Aspiriant Trust NPORTP Aspiriant Risk-Managed Equity Allocation Fund (Dec 2023 report)

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		FOREIGN COLLECTIVE INVESTMENT FUNDS — 23.0%
		ALTERNATIVE DIVERSIFIERS — 23.0%
	4,146,110	GMO Equity Dislocation Investment Fund - Class A^{1 2}	$	90,758,348
	711,168	Lazard Rathmore Alternative Fund – Class E^{* 1}		71,968,172
	1,698,209	Managed Fund/Bridgewater Fund Limited^{* 2 3}⁴		139,617,524
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS
		(Cost $315,284,465)		302,344,044
		OPEN-END MUTUAL FUNDS — 51.0%
		ALTERNATIVE DIVERSIFIERS — 11.2%
	7,508,829	BlackRock Event Driven Equity Fund - Institutional Shares		75,013,200
	7,221,544	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6		72,359,872
				147,373,072
		CORE/ALTERNATIVE DIVERSIFIERS — 39.8%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV^{2 5}		380,721,967
	7,418,968	JPMorgan Global Allocation Fund - Class R6		142,295,817
				523,017,784
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $661,541,717)		670,390,856
		EXCHANGE-TRADED FUND — 5.4%
		REAL ASSET — 5.4%
	1,810,889	iShares Gold Trust*		70,678,998
		TOTAL EXCHANGE-TRADED FUND
		(Cost $58,781,682)		70,678,998
		PRIVATE FUNDS⁶ — 13.8%
		ALTERNATIVE DIVERSIFIERS — 9.6%
		Elliott Associates, LP* ⁷		51,238,424
	17,594	Millennium International, Ltd. - Class GG* ⁸		33,524,249
	27,564	Millennium International, Ltd. - Sub-Class GG-C* ⁹		41,834,196
				126,596,869
		CORE DIVERSIFIERS — 4.2%
		All Weather Portfolio Limited* ¹⁰		54,927,968
				54,927,968
		TOTAL PRIVATE FUNDS
		(Cost $139,905,284)		181,524,837
		SHORT-TERM INVESTMENT — 6.4%
	83,373,595	JPMorgan Prime Money Market Fund - Institutional Shares, 5.42%¹¹		83,440,294
		TOTAL SHORT-TERM INVESTMENT
		(Cost $83,397,354)		83,440,294

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

	Value
TOTAL INVESTMENTS — 99.6%
(Cost $1,258,910,502)		1,308,379,029

Other assets less liabilities — 0.4%		4,778,330
TOTAL NET ASSETS — 100.0%	$	1,313,157,359

Non-income producing security.

Domiciled in Ireland.

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

Domiciled in Jersey. In the United States the security is offered in private placement transactions and as such is restricted as to resale.

⁴

The investment was acquired on 9/27/2022. The cost is $159,000,000.

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 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 1/2/2020. The cost is $42,892,652.

⁸

The investment was acquired on 1/1/2020. The cost is $19,226,647.

⁹

The investment was acquired on 10/1/2020. The cost is $30,670,550.

¹⁰

The investment was acquired on 5/1/2018. The cost is $47,115,435.

¹¹

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, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 22.8%
		BERMUDA — 0.3%
	23,059	Arch Capital Group Ltd.*	$	1,712,592
	5,058	Everest Group Ltd.		1,788,407
	16,000	Hongkong Land Holdings Ltd.		55,649
	3,900	Jardine Matheson Holdings Ltd.		160,535
				3,717,183
		BRAZIL — 0.1%
	73,493	Telefonica Brasil S.A. - ADR		804,013

		CANADA — 0.1%
	4,984	Agnico Eagle Mines Ltd.		273,373
	11,272	Franco-Nevada Corp.		1,249,050
				1,522,423
		CAYMAN ISLANDS — 0.3%
	88,188	Alibaba Group Holding Ltd.		849,475
	63,000	CK Asset Holdings Ltd.		316,203
	273,500	CK Hutchison Holdings Ltd.		1,469,407
	15,500	Kingboard Holdings Ltd.		37,070
	6,563	NetEase, Inc. - ADR		611,409
	29,743	Tencent Holdings Ltd.		1,122,943
				4,406,507
		CHINA — 0.2%
	447,500	China Shenhua Energy Co., Ltd.		1,534,669
	1,327,000	Industrial & Commercial Bank of China Ltd. - Class H		646,705
				2,181,374
		CURACAO — 0.1%
	19,974	Schlumberger Ltd.		1,039,447

		DENMARK — 0.3%
	7,166	DSV A/S		1,259,115
	23,598	Novo Nordisk A/S - ADR		2,441,213
				3,700,328
		FRANCE — 0.9%
	24,153	Edenred		1,445,430
	542	L'Oreal S.A.		270,187
	2,107	LVMH Moet Hennessy Louis Vuitton S.E.		1,712,016
	255	Pernod Ricard S.A.		45,064
	18,369	Publicis Groupe S.A.		1,706,698
	32,133	Safran S.A.		5,665,382
	1,301	Thales S.A.		192,643

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FRANCE (Continued)
	11,686	Vinci S.A.	$	1,470,628
	33,079	Vivendi S.E.		354,110
				12,862,158
		GERMANY — 0.5%
	7,790	Knorr-Bremse A.G.		503,120
	1,191	Muenchener Rueckversicherungs-Gesellschaft A.G.		494,043
	5,743	Rheinmetall A.G.		1,821,314
	25,293	SAP S.E.		3,893,139
				6,711,616
		GUERNSEY — 0.1%
	16,079	Amdocs Ltd.		1,413,183

		HONG KONG — 0.1%
	124,000	Beijing Enterprises Holdings Ltd.		431,222
	140,000	China Merchants Port Holdings Co., Ltd.		190,785
	21,000	Power Assets Holdings Ltd.		121,752
	24,000	Sun Hung Kai Properties Ltd.		259,713
	137,800	Swire Properties Ltd.		278,943
				1,282,415
		INDIA — 0.2%
	20,752	Axis Bank Ltd.		1,366,511
	7,455	Dr Reddy's Laboratories Ltd. - ADR		518,719
	80,108	Infosys Ltd. - ADR¹		1,472,385
				3,357,615
		INDONESIA — 0.0%²
	3,016	Telkom Indonesia Persero Tbk P.T. - ADR		77,692

		IRELAND — 0.5%
	15,198	Accenture PLC - Class A		5,333,130
	3,476	Flutter Entertainment PLC*		616,995
	4,099	ICON PLC*		1,160,304
				7,110,429
		ISRAEL — 0.1%
	2,131	Elbit Systems Ltd.		454,436
	7,443	Nice Ltd. - ADR* ¹		1,484,953
				1,939,389
		JAPAN — 0.8%
	4,200	Bandai Namco Holdings, Inc.		83,993
	8,371	FUJIFILM Holdings Corp.		501,672
	18,600	Honda Motor Co., Ltd.		191,863

