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

ASPIRIANT DEFENSIVE ALLOCATION FUND 

SCHEDULE OF INVESTMENTS 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUNDS — 14.5%
		ALTERNATIVE DIVERSIFIERS — 14.5%
	3,734,280	GMO Equity Dislocation Investment Fund - Class A1 2	$	79,876,244
	1,272,493	Managed Fund/Bridgewater Fund Limited2 3		110,072,975
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS
		(Cost $200,506,549)		189,949,219
		OPEN-END MUTUAL FUNDS — 48.3%
		ALTERNATIVE DIVERSIFIERS — 11.0%
	7,361,993	BlackRock Event Driven Equity Fund - Institutional Shares		71,190,475
	7,573,485	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		72,402,514
				143,592,989
		CORE/ALTERNATIVE DIVERSIFIERS — 37.3%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV2 4		354,880,445
	7,806,463	JPMorgan Global Allocation Fund - Class R6		132,475,675
				487,356,120
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $671,145,065)		630,949,109
		EXCHANGE-TRADED FUND — 5.1%
		REAL ASSET — 5.1%
	1,913,834	iShares Gold Trust*		66,199,518
		TOTAL EXCHANGE-TRADED FUND
		(Cost $62,330,186)		66,199,518
		PRIVATE FUNDS5 — 13.9%
		ALTERNATIVE DIVERSIFIERS — 9.1%
		Elliott Associates, LP* 6		35,065,879
		Millennium International, Ltd. - Class GG* 7		37,479,054
		Millennium International, Ltd. - Sub-Class GG-C* 8		46,769,311
				119,314,244
		CORE DIVERSIFIERS — 4.8%
		All Weather Portfolio Limited* 9		63,007,127
				63,007,127
		TOTAL PRIVATE FUNDS
		(Cost $152,272,958)		182,321,371
		SHORT-TERM INVESTMENT — 17.2%
	224,613,701	JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%10		224,726,007
		TOTAL SHORT-TERM INVESTMENT
		(Cost $224,665,229)		224,726,007

ASPIRIANT DEFENSIVE ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 99.0%
	(Cost $1,310,919,987)		1,294,145,224
	Other assets less liabilities — 1.0%		12,872,561
	TOTAL NET ASSETS — 100.0%	$	1,307,017,785

* Non-income producing security.

¹ Domiciled in Ireland.

² Affiliated investments for which ownership exceeds 5% of the investment’s capital.

³ Domiciled in Jersey.

⁴ 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.

⁵ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁶ The investment was acquired on 1/2/2020. The cost is $31,679,600.

⁷ The investment was acquired on 1/1/2020. The cost is $23,605,278.

⁸ The investment was acquired on 10/1/2020. The cost is $38,137,780.

⁹ The investment was acquired on 5/1/2018. The cost is $58,850,300.

¹⁰ The rate is the annualized seven-day yield at period end.

LP — Limited Partnership

Ltd. — Limited

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 22.3%
		AUSTRALIA — 0.1%
	30,102	Woodside Energy Group Ltd.	$	729,016
		BERMUDA — 0.4%
	58,984	Arch Capital Group Ltd.*		3,703,015
	2,589	Everest Re Group Ltd.		857,658
	2,873	RenaissanceRe Holdings Ltd.		529,293
				5,089,966
		BRAZIL — 0.0%1
	18,244	TIM S.A./Brazil - ADR2		212,543
		CANADA — 0.3%
	4,984	Agnico Eagle Mines Ltd.		259,118
	664	Brookfield Asset Management Ltd. - Class A*		18,999
	21,862	Dollarama, Inc.		1,278,620
	14,988	Franco-Nevada Corp.		2,045,562
				3,602,299
		CAYMAN ISLANDS — 0.6%
	115,095	Alibaba Group Holding Ltd.*		1,262,927
	273,500	CK Hutchison Holdings Ltd.		1,638,498
	120,923	ENN Energy Holdings Ltd.		1,689,059
	309,000	Kingboard Holdings Ltd.		979,880
	140,500	Li Ning Co., Ltd.		1,208,160
	54,300	Tencent Holdings Ltd.		2,302,340
				9,080,864
		CHINA — 0.2%
	336,500	Anhui Conch Cement Co., Ltd. - Class H		1,172,524
	447,500	China Shenhua Energy Co., Ltd.		1,289,104
	1,327,000	Industrial & Commercial Bank of China Ltd. - Class H		680,605
				3,142,233
		CURACAO — 0.1%
	36,337	Schlumberger Ltd.		1,942,576
		DENMARK — 0.2%
	1,744	Genmab A/S*		737,354
	15,654	Novo Nordisk A/S - ADR		2,118,612
				2,855,966
		FRANCE — 1.0%
	7,942	Capgemini S.E.		1,327,713
	24,714	Edenred		1,345,069
	542	L'Oreal S.A.		194,089

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FRANCE (Continued)
	1,911	LVMH Moet Hennessy Louis Vuitton S.E.	$	1,390,622
	255	Pernod Ricard S.A.		50,164
	27,622	Publicis Groupe S.A.		1,764,558
	39,579	Safran S.A.		4,957,428
	12,515	Thales S.A.		1,599,027
	14,845	Vinci S.A.		1,479,854
				14,108,524
		GERMANY — 0.5%
	7,790	Knorr-Bremse A.G.		423,795
	1,191	Muenchener Rueckversicherungs-Gesellschaft A.G.		385,254
	7,996	Rheinmetall A.G.		1,591,814
	30,105	SAP S.E.		3,108,062
	10,943	Siemens A.G.		1,508,507
				7,017,432
		GUERNSEY — 0.1%
	22,196	Amdocs Ltd.		2,017,616
		HONG KONG — 0.1%
	124,000	Beijing Enterprises Holdings Ltd.		395,907
	140,000	China Merchants Port Holdings Co., Ltd.		204,398
	21,000	Power Assets Holdings Ltd.		114,775
	57,000	Sun Hung Kai Properties Ltd.		778,584
	137,800	Swire Properties Ltd.		349,033
				1,842,697
		INDIA — 0.2%
	12,425	Dr Reddy's Laboratories Ltd. - ADR		642,994
	87,492	Infosys Ltd. - ADR		1,575,731
				2,218,725
		IRELAND — 0.7%
	19,060	Accenture PLC - Class A		5,085,971
	4,694	Aon PLC - Class A		1,408,857
	20,967	Johnson Controls International PLC		1,341,888
	26,168	Medtronic PLC		2,033,777
				9,870,493
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.2		349,569
	8,039	Nice Ltd. - ADR*		1,545,900
				1,895,469

