Aspiriant Trust NPORT-P Aspiriant Risk-Managed Municipal Bond Fund (Jun 2023 report)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 20.6%
		BELGIUM — 0.1%
	16,284	KBC Group N.V.	$	1,136,637
		BERMUDA — 0.3%
	39,461	Arch Capital Group Ltd.*		2,953,656
	4,805	Everest Re Group Ltd.		1,642,637
				4,596,293
		BRAZIL — 0.1%
	73,493	Telefonica Brasil S.A. - ADR1		670,991
		CANADA — 0.1%
	4,984	Agnico Eagle Mines Ltd.		249,101
	11,272	Franco-Nevada Corp.		1,607,387
				1,856,488
		CAYMAN ISLANDS — 0.4%
	115,095	Alibaba Group Holding Ltd.*		1,198,120
	66,200	ANTA Sports Products Ltd.		680,266
	273,500	CK Hutchison Holdings Ltd.		1,669,265
	74,623	ENN Energy Holdings Ltd.		933,391
	199,000	Kingboard Holdings Ltd.		544,298
	32,500	Tencent Holdings Ltd.		1,378,038
				6,403,378
		CHINA — 0.2%
	177,000	Anhui Conch Cement Co., Ltd. - Class H		470,924
	447,500	China Shenhua Energy Co., Ltd.		1,371,417
	1,327,000	Industrial & Commercial Bank of China Ltd. - Class H		709,164
	141,000	Ping An Insurance Group Co. of China Ltd. - Class H1		900,555
				3,452,060
		CURACAO — 0.1%
	25,399	Schlumberger Ltd.		1,247,599
		DENMARK — 0.2%
	5,247	DSV A/S		1,102,088
	1,253	Genmab A/S*		474,834
	11,799	Novo Nordisk A/S - ADR		1,909,432
				3,486,354
		FRANCE — 0.8%
	22,571	Edenred		1,511,904
	542	L'Oreal S.A.		252,830
	1,911	LVMH Moet Hennessy Louis Vuitton S.E.		1,801,905
	255	Pernod Ricard S.A.		56,349

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FRANCE (Continued)
	12,941	Publicis Groupe S.A.	$	1,038,596
	32,133	Safran S.A.		5,035,554
	7,041	Thales S.A.		1,054,945
	10,740	Vinci S.A.		1,247,939
				12,000,022
		GERMANY — 0.5%
	7,790	Knorr-Bremse A.G.		595,496
	1,191	Muenchener Rueckversicherungs-Gesellschaft A.G.		447,116
	4,403	Rheinmetall A.G.		1,206,212
	25,293	SAP S.E.		3,455,211
	7,508	Siemens A.G.		1,251,590
				6,955,625
		GUERNSEY — 0.1%
	16,079	Amdocs Ltd.		1,589,409
		HONG KONG — 0.1%
	124,000	Beijing Enterprises Holdings Ltd.		449,882
	140,000	China Merchants Port Holdings Co., Ltd.		198,055
	21,000	Power Assets Holdings Ltd.		110,239
	57,000	Sun Hung Kai Properties Ltd.		720,173
	137,800	Swire Properties Ltd.		339,520
				1,817,869
		INDIA — 0.1%
	7,455	Dr Reddy's Laboratories Ltd. - ADR		470,485
	80,108	Infosys Ltd. - ADR1		1,287,336
				1,757,821
		IRELAND — 0.5%
	15,198	Accenture PLC - Class A		4,689,799
	7,720	Flutter Entertainment PLC*		1,551,621
	10,376	Johnson Controls International PLC		707,021
				6,948,441
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.1		445,294
	7,443	Nice Ltd. - ADR* 1		1,536,979
				1,982,273
		JAPAN — 0.5%
	4,200	Bandai Namco Holdings, Inc.		97,261
	8,371	FUJIFILM Holdings Corp.		498,771
	6,200	Honda Motor Co., Ltd.		187,822

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	10,000	Itochu Corp.	$	397,215
	2,800	Itochu Techno-Solutions Corp.		70,952
	12,800	Japan Tobacco, Inc.		280,397
	29,387	KDDI Corp.		907,562
	27,100	MEIJI Holdings Co., Ltd.		605,166
	118,800	Nippon Steel Corp.		2,486,398
	347,500	Nippon Telegraph & Telephone Corp.		411,199
	25,060	Nippon Telegraph & Telephone Corp. - ADR		739,521
	5,800	Nissin Foods Holdings Co., Ltd.		479,573
	170	Shin-Etsu Chemical Co., Ltd.		5,681
	30	Toyota Motor Corp.		482
	14,500	Trend Micro, Inc.		701,894
				7,869,894
		NETHERLANDS — 0.5%
	14,392	AerCap Holdings N.V.*		914,180
	10,641	Airbus S.E.		1,538,494
	34,843	Koninklijke Ahold Delhaize N.V.		1,187,903
	5,473	NXP Semiconductors N.V.		1,120,214
	95,495	Stellantis N.V.1		1,674,982
				6,435,773
		NEW ZEALAND — 0.0%2
	101,544	Spark New Zealand Ltd.		317,762
		SINGAPORE — 0.1%
	12,622	DBS Group Holdings Ltd.		294,759
	17,000	United Overseas Bank Ltd.		352,771
				647,530
		SOUTH KOREA — 0.0%2
	894	POSCO Holdings, Inc. - ADR		66,111
	1	Woori Financial Group, Inc. - ADR		27
				66,138
		SPAIN — 0.1%
	12,172	Amadeus IT Group S.A.*		926,903
		SWEDEN — 0.1%
	57,431	Volvo A.B. - B Shares		1,188,536
		SWITZERLAND — 0.3%
	88	Alcon, Inc.		7,226
	6,065	Garmin Ltd.		632,519
	12,022	Nestle S.A.		1,446,146

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	7,149	Roche Holding A.G.	$	2,183,805
	227	Zurich Insurance Group A.G.		107,981
				4,377,677
		TAIWAN — 0.7%
	21,579	Chunghwa Telecom Co., Ltd. - ADR		804,681
	319,000	Taiwan Semiconductor Manufacturing Co., Ltd.		5,892,993
	26,196	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,643,700
	66,650	United Microelectronics Corp. - ADR1		525,869
				9,867,243
		UNITED KINGDOM — 0.8%
	11,820	AstraZeneca PLC		1,694,448
	1	AstraZeneca PLC - ADR		72
	123,283	Compass Group PLC		3,452,312
	11,332	Diageo PLC		487,174
	15,211	London Stock Exchange Group PLC		1,618,958
	14,174	Reckitt Benckiser Group PLC		1,065,188
	93,868	Standard Chartered PLC		816,660
	47,838	Unilever PLC		2,491,128
				11,625,940
		UNITED STATES — 13.8%
	23,986	Abbott Laboratories		2,614,954
	5,581	Adobe, Inc.*		2,729,053
	7,272	Adtalem Global Education, Inc.*		249,720
	12,168	Aflac, Inc.		849,326
	11,093	Airbnb, Inc. - Class A*		1,421,679
	43,926	Alphabet, Inc. - Class A*		5,257,942
	30,966	Alphabet, Inc. - Class C*		3,745,957
	62,117	Amazon.com, Inc.*		8,097,572
	14,759	American Express Co.		2,571,018
	8,571	Analog Devices, Inc.		1,669,717
	55,045	Apple, Inc.		10,677,079
	17,887	Ares Management Corp. - Class A		1,723,412
	5,908	Arthur J. Gallagher & Co.		1,297,220
	417	Atmos Energy Corp.1		48,514
	17,296	Axis Bank Ltd.		1,032,596
	711	Becton, Dickinson and Co.		187,711
	1,736	Bio-Rad Laboratories, Inc. - Class A*		658,152
	13,173	Builders FirstSource, Inc.*		1,791,528
	2,871	Chemed Corp.1		1,555,135
	5,174	Church & Dwight Co., Inc.		518,590
	4,519	Cigna Corp.		1,268,031

