Aspiriant Trust NPORT-P Aspiriant Defensive Allocation Fund (Dec 2021 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 21.9%
		AUSTRALIA — 0.1%
	115,342	Goodman Group - REIT	$	2,223,427
	1,818	Newcrest Mining Ltd.		32,561
				2,255,988
		AUSTRIA — 0.1%
	44,066	Erste Group Bank A.G.		2,065,832
		BELGIUM — 0.1%
	4,782	Colruyt S.A.1		202,912
	11,339	UCB S.A.		1,294,075
				1,496,987
		BERMUDA — 0.3%
	34,077	Arch Capital Group Ltd.*		1,514,723
	2,589	Everest Re Group Ltd.		709,179
	106,265	Hongkong Land Holdings Ltd.		552,537
	16,067	IHS Markit Ltd.		2,135,625
	7,321	RenaissanceRe Holdings Ltd.		1,239,665
				6,151,729
		BRAZIL — 0.0%2
	46,121	Telefonica Brasil S.A. – ADR1		398,947
		CANADA — 0.4%
	4,984	Agnico Eagle Mines Ltd.		264,850
	10,151	Bank of Nova Scotia1		727,725
	35,686	Brookfield Asset Management, Inc. - Class A		2,155,068
	21,616	Franco-Nevada Corp.		2,989,277
	4,459	Toronto-Dominion Bank		341,916
				6,478,836
		CAYMAN ISLANDS — 0.6%
	155,510	ANTA Sports Products Ltd.		2,335,501
	126,123	ENN Energy Holdings Ltd.		2,377,635
	164,500	Kingboard Holdings Ltd.		801,455
	218,000	Li Ning Co., Ltd.		2,391,469
	53,064	Tencent Holdings Ltd.		3,096,344
				11,002,404
		CHILE — 0.0%2
	42,388	Enel Americas S.A. – ADR1		230,591
		CHINA — 0.5%
	29,831	China Construction Bank Corp. - ADR		409,878
	175,500	China Merchants Bank Co., Ltd. - Class H		1,365,316

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHINA (Continued)
	881,000	China Shenhua Energy Co., Ltd.	$	2,061,790
	336,400	East Money Information Co., Ltd.		1,961,093
	1,506,000	Industrial & Commercial Bank of China Ltd. - Class H		849,509
	43,200	Legend Holdings Corp. - Class H3		63,870
	34,100	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A		2,037,919
				8,749,375
		DENMARK — 0.5%
	9,221	Coloplast A/S - Class B		1,623,590
	5,130	Demant A/S*		262,688
	9,020	DSV PANALPINA A/S		2,101,915
	35,408	Novo Nordisk A/S - ADR		3,965,696
	1,949	Novozymes A/S		160,032
	7,059	Pandora A/S		878,075
				8,991,996
		FRANCE — 0.7%
	66,394	Bureau Veritas S.A.		2,204,212
	8,120	Capgemini S.E.		1,990,056
	18,103	Cie Generale des Etablissements Michelin		2,964,987
	605	Hermes International		1,057,162
	4,598	L'Oreal S.A.		2,192,386
	255	Pernod Ricard S.A.		61,347
	11,871	Schneider Electric S.E.		2,333,786
				12,803,936
		GERMANY — 0.1%
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,422,907
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.		3,315,487
		HONG KONG — 0.3%
	382,000	China Merchants Port Holdings Co., Ltd.		697,178
	142,000	Henderson Land Development Co., Ltd.		605,712
	339,000	HKT Trust and HKT Ltd.4		455,504
	45,000	Hong Kong Exchanges & Clearing Ltd.		2,631,779
	64,500	Power Assets Holdings Ltd.		402,050
	25,000	Sun Hung Kai Properties Ltd.		303,356
				5,095,579

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDIA — 0.3%
	16,368	Dr Reddy's Laboratories Ltd. - ADR	$	1,070,631
	174,930	Infosys Ltd. - ADR		4,427,478
				5,498,109
		IRELAND — 0.8%
	12,912	Accenture PLC - Class A		5,352,670
	8,954	Aon PLC - Class A		2,691,214
	8,546	ICON PLC*		2,646,696
	33,726	Johnson Controls International PLC		2,742,261
	763	Linde PLC		264,326
				13,697,167
		ISRAEL — 0.2%
	2,131	Elbit Systems Ltd.1		371,071
	8,283	Nice Ltd. - ADR* 1		2,514,719
				2,885,790
		ITALY — 0.1%
	28,198	Moncler S.p.A.		2,037,822
		JAPAN — 1.2%
	1,400	Bandai Namco Holdings, Inc.		109,464
	18,500	Bridgestone Corp.		794,254
	14,700	Denso Corp.		1,218,202
	15,871	FUJIFILM Holdings Corp.		1,176,586
	1,700	Hamamatsu Photonics KK		108,579
	1,900	Hirose Electric Co., Ltd.		319,313
	14,100	Hoya Corp.		2,092,325
	10,000	Itochu Corp.		305,939
	2,800	Itochu Techno-Solutions Corp.		90,070
	91,787	KDDI Corp.		2,684,194
	200	Keyence Corp.		125,752
	3,800	Lawson, Inc.		180,308
	5,000	Makita Corp.		212,248
	14,878	Mitsubishi UFJ Financial Group, Inc.		80,970
	53,680	Mizuho Financial Group, Inc.		681,803
	138,000	Nippon Steel Corp.		2,254,375
	74,000	Nippon Telegraph & Telephone Corp.		2,023,772
	66,948	Nippon Telegraph & Telephone Corp. - ADR		1,835,045
	5,800	Nissin Foods Holdings Co., Ltd.		423,304
	1,700	Nomura Research Institute Ltd.		72,676
	33,800	Recruit Holdings Co., Ltd.		2,056,923
	40,000	Sekisui House Ltd.		860,630

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	500	Shimano, Inc.	$	133,160
	34	Shin-Etsu Chemical Co., Ltd.		5,901
	44,000	Shizuoka Bank Ltd.		314,117
	23,700	Sumitomo Mitsui Financial Group, Inc.		809,291
	35,030	Toyota Motor Corp.		647,445
	14,500	Trend Micro, Inc.		804,983
				22,421,629
		LUXEMBOURG — 0.1%
	238,668	B&M European Value Retail S.A.		2,055,788
		NETHERLANDS — 0.5%
	17,617	Airbus S.E.*		2,253,987
	1,186	Ferrari N.V.1		306,960
	111,896	Koninklijke Ahold Delhaize N.V.		3,839,864
	14,012	Koninklijke Ahold Delhaize N.V. – ADR1		482,013
	18,024	Wolters Kluwer N.V.		2,121,443
				9,004,267
		NEW ZEALAND — 0.0%2
	174,948	Spark New Zealand Ltd.		541,025
		NORWAY — 0.0%2
	3,840	Yara International A.S.A.		193,606
		PHILIPPINES — 0.0%2
	5,236	PLDT, Inc. – ADR1		187,030
		SINGAPORE — 0.1%
	12,622	DBS Group Holdings Ltd.		305,692
	6,072	DBS Group Holdings Ltd. – ADR1		591,170
	76,000	United Overseas Bank Ltd.		1,517,851
				2,414,713
		SOUTH KOREA — 0.1%
	11,178	POSCO - ADR		651,566
	4,334	Woori Financial Group, Inc. – ADR1		139,251
				790,817
		SPAIN — 0.1%
	42,969	Cellnex Telecom S.A.3		2,489,092

