Aspiriant Trust NPORTP Aspiriant Risk-Managed Municipal Bond Fund (Jun 2021 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 24.4%
		AUSTRALIA — 0.0%¹
	1,818	Newcrest Mining Ltd.	$	34,476
		BELGIUM — 0.2%
	27,100	Colruyt S.A.		1,516,221
	11,339	UCB S.A.		1,187,552
				2,703,773
		BERMUDA — 0.4%
	34,077	Arch Capital Group Ltd.*		1,326,958
	20,000	China Resources Gas Group Ltd.		119,944
	4,531	Credicorp Ltd.*		548,750
	2,589	Everest Re Group Ltd.		652,454
	106,265	Hongkong Land Holdings Ltd.		506,080
	18,282	IHS Markit Ltd.		2,059,650
	10,000	Jardine Matheson Holdings Ltd.		639,195
	7,321	RenaissanceRe Holdings Ltd.		1,089,511
				6,942,542
		BRAZIL — 0.0%¹
	35,926	Telefonica Brasil S.A. - ADR2		305,371
		CANADA — 0.3%
	4,984	Agnico Eagle Mines Ltd.		301,283
	10,151	Bank of Nova Scotia		660,526
	21,616	Franco-Nevada Corp.		3,135,833
	4,459	Toronto-Dominion Bank		312,353
				4,409,995
		CAYMAN ISLANDS — 0.8%
	827	Alibaba Group Holding Ltd. - ADR*		187,547
	101,110	ANTA Sports Products Ltd.		2,373,125
	2,291	Baidu, Inc. - ADR*		467,135
	412	BeiGene Ltd. - ADR*		141,394
	82,000	Haitian International Holdings Ltd.		274,605
	32,166	Huazhu Group Ltd. - ADR* ²		1,698,687
	9,011	iQIYI, Inc. - ADR*		140,391
	164,500	Kingboard Holdings Ltd.		912,038
	147,881	Li Ning Co., Ltd.		1,803,899
	3,466	Noah Holdings Ltd. - ADR* ²		163,595
	996	Pinduoduo, Inc. - ADR*		126,512
	40,350	Tencent Holdings Ltd.		3,038,053
	24,830	Tencent Holdings Ltd. - ADR		1,869,699

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CAYMAN ISLANDS (Continued)
	84,000	Tingyi Cayman Islands Holding Corp.²	$	167,700
	7,236	ZTO Express Cayman, Inc. - ADR		219,613
				13,583,993
		CHILE — 0.0%¹
	42,388	Enel Americas S.A. - ADR²		306,041
		CHINA — 0.3%
	29,831	China Construction Bank Corp. - ADR²		466,259
	925,380	China Construction Bank Corp. - Class H		726,149
	175,500	China Merchants Bank Co., Ltd. - Class H		1,494,943
	328,000	China Shenhua Energy Co., Ltd.		642,488
	22,000	Fuyao Glass Industry Group Co., Ltd.		154,879
	2,338,000	Industrial & Commercial Bank of China Ltd. - Class H		1,370,113
	188,000	Jiangsu Expressway Co., Ltd. - Class H		212,772
	43,200	Legend Holdings Corp. - Class H³		70,987
				5,138,590
		DENMARK — 0.5%
	9,221	Coloplast A/S - Class B		1,513,933
	5,130	Demant A/S*		289,098
	10,181	DSV PANALPINA A/S		2,376,632
	35,408	Novo Nordisk A/S - ADR		2,966,128
	1,949	Novozymes A/S		147,052
	7,059	Pandora A/S		952,358
				8,245,201
		FINLAND — 0.1%
	7,117	Elisa OYJ		424,711
	7,026	Kone Oyj - Class B		573,422
	1,858	Neste Oyj		113,973
	3,520	UPM-Kymmene Oyj		133,260
				1,245,366
		FRANCE — 0.7%
	18,103	Cie Generale des Etablissements Michelin		2,889,155
	29,663	Edenred		1,691,288
	605	Hermes International		882,884
	4,598	L'Oreal S.A.		2,053,439
	255	Pernod Ricard S.A.		56,677
	17,264	Safran S.A.		2,395,948
	24,214	Worldline S.A./France* ³		2,268,963
				12,238,354

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		GERMANY — 0.1%
	1,057	Beiersdorf A.G.	$	127,586
	55,595	Commerzbank A.G.*		394,818
	1,271	Henkel A.G. & Co.		117,045
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,320,973
				1,960,422
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.		3,427,125
		HONG KONG — 0.5%
	41,846	BOC Hong Kong Holdings Ltd.		141,829
	382,000	China Merchants Port Holdings Co., Ltd.		557,893
	144,500	CLP Holdings Ltd.		1,428,072
	2,177	Hang Lung Properties Ltd. - ADR²		26,538
	51,210	Hang Seng Bank Ltd.		1,021,523
	142,000	Henderson Land Development Co., Ltd.		671,980
	233,000	HK Electric Investments and HK Electric Investments Ltd.⁴		236,106
	888,000	HKT Trust and HKT Ltd.⁴		1,209,523
	13,500	Link REIT		130,617
	155,058	MTR Corp. Ltd.²		863,362
	176,500	Power Assets Holdings Ltd.		1,083,015
	87,000	Sun Hung Kai Properties Ltd.		1,292,990
	284,400	Swire Properties Ltd.		847,136
				9,510,584
		INDIA — 0.3%
	16,368	Dr Reddy's Laboratories Ltd. - ADR		1,203,212
	183,781	Infosys Ltd. - ADR		3,894,319
	32,272	Wipro Ltd. - ADR		252,044
				5,349,575
		IRELAND — 0.5%
	5,404	Accenture PLC - Class A		1,593,045
	8,954	Aon PLC - Class A²		2,137,857
	9,438	Flutter Entertainment PLC* ²		1,717,700
	8,866	ICON PLC* ²		1,832,691
	28,374	Johnson Controls International PLC		1,947,308
	1,301	Linde PLC		376,119
				9,604,720
		ISRAEL — 0.1%
	1,078	Check Point Software Technologies Ltd.*		125,188

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		ISRAEL (Continued)
	2,131	Elbit Systems Ltd.²	$	276,498
	8,283	Nice Ltd. - ADR* ²		2,049,711
				2,451,397
		ITALY — 0.1%
	28,198	Moncler S.p.A.		1,911,485
		JAPAN — 1.7%
	3,600	ABC-Mart, Inc.		207,056
	1,400	Bandai Namco Holdings, Inc.		96,893
	18,500	Bridgestone Corp.		840,869
	5,500	Canon, Inc.		124,311
	14,700	Denso Corp.		1,002,415
	15,871	FUJIFILM Holdings Corp.		1,173,954
	5,700	Hamamatsu Photonics KK		343,363
	3,800	Hirose Electric Co., Ltd.		555,919
	900	Hoya Corp.		119,043
	10,000	Itochu Corp.		288,547
	2,800	Itochu Techno-Solutions Corp.		86,620
	5,400	Japan Exchange Group, Inc.		120,290
	188,880	Japan Post Bank Co., Ltd.		1,588,549
	22,235	Japan Tobacco, Inc.		420,204
	3,000	Kao Corp.		184,980
	91,787	KDDI Corp.		2,859,687
	200	Keyence Corp.		100,725
	8,800	Kyocera Corp.		543,667
	12,000	Kyowa Kirin Co., Ltd.		426,786
	3,800	Lawson, Inc.		176,003
	5,000	Makita Corp.		235,436
	2,800	McDonald's Holdings Co. Japan Ltd.		123,387
	36,000	Mitsubishi Electric Corp.		522,621
	14,878	Mitsubishi UFJ Financial Group, Inc.		80,137
	53,680	Mizuho Financial Group, Inc.		769,369
	5,400	Murata Manufacturing Co., Ltd.		411,344
	138,000	Nippon Steel Corp.		2,333,330
	74,000	Nippon Telegraph & Telephone Corp.		1,934,744
	66,948	Nippon Telegraph & Telephone Corp. - ADR²		1,753,536
	5,800	Nissin Foods Holdings Co., Ltd.		417,641
	2,700	Nitori Holdings Co., Ltd.		476,812
	1,700	Nomura Research Institute Ltd.		56,145
	800	Oriental Land Co., Ltd.		113,973
	14,266	Otsuka Holdings Co., Ltd.		592,353