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	25,505	Cisco Systems, Inc.	$	1,319,629
	5,859	CNX Resources Corp.* 1		103,821
	49,388	Coca-Cola Co.		2,974,145
	6,135	Constellation Brands, Inc. - Class A		1,510,008
	3,127	Constellation Energy Corp.1		286,277
	2,941	Corteva, Inc.		168,519
	3,112	Costco Wholesale Corp.		1,675,439
	18,802	Dolby Laboratories, Inc. - Class A		1,573,351
	883	DT Midstream, Inc.1		43,770
	11,258	Elevance Health, Inc.		5,001,817
	15,841	Eli Lilly & Co.		7,429,112
	816	Enovis Corp.*		52,322
	5,349	ExlService Holdings, Inc.*		808,020
	4,786	Expeditors International of Washington, Inc.		579,728
	5,265	FleetCor Technologies, Inc.* 1		1,321,936
	15,371	Gaming and Leisure Properties, Inc. - REIT		744,879
	5,163	Gartner, Inc.*		1,808,651
	5,358	General Electric Co.		588,576
	16,858	Hologic, Inc.*		1,364,992
	146	Home Depot, Inc.		45,353
	1,391	Humana, Inc.		621,958
	7,533	Intuitive Surgical, Inc.*		2,575,834
	18,387	Jabil, Inc.1		1,984,509
	1,172	JM Smucker Co.		173,069
	35,149	Johnson & Johnson		5,817,862
	7,582	KLA Corp.		3,677,422
	6,285	Lam Research Corp.		4,040,375
	3,442	Lancaster Colony Corp.1		692,152
	13,495	Lennar Corp. - Class A		1,691,058
	6,285	Marriott International, Inc. - Class A		1,154,492
	3,995	Mastercard, Inc. - Class A		1,571,234
	842	McCormick & Co., Inc.		73,448
	6,161	McDonald's Corp.		1,838,504
	4,449	McKesson Corp.		1,901,102
	48,331	Merck & Co., Inc.		5,576,914
	27,164	Meta Platforms, Inc. - Class A*		7,795,525
	46,865	Microsoft Corp.		15,959,407
	750	Monster Beverage Corp.*		43,080
	2,858	Motorola Solutions, Inc.		838,194
	2,643	MSCI, Inc.		1,240,333

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	506	NIKE, Inc. - Class B	$	55,847
	3,912	NVIDIA Corp.		1,654,854
	38	NVR, Inc.*		241,324
	13,588	Omnicom Group, Inc.		1,292,898
	11,585	ON Semiconductor Corp.*		1,095,709
	36,213	Oracle Corp.		4,312,606
	27,060	Otis Worldwide Corp.		2,408,611
	1,807	PDC Energy, Inc.		128,550
	13,232	Philip Morris International, Inc.		1,291,708
	6,463	Procter & Gamble Co.		980,696
	13,596	Quest Diagnostics, Inc.1		1,911,054
	10,706	Republic Services, Inc.		1,639,838
	2,143	ResMed, Inc.		468,246
	3,545	Royal Gold, Inc.1		406,895
	20,649	Salesforce, Inc.*		4,362,308
	2,282	ServiceNow, Inc.*		1,282,416
	5,344	Stryker Corp.		1,630,401
	4,513	Synopsys, Inc.*		1,965,005
	17,842	Texas Instruments, Inc.		3,211,917
	39,859	TJX Cos., Inc.		3,379,645
	3,632	T-Mobile US, Inc.*		504,485
	1	Tootsie Roll Industries, Inc.		35
	15,156	TransUnion1		1,187,169
	59,873	U.S. Bancorp		1,978,204
	40,807	Uber Technologies, Inc.*		1,761,638
	1,021	Ulta Beauty, Inc.*		480,478
	3,606	United Therapeutics Corp.*		796,025
	15,002	UnitedHealth Group, Inc.		7,210,561
	4,158	Vertex Pharmaceuticals, Inc.*		1,463,242
	34,229	VICI Properties, Inc. - REIT		1,075,817
	24,213	Visa, Inc. - Class A1		5,750,103
	12,175	Walmart, Inc.		1,913,666
	58,792	Wells Fargo & Co.		2,509,243
	34,736	Werner Enterprises, Inc.		1,534,636
				200,517,553
		TOTAL COMMON STOCKS
		(Cost $212,570,330)		299,742,209
		EXCHANGE-TRADED FUNDS — 18.1%
	1,530,075	iShares MSCI Global Min Vol Factor ETF1		150,031,504

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		EXCHANGE-TRADED FUNDS (Continued)
	4,250,087	Schwab Fundamental Emerging Markets Large Co. Index ETF1	$	113,774,829
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $236,857,815)		263,806,333
		FOREIGN COLLECTIVE INVESTMENT FUND — 5.8%
	4,069,193	GMO Equity Dislocation Investment Fund - Class A* 3 4		84,557,829
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUND
		(Cost $84,949,389)		84,557,829
		OPEN-END MUTUAL FUNDS — 36.4%
	2,996,275	AQR Large Cap Defensive Style Fund - Class R6		78,382,548
	3,735,703	Baillie Gifford Emerging Markets Equities Fund - Class K		70,716,861
	13,582,431	GMO Quality Fund - Class VI5 6		380,308,069
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $436,293,705)		529,407,478
		PREFERRED STOCK — 0.0%2
		GERMANY — 0.0%2
	5,934	Porsche Automobil Holding S.E.		357,639
		TOTAL PREFERRED STOCK
		(Cost $326,146)		357,639
		PRIVATE FUNDS7 — 13.8%
		Bridgewater All Weather China, Ltd.4 8		57,884,289
		RIEF Strategic Partners Fund LLC9		142,780,993
		TOTAL PRIVATE FUNDS
		(Cost $186,362,244)		200,665,282
		SHORT-TERM INVESTMENTS — 6.4%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 1.1%
		Collateral Investments		15,819,118
		MONEY MARKET FUNDS — 5.3%
	76,457,561	JPMorgan Prime Money Market Fund - Institutional Shares, 5.13%10		76,472,852
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $92,283,757)		92,291,970

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 101.1%
	(Cost $1,249,643,386)		1,470,828,740
	Liabilities in excess of other assets — (1.1)%		(15,670,466	)
	TOTAL NET ASSETS — 100.0%	$	1,455,158,274

* Non-income producing security.

¹ Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $29,237,009.

² Rounds to less than 0.05%.

³ Domiciled in Ireland.

⁴ Affiliated investments for which ownership exceeds 5% of the investment's capital.

⁵ Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov.

⁶ The Fund primarily invests in global equities.

⁷ The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

⁸ The investment was acquired on 3/1/2021. The cost is $64,000,000.

⁹ The investment was acquired on 7/2/2018. The cost is $122,362,244.