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWEDEN — 0.0%2
	5,731	Industrivarden A.B. - A Shares	$	182,098
	4,787	L E Lundbergforetagen A.B. - B Shares		268,195
				450,293
		SWITZERLAND — 1.1%
	880	Alcon, Inc.1		76,666
	16	Chocoladefabriken Lindt & Spruengli A.G.		221,575
	1,365	EMS-Chemie Holding A.G.		1,525,498
	6,065	Garmin Ltd.		825,871
	29,293	Julius Baer Group Ltd.		1,958,891
	884	Kuehne + Nagel International A.G.		284,699
	24,727	Nestle S.A.		3,452,317
	7,504	Nestle S.A. - ADR		1,053,337
	4,401	Novartis A.G. - ADR		384,955
	1,219	Partners Group Holding A.G.		2,012,337
	8,104	Roche Holding A.G.		3,362,035
	14,816	Roche Holding A.G. - ADR		765,839
	6,279	Sonova Holding A.G.		2,453,815
	2,911	Swisscom A.G.		1,642,165
	227	Zurich Insurance Group A.G.		99,444
	2,010	Zurich Insurance Group A.G. - ADR		88,440
				20,207,884
		TAIWAN — 0.9%
	93,242	Chunghwa Telecom Co., Ltd. – ADR1		3,935,745
	52,000	MediaTek, Inc.		2,231,296
	10,000	Taiwan Semiconductor Manufacturing Co., Ltd.		221,210
	79,030	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		9,508,099
	66,650	United Microelectronics Corp. – ADR1		779,805
				16,676,155
		UNITED KINGDOM — 0.2%
	20,578	AstraZeneca PLC		2,402,882
	1	AstraZeneca PLC - ADR		58
	5,848	Burberry Group PLC		144,342
	51,795	J Sainsbury PLC		193,608
	5,302	RELX PLC		173,094
				2,913,984
		UNITED STATES — 12.3%
	6,567	Adobe, Inc.* 1		3,723,883
	7,272	Adtalem Global Education, Inc.*		214,960
	16,377	Advanced Micro Devices, Inc.*		2,356,650
	12,168	Aflac, Inc.		710,490

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	796	Allstate Corp.	$	93,649
	2,379	Alphabet, Inc. - Class A*		6,892,058
	2,592	Alphabet, Inc. - Class C*		7,500,185
	2,376	Amazon.com, Inc.*		7,922,392
	540	AMERCO1		392,164
	7,842	American Electric Power Co., Inc.		697,703
	12,970	American Express Co.		2,121,892
	2,948	American National Group, Inc.		556,700
	11,822	Analog Devices, Inc.		2,077,953
	13,790	Anthem, Inc.		6,392,217
	40,140	Apple, Inc.		7,127,660
	35,294	Ares Management Corp. - Class A		2,868,343
	417	Atmos Energy Corp.		43,689
	18,892	Avangrid, Inc.1		942,333
	6,902	Baxter International, Inc.		592,468
	711	Becton, Dickinson and Co.		178,802
	3,404	Berkshire Hathaway, Inc.*		1,017,796
	1,736	Bio-Rad Laboratories, Inc. - Class A*		1,311,670
	2,381	BlackRock, Inc.		2,179,948
	17,378	Blackstone Group, Inc. - Class A		2,248,539
	10,067	Cadence Bank		299,896
	18,702	CBRE Group, Inc. - Class A*		2,029,354
	10,450	CDW Corp.		2,139,951
	47,156	Cerner Corp.		4,379,378
	33,538	Charles Schwab Corp.		2,820,546
	2,871	Chemed Corp.		1,518,874
	5,174	Church & Dwight Co., Inc.		530,335
	56,026	Ciena Corp.*		4,312,321
	72,988	Cisco Systems, Inc.		4,625,250
	5,859	CNX Resources Corp.*		80,561
	2,337	Coca-Cola Co.		138,374
	2,673	Cognizant Technology Solutions Corp. - Class A		237,149
	3,107	Consolidated Edison, Inc.		265,089
	2,941	Corteva, Inc.		139,050
	4,979	Costco Wholesale Corp.		2,826,578
	8,273	Danaher Corp.		2,721,900
	24,020	Dolby Laboratories, Inc. - Class A		2,287,184
	883	DT Midstream, Inc.		42,366
	1,766	DTE Energy Co.		211,108
	2,136	Duke Energy Corp.		224,066
	20,459	Eli Lilly & Co.		5,651,185

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	6,591	Equifax, Inc.	$	1,929,779
	9,381	Exelon Corp.		541,847
	4,786	Expeditors International of Washington, Inc.		642,712
	5,145	First Financial Bankshares, Inc.1		261,572
	2,407	First Financial Corp.		109,013
	22,256	Flowers Foods, Inc.		611,372
	7,250	Gartner, Inc.*		2,423,820
	1,395	Hanover Insurance Group, Inc.		182,829
	2,212	Home Depot, Inc.		918,002
	65,497	Hormel Foods Corp.		3,196,909
	2,122	Humana, Inc.		984,311
	76,191	Intel Corp.		3,923,837
	4,217	Intuit, Inc.		2,712,459
	21,650	JM Smucker Co.		2,940,503
	9,344	Johnson & Johnson		1,598,478
	21,699	JPMorgan Chase & Co.		3,436,037
	5,122	Juniper Networks, Inc.		182,907
	11,342	Knight-Swift Transportation Holdings, Inc.		691,181
	16,071	Kroger Co.		727,373
	6,463	Lancaster Colony Corp.		1,070,273
	17,882	Lennar Corp. - Class A		2,077,173
	10,610	Lowe's Cos., Inc.		2,742,473
	13,605	LPL Financial Holdings, Inc.		2,178,024
	24,464	Marvell Technology, Inc.		2,140,355
	842	McCormick & Co., Inc.		81,346
	7,071	McDonald's Corp.		1,895,523
	4,321	Medpace Holdings, Inc.*		940,422
	8,947	Merck & Co., Inc.		685,698
	22,392	Meta Platforms, Inc. – Class A*		7,531,549
	49,639	Microsoft Corp.		16,694,588
	375	Monster Beverage Corp.*		36,015
	22,209	Morgan Stanley		2,180,035
	1,078	Morningstar, Inc.		368,665
	2,858	Motorola Solutions, Inc.		776,519
	3,128	MSCI, Inc.		1,916,494
	345	Netflix, Inc.*		207,842
	20,836	Newmont Corp.		1,292,249
	844	NextEra Energy, Inc.		78,796
	1,378	NIKE, Inc. - Class B		229,671
	3,604	NVIDIA Corp.		1,059,972
	38	NVR, Inc.*		224,537

