Aspiriant Trust NPORT-P Aspiriant Risk-Managed Taxable Bond Fund (Jun 2022 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 20.8%
		AUSTRALIA — 0.1%
	116,238	Goodman Group - REIT	$	1,435,275
	1,818	Newcrest Mining Ltd.		25,900
				1,461,175
		BELGIUM — 0.1%
	11,339	UCB S.A.		960,859
		BERMUDA — 0.4%
	66,696	Arch Capital Group Ltd.*		3,034,001
	2,589	Everest Re Group Ltd.		725,645
	106,265	Hongkong Land Holdings Ltd.		533,677
	7,321	RenaissanceRe Holdings Ltd.		1,144,785
				5,438,108
		BRAZIL — 0.0%1
	46,121	Telefonica Brasil S.A. - ADR2		417,856
		CANADA — 0.6%
	4,984	Agnico Eagle Mines Ltd.		228,068
	10,151	Bank of Nova Scotia		601,041
	34,186	Brookfield Asset Management, Inc. - Class A2		1,520,735
	28,197	Dollarama, Inc.2		1,623,650
	21,616	Franco-Nevada Corp.2		2,844,233
	17,562	Royal Bank of Canada		1,700,534
	4,459	Toronto-Dominion Bank2		292,421
				8,810,682
		CAYMAN ISLANDS — 0.6%
	194,000	China Conch Venture Holdings Ltd.		423,147
	148,500	CK Hutchison Holdings Ltd.		1,007,424
	106,523	ENN Energy Holdings Ltd.		1,760,689
	205,500	Kingboard Holdings Ltd.		779,307
	204,000	Li Ning Co., Ltd.		1,899,463
	61,300	Tencent Holdings Ltd.		2,774,754
	453,000	WH Group Ltd.3		350,615
	8,300	ZTO Express Cayman, Inc. - ADR		227,835
				9,223,234
		CHILE — 0.0%1
	42,388	Enel Americas S.A. - ADR2		192,865
		CHINA — 0.5%
	190,500	Anhui Conch Cement Co., Ltd. - Class H		826,755
	29,831	China Construction Bank Corp. - ADR		398,841
	175,500	China Merchants Bank Co., Ltd. - Class H		1,185,402

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHINA (Continued)
	881,000	China Shenhua Energy Co., Ltd.	$	2,526,956
	2,324,000	Industrial & Commercial Bank of China Ltd. - Class H		1,386,612
	43,200	Legend Holdings Corp. - Class H3		56,852
	130,500	New China Life Insurance Co., Ltd. - Class H		367,261
				6,748,679
		CURACAO — 0.1%
	36,991	Schlumberger Ltd.		1,322,798
		DENMARK — 0.4%
	36	AP Moller - Maersk A/S - Class B		84,513
	9,221	Coloplast A/S - Class B		1,053,589
	5,130	Demant A/S*		192,844
	35,408	Novo Nordisk A/S - ADR		3,945,513
	7,059	Pandora A/S		448,476
				5,724,935
		FRANCE — 0.5%
	7,922	Capgemini S.E.		1,366,229
	72,412	Cie Generale des Etablissements Michelin SCA		1,977,642
	114	Hermes International		128,299
	542	L’Oreal S.A.		188,185
	255	Pernod Ricard S.A.		47,143
	28,279	Publicis Groupe S.A.		1,390,777
	12,574	Thales S.A.		1,543,799
	18,504	TotalEnergies SE - ADR		974,051
				7,616,125
		GERMANY — 0.2%
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,140,158
	6,466	Rheinmetall A.G.		1,492,125
	7,087	Siemens A.G.		728,519
				3,360,802
		GUERNSEY — 0.2%
	44,301	Amdocs Ltd.		3,690,716
		HONG KONG — 0.2%
	62,500	Beijing Enterprises Holdings Ltd.		222,216
	382,000	China Merchants Port Holdings Co., Ltd.		650,614
	106,800	China Taiping Insurance Holdings Co., Ltd.		131,917
	142,000	Henderson Land Development Co., Ltd.		533,689
	339,000	HKT Trust and HKT Ltd.4		455,292
	64,500	Power Assets Holdings Ltd.		406,344

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		HONG KONG (Continued)
	253,500	Sinotruk Hong Kong Ltd.	$	356,784
	75,000	Sun Hung Kai Properties Ltd.		888,005
				3,644,861
		INDIA — 0.2%
	16,368	Dr Reddy’s Laboratories Ltd. - ADR		906,623
	87,492	Infosys Ltd. - ADR2		1,619,477
				2,526,100
		IRELAND — 0.5%
	12,083	Accenture PLC - Class A		3,354,845
	6,164	Aon PLC - Class A		1,662,308
	6,702	ICON PLC*		1,452,323
	15,417	Johnson Controls International PLC		738,166
	763	Linde PLC2		219,385
				7,427,027
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.2		488,724
	8,283	Nice Ltd. - ADR* 2		1,594,063
				2,082,787
		JAPAN — 1.1%
	1,400	Bandai Namco Holdings, Inc.		98,830
	14,700	Denso Corp.		775,902
	28,600	ENEOS Holdings, Inc.		107,616
	15,871	FUJIFILM Holdings Corp.		852,772
	1,900	Hirose Electric Co., Ltd.		252,284
	10,000	Itochu Corp.		269,780
	2,800	Itochu Techno-Solutions Corp.		68,844
	91,787	KDDI Corp.		2,894,445
	5,000	Makita Corp.		123,933
	8,400	MEIJI Holdings Co., Ltd.		412,758
	5,261	Mitsubishi Electric Corp. - ADR		112,901
	14,878	Mitsubishi UFJ Financial Group, Inc.		79,598
	53,680	Mizuho Financial Group, Inc.		611,142
	3,632	Nintendo Co., Ltd. - ADR		195,474
	138,000	Nippon Steel Corp.		1,931,325
	74,000	Nippon Telegraph & Telephone Corp.		2,126,255
	52,019	Nippon Telegraph & Telephone Corp. - ADR2		1,496,587
	5,800	Nissin Foods Holdings Co., Ltd.		400,613
	40,000	Sekisui House Ltd.		702,214
	34	Shin-Etsu Chemical Co., Ltd.		3,822
	44,000	Shizuoka Bank Ltd.		264,918

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	23,700	Sumitomo Mitsui Financial Group, Inc.	$	704,485
	47,900	Tosoh Corp.		595,815
	35,030	Toyota Motor Corp.		540,489
	14,500	Trend Micro, Inc.		709,361
				16,332,163
		JERSEY — 0.2%
	343,348	Glencore PLC		1,859,723
	110,693	WPP PLC		1,118,137
				2,977,860
		NETHERLANDS — 0.5%
	15,284	Airbus S.E.		1,494,926
	117,397	CNH Industrial N.V.		1,357,738
	111,896	Koninklijke Ahold Delhaize N.V.		2,912,543
	16,113	Wolters Kluwer N.V.		1,561,640
				7,326,847
		NEW ZEALAND — 0.0%1
	174,948	Spark New Zealand Ltd.		523,575
		NORWAY — 0.0%1
	3,840	Yara International A.S.A.		160,900
		PHILIPPINES — 0.0%1
	5,236	PLDT, Inc. - ADR2		159,279
		SINGAPORE — 0.2%
	12,622	DBS Group Holdings Ltd.		270,078
	6,072	DBS Group Holdings Ltd. - ADR		518,974
	76,000	United Overseas Bank Ltd.		1,435,802
				2,224,854
		SOUTH KOREA — 0.0%1
	11,178	POSCO - ADR		497,645
	4,334	Woori Financial Group, Inc. - ADR 2		122,565
				620,210
		SWEDEN — 0.0%1
	5,731	Industrivarden A.B. - A Shares		129,560
	4,787	L E Lundbergforetagen A.B. - B Shares		195,199
				324,759
		SWITZERLAND — 1.0%
	880	Alcon, Inc.2		61,503
	16	Chocoladefabriken Lindt & Spruengli A.G.		162,913