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	10,000	Itochu Corp.	$	407,398
	12,800	Japan Tobacco, Inc.		330,563
	29,387	KDDI Corp.		932,112
	27,100	MEIJI Holdings Co., Ltd.		643,723
	118,800	Nippon Steel Corp.		2,713,841
	347,500	Nippon Telegraph & Telephone Corp.		424,327
	25,060	Nippon Telegraph & Telephone Corp. - ADR		763,453
	17,400	Nissin Foods Holdings Co., Ltd.		607,605
	29,800	Recruit Holdings Co., Ltd.		1,245,972
	93,800	Renesas Electronics Corp.		1,677,235
	170	Shin-Etsu Chemical Co., Ltd.		7,110
	5,932	SoftBank Corp. - ADR¹		73,236
	30	Toyota Motor Corp.		550
	14,500	Trend Micro, Inc.		773,865
				11,378,518
		NETHERLANDS — 0.5%
	21,600	AerCap Holdings N.V.*		1,605,312
	10,641	Airbus S.E.		1,643,911
	34,843	Koninklijke Ahold Delhaize N.V.		1,002,484
	95,495	Stellantis N.V.¹		2,226,943
				6,478,650
		NEW ZEALAND — 0.0%²
	101,544	Spark New Zealand Ltd.		332,433

		SINGAPORE — 0.0%²
	12,622	DBS Group Holdings Ltd.		319,196
	17,000	United Overseas Bank Ltd.		366,914
				686,110
		SOUTH KOREA — 0.0%²
	894	POSCO Holdings, Inc. - ADR		85,029
	1	Woori Financial Group, Inc. - ADR		30
				85,059
		SPAIN — 0.1%
	12,172	Amadeus IT Group S.A.		874,212

		SWEDEN — 0.1%
	62,758	Volvo A.B. - B Shares		1,632,963

		SWITZERLAND — 0.4%
	88	Alcon, Inc.		6,874
	6,065	Garmin Ltd.		779,595

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	15,981	Nestle S.A.	$	1,852,516
	13,695	Novartis A.G.		1,383,338
	7,758	Roche Holding A.G.		2,255,201
	227	Zurich Insurance Group A.G.		118,682
				6,396,206
		TAIWAN — 0.7%
	21,579	Chunghwa Telecom Co., Ltd. - ADR		843,092
	318,000	Taiwan Semiconductor Manufacturing Co., Ltd.		6,096,553
	24,459	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,543,736
	66,650	United Microelectronics Corp. - ADR¹		563,859
				10,047,240
		UNITED KINGDOM — 1.0%
	11,649	AstraZeneca PLC		1,571,333
	1	AstraZeneca PLC - ADR		67
	123,283	Compass Group PLC		3,373,434
	50,312	Diageo PLC		1,826,083
	80,772	Haleon PLC - ADR		330,702
	15,211	London Stock Exchange Group PLC		1,798,116
	18,934	Reckitt Benckiser Group PLC		1,306,511
	121,811	Standard Chartered PLC		1,033,705
	60,762	Unilever PLC		2,941,551
				14,181,502
		UNITED STATES — 15.4%
	34,598	Abbott Laboratories		3,808,202
	1,855	Adobe, Inc.*		1,106,693
	7,272	Adtalem Global Education, Inc.*		428,684
	12,168	Aflac, Inc.		1,003,860
	48,567	Alphabet, Inc. - Class A*		6,784,324
	28,111	Alphabet, Inc. - Class C*		3,961,683
	59,677	Amazon.com, Inc.*		9,067,323
	6,837	American Express Co.		1,280,844
	6,071	American Tower Corp. - REIT		1,310,608
	55,045	Apple, Inc.		10,597,814
	9,128	Applied Materials, Inc.		1,479,375
	15,200	Ares Management Corp. - Class A		1,807,584
	417	Atmos Energy Corp.¹		48,330
	417	AutoZone, Inc.*		1,078,199
	711	Becton, Dickinson and Co.		173,363
	1,736	Bio-Rad Laboratories, Inc. - Class A*		560,537
	389	Booking Holdings, Inc.*		1,379,869

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,762	Broadcom, Inc.	$	1,966,833
	10,260	Builders FirstSource, Inc.*		1,712,804
	13,035	CBRE Group, Inc. - Class A*		1,213,428
	5,586	Cencora, Inc.		1,147,253
	2,871	Chemed Corp.¹		1,678,817
	838	Chevron Corp.		124,996
	5,174	Church & Dwight Co., Inc.¹		489,253
	4,812	Cigna Group		1,440,953
	25,505	Cisco Systems, Inc.		1,288,513
	5,859	CNX Resources Corp.*		117,180
	65,599	Coca-Cola Co.		3,865,749
	7,750	Constellation Brands, Inc. - Class A		1,873,563
	3,127	Constellation Energy Corp.		365,515
	2,941	Corteva, Inc.		140,933
	3,112	Costco Wholesale Corp.		2,054,169
	18,802	Dolby Laboratories, Inc. - Class A		1,620,356
	883	DT Midstream, Inc.		48,388
	9,546	Elevance Health, Inc.		4,501,512
	11,880	Eli Lilly & Co.		6,925,090
	4,786	Expeditors International of Washington, Inc.		608,779
	5,265	FleetCor Technologies, Inc.*		1,487,942
	10,432	FNB Corp.¹		143,649
	4,526	Gartner, Inc.* ¹		2,041,724
	8,543	General Electric Co.		1,090,343
	454	Graham Holdings Co. - Class B		316,220
	146	Home Depot, Inc.		50,596
	1,391	Humana, Inc.		636,814
	2,410	Intuit, Inc.		1,506,322
	9,048	Intuitive Surgical, Inc.*		3,052,433
	9,965	Jabil, Inc.		1,269,541
	1,172	JM Smucker Co.		148,117
	38,104	Johnson & Johnson		5,972,421
	19,476	KKR & Co., Inc.		1,613,587
	6,760	KLA Corp.		3,929,588
	9,860	Kraft Heinz Co.		364,623
	4,813	Lam Research Corp.		3,769,830
	3,442	Lancaster Colony Corp.¹		572,714
	10,070	Lennar Corp. - Class A		1,500,833
	5,287	Marriott International, Inc. - Class A		1,192,271
	3,995	Mastercard, Inc. - Class A		1,703,908
	842	McCormick & Co., Inc.		57,610

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	6,161	McDonald's Corp.	$	1,826,798
	3,162	McKesson Corp.		1,463,943
	52,026	Merck & Co., Inc.		5,671,875
	22,227	Meta Platforms, Inc. - Class A*		7,867,469
	44,926	Microsoft Corp.		16,893,973
	3,895	Molina Healthcare, Inc.*		1,407,302
	22,021	Monster Beverage Corp.*		1,268,630
	2,858	Motorola Solutions, Inc.		894,811
	2,151	MSCI, Inc.		1,216,713
	3,508	Netflix, Inc.*		1,707,975
	506	NIKE, Inc. - Class B		54,936
	3,931	NVIDIA Corp.		1,946,710
	38	NVR, Inc.*		266,017
	36,213	Oracle Corp.		3,817,937
	1,235	O'Reilly Automotive, Inc.*		1,173,349
	29,731	Otis Worldwide Corp.		2,660,033
	6,463	Procter & Gamble Co.		947,088
	4,701	Progressive Corp.		748,775
	8,615	Prosperity Bancshares, Inc.¹		583,494
	13,596	Quest Diagnostics, Inc.		1,874,617
	10,706	Republic Services, Inc.		1,765,527
	2,143	ResMed, Inc.		368,639
	4,488	Ross Stores, Inc.		621,094
	3,545	Royal Gold, Inc.¹		428,803
	2,780	S&P Global, Inc.		1,224,646
	21,932	Salesforce, Inc.*		5,771,187
	32	Seaboard Corp.		114,243
	5,344	Stryker Corp.		1,600,314
	4,513	Synopsys, Inc.*		2,323,789
	24,517	Texas Instruments, Inc.		4,179,168
	34,458	TJX Cos., Inc.		3,232,505
	60,250	U.S. Bancorp		2,607,620
	28,513	Uber Technologies, Inc.*		1,755,545
	3,606	United Therapeutics Corp.*		792,923
	17,077	UnitedHealth Group, Inc.		8,990,528
	2,279	Vertex Pharmaceuticals, Inc.*		927,302
	39,710	VICI Properties, Inc. - REIT		1,265,955
	23,909	Visa, Inc. - Class A¹		6,224,708
	12,175	Walmart, Inc.		1,919,389
	53,536	Wells Fargo & Co.		2,635,042