¹⁰ 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, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 73.8%
		ALABAMA — 1.9%
$	1,715,000	Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026	$	1,743,716
		Black Belt Energy Gas District
	2,000,000	4.00%, 06/1/2051, Call 09/1/20311		1,977,277
	1,000,000	4.00%, 10/1/2052, Call 09/1/20261		991,300
	1,950,000	5.25%, 02/1/2053, Call 03/1/20291		2,042,293
	500,000	4.66% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20272		488,740
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		510,460
		Health Care Authority for Baptist Health
	1,000,000	5.00%, 11/15/2036, Call 11/15/2032		1,083,498
	875,000	5.00%, 11/15/2037, Call 11/15/2032		938,387
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20293		1,105,432
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,547,476
	1,200,000	Selma Industrial Development Board, 1.38%, 05/1/20341		1,143,919
	1,710,000	Southeast Alabama Gas Supply District, 4.31% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20242		1,710,142
	1,500,000	Southeast Energy Authority A Cooperative District, 5.25%, 01/1/2054, Call 04/1/20291		1,569,169
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,083,680
				19,935,489
		ARIZONA — 0.9%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 07/31/2023		500,070
		Arizona Industrial Development Authority
	805,000	4.00%, 03/1/20274		775,243
	600,000	4.00%, 07/1/2041, Call 07/1/2026		535,650
	530,000	5.00%, 07/1/2047, Call 07/1/20274		485,043
	213,315	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20274 5		164,253
	1,000,000	City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027		986,970
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254		669,814
	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026		669,558
	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024		501,144

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 08/10/20234	$	317,696
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274		958,397
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20294		115,492
	500,000	Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031		394,901
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,118,510
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		804,916
				9,997,657
		ARKANSAS — 0.3%
		Arkansas Development Finance Authority
	1,800,000	4.50%, 09/1/2049, Call 09/1/20263 4		1,632,792
	500,000	5.45%, 09/1/2052, Call 09/1/20253 4		500,841
	500,000	State of Arkansas, 3.00%, 10/1/2024, Call 07/26/2023		499,331
				2,632,964
		CALIFORNIA — 6.4%
	1,000,000	Bay Area Toll Authority, 5.26% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20262		1,006,083
	1,325,000	Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031		1,007,188
		California Community Choice Financing Authority
	500,000	4.00%, 05/1/2053, Call 05/1/20281		500,217
	1,000,000	5.00%, 07/1/2053, Call 05/1/20291		1,051,210
	1,000,000	5.33% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/20292		1,020,250
	1,000,000	5.25%, 01/1/2054, Call 10/1/20301		1,046,728
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		87,911
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		159,613
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,109,445
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 08/10/2023		865,778
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,034,586
	50,000	5.00%, 10/1/2039, Call 10/1/20274		48,113
	850,000	5.00%, 06/1/2046, Call 06/1/2026		846,626
	1,000,000	4.00%, 12/31/2047, Call 06/30/20283		949,900
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 01/1/20243 4		1,000,856
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/20254		51,964
	650,000	5.00%, 08/1/2036, Call 08/1/20254		657,009

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,250,000	5.00%, 06/1/2040, Call 06/1/20274	$	965,196
	100,000	5.00%, 08/1/2041, Call 08/1/20254		103,927
	900,000	5.00%, 08/1/2041, Call 08/1/20254		903,405
	350,000	6.75%, 11/1/2045, Call 11/1/20244		354,846
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,016,291
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		874,741
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,487,186
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		999,928
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/20273		640,000
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		202,157
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		505,701
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,008,375
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/20283		1,599,218
	1,000,000	5.50%, 05/15/2035, Call 11/15/20313		1,149,826
	2,000,000	5.00%, 05/15/2048, Call 05/15/20293		2,072,047
	1,895,000	Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031		2,037,960
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		637,092
	1,250,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,238,233
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,304,865
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,005,744
	500,000	Golden State Tobacco Securitization Corp., 5.00%, 06/1/2051, Call 12/1/2031		521,215
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		998,013
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,012,104
	1,250,000	Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030		989,118
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		367,276
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,589,003
	850,000	Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025		850,691
	1,330,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,416,305
	1,000,000	Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032		983,409
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,003,770
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		712,901
	750,000	Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026		786,374
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,691,900

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	950,000	Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030	$	1,055,901
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,693,671
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/20293		1,048,978
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,167,881
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		314,627
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		982,266
		Santa Ana Financing Authority, NATL-RE
	215,000	6.25%, 07/1/2024		218,230
	215,000	6.25%, 07/1/2024		218,279
	500,000	Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029		412,467
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,005,808
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		596,684
	1,390,000	5.00%, 11/1/2033		1,496,600
	1,000,000	5.00%, 07/1/2048, Call 07/1/2033		1,112,403
		State of California
	1,155,000	5.00%, 12/1/2028		1,295,393
	855,000	5.00%, 04/1/2042, Call 04/1/2032		964,013
	500,000	5.00%, 09/1/2042, Call 09/1/2032		566,362
	1,000,000	5.00%, 09/1/2052, Call 09/1/2032		1,107,816
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274		107,736
	1,100,000	University of California, 5.50%, 05/15/2040, Call 05/15/2033		1,308,644
				68,146,053
		COLORADO — 4.1%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		433,628
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		600,719
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,032,513
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		630,704
	500,000	5.00%, 12/1/2043, Call 12/1/2023		502,913
		City & County of Denver Airport System Revenue
	1,000,000	5.50%, 11/15/2038, Call 11/15/20323		1,123,073

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,000,000	5.75%, 11/15/2041, Call 11/15/20323	$	1,137,638
	2,000,000	City & County of Denver Co. Airport System Revenue, 5.00%, 12/1/2048, Call 12/1/20283		2,061,248
	2,000,000	City of Colorado Springs Utilities System Revenue, 5.00%, 11/15/2044, Call 11/15/2024		2,028,510
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/20254		512,649
	500,000	4.75%, 04/1/2030, Call 08/10/2023		500,358
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,036,148
	460,000	5.00%, 10/1/2039, Call 10/1/20274		441,191
	500,000	4.00%, 07/1/2041, Call 07/1/20314		414,514
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		101,585
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,072,578
	500,000	4.00%, 10/1/2039, Call 10/1/2024		479,957
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		517,602
	500,000	5.00%, 06/1/2036, Call 06/1/2027		539,784
	1,000,000	4.00%, 08/1/2039, Call 08/1/2029		968,101
	500,000	8.00%, 08/1/2043, Call 02/1/2024		503,828
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,011,458
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		1,831,131
	500,000	5.25%, 11/1/2052, Call 11/1/2032		521,828
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		466,525
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		511,023
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,471,765
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		505,396
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		374,055
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,177,672
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 08/10/2023		1,010,330
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		752,594
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,877,187
	770,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		789,665
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		963,366
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		439,942
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,156,137
	1,500,000	State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032		1,794,365
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		130,738

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026	$	953,656
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		569,735
	1,000,000	Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032		1,123,497
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,061,763
				43,133,069
		CONNECTICUT — 0.8%
	1,685,000	City of Bridgeport, 5.00%, 06/1/2029		1,870,266
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/10/20233		499,914
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		417,395
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,376,597
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274		1,000,760
	1,500,000	State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031		1,523,310
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,287,310
				7,975,552
		DELAWARE — 0.3%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		348,416
	375,000	5.00%, 01/1/2036, Call 01/1/2032		433,778
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20254		1,025,630
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,522,070
				3,329,894
		DISTRICT OF COLUMBIA — 1.2%
		District of Columbia
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,551,004
	1,465,000	5.00%, 10/15/2044, Call 04/15/2029		1,576,047
		Metropolitan Washington Airports Authority
	1,520,000	4.00%, 10/1/2036, Call 10/1/20263		1,519,970
	1,820,000	5.00%, 10/1/2042, Call 10/1/20273		1,877,497
	655,000	5.00%, 10/1/2044, Call 10/1/20243		657,315
	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/20313		525,485
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		763,178
	615,000	6.50%, 10/1/2041, Call 10/1/2026		683,570
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		1,989,707