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	14,305	Cie Financiere Richemont S.A.	$	1,538,691
	1,255	EMS-Chemie Holding A.G.		936,608
	6,065	Garmin Ltd.		595,886
	336	Kuehne + Nagel International A.G.		79,834
	7,504	Nestle S.A. - ADR		873,391
	24,667	Novartis A.G.		2,091,284
	4,401	Novartis A.G. - ADR		372,017
	7,708	Roche Holding A.G.		2,576,783
	6,279	Sonova Holding A.G.		2,006,653
	2,911	Swisscom A.G.		1,610,134
	91,646	UBS Group A.G.		1,481,616
	227	Zurich Insurance Group A.G.		98,989
	2,010	Zurich Insurance Group A.G. - ADR2		87,536
				14,573,838
		TAIWAN — 0.7%
	80,891	Chunghwa Telecom Co., Ltd. - ADR		3,336,754
	24,000	Taiwan Semiconductor Manufacturing Co., Ltd.		384,632
	75,586	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		6,179,155
	66,650	United Microelectronics Corp. - ADR2		451,221
				10,351,762
		UNITED KINGDOM — 0.7%
	60,937	Anglo American PLC		2,178,411
	20,245	AstraZeneca PLC		2,670,757
	1	AstraZeneca PLC - ADR		66
	159,838	BAE Systems PLC		1,618,199
	44,859	British American Tobacco PLC		1,922,848
	5,848	Burberry Group PLC		117,320
	51,795	J Sainsbury PLC		128,900
	12,824	London Stock Exchange Group PLC		1,196,629
	5,302	RELX PLC		143,957
	35,809	Standard Chartered PLC		270,336
				10,247,423
		UNITED STATES — 11.7%
	7,272	Adtalem Global Education, Inc.* 2		261,574
	12,168	Aflac, Inc.		673,255
	796	Allstate Corp.		100,877
	2,379	Alphabet, Inc. - Class A*		5,184,460
	2,496	Alphabet, Inc. - Class C*		5,459,875
	880	Amazon.com, Inc.*		93,465
	540	AMERCO2		258,244

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	7,842	American Electric Power Co., Inc.	$	752,361
	12,970	American Express Co.		1,797,901
	12,286	Analog Devices, Inc.		1,794,862
	76,194	Apple, Inc.		10,417,244
	29,330	Ares Management Corp. - Class A		1,667,704
	9,598	Arthur J. Gallagher & Co.		1,564,858
	417	Atmos Energy Corp.		46,746
	18,892	Avangrid, Inc.2		871,299
	6,902	Baxter International, Inc.		443,315
	711	Becton, Dickinson and Co.		175,283
	3,404	Berkshire Hathaway, Inc.*		929,360
	1,736	Bio-Rad Laboratories, Inc. - Class A*		859,320
	16,285	Blackstone Group, Inc. - Class A		1,485,681
	67,593	Brixmor Property Group, Inc. - REIT		1,366,055
	9,682	Cadence Bank		227,333
	8,822	CDW Corp.		1,389,994
	26,319	Charles Schwab Corp.		1,662,834
	2,871	Chemed Corp.		1,347,619
	8,124	Church & Dwight Co., Inc.		752,770
	56,026	Ciena Corp.*		2,560,388
	28,313	Cisco Systems, Inc.		1,207,266
	5,859	CNX Resources Corp.*		96,439
	2,337	Coca-Cola Co.		147,021
	20,458	Cognizant Technology Solutions Corp. - Class A		1,380,710
	3,107	Consolidated Edison, Inc.		295,476
	3,127	Constellation Energy Corp.		179,052
	2,941	Corteva, Inc.		159,226
	4,979	Costco Wholesale Corp.		2,386,335
	49,090	Coterra Energy, Inc.2		1,266,031
	24,020	Dolby Laboratories, Inc. - Class A		1,718,871
	883	DT Midstream, Inc.		43,285
	1,766	DTE Energy Co.		223,841
	2,136	Duke Energy Corp.		229,001
	11,578	Electronic Arts, Inc.		1,408,464
	13,214	Elevance Health, Inc.		6,376,812
	17,444	Eli Lilly & Co.		5,655,868
	142	Embecta Corp.*		3,595
	9,381	Exelon Corp.		425,147
	4,786	Expeditors International of Washington, Inc.		466,444
	5,145	First Financial Bankshares, Inc.2		202,044
	2,407	First Financial Corp.		107,112

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	8,345	FleetCor Technologies, Inc.*	$	1,753,368
	49,828	Flowers Foods, Inc.		1,311,473
	7,350	Gartner, Inc.*		1,777,451
	8,629	Gilead Sciences, Inc.		533,358
	24,727	GoDaddy, Inc.*		1,720,010
	1,395	Hanover Insurance Group, Inc.		204,019
	2,212	Home Depot, Inc.		606,685
	65,497	Hormel Foods Corp.		3,101,938
	6,258	Humana, Inc.		2,929,182
	10,695	Incyte Corp.*		812,499
	37,566	Intel Corp.		1,405,344
	21,650	JM Smucker Co.		2,771,416
	9,344	Johnson & Johnson		1,658,653
	5,122	Juniper Networks, Inc.		145,977
	4,392	Kellogg Co.		313,325
	16,071	Kroger Co.		760,640
	6,559	L3Harris Technologies, Inc.		1,585,310
	12,408	Lancaster Colony Corp.2		1,597,902
	9,155	Lowe’s Cos., Inc.		1,599,104
	14,608	LPL Financial Holdings, Inc.2		2,694,884
	7,391	Mastercard, Inc. - Class A		2,331,713
	842	McCormick & Co., Inc.		70,097
	7,071	McDonald’s Corp.		1,745,688
	8,947	Merck & Co., Inc.		815,698
	48,681	Microsoft Corp.		12,502,741
	3,460	Mondelez International, Inc. - Class A		214,831
	375	Monster Beverage Corp.*		34,763
	1,078	Morningstar, Inc.		260,693
	2,858	Motorola Solutions, Inc.		599,037
	20,610	NetApp, Inc.		1,344,596
	20,836	Newmont Corp.		1,243,284
	844	NextEra Energy, Inc.		65,376
	1,378	NIKE, Inc. - Class B		140,832
	432	NVIDIA Corp.		65,487
	38	NVR, Inc.*		152,157
	1,256	Old Dominion Freight Line, Inc.		321,888
	20,468	Omnicom Group, Inc.		1,301,969
	318	ONE Gas, Inc.		25,818
	3,124	Palo Alto Networks, Inc.*		1,543,069
	6,841	PepsiCo, Inc.		1,140,121
	104,014	Pfizer, Inc.		5,453,454