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	39,300	Recruit Holdings Co., Ltd.	$	1,927,225
	1,300	Rinnai Corp.		123,737
	4,569	Secom Co., Ltd.		348,252
	40,000	Sekisui House Ltd.		821,391
	1,000	Shimano, Inc.		237,924
	34	Shin-Etsu Chemical Co., Ltd.		5,687
	44,000	Shizuoka Bank Ltd.		341,448
	600	SMC Corp.		354,957
	65,362	Softbank Corp.		854,608
	4,200	Stanley Electric Co., Ltd.		121,343
	23,700	Sumitomo Mitsui Financial Group, Inc.		816,986
	3,200	Suntory Beverage & Food Ltd.		120,615
	4,500	Toho Co., Ltd./Tokyo		185,544
	7,006	Toyota Motor Corp.		612,423
	14,500	Trend Micro, Inc.		759,271
	600	Tsuruha Holdings, Inc.		69,831
	4,300	Unicharm Corp.		173,205
	2,100	Yakult Honsha Co., Ltd.		118,907
				29,074,063
		LUXEMBOURG — 0.1%
	206,402	B&M European Value Retail S.A.		1,638,595
	34,913	Tenaris S.A.		381,958
				2,020,553
		NETHERLANDS — 0.5%
	19,819	Airbus S.E.*		2,553,735
	3,627	ASML Holding N.V.		2,503,788
	1,186	Ferrari N.V.		244,375
	118,974	Koninklijke Ahold Delhaize N.V.		3,542,994
	14,012	Koninklijke Ahold Delhaize N.V. - ADR		416,015
				9,260,907
		NEW ZEALAND — 0.0%¹
	174,948	Spark New Zealand Ltd.		587,247
		NORWAY — 0.0%¹
	3,840	Yara International A.S.A.		202,346
		PHILIPPINES — 0.0%¹
	5,236	PLDT, Inc. - ADR²		137,602
		SINGAPORE — 0.2%
	12,622	DBS Group Holdings Ltd.		280,806

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SINGAPORE (Continued)
	6,072	DBS Group Holdings Ltd. - ADR	$	541,258
	32,000	Oversea-Chinese Banking Corp. Ltd.		285,176
	227,000	Singapore Telecommunications Ltd.		386,577
	76,000	United Overseas Bank Ltd.		1,463,562
				2,957,379
		SOUTH KOREA — 0.1%
	11,178	POSCO - ADR		858,135
	4,334	Woori Financial Group, Inc. - ADR²		131,190
				989,325
		SPAIN — 0.2%
	42,502	Cellnex Telecom S.A.³		2,710,832
	6,851	Industria de Diseno Textil S.A.		241,887
				2,952,719
		SWEDEN — 0.2%
	2,500	ICA Gruppen A.B.*		116,378
	5,731	Industrivarden A.B. - A Shares		222,896
	4,787	L E Lundbergforetagen A.B. - B Shares		308,956
	69,240	Sandvik A.B.		1,770,443
	68,547	Volvo A.B. - B Shares		1,651,943
				4,070,616
		SWITZERLAND — 1.3%
	880	Alcon, Inc.		61,829
	16	Chocoladefabriken Lindt & Spruengli A.G.		159,179
	1,365	EMS-Chemie Holding A.G.		1,341,668
	6,065	Garmin Ltd.		877,242
	32,092	Julius Baer Group Ltd.		2,096,032
	6,592	Kuehne + Nagel International A.G.		2,256,173
	7,031	Logitech International S.A.²		850,188
	7,504	Nestle S.A. - ADR		936,049
	4,401	Novartis A.G. - ADR		401,547
	2,044	Partners Group Holding A.G.		3,098,595
	4,705	Roche Holding A.G.		1,773,023
	14,816	Roche Holding A.G. - ADR		696,204
	4,173	Schindler Holding A.G.		1,221,086
	6,279	Sonova Holding A.G.		2,365,016
	1,137	Swatch Group A.G.		390,463
	6,028	Swisscom A.G.		3,444,331
	227	Zurich Insurance Group A.G.		91,178
	2,010	Zurich Insurance Group A.G. - ADR²		80,902
				22,140,705

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TAIWAN — 1.0%
	109,336	Chunghwa Telecom Co., Ltd. - ADR²	$	4,445,602
	54,000	MediaTek, Inc.		1,862,257
	86,663	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		10,413,426
	66,650	United Microelectronics Corp. - ADR²		629,842
				17,351,127
		UNITED KINGDOM — 0.3%
	46,535	Berkeley Group Holdings PLC		2,958,916
	5,848	Burberry Group PLC*		167,248
	51,795	J Sainsbury PLC		194,950
	103,052	Prudential PLC		1,960,644
	5,302	RELX PLC		140,592
	163,166	Wm Morrison Supermarkets PLC		556,820
				5,979,170
		UNITED STATES — 13.7%
	1,027	Abbott Laboratories		119,060
	14,177	Activision Blizzard, Inc.		1,353,053
	6,887	Adobe, Inc.* ²		4,033,302
	7,272	Adtalem Global Education, Inc.*		259,174
	12,168	Aflac, Inc.		652,935
	1,099	Akamai Technologies, Inc.*		128,143
	723	Alexion Pharmaceuticals, Inc.*		132,822
	3,007	Align Technology, Inc.*		1,837,277
	796	Allstate Corp.		103,830
	2,526	Alphabet, Inc. - Class A*		6,167,962
	2,796	Alphabet, Inc. - Class C*		7,007,671
	3,043	Amazon.com, Inc.*		10,468,407
	540	AMERCO		318,276
	7,842	American Electric Power Co., Inc.		663,355
	13,450	American Express Co.		2,222,344
	2,948	American National Group, Inc.		437,925
	14,566	Anthem, Inc.		5,561,299
	56,105	Apple, Inc.		7,684,141
	2,553	AptarGroup, Inc.		359,565
	35,294	Ares Management Corp. - Class A		2,244,345
	41,569	AT&T, Inc.		1,196,356
	417	Atmos Energy Corp.		40,078
	18,892	Avangrid, Inc.²		971,616
	12,247	BancorpSouth Bank		346,958
	6,902	Baxter International, Inc.		555,611
	1,202	Becton, Dickinson and Co.		292,314

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	3,404	Berkshire Hathaway, Inc.*	$	946,040
	1,298	Biogen, Inc.*		449,458
	1,736	Bio-Rad Laboratories, Inc. - Class A*		1,118,487
	2,381	BlackRock, Inc.		2,083,304
	24,716	Blackstone Group, Inc. - Class A		2,400,912
	57,028	Boston Scientific Corp.*		2,438,517
	2,720	C.H. Robinson Worldwide, Inc.		254,782
	1,138	CBOE Global Markets, Inc.		135,479
	21,514	CBRE Group, Inc. - Class A*		1,844,395
	10,295	CDW Corp.		1,798,022
	51,584	Cerner Corp.		4,031,805
	28,430	Charles Schwab Corp.		2,069,988
	3,405	Charter Communications, Inc. - Class A* ²		2,456,537
	2,871	Chemed Corp.		1,362,290
	5,174	Church & Dwight Co., Inc.		440,928
	66,193	Ciena Corp.*		3,765,720
	28,313	Cisco Systems, Inc.		1,500,589
	720	CME Group, Inc.²		153,130
	5,859	CNX Resources Corp.*		80,034
	2,337	Coca-Cola Co.		126,455
	16,314	Comcast Corp. - Class A		930,224
	3,107	Consolidated Edison, Inc.		222,834
	41,890	Corning, Inc.		1,713,301
	7,330	Corteva, Inc.		325,086
	4,979	Costco Wholesale Corp.		1,970,041
	8,322	Danaher Corp.		2,233,292
	4,854	Datto Holding Corp.* ²		135,135
	24,020	Dolby Laboratories, Inc. - Class A		2,360,926
	1,766	DTE Energy Co.		228,874
	2,136	Duke Energy Corp.		210,866
	6,912	Electronic Arts, Inc.		994,153
	20,459	Eli Lilly & Co.²		4,695,750
	7,022	EQT Corp.*		156,310
	9,381	Exelon Corp.		415,672
	4,786	Expeditors International of Washington, Inc.		605,908
	3,699	Exxon Mobil Corp.		233,333
	21,838	Facebook, Inc. - Class A*		7,593,291
	2,414	Fastenal Co.		125,528
	13,194	Fidelity National Information Services, Inc.		1,869,194
	5,145	First Financial Bankshares, Inc.		252,774
	2,407	First Financial Corp.		98,254

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	7,745	FleetCor Technologies, Inc.*	$	1,983,185
	22,256	Flowers Foods, Inc.²		538,595
	17,241	Fortune Brands Home & Security, Inc.		1,717,376
	11,797	Gentex Corp.		390,363
	4,590	Gilead Sciences, Inc.		316,067
	9,297	Global Payments, Inc.		1,743,559
	3,200	Graco, Inc.		242,240
	1,395	Hanover Insurance Group, Inc.		189,218
	4,208	Healthcare Services Group, Inc.²		132,847
	14,515	Hilton Worldwide Holdings, Inc.*		1,750,799
	2,212	Home Depot, Inc.		705,385
	76,837	Hormel Foods Corp.		3,668,967
	2,122	Humana, Inc.		939,452
	580	IDEX Corp.		127,629
	76,191	Intel Corp.		4,277,363
	4,849	Intuit, Inc.		2,376,835
	2,731	Jack Henry & Associates, Inc.		446,546
	21,650	JM Smucker Co.		2,805,191
	14,903	Johnson & Johnson		2,455,120
	21,042	JPMorgan Chase & Co.		3,272,873
	5,122	Juniper Networks, Inc.²		140,087
	5,872	KLA Corp.		1,903,761
	2,724	Knight-Swift Transportation Holdings, Inc.²		123,833
	17,552	Kroger Co.		672,417
	6,463	Lancaster Colony Corp.		1,250,655
	929	Landstar System, Inc.		146,801
	19,639	Lennar Corp. - Class A²		1,951,135
	11,883	LPL Financial Holdings, Inc.		1,603,967
	3,835	Madison Square Garden Entertainment Corp.*		322,025
	38,885	Marvell Technology, Inc.		2,268,162
	7,604	Mastercard, Inc. - Class A		2,776,144
	2,054	MAXIMUS, Inc.		180,690
	842	McCormick & Co., Inc.		74,365
	7,071	McDonald's Corp.		1,633,330
	8,947	Merck & Co., Inc.		695,808
	34,871	MetLife, Inc.		2,087,029
	49,093	Microsoft Corp.		13,299,294
	21,804	Monster Beverage Corp.*		1,991,795
	25,382	Morgan Stanley		2,327,276
	1,078	Morningstar, Inc.		277,165