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,256	Old Dominion Freight Line, Inc.	$	450,125
	318	ONE Gas, Inc.		24,674
	3,849	Palo Alto Networks, Inc.* 1		2,142,969
	6,841	PepsiCo, Inc.		1,188,350
	110,404	Pfizer, Inc.		6,519,356
	11,943	Procter & Gamble Co.		1,953,636
	28,827	Public Service Enterprise Group, Inc.		1,923,626
	1,306	Public Storage - REIT		489,175
	10,706	Republic Services, Inc.		1,492,952
	2,143	ResMed, Inc.		558,209
	3,545	Royal Gold, Inc.		372,969
	4,790	S&P Global, Inc.		2,260,545
	11,771	salesforce.com, Inc.*		2,991,364
	56,993	Schneider National, Inc. - Class B		1,533,682
	509	Snowflake, Inc. - Class A*		172,424
	5,344	Stryker Corp.		1,429,092
	7,363	Synopsys, Inc.*		2,713,266
	3,226	Target Corp.		746,625
	1,641	Tesla, Inc.*		1,734,176
	14,199	Texas Instruments, Inc.		2,676,086
	10,664	TJX Cos., Inc.		809,611
	11,175	Tootsie Roll Industries, Inc.		404,870
	3,505	Tradeweb Markets, Inc. - Class A		350,991
	18,318	TransUnion		2,172,148
	31,419	Trustmark Corp.		1,019,861
	940	Tyler Technologies, Inc.*		505,673
	6,975	UnitedHealth Group, Inc.		3,502,427
	4,836	Visa, Inc. - Class A1		1,048,010
	33,377	Walmart, Inc.		4,829,318
	1,237	Watsco, Inc.		387,033
	2,132	WEC Energy Group, Inc.		206,953
	13,903	Wells Fargo & Co.		667,066
	34,736	Werner Enterprises, Inc.		1,655,518
	9,280	Zoetis, Inc.		2,264,598
				225,265,197
		TOTAL COMMON STOCKS
		(Cost $257,309,069)		400,190,962

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		EXCHANGE-TRADED FUND — 10.0%
	1,682,116	iShares Edge MSCI Min Vol Global ETF1	$	182,139,521
		TOTAL EXCHANGE-TRADED FUND
		(Cost $143,995,252)		182,139,521
		OPEN-END MUTUAL FUNDS — 49.4%
	3,074,835	AQR Large Cap Defensive Style Fund - Class R6		98,210,236
	3,720,228	Baillie Gifford Emerging Markets Equities Fund - Class K		90,922,364
	4,879,609	GMO Emerging Markets Fund - Class VI		164,979,556
	18,080,183	GMO Quality Fund - Class VI5 6		549,818,371
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $710,991,364)		903,930,527
		PREFERRED STOCK — 0.0%2
		GERMANY — 0.0%2
	1,239	Porsche Automobil Holding S.E.		116,978
		TOTAL PREFERRED STOCK
		(Cost $56,591)		116,978
		PRIVATE FUNDS7 — 14.6%
		Bridgewater All Weather China, Ltd.* 8		62,074,365
		GMO Equity Dislocation Fund, LP* 9		38,650,057
		RIEF Strategic Partners Fund LLC* 10		167,161,631
		TOTAL PRIVATE FUNDS
		(Cost $249,000,000)		267,886,053
		SHORT-TERM INVESTMENTS — 3.7%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.1%
		Collateral Investments		2,395,632
		MONEY MARKET FUNDS — 3.6%
	65,166,525	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%11		65,192,592
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $67,553,808)		67,588,224
		TOTAL INVESTMENTS — 99.6%
		(Cost $1,428,906,084)		1,821,852,265
		Other assets less liabilities — 0.4%		7,163,608
		TOTAL NET ASSETS — 100.0%	$	1,829,015,873

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

* Non-income producing security.

1 Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $12,086,416.

2 Rounds to less than 0.05%.

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

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

5 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 $57,000,000.

9 The investment was acquired on 3/15/2021. The cost is $38,000,000.

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 December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 80.5%
		ALABAMA — 1.2%
$	2,000,000	Black Belt Energy Gas District, 4.00%, 06/1/2051, Call 09/1/20311	$	2,433,161
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		549,717
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292		1,279,669
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,948,429
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/20251		1,664,002
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/20241		1,072,348
	1,710,000	0.92% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20243		1,725,918
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,426,076
				14,099,320
		ARIZONA — 1.8%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043		1,500,000
	500,000	5.00%, 02/1/2043, Call 02/1/2023		523,250
	1,000,000	5.00%, 01/1/2044, Call 01/1/2024		1,092,331
		Arizona Industrial Development Authority
	1,165,000	4.00%, 03/1/20274		1,243,370
	600,000	4.00%, 07/1/2041, Call 07/1/2026		645,509
	530,000	5.00%, 07/1/2047, Call 07/1/20274		607,847
	350,000	4.00%, 07/1/2061, Call 07/1/2026		372,029
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274 5		164,253
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		736,962
		Industrial Development Authority of the City of Phoenix
	645,000	5.00%, 10/1/2036, Call 10/1/2026		750,321
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,017,666
		Industrial Development Authority of the County of Pima
	145,000	7.00%, 01/1/2022		145,000
	500,000	6.75%, 03/1/2034, Call 03/1/2024		522,435
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224		346,499
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		1,099,240
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		142,999
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		502,775
	550,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		557,317
	5,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025		5,666,065

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032	$	2,634,520
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		864,758
				21,135,146
		ARKANSAS — 0.3%
	2,800,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 4		3,084,139
		CALIFORNIA — 7.1%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		709,126
	1,000,000	Bay Area Toll Authority, 1.35% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20263		1,044,182
	1,000,000	California Community Choice Financing Authority, 4.00%, 10/1/2052, Call 09/1/20271		1,154,951
	545,000	California Community Housing Agency, 5.00%, 02/1/2050, Call 02/1/20304		583,441
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		110,314
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		185,524
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,660,168
	5,000,000	4.00%, 08/15/2050, Call 08/15/2030		5,857,717
		California Municipal Finance Authority
	200,000	6.63%, 01/1/2032, Call 02/7/20224		200,270
	500,000	7.00%, 06/1/2034, Call 06/1/2022		520,995
	905,000	5.00%, 10/1/2035, Call 10/1/2022		943,386
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,193,868
	50,000	5.00%, 10/1/2039, Call 10/1/20274		54,821
	850,000	5.00%, 06/1/2046, Call 06/1/2026		955,967
	1,000,000	4.00%, 12/31/2047, Call 06/30/20282		1,122,280
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/20232 4		1,031,637
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		58,006
	650,000	5.00%, 08/1/2036, Call 08/1/20254		734,814
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,387,096
	100,000	5.00%, 08/1/2041, Call 08/1/20254		116,012
	900,000	5.00%, 08/1/2041, Call 08/1/20254		1,012,367
	500,000	5.00%, 10/1/2042, Call 10/1/20224		511,501
	350,000	6.75%, 11/1/2045, Call 11/1/20244		379,438
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,114,594
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		958,560
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,687,321

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	5.50%, 12/1/2054, Call 12/1/2024	$	1,130,836
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		676,694
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		226,302
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		560,836
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,092,476
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20282		1,843,866
	1,000,000	5.00%, 05/15/2047, Call 05/15/20272		1,192,094
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 01/28/2022		320,790
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		756,184
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2046, Call 01/15/2031		1,460,229
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,529,176
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,084,447
		Golden State Tobacco Securitization Corp.
	1,425,000	5.30%, 06/1/2037, Call 06/1/2022		1,454,870
	365,000	5.25%, 06/1/2047, Call 06/1/2022		372,576
	9,655,000	0.00%, 06/1/2066, Call 12/1/2031		1,898,263
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,082,207
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,108,594
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,025,274
	3,250,000	Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030		3,847,079
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 02/7/2022		502,117
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		458,614
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		245,477
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		4,051,659
	1,680,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,968,937
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,073,326
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,351,375
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		775,563
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,057,815
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,959,535
	2,000,000	San Diego County Regional Airport Authority, 4.00%, 07/1/2041, Call 07/1/20312		2,358,152