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	21,011	Philip Morris International, Inc.	$	2,074,626
	2,540	Premier, Inc. - Class A		90,627
	11,943	Procter & Gamble Co.		1,717,284
	19,300	Progressive Corp.		2,244,011
	28,827	Public Service Enterprise Group, Inc.		1,824,173
	1,306	Public Storage - REIT		408,347
	15,847	Raymond James Financial, Inc.		1,416,880
	10,706	Republic Services, Inc.		1,401,094
	2,143	ResMed, Inc.		449,237
	3,545	Royal Gold, Inc.		378,535
	12,632	Sanderson Farms, Inc.		2,722,575
	45,878	Schneider National, Inc. - Class B		1,026,750
	5,344	Stryker Corp.		1,063,082
	7,363	Synopsys, Inc.*		2,236,143
	394	Target Corp.		55,645
	1,103	Tesla, Inc.*		742,782
	1,869	Texas Instruments, Inc.		287,172
	10,664	TJX Cos., Inc.		595,584
	12,875	T-Mobile US, Inc.*		1,732,203
	11,510	Tootsie Roll Industries, Inc.2		406,879
	3,505	Tradeweb Markets, Inc. - Class A		239,216
	31,419	Trustmark Corp.2		917,121
	3,667	Ulta Beauty, Inc.*		1,413,555
	6,675	UnitedHealth Group, Inc.		3,428,480
	34,753	Verizon Communications, Inc.		1,763,715
	8,701	Vertex Pharmaceuticals, Inc.*		2,451,855
	17,784	Visa, Inc. - Class A2		3,501,492
	30,134	Walmart, Inc.		3,663,692
	1,237	Watsco, Inc.2		295,420
	2,132	WEC Energy Group, Inc.		214,564
	13,903	Wells Fargo & Co.		544,581
	18,016	Welltower, Inc. - REIT		1,483,618
	34,736	Werner Enterprises, Inc.		1,338,725
	41,061	WillScot Mobile Mini Holdings Corp.* 2		1,331,198
				174,239,428
		TOTAL COMMON STOCKS
		(Cost $246,859,122)		310,712,507

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		EXCHANGE-TRADED FUND — 9.1%
	1,433,811	iShares Edge MSCI Min Vol Global ETF2	$	135,495,139
		TOTAL EXCHANGE-TRADED FUND
		(Cost $118,764,472)		135,495,139
		OPEN-END MUTUAL FUNDS — 49.2%
	2,712,385	AQR Large Cap Defensive Style Fund - Class R6		70,820,373
	3,242,774	Baillie Gifford Emerging Markets Equities Fund - Class K		59,537,332
	4,477,356	GMO Emerging Markets Fund - Class VI		109,426,573
	4,032,498	GMO Equity Dislocation Investment Fund - Class A* 5		87,666,513
	16,153,590	GMO Quality Fund - Class VI6 7		405,132,028
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $702,606,167)		732,582,819
		PREFERRED STOCKS — 0.1%
		BRAZIL — 0.1%
	416,500	Banco Bradesco S.A.		1,368,849
		GERMANY — 0.0%1
	1,239	Porsche Automobil Holding S.E.		82,407
		TOTAL PREFERRED STOCKS
		(Cost $1,684,364)		1,451,256
		PRIVATE FUNDS8 — 13.4%
		Bridgewater All Weather China, Ltd.9		63,330,110
		RIEF Strategic Partners Fund LLC10		136,226,964
		TOTAL PRIVATE FUNDS
		(Cost $186,362,244)		199,557,074
		SHORT-TERM INVESTMENTS — 7.7%
		COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 0.9%
		Collateral Investments		14,173,845
		MONEY MARKET FUNDS — 6.8%
	101,152,914	JPMorgan Prime Money Market Fund - Institutional Shares, 1.44%11		101,163,030
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $115,330,910)		115,336,875

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 100.3%
	(Cost $1,371,607,279)		1,495,135,670
	Liabilities in excess of other assets — (0.3)%		(5,020,153	)
	TOTAL NET ASSETS — 100.0%	$	1,490,115,517

*	Non-income producing security.
1	Rounds to less than 0.05%.
2	Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $31,114,094.
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	Domiciled in Ireland.
6	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.
7	Global equity fund
8	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.
9	The investment was acquired on 3/1/2021. The cost is $64,000,000.
10	The investment was acquired on 7/2/2018. The cost is $122,362,244.
11	The rate is the annualized seven-day yield at period end.

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 80.3%
		ALABAMA — 1.3%
		Black Belt Energy Gas District
$	1,000,000	4.00%, 10/1/2049, Call 07/1/20261		1,013,492
	2,000,000	4.00%, 06/1/2051, Call 09/1/20311		2,029,745
	500,000	1.56% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20272		500,665
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		523,568
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20293		1,134,477
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,602,020
	1,710,000	Southeast Alabama Gas Supply District, 1.56% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20242		1,685,329
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,083,938
				11,573,234
		ARIZONA — 1.4%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023		506,425
		Arizona Industrial Development Authority
	985,000	4.00%, 03/1/20274		968,937
	600,000	4.00%, 07/1/2041, Call 07/1/2026		527,296
	530,000	5.00%, 07/1/2047, Call 07/1/20274		513,104
	350,000	4.00%, 07/1/2061, Call 07/1/2026		275,827
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274 5		164,253
	1,250,000	City of Peoria , 3.00%, 07/15/2033, Call 07/15/2031		1,211,325
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		672,528
	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026		675,217
	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024		505,930
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224		340,025
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		992,750
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		120,350
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		388,991

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	1,000,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 01/1/2032	$	1,171,076
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,155,857
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		806,520
				11,996,411
		ARKANSAS — 0.2%
	1,800,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20263 4		1,739,636
		CALIFORNIA — 7.0%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		674,376
	1,000,000	Bay Area Toll Authority, 2.16% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20262		1,007,891
	500,000	California Community Choice Financing Authority, 4.00%, 02/1/2052, Call 05/1/20311		500,014
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		82,164
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		160,951
	1,000,000	4.00%, 05/15/2046, Call 05/15/2032		947,558
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,131,444
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 10/1/2022		898,874
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,049,198
	50,000	5.00%, 10/1/2039, Call 10/1/20274		48,424
	850,000	5.00%, 06/1/2046, Call 06/1/2026		863,045
	1,000,000	4.00%, 12/31/2047, Call 06/30/20283		913,485
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/20233 4		1,003,533
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		54,170
	650,000	5.00%, 08/1/2036, Call 08/1/20254		668,291
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,253,714
	100,000	5.00%, 08/1/2041, Call 08/1/20254		108,340
	900,000	5.00%, 08/1/2041, Call 08/1/20254		921,950
	500,000	5.00%, 10/1/2042, Call 10/1/20224		501,232
	350,000	6.75%, 11/1/2045, Call 11/1/20244		358,385
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,047,864
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		908,846
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,507,024
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,012,068

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20233	$	651,416
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		205,044
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		511,406
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		955,338
	1,500,000	City of Los Angeles Department of Airports, 5.00%, 05/15/2034, Call 05/15/20283		1,607,222
	1,895,000	Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031		2,103,883
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		642,740
	1,000,000	Fontana Unified School District, BAM, 3.00%, 08/1/2041, Call 08/1/2028		833,835
		Foothill-Eastern Transportation Corridor Agency
	1,250,000	4.00%, 01/15/2043, Call 01/15/2031		1,160,176
	1,000,000	4.00%, 01/15/2046, Call 01/15/2031		923,050
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,202,177
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,033,610
	5,000,000	Golden State Tobacco Securitization Corp., 0.00%, 06/1/2066, Call 12/1/2031		492,208
	1,000,000	Hayward Unified School District, BAM, 4.00%, 08/1/2040, Call 08/1/2028		995,006
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		987,923
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,050,887
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,002,264
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 08/8/2022		501,427
	1,000,000	Mendocino Unified School District, 4.00%, 08/1/2049, Call 08/1/2028		961,177
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		373,611
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		240,375
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,367,123
	1,000,000	Peralta Community College District, 4.00%, 08/1/2039, Call 08/1/2025		967,672
	1,000,000	Perris Union High School District, 3.00%, 09/1/2037, Call 09/1/2029		877,113
	1,510,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,627,885
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,035,256
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		730,974
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,794,917
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,696,626
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/20293		1,053,740
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,251,739