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	2,858	Motorola Solutions, Inc.	$	619,757
	3,609	MSCI, Inc.		1,923,886
	1,128	National HealthCare Corp.		78,847
	569	Netflix, Inc.*		300,552
	5,744	New York Times Co. - Class A		250,151
	20,836	Newmont Corp.		1,320,586
	844	NextEra Energy, Inc.		61,848
	1,378	NIKE, Inc. - Class B		212,887
	901	NVIDIA Corp.		720,890
	428	NVR, Inc.*		2,128,572
	1,256	Old Dominion Freight Line, Inc.		318,773
	318	ONE Gas, Inc.²		23,570
	894	Organon & Co.*		27,052
	10,770	PayPal Holdings, Inc.*		3,139,240
	6,841	PepsiCo, Inc.		1,013,631
	61,378	Pfizer, Inc.		2,403,562
	14,475	Pinnacle West Capital Corp.²		1,186,516
	11,943	Procter & Gamble Co.		1,611,469
	2,391	PROG Holdings, Inc.		115,079
	1,748	Prosperity Bancshares, Inc.		125,506
	28,827	Public Service Enterprise Group, Inc.		1,722,125
	1,306	Public Storage - REIT		392,701
	10,706	Republic Services, Inc.		1,177,767
	2,143	ResMed, Inc.		528,292
	3,545	Royal Gold, Inc.		404,485
	5,425	S&P Global, Inc.²		2,226,691
	11,677	salesforce.com, Inc.*		2,852,341
	31,212	Schneider National, Inc. - Class B		679,485
	509	Snowflake, Inc. - Class A*		123,076
	4,142	Southern Copper Corp.		266,413
	5,344	Stryker Corp.		1,387,997
	7,363	Synopsys, Inc.*		2,030,642
	22,315	Sysco Corp.		1,734,991
	367	Take-Two Interactive Software, Inc.*		64,966
	3,226	Target Corp.		779,853
	1,641	Tesla, Inc.*		1,115,388
	14,294	Texas Instruments, Inc.		2,748,736
	8,011	TFS Financial Corp.²		162,623
	10,664	TJX Cos., Inc.		718,967
	9,514	Tootsie Roll Industries, Inc.²		322,620
	3,674	Tradeweb Markets, Inc. - Class A		310,673

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	15,973	TransUnion	$	1,753,995
	31,419	Trustmark Corp.		967,705
	940	Tyler Technologies, Inc.*		425,228
	36,942	Uber Technologies, Inc.*		1,851,533
	8,696	UnitedHealth Group, Inc.		3,482,226
	13,965	Verizon Communications, Inc.		782,459
	16,530	Visa, Inc. - Class A²		3,865,045
	33,377	Walmart, Inc.		4,706,825
	4,777	Walt Disney Co.*		839,653
	2,460	Watsco, Inc.		705,134
	2,132	WEC Energy Group, Inc.		189,641
	13,903	Wells Fargo & Co.		629,667
	34,736	Werner Enterprises, Inc.		1,546,447
	2,264	World Wrestling Entertainment, Inc. - Class A²		131,063
	10,910	Yum China Holdings, Inc.²		722,788
	710	Zoom Video Communications, Inc. - Class A*		274,791
				239,998,192
		TOTAL COMMON STOCKS
		(Cost $303,584,533)		427,090,961
		EXCHANGE-TRADED FUND — 9.9%
	1,682,116	iShares Edge MSCI Min Vol Global ETF²		173,022,452
		TOTAL EXCHANGE-TRADED FUND
		(Cost $143,995,252)		173,022,452
		OPEN-END MUTUAL FUNDS — 46.6%
	2,995,280	AQR Large Cap Defensive Style Fund - Class R6		88,330,805
	3,614,229	Baillie Gifford Emerging Markets Equities Fund - Class K		105,752,323
	4,546,787	GMO Emerging Markets Fund - Class VI		171,277,479
	15,189,191	GMO Quality Fund - Class VI^{5 6}		451,118,973
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $607,912,682)		816,479,580
		PREFERRED STOCKS — 0.0%¹
		GERMANY — 0.0%¹
	3,940	Fuchs Petrolub SE		191,738
	1,239	Porsche Automobil Holding S.E.		133,007
		TOTAL PREFERRED STOCKS
		(Cost $254,817)		324,745

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		PRIVATE FUNDS⁷ — 12.9%
		Bridgewater All Weather China, Ltd.⁸	$	52,645,410
		GMO Equity Dislocation Fund, LP⁹		32,845,598
		RIEF Strategic Partners Fund LLC* ¹⁰		140,994,087
		TOTAL PRIVATE FUNDS
		(Cost $238,000,000)		226,485,095
		SHORT-TERM INVESTMENTS — 6.6%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.6%
		Collateral Investments		10,110,100
		MONEY MARKET FUNDS — 6.0%
	105,352,049	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%¹¹		105,404,725
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $115,464,387)		115,514,825
		TOTAL INVESTMENTS — 100.4%
		(Cost $1,409,211,671)		1,758,917,658
		Liabilities in excess of other assets — (0.4)%		(6,557,783	)
		TOTAL NET ASSETS — 100.0%	$	1,752,359,875

Non-income producing security.

Rounds to less than 0.05%.

Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $26,775,159.

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

Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

⁶

Global equity fund.

⁷

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

⁸

The investment was acquired on 3/1/2021. The cost is $50,000,000.

⁹

The investment was acquired on 3/15/2021. The cost is $34,000,000.

¹⁰

The investment was acquired on 7/2/2018. The cost is $154,000,000.

¹¹

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 80.5%
		ALABAMA — 1.6%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 08/6/2021^1 2	$	500,787
		Black Belt Energy Gas District
	3,855,000	4.00%, 08/1/2047, Call 04/1/2022¹		3,981,554
	2,000,000	4.00%, 06/1/2051, Call 09/1/2031¹		2,496,537
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		560,976
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029²		1,305,164
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,984,842
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/2025¹		1,706,680
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/2024¹		1,097,707
	1,710,000	0.91% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/2024³		1,726,514
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,458,680
				18,819,441
		ARIZONA — 1.7%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043, Call 01/1/2022		1,529,073
	500,000	5.00%, 02/1/2043, Call 02/1/2023		533,304
	1,000,000	5.00%, 01/1/2044, Call 01/1/2024		1,097,932
		Arizona Industrial Development Authority
	1,165,000	4.00%, 03/1/2027⁴		1,260,441
	530,000	5.00%, 07/1/2047, Call 07/1/2027⁴		608,457
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027^4 5		164,253
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025⁴		735,423
		Industrial Development Authority of the City of Phoenix
	645,000	5.00%, 10/1/2036, Call 10/1/2026		761,649
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,039,421
		Industrial Development Authority of the County of Pima
	145,000	7.00%, 01/1/2022		146,499
	500,000	6.75%, 03/1/2034, Call 03/1/2024		528,163
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/2022⁴		351,715
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027⁴		1,110,865
		Maricopa County Industrial Development Authority
	250,000	2.88%, 07/1/2021⁴		250,000
	120,000	5.00%, 07/1/2039, Call 07/1/2029⁴		143,061
	550,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		569,191

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	5,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025	$	5,785,401
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,646,964
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		874,122
				20,135,934
		ARKANSAS — 0.2%
	2,250,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/2026^2 4		2,521,348
		CALIFORNIA — 7.1%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		704,312
	1,000,000	Bay Area Toll Authority, 1.28% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026³		1,038,198
	545,000	California Community Housing Agency, 5.00%, 02/1/2050, Call 02/1/2030⁴		633,624
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		112,567
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		184,789
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,684,928
	5,000,000	4.00%, 08/15/2050, Call 08/15/2030		6,010,734
		California Municipal Finance Authority
	200,000	6.63%, 01/1/2032, Call 01/1/2022⁴		201,992
	500,000	7.00%, 06/1/2034, Call 06/1/2022		534,819
	500,000	5.75%, 10/1/2034, Call 10/1/2021		502,795
	905,000	5.00%, 10/1/2035, Call 10/1/2022		954,284
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,214,927
	50,000	5.00%, 10/1/2039, Call 10/1/2027⁴		54,790
	850,000	5.00%, 06/1/2046, Call 06/1/2026		962,044
	1,000,000	4.00%, 12/31/2047, Call 06/30/2028²		1,133,534
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2022^2 4		1,057,528
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/2025⁴		59,166
	650,000	5.00%, 08/1/2036, Call 08/1/2025⁴		738,289
	1,250,000	5.00%, 06/1/2040, Call 06/1/2027⁴		1,403,964
	100,000	5.00%, 08/1/2041, Call 08/1/2025⁴		118,332
	900,000	5.00%, 08/1/2041, Call 08/1/2025⁴		1,016,156
	500,000	5.00%, 10/1/2042, Call 10/1/2022⁴		515,889
	350,000	6.75%, 11/1/2045, Call 11/1/2024⁴		385,214
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,136,864
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		980,476