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 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	$	1,237,623
	2,500,000	5.00%, 05/1/2046, Call 05/1/20262		2,900,460
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,403,188
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,394,870
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		375,985
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		515,689
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,074,885
		Santa Ana Financing Authority, NATL-RE
	320,000	6.25%, 07/1/2024		348,131
	320,000	6.25%, 07/1/2024		348,139
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,075,483
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		712,854
	1,390,000	5.00%, 11/1/2033		1,878,078
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,026,171
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		113,591
				85,158,866
		COLORADO — 4.0%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		540,694
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		657,770
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,236,229
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		666,366
	500,000	5.00%, 12/1/2043, Call 12/1/2023		523,387
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282		2,473,698
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		567,172
	550,000	4.75%, 04/1/2030, Call 04/1/2022		554,623
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,148,717
	460,000	5.00%, 10/1/2039, Call 10/1/20274		514,347
	500,000	4.00%, 07/1/2041, Call 07/1/20314		542,755

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 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	$	109,128
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,260,790
	500,000	4.00%, 10/1/2039, Call 10/1/2024		524,284
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		574,526
	500,000	5.00%, 06/1/2036, Call 06/1/2027		609,165
	2,400,000	5.00%, 11/15/2041, Call 11/15/2031		3,178,709
	500,000	8.00%, 08/1/2043, Call 02/1/2024		534,581
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,252,704
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		2,286,561
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		535,125
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		577,951
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,570,302
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		535,290
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		418,637
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,469,145
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,037,829
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		802,247
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,135,239
	3,755	Mount Carbon Metropolitan District, 7.00%, 06/1/2043, Call 02/7/2022		3,756
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,152,824
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,091,506
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		512,296
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,700,684
	4,335,000	State of Colorado, 4.00%, 12/15/2039, Call 12/15/2031		5,294,956
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		148,210
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		1,104,109
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		636,668
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,218,387
				47,701,367
		CONNECTICUT — 0.8%
	1,685,000	City of Bridgeport , 5.00%, 06/1/2029		2,128,874
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/7/20222		500,492
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		485,906

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT (Continued)
$	1,500,000	4.00%, 07/1/2042, Call 07/1/2032	$	1,733,044
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,143,340
		State of Connecticut Special Tax Revenue
	1,500,000	4.00%, 11/1/2039, Call 11/1/2031		1,819,258
	1,250,000	4.00%, 05/1/2040, Call 05/1/2031		1,502,089
				9,313,003
		DELAWARE — 0.3%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		378,747
	375,000	5.00%, 01/1/2036, Call 01/1/2032		472,131
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,122,098
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,695,506
				3,668,482
		DISTRICT OF COLUMBIA — 1.9%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,145,649
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,757,992
	1,000,000	4.00%, 03/1/2045, Call 03/1/2030		1,182,636
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,456,636
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/20282		1,234,202
	1,520,000	4.00%, 10/1/2036, Call 10/1/20262		1,715,141
	1,820,000	5.00%, 10/1/2042, Call 10/1/20272		2,202,701
	655,000	5.00%, 10/1/2044, Call 10/1/20242		727,600
		Metropolitan Washington Airports Authority Aviation Revenue
	1,335,000	4.00%, 10/1/2041, Call 10/1/20312		1,588,904
	500,000	5.00%, 10/1/2046, Call 10/1/20312		637,805
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		869,761
	615,000	6.50%, 10/1/2041, Call 10/1/2026		778,489
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		2,413,559
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		2,284,660
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		599,672
	875,000	4.00%, 10/1/2036, Call 10/1/2030		1,047,567
				22,642,974

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA — 5.8%
$	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024	$	1,487,199
	880,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		891,918
	820,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		854,969
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		111,479
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		423,743
	645,000	5.35%, 07/1/2029, Call 02/7/2022		647,353
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		103,583
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		532,322
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		552,485
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,716,737
	500,000	City of Lakeland FL Department of Electric Utilities, 5.00%, 10/1/2048		766,818
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		546,548
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		525,064
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252		1,146,164
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,705,650
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,757,069
		County of Miami-Dade Aviation Revenue
	1,000,000	5.00%, 10/1/2030, Call 10/1/20242		1,113,726
	1,000,000	5.00%, 10/1/2032, Call 10/1/20242		1,112,570
	4,240,000	5.00%, 10/1/2033, Call 10/1/20242		4,716,073
	500,000	5.00%, 10/1/2049, Call 10/1/20292		607,249
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,562,344
	175,000	5.00%, 04/1/2039, Call 04/1/20294		200,811
	500,000	County of St. Lucie, 0.09%, 09/1/2028, Call 01/7/20221		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		803,062
	500,000	8.50%, 06/15/2044, Call 06/15/2023		557,740
	825,000	6.13%, 06/15/2046, Call 06/15/20254		930,455
	1,710,000	6.50%, 01/1/2049, Call 02/7/20221 2 4		1,748,607
	3,000,000	7.38%, 01/1/2049, Call 01/1/20242 4		3,276,421
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		577,852
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,030,438

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024	$	526,511
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20232		1,043,869
	1,665,000	5.00%, 10/1/2046, Call 10/1/20262		1,964,273
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,174,741
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282		2,433,892
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,409,197
		Lake Ashton Community Development District
	85,000	5.00%, 05/1/2025		91,680
	390,000	5.00%, 05/1/2037, Call 05/1/2025		412,868
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,798,259
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		101,080
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,332,210
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		1,161,517
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		944,384
		Mediterra South Community Development District
	85,000	5.10%, 05/1/2031, Call 05/1/2022		86,125
	385,000	5.00%, 05/1/2034, Call 05/1/2023		390,646
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,117,920
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		688,031
	320,000	5.25%, 09/15/2044, Call 09/15/2024		349,192
	105,000	5.00%, 09/15/2044, Call 09/15/20274		120,838
		Palm Beach County Health Facilities Authority
	330,000	6.75%, 06/1/2024, Call 06/1/2022		345,182
	850,000	5.00%, 12/1/2031, Call 12/1/2024		963,238
	500,000	5.00%, 11/1/2043, Call 11/1/2022		512,644
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 02/7/2022		753,151
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		813,611
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,765,089
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,222,892
	1,650,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		1,983,191
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		109,482
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,391,476

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284	$	158,024
	490,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		506,176
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		971,640
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,265,440
				69,414,918
		GEORGIA — 1.8%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,296,092
		Brookhaven Development Authority
	1,000,000	4.00%, 07/1/2044, Call 07/1/2029		1,166,470
	5,000,000	4.00%, 07/1/2049, Call 07/1/2029		5,780,767
		Burke County Development Authority
	500,000	2.25%, 10/1/20321		512,466
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,134,286
	1,000,000	3.00%, 11/1/20451		1,027,285
	500,000	Development Authority of Burke County, 2.20%, 10/1/2032, Call 11/19/2026		502,227
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		598,051
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,074,399
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		583,035
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,214,662
	460,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		499,975
		Main Street Natural Gas, Inc.
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,805,309
	1,500,000	4.00%, 07/1/2052, Call 06/1/20271		1,734,430
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		244,450
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,870,211
				21,044,115
		GUAM — 0.2%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		535,851
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,083,027
		Territory of Guam
	210,000	4.00%, 01/1/2036, Call 01/1/2031		242,429
	455,000	4.00%, 1/1/2042, Call 1/1/2031		513,997
				2,375,304

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited) 