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	34,736	Werner Enterprises, Inc.	$	1,471,764
	4,788	Workday, Inc. - Class A*		1,321,775
				217,317,373
		TOTAL COMMON STOCKS
		(Cost $220,555,144)		321,536,038

		EXCHANGE-TRADED FUNDS — 17.3%
	1,390,505	iShares MSCI Global Min Vol Factor ETF		139,537,177
	3,856,692	Schwab Fundamental Emerging Markets Large Co. Index ETF¹		104,670,621
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $213,335,431)		244,207,798

		FOREIGN COLLECTIVE INVESTMENT FUND — 6.3%
	4,087,355	GMO Equity Dislocation Investment Fund - Class A^{3 4}		89,472,206
		TOTAL FOREIGN COLLECTIVE INVESTMENT FUND
		(Cost $85,343,401)		89,472,206

		OPEN-END MUTUAL FUNDS — 39.3%
	3,733,056	AQR Large Cap Defensive Style Fund - Class R6		81,865,909
	3,476,698	Baillie Gifford Emerging Markets Equities Fund - Class K		65,083,796
	14,186,735	GMO Quality Fund - Class VI^{5 6}		407,584,901
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $464,489,828)		554,534,606

		PRIVATE FUNDS⁷— 12.0%
		Bridgewater All Weather China, Ltd.* ^{4 8}		25,792,170
		RIEF Strategic Partners Fund LLC* ⁹		123,791,006
		Viking Global Equities LP* ¹⁰		19,860,000
		TOTAL PRIVATE FUNDS
		(Cost $145,589,197)		169,443,176

		SHORT-TERM INVESTMENTS — 1.4%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.2%
		Collateral Investments		2,168,987

		MONEY MARKET FUND — 1.2%
	17,556,562	JPMorgan Prime Money Market Fund - Institutional Shares, 5.42%¹¹		17,570,607
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $19,728,454)		19,739,594

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares		Value
	TOTAL INVESTMENTS — 99.1%
	(Cost $1,149,041,455)		1,398,933,418

	Other assets less liabilities — 0.9%		12,993,190
	TOTAL NET ASSETS — 100.0%	$	1,411,926,608

Non-income producing security.

Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $13,831,180.

Rounds to less than 0.05%.

Domiciled in Ireland.

⁴

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

⁵

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 to resale.

⁸

The investment was acquired on 3/1/2021. The cost is $27,473,038.

⁹

The investment was acquired on 7/2/2018. The cost is $98,116,159.

¹⁰

The investment was acquired on 12/1/2023. The cost is $20,000,000.

¹¹

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 76.7%
		ALABAMA — 2.0%
$	1,715,000	Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026	$	1,739,907
		Black Belt Energy Gas District
	2,000,000	4.00%, 06/1/2051, Call 09/1/2031¹		2,015,407
	1,000,000	4.00%, 10/1/2052, Call 09/1/2026¹		1,004,737
	1,950,000	5.25%, 02/1/2053, Call 03/1/2029¹		2,083,245
	500,000	4.52% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027²		491,154
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 01/26/2024		507,823
		Health Care Authority for Baptist Health
	1,000,000	5.00%, 11/15/2036, Call 11/15/2032		1,104,110
	875,000	5.00%, 11/15/2037, Call 11/15/2032		956,693
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029³		1,098,887
	2,520,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,563,434
	1,200,000	Selma Industrial Development Board, 1.38%, 05/1/2034¹		1,151,393
		Southeast Alabama Gas Supply District
	350,000	4.00%, 06/1/2049, Call 03/1/2024¹		350,183
	1,710,000	4.51% (1-Month Term SOFR+ 85 basis points), 06/1/2049, Call 03/1/2024²		1,707,340
		Southeast Energy Authority A Cooperative District
	750,000	5.00%, 06/1/2030, Call 03/1/2030		809,378
	1,500,000	5.25%, 01/1/2054, Call 04/1/2029¹		1,597,024
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,106,281
				21,286,996
		ARIZONA — 1.0%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 01/26/2024		500,120
		Arizona Industrial Development Authority
	805,000	4.00%, 03/1/2027⁴		782,831
	600,000	4.00%, 07/1/2041, Call 07/1/2026		579,646
	530,000	5.00%, 07/1/2047, Call 07/1/2027⁴		491,989
	213,316	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027^4 5		164,253
	1,000,000	City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027		1,012,110
	696,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025⁴		677,239

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	645,000	Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026	$	672,188
	500,000	Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024		500,268
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 02/5/2024⁴		320,972
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027⁴		967,595
	120,000	Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029⁴		118,978
		Maricopa County Pollution Control Corp.
	500,000	2.40%, 06/1/2035, Call 12/1/2031		408,121
	625,000	0.88%, 06/1/2043¹		568,444
	1,995,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,179,360
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		806,546
				10,750,660
		ARKANSAS — 0.3%
		Arkansas Development Finance Authority
	2,800,000	4.50%, 09/1/2049, Call 09/1/2026^3 4		2,791,391
	500,000	5.45%, 09/1/2052, Call 09/1/2025³		500,790
	500,000	State of Arkansas, 3.00%, 10/1/2024, Call 01/22/2024		499,989
				3,792,170
		CALIFORNIA — 7.1%
	1,000,000	Bay Area Toll Authority, 5.12% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026²		1,004,181
	1,325,000	Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031		1,026,905
		California Community Choice Financing Authority
	500,000	4.00%, 05/1/2053, Call 05/1/2028¹		507,577
	1,000,000	5.00%, 07/1/2053, Call 05/1/2029¹		1,062,735
	750,000	5.22% (SOFR Rate+ 163 basis points), 07/1/2053, Call 05/1/2029²		750,361
	1,000,000	5.54% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/2029²		1,011,138
	1,000,000	5.25%, 01/1/2054, Call 10/1/2030¹		1,058,422
	95,000	California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030		89,859
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		161,559
	1,715,000	4.00%, 11/15/2042, Call 11/15/2027		1,713,512
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,111,692
		California Municipal Finance Authority
	905,000	5.00%, 10/1/2035, Call 02/5/2024		905,979
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,038,534