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN — 0.7%
	13,300	Asahi Kasei Corp.	$	94,677
	1,400	Bandai Namco Holdings, Inc.		87,751
	8,371	FUJIFILM Holdings Corp.		418,562
	6,200	Honda Motor Co., Ltd.		141,416
	10,000	Itochu Corp.		313,728
	2,800	Itochu Techno-Solutions Corp.		64,948
	12,800	Japan Tobacco, Inc.		258,051
	43,087	KDDI Corp.		1,306,695
	25,600	MEIJI Holdings Co., Ltd.		1,312,210
	221,500	Mitsubishi UFJ Financial Group, Inc.		1,487,022
	118,800	Nippon Steel Corp.		2,061,315
	13,900	Nippon Telegraph & Telephone Corp.		396,407
	52,019	Nippon Telegraph & Telephone Corp. - ADR		1,469,537
	5,800	Nissin Foods Holdings Co., Ltd.		459,328
	34	Shin-Etsu Chemical Co., Ltd.		4,152
	30	Toyota Motor Corp.		409
	14,500	Trend Micro, Inc.		678,127
				10,554,335
		JERSEY — 0.1%
	259,940	Glencore PLC		1,733,448
		NETHERLANDS — 0.6%
	21,493	AerCap Holdings N.V.*		1,253,472
	14,708	Airbus S.E.		1,748,818
	107,437	CNH Industrial N.V.		1,723,504
	34,843	Koninklijke Ahold Delhaize N.V.		1,001,781
	8,495	NXP Semiconductors N.V.		1,342,465
	99,314	Stellantis N.V.2		1,410,259
				8,480,299
		NEW ZEALAND — 0.0%1
	101,544	Spark New Zealand Ltd.		347,664
		PHILIPPINES — 0.0%1
	3,208	PLDT, Inc. - ADR		73,142
		SINGAPORE — 0.1%
	12,622	DBS Group Holdings Ltd.		319,483
	6,072	DBS Group Holdings Ltd. - ADR		615,519
	37,000	United Overseas Bank Ltd.		847,516
				1,782,518

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SOUTH KOREA — 0.0%1
	8,778	POSCO - ADR	$	478,138
	1	Woori Financial Group, Inc. - ADR		27
				478,165
		SPAIN — 0.0%1
	12,172	Amadeus IT Group S.A.*		631,456
		SWITZERLAND — 0.6%
	88	Alcon, Inc.		6,032
	6,065	Garmin Ltd.		559,739
	12,022	Nestle S.A.		1,388,654
	7,504	Nestle S.A. - ADR		865,511
	20,069	Novartis A.G.		1,816,193
	4,401	Novartis A.G. - ADR		399,259
	6,369	Roche Holding A.G.		2,001,379
	90,470	UBS Group A.G.		1,681,496
	227	Zurich Insurance Group A.G.		108,524
	2,010	Zurich Insurance Group A.G. - ADR		96,169
				8,922,956
		TAIWAN — 0.5%
	40,799	Chunghwa Telecom Co., Ltd. - ADR		1,492,835
	71,297	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		5,310,914
	66,650	United Microelectronics Corp. - ADR2		435,224
				7,238,973
		UNITED KINGDOM — 1.0%
	44,157	Anglo American PLC		1,729,183
	15,565	AstraZeneca PLC		2,106,246
	1	AstraZeneca PLC - ADR		68
	37,705	British American Tobacco PLC		1,491,540
	123,283	Compass Group PLC		2,846,855
	18,390	London Stock Exchange Group PLC		1,580,091
	240,195	Standard Chartered PLC		1,791,499
	47,838	Unilever PLC		2,415,238
				13,960,720
		UNITED STATES — 14.1%
	14,394	Abbott Laboratories		1,580,317
	5,851	Adobe, Inc.*		1,969,037
	7,272	Adtalem Global Education, Inc.* 2		258,156
	12,168	Aflac, Inc.		875,366
	796	Allstate Corp.		107,938
	41,180	Alphabet, Inc. - Class A*		3,633,311

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	28,495	Alphabet, Inc. - Class C*	$	2,528,361
	38,726	Amazon.com, Inc.*		3,252,984
	7,842	American Electric Power Co., Inc.		744,598
	19,958	American Express Co.		2,948,795
	11,848	Analog Devices, Inc.		1,943,427
	66,549	Apple, Inc.		8,646,712
	24,851	Ares Management Corp. - Class A		1,700,802
	6,897	Arthur J. Gallagher & Co.		1,300,360
	417	Atmos Energy Corp.2		46,733
	711	Becton, Dickinson and Co.		180,807
	1,736	Bio-Rad Laboratories, Inc. - Class A*		729,971
	60,258	Brixmor Property Group, Inc. - REIT		1,366,049
	21,240	Builders FirstSource, Inc.*		1,378,051
	7,138	CDW Corp.		1,274,704
	27,183	Charles Schwab Corp.		2,263,257
	2,871	Chemed Corp.		1,465,445
	5,174	Church & Dwight Co., Inc.		417,076
	16,098	Ciena Corp.*		820,676
	3,610	Cigna Corp.		1,196,137
	28,313	Cisco Systems, Inc.		1,348,831
	5,859	CNX Resources Corp.*		98,666
	51,725	Coca-Cola Co.		3,290,227
	3,107	Consolidated Edison, Inc.		296,128
	6,135	Constellation Brands, Inc. - Class A		1,421,786
	3,127	Constellation Energy Corp.		269,579
	2,941	Corteva, Inc.		172,872
	3,112	Costco Wholesale Corp.		1,420,628
	54,811	Coterra Energy Inc.2		1,346,706
	18,802	Dolby Laboratories, Inc. - Class A		1,326,293
	883	DT Midstream, Inc.2		48,795
	1,766	DTE Energy Co.		207,558
	1,650	Duke Energy Corp.		169,934
	10,755	Electronic Arts, Inc.		1,314,046
	14,390	Elevance Health, Inc.		7,381,638
	20,351	Eli Lilly & Co.		7,445,210
	142	Embecta Corp.2		3,591
	120	EOG Resources, Inc.		15,542
	9,381	Exelon Corp.		405,541
	6,989	ExlService Holdings, Inc.*		1,184,146
	4,786	Expeditors International of Washington, Inc.		497,361

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	2,407	First Financial Corp.	$	110,915
	14,641	Flowers Foods, Inc.		420,782
	18,898	Gaming and Leisure Properties, Inc. - REIT		984,397
	6,449	Gartner, Inc.*		2,167,767
	21,510	GoDaddy, Inc.*		1,609,378
	1,177	Grand Canyon Education, Inc.*		124,362
	29,375	H&R Block, Inc.		1,072,481
	1,395	Hanover Insurance Group, Inc.		188,506
	2,212	Home Depot, Inc.		698,682
	17,694	Hormel Foods Corp.		805,962
	5,694	Humana, Inc.		2,916,410
	1,373	Incyte Corp.*		110,279
	3,946	Intuit, Inc.		1,535,862
	5,370	Intuitive Surgical, Inc.*		1,424,930
	12,683	JM Smucker Co.		2,009,748
	33,833	Johnson & Johnson		5,976,599
	4,544	KLA Corp.		1,713,224
	24,918	Knight-Swift Transportation Holdings, Inc.		1,305,952
	6,549	Lam Research Corp.		2,752,545
	9,882	Lancaster Colony Corp.		1,949,719
	11,968	Life Storage, Inc. - REIT		1,178,848
	7,838	Lowe's Cos., Inc.		1,561,643
	5,857	LPL Financial Holdings, Inc.		1,266,108
	6,448	Mastercard, Inc. - Class A		2,242,163
	842	McCormick & Co., Inc.		69,793
	7,071	McDonald's Corp.		1,863,421
	4,853	McKesson Corp.		1,820,457
	50,602	Merck & Co., Inc.		5,614,292
	18,326	Meta Platforms, Inc. - Class A*		2,205,351
	18,077	MetLife, Inc.		1,308,232
	52,419	Microsoft Corp.		12,571,125
	375	Monster Beverage Corp.*		38,074
	18,174	Morgan Stanley		1,545,153
	2,858	Motorola Solutions, Inc.		736,535
	19,515	NetApp, Inc.		1,172,071
	506	NIKE, Inc. - Class B		59,207
	38	NVR, Inc.*		175,278
	19,067	Omnicom Group, Inc.		1,555,295
	37,963	Oracle Corp.		3,103,096
	27,060	Otis Worldwide Corp.		2,119,069
	1,570	PDC Energy, Inc.2		99,664