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034	$	284,610
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,018,478
		Santa Ana Financing Authority, NATL-RE
	320,000	6.25%, 07/1/2024		334,155
	320,000	6.25%, 07/1/2024		333,484
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,007,075
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		606,207
	1,390,000	5.00%, 11/1/2033		1,493,727
	1,155,000	State of California, 5.00%, 12/1/2028		1,325,195
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,006,216
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		104,943
				61,974,751
		COLORADO — 4.0%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		494,270
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		604,194
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,048,972
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		638,115
	500,000	5.00%, 12/1/2043, Call 12/1/2023		483,566
	2,000,000	City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20283		2,115,430
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		520,507
	550,000	4.75%, 04/1/2030, Call 08/8/2022		550,405
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,083,109
	460,000	5.00%, 10/1/2039, Call 10/1/20274		460,174
	500,000	4.00%, 07/1/2041, Call 07/1/20314		424,377
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		103,287
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,097,561
	500,000	4.00%, 10/1/2039, Call 10/1/2024		487,892
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		516,715
	500,000	5.00%, 06/1/2036, Call 06/1/2027		557,603

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	500,000	8.00%, 08/1/2043, Call 02/1/2024	$	509,359
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,038,356
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		1,794,561
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		462,394
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		513,469
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,484,663
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		481,694
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		354,602
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,210,725
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,012,658
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		755,183
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,953,705
	3,755	Mount Carbon Metropolitan District, 7.00%, 06/1/2043, Call 08/8/2022		3,264
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,057,859
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		984,567
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		456,649
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,319,444
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		132,776
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		965,032
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		574,236
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,075,822
				35,327,195
		CONNECTICUT — 1.0%
	1,685,000	City of Bridgeport , 5.00%, 06/1/2029		1,900,470
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/8/20223		495,570
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		410,285
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,336,540
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,030,942
		State of Connecticut Special Tax Revenue
	1,350,000	4.00%, 05/1/2036, Call 05/1/2030		1,358,132
	1,500,000	4.00%, 11/1/2039, Call 11/1/2031		1,498,375
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,267,548
				9,297,862

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DELAWARE — 0.4%
		Delaware River & Bay Authority
$	300,000	5.00%, 01/1/2035, Call 01/1/2032	$	337,176
	375,000	5.00%, 01/1/2036, Call 01/1/2032		419,971
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,050,029
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,539,550
				3,346,726
		DISTRICT OF COLUMBIA — 1.6%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,062,351
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,589,332
		Metropolitan Washington Airports Authority
	1,520,000	4.00%, 10/1/2036, Call 10/1/20263		1,509,863
	1,820,000	5.00%, 10/1/2042, Call 10/1/20273		1,902,682
	655,000	5.00%, 10/1/2044, Call 10/1/20243		673,260
	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/20313		532,889
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		726,342
	615,000	6.50%, 10/1/2041, Call 10/1/2026		720,958
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		1,907,450
	2,000,000	4.00%, 10/1/2049, Call 10/1/2029		1,889,460
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		502,336
	875,000	4.00%, 10/1/2036, Call 10/1/2030		872,373
				13,889,296
		FLORIDA — 5.6%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,363,434
	790,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		794,652
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		94,300
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		398,340
	645,000	5.35%, 07/1/2029, Call 08/8/2022		645,705
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		90,796
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		507,646
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		543,122
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,480,494

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048	$	598,058
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		497,308
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		504,091
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20253		1,037,682
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,522,017
	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/20293		518,946
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20294		167,521
	1,325,000	County of Palm Beach FL Airport System Revenue, 5.00%, 10/1/20233		1,369,236
	500,000	County of St. Lucie, 0.70%, 09/1/2028, Call 07/7/20221		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		763,560
	500,000	8.50%, 06/15/2044, Call 06/15/2023		531,131
	825,000	6.13%, 06/15/2046, Call 06/15/20254		854,198
	1,710,000	6.50%, 01/1/2049, Call 08/8/20221 3 4		1,637,716
	3,000,000	7.38%, 01/1/2049, Call 01/1/20243 4		3,003,509
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		482,619
	1,250,000	Florida Municipal Power Agency, 5.00%, 10/1/2027		1,390,653
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,005,030
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		500,980
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20233		1,004,872
	1,665,000	5.00%, 10/1/2046, Call 10/1/20263		1,720,350
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,088,068
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20283		2,102,370
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,164,178
		Lake Ashton Community Development District
	65,000	5.00%, 05/1/2025		65,823
	390,000	5.00%, 05/1/2037, Call 05/1/2025		385,628
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,685,907
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 08/8/2022		100,032
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		2,008,434
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		995,506
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		873,077
	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023		369,045

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024	$	1,016,890
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		644,476
	320,000	5.25%, 09/15/2044, Call 09/15/2024		326,626
	105,000	5.00%, 09/15/2044, Call 09/15/20274		106,195
	500,000	Palm Beach County Health Facilities Authority, 5.00%, 11/1/2043, Call 11/1/2022		500,375
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		736,323
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,632,300
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		102,107
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,100,407
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		136,611
	490,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		490,231
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		848,763
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,099,634
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		761,709
				49,868,681
		GEORGIA — 2.2%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,068,852
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		968,866
		Burke County Development Authority
	500,000	2.25%, 10/1/20321		496,978
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		924,521
	1,000,000	3.00%, 11/1/20451		1,002,256
	500,000	Development Authority of Burke County, 2.20%, 10/1/2032, Call 11/19/2026		465,578
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		528,067
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,034,189
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		429,659
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,149,009
	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030		1,137,159
	395,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		393,110
		Main Street Natural Gas, Inc.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	1,100,000	4.00%, 12/1/2026	$	1,118,604
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,545,297
	1,350,000	4.00%, 07/1/2052, Call 06/1/20271		1,384,790
	1,500,000	4.00%, 08/1/2052, Call 05/1/20271 4		1,475,969
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		205,921
	1,000,000	Municipal Electric Authority of Georgia, AGM, 4.00%, 01/1/2044, Call 07/1/2028		980,390
		Private Colleges & Universities Authority
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,394,041
	1,000,000	5.25%, 10/1/2051, Call 10/1/2032		1,071,358
	1,000,000	State of Georgia, 4.00%, 07/1/2036, Call 07/1/2028		1,037,018
				19,811,632
		GUAM — 0.4%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		516,576
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,024,538
	1,500,000	Guam Power Authority, AGM, 5.00%, 10/1/2022		1,512,401
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		221,434
				3,274,949
		HAWAII — 0.2%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 08/8/2022		500,485
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20283		1,039,245
				1,539,730
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244		300,546
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		399,456
	415,000	6.00%, 07/1/2049, Call 07/1/20284		441,762
	565,000	6.00%, 07/1/2054, Call 07/1/20284		599,925
				1,741,689
		ILLINOIS — 11.1%
		Chicago Board of Education
	1,000,000	0.00%, 12/1/2022		989,903
	100,000	5.75%, 04/1/2034, Call 04/1/2027		105,345
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,072,421
	180,000	5.00%, 04/1/2037, Call 04/1/2027		182,538
	500,000	5.00%, 04/1/2038, Call 04/1/2028		507,230
	500,000	5.25%, 12/1/2039, Call 12/1/2024		510,208
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		1,020,918