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,500,000	5.25%, 12/1/2044, Call 12/1/2024	$	1,701,681
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,135,939
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		687,751
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		228,904
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		566,755
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,095,685
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/2028²		1,881,098
	1,000,000	5.00%, 05/15/2047, Call 05/15/2027²		1,216,723
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		322,485
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		759,796
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2046, Call 01/15/2031		1,484,208
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,477,706
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,104,552
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,080,198
	2,000,000	5.25%, 06/1/2047, Call 06/1/2022		2,074,126
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,099,534
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,128,079
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,044,431
	3,250,000	Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030		3,854,248
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021		504,670
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		472,686
	500,000	National City Community Development Commission, 7.00%, 08/1/2032, Call 08/1/2021		502,822
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		249,454
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		4,125,314
	1,680,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,006,492
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,096,320
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,375,970
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		783,596
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,136,902
	1,760,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		2,089,342

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		San Francisco City & County Airport Commission-San Francisco International Airport
$	1,000,000	5.00%, 05/1/2039, Call 05/1/2029²	$	1,253,674
	2,500,000	5.00%, 05/1/2046, Call 05/1/2026²		2,965,471
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,440,758
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,374,143
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		362,355
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		528,128
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,097,951
		Santa Ana Financing Authority, NATL-RE
	415,000	6.25%, 07/1/2024		452,994
	415,000	6.25%, 07/1/2024		453,024
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,073,557
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		722,142
	1,390,000	5.00%, 11/1/2033		1,892,152
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,048,779
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027⁴		113,104
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,018,361
				85,424,275
		COLORADO — 4.0%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		553,067
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		660,544
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,234,711
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		676,632
	500,000	5.00%, 12/1/2043, Call 12/1/2023		530,855
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/2028²		2,492,569
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/202⁵		559,392
	550,000	4.75%, 04/1/2030, Call 04/1/2022		560,284
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,103,887
	460,000	5.00%, 10/1/2039, Call 10/1/2027⁴		520,429

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
$	100,000	5.00%, 08/15/2034, Call 08/15/2024	$	111,109
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,283,443
	500,000	4.00%, 10/1/2039, Call 10/1/2024		531,156
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		583,914
	500,000	5.00%, 06/1/2036, Call 06/1/2027		619,755
	2,400,000	5.00%, 11/15/2041, Call 11/15/2031		3,187,163
	500,000	8.00%, 08/1/2043, Call 02/1/2024		535,863
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,282,356
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		2,273,969
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		532,845
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		585,099
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,595,254
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		529,111
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		411,958
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,459,769
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,054,093
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		813,309
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,160,104
	3,755	Mount Carbon Metropolitan District, 7.00%, 06/1/2043, Call 08/6/2021		3,756
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,171,837
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,103,273
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		518,668
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,783,018
	161,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		161,839
	4,335,000	State of Colorado, 4.00%, 12/15/2039, Call 12/15/2031		5,329,261
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		149,817
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		1,111,581
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		644,685
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,232,194
				47,652,569
		CONNECTICUT — 0.5%
	1,685,000	City of Bridgeport , 5.00%, 06/1/2029		2,138,060
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/6/2021²		500,580

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT (Continued)
$	375,000	Connecticut State Health & Educational Facilities Authority, 5.00%, 06/1/2033, Call 06/1/2030	$	490,792
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027⁴		1,162,082
	1,250,000	State of Connecticut Special Tax Revenue, 4.00%, 05/1/2040, Call 05/1/2031		1,510,606
				5,802,120
		DELAWARE — 0.2%
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025⁴		1,134,723
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,695,416
				2,830,139
		DISTRICT OF COLUMBIA — 1.9%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,162,965
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,791,777
	1,000,000	4.00%, 03/1/2045, Call 03/1/2030		1,189,294
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,488,192
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/2028²		1,266,174
	1,520,000	4.00%, 10/1/2036, Call 10/1/2026²		1,722,403
	1,820,000	5.00%, 10/1/2042, Call 10/1/2027²		2,231,892
	655,000	5.00%, 10/1/2044, Call 10/1/2024²		739,007
		Metropolitan Washington Airports Authority Aviation Revenue
	1,335,000	4.00%, 10/1/2041, Call 10/1/2031²		1,609,454
	500,000	4.00%, 10/1/2051, Call 10/1/2031²		593,248
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		886,266
	615,000	6.50%, 10/1/2041, Call 10/1/2026		788,995
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		2,446,346
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		2,313,476
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		604,869
	875,000	4.00%, 10/1/2036, Call 10/1/2030		1,056,362
				22,890,720
		FLORIDA — 5.6%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,497,175
	885,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		915,471
	820,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		868,249

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028	$	112,154
		Capital Trust Agency, Inc.
	500,000	4.38%, 06/15/2027⁴		533,592
	705,000	5.35%, 07/1/2029, Call 08/6/2021		707,824
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		104,438
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		539,192
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		562,437
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,721,465
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		558,799
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		527,128
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025²		1,163,915
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,758,739
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,788,574
		County of Miami-Dade Aviation Revenue
	1,000,000	5.00%, 10/1/2030, Call 10/1/2024²		1,134,791
	1,000,000	5.00%, 10/1/2032, Call 10/1/2024²		1,130,657
	4,240,000	5.00%, 10/1/2033, Call 10/1/2024²		4,791,073
	500,000	5.00%, 10/1/2049, Call 10/1/2029²		621,914
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,635,440
	175,000	5.00%, 04/1/2039, Call 04/1/2029⁴		199,157
	500,000	County of St. Lucie, 0.03%, 09/1/2028, Call 07/6/20211		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		814,658
	500,000	8.50%, 06/15/2044, Call 06/15/2023		558,258
	825,000	6.13%, 06/15/2046, Call 06/15/2025⁴		935,315
	1,710,000	6.50%, 01/1/2049, Call 08/6/20211 ^2 4		1,760,450
	3,000,000	7.38%, 01/1/2049, Call 01/1/20242 ⁴		3,300,897
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028⁴		596,093
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,051,622
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		532,211
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/2023²		1,059,307
	1,665,000	5.00%, 10/1/2046, Call 10/1/2026²		1,993,490
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,196,695

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028²	$	2,499,202
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,455,060
		Lake Ashton Community Development District
	85,000	5.00%, 05/1/2025		92,714
	400,000	5.00%, 05/1/2037, Call 05/1/2025		426,816
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,815,916
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		102,353
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,342,157
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		1,168,281
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		950,800
		Mediterra South Community Development District
	85,000	5.10%, 05/1/2031, Call 05/1/2022		87,886
	385,000	5.00%, 05/1/2034, Call 05/1/2023		392,460
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,112,908
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		683,792
	320,000	5.25%, 09/15/2044, Call 09/15/2024		346,635
	105,000	5.00%, 09/15/2044, Call 09/15/2027⁴		119,173
		Palm Beach County Health Facilities Authority
	330,000	6.75%, 06/1/2024, Call 06/1/2022		352,645
	850,000	5.00%, 12/1/2031, Call 12/1/2024		983,069
	500,000	5.00%, 11/1/2043, Call 11/1/2022		519,048
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		760,543
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		822,388
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,799,767
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,238,293
	1,650,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		2,015,744
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		110,488
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,379,881
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028⁴		159,531
	495,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		514,282
				67,423,012

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		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	$	1,302,275
		Brookhaven Development Authority
	1,000,000	4.00%, 07/1/2044, Call 07/1/2029		1,178,923
	5,000,000	4.00%, 07/1/2049, Call 07/1/2029		5,842,498
		Burke County Development Authority
	1,500,000	2.05%, 10/1/2032¹		1,509,923
	500,000	2.25%, 10/1/2032¹		517,129
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,127,350
	1,000,000	3.00%, 11/1/2045¹		1,039,526
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		603,438
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,105,351
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/2031⁴		600,540
	110,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 08/6/2021		110,254
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,236,257
	460,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027⁴		507,589
	1,470,000	Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029		1,815,681
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,857,078
				20,353,812
		GUAM — 0.2%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		548,403
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,093,663
		Territory of Guam
	210,000	4.00%, 01/1/2036, Call 01/1/2031		244,252
	455,000	4.00%, 1/1/2042, Call 1/1/2031		519,592
				2,405,910
		HAWAII — 0.4%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		515,198
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,457,901
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028²		1,218,423
				5,191,522
		IDAHO — 0.3%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/2024⁴		327,975
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,288,435
		Idaho Housing & Finance Association