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	6,841	PepsiCo, Inc.	$	1,235,895
	28,279	Pfizer, Inc.		1,449,016
	16,978	Philip Morris International, Inc.		1,718,343
	6,463	Procter & Gamble Co.		979,532
	13,143	Quest Diagnostics, Inc.		2,056,091
	16,078	Raymond James Financial, Inc.		1,717,934
	10,706	Republic Services, Inc.		1,380,967
	2,143	ResMed, Inc.		446,023
	11,709	Ross Stores, Inc.		1,359,064
	3,545	Royal Gold, Inc.2		399,592
	12,018	Salesforce.com, Inc.*		1,593,467
	5,344	Stryker Corp.		1,306,555
	6,162	Synopsys, Inc.*		1,967,465
	20,182	Texas Instruments, Inc.		3,334,470
	59,943	TJX Cos., Inc.		4,771,463
	10,168	T-Mobile US, Inc.*		1,423,520
	11,510	Tootsie Roll Industries, Inc.2		489,981
	27,067	Trustmark Corp.2		944,909
	77,193	U.S. Bancorp		3,366,387
	5,400	U-Haul Holding Co.2		299,706
	3,068	Ulta Beauty, Inc.*		1,439,107
	4,755	United Therapeutics Corp.*		1,322,318
	14,559	UnitedHealth Group, Inc.		7,718,891
	4,781	Vertex Pharmaceuticals, Inc.*		1,380,657
	40,318	VICI Properties, Inc. - REIT2		1,306,303
	27,513	Visa, Inc. - Class A2		5,716,101
	16,200	Walmart, Inc.		2,296,998
	2,132	WEC Energy Group, Inc.		199,896
	59,852	Wells Fargo & Co.		2,471,289
	34,736	Werner Enterprises, Inc.		1,398,471
	28,636	WillScot Mobile Mini Holdings Corp.* 2		1,293,488
	45,897	ZoomInfo Technologies, Inc.*		1,381,959
				204,643,381
		TOTAL COMMON STOCKS
		(Cost $262,652,936)		324,473,476
		EXCHANGE-TRADED FUNDS — 17.0%
	1,571,202	iShares Edge MSCI Min Vol Global ETF2		149,295,614
	3,913,890	Schwab Fundamental Emerging Markets Large Co. Index ETF2		96,986,194
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $231,766,674)		246,281,808

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUND — 6.0%
	4,050,832	GMO Equity Dislocation Investment Fund - Class A3 4	$	86,647,291
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUND
		(Cost $84,563,280)		86,647,291
		OPEN-END MUTUAL FUNDS — 30.7%
	2,996,275	AQR Large Cap Defensive Style Fund - Class R6		74,787,018
	3,419,913	Baillie Gifford Emerging Markets Equities Fund - Class K		58,275,330
	13,582,431	GMO Quality Fund - Class VI5		313,210,859
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $430,293,705)		446,273,207
		PREFERRED STOCK — 0.1%
		BRAZIL — 0.1%
	441,100	Banco Bradesco S.A.		1,265,716
		TOTAL PREFERRED STOCK
		(Cost $1,695,309)		1,265,716
		PRIVATE FUNDS6 — 13.9%
		Bridgewater All Weather China, Ltd.7		59,121,594
		RIEF Strategic Partners Fund LLC8		142,421,832
		TOTAL PRIVATE FUNDS
		(Cost $186,362,244)		201,543,426
		SHORT-TERM INVESTMENTS — 10.0%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.1%
		Collateral Investments		1,589,592
		MONEY MARKET FUND — 9.9%
	143,557,596	JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%9		143,629,375
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $145,174,257)		145,218,967
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,342,508,405)		1,451,703,891
		Other assets less liabilities — 0.0%1		285,121
		TOTAL NET ASSETS — 100.0%	$	1,451,989,012

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

*	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 $12,969,558.
3	Domiciled in Ireland.
4	Affiliated investments for which ownership exceeds 5% of the investment's capital.
5	Global equity fund.
6	The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.
7	The investment was acquired on 3/1/2021. The cost is $64,000,000.
8	The investment was acquired on 7/2/2018. The cost is $122,362,244.
9	The rate is the annualized seven-day yield at period end.

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 81.3%
		ALABAMA — 1.5%
		Black Belt Energy Gas District
$	2,000,000	4.00%, 06/1/2051, Call 09/1/20311	$	1,950,500
	1,000,000	4.00%, 10/1/2052, Call 09/1/20261		988,423
	1,950,000	5.25%, 02/1/2053, Call 03/1/20291		2,033,787
	500,000	4.31% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20272		475,433
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		513,895
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20293		1,115,785
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,578,187
	1,710,000	Southeast Alabama Gas Supply District, 3.61% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20242		1,682,615
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,084,112
				13,422,737
		ARIZONA — 1.2%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023		500,201
		Arizona Industrial Development Authority
	985,000	4.00%, 03/1/20274		946,231
	600,000	4.00%, 07/1/2041, Call 07/1/2026		522,126
	530,000	5.00%, 07/1/2047, Call 07/1/20274		485,257
	350,000	4.00%, 07/1/2061, Call 07/1/2026		269,353
	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		1,241,500
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		654,986
	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026		670,031
	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024		501,922
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 02/6/20234		313,267
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		948,980
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		113,923
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		380,716

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032	$	2,086,304
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		805,927
				10,604,977
		ARKANSAS — 0.3%
		Arkansas Development Finance Authority
	1,800,000	4.50%, 09/1/2049, Call 09/1/20263 4		1,574,661
	500,000	5.45%, 09/1/2052, Call 09/1/20253 4		485,651
	500,000	State of Arkansas, 3.00%, 10/1/2024, Call 01/20/2023		499,950
				2,560,262
		CALIFORNIA — 7.3%
	640,000	Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024		659,147
	1,000,000	Bay Area Toll Authority, 4.91% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20262		1,008,617
	1,325,000	Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031		969,826
		California Community Choice Financing Authority
	500,000	4.00%, 05/1/2053, Call 05/1/20281		497,659
	1,000,000	4.83% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/20292		1,005,559
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		81,277
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		160,970
	1,000,000	4.00%, 05/15/2046, Call 05/15/2032		963,188
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,065,723
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 02/6/2023		859,884
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,034,895
	50,000	5.00%, 10/1/2039, Call 10/1/20274		47,598
	850,000	5.00%, 06/1/2046, Call 06/1/2026		854,459
	1,000,000	4.00%, 12/31/2047, Call 06/30/20283		870,563
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/20233 4		999,945
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		52,930
	650,000	5.00%, 08/1/2036, Call 08/1/20254		658,243
	1,250,000	5.00%, 06/1/2040, Call 06/1/20274		1,210,408
	100,000	5.00%, 08/1/2041, Call 08/1/20254		105,860
	900,000	5.00%, 08/1/2041, Call 08/1/20254		903,809
	350,000	6.75%, 11/1/2045, Call 11/1/20244		355,945
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,030,992
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		887,126