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		HAWAII — 0.4%
$	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022	$	505,698
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,429,910
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282		1,207,284
				5,142,892
		IDAHO — 0.3%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/20244		323,269
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,263,268
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		449,876
	415,000	6.00%, 07/1/2049, Call 07/1/20284		497,140
	565,000	6.00%, 07/1/2054, Call 07/1/20284		674,970
				3,208,523
		ILLINOIS — 9.0%
		Chicago Board of Education
	1,000,000	0.00%, 12/1/2022		993,901
	100,000	5.75%, 04/1/2034, Call 04/1/2027		121,214
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,227,933
	180,000	5.00%, 04/1/2037, Call 04/1/2027		210,212
	500,000	5.00%, 04/1/2038, Call 04/1/2028		596,503
	500,000	5.25%, 12/1/2039, Call 12/1/2024		551,065
	1,000,000	5.00%, 12/1/2039, Call 12/1/2030		1,244,368
	575,000	5.00%, 12/1/2042, Call 12/1/2022		594,249
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,346,543
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,328,750
		Chicago O'Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/20282		604,403
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,808,285
	680,000	Chicago Park District, 5.00%, 11/15/2024		764,446
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,956,869
		City of Chicago
	900,000	4.84%, 04/15/2028, Call 01/16/20234		922,648
	1,000,000	5.25%, 01/1/2035, Call 01/10/2022		1,000,847
	880,000	6.00%, 01/1/2038, Call 01/1/2027		1,072,764
	500,000	5.50%, 01/1/2040, Call 01/1/2025		567,519
	1,000,000	City of Chicago , 5.00%, 01/1/2027		1,179,756
	1,500,000	City of Chicago IL, 5.00%, 01/1/2032, Call 01/1/2031		1,877,189
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 02/7/2022		1,967,061
	665,000	5.00%, 01/1/2034, Call 01/1/2025		747,846

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited) 

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	3,000,000	5.00%, 01/1/2039, Call 01/1/2024	$	3,235,170
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,121,250
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,470,496
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,274,341
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,208,893
	570,000	3.90%, 11/1/2036, Call 11/1/2027		654,195
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		823,531
	425,000	5.00%, 08/1/2027		512,567
	500,000	5.00%, 08/1/2028, Call 08/1/2027		599,627
	600,000	5.75%, 10/1/2032, Call 10/1/2022		612,502
	670,000	5.00%, 03/1/2033, Call 03/1/2027		789,492
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,117,898
	315,000	5.00%, 02/15/2034, Call 02/15/2027		377,919
	500,000	5.00%, 03/1/2034, Call 03/1/2027		589,098
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,242,079
	800,000	4.00%, 08/1/2036, Call 08/1/2031		936,062
	225,000	5.00%, 02/15/2037, Call 08/15/2027		258,736
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		2,006,231
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		1,210,883
	550,000	5.00%, 09/1/2042, Call 09/1/2024		616,820
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		1,148,770
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,249,805
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,388,663
	25,000	4.00%, 06/1/2047, Call 06/1/2022		25,392
	630,000	4.00%, 06/1/2047, Call 06/1/2022		639,869
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,151,781
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,019,614
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,087,926
		Illinois State Toll Highway Authority
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,283,032
	1,000,000	5.00%, 01/1/2043, Call 01/1/2032		1,297,485
	1,500,000	4.00%, 01/1/2046, Call 01/1/2032		1,781,098
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,223,448
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,114,862
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2047, Call 12/15/2031		569,949

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,355,000	5.00%, 06/15/2050, Call 12/15/2029	$	1,628,223
	530,000	5.00%, 06/15/2057, Call 12/15/2027		617,473
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		875,821
	3,300,000	0.00%, 12/15/2030		2,767,458
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,633,870
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,255,360
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		509,860
	3,000,000	Railsplitter Tobacco Settlement Authority, 5.00%, 06/1/2024		3,317,456
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,103,043
		Sales Tax Securitization Corp.
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,436,637
	500,000	4.00%, 01/1/2038, Call 01/1/2030		588,504
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		876,234
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,121,492
		State of Illinois
	750,000	5.38%, 05/1/2023		799,052
	1,000,000	5.00%, 02/1/2025		1,130,636
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,614,127
	1,000,000	5.00%, 11/1/2026		1,187,128
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,274,359
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		2,105,985
	660,000	5.00%, 03/1/2036, Call 03/1/2031		838,849
	500,000	5.00%, 03/1/2037, Call 03/1/2022		503,310
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,135,799
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,625,165
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,240,769
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,725,913
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		650,847
	1,415,000	Village of Brookfield, 0.10%, 06/1/2038, Call 01/7/20221		1,415,000
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,324,909
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,042,055
		Will County Community High School District No. 210 Lincoln-Way, BAM

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	550,000	0.00%, 01/1/2031	$	460,716
	250,000	0.00%, 01/1/2032		203,847
	790,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		807,174
				107,140,926
		INDIANA — 1.5%
	1,450,000	City of Fishers IN Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,725,460
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/7/20222		1,003,762
		Indiana Finance Authority
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,493,837
	1,000,000	3.00%, 11/1/2030		1,066,488
	1,000,000	3.00%, 11/1/2030		1,066,488
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,427,985
	3,360,000	Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031		4,024,594
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,178,375
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232		537,713
				17,524,702
		IOWA — 0.3%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,074,398
	1,520,000	4.75%, 08/1/2042, Call 08/1/2022		1,546,396
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		584,605
				3,205,399
		KENTUCKY — 1.0%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		234,579
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,231,653
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,575,246
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		914,298
		Kentucky Public Energy Authority
	2,600,000	4.00%, 01/1/2049, Call 10/1/20241		2,833,890
	1,950,000	4.00%, 12/1/2049, Call 03/1/20251		2,138,357
	1,500,000	4.00%, 02/1/2050, Call 11/1/20271		1,737,844
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,192,333
				11,858,200
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,218,741

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
$	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027	$	1,845,765
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,440,815
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,202,640
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		534,375
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,131,666
	885,000	6.50%, 07/1/2036, Call 07/1/20232 4		933,576
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,621,351
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		622,233
	1,500,000	5.00%, 01/1/2048, Call 01/1/20272		1,756,087
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282		1,497,917
		State of Louisiana
	1,200,000	5.00%, 09/1/2031, Call 09/1/2030		1,587,964
	1,000,000	4.00%, 09/1/2032, Call 09/1/2026		1,142,041
				16,535,171
		MAINE — 0.6%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,199,826
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,929,949
	700,000	5.00%, 07/1/2035, Call 07/1/2027		836,511
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		606,467
	500,000	4.00%, 07/1/2039, Call 07/1/2031		601,630
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,857,089
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 02/7/20222		500,686
				7,532,158
		MARYLAND — 1.4%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		3,007,920
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,597,167
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,555,483
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,725,217
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292		1,193,780
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,897,856
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,123,467
	500,000	5.00%, 07/1/2045, Call 07/1/2025		559,085