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	575,000	5.00%, 12/1/2042, Call 12/1/2022	$	575,063
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,113,747
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,161,469
		Chicago O’Hare International Airport
	1,000,000	3.88%, 01/1/2032, Call 08/8/2022		1,006,076
	500,000	5.00%, 07/1/2033, Call 07/1/20283		521,664
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,551,211
	680,000	Chicago Park District, 5.00%, 11/15/2024		715,760
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,598,407
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.25%, 12/1/2049, Call 12/1/2024		1,543,844
		City of Chicago
	800,000	4.84%, 04/15/2028, Call 01/16/20234		806,389
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,033,603
	1,500,000	5.00%, 01/1/2034, Call 01/1/2031		1,557,327
	1,250,000	4.00%, 01/1/2036, Call 01/1/2031		1,189,020
	880,000	6.00%, 01/1/2038, Call 01/1/2027		945,427
	500,000	5.50%, 01/1/2040, Call 01/1/2025		515,144
	1,000,000	City of Chicago , 5.00%, 01/1/2027		1,058,373
	1,000,000	City of Chicago IL Waterworks Revenue, 5.00%, 11/1/2031, Call 11/1/2024		1,028,995
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 08/8/2022		1,962,809
	665,000	5.00%, 01/1/2034, Call 01/1/2025		691,128
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,043,435
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,048,659
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,404,066
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,314,425
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,067,453
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,039,468
	570,000	3.90%, 11/1/2036, Call 11/1/2027		581,875
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		744,299
	425,000	5.00%, 08/1/2027		455,429
	500,000	5.00%, 08/1/2028, Call 08/1/2027		531,773
	600,000	5.75%, 10/1/2032, Call 10/1/2022		601,196
	670,000	5.00%, 03/1/2033, Call 03/1/2027		703,792
	315,000	5.00%, 02/15/2034, Call 02/15/2027		335,974
	500,000	5.00%, 03/1/2034, Call 03/1/2027		523,247

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	2,000,000	4.00%, 07/1/2034, Call 01/1/2026	$	2,039,933
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,320,386
	225,000	5.00%, 02/15/2037, Call 08/15/2027		221,325
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,714,533
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		989,225
	550,000	5.00%, 09/1/2042, Call 09/1/2024		584,184
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		877,514
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,955,505
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		1,988,972
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,015,628
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,001,406
	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025		989,534
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,042,911
		Illinois State Toll Highway Authority
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,091,508
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,622,971
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,108,514
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		983,381
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		448,253
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,369,020
	530,000	5.00%, 06/15/2057, Call 12/15/2027		533,699
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		768,203
	3,300,000	0.00%, 12/15/2030		2,362,404
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,068,386
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		500,813
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,012,369
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		807,780
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,148,473
	500,000	4.00%, 01/1/2038, Call 01/1/2030		483,132
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		772,363
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,067,792
		State of Illinois
	1,000,000	5.00%, 03/1/2023		1,016,857

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	5.00%, 02/1/2025	$	1,050,069
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,538,970
	1,000,000	5.00%, 11/1/2026		1,071,340
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,073,855
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,818,661
	660,000	5.00%, 03/1/2036, Call 03/1/2031		695,339
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		978,222
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,515,977
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,087,354
	500,000	5.00%, 03/1/2046, Call 03/1/2031		513,758
	1,000,000	State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030		1,088,317
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,047,474
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,449,494
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		555,764
	1,415,000	Village of Brookfield, 0.90%, 06/1/2038, Call 07/7/20221		1,415,000
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,012,619
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		400,876
	250,000	0.00%, 01/1/2032		173,733
	750,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		671,583
				98,424,489
		INDIANA — 1.4%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,418,883
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		906,610
	1,000,000	3.00%, 11/1/2030		906,611
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,009,016
	3,360,000	Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031		3,382,804
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,082,506
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20233		512,111
				12,218,541
		IOWA — 0.4%
		Iowa Finance Authority
	1,520,000	4.75%, 08/1/2042, Call 08/8/2022		1,464,688
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		1,015,367

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IOWA (Continued)
$	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031	$	477,173
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		525,147
				3,482,375
		KENTUCKY — 0.8%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		207,500
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,129,306
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,368,758
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		837,756
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/20241		2,631,811
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,100,010
				7,275,141
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,174,197
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,627,079
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,250,108
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,073,068
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		511,414
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,030,152
	885,000	6.50%, 07/1/2036, Call 07/1/20233 4		897,050
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,444,210
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		543,004
	1,500,000	5.00%, 01/1/2048, Call 01/1/20273		1,538,703
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20283		1,335,196
				12,424,181
		MAINE — 0.8%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,096,069
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,709,196
	700,000	5.00%, 07/1/2035, Call 07/1/2027		740,828
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		500,621
	500,000	4.00%, 07/1/2039, Call 07/1/2031		492,817

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MAINE (Continued)
$	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027	$	1,681,566
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 08/8/20223		499,990
				6,721,087
		MARYLAND — 1.4%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,682,075
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,370,300
	1,330,000	County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026		1,432,051
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,647,139
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20293		1,031,008
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,741,599
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,021,148
	500,000	5.00%, 07/1/2045, Call 07/1/2025		504,430
	340,000	Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028		385,465
				12,815,215
		MASSACHUSETTS — 0.4%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		119,454
	1,000,000	Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029		1,087,289
	1,000,000	Massachusetts Development Finance Agency, 4.00%, 07/1/2044, Call 01/1/2029		898,516
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20283		1,088,885
	200,000	4.25%, 07/1/2046, Call 07/1/20263		201,618
				3,395,762
		MICHIGAN — 2.3%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		523,365
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		721,161
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,065,415
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 08/8/2022		241,827
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,189,396
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,610,239
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,046,581
	500,000	5.00%, 07/1/2035, Call 07/1/2025		522,711
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,371,497
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,011,712

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	1,000,000	5.00%, 11/15/2041, Call 11/15/2026	$	1,042,240
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,500,057
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		950,679
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,191,265
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 08/8/2022		250,057
	925,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2045, Call 11/15/2030		906,971
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 08/8/2022		500,017
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,583,673
				20,228,863
		MINNESOTA — 0.2%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		254,139
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		70,359
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,718,296
				2,042,794
		MISSISSIPPI — 0.1%
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 3 4		499,279
		MISSOURI — 1.0%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		63,546
	780,000	City of Kansas City, 5.00%, 09/1/2027		864,563
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		671,537
	685,000	5.00%, 01/1/2032, Call 01/1/2028		762,195
	350,000	5.00%, 01/1/2034, Call 01/1/2028		387,581
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		660,830
	445,000	5.00%, 10/1/2047, Call 10/1/2027		456,952
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,039,454
	350,000	4.00%, 11/15/2049, Call 11/15/2027		322,087
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20293		1,033,411
	1,020,000	5.00%, 03/1/2039, Call 03/1/20293		1,071,831
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,505,592
				8,839,579