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,500,000	5.25%, 12/1/2044, Call 12/1/2024	$	1,500,803
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,004,714
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20233		643,865
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		202,565
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		507,231
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		934,871
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20283		1,580,250
	1,000,000	5.50%, 05/15/2035, Call 11/15/20313		1,120,548
	1,895,000	Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031		2,038,843
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		634,955
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,177,831
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,254,859
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,021,356
	500,000	Golden State Tobacco Securitization Corp., 5.00%, 06/1/2051, Call 12/1/2031		513,726
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		978,585
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,025,410
	1,250,000	Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030		959,595
	1,000,000	Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2042, Call 01/1/2031		1,098,599
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		371,029
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,483,201
	850,000	Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025		850,240
	1,000,000	Perris Union High School District, 3.00%, 09/1/2037, Call 09/1/2029		880,217
	1,510,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,610,271
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,013,963
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		719,608
	750,000	Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026		789,857
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,740,195
	950,000	Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030		1,065,093
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,687,650
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/20293		1,036,325
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,200,188

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 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	$	298,522
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		995,037
		Santa Ana Financing Authority, NATL-RE
	215,000	6.25%, 07/1/2024		222,071
	215,000	6.25%, 07/1/2024		222,202
	500,000	Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029		395,981
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,013,308
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		603,205
	1,390,000	5.00%, 11/1/2033		1,493,161
		State of California
	1,155,000	5.00%, 12/1/2028		1,308,213
	855,000	5.00%, 04/1/2042, Call 04/1/2032		951,130
	500,000	5.00%, 09/1/2042, Call 09/1/2032		558,349
	1,000,000	5.00%, 09/1/2052, Call 09/1/2032		1,094,999
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		106,732
				64,193,976
		COLORADO — 4.8%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		427,371
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		602,357
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,029,747
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		639,396
	500,000	5.00%, 12/1/2043, Call 12/1/2023		507,838
		City & County of Denver Airport System Revenue
	1,000,000	5.50%, 11/15/2038, Call 11/15/20323		1,102,434
	2,000,000	5.25%, 12/1/2043, Call 12/1/20283		2,072,994
	1,000,000	City & County of Denver Co. Airport System Revenue, 5.75%, 11/15/2041, Call 11/15/20323		1,100,164
	2,000,000	City of Colorado Springs Co. Utilities System Revenue, 5.00%, 11/15/2044, Call 11/15/2024		2,054,557
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/20254		516,207
	550,000	4.75%, 04/1/2030, Call 02/6/2023		550,404
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,055,765

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	460,000	5.00%, 10/1/2039, Call 10/1/20274	$	435,967
	500,000	4.00%, 07/1/2041, Call 07/1/20314		402,637
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		102,689
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,068,350
	500,000	4.00%, 10/1/2039, Call 10/1/2024		480,118
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		514,242
	500,000	5.00%, 06/1/2036, Call 06/1/2027		545,552
	1,000,000	4.00%, 08/1/2039, Call 08/1/2029		910,721
	500,000	8.00%, 08/1/2043, Call 02/1/2024		506,438
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,010,083
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		1,679,990
	500,000	5.25%, 11/1/2052, Call 11/1/2032		514,101
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		450,109
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		506,558
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,473,346
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		494,412
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		370,006
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,188,764
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 02/6/2023		1,010,182
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		750,815
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,910,733
	770,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		798,002
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		939,340
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		452,285
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,198,966
	1,500,000	State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032		1,770,430
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		131,164
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		933,829
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		556,124
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,061,182
				41,826,369
		CONNECTICUT — 0.9%
	1,685,000	City of Bridgeport, 5.00%, 06/1/2029		1,876,026
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/6/20233		499,925

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CONNECTICUT (Continued)
		Connecticut State Health & Educational Facilities Authority
$	375,000	5.00%, 06/1/2033, Call 06/1/2030	$	417,381
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,328,118
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		971,015
	1,500,000	State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031		1,475,342
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,238,705
				7,806,512
		DELAWARE — 0.4%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		344,740
	375,000	5.00%, 01/1/2036, Call 01/1/2032		425,867
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,031,993
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,521,918
				3,324,518
		DISTRICT OF COLUMBIA — 1.5%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,042,220
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,571,524
	1,465,000	5.00%, 10/15/2044, Call 04/15/2029		1,567,615
		Metropolitan Washington Airports Authority
	1,520,000	4.00%, 10/1/2036, Call 10/1/20263		1,467,749
	1,820,000	5.00%, 10/1/2042, Call 10/1/20273		1,858,276
	655,000	5.00%, 10/1/2044, Call 10/1/20243		657,904
	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/20313		512,787
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		730,168
	615,000	6.50%, 10/1/2041, Call 10/1/2026		697,032
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		1,843,940
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		508,436
	875,000	4.00%, 10/1/2036, Call 10/1/2030		873,623
				13,331,274
		FLORIDA — 5.8%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,342,477
	790,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		790,364

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028	$	92,613
	500,000	Broward County FL Water & Sewer Utility Revenue, 4.00%, 10/1/2047, Call 10/1/2031		473,315
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		388,889
	580,000	5.35%, 07/1/2029, Call 02/6/2023		580,650
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		89,802
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		502,282
	2,435,000	City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024		2,440,890
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		581,442
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		486,732
	1,000,000	City of Tampa , 5.00%, 11/15/2046, Call 05/15/2026		1,013,219
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		501,903
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20253		1,022,424
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,448,878
	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/20293		502,898
	500,000	County of Miami-Dade Transit System, 5.00%, 07/1/2045, Call 07/1/2032		535,115
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20294		163,173
	1,325,000	County of Palm Beach FL Airport System Revenue, 5.00%, 10/1/20233		1,339,405
	500,000	County of St. Lucie, 3.55%, 09/1/2028, Call 01/4/20231		500,000
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		755,921
	500,000	8.50%, 06/15/2044, Call 06/15/2023		511,297
	825,000	6.13%, 06/15/2046, Call 06/15/20254		825,612
	1,710,000	6.50%, 01/1/2049, Call 02/6/20231 3 4		1,528,362
	3,000,000	7.38%, 01/1/2049, Call 01/1/20243 4		2,625,028
	2,000,000	7.25%, 07/1/2057, Call 02/6/20231 3 4		1,994,458
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		452,257
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 02/6/2023		1,001,529
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		490,985
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/20233		1,000,411
	1,665,000	5.00%, 10/1/2046, Call 10/1/20263		1,685,266
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,065,040
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20283		2,046,109
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,119,170

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
		Lake Ashton Community Development District
$	65,000	5.00%, 05/1/2025	$	65,315
	390,000	5.00%, 05/1/2037, Call 05/1/2025		379,931
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,684,078
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 02/6/20234		99,996
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		1,981,504
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		975,400
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		873,451
	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023		379,437
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,006,016
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		642,032
	320,000	5.25%, 09/15/2044, Call 09/15/2024		324,394
	105,000	5.00%, 09/15/2044, Call 09/15/20274		105,440
	1,000,000	North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031		1,047,208
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		727,055
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,576,449
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		101,423
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,013,379
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		133,916
	485,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		484,888
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		842,821
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,057,981
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		719,941
				51,119,971
		GEORGIA — 1.9%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,062,286
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		961,264
		Burke County Development Authority
	500,000	2.25%, 10/1/20321		497,223