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
		Washington Convention & Sports Authority
$	500,000	4.00%, 10/1/2035, Call 10/1/2030	$	514,661
	875,000	4.00%, 10/1/2036, Call 10/1/2030		891,845
				12,550,279
		FLORIDA — 5.8%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,335,530
	760,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 08/10/2023		760,028
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		94,074
		Capital Trust Agency, Inc.
	400,000	4.38%, 06/15/20274		391,559
	580,000	5.35%, 07/1/2029, Call 08/10/2023		580,756
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		90,748
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		494,290
	300,000	City of Jacksonville, 4.10%, 08/1/2036, Call 08/1/20231		300,000
	2,435,000	City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024		2,444,009
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		567,150
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		479,786
	1,000,000	City of Tampa, 5.00%, 11/15/2046, Call 05/15/2026		1,010,846
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		500,436
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20253		1,017,953
	1,000,000	County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031		955,601
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,412,593
	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/20293		514,076
	650,000	County of Miami-Dade, 4.00%, 07/1/2042, Call 07/1/2028		651,041
		County of Miami-Dade Transit System
	500,000	5.00%, 07/1/2045, Call 07/1/2032		544,461
	2,000,000	4.00%, 07/1/2048, Call 07/1/2028		1,946,998
	1,500,000	4.00%, 07/1/2049, Call 07/1/2030		1,446,071
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20294		174,232
	375,000	County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033		421,577
	1,000,000	County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030		980,853
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		754,120
	825,000	6.13%, 06/15/2046, Call 06/15/20254		826,830
	1,710,000	6.50%, 01/1/2049, Call 08/10/20231 3 4		1,641,946

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	3,000,000	7.38%, 01/1/2049, Call 01/1/20243 4	$	2,980,157
	2,000,000	7.25%, 07/1/2057, Call 08/10/20231 3 4		2,034,329
	1,000,000	7.50%, 07/1/2057, Call 08/10/20231 3 4		984,259
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284		485,960
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 08/10/2023		1,001,553
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		500,307
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 08/10/20233		999,967
	1,665,000	5.00%, 10/1/2046, Call 10/1/20263		1,693,782
	2,000,000	4.00%, 10/1/2052, Call 10/1/20313		1,873,313
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,050,307
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20283		2,076,295
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,118,819
		Lake Ashton Community Development District
	45,000	5.00%, 05/1/2025		45,434
	380,000	5.00%, 05/1/2037, Call 05/1/2025		380,983
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,691,445
	1,000,000	Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033		1,079,809
		Lee County Industrial Development Authority
	500,000	5.00%, 11/15/2039, Call 11/15/2026		497,758
	100,000	5.75%, 06/15/2042, Call 08/10/20234		95,960
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		1,933,621
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		946,728
	870,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		880,229
	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 08/10/2023		385,013
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,005,999
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		639,452
	330,000	5.25%, 09/15/2044, Call 09/15/2024		333,372
	105,000	5.00%, 09/15/2044, Call 09/15/20274		105,557
	1,000,000	North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031		1,051,879
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		707,780
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,548,917

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026	$	100,199
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,056,106
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284		135,974
	485,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 08/10/2023		485,073
	1,000,000	Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033		1,108,031
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		844,800
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,073,242
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		742,365
				61,012,338
		GEORGIA — 1.8%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,082,807
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		986,441
	2,000,000	Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033		2,007,048
		Burke County Development Authority
	500,000	2.20%, 10/1/2032, Call 11/19/2026		402,471
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		902,795
	500,000	Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027		519,593
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/20314		421,852
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,113,518
	750,000	Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032		826,753
	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030		1,140,754
	325,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274		323,498
		Main Street Natural Gas, Inc.
	1,100,000	4.00%, 12/1/2026		1,095,907
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,508,395
	1,500,000	4.00%, 08/1/2052, Call 05/1/20271 4		1,450,384
	1,000,000	5.00%, 06/1/2053, Call 03/1/20301		1,035,963
	200,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030		204,106
	1,335,000	Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033		1,402,934
		Private Colleges & Universities Authority
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,343,282

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	1,000,000	5.25%, 10/1/2051, Call 10/1/2032	$	1,059,127
	500,000	State of Georgia, 5.00%, 07/1/2025		519,746
				19,347,374
		GUAM — 0.1%
	1,000,000	Guam Government Waterworks Authority, 5.00%, 07/1/2035, Call 07/1/2024		1,008,346
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		221,798
				1,230,144
		HAWAII — 0.1%
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20283		1,028,541
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244		302,111
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/20284		388,486
	415,000	6.00%, 07/1/2049, Call 07/1/20284		431,082
	565,000	6.00%, 07/1/2054, Call 07/1/20284		585,638
				1,707,317
		ILLINOIS — 9.8%
		Chicago Board of Education
	100,000	5.75%, 04/1/2034, Call 04/1/2027		107,078
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,073,525
	1,000,000	5.00%, 12/1/2036, Call 12/1/2030		1,031,935
	180,000	5.00%, 04/1/2037, Call 04/1/2027		184,372
	500,000	5.00%, 04/1/2038, Call 04/1/2028		513,201
	500,000	5.25%, 12/1/2039, Call 12/1/2024		501,248
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		1,012,297
	575,000	5.00%, 12/1/2042, Call 08/10/2023		568,639
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,048,441
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,153,411
	1,000,000	5.00%, 12/1/2046, Call 12/1/2023		981,018
	1,900,000	Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033		2,077,623
		Chicago O'Hare International Airport
	500,000	5.00%, 01/1/2031, Call 01/1/20253		507,993
	1,000,000	3.88%, 01/1/2032, Call 08/10/2023		1,000,345
	500,000	5.00%, 07/1/2033, Call 07/1/20283		520,903
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,526,438
	1,000,000	Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/20313		1,082,124
	680,000	Chicago Park District, 5.00%, 11/15/2024		693,680

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026	$	2,562,033
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029		1,543,801
	1,885,000	Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031		2,025,467
		City of Chicago
	1,000,000	5.00%, 01/1/2027		1,047,350
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,019,292
	1,835,000	5.00%, 01/1/2034, Call 01/1/2031		1,986,042
	1,250,000	4.00%, 01/1/2036, Call 01/1/2031		1,218,769
	880,000	6.00%, 01/1/2038, Call 01/1/2027		936,773
	500,000	5.50%, 01/1/2040, Call 01/1/2025		507,963
		City of Chicago Wastewater Transmission Revenue
	665,000	5.00%, 01/1/2034, Call 01/1/2025		676,352
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,009,643
		City of Chicago Waterworks Revenue
	1,000,000	5.00%, 11/1/2031, Call 11/1/2024		1,018,808
	1,000,000	5.00%, 11/1/2044, Call 11/1/2024		1,008,243
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,026,599
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,423,652
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,283,017
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,073,311
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,018,505
	570,000	3.90%, 11/1/2036, Call 11/1/2027		571,806
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		715,351
	425,000	5.00%, 08/1/2027		438,147
	500,000	5.00%, 08/1/2028, Call 08/1/2027		516,024
	670,000	5.00%, 03/1/2033, Call 03/1/2027		697,397
	315,000	5.00%, 02/15/2034, Call 02/15/2027		332,579
	500,000	5.00%, 03/1/2034, Call 03/1/2027		519,801
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,045,037
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,322,668
	225,000	5.00%, 02/15/2037, Call 08/15/2027		224,017
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,710,626
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		1,002,292
	550,000	5.00%, 09/1/2042, Call 09/1/2024		561,474
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		858,232

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,590,000	5.00%, 06/1/2044, Call 12/1/2032	$	1,694,694
	2,000,000	5.00%, 02/15/2045, Call 02/15/2026		2,035,538
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,945,626
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		1,980,516
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		982,794
	1,250,000	4.00%, 08/15/2048, Call 08/15/2031		1,139,440
	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025		1,005,069
	1,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		1,013,017
		Illinois State Toll Highway Authority
	500,000	5.00%, 01/1/2037, Call 01/1/2024		502,752
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,110,772
	750,000	4.00%, 01/1/2046, Call 01/1/2032		721,120
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,615,003
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,083,027
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		993,428
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		474,624
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,379,012
	530,000	5.00%, 06/15/2057, Call 12/15/2027		534,981
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		799,298
	3,300,000	0.00%, 12/15/2030		2,478,179
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		1,965,191
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,028,736
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		791,455
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,132,227
	500,000	4.00%, 01/1/2038, Call 01/1/2030		495,859
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		745,849
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,011,302
		State of Illinois
	1,000,000	5.00%, 02/1/2025		1,021,555
	1,500,000	5.50%, 07/1/2026		1,500,446
	1,000,000	5.00%, 11/1/2026		1,049,413
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,114,706
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,856,060
	660,000	5.00%, 03/1/2036, Call 03/1/2031		714,277