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	50,000	5.00%, 10/1/2039, Call 10/1/2027⁴	$	48,773
	850,000	5.00%, 06/1/2046, Call 06/1/2026		852,009
	1,000,000	4.00%, 12/31/2047, Call 06/30/2028³		983,368
	1,000,000	California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2024^3 4		1,000,863
		California School Finance Authority
	50,000	5.00%, 08/1/2036, Call 08/1/2025⁴		51,784
	650,000	5.00%, 08/1/2036, Call 08/1/2025⁴		661,594
	1,250,000	5.00%, 06/1/2040, Call 06/1/2027⁴		977,504
	100,000	5.00%, 08/1/2041, Call 08/1/2025⁴		103,569
	900,000	5.00%, 08/1/2041, Call 08/1/2025⁴		909,927
	350,000	6.75%, 11/1/2045, Call 11/1/2024⁴		353,063
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,010,490
		California Statewide Communities Development Authority
	850,000	5.25%, 10/1/2043, Call 10/1/2024		865,312
	1,500,000	5.25%, 12/1/2044, Call 12/1/2024		1,503,868
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		999,301
	1,000,000	5.50%, 12/1/2058, Call 06/1/2028⁴		1,022,924
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		203,422
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		505,310
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,019,966
		City of Los Angeles Department of Airports
	1,500,000	5.00%, 05/15/2034, Call 05/15/2028³		1,608,774
	1,000,000	5.50%, 05/15/2035, Call 11/15/2031³		1,180,913
	2,000,000	5.00%, 05/15/2048, Call 05/15/2029³		2,084,345
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		666,783
	1,470,000	Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031		1,466,216
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,376,246
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,000,684
		Golden State Tobacco Securitization Corp.
	500,000	5.00%, 06/1/2051, Call 12/1/2031		524,258
	3,000,000	0.00%, 06/1/2066, Call 12/1/2031		354,418
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,012,768
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,008,769
	1,250,000	Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030		1,057,055
	4,000,000	Los Angeles Department of Water & Power, 5.00%, 07/1/2044, Call 07/1/2024		4,021,459
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		386,656

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032	$	3,819,074
	850,000	Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025		853,547
	1,330,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		1,416,747
	1,000,000	Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032		1,030,631
	675,000	Port of Los Angeles, 5.00%, 08/1/2031, Call 08/1/2024³		680,005
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 02/5/2024		1,001,131
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		707,827
	750,000	Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026		784,656
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		2,701,886
	950,000	Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030		1,069,385
	1,660,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		1,734,678
	1,430,000	San Diego County Regional Airport Authority, 5.00%, 07/1/2048, Call 07/1/2033³		1,530,938
	1,000,000	San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033		1,150,553
	625,000	San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040		629,729
	1,000,000	San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/2029³		1,059,924
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,150,238
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		337,184
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		976,689
		Santa Ana Financing Authority, NATL-RE
	110,000	6.25%, 07/1/2024		111,767
	110,000	6.25%, 07/1/2024		111,751
	500,000	Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029		430,795
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,004,686
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		602,768
	1,390,000	5.00%, 11/1/2033		1,521,953
	1,250,000	Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031		1,137,481
		State of California
	500,000	5.00%, 09/1/2041, Call 09/1/2031		570,272
	855,000	5.00%, 04/1/2042, Call 04/1/2032		975,400

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	5.00%, 04/1/2047, Call 04/1/2032	$	1,122,577
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027⁴		108,319
	1,100,000	University of California, 5.50%, 05/15/2040, Call 05/15/2033		1,346,440
				76,943,876
		COLORADO — 3.7%
	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024		439,731
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		598,843
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,030,192
		City & County of Denver Airport System Revenue
	1,000,000	5.50%, 11/15/2040, Call 11/15/2032³		1,145,715
	1,000,000	5.75%, 11/15/2041, Call 11/15/2032³		1,159,664
	2,000,000	5.00%, 12/1/2048, Call 12/1/2028³		2,059,960
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025⁴		510,402
	500,000	4.75%, 04/1/2030, Call 02/5/2024		500,466
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,046,997
	460,000	5.00%, 10/1/2039, Call 10/1/2027⁴		440,143
	500,000	4.00%, 07/1/2041, Call 07/1/2031⁴		415,426
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		101,017
	1,000,000	5.00%, 03/15/2035, Call 03/15/2030		1,087,810
	500,000	4.00%, 10/1/2039, Call 10/1/2024		496,070
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		517,649
	500,000	5.00%, 06/1/2036, Call 06/1/2027		538,319
	1,000,000	4.00%, 08/1/2039, Call 08/1/2029		1,006,554
	500,000	8.00%, 08/1/2043, Call 02/5/2024		493,151
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,021,111
	2,000,000	4.00%, 08/1/2049, Call 08/1/2029		1,921,269
	500,000	5.25%, 11/1/2052, Call 11/1/2032		531,072
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		475,728
	500,000	Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026		511,735
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 02/5/2024		1,470,538
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		523,296
	480,000	E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030		392,062
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,194,199
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 02/5/2024		1,010,434

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024	$	752,613
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		1,888,303
	770,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		790,136
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		969,018
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		447,386
	4,000,000	Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026		4,165,084
	1,500,000	State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032		1,840,664
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		131,385
	1,000,000	Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026		827,783
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		575,879
	1,000,000	Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032		1,136,489
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,053,616
				40,217,909
		CONNECTICUT — 0.7%
	1,685,000	City of Bridgeport, 5.00%, 06/1/2029		1,863,580
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/5/2024³		500,147
		Connecticut State Health & Educational Facilities Authority
	375,000	5.00%, 06/1/2033, Call 06/1/2030		422,108
	1,500,000	4.00%, 07/1/2042, Call 07/1/2032		1,457,113
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027⁴		1,011,858
	1,500,000	State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031		1,559,545
	1,250,000	State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031		1,313,938
				8,128,289
		DELAWARE — 0.3%
		Delaware River & Bay Authority
	300,000	5.00%, 01/1/2035, Call 01/1/2032		352,665
	375,000	5.00%, 01/1/2036, Call 01/1/2032		437,412
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025⁴		1,042,805
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,520,356
				3,353,238
		DISTRICT OF COLUMBIA — 1.0%
	1,465,000	District of Columbia, 5.00%, 10/15/2044, Call 04/15/2029		1,587,062
		Metropolitan Washington Airports Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
$	1,520,000	4.00%, 10/1/2036, Call 10/1/2026³	$	1,530,867
	1,820,000	5.00%, 10/1/2042, Call 10/1/2027³		1,886,169
	655,000	5.00%, 10/1/2044, Call 10/1/2024³		656,556
	500,000	Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/2031³		531,518
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		764,156
	615,000	6.50%, 10/1/2041, Call 10/1/2026		678,078
	2,130,000	4.00%, 10/1/2049, Call 10/1/2029		2,016,096
		Washington Convention & Sports Authority
	500,000	4.00%, 10/1/2035, Call 10/1/2030		526,331
	875,000	4.00%, 10/1/2036, Call 10/1/2030		914,856
				11,091,689
		FLORIDA — 6.0%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,343,120
	760,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 02/5/2024		759,982
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		96,297
		Capital Trust Agency, Inc.
	300,000	4.38%, 06/15/2027⁴		295,983
	510,000	5.35%, 07/1/2029, Call 02/5/2024		510,781
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		94,544
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 02/5/2024		500,241
	500,000	City of Fort Lauderdale, 5.00%, 07/1/2048, Call 07/1/2032		554,405
	2,435,000	City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024		2,447,121
	500,000	City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048		578,474
	425,000	City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032		473,371
	450,000	City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027		480,292
	1,000,000	City of Tampa, 5.00%, 11/15/2046, Call 05/15/2026		1,021,067
	500,000	County of Bay, 5.00%, 09/1/2043, Call 02/5/2024		500,278
	2,000,000	County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032³		2,170,551
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025³		1,018,288
	1,000,000	County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031		985,257
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,412,989
	650,000	County of Miami-Dade, 4.00%, 07/1/2042, Call 07/1/2028		655,823