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	500,000	2.20%, 10/1/2032, Call 11/19/2026	$	412,272
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		856,148
	1,000,000	3.00%, 11/1/20451		999,669
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		517,299
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,007,772
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		399,156
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,125,853
	750,000	Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032		823,401
	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030		1,151,677
	395,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		394,055
		Main Street Natural Gas, Inc.
	1,100,000	4.00%, 12/1/2026		1,093,853
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,518,048
	1,500,000	4.00%, 08/1/2052, Call 05/1/20271 4		1,410,880
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		198,584
		Private Colleges & Universities Authority
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,359,004
	1,000,000	5.25%, 10/1/2051, Call 10/1/2032		1,053,917
				16,842,361
		GUAM — 0.2%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		505,587
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,007,518
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		218,710
				1,731,815
		HAWAII — 0.1%
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20283		1,012,809
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244		302,394
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		388,300
	415,000	6.00%, 07/1/2049, Call 07/1/20284		430,081
	565,000	6.00%, 07/1/2054, Call 07/1/20284		584,172
				1,704,947
		ILLINOIS — 11.2%
		Chicago Board of Education
	100,000	5.75%, 04/1/2034, Call 04/1/2027		104,982
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,058,992

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	180,000	5.00%, 04/1/2037, Call 04/1/2027	$	181,667
	500,000	5.00%, 04/1/2038, Call 04/1/2028		504,341
	500,000	5.25%, 12/1/2039, Call 12/1/2024		498,859
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		979,522
	575,000	5.00%, 12/1/2042, Call 02/6/2023		551,864
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,065,794
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,141,500
		Chicago O'Hare International Airport
	1,000,000	3.88%, 01/1/2032, Call 02/6/2023		1,000,295
	500,000	5.00%, 07/1/2033, Call 07/1/20283		514,152
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,522,612
	1,000,000	Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/20313		1,049,778
	680,000	Chicago Park District, 5.00%, 11/15/2024		697,806
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,537,995
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029		1,510,885
	1,885,000	Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031		1,925,725
		City of Chicago
	1,000,000	5.00%, 01/1/2027		1,035,582
	800,000	4.84%, 04/15/2028, Call 01/16/20234		800,435
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,020,371
	1,835,000	5.00%, 01/1/2034, Call 01/1/2031		1,934,967
	1,250,000	4.00%, 01/1/2036, Call 01/1/2031		1,159,625
	880,000	6.00%, 01/1/2038, Call 01/1/2027		928,722
	500,000	5.50%, 01/1/2040, Call 01/1/2025		506,433
		City of Chicago Wastewater Transmission Revenue
	1,960,000	5.00%, 01/1/2028, Call 02/6/2023		1,961,402
	665,000	5.00%, 01/1/2034, Call 01/1/2025		675,179
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,006,993
		City of Chicago Waterworks Revenue
	1,000,000	5.00%, 11/1/2031, Call 11/1/2024		1,019,103
	1,000,000	5.00%, 11/1/2044, Call 11/1/2024		1,004,648
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,036,207
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,416,335
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,283,477
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,073,203
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,022,218

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	570,000	3.90%, 11/1/2036, Call 11/1/2027	$	576,310
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		725,121
	425,000	5.00%, 08/1/2027		442,959
	500,000	5.00%, 08/1/2028, Call 08/1/2027		519,969
	670,000	5.00%, 03/1/2033, Call 03/1/2027		703,092
	315,000	5.00%, 02/15/2034, Call 02/15/2027		334,488
	500,000	5.00%, 03/1/2034, Call 03/1/2027		523,437
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,032,758
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,312,724
	225,000	5.00%, 02/15/2037, Call 08/15/2027		214,680
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,716,379
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		999,260
	550,000	5.00%, 09/1/2042, Call 09/1/2024		569,379
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		866,798
	1,590,000	5.00%, 06/1/2044, Call 12/1/2032		1,687,225
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,942,166
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		1,878,150
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		974,359
	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025		1,008,604
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,021,301
		Illinois State Toll Highway Authority
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,057,615
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,586,814
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,103,925
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,000,163
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		436,210
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,323,793
	530,000	5.00%, 06/15/2057, Call 12/15/2027		512,245
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		775,653
	3,300,000	0.00%, 12/15/2030		2,395,961
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		1,997,430
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,032,211
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		789,180
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,106,262

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	500,000	4.00%, 01/1/2038, Call 01/1/2030	$	482,528
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		742,152
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,031,249
		State of Illinois
	1,000,000	5.00%, 03/1/2023		1,002,147
	1,000,000	5.00%, 02/1/2025		1,020,692
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,511,984
	1,000,000	5.00%, 11/1/2026		1,031,149
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,025,081
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,770,816
	660,000	5.00%, 03/1/2036, Call 03/1/2031		665,456
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		923,780
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,491,751
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,031,770
	500,000	5.00%, 03/1/2046, Call 03/1/2031		486,592
	1,000,000	State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030		1,069,873
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,032,413
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,462,387
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		526,392
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027		1,000,000
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		408,728
	250,000	0.00%, 01/1/2032		177,605
	750,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		674,665
				98,467,500
		INDIANA — 1.0%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,333,650
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		886,189
	1,000,000	3.00%, 11/1/2030		886,189
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,043,074
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,014,621
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20233		506,626
				8,670,349

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IOWA — 0.4%
		Iowa Finance Authority
$	1,520,000	4.75%, 08/1/2042, Call 02/6/2023	$	1,431,180
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		934,436
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		504,309
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		512,100
				3,382,025
		KENTUCKY — 0.8%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		205,226
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,081,597
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,354,739
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		816,127
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/20241		2,581,503
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,077,794
				7,116,986
		LOUISIANA — 1.4%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,169,117
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,577,021
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,235,991
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,022,011
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		505,811
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,028,229
	885,000	6.50%, 07/1/2036, Call 07/1/20233 4		890,675
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,432,699
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		535,972
	1,500,000	5.00%, 01/1/2048, Call 01/1/20273		1,482,632
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20283		1,286,148
				12,166,306
		MAINE — 0.8%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,075,214
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,694,801
	700,000	5.00%, 07/1/2035, Call 07/1/2027		734,588
		Maine Health & Higher Educational Facilities Authority, AGM

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MAINE (Continued)
$	500,000	4.00%, 07/1/2036, Call 07/1/2031	$	506,274
	500,000	4.00%, 07/1/2039, Call 07/1/2031		496,057
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,661,606
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 02/6/20233		502,255
				6,670,795
		MARYLAND — 1.7%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,656,236
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,343,885
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,403,399
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,614,488
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20293		1,009,411
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,709,042
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,008,945
	1,065,000	5.00%, 05/15/2045, Call 05/15/2027		1,087,549
	500,000	5.00%, 07/1/2045, Call 07/1/2025		500,933
	1,000,000	4.00%, 07/1/2048, Call 01/1/2028		916,280
	340,000	Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028		380,256
				14,630,424
		MASSACHUSETTS — 0.5%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		117,106
	1,000,000	Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029		1,062,583
		Massachusetts Development Finance Agency
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		846,955
	1,000,000	5.00%, 08/15/2045, Call 08/15/2025		1,010,449
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20283		1,066,412
	200,000	4.25%, 07/1/2046, Call 07/1/20263		182,243
				4,285,748
		MICHIGAN — 2.5%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		501,022
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		704,047
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,049,464
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 02/6/2023		239,233
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,178,183