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEBRASKA — 0.2%
$	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027	$	1,056,120
	925,000	Omaha Public Power District, 4.00%, 02/1/2039, Call 08/1/2024		926,101
				1,982,221
		NEVADA — 1.3%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		250,541
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		912,799
		County of Clark
	500,000	2.10%, 06/1/2031		413,404
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,639,648
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,014,257
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,082,551
		Las Vegas Valley Water District
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,133,179
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,146,383
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,065,341
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		601,164
				11,259,267
		NEW HAMPSHIRE — 0.2%
	482,935	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		475,426
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,162,680
	215,000	5.00%, 08/1/2037, Call 02/1/2028		225,130
				1,863,236
		NEW JERSEY — 2.8%
		New Jersey Economic Development Authority
	325,000	5.13%, 09/15/2023, Call 08/20/20223		327,127
	890,000	3.13%, 07/1/2029, Call 07/1/2027		843,942
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		956,905
	100,000	5.00%, 07/15/2032, Call 07/15/2027		103,308
	500,000	5.00%, 07/1/2033, Call 07/1/2027		524,928
	280,000	6.00%, 10/1/2034, Call 10/1/20244		285,420
	880,000	5.00%, 06/15/2036, Call 12/15/2026		915,370
	350,000	6.30%, 10/1/2049, Call 10/1/20244		355,860
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,060,017
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,035,672
		New Jersey Health Care Facilities Financing Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	1,000,000	5.25%, 07/1/2035, Call 07/1/2023	$	1,024,903
	500,000	5.75%, 07/1/2037, Call 08/8/2022		500,541
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,200,718
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20283		544,757
	855,000	4.25%, 12/1/2047, Call 12/1/20263		866,872
	3,690,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20243		3,708,306
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,285,388
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		1,946,958
	500,000	5.00%, 06/15/2040, Call 12/15/2030		528,705
	500,000	4.00%, 06/15/2042, Call 06/15/2032		472,083
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,104,542
	805,000	5.00%, 06/15/2044, Call 06/15/2024		816,620
	1,050,000	5.00%, 06/15/2044, Call 12/15/2028		1,089,249
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20283		1,043,039
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,692,246
				25,233,476
		NEW MEXICO — 0.2%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		804,294
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		984,887
				1,789,181
		NEW YORK — 4.9%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		445,941
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,108,082
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		1,010,370
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,042,617
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		784,760
		Metropolitan Transportation Authority
	1,000,000	5.25%, 11/15/2031, Call 11/15/2025		1,051,451
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,099,596
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		663,449
	1,000,000	New York City Municipal Water Finance Authority, 5.00%, 06/15/2050, Call 12/15/2030		1,087,846
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,520,000	4.00%, 05/1/2039, Call 11/1/2030		1,518,385
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		991,280
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,175,308

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	615,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035	$	632,972
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,123,642
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		2,017,705
	730,000	3.00%, 02/15/2042, Call 02/15/2030		580,089
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		976,261
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,512,047
	1,000,000	New York Power Authority, 4.00%, 11/15/2050, Call 05/15/2030		964,562
	1,000,000	New York Power Authority, AGM, 4.00%, 11/15/2047, Call 11/15/2031		979,861
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		810,982
	1,500,000	5.00%, 03/15/2041, Call 03/15/2029		1,603,124
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,035,337
	500,000	4.00%, 07/1/2048, Call 07/1/2031		461,970
	1,000,000	New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/20243		1,025,300
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243		973,956
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		241,098
	500,000	5.00%, 07/1/2045, Call 07/1/2025		511,001
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2045, Call 12/1/2029		1,287,448
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/20243		2,062,644
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,779,534
	1,145,000	Town of Oyster Bay NY, AGM, 4.00%, 03/1/2025		1,189,904
	1,500,000	Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025		1,589,755
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		958,226
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		765,720
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		780,871
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		274,307
				43,117,401
		NORTH CAROLINA — 0.4%
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 12/1/2022		2,020,753
	715,000	4.00%, 09/1/2046, Call 09/1/2028		648,910
	1,000,000	North Carolina Municipal Power Agency No. 1, 5.00%, 01/1/2025		1,063,403
				3,733,066

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NORTH DAKOTA — 0.4%
$	1,000,000	City of Grand Forks, 4.00%, 12/1/2036, Call 12/1/2031	$	939,519
	500,000	County of Burleigh, 4.38%, 04/15/2026		496,621
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,020,339
				3,456,479
		OHIO — 1.3%
	830,000	City of Akron, 5.00%, 12/1/2026		869,330
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		941,586
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		726,958
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,156,609
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		2,081,629
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		506,425
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,497,979
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,638,385
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,006,927
				11,425,828
		OKLAHOMA — 0.7%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		996,178
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,083,603
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,059,494
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20283		1,041,333
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		1,891,097
				6,071,705
		OREGON — 0.5%
	1,425,000	County of Clackamas, 3.00%, 06/1/2028, Call 08/8/2022		1,425,078
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		967,612
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,018,131
	45,000	5.00%, 10/1/2046, Call 10/1/2026		49,634
	720,000	5.00%, 10/1/2046, Call 10/1/2026		736,344
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		443,803
				4,640,602
		PENNSYLVANIA — 3.2%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		306,994

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023	$	97,028
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		262,085
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		103,578
	780,000	5.38%, 10/15/2042, Call 10/15/2022		782,257
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303		950,756
	105,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		105,285
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,963,247
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,074,071
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		377,557
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		275,589
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		684,526
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,595,545
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/20255		140,312
	300,000	10.00%, 12/1/2040, Call 06/1/20304		277,570
	300,000	10.00%, 12/1/2040, Call 06/1/20303 4		277,570
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		937,469
		Pennsylvania Higher Educational Facilities Authority
	1,000,000	5.00%, 08/15/2027		1,120,530
	1,000,000	4.00%, 08/15/2049, Call 08/15/2029		962,698
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,133,684
	500,000	5.00%, 12/1/2041, Call 06/1/2026		524,435
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,055,295
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		937,199
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,058,177
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		873,693
	500,000	8.00%, 01/1/2033, Call 01/1/2023		515,095
	500,000	6.88%, 06/15/2033, Call 06/15/2023		516,096
	850,000	4.00%, 11/1/2037, Call 11/1/2029		807,803
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		974,694
	1,000,000	Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2038, Call 08/1/2030		1,001,029
	155,000	Quakertown General Authority, 4.00%, 07/1/2022		155,000
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,538

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	995,000	5.00%, 09/1/2038, Call 09/1/2026	$	1,042,737
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		956,944
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,265,413
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20283		283,326
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		548,093
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		506,079
				28,454,997
		PUERTO RICO — 0.6%
		Commonwealth of Puerto Rico
	62,039	5.25%, 07/1/2023		63,181
	28,574	0.00%, 07/1/2024		26,166
	61,865	5.38%, 07/1/2025		64,286
	61,305	5.63%, 07/1/2027		65,299
	60,310	5.63%, 07/1/2029		64,871
	1,558,579	5.75%, 07/1/2031		1,705,688
	55,548	4.00%, 07/1/2033, Call 07/1/2031		51,027
	71,485	0.00%, 07/1/2033, Call 07/1/2031		40,258
	49,930	4.00%, 07/1/2035, Call 07/1/2031		44,847
	42,853	4.00%, 07/1/2037, Call 07/1/2031		38,038
	58,264	4.00%, 07/1/2041, Call 07/1/2031		50,591
	277,359	0.00%, 11/1/20431		138,333
	60,594	4.00%, 07/1/2046, Call 07/1/2031		51,059
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 08/8/20224 5		1,700,000
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		1,478,219
				5,581,863
		RHODE ISLAND — 0.4%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,591,344
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,048,223
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		563,137
				3,202,704
		SOUTH CAROLINA — 1.2%
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,081,262