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	500,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/2029³	$	516,154
		County of Miami-Dade Transit System
	2,000,000	4.00%, 07/1/2048, Call 07/1/2028		2,002,639
	1,500,000	4.00%, 07/1/2049, Call 07/1/2030		1,497,334
	175,000	County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029⁴		174,986
	375,000	County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033		429,388
	1,000,000	County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030		1,011,996
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		752,447
	825,000	6.13%, 06/15/2046, Call 06/15/2025⁴		828,532
	1,710,000	6.50%, 01/1/2049, Call 02/5/2024^1 3 4		1,676,030
	3,000,000	7.38%, 01/1/2049, Call 02/5/2024^3 4		3,022,488
	1,000,000	7.50%, 07/1/2057, Call 02/5/2024^1 3 4		995,725
	2,000,000	8.00%, 07/1/2057, Call 02/5/2024^1 3 4		2,041,576
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028⁴		487,989
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 02/5/2024		1,001,740
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		500,135
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 02/5/2024³		1,000,047
	1,665,000	5.00%, 10/1/2046, Call 10/1/2026³		1,687,745
	2,000,000	4.00%, 10/1/2052, Call 10/1/2031³		1,893,381
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,052,021
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028³		2,086,462
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,127,227
		Lake Ashton Community Development District
	40,000	5.00%, 05/1/2025		40,299
	375,000	5.00%, 05/1/2037, Call 05/1/2025		375,900
	1,670,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,683,767
	1,250,000	Lakewood Ranch Stewardship District, 5.13%, 05/1/2047, Call 05/1/2027⁴		1,250,098
	1,000,000	Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033		1,109,781
		Lee County Industrial Development Authority
	500,000	5.00%, 11/15/2039, Call 11/15/2026		502,240
	100,000	5.75%, 06/15/2042, Call 02/5/2024⁴		96,877
	2,000,000	5.00%, 11/15/2044, Call 11/15/2026		1,964,294
	1,000,000	5.00%, 11/15/2049, Call 11/15/2026		963,411
	825,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		834,532

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	385,000	Mediterra South Community Development District, 5.00%, 05/1/2034, Call 02/5/2024	$	385,036
	1,000,000	Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024		1,007,727
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		635,323
	330,000	5.25%, 09/15/2044, Call 09/15/2024		331,456
	105,000	5.00%, 09/15/2044, Call 09/15/2027⁴		106,436
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		710,821
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,560,066
	1,535,000	South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027		1,575,943
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		101,014
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,046,742
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028⁴		136,207
	485,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 02/5/2024		485,101
	1,000,000	Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033		1,112,910
		Wildwood Utility Dependent District, BAM
	750,000	5.00%, 10/1/2036, Call 10/1/2031		866,290
	1,000,000	5.00%, 10/1/2046, Call 10/1/2031		1,082,780
	875,000	Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032		749,978
				65,399,935
		GEORGIA — 2.5%
	1,100,000	Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030		1,115,100
	1,000,000	Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029		1,006,332
	2,000,000	Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033		2,065,192
		Burke County Development Authority
	500,000	2.20%, 10/1/2032, Call 11/19/2026		420,283
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		926,000
	500,000	Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027		521,526
	500,000	George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/2031⁴		437,416
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,111,248
	750,000	Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032		834,400
	1,000,000	Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030		1,143,130
	325,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027⁴		327,468

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
		Main Street Natural Gas, Inc.
$	1,100,000	4.00%, 12/1/2026	$	1,101,697
	1,470,000	5.00%, 05/15/2034, Call 05/15/2029		1,565,411
	1,350,000	4.00%, 07/1/2052, Call 06/1/2027¹		1,358,381
	1,500,000	4.00%, 08/1/2052, Call 05/1/2027^1 4		1,443,923
	1,000,000	5.00%, 12/1/2052, Call 03/1/2029¹		1,055,939
	1,000,000	5.00%, 06/1/2053, Call 03/1/2030¹		1,060,986
	2,000,000	5.00%, 12/1/2053, Call 03/1/2031¹		2,153,718
	2,000,000	5.00%, 05/1/2054, Call 09/1/2030¹		2,128,324
		Municipal Electric Authority of Georgia
	200,000	5.00%, 01/1/2056, Call 01/1/2030		205,897
	1,000,000	5.00%, 01/1/2063, Call 07/1/2028		1,017,113
	1,335,000	Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033		1,396,555
		Private Colleges & Universities Authority
	1,325,000	5.00%, 04/1/2044, Call 04/1/2024		1,331,281
	1,000,000	5.25%, 10/1/2051, Call 10/1/2032		1,081,375
	500,000	State of Georgia, 5.00%, 07/1/2025		517,702
				27,326,397
		GUAM — 0.1%
	1,000,000	Guam Government Waterworks Authority, 5.00%, 07/1/2035, Call 07/1/2024		1,007,380
	250,000	Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031		240,236
				1,247,616
		HAWAII — 0.1%
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028³		1,027,706
		IDAHO — 0.2%
	300,000	Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/2024		301,509
		Idaho Housing & Finance Association
	370,000	6.00%, 07/1/2039, Call 07/1/2028⁴		384,276
	415,000	6.00%, 07/1/2049, Call 07/1/2028⁴		425,982
	565,000	6.00%, 07/1/2054, Call 07/1/2028⁴		578,819
				1,690,586
		ILLINOIS — 10.6%
		Chicago Board of Education
	100,000	5.75%, 04/1/2034, Call 04/1/2027		105,488
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,064,729
	1,000,000	5.00%, 12/1/2036, Call 12/1/2030		1,043,003
	180,000	5.00%, 04/1/2037, Call 04/1/2027		184,199
	500,000	5.00%, 04/1/2038, Call 04/1/2028		513,289