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
		Maryland Stadium Authority
$	2,000,000	5.00%, 05/1/2046, Call 05/1/2026	$	2,381,506
	340,000	5.00%, 05/1/2047, Call 05/1/2028		426,012
				16,467,493
		MASSACHUSETTS — 1.0%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		130,389
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,753,484
		Massachusetts Development Finance Agency
	2,000,000	5.00%, 07/1/20381		2,189,269
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,129,166
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20282		1,214,606
	200,000	4.25%, 07/1/2046, Call 07/1/20262		212,066
	3,000,000	Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025		3,479,904
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,200,270
				11,309,154
		MICHIGAN — 2.7%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		549,531
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		756,793
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,181,016
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		280,347
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 02/7/2022		257,324
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,714,784
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,248,611
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,804,037
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,142,016
	500,000	5.00%, 07/1/2035, Call 07/1/2025		570,822
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,622,467
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,063,396
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,178,895
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,608,500
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,600,833
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,139,795
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,504,810
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/20471		2,050,956

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022	$	251,987
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 02/7/2022		500,459
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/20252		2,309,452
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,826,512
				32,163,343
		MINNESOTA — 0.4%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		276,646
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		78,493
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,845,737
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,168,718
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,501,802
				4,871,396
		MISSISSIPPI — 0.0%6
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 4		508,583
		MISSOURI — 0.8%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		84,885
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		742,449
	685,000	5.00%, 01/1/2032, Call 01/1/2028		844,723
	350,000	5.00%, 01/1/2034, Call 01/1/2028		429,818
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		757,786
	445,000	5.00%, 10/1/2047, Call 10/1/2027		523,867
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,214,169
	350,000	4.00%, 11/15/2049, Call 11/15/2027		393,585
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20292		1,204,839
	1,020,000	5.00%, 03/1/2039, Call 03/1/20292		1,250,189
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,601,630
				9,047,940
		NEBRASKA — 0.4%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		1,932,691

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited) 

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEBRASKA (Continued)
$	2,500,000	5.00%, 09/1/2032, Call 09/1/2022	$	2,576,921
	250,000	5.25%, 09/1/2037, Call 09/1/2022		258,103
				4,767,715
		NEVADA — 1.6%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		285,611
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		1,038,320
		County of Clark
	2,520,000	5.00%, 06/1/2043, Call 06/1/2028		3,058,158
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,154,544
	500,000	County of Clark N.V., 2.10%, 06/1/2031		506,508
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,091,808
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,205,907
		Las Vegas Valley Water District
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,264,537
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,355,350
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		659,552
				18,620,295
		NEW HAMPSHIRE — 0.3%
	487,409	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		580,704
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,308,816
	215,000	5.00%, 08/1/2037, Call 02/1/2028		262,510
	1,000,000	5.00%, 07/1/2041, Call 01/1/2028		1,211,552
				3,363,582
		NEW JERSEY — 2.8%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		4,879,184
		New Jersey Economic Development Authority
	325,000	5.13%, 09/15/2023, Call 08/20/20222		336,451
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,578,573
	890,000	3.13%, 07/1/2029, Call 07/1/2027		901,219
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,056,670
	100,000	5.00%, 07/15/2032, Call 07/15/2027		116,615
	500,000	5.00%, 07/1/2033, Call 07/1/2027		591,916
	280,000	6.00%, 10/1/2034, Call 10/1/20244		302,780
	880,000	5.00%, 06/15/2036, Call 12/15/2026		1,036,857
	350,000	6.30%, 10/1/2049, Call 10/1/20244		377,191
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,106,729

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
		New Jersey Health Care Facilities Financing Authority
$	500,000	5.75%, 07/1/2037, Call 02/7/2022	$	501,599
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,335,023
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20282		602,884
	855,000	4.25%, 12/1/2047, Call 12/1/20262		918,510
	3,915,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,109,655
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,525,661
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,269,501
	530,000	4.00%, 06/15/2036, Call 06/15/2031		625,485
	500,000	5.00%, 06/15/2040, Call 12/15/2030		628,727
	500,000	4.00%, 06/15/2042, Call 06/15/2032		576,742
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,456,011
	805,000	5.00%, 06/15/2044, Call 06/15/2024		884,077
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282		1,177,495
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,940,803
	1,990,000	Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 02/7/20222		1,997,450
				33,833,808
		NEW MEXICO — 0.3%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		836,070
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,061,920
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 02/7/20224		1,071,794
				2,969,784
		NEW YORK — 6.6%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		464,478
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,223,885
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,198,038
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,452,068
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,159,920
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,145,366
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		1,035,440
	2,000,000	Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028		2,407,366
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		715,068

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028	$	2,485,167
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,500,000	4.00%, 11/1/2037, Call 05/1/2031		1,812,787
	1,250,000	4.00%, 11/1/2038, Call 05/1/2031		1,507,841
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		1,185,008
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,823,076
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,225,142
	2,025,000	5.00%, 06/15/2048, Call 12/15/2027		2,471,971
	730,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		794,307
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,413,490
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		2,225,960
	730,000	3.00%, 02/15/2042, Call 02/15/2030		773,229
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		1,096,260
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,663,167
		New York State Dormitory Authority
	5,000,000	4.00%, 02/15/2038, Call 02/15/2030		5,914,313
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,097,827
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,249,073
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,122,895
	500,000	4.00%, 07/1/2048, Call 07/1/2031		586,399
		New York State Urban Development Corp.
	1,500,000	4.00%, 03/15/2045, Call 09/15/2030		1,762,872
	2,000,000	4.00%, 03/15/2046, Call 03/15/2030		2,329,109
		New York Transportation Development Corp.
	3,000,000	5.00%, 10/1/2035, Call 10/1/20302		3,729,318
	1,000,000	5.25%, 01/1/2050, Call 07/1/20242		1,103,874
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		264,015
	500,000	5.00%, 07/1/2045, Call 07/1/2025		559,086
		Port Authority of New York & New Jersey
	1,000,000	4.00%, 07/15/2040, Call 07/15/20302		1,163,216
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		5,220,243
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,726,684
	3,405,000	5.00%, 11/15/2049, Call 11/15/2030		4,340,176
	4,000,000	5.00%, 05/15/2051, Call 05/15/2031		5,150,327
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		1,078,960

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024	$	823,914
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		955,825
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		334,535
				78,791,695
		NORTH CAROLINA — 0.2%
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 12/1/2022		2,079,873
	715,000	4.00%, 09/1/2046, Call 09/1/2028		813,794
				2,893,667
		NORTH DAKOTA — 0.3%
	1,000,000	City of Grand Forks, 4.00%, 12/1/2036, Call 12/1/2031		1,191,238
	600,000	County of Burleigh, 4.38%, 04/15/2026	��	626,385
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,321,366
				4,138,989
		OHIO — 1.6%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,162,125
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		1,008,541
	830,000	City of Akron, 5.00%, 12/1/2026		919,698
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		1,179,540
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		804,607
	2,000,000	County of Hamilton, 5.00%, 09/15/2045, Call 03/15/2030		2,480,059
	1,000,000	County of Hamilton OH, 5.00%, 11/15/2041		1,480,058
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		540,463
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,768,981
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,245,240
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,801,296
	750,000	Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/20331		758,563
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,032,854
				19,182,025
		OKLAHOMA — 0.6%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,072,982
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,180,170
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,202,100

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA (Continued)
$	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282	$	1,210,704
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,227,877
				6,893,833
		OREGON — 0.4%
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		1,185,771
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,128,195
	45,000	5.00%, 10/1/2046, Call 10/1/2026		53,919
	720,000	5.00%, 10/1/2046, Call 10/1/2026		829,597
		Port of Portland Airport Revenue
	450,000	4.00%, 07/1/2040, Call 07/1/2030		533,205
	1,000,000	5.00%, 07/1/2044, Call 07/1/20292		1,227,230
				4,957,917
		PENNSYLVANIA — 3.2%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		350,394
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		100,981
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		311,861
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		109,782
	780,000	5.38%, 10/15/2042, Call 10/15/2022		800,693
	1,000,000	City of Philadelphia PA Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20302		1,169,364
	105,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		107,919
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,220,921
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,215,338
	2,180,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,541,207
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		449,917
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		298,304
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,025,508
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		794,307
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,119,580
	400,000	5.00%, 11/15/2029, Call 05/15/2022		407,120
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,686,735