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	500,000	South Carolina Jobs-Economic Development Authority, 0.00%, 02/1/2035, Call 02/1/20233 4 5	$	200,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283		2,120,808
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		741,609
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,041,667
		University of South Carolina
	3,000,000	5.00%, 05/1/2043, Call 05/1/2027		3,223,870
	1,000,000	4.00%, 05/1/2051, Call 05/1/2031		967,231
				10,376,447
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,262,241
		TENNESSEE — 1.0%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,271,627
	2,000,000	Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022		2,006,744
		Knox County Health Educational & Housing Facility Board
	365,000	0.00%, 05/1/2025, Call 11/1/20244 5		171,550
	45,000	0.00%, 05/1/20345		21,150
	1,000,000	Metropolitan Nashville Airport Authority, 5.00%, 07/1/2054, Call 07/1/20303		1,039,407
	1,500,000	Tennergy Corp., 4.00%, 12/1/2051, Call 06/1/20281		1,509,158
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,085,446
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,523,630
				8,628,712
		TEXAS — 7.0%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		80,721
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		327,853
	2,000,000	Central Texas Regional Mobility Authority, 5.00%, 01/1/2043, Call 01/1/2028		2,092,480
		City of Austin Airport System Revenue
	1,000,000	5.00%, 11/15/2035, Call 11/15/20263		1,050,725
	1,000,000	5.00%, 11/15/2044, Call 11/15/20243		1,029,349
	1,000,000	City of Austin TX Electric Utility Revenue, 5.00%, 11/15/2029		1,145,364
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,074,878
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		238,629
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,030,103
		City of Houston Airport System Revenue

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	700,000	4.75%, 07/1/20243	$	701,262
	750,000	5.00%, 07/15/2035, Call 07/15/20253		739,406
	1,500,000	4.00%, 07/15/2041, Call 07/15/20293		1,282,534
	1,000,000	City of Houston TX Airport System Revenue, 4.00%, 07/1/2036, Call 07/1/20313		988,027
	1,100,000	City of Houston TX Combined Utility System Revenue, 5.00%, 11/15/2029		1,269,390
	1,400,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224		1,452,038
	1,250,000	City of Lubbock TX Electric Light & Power System Revenue, 4.00%, 04/15/2041, Call 04/15/2030		1,249,080
	1,280,000	City of Mesquite TX Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,232,905
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		829,282
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		500,590
	100,000	4.40%, 12/1/2047, Call 12/1/2022		95,025
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,458,398
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		1,001,048
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,049,210
	280,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		293,521
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,163,673
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,083,786
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,108,243
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,014,540
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,187,588
	1,150,000	Lower Colorado River Authority, AGM, 5.00%, 05/15/2028		1,296,335
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 07/28/20223 4		508,726
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		627,449
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,050,347
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,129,250
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		395,264
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,537,423
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,293,470
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,100,605
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 08/8/20225		620,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		314,927

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025	$	1,861,605
	1,000,000	San Antonio Water System, 5.00%, 05/15/2024		1,054,415
	1,000,000	Southwest Higher Education Authority, Inc., 4.00%, 10/1/2042, Call 10/1/2023		934,216
	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023		1,028,197
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,567,054
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		589,414
	1,270,000	6.25%, 12/15/2026		1,358,710
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		460,422
	1,110,000	5.00%, 12/31/2040, Call 12/31/20253		1,124,547
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		3,975,239
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		476,624
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,536,051
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,031,635
	1,000,000	5.00%, 08/1/2041, Call 08/1/2032		1,132,256
		Town of Westlake
	225,000	5.50%, 09/1/2025		222,225
	200,000	6.13%, 09/1/2035, Call 09/1/2025		186,390
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,227,969
				62,410,413
		UTAH — 0.4%
	1,000,000	City of Salt Lake City UT Airport Revenue, 4.00%, 07/1/2039, Call 07/1/20313		956,138
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20283		1,050,185
		Utah Charter School Finance Authority
	1,000,000	4.50%, 07/15/20274		988,921
	500,000	5.38%, 06/15/2048, Call 06/15/20274		503,322
				3,498,566
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		1,010,389
		VIRGINIA — 1.2%
	715,000	Celebrate North Community Development Authority, 0.00%, 03/1/20185		464,750
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,030,381
	1,205,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		1,184,119
	1,235,000	County of Henrico VA, SAW, 5.00%, 08/1/2030		1,440,588

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	1,000,000	Fairfax County Industrial Development Authority, 3.50%, 05/15/2039, Call 05/15/2032	$	939,261
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 08/8/20223 4		30,035
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,154,736
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/20323		2,101,726
	500,000	4.00%, 01/1/2040, Call 01/1/20323		464,846
	1,750,000	5.00%, 12/31/2052, Call 06/30/20273		1,780,861
				10,591,303
		WASHINGTON — 3.9%
	2,500,000	City of Seattle WA Municipal Light & Power Revenue, 4.00%, 07/1/2036, Call 07/1/2030		2,587,620
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,096,313
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,607,521
	705,000	King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025		701,023
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,322,610
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,295,249
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,630,655
	65,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		72,723
	1,500,000	Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20293		1,575,214
	1,360,000	Port of Tacoma, 5.00%, 12/1/20313		1,543,488
		State of Washington
	1,110,000	4.00%, 08/1/2035, Call 08/1/2031		1,159,777
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,892,815
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,761,722
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,844,502
	1,515,000	5.00%, 02/1/2044, Call 02/1/2032		1,707,828
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,615,421
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/25/2022		182,070
	2,100,000	University of Washington, 4.00%, 06/1/2037, Call 06/1/2025		2,124,283
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		523,440
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,868,072
	500,000	5.00%, 08/1/2038, Call 08/1/2029		519,879
		Washington State Convention Center Public Facilities District

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
$	1,210,000	3.00%, 07/1/2043, Call 07/1/2031	$	931,731
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		1,042,661
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,051,848
				34,658,465
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,017,115
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,103,124
				2,120,239
		WISCONSIN — 1.3%
		Public Finance Authority
	170,000	5.00%, 07/1/20223		170,000
	780,000	4.00%, 07/1/2027, Call 07/1/2024		776,274
	500,000	5.75%, 02/1/2035, Call 02/1/2025		489,048
	535,000	5.00%, 07/1/2037, Call 07/1/2024		539,056
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		897,701
	500,000	5.00%, 06/15/2039, Call 06/15/20264		478,497
	500,000	5.00%, 02/1/2042, Call 02/1/2032		512,675
	1,000,000	5.00%, 07/1/2042, Call 08/8/20223		1,000,712
	165,000	6.00%, 07/15/2042, Call 07/28/2022		165,097
	450,000	5.50%, 03/1/2045, Call 03/1/20254		461,018
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,017,146
	345,000	6.38%, 01/1/2048, Call 01/1/20284		212,175
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		171
	7,085	0.00%, 01/1/20474 5		158
	7,034	0.00%, 01/1/20484 5		151
	6,984	0.00%, 01/1/20494 5		144
	6,882	0.00%, 01/1/20504 5		133
	7,540	0.00%, 01/1/20514 5		140
	194,116	0.00%, 07/1/20514 5		98,467
	7,490	0.00%, 01/1/20524 5		131
	7,388	0.00%, 01/1/20534 5		124
	7,338	0.00%, 01/1/20544 5		118
	7,237	0.00%, 01/1/20554 5		111
	7,135	0.00%, 01/1/20564 5		106
	7,085	0.00%, 01/1/20574 5		100
	6,984	0.00%, 01/1/20584 5		94
	6,933	0.00%, 01/1/20594 5		90
	6,882	0.00%, 01/1/20604 5		85