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	4.25%, 12/1/2037, Call 12/1/2027	$	1,004,048
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,504,732
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,101,207
	500,000	5.00%, 03/1/2046, Call 03/1/2031		520,274
	1,000,000	State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030		1,087,247
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,020,056
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,492,482
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274		569,212
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		415,066
	250,000	0.00%, 01/1/2032		180,854
	710,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		654,354
				103,950,840
		INDIANA — 0.9%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,414,150
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		906,977
	1,000,000	3.00%, 11/1/2030		906,977
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,025,792
	1,000,000	5.00%, 10/1/2053, Call 10/1/2033		1,078,035
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		1,992,833
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20233		503,304
				9,828,068
		IOWA — 0.3%
		Iowa Finance Authority
	1,520,000	4.75%, 08/1/2042, Call 08/10/2023		1,486,370
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		1,015,692
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		537,177
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261		509,953
				3,549,192
		KANSAS — 0.1%
	1,000,000	Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033		990,325
		KENTUCKY — 0.7%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		201,727
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,104,203

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		KENTUCKY (Continued)
$	1,350,000	5.00%, 06/1/2045, Call 06/1/2027	$	1,328,447
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		793,416
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/20241		2,600,118
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,036,847
				7,064,758
		LOUISIANA — 1.3%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 08/10/2023		1,165,602
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,577,659
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,233,343
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,026,396
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 12/15/2023		502,726
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,025,784
	885,000	6.50%, 07/1/2036, Call 08/10/20233 4		885,834
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,432,609
	1,000,000	Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033		1,086,646
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		537,538
	1,500,000	5.00%, 01/1/2048, Call 01/1/20273		1,520,230
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20283		1,293,769
				13,288,136
		MAINE — 0.6%
		Maine Health & Higher Educational Facilities Authority
	1,000,000	5.00%, 07/1/2028, Call 07/1/2027		1,061,811
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,697,729
	700,000	5.00%, 07/1/2035, Call 07/1/2027		735,858
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		503,840
	500,000	4.00%, 07/1/2039, Call 07/1/2031		487,514
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,650,878
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 08/10/20233		500,974
				6,638,604
		MARYLAND — 1.5%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,645,973
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,402,092

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
$	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026	$	1,402,343
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,610,672
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20293		1,012,363
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,700,185
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,013,064
	1,065,000	5.00%, 05/15/2045, Call 05/15/2027		1,091,522
	500,000	5.00%, 07/1/2045, Call 07/1/2025		505,824
	1,000,000	4.00%, 07/1/2048, Call 01/1/2028		941,583
	340,000	Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028		375,863
	1,000,000	Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033		987,796
				15,689,280
		MASSACHUSETTS — 0.6%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		117,799
	1,000,000	Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029		1,069,649
		Massachusetts Development Finance Agency
	1,000,000	5.00%, 08/15/2045, Call 08/15/2025		1,016,529
	1,000,000	5.00%, 07/1/2047, Call 07/1/2026		1,022,700
	1,200,000	5.25%, 07/1/2048, Call 07/1/2033		1,268,089
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/20283		1,053,561
	200,000	4.25%, 07/1/2046, Call 07/1/20263		186,502
	500,000	Town of Milford, 2.00%, 12/1/2037, Call 12/1/2031		374,167
				6,108,996
		MICHIGAN — 2.3%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		502,512
	685,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		695,071
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,048,021
		Michigan Finance Authority
	240,000	5.00%, 06/1/2029, Call 08/10/2023		209,795
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,174,020
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,530,117
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,025,071
	1,000,000	5.00%, 07/1/2035, Call 07/1/2025		1,022,371
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,343,415
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,001,556
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,023,708

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	2,000,000	4.00%, 02/15/2044, Call 08/15/2029	$	1,921,917
	1,000,000	4.00%, 12/1/2049, Call 12/1/2029		944,355
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,464,836
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		948,869
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,126,323
	1,250,000	Michigan State Housing Development Authority, 2.13%, 10/1/2036, Call 10/1/2030		967,009
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 08/10/2023		250,022
	890,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031		872,857
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 08/10/20235		200,000
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,578,281
				23,850,126
		MINNESOTA — 0.2%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		249,569
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274		68,520
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4		1,693,901
				2,011,990
		MISSOURI — 0.9%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		61,549
	780,000	City of Kansas City, 5.00%, 09/1/2027		839,271
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		658,125
	685,000	5.00%, 01/1/2032, Call 01/1/2028		749,647
	350,000	5.00%, 01/1/2034, Call 01/1/2028		383,671
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		652,493
	445,000	5.00%, 10/1/2047, Call 10/1/2027		451,856
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,034,339
	350,000	4.00%, 11/15/2049, Call 11/15/2027		331,590
	1,000,000	4.00%, 06/1/2053, Call 06/1/2030		927,527
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/20293		1,031,545
	1,020,000	5.00%, 03/1/2039, Call 03/1/20293		1,064,493
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,441,649
	500,000	St. Charles County School District No. R-IV Wentzville, State Aid Direct
		Deposit, 1.88%, 03/1/2040, Call 03/1/2028		346,559
				9,974,314

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEBRASKA — 0.3%
$	1,350,000	Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/20251	$	1,350,591
	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027		1,063,735
	500,000	Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032		556,231
				2,970,557
		NEVADA — 1.2%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		245,160
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		908,627
		County of Clark
	500,000	2.10%, 06/1/2031		418,452
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,610,634
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,021,675
		Las Vegas Convention & Visitors Authority
	1,000,000	5.00%, 07/1/2043, Call 07/1/2028		1,042,509
	750,000	4.00%, 07/1/2049, Call 07/1/2028		711,689
		Las Vegas Valley Water District
	1,000,000	5.00%, 06/1/2033, Call 12/1/2024		1,024,406
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,061,553
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,068,563
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,064,718
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254		586,856
				12,764,842
		NEW HAMPSHIRE — 0.4%
	474,860	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		463,432
	1,000,000	New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033		1,079,189
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,135,162
	215,000	5.00%, 08/1/2037, Call 02/1/2028		224,167
	1,000,000	New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033		1,105,816
				4,007,766
		NEW JERSEY — 2.8%
		New Jersey Economic Development Authority
	170,000	5.13%, 09/15/2023, Call 08/10/20233		170,090
	890,000	3.13%, 07/1/2029, Call 07/1/2027		850,034
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		968,954
	100,000	5.00%, 07/15/2032, Call 07/15/2027		103,949
	500,000	5.00%, 07/1/2033, Call 07/1/2027		527,017