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	500,000	5.25%, 12/1/2039, Call 12/1/2024	$	500,050
	1,000,000	5.00%, 12/1/2040, Call 12/1/2030		1,019,017
	575,000	5.00%, 12/1/2042, Call 02/5/2024		569,033
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,030,947
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,143,612
	1,000,000	5.00%, 12/1/2046, Call 02/5/2024		978,987
	1,900,000	Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033		2,080,862
		Chicago O'Hare International Airport
	500,000	5.00%, 01/1/2031, Call 01/1/2025³		504,462
	1,000,000	3.88%, 01/1/2032, Call 02/5/2024		1,000,543
	500,000	5.00%, 07/1/2033, Call 07/1/2028³		524,858
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,515,813
	1,000,000	5.00%, 01/1/2048, Call 01/1/2029³		1,030,926
	1,000,000	Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031³		1,079,695
	680,000	Chicago Park District, 5.00%, 11/15/2024		690,180
	2,500,000	Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026		2,563,911
	1,500,000	Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029		1,557,858
	1,885,000	Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031		2,030,512
		City of Chicago
	1,000,000	5.00%, 01/1/2027		1,047,511
	1,000,000	5.50%, 01/1/2033, Call 01/1/2025		1,013,400
	1,835,000	5.00%, 01/1/2034, Call 01/1/2031		2,005,649
	880,000	6.00%, 01/1/2038, Call 01/1/2027		924,368
	500,000	5.50%, 01/1/2040, Call 01/1/2025		503,594
		City of Chicago Wastewater Transmission Revenue
	665,000	5.00%, 01/1/2034, Call 01/1/2025		675,424
	3,000,000	5.00%, 01/1/2039, Call 02/5/2024		3,001,804
	1,650,000	5.00%, 01/1/2039, Call 01/1/2025		1,662,063
		City of Chicago Waterworks Revenue
	1,000,000	5.00%, 11/1/2031, Call 11/1/2024		1,012,798
	1,000,000	5.00%, 11/1/2044, Call 11/1/2024		1,006,195
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,019,296
	1,270,000	County of Cook, 5.00%, 11/15/2032, Call 11/15/2030		1,437,040
		County of Cook Sales Tax Revenue
	1,200,000	5.00%, 11/15/2033, Call 11/15/2027		1,286,943
	1,000,000	5.00%, 11/15/2038, Call 11/15/2030		1,095,960
		Illinois Educational Facilities Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	2,000,000	4.50%, 11/1/2036, Call 11/1/2024	$	2,009,260
	570,000	3.90%, 11/1/2036, Call 11/1/2027		585,687
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		723,016
	425,000	5.00%, 08/1/2027		445,201
	500,000	5.00%, 08/1/2028, Call 08/1/2027		524,493
	670,000	5.00%, 03/1/2033, Call 03/1/2027		699,002
	315,000	5.00%, 02/15/2034, Call 02/15/2027		331,498
	500,000	5.00%, 03/1/2034, Call 03/1/2027		521,410
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,031,230
	1,420,000	4.00%, 08/1/2036, Call 08/1/2031		1,447,685
	225,000	5.00%, 02/15/2037, Call 08/15/2027		226,912
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		1,746,003
	1,000,000	4.00%, 07/15/2039, Call 07/15/2031		1,022,865
	550,000	5.00%, 09/1/2042, Call 09/1/2024		556,959
	1,000,000	4.00%, 08/1/2043, Call 08/1/2031		959,336
	1,590,000	5.00%, 06/1/2044, Call 12/1/2032		1,720,545
	2,000,000	5.00%, 02/15/2045, Call 02/15/2026		2,040,198
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		1,943,712
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,038,266
	1,250,000	4.00%, 07/15/2047, Call 01/15/2028		1,212,300
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,001,022
	4,330,000	5.25%, 05/15/2048, Call 05/15/2033		4,866,067
	1,250,000	4.00%, 08/15/2048, Call 08/15/2031		1,192,979
	1,000,000	Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025		1,003,483
	3,000,000	Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024		3,013,228
		Illinois State Toll Highway Authority
	1,255,000	5.00%, 01/1/2037, Call 04/2/2024		1,261,018
	1,000,000	5.00%, 01/1/2040, Call 01/1/2031		1,112,131
	625,000	5.00%, 01/1/2040, Call 07/1/2025		639,376
	750,000	4.00%, 01/1/2046, Call 01/1/2032		744,666
	1,500,000	5.00%, 01/1/2046, Call 01/1/2032		1,659,115
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,088,438
	1,830,000	Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032		1,899,469
	1,000,000	Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027		1,004,816
		Metropolitan Pier & Exposition Authority
	500,000	4.00%, 12/15/2042, Call 12/15/2031		500,184
	1,355,000	5.00%, 06/15/2050, Call 12/15/2029		1,400,969
	530,000	5.00%, 06/15/2057, Call 12/15/2027		540,933

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
		Metropolitan Pier & Exposition Authority, NATL
$	1,000,000	0.00%, 06/15/2029	$	838,823
	3,300,000	0.00%, 12/15/2030		2,624,178
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		1,980,121
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,032,134
		Sales Tax Securitization Corp.
	735,000	5.00%, 01/1/2028		801,245
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,144,577
	500,000	4.00%, 01/1/2038, Call 01/1/2030		509,331
	750,000	Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029		759,137
		State of Illinois
	750,000	5.00%, 02/1/2025		764,466
	1,000,000	5.00%, 11/1/2026		1,054,759
	1,000,000	5.00%, 10/1/2031, Call 10/1/2030		1,118,090
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,860,418
	660,000	5.00%, 03/1/2036, Call 03/1/2031		729,062
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,011,347
	1,500,000	5.00%, 02/1/2039, Call 02/5/2024		1,500,752
	1,000,000	5.50%, 03/1/2042, Call 03/1/2032		1,119,315
	500,000	5.00%, 03/1/2046, Call 03/1/2031		529,874
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,026,962
	1,500,000	University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028		1,539,214
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027⁴		575,533
	1,500,000	Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026		1,434,405
		Will County Community High School District No. 210 Lincoln-Way, BAM
	550,000	0.00%, 01/1/2031		431,929
	250,000	0.00%, 01/1/2032		188,693
	710,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		665,238
				115,377,094
		INDIANA — 0.9%
	1,450,000	City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031		1,440,925
		Indiana Finance Authority
	1,000,000	3.00%, 11/1/2030		940,554
	1,000,000	3.00%, 11/1/2030		940,554

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		INDIANA (Continued)
$	3,000,000	4.00%, 11/1/2033, Call 11/1/2027	$	3,094,868
	1,000,000	5.00%, 10/1/2053, Call 10/1/2033		1,089,731
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		1,980,043
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 02/5/2024³		500,728
				9,987,403
		IOWA — 0.3%
		Iowa Finance Authority
	1,520,000	4.75%, 08/1/2042, Call 02/5/2024		1,497,810
	1,000,000	5.00%, 12/1/2050, Call 12/1/2029		1,047,555
	4,655,000	Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031		612,018
	500,000	PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026¹		512,263
				3,669,646
		KANSAS — 0.2%
	640,000	City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026		621,381
	1,000,000	Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033		1,016,447
				1,637,828
		KENTUCKY — 0.8%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		205,101
	1,100,000	5.00%, 07/1/2040, Call 07/1/2025		1,108,733
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,362,197
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		796,384
	2,600,000	Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/2024¹		2,600,826
	1,500,000	Louisville/Jefferson County Metropolitan Government, 5.00%, 10/1/2042, Call 10/1/2033		1,629,068
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,044,296
				8,746,605
		LOUISIANA — 1.3%
	1,165,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 02/5/2024		1,165,215
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,587,900
	1,000,000	Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034¹		1,033,474
	1,205,000	Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027		1,247,598
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,034,065
		Louisiana Public Facilities Authority
	500,000	8.13%, 12/15/2033, Call 02/5/2024		500,417
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,021,941

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
$	885,000	6.50%, 07/1/2036, Call 02/5/2024^3 4	$	885,147
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,445,035
	1,000,000	Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033		1,105,844
		New Orleans Aviation Board
	500,000	5.00%, 10/1/2035, Call 10/1/2028		543,440
	1,500,000	5.00%, 01/1/2048, Call 01/1/2027³		1,516,387
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028³		1,308,570
				14,395,033
		MAINE — 0.5%
	1,615,000	Maine Health & Higher Educational Facilities Authority, 5.00%, 07/1/2035, Call 07/1/2027		1,709,519
		Maine Health & Higher Educational Facilities Authority, AGM
	500,000	4.00%, 07/1/2036, Call 07/1/2031		522,980
	500,000	4.00%, 07/1/2039, Call 07/1/2031		513,206
		Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY
	50,000	5.00%, 07/1/2028, Call 07/1/2027		54,108
	950,000	5.00%, 07/1/2028, Call 07/1/2027		1,013,604
	1,510,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,653,514
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 02/5/2024³		500,950
				5,967,881
		MARYLAND — 1.5%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,636,854
	1,500,000	5.00%, 09/1/2042, Call 09/1/2027		1,447,959
	1,250,000	County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031		995,472
	1,330,000	County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026		1,475,805
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,605,953
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029³		1,033,102
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 01/26/2024		2,700,882
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,010,489
	1,065,000	5.00%, 05/15/2045, Call 05/15/2027		1,089,435
	500,000	5.00%, 07/1/2045, Call 07/1/2025		503,941
	1,000,000	4.00%, 07/1/2048, Call 01/1/2028		972,926
	1,000,000	Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033		1,019,894
				16,492,712