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IDAHO (Continued)
$	370,000	6.00%, 07/1/2039, Call 07/1/2028⁴	$	457,207
	415,000	6.00%, 07/1/2049, Call 07/1/2028⁴		505,036
	565,000	6.00%, 07/1/2054, Call 07/1/2028⁴		685,564
				3,264,217
		ILLINOIS — 8.7%
		Chicago Board of Education
	1,000,000	0.00%, 12/1/2022		991,485
	100,000	5.75%, 04/1/2034, Call 04/1/2027		124,984
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,265,733
	180,000	5.00%, 04/1/2037, Call 04/1/2027		216,273
	500,000	5.00%, 04/1/2038, Call 04/1/2028		614,605
	500,000	5.25%, 12/1/2039, Call 12/1/2024		563,929
	1,000,000	5.00%, 12/1/2039, Call 12/1/2030		1,285,910
	575,000	5.00%, 12/1/2042, Call 12/1/2022		604,787
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,408,326
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,369,392
		Chicago O'Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/2028²		614,693
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,865,449
	680,000	Chicago Park District, 5.00%, 11/15/2024		775,437
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,999,713
		City of Chicago
	900,000	4.84%, 04/15/2028, Call 01/16/2023⁴		934,686
	1,000,000	5.25%, 01/1/2035, Call 08/6/2021		1,002,703
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,144,338
	880,000	6.00%, 01/1/2038, Call 01/1/2027		1,105,745
	500,000	5.50%, 01/1/2040, Call 01/1/2025		569,321
	900,000	5.00%, 01/1/2041, Call 01/1/2022		921,916
	1,000,000	City of Chicago , 5.00%, 01/1/2027		1,217,403
	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024		1,056,964
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 01/1/2022		2,006,743
	665,000	5.00%, 01/1/2034, Call 01/1/2025		763,204
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,314,980
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,144,462
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,499,274
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,297,091
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,245,408

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	570,000	3.90%, 11/1/2036, Call 11/1/2027	$	621,552
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		841,092
	425,000	5.00%, 08/1/2027		523,499
	500,000	5.00%, 08/1/2028, Call 08/1/2027		611,998
	600,000	5.75%, 10/1/2032, Call 10/1/2022		621,518
	670,000	5.00%, 03/1/2033, Call 03/1/2027		801,817
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,143,013
	315,000	5.00%, 02/15/2034, Call 02/15/2027		384,177
	500,000	5.00%, 03/1/2034, Call 03/1/2027		597,803
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,271,873
	225,000	5.00%, 02/15/2037, Call 08/15/2027		263,692
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		2,024,987
	550,000	5.00%, 09/1/2042, Call 09/1/2024		614,006
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,220,441
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,432,277
	1,135,000	4.00%, 06/1/2047, Call 06/1/2022		1,174,146
	25,000	4.00%, 06/1/2047, Call 06/1/2022		25,862
	630,000	4.00%, 06/1/2047, Call 06/1/2022		652,024
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,122,170
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,033,680
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,108,104
	1,000,000	Illinois State Toll Highway Authority, 5.00%, 01/1/2040, Call 01/1/2031		1,312,960
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,241,879
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,111,936
		Metropolitan Pier & Exposition Authority
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,695,946
	530,000	5.00%, 06/15/2057, Call 12/15/2027		637,245
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		862,836
	3,300,000	0.00%, 12/15/2030		2,723,404
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,671,176
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,292,478
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		517,029
	3,000,000	Railsplitter Tobacco Settlement Authority, 5.00%, 06/1/2024		3,400,360
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,106,183
		Sales Tax Securitization Corp.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	2,000,000	5.00%, 01/1/2034, Call 01/1/2028	$	2,458,296
	500,000	4.00%, 01/1/2038, Call 01/1/2030		592,084
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		874,626
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,158,636
		State of Illinois
	750,000	5.38%, 05/1/2023		818,322
	1,000,000	5.00%, 02/1/2025		1,152,927
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,645,646
	1,000,000	5.00%, 11/1/2026		1,207,699
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,291,784
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		2,108,045
	660,000	5.00%, 03/1/2036, Call 03/1/2031		848,369
	500,000	5.00%, 03/1/2037, Call 03/1/2022		514,925
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,145,245
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,630,436
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,219,505
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,743,773
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027⁴		656,331
	1,415,000	Village of Brookfield, 0.03%, 06/1/2038, Call 07/6/2021¹		1,415,000
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,311,945
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,064,132
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		442,860
	250,000	0.00%, 01/1/2032		195,193
	790,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		811,107
				103,895,003
		INDIANA — 1.3%
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/2022²		1,026,218
		Indiana Finance Authority
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,543,145
	1,000,000	3.00%, 11/1/2030		1,078,986
	1,000,000	3.00%, 11/1/2030		1,078,986
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,438,954
	3,360,000	Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031		4,015,112

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		INDIANA (Continued)
$	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025	$	2,225,423
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023²		543,570
				15,950,394
		IOWA — 0.3%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,095,312
	1,520,000	4.75%, 08/1/2042, Call 08/1/2022		1,568,413
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		505,890
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026¹		601,421
				3,771,036
		KENTUCKY — 1.0%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		231,285
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,226,061
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,545,107
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		931,261
		Kentucky Public Energy Authority
	2,600,000	4.00%, 01/1/2049, Call 10/1/2024¹		2,888,750
	1,950,000	4.00%, 12/1/2049, Call 03/1/2025¹		2,196,515
	1,500,000	4.00%, 02/1/2050, Call 11/1/2027¹		1,788,334
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,212,189
				12,019,502
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,237,858
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,873,195
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,453,867
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,211,273
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		538,943
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,131,456
	885,000	6.50%, 07/1/2036, Call 07/1/2023² ⁴		950,677
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,672,050
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		626,534
	1,500,000	5.00%, 01/1/2048, Call 01/1/2027²		1,777,037
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028²		1,514,485

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
		State of Louisiana
$	1,200,000	5.00%, 09/1/2031, Call 09/1/2030	$	1,604,490
	1,000,000	4.00%, 09/1/2032, Call 09/1/2026		1,156,809
				16,748,674
		MAINE — 0.6%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,221,668
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,955,859
	700,000	5.00%, 07/1/2035, Call 07/1/2027		847,741
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		609,859
	500,000	4.00%, 07/1/2039, Call 07/1/2031		603,409
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,889,549
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 08/6/2021²		500,787
				7,628,872
		MARYLAND — 1.4%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		3,055,824
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,581,522
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,596,803
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,749,611
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029²		1,177,344
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,955,751
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,137,420
	500,000	5.00%, 07/1/2045, Call 07/1/2025		565,646
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,426,865
	340,000	5.00%, 05/1/2047, Call 05/1/2028		433,956
				16,680,742
		MASSACHUSETTS — 1.0%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		133,833
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,770,146
		Massachusetts Development Finance Agency
	2,000,000	5.00%, 07/1/2038¹		2,240,721
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,133,621
		Massachusetts Educational Financing Authority
	300,000	5.50%, 01/1/2022, Call 07/19/2021		305,591
	70,000	6.00%, 01/1/2028, Call 07/19/2021		71,297
	1,000,000	5.00%, 07/1/2028²		1,253,337

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MASSACHUSETTS (Continued)
$	200,000	4.25%, 07/1/2046, Call 07/1/20262	$	213,828
	3,000,000	Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025		3,538,010
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,210,403
				11,870,787
		MICHIGAN — 2.8%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		560,681
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		774,816
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,203,742
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		283,809
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 08/6/2021		259,182
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,645,130
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,266,775
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,860,151
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,167,244
	500,000	5.00%, 07/1/2035, Call 07/1/2025		582,762
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,634,122
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,075,737
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,204,951
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,671,924
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,634,713
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,148,325
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,566,416
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/2047¹		2,073,808
	895,000	Michigan State Housing Development Authority, 1.14% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 08/6/2021^2 3		895,531
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		255,203
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 08/6/2021		500,778
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/2025²		2,345,236
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,852,187
				33,463,223
		MINNESOTA — 0.5%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		281,064
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027⁴		79,422

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
$	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025^1 4	$	1,868,775
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,193,289
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,533,377
	480,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		491,978
				5,447,905
		MISSISSIPPI — 0.0%6
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/2036^1 2 4		519,506
		MISSOURI — 0.8%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		86,145
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		755,685
	685,000	5.00%, 01/1/2032, Call 01/1/2028		857,367
	350,000	5.00%, 01/1/2034, Call 01/1/2028		435,876
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		765,265
	445,000	5.00%, 10/1/2047, Call 10/1/2027		529,105
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,221,786
	350,000	4.00%, 11/15/2049, Call 11/15/2027		396,938
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/2029²		1,222,834
	1,020,000	5.00%, 03/1/2039, Call 03/1/2029²		1,267,727
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,625,184
				9,163,912
		NEBRASKA — 0.4%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		1,976,719
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,636,228
	250,000	5.25%, 09/1/2037, Call 09/1/2022		264,348
				4,877,295
		NEVADA — 1.5%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		288,222
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		1,056,448
		County of Clark
	2,520,000	5.00%, 6/1/2043, Call 6/1/2028		3,093,446
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,227,433