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	280,000	6.00%, 10/1/2034, Call 10/1/20244	$	281,660
	880,000	5.00%, 06/15/2036, Call 12/15/2026		913,431
	1,050,000	5.25%, 06/15/2040, Call 06/15/2025		1,096,379
	350,000	6.30%, 10/1/2049, Call 10/1/20244		351,817
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,022,820
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,014,600
	1,175,000	New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025		1,185,628
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/20283		527,119
	855,000	4.25%, 12/1/2047, Call 12/1/20263		824,381
	3,595,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20243		3,555,777
		New Jersey Transportation Trust Fund Authority
	1,800,000	0.00%, 12/15/2030		1,366,628
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		1,972,473
	500,000	5.00%, 06/15/2040, Call 12/15/2030		532,991
	500,000	4.00%, 06/15/2042, Call 06/15/2032		483,371
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,106,152
	805,000	5.00%, 06/15/2044, Call 06/15/2024		809,496
	3,800,000	5.00%, 06/15/2048, Call 12/15/2032		4,066,369
	250,000	5.50%, 06/15/2050, Call 12/15/2032		276,471
	1,750,000	New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033		1,962,977
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20283		1,022,526
	350,000	South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032		370,173
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,702,190
				30,065,473
		NEW MEXICO — 0.3%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		809,892
	1,000,000	University of New Mexico, AGM, 5.25%, 06/1/2049, Call 06/1/2033		1,105,978
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		993,461
				2,909,331
		NEW YORK — 5.2%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 08/10/20234		424,077
	1,035,000	City of Long Beach, 5.00%, 09/1/2027		1,082,738
	1,000,000	City of New York, 5.25%, 09/1/2042, Call 09/1/2032		1,132,900
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		969,255
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		1,020,086
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		742,450

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
		Metropolitan Transportation Authority
$	1,000,000	5.25%, 11/15/2031, Call 11/15/2025	$	1,033,487
	2,000,000	5.00%, 11/15/2033, Call 05/15/2028		2,125,411
	2,000,000	Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030		1,928,041
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		659,055
		New York City Municipal Water Finance Authority
	1,000,000	5.00%, 06/15/2048, Call 06/15/2030		1,076,594
	500,000	5.00%, 06/15/2049, Call 12/15/2029		534,103
	1,000,000	5.25%, 06/15/2052, Call 12/15/2032		1,121,206
		New York City Transitional Finance Authority Building Aid Revenue, SAW
	1,000,000	4.00%, 07/15/2034, Call 07/15/2031		1,067,298
	750,000	3.00%, 07/15/2047, Call 07/15/2030		599,555
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		996,846
	1,000,000	4.00%, 05/1/2044, Call 11/1/2030		989,232
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,127,937
	500,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		515,716
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,142,766
	2,000,000	5.38%, 11/15/2040, Call 11/15/20244		2,004,404
	730,000	3.00%, 02/15/2042, Call 02/15/2030		584,800
	1,000,000	5.00%, 11/15/2044, Call 11/15/20244		987,016
	1,500,000	7.25%, 11/15/2044, Call 11/15/20244		1,518,728
	1,000,000	3.13%, 09/15/2050, Call 03/15/2030		778,543
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		723,422
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,015,650
	500,000	4.00%, 07/1/2048, Call 07/1/2031		474,432
	750,000	5.00%, 07/1/2050, Call 07/1/2030		806,497
	560,000	New York State Dormitory Authority, NATL, 5.75%, 07/1/2027		587,226
	1,000,000	New York State Energy Research & Development Authority, 4.00%, 04/1/2034, Call 07/1/2033		1,008,924
		New York Transportation Development Corp.
	1,500,000	4.38%, 10/1/2045, Call 10/1/20303		1,467,537
	2,000,000	5.00%, 07/1/2046, Call 07/1/20243		1,978,691
	1,750,000	5.25%, 01/1/2050, Call 07/1/20243		1,752,253
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243		977,520
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		236,911

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	500,000	5.00%, 07/1/2045, Call 07/1/2025	$	502,609
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2043, Call 12/1/2029		1,305,305
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/20243		2,022,400
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,671,381
	1,500,000	4.00%, 07/15/2050, Call 07/15/20303		1,425,239
	375,000	Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030		307,339
		Triborough Bridge & Tunnel Authority
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,540,268
	1,000,000	5.50%, 05/15/2052, Call 11/15/2032		1,135,663
	1,000,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue, 5.25%, 05/15/2052, Call 11/15/2032		1,108,603
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		920,461
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		751,444
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		795,784
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		260,676
				54,938,479
		NORTH CAROLINA — 0.4%
	1,380,000	City of Charlotte Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028		1,427,343
	1,000,000	Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/20323		1,085,869
	715,000	North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028		582,748
	1,250,000	Town of Cary, 1.75%, 09/1/2037, Call 09/1/2031		903,716
				3,999,676
		NORTH DAKOTA — 0.2%
	400,000	County of Burleigh, 4.38%, 04/15/2026		391,539
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		1,573,799
				1,965,338
		OHIO — 1.0%
	1,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		937,950
	830,000	City of Akron, 5.00%, 12/1/2026		849,237
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		925,230
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		721,339
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,131,353
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		1,957,406

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OHIO (Continued)
$	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025	$	498,751
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,424,710
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,597,033
				11,043,009
		OKLAHOMA — 0.6%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		965,471
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,039,260
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,034,277
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20283		1,030,661
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		1,900,323
				5,969,992
		OREGON — 0.4%
	1,325,000	County of Clackamas, 3.00%, 06/1/2028, Call 08/10/2023		1,316,153
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		976,007
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,015,202
	45,000	5.00%, 10/1/2046, Call 10/1/2026		47,729
	720,000	5.00%, 10/1/2046, Call 10/1/2026		725,313
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		449,048
				4,529,452
		PENNSYLVANIA — 3.0%
	2,000,000	Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/20313		1,839,726
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		305,149
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/31/2023		95,069
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		252,875
	100,000	Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024		100,511
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303		965,583
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,956,775
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,067,557
	1,000,000	Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028		984,206
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		384,492

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025	$	268,906
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		680,708
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,534,400
		Pennsylvania Economic Development Financing Authority
	300,000	10.00%, 12/1/2040, Call 06/1/20304 5		271,145
	300,000	10.00%, 12/1/2040, Call 06/1/20303 4 5		271,145
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		960,303
	1,000,000	4.00%, 05/15/2048, Call 05/15/2033		937,390
	1,000,000	Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/20323		1,109,457
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,075,494
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,105,206
	1,000,000	5.00%, 12/1/2040, Call 06/1/2033		1,110,704
	500,000	5.00%, 12/1/2041, Call 06/1/2026		517,118
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,050,114
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		982,456
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,042,288
	500,000	5.25%, 12/1/2052, Call 12/1/2032		546,678
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		834,073
	500,000	6.88%, 06/15/2033, Call 08/10/2023		501,067
	850,000	4.00%, 11/1/2037, Call 11/1/2029		829,268
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		983,246
	1,140,000	Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030		1,122,627
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,317
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,017,078
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		891,120
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,252,774
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20283		281,244
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		525,150
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		500,722
				32,159,141

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PUERTO RICO — 0.8%
		Commonwealth of Puerto Rico
$	30,863	5.25%, 07/1/2023	$	30,863
	18,548	0.00%, 07/1/2024		17,772
	61,865	5.38%, 07/1/2025		63,428
	61,305	5.63%, 07/1/2027		64,621
	1,060,310	5.63%, 07/1/2029		1,137,259
	1,558,579	5.75%, 07/1/2031		1,705,599
	55,548	4.00%, 07/1/2033, Call 07/1/2031		52,902
	71,485	0.00%, 07/1/2033, Call 07/1/2031		43,807
	49,930	4.00%, 07/1/2035, Call 07/1/2031		46,537
	42,853	4.00%, 07/1/2037, Call 07/1/2031		38,577
	263,008	0.00%, 11/1/20431		132,819
	60,594	4.00%, 07/1/2046, Call 07/1/2031		51,412
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/20425		755,000
	4,000,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		3,909,475
				8,050,071
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,573,304
	1,000,000	Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023		1,004,031
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		585,097
				3,162,432
		SOUTH CAROLINA — 1.0%
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,034,898
	500,000	South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 08/10/20233 4 5		200,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283		2,092,745
		South Carolina Public Service Authority
	1,500,000	5.75%, 12/1/2047, Call 12/1/2032		1,656,478
	730,000	5.00%, 12/1/2055, Call 06/1/2025		731,411
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,024,296
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,139,816
				10,879,644
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,247,533