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MASSACHUSETTS — 0.5%
$	645,000	City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029	$	507,653
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		118,472
		Massachusetts Development Finance Agency
	1,000,000	5.00%, 08/15/2045, Call 08/15/2025		1,010,186
	1,000,000	5.00%, 07/1/2047, Call 07/1/2026		1,025,629
	1,200,000	5.25%, 07/1/2048, Call 07/1/2033		1,314,038
		Massachusetts Educational Financing Authority
	1,000,000	5.00%, 07/1/2028³		1,062,143
	200,000	4.25%, 07/1/2046, Call 07/1/2026³		195,103
				5,233,224
		MICHIGAN — 2.2%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		501,587
	435,000	Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024		437,474
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,042,194
		Michigan Finance Authority
	240,000	5.00%, 06/1/2029, Call 02/5/2024		212,716
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,171,195
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,518,223
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,018,290
	1,000,000	5.00%, 07/1/2035, Call 07/1/2025		1,017,415
	1,270,000	5.00%, 09/1/2038, Call 09/1/2031		1,367,174
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,002,521
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,022,423
	2,000,000	4.00%, 02/15/2044, Call 08/15/2029		1,960,266
	1,000,000	4.00%, 12/1/2049, Call 12/1/2029		955,720
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,456,295
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		973,903
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,104,288
	1,250,000	Michigan State Housing Development Authority, 2.13%, 10/1/2036, Call 10/1/2030		1,024,738
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 02/5/2024		250,039
	890,000	State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031		899,167
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,591,245
				23,526,873
		MINNESOTA — 0.3%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		250,604
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027⁴		69,168

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
$	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025^1 4	$	1,669,594
	1,000,000	Duluth Economic Development Authority, 5.25%, 02/15/2058, Call 02/15/2028		1,030,333
				3,019,699
		MISSOURI — 1.0%
	75,000	Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031		72,922
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		659,951
	685,000	5.00%, 01/1/2032, Call 01/1/2028		752,439
	350,000	5.00%, 01/1/2034, Call 01/1/2028		384,977
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		655,427
	445,000	5.00%, 10/1/2047, Call 10/1/2027		451,491
		Health & Educational Facilities Authority of the State of Missouri
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,041,119
	350,000	4.00%, 11/15/2049, Call 11/15/2027		336,703
	1,175,000	5.00%, 12/1/2052, Call 12/1/2033		1,269,932
	1,000,000	4.00%, 06/1/2053, Call 06/1/2030		970,742
		Kansas City Industrial Development Authority
	980,000	5.00%, 03/1/2037, Call 03/1/2029³		1,032,049
	1,020,000	5.00%, 03/1/2039, Call 03/1/2029³		1,059,964
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,437,558
	500,000	St. Charles County School District No. R-IV Wentzville, State Aid Direct Deposit, 1.88%, 03/1/2040, Call 03/1/2028		363,634
				10,488,908
		NEBRASKA — 0.3%
	1,000,000	Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027		1,070,003
	2,000,000	Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032		2,232,839
				3,302,842
		NEVADA — 1.2%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		246,660
	800,000	Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030		912,475
		County of Clark
	500,000	2.10%, 06/1/2031		431,349
	1,520,000	5.00%, 06/1/2043, Call 06/1/2028		1,610,274
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,011,816
		Las Vegas Convention & Visitors Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA (Continued)
$	1,000,000	5.00%, 07/1/2043, Call 07/1/2028	$	1,063,288
	750,000	4.00%, 07/1/2049, Call 07/1/2028		726,526
		Las Vegas Valley Water District
	1,000,000	5.00%, 06/1/2033, Call 12/1/2024		1,017,473
	2,025,000	5.00%, 06/1/2039, Call 12/1/2024		2,050,704
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,065,996
	1,000,000	State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031		1,082,342
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025⁴		596,626
				12,815,529
		NEW HAMPSHIRE — 0.5%
		New Hampshire Business Finance Authority
	1,000,000	4.50%, 10/1/2033		1,079,350
	470,680	4.13%, 01/20/2034		465,629
	1,000,000	New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033		1,109,154
		New Hampshire Health and Education Facilities Authority Act
	1,120,000	5.00%, 07/1/2037, Call 07/1/2027		1,144,085
	215,000	5.00%, 08/1/2037, Call 02/1/2028		225,123
	1,000,000	New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033		1,115,920
				5,139,261
		NEW JERSEY — 2.8%
		New Jersey Economic Development Authority
	890,000	3.13%, 07/1/2029, Call 07/1/2027		865,661
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		988,277
	100,000	5.00%, 07/15/2032, Call 07/15/2027		104,654
	500,000	5.00%, 07/1/2033, Call 07/1/2027		521,173
	280,000	6.00%, 10/1/2034, Call 10/1/2024⁴		281,202
	880,000	5.00%, 06/15/2036, Call 12/15/2026		918,952
	1,050,000	5.25%, 06/15/2040, Call 06/15/2025		1,086,956
	350,000	6.30%, 10/1/2049, Call 10/1/2024⁴		351,294
	1,000,000	New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024		1,016,546
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,009,081
	1,175,000	New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025		1,185,046
		New Jersey Higher Education Student Assistance Authority
	500,000	5.00%, 12/1/2028, Call 06/1/2028³		531,907
	855,000	4.25%, 12/1/2047, Call 12/1/2026³		857,472
	3,595,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/2024³		3,577,036

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
		New Jersey Transportation Trust Fund Authority
$	1,800,000	0.00%, 12/15/2030	$	1,442,177
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,017,016
	500,000	5.00%, 06/15/2040, Call 12/15/2030		551,160
	500,000	4.00%, 06/15/2042, Call 06/15/2032		505,389
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,135,836
	805,000	5.00%, 06/15/2044, Call 06/15/2024		807,252
	3,800,000	5.00%, 06/15/2048, Call 12/15/2032		4,135,586
	250,000	5.50%, 06/15/2050, Call 12/15/2032		280,141
	1,750,000	New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033		1,967,943
	1,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028³		1,049,361
	350,000	South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032		378,846
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,710,879
				30,276,843
		NEW MEXICO — 0.2%
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 02/5/2024		810,004
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,004,171
				1,814,175
		NEW YORK — 5.6%
	1,035,000	City of Long Beach, 5.00%, 09/1/2027		1,090,578
	1,000,000	City of New York, 5.25%, 09/1/2042, Call 09/1/2032		1,153,609
		Hempstead Town Local Development Corp.
	1,000,000	5.66%, 02/1/2044, Call 02/1/2030		923,318
	1,000,000	6.24%, 02/1/2047, Call 02/1/2027		977,245
	1,000,000	4.60%, 02/1/2051, Call 02/1/2030		749,145
	1,000,000	Metropolitan Transportation Authority, 5.25%, 11/15/2031, Call 11/15/2025		1,031,786
	2,000,000	Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030		1,935,117
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		653,559
		New York City Municipal Water Finance Authority
	500,000	5.00%, 06/15/2049, Call 12/15/2029		537,546
	1,000,000	5.25%, 06/15/2052, Call 12/15/2032		1,124,826
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,000,000	4.00%, 11/1/2041, Call 11/1/2029		1,019,439
	1,000,000	4.00%, 05/1/2044, Call 11/1/2030		1,007,265
	2,025,000	New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027		2,133,426
	500,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		514,120
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,190,453