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	2,500,000	5.00%, 10/1/2033, Call 10/1/2024	$	2,551,887
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,030,033
	500,000	5.00%, 07/1/2035, Call 07/1/2025		514,297
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,351,673
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,002,327
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,021,351
	2,000,000	4.00%, 02/15/2044, Call 08/15/2029		1,864,660
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,481,639
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		917,161
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,116,744
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 02/6/2023		249,262
	890,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031		837,611
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 02/6/2023		449,170
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,579,079
				21,638,843
		MINNESOTA — 0.2%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		246,472
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		67,571
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,691,383
				2,005,426
		MISSOURI — 1.1%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		63,093
	780,000	City of Kansas City, 5.00%, 09/1/2027		850,495
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		664,813
	685,000	5.00%, 01/1/2032, Call 01/1/2028		757,480
	350,000	5.00%, 01/1/2034, Call 01/1/2028		386,484
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		650,999
	445,000	5.00%, 10/1/2047, Call 10/1/2027		450,128
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,028,435
	350,000	4.00%, 11/15/2049, Call 11/15/2027		309,380
	1,000,000	4.00%, 06/1/2053, Call 06/1/2030		885,682
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20293		1,016,105

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MISSOURI (Continued)
$	1,020,000	5.00%, 03/1/2039, Call 03/1/20293	$	1,050,641
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,458,249
				9,571,984
		NEBRASKA — 0.3%
	1,350,000	Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/20251		1,346,805
	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027		1,077,048
	500,000	Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032		552,598
				2,976,451
		NEVADA — 1.5%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		244,863
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		907,920
		County of Clark
	500,000	2.10%, 06/1/2031		403,672
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,613,097
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,037,153
		Las Vegas Convention & Visitors Authority
	1,000,000	5.00%, 07/1/2043, Call 07/1/2028		1,041,956
	750,000	4.00%, 07/1/2049, Call 07/1/2028		669,467
		Las Vegas Valley Water District
	1,000,000	5.00%, 06/1/2033, Call 12/1/2024		1,038,184
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,079,157
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,086,864
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,064,426
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		586,072
				12,772,831
		NEW HAMPSHIRE — 0.2%
	478,944	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		464,702
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,136,113
	215,000	5.00%, 08/1/2037, Call 02/1/2028		227,193
				1,828,008
		NEW JERSEY — 3.4%
		New Jersey Economic Development Authority
	170,000	5.13%, 09/15/2023, Call 02/6/20233		170,431
	890,000	3.13%, 07/1/2029, Call 07/1/2027		873,310
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		967,021
	100,000	5.00%, 07/15/2032, Call 07/15/2027		103,353
	500,000	5.00%, 07/1/2033, Call 07/1/2027		521,332

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	280,000	6.00%, 10/1/2034, Call 10/1/20244	$	282,174
	880,000	5.00%, 06/15/2036, Call 12/15/2026		910,442
	1,050,000	5.25%, 06/15/2040, Call 06/15/2025		1,066,190
	350,000	6.30%, 10/1/2049, Call 10/1/20244		351,843
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,037,501
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,025,247
	1,175,000	New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025		1,183,473
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20283		538,846
	855,000	4.25%, 12/1/2047, Call 12/1/20263		853,584
	3,595,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20243		3,561,556
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,311,988
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		1,946,662
	500,000	5.00%, 06/15/2040, Call 12/15/2030		518,037
	500,000	4.00%, 06/15/2042, Call 06/15/2032		448,314
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,078,727
	805,000	5.00%, 06/15/2044, Call 06/15/2024		807,455
	3,800,000	5.00%, 06/15/2048, Call 12/15/2032		3,864,776
	250,000	5.50%, 06/15/2050, Call 12/15/2032		267,567
	1,750,000	New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033		1,896,564
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20283		1,016,703
	350,000	South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032		354,542
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,655,766
				29,613,404
		NEW MEXICO — 0.2%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		794,940
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		977,842
				1,772,782
		NEW YORK — 5.4%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/20234		417,477
	1,035,000	City of Long Beach , 5.00%, 09/1/2027		1,089,306
		City of New York
	1,210,000	4.00%, 08/1/2042, Call 08/1/2031		1,160,285
	1,000,000	5.25%, 09/1/2042, Call 09/1/2032		1,112,761
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		967,703
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,022,248

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	1,000,000	4.60%, 02/1/2051, Call 02/1/2030	$	739,799
		Metropolitan Transportation Authority
	1,000,000	5.25%, 11/15/2031, Call 11/15/2025		1,027,299
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,051,115
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		662,727
		New York City Municipal Water Finance Authority
	1,000,000	5.00%, 06/15/2048, Call 06/15/2030		1,058,400
	1,000,000	5.25%, 06/15/2052, Call 12/15/2032		1,096,205
		New York City Transitional Finance Authority Building Aid Revenue, SAW
	1,000,000	4.00%, 07/15/2034, Call 07/15/2031		1,030,334
	750,000	3.00%, 07/15/2047, Call 07/15/2030		584,844
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029		957,558
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,109,284
	615,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		626,202
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,099,535
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		1,947,255
	730,000	3.00%, 02/15/2042, Call 02/15/2030		567,081
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		910,712
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,507,558
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		683,066
	1,000,000	5.00%, 03/15/2041, Call 03/15/2029		1,058,761
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,026,086
	500,000	4.00%, 07/1/2048, Call 07/1/2031		456,557
	560,000	New York State Dormitory Authority, NATL, 5.75%, 07/1/2027		598,475
		New York Transportation Development Corp.
	2,000,000	5.00%, 07/1/2046, Call 07/1/20243		1,917,376
	1,750,000	5.25%, 01/1/2050, Call 07/1/20243		1,703,002
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243		914,072
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		235,841
	500,000	5.00%, 07/1/2045, Call 07/1/2025		497,370
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2043, Call 12/1/2029		1,302,827
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/20243		2,037,855
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,716,527
	375,000	Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030		304,556

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
		Triborough Bridge & Tunnel Authority
$	1,500,000	5.00%, 11/15/2045, Call 11/15/2025	$	1,543,859
	1,000,000	5.50%, 05/15/2052, Call 11/15/2032		1,134,812
	1,000,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue, 5.25%, 05/15/2052, Call 11/15/2032		1,096,373
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		872,189
	250,000	Utility Debt Securitization Authority, 5.00%, 12/15/2031, Call 12/15/2023		254,677
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		752,777
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		742,828
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		256,477
				47,852,051
		NORTH CAROLINA — 0.6%
	1,380,000	City of Charlotte NC Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028		1,426,537
	1,000,000	Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/20323		1,057,216
		North Carolina Medical Care Commission
	2,000,000	5.00%, 12/1/2033, Call 02/6/2023		2,000,170
	715,000	4.00%, 09/1/2046, Call 09/1/2028		578,038
				5,061,961
		NORTH DAKOTA — 0.3%
	500,000	County of Burleigh, 4.38%, 04/15/2026		489,732
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		1,727,019
				2,216,751
		OHIO — 1.3%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		869,287
	830,000	City of Akron, 5.00%, 12/1/2026		858,325
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		928,729
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		719,478
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,124,185
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		1,962,769
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		495,117
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,419,899
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,618,123
				10,995,912