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
$	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024	$	1,112,135
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,217,571
		Las Vegas Valley Water District
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,310,340
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,378,439
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025⁴		669,057
				18,353,091
		NEW HAMPSHIRE — 0.3%
	491,106	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		591,611
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,322,381
	215,000	5.00%, 08/1/2037, Call 02/1/2028		266,281
	1,000,000	5.00%, 07/1/2041, Call 01/1/2028		1,238,135
				3,418,408
		NEW JERSEY — 2.9%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		4,932,799
		New Jersey Economic Development Authority
	465,000	5.13%, 09/15/2023, Call 08/20/2022²		491,669
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,616,875
	890,000	3.13%, 07/1/2029, Call 07/1/2027		898,200
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,063,671
	100,000	5.00%, 07/15/2032, Call 07/15/2027		117,342
	500,000	5.00%, 07/1/2033, Call 07/1/2027		593,908
	280,000	6.00%, 10/1/2034, Call 10/1/2024⁴		307,339
	880,000	5.00%, 06/15/2036, Call 12/15/2026		1,056,285
	350,000	6.30%, 10/1/2049, Call 10/1/2024⁴		382,738
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,133,064
		New Jersey Health Care Facilities Financing Authority
	500,000	5.75%, 07/1/2037, Call 08/6/2021		501,659
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,359,226
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/2028²		619,596
	855,000	4.25%, 12/1/2047, Call 12/1/2026²		926,811
	4,095,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,344,852
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,498,059
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,308,592
	530,000	4.00%, 06/15/2036, Call 06/15/2031		636,157

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	500,000	5.00%, 06/15/2040, Call 12/15/2030	$	638,041
	500,000	4.00%, 06/15/2042, Call 06/15/2032		563,894
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,493,988
	805,000	5.00%, 06/15/2044, Call 06/15/2024		896,273
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028²		1,195,750
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,990,859
	2,000,000	Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 12/1/2021²		2,041,262
				34,608,909
		NEW MEXICO — 0.2%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		844,646
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,071,543
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 08/6/2021⁴		1,077,056
				2,993,245
		NEW YORK — 7.0%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		470,642
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,254,652
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,242,684
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,465,000
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,134,289
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,143,271
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		1,024,191
		Metropolitan Transportation Authority
	3,000,000	5.00%, 09/1/2021		3,023,502
	1,240,000	5.00%, 05/15/2022		1,291,521
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,481,711
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		728,474
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,524,062
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,500,000	4.00%, 11/1/2037, Call 05/1/2031		1,825,149
	1,250,000	4.00%, 11/1/2038, Call 05/1/2031		1,517,241
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		1,191,492
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,857,830
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,350,461

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	2,025,000	5.00%, 06/15/2048, Call 12/15/2027	$	2,500,218
	730,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		805,587
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,441,855
	2,000,000	5.38%, 11/15/2040, Call 11/15/2024⁴		2,258,608
	1,000,000	5.00%, 11/15/2044, Call 11/15/2024⁴		1,108,297
	1,500,000	7.25%, 11/15/2044, Call 11/15/2024⁴		1,685,867
		New York State Dormitory Authority
	5,000,000	4.00%, 02/15/2038, Call 02/15/2030		5,968,504
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,155,193
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,295,841
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,147,534
	500,000	4.00%, 07/1/2048, Call 07/1/2031		599,297
		New York State Urban Development Corp.
	1,500,000	4.00%, 03/15/2045, Call 09/15/2030		1,775,000
	2,000,000	4.00%, 03/15/2046, Call 03/15/2030		2,346,265
		New York Transportation Development Corp.
	3,000,000	5.00%, 10/1/2035, Call 10/1/2030²		3,897,389
	1,000,000	5.25%, 01/1/2050, Call 07/1/2024²		1,132,237
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		263,404
	500,000	5.00%, 07/1/2045, Call 07/1/2025		556,811
		Port Authority of New York & New Jersey
	1,000,000	4.00%, 07/15/2040, Call 07/15/2030²		1,191,053
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		5,329,915
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,746,213
	3,405,000	5.00%, 11/15/2049, Call 11/15/2030		4,400,163
	4,000,000	5.00%, 05/15/2051, Call 05/15/2031		5,221,156
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		1,076,053
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		826,105
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		970,462
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		338,746
				83,563,945
		NORTH CAROLINA — 0.4%
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 12/1/2022		2,119,726
	715,000	4.00%, 09/1/2046, Call 09/1/2028		830,159
	1,000,000	University of North Carolina at Chapel Hill, 5.00%, 02/1/2045		1,518,622
				4,468,507

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NORTH DAKOTA — 0.2%
$	600,000	County of Burleigh, 4.38%, 04/15/2026	$	633,541
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,283,258
				2,916,799
		OHIO — 1.5%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,169,016
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		1,014,254
	830,000	City of Akron, 5.00%, 12/1/2026		933,977
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		409,741
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		1,180,602
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		810,180
	2,000,000	County of Hamilton, 5.00%, 09/15/2045, Call 03/15/2030		2,504,867
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		547,833
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,796,042
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,279,475
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,835,136
	750,000	Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/2033¹		769,941
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,050,757
				18,301,821
		OKLAHOMA — 0.6%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,087,696
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,200,845
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,191,176
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028²		1,224,965
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,230,628
				6,935,310
		OREGON — 0.4%
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		1,200,306
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,144,101
	45,000	5.00%, 10/1/2046, Call 10/1/2026		54,848
	720,000	5.00%, 10/1/2046, Call 10/1/2026		832,588
		Port of Portland Airport Revenue

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OREGON (Continued)
$	450,000	4.00%, 07/1/2040, Call 07/1/2030	$	540,618
	1,000,000	5.00%, 07/1/2044, Call 07/1/2029²		1,243,508
				5,015,969
		PENNSYLVANIA — 3.3%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		355,455
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		103,041
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		107,835
	780,000	5.38%, 10/15/2042, Call 10/15/2022		814,660
		Coatesville School District, AGM SAW
	105,000	5.00%, 08/1/2022		110,461
	1,020,000	5.00%, 08/1/2022		1,068,800
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,244,978
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,228,625
	2,180,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,574,470
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		457,022
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		301,941
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,045,659
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		810,107
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,146,731
	400,000	5.00%, 11/15/2029, Call 05/15/2022		416,993
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,722,964
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/2025		244,686
	300,000	10.00%, 12/1/2040, Call 06/1/2030⁴		326,321
	300,000	10.00%, 12/1/2040, Call 06/1/2030^2 4		326,321
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		1,173,905
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,256,484
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,151,161
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,461,251
	500,000	5.00%, 12/1/2041, Call 06/1/2026		597,747
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,475,154
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		1,183,403

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	1,000,000	5.00%, 12/1/2047, Call 12/1/2027	$	1,216,766
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		963,392
	500,000	8.00%, 01/1/2033, Call 01/1/2023		556,588
	500,000	6.88%, 06/15/2033, Call 06/15/2023		553,777
	850,000	4.00%, 11/1/2037, Call 11/1/2029		1,003,617
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,102,916
	300,000	Quakertown General Authority, 4.00%, 07/1/2022		300,625
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,192,545
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,080,275
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,598,914
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,281,405
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028²		324,339
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		593,930
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		550,696
				39,025,960
		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		1,732,675
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,826,006
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,124,936
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		734,477
				3,685,419
		SOUTH CAROLINA — 1.2%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,076,536
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,341,097
	1,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/2023¹		1,628,520
		South Carolina Jobs-Economic Development Authority
	500,000	0.00%, 02/1/2035, Call 02/1/2023^2 4 5		200,000
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,221,317
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028²		2,486,376

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
		South Carolina Public Service Authority
$	730,000	5.00%, 12/1/2055, Call 06/1/2025	$	840,059
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,198,042
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,630,651
				14,622,598
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,433,949
		TENNESSEE — 0.6%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,367,320
	2,000,000	Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022		2,083,449
		Knox County Health Educational & Housing Facility Board
	365,000	0.00%, 05/1/2025, Call 11/1/2024^4 5		151,475
	45,000	0.00%, 05/1/2034⁵		18,675
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,224,355
	1,000,000	4.00%, 05/1/2048, Call 02/1/2023¹		1,061,820
	1,500,000	4.00%, 11/1/2049, Call 08/1/2025¹		1,698,504
				7,605,598
		TEXAS — 7.8%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		93,687
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		360,511
		Central Texas Regional Mobility Authority
	1,000,000	5.00%, 01/1/2036, Call 01/1/2031		1,312,705
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,407,084
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,422,875
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/2026²		1,206,843
	2,250,000	5.00%, 11/15/2044, Call 11/15/2024²		2,548,086
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,201,695
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		283,176
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,146,551
		City of Houston Airport System Revenue
	1,000,000	4.75%, 07/1/20242		1,048,982
	750,000	5.00%, 07/15/2035, Call 07/15/20252		834,724
	500,000	City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021		503,310

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,085,000	City of Houston TX Combined Utility System Revenue, 4.00%, 11/15/2041, Call 11/15/2031	$	1,332,706
	1,425,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/2022⁴		1,485,140
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		928,078
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		518,065
	100,000	4.40%, 12/1/2047, Call 12/1/2022		103,146
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,619,063
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,403,315
	3,000,000	Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/2021²		3,047,653
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,126,104
	300,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		333,633
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,237,526
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,249,495
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,576,743
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,376,025
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		509,508
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/2021^2 4		529,064
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		671,411
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,125,843
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,154,300
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		459,007
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,663,987
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,682,575
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		867,331
	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024		1,193,739
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,240,611
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 12/1/2021^{* 5}		700,000
		SA Energy Acquisition Public Facility Corp.
	1,000,000	5.50%, 08/1/2021		1,004,225
	290,000	5.50%, 08/1/2027		364,173
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		2,012,701
		State of Texas