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
		Pennsylvania Economic Development Financing Authority
$	250,000	6.40%, 12/1/2038, Call 09/1/2025	$	194,053
	300,000	10.00%, 12/1/2040, Call 06/1/20304		324,173
	300,000	10.00%, 12/1/2040, Call 06/1/20302 4		324,173
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		1,161,621
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,232,182
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,131,018
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,432,799
	500,000	5.00%, 12/1/2041, Call 06/1/2026		587,537
	2,000,000	5.00%, 12/1/2043, Call 12/1/2028		2,458,755
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		1,161,322
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,214,681
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		944,021
	500,000	8.00%, 01/1/2033, Call 01/1/2023		537,406
	500,000	6.88%, 06/15/2033, Call 06/15/2023		539,530
	850,000	4.00%, 11/1/2037, Call 11/1/2029		990,261
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,092,032
	155,000	Quakertown General Authority, 4.00%, 07/1/2022		156,292
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		6,001
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,165,827
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,072,581
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,550,754
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,251,535
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282		321,706
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		582,471
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		545,977
				38,688,639
		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		1,740,086
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,804,285

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		RHODE ISLAND (Continued)
$	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023	$	1,094,824
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		726,767
				3,625,876
		SOUTH CAROLINA — 1.3%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,051,721
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,322,421
	1,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231		1,599,883
		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		1,206,875
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282		2,428,858
		South Carolina Public Service Authority
	1,335,000	4.00%, 12/1/2042, Call 12/1/2031		1,592,553
	730,000	5.00%, 12/1/2055, Call 06/1/2025		830,248
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,183,776
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,608,132
				16,024,467
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,409,517
		TENNESSEE — 0.6%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,349,517
	2,000,000	Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022		2,050,897
		Knox County Health Educational & Housing Facility Board
	365,000	0.00%, 05/1/2025, Call 11/1/2024* 4 5		171,550
	45,000	0.00%, 05/1/2034* 4 5		21,150
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,208,500
	1,000,000	4.00%, 05/1/2048, Call 02/1/20231		1,040,104
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,656,094
				7,497,812
		TEXAS — 7.3%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		92,711

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027	$	357,938
		Central Texas Regional Mobility Authority
	1,000,000	5.00%, 01/1/2036, Call 01/1/2031		1,286,989
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,390,451
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,394,158
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/20262		1,187,625
	2,250,000	5.00%, 11/15/2044, Call 11/15/20242		2,509,654
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,185,655
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		281,012
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,142,683
		City of Houston Airport System Revenue
	700,000	4.75%, 07/1/20242		740,310
	750,000	5.00%, 07/15/2035, Call 07/15/20252		829,571
	1,500,000	4.00%, 07/1/2041, Call 07/1/20292		1,609,850
	1,085,000	City of Houston Combined Utility System Revenue, 4.00%, 11/15/2041, Call 11/15/2031		1,327,648
	1,400,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224		1,494,579
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		911,230
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		510,836
	100,000	4.40%, 12/1/2047, Call 12/1/2022		101,964
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,598,865
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,344,299
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,095,307
	280,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		306,238
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,258,486
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,241,516
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,564,080
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,358,437
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		493,372
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/28/20222 4		525,849
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		657,258
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,100,999
	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		452,091
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,634,092

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	2,200,000	5.00%, 07/1/2048, Call 07/1/2027	$	2,642,649
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		847,570
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,225,486
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 02/7/2022* 5		625,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		358,438
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,977,469
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,336,510
	2,515,000	5.00%, 10/1/2036, Call 10/1/2025		2,905,683
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,063,854
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,128,909
	1,430,000	5.00%, 07/1/2043, Call 01/1/2029		1,752,206
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,760,808
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		650,506
	1,670,000	6.25%, 12/15/2026		1,943,818
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		582,937
	1,110,000	5.00%, 12/31/2040, Call 12/31/20252		1,248,188
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,729,091
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		555,180
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,749,788
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,417,198
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,867,771
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,209,520
		Town of Westlake
	225,000	5.50%, 09/1/2025		231,701
	200,000	6.13%, 09/1/2035, Call 09/1/2025		206,612
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,365,302
				87,522,247
		UTAH — 0.6%
	3,000,000	City of Salt Lake City UT Airport Revenue, 5.00%, 07/1/2046, Call 07/1/20312		3,804,550
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20282		1,222,629
		Utah Charter School Finance Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		UTAH (Continued)
$	1,000,000	4.50%, 07/15/20274	$	1,073,069
	500,000	5.38%, 06/15/2048, Call 06/15/20274		557,132
				6,657,380
		VIRGINIA — 1.2%
	715,000	Celebrate North Community Development Authority, 0.00%, 03/1/2018* 5		429,000
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,177,243
	535,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/7/20222 4		537,174
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,462,616
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,240,074
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,244,445
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,835,952
		Virginia Small Business Financing Authority
	130,000	5.50%, 01/1/2042, Call 07/1/20222		133,123
	2,000,000	5.00%, 07/1/2049, Call 02/11/20222		2,006,604
	1,750,000	5.00%, 12/31/2052, Call 06/30/20272		2,072,581
				14,138,812
		WASHINGTON — 3.3%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,348,781
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,705,524
	705,000	King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025		747,558
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,599,520
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,483,609
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,765,532
	105,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		125,549
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/20292		1,833,561
	2,000,000	5.00%, 08/1/2046, Call 08/1/20312		2,536,629
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		2,171,927
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,143,534
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,766,025
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,173,885
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,043,467
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,140,448
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,874,269

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/24/2022	$	195,540
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		589,749
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,043,530
	500,000	5.00%, 08/1/2038, Call 08/1/2029		622,479
	2,500,000	1.17% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 02/7/20223		2,500,686
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		1,277,307
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		1,604,561
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,187,458
				39,481,128
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,142,697
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,236,109
				2,378,806
		WISCONSIN — 1.2%
		Public Finance Authority
	170,000	5.00%, 07/1/20222		173,246
	780,000	4.00%, 07/1/2027, Call 07/1/2024		831,063
	500,000	5.75%, 02/1/2035, Call 02/1/2025		526,544
	535,000	5.00%, 07/1/2037, Call 07/1/2024		578,501
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		1,080,634
	500,000	5.00%, 06/15/2039, Call 06/15/20264		536,380
	500,000	5.75%, 04/1/2042, Call 04/1/2022		505,300
	1,000,000	5.00%, 07/1/2042, Call 07/1/20222		1,017,532
	165,000	6.00%, 07/15/2042, Call 07/15/2022		168,212
	450,000	5.50%, 03/1/2045, Call 03/1/20254		495,451
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,073,694
	390,000	4.00%, 07/1/2046, Call 01/1/2031		451,851
	345,000	6.38%, 01/1/2048, Call 01/1/20284		264,311
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		244
	7,085	0.00%, 01/1/20474 5		231
	7,034	0.00%, 01/1/20484 5		225
	6,984	0.00%, 01/1/20494 5		219
	6,882	0.00%, 01/1/20504 5		207
	7,540	0.00%, 01/1/20514 5		222
	194,116	.   0.00%, 07/1/20514 5		127,281