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE — 0.8%
$	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024	$	1,220,531
		Knox County Health Educational & Housing Facility Board
	289,625	5.25%, 05/1/2025, Call 11/1/20244 5		29
	35,707	6.00%, 05/1/20345		4
	1,000,000	Metropolitan Nashville Airport Authority, 5.25%, 07/1/2047, Call 07/1/20323		1,068,360
		Tennergy Corp.
	1,500,000	4.00%, 12/1/2051, Call 06/1/20281		1,480,608
	1,000,000	5.50%, 10/1/2053, Call 09/1/20301		1,059,323
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,027,964
	2,500,000	4.00%, 11/1/2049, Call 08/1/20251		2,486,932
				8,343,751
		TEXAS — 6.3%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		76,163
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		327,294
		Central Texas Regional Mobility Authority
	1,070,000	0.00%, 01/1/2027		942,287
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,078,906
	1,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/20263		1,033,101
	1,400,000	City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033		1,408,097
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,044,629
	1,000,000	City of El Paso Water & Sewer Revenue, 5.25%, 03/1/2049, Call 03/1/2033		1,107,148
	1,255,000	City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031		1,258,069
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		236,400
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,028,736
		City of Houston Airport System Revenue
	600,000	4.75%, 07/1/20243		600,559
	750,000	5.00%, 07/15/2035, Call 07/15/20253		752,567
	1,500,000	4.00%, 07/15/2041, Call 07/15/20293		1,364,727
	1,100,000	City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029		1,238,976
	1,280,000	City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,223,909
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		805,907
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/10/2023		500,187
	100,000	4.40%, 12/1/2047, Call 08/10/2023		88,451

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,500,000	4.60%, 12/1/2049, Call 12/1/2024	$	1,354,250
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		1,020,360
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,003,096
	260,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		261,247
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,114,066
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,069,153
	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032		1,109,318
	1,300,000	Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032		1,470,988
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,049,762
		Harris County Flood Control District
	750,000	4.00%, 09/15/2043, Call 09/15/2033		752,443
	1,000,000	4.00%, 09/15/2048, Call 09/15/2033		983,239
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,166,278
	1,000,000	Lamar Consolidated Independent School District, AGM, 5.50%, 02/15/2058, Call 02/15/2033		1,125,476
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 07/31/20233 4		487,758
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		606,665
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,012,916
	2,505,000	5.00%, 07/1/2047, Call 07/1/20255		2,267,025
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		383,200
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,502,052
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,219,986
		North Texas Tollway Authority
	500,000	4.13%, 01/1/2039, Call 01/1/2032		504,680
	1,000,000	4.25%, 01/1/2049, Call 01/1/2028		991,375
	1,000,000	Permanent University Fund - University of Texas System, 4.00%, 07/1/2033, Call 07/1/2024		1,004,858
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,088,142
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 08/10/20235		600,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		303,024
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,779,920
		San Antonio Water System
	1,000,000	5.00%, 05/15/2043, Call 05/15/2028		1,060,037
	1,000,000	5.25%, 05/15/2052, Call 05/15/2032		1,104,519

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023	$	1,001,246
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,404,249
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		569,468
	1,060,000	6.25%, 12/15/2026		1,104,726
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		471,541
	1,110,000	5.00%, 12/31/2040, Call 12/31/20253		1,113,923
	1,000,000	5.00%, 06/30/2058, Call 06/30/20293		999,997
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,085,842
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		499,132
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,522,505
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,025,333
	1,000,000	5.00%, 08/1/2041, Call 08/1/2032		1,120,320
		Town of Westlake
	175,000	5.50%, 09/1/2025		173,831
	200,000	6.13%, 09/1/2035, Call 09/1/2025		199,895
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,223,820
				67,027,774
		UTAH — 0.4%
	1,000,000	City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/20313		975,029
	750,000	Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031		776,627
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20283		1,037,374
		Utah Charter School Finance Authority
	800,000	4.50%, 07/15/20274		775,639
	500,000	5.38%, 06/15/2048, Call 06/15/20274		465,305
				4,029,974
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		989,262
		VIRGINIA — 0.8%
	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		1,014,138
	1,000,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		994,243
	1,000,000	County of Fairfax, SAW, 3.00%, 10/1/2026, Call 10/1/2024		994,207
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 08/10/20233 4		30,004

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028	$	1,118,453
		Virginia Small Business Financing Authority
	2,225,000	4.00%, 01/1/2038, Call 01/1/20323		2,122,062
	500,000	4.00%, 01/1/2040, Call 01/1/20323		466,838
	1,750,000	5.00%, 12/31/2052, Call 06/30/20273		1,765,699
				8,970,394
		WASHINGTON — 2.8%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,070,303
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,542,857
	1,325,000	Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032		1,368,495
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,293,276
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,256,952
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,608,210
	40,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		44,183
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/20293		1,553,811
	1,500,000	5.00%, 08/1/2047, Call 08/1/20323		1,574,234
	1,360,000	Port of Tacoma, 5.00%, 12/1/20313		1,526,432
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,874,163
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,730,533
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,813,319
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,587,618
	180,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/26/2023		174,415
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		519,889
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,851,229
	500,000	5.00%, 08/1/2038, Call 08/1/2029		523,514
	1,000,000	5.00%, 10/1/2041, Call 10/1/2024		1,000,825
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		939,914
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		1,045,887
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,042,980
				29,943,039

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WEST VIRGINIA — 0.2%
$	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274	$	1,021,622
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,075,735
				2,097,357
		WISCONSIN — 1.3%
	1,000,000	Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031		982,199
		Public Finance Authority
	665,000	4.00%, 07/1/2027, Call 07/1/2024		656,026
	500,000	5.75%, 02/1/2035, Call 02/1/2025		500,569
	535,000	5.00%, 07/1/2037, Call 07/1/2024		536,508
	1,000,000	6.50%, 12/1/2037, Call 12/1/20274		899,295
	500,000	5.00%, 06/15/2039, Call 06/15/20264		453,891
	500,000	5.00%, 02/1/2042, Call 02/1/2032		509,851
	1,000,000	5.00%, 07/1/2042, Call 08/10/20233		1,000,006
	165,000	6.00%, 07/15/2042, Call 07/31/2023		165,069
	450,000	5.50%, 03/1/2045, Call 03/1/20254		453,133
	1,000,000	5.63%, 07/1/2045, Call 07/1/20254		1,005,490
	345,000	6.38%, 01/1/2048, Call 01/1/20284		212,175
	500,000	6.25%, 06/15/2048, Call 06/15/20334		500,710
	194,116	3.75%, 07/1/2051, Call 03/15/20281 4 5		111,739
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20464 5		171
	7,085	0.00%, 01/1/20474 5		157
	7,034	0.00%, 01/1/20484 5		148
	6,984	0.00%, 01/1/20494 5		139
	6,882	0.00%, 01/1/20504 5		128
	7,540	0.00%, 01/1/20514 5		133
	7,490	0.00%, 01/1/20524 5		123
	7,388	0.00%, 01/1/20534 5		115
	7,338	0.00%, 01/1/20544 5		108
	7,237	0.00%, 01/1/20554 5		101
	7,135	0.00%, 01/1/20564 5		95
	7,085	0.00%, 01/1/20574 5		89
	6,984	0.00%, 01/1/20584 5		83
	6,933	0.00%, 01/1/20594 5		79
	6,882	0.00%, 01/1/20604 5		73
	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

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,528	0.00%, 01/1/20654 5	$	53
	6,427	0.00%, 01/1/20664 5		49
	83,706	0.00%, 01/1/20674 5		573
	500,000	Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032		550,132
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		1,036,243
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,086,749
	500,000	Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030		172,744
	1,000,000	Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031		955,131
				13,790,326
		TOTAL MUNICIPAL BONDS
		(Cost $798,160,388)		780,825,913