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA — 0.7%
$	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026	$	972,407
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,060,780
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,065,739
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20283		1,019,798
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		1,868,319
				5,987,043
		OREGON — 0.5%
	1,325,000	County of Clackamas, 3.00%, 06/1/2028, Call 02/6/2023		1,325,152
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		982,550
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,012,836
	45,000	5.00%, 10/1/2046, Call 10/1/2026		48,517
	720,000	5.00%, 10/1/2046, Call 10/1/2026		724,341
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		435,910
				4,529,306
		PENNSYLVANIA — 3.0%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		304,302
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		95,812
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		244,502
	100,000	Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024		101,242
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303		924,393
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,967,203
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,070,047
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		381,512
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		272,300
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		680,532
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,557,712
		Pennsylvania Economic Development Financing Authority
	250,000	6.40%, 12/1/2038, Call 09/1/20255		125,000
	300,000	10.00%, 12/1/2040, Call 06/1/20304		268,363
	300,000	10.00%, 12/1/2040, Call 06/1/20303 4		268,363
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		888,935

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	1,000,000	Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/20323	$	1,048,784
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,099,570
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,088,136
	500,000	5.00%, 12/1/2041, Call 06/1/2026		515,257
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,045,804
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		927,981
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,034,031
	500,000	5.25%, 12/1/2052, Call 12/1/2032		537,798
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		853,739
	500,000	8.00%, 01/1/2033		500,000
	500,000	6.88%, 06/15/2033, Call 06/15/2023		506,708
	850,000	4.00%, 11/1/2037, Call 11/1/2029		822,094
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		925,514
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,410
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,026,649
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		883,050
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,266,812
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20283		285,593
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		535,049
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		497,775
				26,555,972
		PUERTO RICO — 0.7%
		Commonwealth of Puerto Rico
	30,863	5.25%, 07/1/2023		30,867
	18,548	0.00%, 07/1/2024		17,198
	61,865	5.38%, 07/1/2025		62,375
	61,305	5.63%, 07/1/2027		62,536
	1,060,310	5.63%, 07/1/2029		1,086,682
	1,558,579	5.75%, 07/1/2031		1,614,761
	55,548	4.00%, 07/1/2033, Call 07/1/2031		48,283
	71,485	0.00%, 07/1/2033, Call 07/1/2031		38,760
	49,930	4.00%, 07/1/2035, Call 07/1/2031		42,139

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PUERTO RICO (Continued)
$	42,853	4.00%, 07/1/2037, Call 07/1/2031	$	35,166
	263,008	0.00%, 11/1/20431		115,395
	60,594	4.00%, 07/1/2046, Call 07/1/2031		45,613
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/20425		1,465,000
	2,000,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		1,820,860
				6,485,635
		RHODE ISLAND — 0.4%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,560,448
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,019,858
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		574,693
				3,154,999
		SOUTH CAROLINA — 1.2%
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,033,424
	500,000	South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 02/6/20233 4 5		200,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283		2,075,848
		South Carolina Public Service Authority
	1,500,000	5.75%, 12/1/2047, Call 12/1/2032		1,631,712
	730,000	5.00%, 12/1/2055, Call 06/1/2025		707,716
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,020,535
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,170,623
				10,839,858
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,202,237
		TENNESSEE — 1.0%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,131,792
		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, 5.25%, 07/1/2047, Call 07/1/20323		1,045,295
		Tennergy Corp.
	1,500,000	4.00%, 12/1/2051, Call 06/1/20281		1,466,675
	1,000,000	5.50%, 10/1/2053, Call 09/1/20301		1,058,552
		Tennessee Energy Acquisition Corp.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE (Continued)
$	1,000,000	5.63%, 09/1/2026	$	1,046,966
	2,500,000	4.00%, 11/1/2049, Call 08/1/20251		2,482,311
				8,424,291
		TEXAS — 6.7%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		74,953
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		327,067
		Central Texas Regional Mobility Authority
	1,070,000	0.00%, 01/1/2027		919,420
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,055,234
	1,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/20263		1,033,452
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,058,668
	1,255,000	City of Garland TX Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031		1,235,380
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		235,252
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,035,765
		City of Houston Airport System Revenue
	600,000	4.75%, 07/1/20243		598,771
	750,000	5.00%, 07/15/2035, Call 07/15/20253		723,164
	1,500,000	4.00%, 07/15/2041, Call 07/15/20293		1,275,731
	1,100,000	City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029		1,252,128
	1,280,000	City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,214,456
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		814,984
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 02/6/2023		500,296
	100,000	4.40%, 12/1/2047, Call 02/6/2023		91,183
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,399,803
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		1,003,941
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,019,548
	260,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		265,853
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,136,505
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,062,888
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,110,381
	1,300,000	Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032		1,476,260
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,047,017
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,166,174
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/25/20233 4		482,013

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
		New Hope Cultural Education Facilities Finance Corp.
$	600,000	4.75%, 04/1/2034, Call 04/1/2024	$	613,583
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,025,664
	2,505,000	5.00%, 07/1/2047, Call 07/1/20255		2,129,250
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		383,480
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,506,520
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,212,963
	500,000	North Texas Tollway Authority, 4.13%, 01/1/2039, Call 01/1/2032		496,465
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,088,505
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 02/6/20235		610,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		306,277
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,816,405
		San Antonio Water System
	1,000,000	5.00%, 05/15/2043, Call 05/15/2028		1,050,361
	1,000,000	5.25%, 05/15/2052, Call 05/15/2032		1,091,534
	500,000	Southwest Higher Education Authority, Inc., 4.00%, 10/1/2042, Call 10/1/2023		478,743
	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023		1,007,633
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,418,005
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		579,696
	1,060,000	6.25%, 12/15/2026		1,116,100
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		461,556
	1,110,000	5.00%, 12/31/2040, Call 12/31/20253		1,112,265
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,073,090
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		440,589
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,515,460
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,023,566
	1,000,000	5.00%, 08/1/2041, Call 08/1/2032		1,110,660
		Town of Westlake
	175,000	5.50%, 09/1/2025		173,830
	200,000	6.13%, 09/1/2035, Call 09/1/2025		200,004
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,218,427
				58,876,918

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		UTAH — 0.4%
	1,000,000	City of Salt Lake City UT Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/20313		939,326
	750,000	Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031		773,970
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20283		1,023,805
		Utah Charter School Finance Authority
	800,000	4.50%, 07/15/20274		774,820
	500,000	5.38%, 06/15/2048, Call 06/15/20274		458,252
				3,970,173
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		1,002,984
		VIRGINIA — 1.0%
	715,000	Celebrate North Community Development Authority, 4.69%, 03/1/20185		464,750
	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026		1,002,858
	1,000,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		984,708
	1,000,000	Fairfax County Industrial Development Authority, 3.50%, 05/15/2039, Call 05/15/2032		907,104
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/6/20233 4		30,017
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,137,818
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/20323		2,068,051
	500,000	4.00%, 01/1/2040, Call 01/1/20323		447,673
	1,750,000	5.00%, 12/31/2052, Call 06/30/20273		1,656,509
				8,699,488
		WASHINGTON — 3.1%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,085,581
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,567,855
	705,000	King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025		695,910
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,305,582
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,285,057
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,626,318
	65,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		71,746