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	7,490	0.00%, 01/1/20524 5	$	212
	7,388	0.00%, 01/1/20534 5		206
	7,338	0.00%, 01/1/20544 5		198
	7,237	0.00%, 01/1/20554 5		191
	7,135	0.00%, 01/1/20564 5		186
	7,085	0.00%, 01/1/20574 5		179
	6,984	0.00%, 01/1/20584 5		173
	6,933	0.00%, 01/1/20594 5		168
	6,882	0.00%, 01/1/20604 5		162
	6,781	0.00%, 01/1/20614 5		155
	6,730	0.00%, 01/1/20624 5		150
	6,629	0.00%, 01/1/20634 5		145
	6,579	0.00%, 01/1/20644 5		141
	6,528	0.00%, 01/1/20654 5		136
	6,427	0.00%, 01/1/20664 5		127
	83,706	0.00%, 01/1/20674 5		1,543
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,487,640
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,231,317
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,581,328
				14,135,705
		TOTAL MUNICIPAL BONDS
		(Cost $892,256,131)		959,867,299
		COMMON STOCK — 0.1%
	32,339	Energy Harbor Corp.*		1,455,255
		TOTAL COMMON STOCK
		(Cost $965,130)		1,455,255

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.8%
	18,027	BlackRock Long-Term Municipal Advantage Trust	$	270,405
	53,753	BlackRock MuniVest Fund, Inc.		514,416
	31,817	BlackRock MuniYield Quality Fund, Inc.		513,526
	72,299	BNY Mellon Municipal Income, Inc.		632,616
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		1,064,049
	30,359	BNY Mellon Strategic Municipals, Inc.		257,141
	15,444	DTF Tax-Free Income, Inc.		220,695
	87,593	DWS Municipal Income Trust		1,035,349
	17,462	Invesco Advantage Municipal Income Trust II		212,687
	17,008	Invesco Municipal Opportunity Trust		234,881

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	23,118	Invesco Municipal Trust	$	310,475
	11,819	Invesco Trust for Investment Grade Municipals		165,111
	8,572	Neuberger Berman Municipal Fund, Inc.		131,323
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		429,475
	123,034	Pioneer Municipal High Income Fund, Inc.		1,504,706
	108,960	Western Asset Managed Municipals Fund, Inc.		1,425,197
	8,866	Western Asset Municipal Partners Fund, Inc.		137,955
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,139,084)		9,060,007
		OPEN-END MUTUAL FUND — 1.2%
	949,029	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		13,950,732
		TOTAL OPEN-END MUTUAL FUND
		(Cost $13,163,713)		13,950,732
		PRIVATE FUNDS7 — 13.9%
		MacKay Municipal Credit Opportunities Fund, LP* 8		29,030,454
		MacKay Municipal Opportunities Fund, LP* 9		136,570,193
		TOTAL PRIVATE FUNDS
		(Cost $127,624,952)		165,600,647
		SHORT-TERM INVESTMENT — 3.0%
	36,368,580	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%10		36,383,127
		TOTAL SHORT-TERM INVESTMENT
		(Cost $36,382,597)		36,383,127
		TOTAL INVESTMENTS — 99.5%
		(Cost $1,079,531,607)		1,186,317,067
		Other assets less liabilities — 0.5%		5,599,992
		TOTAL NET ASSETS — 100.0%	$	1,191,917,059

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

*	Non-income producing security.
1	Variable rate security.
2	Alternative Minimum Tax eligible security.
3	Floating rate security.
4	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
5	Security is in default.
6	Rounds to less than 0.05%.
7	The 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

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2021 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 58.1%
		ALTERNATIVE DIVERSIFIERS — 7.2%
	3,034,392	BlackRock Event Driven Equity Fund – Institutional Shares	$	30,101,174
	7,635,559	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		78,111,765
				108,212,939
		CORE/ALTERNATIVE DIVERSIFIERS — 50.9%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV		374,702,067
	1,041,050	GMO Global Asset Allocation Fund - Class III		35,843,363
	16,214,663	JPMorgan Global Allocation Fund - Class R6		354,290,374
				764,835,804
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $825,825,971)		873,048,743
		EXCHANGE-TRADED FUND — 15.1%
		REAL ASSET — 15.1%
	6,526,337	iShares Gold Trust*		227,181,791
		TOTAL EXCHANGE-TRADED FUND
		(Cost $222,186,774)		227,181,791
		PRIVATE FUNDS1 — 23.0%
		ALTERNATIVE DIVERSIFIERS — 15.6%
		Elliott Associates, LP - Class C* 2		22,848,645
		Millennium International, Ltd. - Class GG* 3		40,951,273
		Millennium International, Ltd. - Sub-Class GG-C1* 4		51,109,913
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* 5		120,235,971
				235,145,802
		CORE DIVERSIFIER — 7.4%
		All Weather Portfolio Limited* 6		111,352,044
				111,352,044
		TOTAL PRIVATE FUNDS
		(Cost $289,371,675)		346,497,846
		SHORT-TERM INVESTMENT — 11.6%
	174,583,365	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%7		174,653,199
		TOTAL SHORT-TERM INVESTMENT
		(Cost $174,641,156)		174,653,199

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2021 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 107.8%
	(Cost $1,512,025,576)		1,621,381,579
	Liabilities in excess of other assets — (7.8)%		(117,233,039	)
	TOTAL NET ASSETS — 100.0%	$	1,504,148,540

*	Non-income producing security.
1	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.
2	The investment was acquired on 1/2/2020. The cost is $21,100,800.
3	The investment was acquired on 1/4/2021. The cost is $30,318,103.
4	The investment was acquired on 10/1/2020. The cost is $47,500,000.
5	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.
6	The investment was acquired on 5/1/2018. The cost is $82,452,772.
7	The rate is the annualized seven-day yield at period end.

LP — Limited Partnership

Ltd. — Limited

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2021 (Unaudited)

Number of Shares			Value
	OPEN-END MUTUAL FUNDS — 97.5%
	CORE — 87.1%
3,662,991	DoubleLine Total Return Bond Fund - I Class	$	38,095,104
9,325,816	MetWest Total Return Bond Fund - Plan Class1		95,403,104
2,556,833	PIMCO Income Fund - Institutional Class		30,528,585
1,438,802	River Canyon Total Return Bond Fund, Class Institutional		15,826,825
359,481	Vanguard Total Bond Market Index Fund - Institutional Class		4,022,588
			183,876,206
	OPPORTUNISTIC — 10.4%
842,768	GMO Emerging Country Debt Fund, Class VI		19,897,761
351,644	Vanguard High-Yield Corporate Fund - Admiral Shares		2,092,281
			21,990,042
	TOTAL OPEN-END MUTUAL FUNDS
	(Cost $205,730,954)		205,866,248
	SHORT-TERM INVESTMENT — 1.7%
3,520,568	JPMorgan Prime Money Market Fund - Institutional Shares, 0.05%2		3,521,976
	TOTAL SHORT-TERM INVESTMENT
	(Cost $3,521,643)		3,521,976
	TOTAL INVESTMENTS — 99.2%
	(Cost $209,252,597)		209,388,224
	Other assets less liabilities — 0.8%		1,772,459
	TOTAL NET ASSETS — 100.0%	$	211,160,683

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