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	2,000,000	5.00%, 10/1/2026, Call 10/1/2025	$	2,386,674
	2,515,000	5.00%, 10/1/2036, Call 10/1/2025		2,965,129
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,084,506
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,178,249
	1,430,000	5.00%, 07/1/2043, Call 01/1/2029		1,759,726
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,771,210
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		662,888
	1,920,000	6.25%, 12/15/2026		2,262,980
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		588,589
	1,110,000	5.00%, 12/31/2040, Call 12/31/2025²		1,263,347
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,774,932
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		546,607
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,768,762
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,446,419
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,879,544
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,280,252
		Town of Westlake
	300,000	5.50%, 09/1/2025		309,247
	200,000	6.13%, 09/1/2035, Call 09/1/2025		208,195
	1,200,000	Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026		1,381,381
				93,404,033
		UTAH — 0.4%
		Salt Lake City Corp. Airport Revenue
	1,200,000	5.00%, 07/1/2026²		1,444,491
	1,000,000	5.25%, 07/1/2048, Call 07/1/2028²		1,228,194
		Utah Charter School Finance Authority
	1,100,000	4.50%, 07/15/2027⁴		1,184,447
	500,000	5.38%, 06/15/2048, Call 06/15/2027⁴		561,680
				4,418,812
		VERMONT — 0.1%
	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/2022²		1,459,403
		VIRGINIA — 1.2%
	715,000	Celebrate North Community Development Authority, 4.69%, 03/1/2018⁵		429,000
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,191,387
	665,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 08/6/2021^2 4		667,411

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027	$	2,506,701
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,246,939
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,269,700
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,877,929
		Virginia Small Business Financing Authority
	130,000	5.50%, 01/1/2042, Call 07/1/2022²		136,324
	2,000,000	5.00%, 07/1/2049, Call 01/1/2022²		2,045,754
	1,750,000	5.00%, 12/31/2052, Call 06/30/2027²		2,100,983
				14,472,128
		WASHINGTON — 3.4%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,375,413
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,700,899
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		732,765
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,027,988
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,636,470
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,527,059
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,797,749
	105,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		128,977
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/2029²		1,833,851
	2,000,000	5.00%, 08/1/2046, Call 08/1/2031²		2,562,538
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		2,195,409
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,191,423
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,788,215
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,196,645
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,066,079
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,163,868
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,894,660
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/22/2021		196,930
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		595,674
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,049,262
	500,000	5.00%, 08/1/2038, Call 08/1/2029		628,092

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount				Value
			MUNICIPAL BONDS (Continued)
			WASHINGTON (Continued)
$	2,500,000		1.16% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/2022³	$	2,506,919
			Washington State Convention Center Public Facilities District
	1,000,000		5.00%, 07/1/2043, Call 07/1/2028		1,211,694
	1,250,000		5.00%, 07/1/2058, Call 07/1/2028		1,507,565
	1,000,000		Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,200,705
					40,716,849
			WEST VIRGINIA — 0.2%
	1,000,000		Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027⁴		1,156,808
	1,000,000		West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,243,350
					2,400,158
			WISCONSIN — 1.2%
			Public Finance Authority
	435,000		5.00%, 07/1/20222		452,137
	890,000		4.00%, 07/1/2027, Call 07/1/2024		950,784
	500,000		5.75%, 02/1/2035, Call 02/1/2025		531,647
	535,000	��	5.00%, 07/1/2037, Call 07/1/2024		574,881
	1,000,000		6.50%, 12/1/2037, Call 12/1/2027⁴		1,156,061
	500,000		5.00%, 06/15/2039, Call 06/15/2026⁴		541,627
	500,000		5.75%, 04/1/2042, Call 04/1/2022		516,633
	1,000,000		5.00%, 07/1/2042, Call 07/1/2022²		1,035,775
	165,000		6.00%, 07/15/2042, Call 07/15/2022		171,358
	450,000		5.50%, 03/1/2045, Call 03/1/2025⁴		501,816
	1,000,000		5.63%, 07/1/2045, Call 07/1/2025⁴		1,086,400
	390,000		4.00%, 07/1/2046, Call 01/1/2031		451,758
	345,000		6.38%, 01/1/2048, Call 01/1/2028⁴		287,996
			Public Finance Authority, ACA
	7,186		0.00%, 01/1/2046^4 5		233
	7,085		0.00%, 01/1/2047^4 5		221
	7,034		0.00%, 01/1/2048^4 5		217
	6,984		0.00%, 01/1/2049^4 5		211
	6,882		0.00%, 01/1/2050^4 5		200
	7,540		0.00%, 01/1/2051^4 5		216
	194,116		0.00%, 07/1/2051^4 5		136,470
	7,490		0.00%, 01/1/2052^4 5		206
	7,388		0.00%, 01/1/2053^4 5		200
	7,338		0.00%, 01/1/2054^4 5		194
	7,237		0.00%, 01/1/2055^4 5		187
	7,135		0.00%, 01/1/2056^4 5		182
	7,085		0.00%, 01/1/2057^4 5		176

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,984	0.00%, 01/1/2058^4 5	$	170
	6,933	0.00%, 01/1/2059^4 5		166
	6,882	0.00%, 01/1/2060^4 5		160
	6,781	0.00%, 01/1/2061^4 5		154
	6,730	0.00%, 01/1/2062^4 5		149
	6,629	0.00%, 01/1/2063^4 5		144
	6,579	0.00%, 01/1/2064^4 5		141
	6,528	0.00%, 01/1/2065^4 5		136
	6,427	0.00%, 01/1/2066^4 5		127
	83,706	0.00%, 01/1/2067^4 5		1,548
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,523,598
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,238,703
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,622,444
				14,785,426
		TOTAL MUNICIPAL BONDS
		(Cost $891,137,347)		967,090,882
		COMMON STOCK — 0.1%
	32,339	Energy Harbor Corp.*		1,180,374
		TOTAL COMMON STOCK
		(Cost $965,130)		1,180,374

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.8%
	18,027	BlackRock Long-Term Municipal Advantage Trust	$	245,347
	53,753	BlackRock MuniVest Fund, Inc.		517,104
	31,817	BlackRock MuniYield Quality Fund, Inc.		532,935
	72,299	BNY Mellon Municipal Income, Inc.		673,104
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		1,048,757
	30,359	BNY Mellon Strategic Municipals, Inc.		272,320
	15,444	DTF Tax-Free Income, Inc.		231,660
	87,593	DWS Municipal Income Trust		1,071,262
	17,462	Invesco Advantage Municipal Income Trust II		213,211
	17,008	Invesco Municipal Opportunity Trust		231,309
	23,118	Invesco Municipal Trust		317,179
	11,819	Invesco Trust for Investment Grade Municipals		165,702
	8,572	Neuberger Berman Municipal Fund, Inc.		137,924
	37,184	Pioneer Municipal High Income Advantage Trust		458,851
	123,034	Pioneer Municipal High Income Trust		1,596,981
	108,960	Western Asset Managed Municipals Fund, Inc.		1,476,408

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	8,866	Western Asset Municipal Partners Fund, Inc.	$	145,934
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,139,084)		9,335,988
		OPEN-END MUTUAL FUND — 1.2%
	938,117	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		13,912,274
		TOTAL OPEN-END MUTUAL FUND
		(Cost $13,002,749)		13,912,274
		PRIVATE FUNDS⁷ — 13.6%
		MacKay Municipal Credit Opportunities Fund, LP* ⁸		28,382,988
		MacKay Municipal Opportunities Fund, LP* ⁹		135,472,122
		TOTAL PRIVATE FUNDS
		(Cost $127,624,952)		163,855,110
		SHORT-TERM INVESTMENT — 3.3%
	39,893,954	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%¹⁰		39,913,901
		TOTAL SHORT-TERM INVESTMENT
		(Cost $39,913,260)		39,913,901
		TOTAL INVESTMENTS — 99.5%
		(Cost $1,081,782,522)		1,195,288,529
		Other assets less liabilities — 0.5%		5,655,661
		TOTAL NET ASSETS — 100.0%	$	1,200,944,190

Non-income producing security.

Variable rate security.

Alternative Minimum Tax eligible security.

Floating rate security.

⁴

⁵

Security is in default.

⁶

Rounds to less than 0.05%.

⁷

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

⁸

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

⁹

The investment was acquired on 3/1/2016. The cost is $107,872,842.

¹⁰

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

GTY — Guaranty

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 June 30, 2021 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 57.6%
		ALTERNATIVE DIVERSIFIERS — 6.5%
	6,801,224	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	72,229,001
	855,877	GMO SGM Major Markets Fund - Class VI		27,088,496
				99,317,497
		CORE/ALTERNATIVE DIVERSIFIERS — 51.1%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV¹		393,789,555
	1,041,050	GMO Global Asset Allocation Fund - Class III		38,373,115
	14,753,224	JPMorgan Global Allocation Fund - Class R6		344,192,719
				776,355,389
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $783,140,688)		875,672,886
		EXCHANGE-TRADED FUND — 13.7%
		REAL ASSET — 13.7%
	6,198,814	iShares Gold Trust*		208,962,020
		TOTAL EXCHANGE-TRADED FUND
		(Cost $198,999,500)		208,962,020
		PRIVATE FUNDS² — 22.4%
		ALTERNATIVE DIVERSIFIERS — 13.8%
		Elliott Associates, LP - Class C* ³		9,936,911
		Millennium International, Ltd. - Class GG* ⁴		40,760,336
		Millennium International, Ltd. - Sub-Class GG-C1* ⁵		36,522,524
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* ⁶		121,863,714
				209,083,485
		CORE DIVERSIFIER — 8.6%
		All Weather Portfolio Limited* ⁷		130,653,496
				130,653,496
		TOTAL PRIVATE FUNDS
		(Cost $286,064,430)		339,736,981
		SHORT-TERM INVESTMENT — 5.2%
	78,479,081	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%⁸		78,518,321
		TOTAL SHORT-TERM INVESTMENT
		(Cost $78,503,327)		78,518,321

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2021 (Unaudited)

	Value
TOTAL INVESTMENTS — 98.9%
(Cost $1,346,707,945)		1,502,890,208
Other assets less liabilities — 1.1%		16,167,211
TOTAL NET ASSETS — 100.0%	$	1,519,057,419

Non-income producing security.