Number of Shares
		COMMON STOCKS — 0.3%
	32,339	Energy Harbor Corp.*	2,498,188
	784	Talen Energy Corp.*	39,317
		TOTAL COMMON STOCKS
		(Cost $999,495)	2,537,505
		EXCHANGE-TRADED FUND — 5.0%
	497,969	iShares National Muni Bond ETF	53,148,232
		TOTAL EXCHANGE-TRADED FUND
		(Cost $53,621,588)	53,148,232
		CLOSED-END MUTUAL FUNDS — 0.5%
	18,027	BlackRock Long-Term Municipal Advantage Trust	174,321
	41,753	BlackRock MuniVest Fund, Inc.	280,998
	29,817	BlackRock MuniYield Quality Fund, Inc.	344,983
	55,299	BNY Mellon Municipal Income, Inc.	347,831
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	726,357
	20,359	BNY Mellon Strategic Municipals, Inc.	126,633
	11,444	DTF Tax-Free Income 2028 Term Fund, Inc.	123,252
	66,923	DWS Municipal Income Trust	576,207
	17,462	Invesco Advantage Municipal Income Trust II	146,855
	17,008	Invesco Municipal Opportunity Trust	160,896
	21,119	Invesco Municipal Trust	199,152
	10,819	Invesco Trust for Investment Grade Municipals	105,053
	6,391	Neuberger Berman Municipal Fund, Inc.	65,699

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.	$	293,754
	111,999	Pioneer Municipal High Income Fund, Inc.		955,351
	78,923	Western Asset Managed Municipals Fund, Inc.		783,705
	6,466	Western Asset Municipal Partners Fund, Inc.		75,663
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $7,760,733)		5,486,710
		PRIVATE FUNDS6 — 10.8%
		MacKay Municipal Credit Opportunities Fund, LP* 7		26,239,090
		MacKay Municipal Opportunities Fund, LP* 8		87,917,418
		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		114,156,508
		SHORT-TERM INVESTMENT — 9.2%
	97,184,266	JPMorgan Prime Money Market Fund - Institutional Shares, 5.13%9		97,203,703
		TOTAL SHORT-TERM INVESTMENT
		(Cost $97,209,327)		97,203,703
		TOTAL INVESTMENTS — 99.6%
		(Cost $1,052,409,367)		1,053,358,571
		Other assets less liabilities — 0.4%		4,593,446
		TOTAL NET ASSETS — 100.0%	$	1,057,952,017

* 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 Security may be exempt from Alternative Minimum Tax.

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 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.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

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

Schedule of Open Futures Contracts

At June 30, 2023, the Aspiriant Risk-Managed Municipal Bond Fund had interest rate futures contracts as set forth below:

Expiration Date	Number of  Contracts		Description	Notional Value at Time of Purchase			Notional Value  as of June 30, 2023			Unrealized Appreciation  (Depreciation)
Short Futures Contracts:
September 2023		15	Ultra 10-Year U.S. Treasury Note Futures	$	(1,788,012	)	$	(1,776,562	)	$	11,450
September 2023		10	U.S. Treasury Bond Futures		(1,262,085	)		(1,269,062	)		(6,977	)
				$	(3,050,097	)	$	(3,045,624	)	$	4,473

ASPIRIANT DEFENSIVE ALLOCATION FUND 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 (Unaudited) 

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUNDS — 21.3%
		ALTERNATIVE DIVERSIFIERS — 21.3%
	4,127,687	GMO Equity Dislocation Investment Fund - Class A* 1 2	$	85,773,328
	1,533,331	Managed Fund/Bridgewater Fund Limited2 3		129,609,093
	711,168	Lazard Rathmore Alternative Fund - Class E1		71,005,535
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS
		(Cost $300,884,789)		286,387,956
		OPEN-END MUTUAL FUNDS — 48.8%
		ALTERNATIVE DIVERSIFIERS — 11.1%
	7,361,993	BlackRock Event Driven Equity Fund - Institutional Shares		71,264,095
	7,573,485	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		77,173,809
				148,437,904
		CORE/ALTERNATIVE DIVERSIFIERS — 37.7%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV2 4		372,352,838
	7,418,651	JPMorgan Global Allocation Fund - Class R6		134,574,333
				506,927,171
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $664,113,935)		655,365,075
		EXCHANGE-TRADED FUND — 4.9%
		REAL ASSET — 4.9%
	1,810,889	iShares Gold Trust*		65,898,251
		TOTAL EXCHANGE-TRADED FUND
		(Cost $58,781,682)		65,898,251
		PRIVATE FUNDS5 — 14.0%
		ALTERNATIVE DIVERSIFIERS — 9.2%
		Elliott Associates, LP* 6		44,187,891
	19,495	Millennium International, Ltd. - Class GG*7		34,988,304
	30,542	Millennium International, Ltd. - Sub-Class GG-C* 8		43,661,155
				122,837,350
		CORE DIVERSIFIERS — 4.8%
		All Weather Portfolio Limited* 9		64,980,571
				64,980,571
		TOTAL PRIVATE FUNDS
		(Cost $153,913,976)		187,817,921
		SHORT-TERM INVESTMENT — 10.0%
	133,875,468	JPMorgan Prime Money Market Fund - Institutional Shares, 5.13%10		133,902,243
		TOTAL SHORT-TERM INVESTMENT
		(Cost $133,899,607)		133,902,243

ASPIRIANT DEFENSIVE ALLOCATION FUND 

SCHEDULE OF INVESTMENTS - Continued 

As of June 30, 2023 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 99.0%
	(Cost $1,311,593,989)		1,329,371,446
	Other assets less liabilities — 1.0%		14,000,649
	TOTAL NET ASSETS — 100.0%	$	1,343,372,095

* 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 $39,630,326.

⁷ The investment was acquired on 1/1/2020. The cost is $21,303,763.

⁸ The investment was acquired on 10/1/2020. The cost is $34,129,587.

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 TAXABLE BOND FUND 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 84.6%
		CORE — 75.3%
	3,875,295	DoubleLine Total Return Bond Fund - I Class	$	34,141,353
	7,389,288	MetWest Total Return Bond Fund - Plan Class1		62,808,948
	2,978,806	PIMCO Income Fund - Institutional Class		31,009,375
	2,003,931	River Canyon Total Return Bond Fund - Institutional Class		19,959,149
	1,022,744	Vanguard Total Bond Market Index Fund - Institutional Class		9,767,206
				157,686,031
		OPPORTUNISTIC — 9.3%
	960,646	GMO Emerging Country Debt Fund, Class VI		17,551,004
	380,725	Vanguard High-Yield Corporate Fund - Admiral Shares		1,987,383
				19,538,387
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $205,517,340)		177,224,418
		PRIVATE FUND2 — 4.7%
		OPPORTUNISTIC — 4.7%
		AG Direct Lending Fund IV Annex, LP3		9,946,436
		TOTAL PRIVATE FUND
		(Cost $8,873,037)		9,946,436
		SHORT-TERM INVESTMENT — 10.5%
	21,886,461	JPMorgan Prime Money Market Fund - Institutional Shares, 5.13%4		21,890,838
		TOTAL SHORT-TERM INVESTMENT
		(Cost $21,890,592)		21,890,838
		TOTAL INVESTMENTS — 99.8%
		(Cost $236,280,969)		209,061,692
		Other assets less liabilities — 0.2%		449,599
		TOTAL NET ASSETS — 100.0%	$	209,511,291

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

³ The investment was acquired on 4/8/2022. The cost is $8,873,037.

⁴ The rate is the annualized seven-day yield at period end.

LP — Limited Partnership