815)		218,680,807
		Liabilities in excess of other assets — (1.7)%		(3,660,626	)
		TOTAL NET ASSETS — 100.0%	$	215,020,181

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.

ASPIRIANT TRUST

NOTES TO THE SCHEDULES OF INVESTMENTS

December 31, 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.

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 December 31, 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	$	-	$	1,637,086	$	-	$	-	$	1,637,086
Belgium		-		2,290,987		-		-		2,290,987
Bermuda		6,436,935		1,346,270		-		-		7,783,205
Canada		5,444,033		-		-		-		5,444,033
Cayman Islands		12,159,035		6,614,724		-		-		18,773,759
Chile		348,429		-		-		-		348,429
China		557,794		6,638,091		-		-		7,195,885
Denmark		2,473,249		4,225,003		-		-		6,698,252
Finland		-		1,204,369		-		-		1,204,369
France		-		10,449,870		-		-		10,449,870
Germany		-		3,945,804		-		-		3,945,804
Guernsey		3,142,270		-		-		-		3,142,270
Hong Kong		28,671		10,708,887		-		-		10,737,558
India		2,649,864		-		-		-		2,649,864
Ireland		4,844,736		1,408,306		-		-		6,253,042
Israel		2,627,297		-		-		-		2,627,297
Japan		1,720,564		24,495,712		-		-		26,216,276
Jersey		-		1,670,399		-		-		1,670,399
Netherlands		395,489		5,862,824		-		-		6,258,313
New Zealand		-		592,586		-		-		592,586
Norway		-		159,304		-		-		159,304
Philippines		146,137		-		-		-		146,137
Portugal		-		301,314		-		-		301,314
Singapore		461,775		1,778,428		-		-		2,240,203
South Korea		815,166		-		-		-		815,166
Spain		-		1,592,545		-		-		1,592,545
Sweden		-		604,674		-		-		604,674
Switzerland		3,696,566		13,206,309		-		-		16,902,875
Taiwan		14,954,655		1,706,706		-		-		16,661,361
United Kingdom		114,367		5,987,292		-		-		6,101,659
United States		214,374,262		-		-		-		214,374,262
Exchange-Traded Fund		144,256,543		-		-		-		144,256,543
Open-End Mutual Funds		726,464,382		-		-		-		726,464,382
Preferred Stocks
Germany		-		196,061		-		-		196,061
Private Fund		-		-		-		133,923,824		133,923,824
Short-Term Investments		124,137,371		13,381,395		-		-		137,518,766
Total Investments	$	1,272,249,590	$	122,004,946	$	-	$	133,923,824	$	1,528,178,360

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 December 31, 2020:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Months)	Redemption Terms
Private Funds- Long/Short Equity(a)	$	133,923,824	N/A	Indefinite	Monthly	2	N/A
	$	133,923,824	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 December 31, 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		8.8	%	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 December 31, 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	$	-	$	961,989,575	$	-	$	-	$	961,989,575
Common Stock		824,645		-		-		-		824,645
Closed-End Mutual Funds		8,888,793		-		-		-		8,888,793
Open-End Mutual Fund		28,827,901		-		-		-		28,827,901
Private Funds		-		-		-		162,735,466		162,735,466
Short-Term Investment		21,354,985		-		-		-		21,354,985
Total Investments	$	59,896,324	$	961,989,575	$	-	$	162,735,466	$	1,184,621,365

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 December 31, 2020:

Investment Category	Fair Value		Unfunded Commitments	Remaining Life	Redemption Frequency	Notice Period (in Days)	Redemption Terms
Private Funds- Fixed Income Relative-Value(a)	$	162,735,466	N/A	Indefinite	Monthly -Quarterly	30 - 65	N/A - 25% investor level gate, if redemptions exceed 25% of total fund's assets
	$	162,735,466	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 December 31, 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		10.7	%	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 December 31, 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	$	98,593,348	$	—	$	—	$	—	$	98,593,348
Core/Alternative Diversifiers		731,756,709		—		—		—		731,756,709
Exchange-Traded Fund:
Real Asset		201,223,565		—		—		—		201,223,565
Private Funds:
Alternative Diversifiers		—		—		—		159,752,261		159,752,261
Core Diversifiers		—		—		—		162,939,971		162,939,971
Short-Term Investment		37,332,776		—		—		—		37,332,776
Total Investments	$	1,068,906,398	$	—	$	—	$	322,692,232	$	1,391,598,630

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 December 31, 2020:

Investment Category	Fair Value		Unfunded Commitments		Remaining Life	Redemption Frequency	Notice Period	Redemption Terms
Private Funds –
Merger Arbitrage (a)	$	119,259,325		N/A	Indefinite	Daily	3 business days	N/A
Multi-Strategy (b)		40,492,936	$	81,651,200	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)		162,939,971		N/A	Indefinite	Monthly	5-10 business days	N/A
	$	322,692,232	$	81,651,200

(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 December 31, 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		10.8	%	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 December 31, 2020, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	192,760,942	$	—	$	—	$	192,760,942
Opportunistic		18,939,415		—		—		18,939,415
Short-Term Investment		6,980,450		—		—		6,980,450
Total Investments	$	218,680,807	$	—	$	—	$	218,680,807