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.

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

The investment was acquired on 1/2/2020. The cost is $9,377,800.

⁴

The investment was acquired on 1/4/2021. The cost is $31,913,792.

⁵

The investment was acquired on 10/1/2020. The cost is $35,000,000.

⁶

The investment was acquired on 2/26/2018. The cost is $108,000,000. Moderately liquid investment. For redemption terms, please refer to Note 2, Fair Value Measurements and Disclosures, in the Notes to the Schedules of Investments.

⁷

The investment was acquired on 5/1/2018. The cost is $101,772,838.

⁸

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

LP — Limited Partnership

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2021 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 98.8%
		CORE — 89.1%
	3,607,600	DoubleLine Total Return Bond Fund - I Class	$	38,024,099
	9,259,230	MetWest Total Return Bond Fund - Plan Class¹		95,370,066
	2,506,250	PIMCO Income Fund - Institutional Class		30,300,566
	1,344,086	River Canyon Total Return Bond Fund, Class Institutional		14,919,355
	716,053	Vanguard Total Bond Market Index Fund - Institutional Class		8,098,562
				186,712,648
		OPPORTUNISTIC — 9.7%
	688,594	GMO Emerging Country Debt Fund - Class IV		18,247,736
	344,410	Vanguard High-Yield Corporate Fund - Admiral Shares		2,063,015
				20,310,751
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $203,154,777)		207,023,399
		SHORT-TERM INVESTMENT — 1.3%
	2,611,416	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%²		2,612,722
		TOTAL SHORT-TERM INVESTMENT
		(Cost $2,612,359)		2,612,722
		TOTAL INVESTMENTS — 100.1%
		(Cost $205,767,136)		209,636,121
		Liabilities in excess of other assets — (0.1)%		(156,959	)
		TOTAL NET ASSETS — 100.0%	$	209,479,162

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

ASPIRIANT TRUST

Notes to schedules of investments

June 30, 2021 (Unaudited)

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.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.

(a)

Securities Valuations

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

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

The investments in private funds, that are not publicly traded, such as limited partnerships, limited liability companies and exempted companies, are typically valued using 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 following is a summary of the inputs used, as of June 30, 2021, in valuing the Equity Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Common Stock
Australia	$	—	$	34,476	$	—	$	—	$	34,476
Belgium		—		2,703,773		—		—		2,703,773
Bermuda		5,677,323		1,265,219		—		—		6,942,542
Brazil		305,371		—		—		—		305,371
Canada		4,409,995		—		—		—		4,409,995
Cayman Islands		5,014,573		8,569,420		—		—		13,583,993
Chile		306,041		—		—		—		306,041
China		466,259		4,672,331		—		—		5,138,590
Denmark		2,966,128		5,279,073		—		—		8,245,201
Finland		—		1,245,366		—		—		1,245,366
France		—		12,238,354		—		—		12,238,354
Germany		—		1,960,422		—		—		1,960,422
Guernsey		3,427,125		—		—		—		3,427,125
Hong Kong		26,538		9,484,046		—		—		9,510,584
India		5,349,575		—		—		—		5,349,575
Ireland		7,887,020		1,717,700		—		—		9,604,720
Israel		2,451,397		—		—		—		2,451,397
Italy		—		1,911,485		—		—		1,911,485
Japan		1,753,536		27,320,527		—		—		29,074,063
Luxembourg		—		2,020,553		—		—		2,020,553
Netherlands		660,390		8,600,517		—		—		9,260,907
New Zealand		—		587,247		—		—		587,247
Norway		—		202,346		—		—		202,346
Philippines		137,602		—		—		—		137,602
Singapore		541,258		2,416,121		—		—		2,957,379
South Korea		989,325		—		—		—		989,325
Spain		—		2,952,719		—		—		2,952,719

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Sweden		—		4,070,616		—		—		4,070,616
Switzerland		3,903,961		18,236,744		—		—		22,140,705
Taiwan		15,488,870		1,862,257		—		—		17,351,127
United Kingdom		—		5,979,170		—		—		5,979,170
United States		239,998,192		—		—		—		239,998,192
Exchange-Traded Fund		173,022,452		—		—		—		173,022,452
Open-End Mutual Funds		816,479,580		—		—		—		816,479,580
Preferred Stocks
Germany		—		324,745		—		—		324,745
Private Funds		—		—		—		226,485,095		226,485,095
Short-Term Investments		105,504,725		10,010,100		—		—		115,514,825
Total Investments	$	1,396,767,236	$	135,665,327	$	—	$	226,485,095	$	1,758,917,658

There were no transfers into or out of level 3 for the Equity Allocation Fund during the period ended June 30, 2021.

Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of June 30, 2021:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Private Funds - Long/Short Equity (a)

173,839,685

N/A

Indefinite

Bi-monthly - Monthly

3 Business Days – 2 Months

N/A

Risk Parity (b)

52,645,410

N/A

Indefinite

Monthly

1 Month

N/A

226,485,095

N/A

^(a)

This category includes funds that employ long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempt to achieve capital appreciation.

^(b)

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund’s net assets as of June 30, 2021:

Private Fund

Fair Value as % of Net Assets

Investment Strategy

Valuation Policy of Leveraged Investment

Redemption Frequency

Redemption Terms

RIEF Strategic Partners Fund LLC

8.0

Long/Short Equity

The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.

Monthly

N/A

The following is a summary of the inputs used, as of June 30, 2021, in valuing the Municipal Bond Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Municipal Bonds	$	—	$	967,090,882	$	—	$	—	$	967,090,882
Common Stock		1,180,374		—		—		—		1,180,374
Closed-End Mutual Funds		9,335,988		—		—		—		9,335,988
Open-End Mutual Fund		13,912,274		—		—		—		13,912,274
Private Funds		—		—		—		163,855,110		163,855,110
Short-Term Investment		39,913,901		—		—		—		39,913,901
Total Investments	$	64,342,537	$	967,090,882	$	—	$	163,855,110	$	1,195,288,529

There were no transfers into or out of level 3 for the Municipal Bond Fund during the period ended June 30, 2021.

Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of June 30, 2021:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Days)

Redemption Terms

Private Funds - Fixed Income Relative-Value (a)

163,855,110

N/A

Indefinite

Monthly - Quarterly

30 - 65

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

163,855,110

N/A

^(a)

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of June 30, 2021:

Private Fund

Fair Value as % of Net Assets

Investment Strategy

Valuation Policy of Leveraged Investment

Redemption Frequency

Redemption Terms

MacKay Municipal Opportunities Fund, LP

11.3

Fixed Income Relative-Value

The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.

Monthly

N/A

The following is a summary of the inputs used, as of June 30, 2021, 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	$	99,317,497	$	—	$	—	$	—	$	99,317,497
Core/Alternative Diversifiers		776,355,389		—		—		—		776,355,389
Exchange-Traded Fund:
Real Asset		208,962,020		—		—		—		208,962,020
Private Funds:
Alternative Diversifiers		—		—		—		209,083,485		209,083,485
Core Diversifier		—		—		—		130,653,496		130,653,496
Short-Term Investment		78,518,321		—		—		—		78,518,321
Total Investments	$	1,163,153,227	$	—	$	—	$	339,736,981	$	1,502,890,208

There were no transfers into or out of level 3 for the Defensive Allocation Bond Fund during the period ended June 30, 2021.

Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of June 30, 2021:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period

Redemption Terms

Private Funds –

Merger Arbitrage (a)

121,863,714

N/A

Indefinite

Daily

3 business days

N/A

Multi-Strategy (b)

87,219,771

29,436,464

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)

130,653,496

N/A

Indefinite

Monthly

5-10 business days

N/A

339,736,981

29,436,464

^(a)

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

^(b)

This category includes the funds that intend to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies.

^(c)

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

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of June 30, 2021:

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

8.0

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

8.6

Risk Parity

The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.

Monthly

N/A

The following is a summary of the inputs used, as of June 30, 2021, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	186,712,648	$	—	$	—	$	186,712,648
Opportunistic		20,310,751		—		—		20,310,751
Short-Term Investment		2,612,722		—		—		2,612,722
Total Investments	$	209,636,121	$	—	$	—	$	209,636,121

There were no transfers into or out of level 3 for the Taxable Bond Fund during the period ended June 30, 2021.

Aspiriant Trust NPORT-PAspiriant Risk-Managed Municipal Bond Fund (Jun 2021 report)