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,781	0.00%, 01/1/20614 5	$	80
	6,730	0.00%, 01/1/20624 5		76
	6,629	0.00%, 01/1/20634 5		71
	6,579	0.00%, 01/1/20644 5		68
	6,528	0.00%, 01/1/20654 5		64
	6,427	0.00%, 01/1/20664 5		59
	83,706	0.00%, 01/1/20674 5		703
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		1,066,507
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,182,182
	500,000	Wisconsin Health & Educational Facilities Authority, 5.00%, 04/1/2042, Call 10/1/2022		502,570
				11,572,102
		TOTAL MUNICIPAL BONDS
		(Cost $731,746,028)		711,690,001
		COMMON STOCK — 0.2%
	32,339	Energy Harbor Corp.*		1,940,340
		TOTAL COMMON STOCK
		(Cost $965,130)		1,940,340
		EXCHANGE-TRADED FUND — 0.0%6
	100	iShares National Muni Bond ETF		10,636
		TOTAL EXCHANGE-TRADED FUND
		(Cost $10,533)		10,636

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.7%
	18,027	BlackRock Long-Term Municipal Advantage Trust	$	199,739
	41,753	BlackRock MuniVest Fund, Inc.		311,060
	29,817	BlackRock MuniYield Quality Fund, Inc.		378,378
	55,299	BNY Mellon Municipal Income, Inc.		373,268
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		792,621
	20,359	BNY Mellon Strategic Municipals, Inc.		133,962
	11,444	DTF Tax-Free Income, Inc.		135,497
	66,923	DWS Municipal Income Trust		629,076
	17,462	Invesco Advantage Municipal Income Trust II		164,841
	17,008	Invesco Municipal Opportunity Trust		175,693
	21,119	Invesco Municipal Trust		214,569
	10,819	Invesco Trust for Investment Grade Municipals		113,924
	6,391	Neuberger Berman Municipal Fund, Inc.		71,515
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		324,616
	111,999	Pioneer Municipal High Income Fund, Inc.		1,039,351

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	78,923	Western Asset Managed Municipals Fund, Inc.		834,216
	6,466	Western Asset Municipal Partners Fund, Inc.	$	80,890
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $7,760,733)		5,973,216
		PRIVATE FUNDS7 — 12.6%
		MacKay Municipal Credit Opportunities Fund, LP* 8		25,728,148
		MacKay Municipal Opportunities Fund, LP* 9		85,818,797
		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		111,546,945
		SHORT-TERM INVESTMENT — 5.7%
	50,865,352	JPMorgan Prime Money Market Fund - Institutional Shares, 1.44%10		50,870,439
		TOTAL SHORT-TERM INVESTMENT
		(Cost $50,872,939)		50,870,439
		TOTAL INVESTMENTS — 99.5%
		(Cost $886,013,199)		882,031,577
		Other assets less liabilities — 0.5%		4,017,323
		TOTAL NET ASSETS — 100.0%	$	886,048,900

^* Non-income producing security.

¹ Variable rate security.

² Floating rate security.

³ Alternative Minimum Tax eligible 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 and non-income producing.

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 $74,905,725.

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

ETF — Exchange-Traded Fund

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

At June 30, 2022, the Aspiriant Risk-Managed Municipal Bond Fund had futures contracts as set forth below:

Interest Rate Futures Contracts:

										Unrealized
	Number of			Notional						Appreciation
Expiration Date	Contracts		Description	Amount			Value			(Depreciation)
Short Futures Contracts:
September 2022		80	10-Year U.S. Treasury Note	$	(9,511,379	)	$	(9,482,500	)	$	28,879
September 2022		25	U.S. Treasury Long Bond		(3,374,230	)		(3,465,625	)		(91,395	)
				$	(12,885,609	)	$	(12,948,125	)	$	(62,516	)

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 59.7%
		ALTERNATIVE DIVERSIFIERS — 16.6%
	7,278,664	BlackRock Event Driven Equity Fund - Institutional Shares	$	70,748,612
	7,635,559	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		73,454,075
	3,717,379	GMO Equity Dislocation Investment Fund - Class A* 1		80,815,819
				225,018,506
		CORE/ALTERNATIVE DIVERSIFIERS — 43.1%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV 2		353,412,177
	1,041,050	GMO Global Asset Allocation Fund - Class III		30,523,596
	11,372,736	JPMorgan Global Allocation Fund - Class R6		201,183,702
				585,119,475
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $848,708,862)		810,137,981
		EXCHANGE-TRADED FUND — 14.5%
		REAL ASSET — 14.5%
	5,718,722	iShares Gold Trust*		196,209,352
		TOTAL EXCHANGE-TRADED FUND
		(Cost $194,801,892)		196,209,352
		PRIVATE FUNDS3 — 20.5%
		ALTERNATIVE DIVERSIFIERS — 14.6%
		Elliott Associates, LP - Class C* 4		33,995,800
		Millennium International, Ltd. - Class GG* 5		39,279,628
		Millennium International, Ltd. - Sub-Class GG-C* 6		49,016,207
		Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class* 7 A*6		75,560,350
				197,851,985
		CORE DIVERSIFIER — 5.9%
		All Weather Portfolio Limited* 8		80,041,090
				80,041,090
		TOTAL PRIVATE FUNDS
		(Cost $241,939,438)		277,893,075
		SHORT-TERM INVESTMENT — 5.0%
	68,558,702	JPMorgan Prime Money Market Fund - Institutional Shares, 1.44%9		68,565,558
		TOTAL SHORT-TERM INVESTMENT
		(Cost $68,565,558)		68,565,558

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2022 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 99.7%
	(Cost $1,354,015,750)		1,352,805,966
	Other assets less liabilities — 0.3%		4,436,383
	TOTAL NET ASSETS — 100.0%	$	1,357,242,349

^* Non-income producing security.

¹ Domiciled in Ireland.

² 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 www.sec.gov.

³ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁴ The investment was acquired on 1/2/2020. The cost is $31,679,600.

⁵ The investment was acquired on 1/4/2021. The cost is $26,770,237.

⁶ The investment was acquired on 10/1/2020. The cost is $42,578,991.

⁷ The investment was acquired on 2/26/2018. The cost is $69,500,708. Moderately liquid investment.

⁸ The investment was acquired on 5/1/2018. The cost is $71,409,902.

⁹ 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 June 30, 2022 (Unaudited)  

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 92.7%
		CORE — 82.9%
	3,723,874	DoubleLine Total Return Bond Fund - I Class	$	34,818,225
	7,069,474	MetWest Total Return Bond Fund - Plan Class1		63,271,793
	2,613,689	PIMCO Income Fund - Institutional Class		27,731,247
	2,003,931	River Canyon Total Return Bond Fund - Institutional Class		20,520,250
	181,265	Vanguard Total Bond Market Index Fund - Institutional Class		1,796,333
				148,137,848
		OPPORTUNISTIC — 9.8%
	842,769	GMO Emerging Country Debt Fund, Class VI		15,759,769
	359,849	Vanguard High-Yield Corporate Fund - Admiral Shares		1,831,632
				17,591,401
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $187,747,131)		165,729,249
		PRIVATE FUND — 2.2%
		OPPORTUNISTIC — 2.2%
		AG Direct Lending Fund IV Annex, LP2		4,000,000
		TOTAL PRIVATE FUND
		(Cost $4,000,000)		4,000,000
		SHORT-TERM INVESTMENT — 1.7%
	3,019,385	JPMorgan Prime Money Market Fund - Institutional Shares, 1.44%3		3,019,687
		TOTAL SHORT-TERM INVESTMENT
		(Cost $3,019,473)		3,019,687
		TOTAL INVESTMENTS — 96.6%
		(Cost $194,766,604)		172,748,936
		Other assets less liabilities — 3.4%		5,988,608
		TOTAL NET ASSETS — 100.0%	$	178,737,544

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 investment was acquired on 4/8/2022. The cost is $4,000,000.

³ The rate is the annualized seven-day yield at period end.

LP — Limited Partnership