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
		Port of Seattle
$	1,500,000	5.00%, 04/1/2044, Call 04/1/20293	$	1,538,070
	500,000	5.00%, 08/1/2047, Call 08/1/20323		514,779
	1,360,000	Port of Tacoma, 5.00%, 12/1/20313		1,527,606
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,868,058
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,736,680
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,818,168
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,591,405
	195,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/20/2023		183,222
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		523,155
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,845,551
	500,000	5.00%, 08/1/2038, Call 08/1/2029		517,267
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		906,026
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		988,749
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,042,009
				27,238,794
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274		1,007,718
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,079,875
				2,087,593
		WISCONSIN — 1.3%
		Public Finance Authority
	665,000	4.00%, 07/1/2027, Call 07/1/2024		660,160
	500,000	5.75%, 02/1/2035, Call 02/1/2025		471,319
	535,000	5.00%, 07/1/2037, Call 07/1/2024		536,968
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		830,493
	500,000	5.00%, 06/15/2039, Call 06/15/20264		455,969
	500,000	5.00%, 02/1/2042, Call 02/1/2032		483,226
	1,000,000	5.00%, 07/1/2042, Call 02/6/20233		968,430
	165,000	6.00%, 07/15/2042, Call 01/25/2023		165,060
	450,000	5.50%, 03/1/2045, Call 03/1/20254		453,608
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,004,251
	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		162
	7,085	0.00%, 01/1/20474 5		149

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	7,034	0.00%, 01/1/20484 5	$	141
	6,984	0.00%, 01/1/20494 5		133
	6,882	0.00%, 01/1/20504 5		122
	7,540	0.00%, 01/1/20514 5		128
	194,116	0.00%, 07/1/20514 5		89,895
	7,490	0.00%, 01/1/20524 5		119
	7,388	0.00%, 01/1/20534 5		112
	7,338	0.00%, 01/1/20544 5		105
	7,237	0.00%, 01/1/20554 5		98
	7,135	0.00%, 01/1/20564 5		93
	7,085	0.00%, 01/1/20574 5		87
	6,984	0.00%, 01/1/20584 5		82
	6,933	0.00%, 01/1/20594 5		77
	6,882	0.00%, 01/1/20604 5		72
	6,781	0.00%, 01/1/20614 5		68
	6,730	0.00%, 01/1/20624 5		64
	6,629	0.00%, 01/1/20634 5		60
	6,579	0.00%, 01/1/20644 5		57
	6,528	0.00%, 01/1/20654 5		53
	6,427	0.00%, 01/1/20664 5		48
	83,706	0.00%, 01/1/20674 5		573
	500,000	Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032		536,924
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		1,034,804
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,107,062
				11,012,947
		TOTAL MUNICIPAL BONDS
		(Cost $739,439,775)		713,247,303
		COMMON STOCK — 0.3%
	32,339	Energy Harbor Corp.*		2,554,781
		TOTAL COMMON STOCK
		(Cost $965,130)		2,554,781
		EXCHANGE-TRADED FUND — 1.6%
	136,576	iShares National Muni Bond ETF		14,411,499
		TOTAL EXCHANGE-TRADED FUND
		(Cost $14,621,617)		14,411,499

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.6%
	18,027	BlackRock Long-Term Municipal Advantage Trust	169,454
	41,753	BlackRock MuniVest Fund, Inc.	292,689

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

Number  of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	29,817	BlackRock MuniYield Quality Fund, Inc.	$	345,877
	55,299	BNY Mellon Municipal Income, Inc.		346,172
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.		736,551
	20,359	BNY Mellon Strategic Municipals, Inc.		124,394
	11,444	DTF Tax-Free Income, Inc.		124,854
	66,923	DWS Municipal Income Trust		576,207
	17,462	Invesco Advantage Municipal Income Trust II		149,999
	17,008	Invesco Municipal Opportunity Trust		168,549
	21,119	Invesco Municipal Trust		209,078
	10,819	Invesco Trust for Investment Grade Municipals		108,731
	6,391	Neuberger Berman Municipal Fund, Inc.		66,594
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		301,190
	111,999	Pioneer Municipal High Income Fund, Inc.		960,951
	78,923	Western Asset Managed Municipals Fund, Inc.		794,755
	6,466	Western Asset Municipal Partners Fund, Inc.		75,264
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $7,760,733)		5,551,309
		PRIVATE FUNDS6 — 12.7%
		MacKay Municipal Credit Opportunities Fund, LP* 7		25,438,326
		MacKay Municipal Opportunities Fund, LP* 8		85,979,230
		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		111,417,556
		SHORT-TERM INVESTMENT — 2.4%
	20,973,718	JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%9		20,984,205
		TOTAL SHORT-TERM INVESTMENT
		(Cost $20,981,382)		20,984,205
		TOTAL INVESTMENTS — 98.9%
		(Cost $878,426,473)		868,166,653
		Other assets less liabilities — 1.1%		9,752,456
		TOTAL NET ASSETS — 100.0%	$	877,919,109

* Non-income producing security.

¹ Term rate bond subject to mandatory purchase at the end of the initial term, which then may be converted into another term or interest rate.  The rate is the coupon as of the end of the reporting period.

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 Defaulted security.  A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

⁶ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁷ The investment was acquired on 3/1/2016. The cost is $19,752,111.

⁸ The investment was acquired on 3/1/2016. The cost is $74,905,725.

⁹ The rate is the annualized seven-day yield at period end.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of December 31, 2022 (Unaudited)

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 December 31, 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:
March 2023		5	U.S. Treasury Long Bond	$	(654,519	)	$	(626,719	)	$	27,800
March 2023		40	U.S. Treasury Ultra Futures Bond		(4,877,169	)		(4,731,250	)		145,919
				$	(5,531,688	)	$	(5,357,969	)	$	173,719

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND 

SCHEDULE OF INVESTMENTS 

As of December 31, 2022 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 91.8%
		CORE — 81.2%
	3,798,396	DoubleLine Total Return Bond Fund - I Class	$	33,311,931
	6,946,362	MetWest Total Return Bond Fund - Plan Class1		58,905,148
	2,719,248	PIMCO Income Fund - Institutional Class		28,144,221
	2,003,930	River Canyon Total Return Bond Fund - Institutional Class2		19,959,149
	183,685	Vanguard Total Bond Market Index Fund - Admiral Shares		1,741,334
				142,061,783
		OPPORTUNISTIC — 10.6%
	960,646	GMO Emerging Country Debt Fund, Class VI		16,657,603
	369,816	Vanguard High-Yield Corporate Fund - Admiral Shares		1,904,551
				18,562,154
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $190,151,131)		160,623,937
		PRIVATE FUND3 — 5.6%
		OPPORTUNISTIC — 5.6%
		AG Direct Lending Fund IV Annex, LP4		9,733,240
		TOTAL PRIVATE FUND
		(Cost $9,434,233)		9,733,240
		SHORT-TERM INVESTMENT — 2.6%
	4,609,586	JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%5		4,611,891
		TOTAL SHORT-TERM INVESTMENT
		(Cost $4,609,981)		4,611,891
		TOTAL INVESTMENTS — 100.0%
		(Cost $204,195,345)		174,969,068
		Other assets less liabilities — 0.0%6		61,683
		TOTAL NET ASSETS — 100.0%	$	175,030,751

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 Affiliated investments for which ownership exceeds 5% of the investment's capital.

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 4/8/2022. The cost is $9,434,233.

⁵ The rate is the annualized seven-day yield at period end.

⁶ Rounds to less than 0.05%.

LP — Limited Partnership