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	2,000,000	5.38%, 11/15/2040, Call 11/15/2024⁴	$	2,002,962
	730,000	3.00%, 02/15/2042, Call 02/15/2030		640,143
	1,000,000	5.00%, 11/15/2044, Call 11/15/2024⁴		994,812
	1,500,000	7.25%, 11/15/2044, Call 11/15/2024⁴		1,510,544
	1,000,000	3.13%, 09/15/2050, Call 03/15/2030		807,409
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		736,958
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,009,614
	500,000	4.00%, 07/1/2048, Call 07/1/2031		488,715
	460,000	New York State Dormitory Authority, NATL, 5.75%, 07/1/2027		482,982
	1,000,000	New York State Energy Research & Development Authority, 4.00%, 04/1/2034, Call 07/1/2033		1,037,476
	1,000,000	New York State Urban Development Corp., 4.00%, 03/15/2038, Call 09/15/2031		1,047,613
		New York Transportation Development Corp.
	2,500,000	5.00%, 10/1/2040, Call 10/1/2030³		2,531,943
	1,500,000	4.38%, 10/1/2045, Call 10/1/2030³		1,431,985
	3,000,000	5.00%, 07/1/2046, Call 07/1/2024³		2,998,749
	1,445,000	5.00%, 06/30/2049, Call 06/30/2031³		1,510,432
	1,750,000	5.25%, 01/1/2050, Call 07/1/2024³		1,751,961
	500,000	6.00%, 06/30/2054, Call 06/30/2031³		552,453
	1,000,000	New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/2024³		1,000,383
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		237,601
	500,000	5.00%, 07/1/2045, Call 07/1/2025		503,869
	1,200,000	Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2045, Call 12/1/2029		1,305,724
		Port Authority of New York & New Jersey
	2,000,000	5.00%, 09/1/2032, Call 09/1/2024³		2,011,668
	4,535,000	5.00%, 10/15/2041, Call 10/15/2025		4,647,634
	4,000,000	5.00%, 12/1/2048, Call 12/1/2033³		4,268,757
	1,500,000	4.00%, 07/15/2050, Call 07/15/2030³		1,445,865
	375,000	Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030		317,449
	1,250,000	Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029		985,518
		Triborough Bridge & Tunnel Authority
	1,000,000	5.00%, 11/15/2043, Call 11/15/2033		1,137,674
	1,500,000	5.00%, 11/15/2045, Call 11/15/2025		1,534,156
	1,000,000	5.50%, 05/15/2052, Call 11/15/2032		1,141,824
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		886,586
	500,000	Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034		588,766

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024	$	751,990
	810,000	Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031		810,909
	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029		270,120
				61,424,676
		NORTH CAROLINA — 0.5%
	1,000,000	City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033		1,142,480
	1,380,000	City of Charlotte Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028		1,434,632
	1,000,000	Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032³		1,095,401
		North Carolina Housing Finance Agency
	750,000	3.85%, 07/1/2038, Call 07/1/2027		745,012
	570,000	4.00%, 07/1/2048, Call 07/1/2027		568,643
	715,000	North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028		573,026
				5,559,194
		NORTH DAKOTA — 0.2%
	400,000	County of Burleigh, 4.38%, 04/15/2026		395,319
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		1,636,778
				2,032,097
		OHIO — 1.1%
	2,000,000	Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030		1,882,386
	635,000	City of Akron, 5.00%, 12/1/2026		651,149
	1,000,000	City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031		958,817
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		729,553
		County of Hamilton
	1,000,000	5.00%, 11/15/2041		1,210,280
	2,000,000	5.00%, 09/15/2045, Call 03/15/2030		2,053,575
	1,880,000	County of Miami, 5.00%, 08/1/2049, Call 08/1/2028		1,927,511
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		499,946
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,426,639
				12,339,856
		OKLAHOMA — 0.5%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		966,213
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,042,589
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,043,614

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OKLAHOMA (Continued)
$	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028³	$	1,036,209
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		1,854,256
				5,942,881
		OREGON — 0.4%
	1,325,000	County of Clackamas, 3.00%, 06/1/2028, Call 01/26/2024		1,325,096
	1,000,000	Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030		1,013,229
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,012,248
	45,000	5.00%, 10/1/2046, Call 10/1/2026		47,766
	720,000	5.00%, 10/1/2046, Call 10/1/2026		727,611
	450,000	Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030		458,567
				4,584,517
		PENNSYLVANIA — 3.2%
	1,500,000	Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033³		1,660,786
	3,000,000	Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031³		2,788,042
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		305,287
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 01/26/2024		95,073
	250,000	Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032		257,635
	100,000	Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024		100,109
	1,000,000	City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030³		996,666
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		1,972,544
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,077,166
	1,000,000	Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028		1,007,715
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		380,711
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		268,564
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		684,801
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,525,448
		Pennsylvania Economic Development Financing Authority
	300,000	10.00%, 12/1/2040^{4 5}		290,106
	300,000	10.00%, 12/1/2040^{3 4 5}		285,798
	1,000,000	4.00%, 04/15/2045, Call 04/15/2030		994,877

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	1,000,000	4.00%, 05/15/2048, Call 05/15/2033	$	972,147
	1,000,000	Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032³		1,106,988
	1,000,000	Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027		1,082,345
		Pennsylvania Turnpike Commission
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,117,259
	1,000,000	5.00%, 12/1/2040, Call 06/1/2033		1,138,938
	500,000	5.00%, 12/1/2041, Call 06/1/2026		514,223
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,046,610
	1,000,000	4.00%, 12/1/2045, Call 12/1/2030		1,003,260
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,037,056
	500,000	5.25%, 12/1/2052, Call 12/1/2032		556,194
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		834,463
	850,000	4.00%, 11/1/2037, Call 11/1/2029		858,206
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		896,566
	1,140,000	Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030		1,146,176
		School District of Philadelphia, SAW
	5,000	5.00%, 09/1/2038, Call 09/1/2026		5,316
	995,000	5.00%, 09/1/2038, Call 09/1/2026		1,023,552
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		876,470
	2,090,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,253,026
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028³		284,261
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		523,685
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		500,944
				34,469,013
		PUERTO RICO — 0.7%
		Commonwealth of Puerto Rico
	9,037	0.00%, 07/1/2024		8,861
	61,865	5.38%, 07/1/2025		63,258
	61,305	5.63%, 07/1/2027		64,893
	1,060,310	5.63%, 07/1/2029		1,151,621
	1,558,579	5.75%, 07/1/2031		1,736,897
	55,548	4.00%, 07/1/2033, Call 07/1/2031		54,515
	71,485	0.00%, 07/1/2033, Call 07/1/2031		44,663
	49,930	4.00%, 07/1/2035, Call 07/1/2031		48,406

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PUERTO RICO (Continued)
$	42,853	4.00%, 07/1/2037, Call 07/1/2031	$	41,038
	246,222	0.00%, 11/1/2043¹		134,499
	60,594	4.00%, 07/1/2046, Call 07/1/2031		54,200
	2,000,000	Puerto Rico Electric Power Authority, 5.00%, 07/1/2042⁵		525,000
	4,000,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028		4,023,958
				7,951,809
		RHODE ISLAND — 0.2%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,570,459
	615,000	Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031		609,652
				2,180,111
		SOUTH CAROLINA — 1.0%
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,046,704
	500,000	Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031¹		539,107
	500,000	South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 02/5/2024^3 4 5		50,000
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028³		2,093,207
		South Carolina Public Service Authority
	1,500,000	5.75%, 12/1/2047, Call 12/1/2032		1,679,610
	730,000	5.00%, 12/1/2055, Call 06/1/2025		731,895
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,028,297
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,146,835
				11,315,655
		SOUTH DAKOTA — 0.1%
	1,235,000	South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025		1,252,145

		TENNESSEE — 1.0%
	1,220,000	Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024		1,223,873
		Knox County Health Educational & Housing Facility Board
	279,973	5.25%, 05/1/2025, Call 11/1/2024^4 5		28
	35,707	6.00%, 05/1/2034⁵		4
	1,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033		1,087,378
	1,000,000	Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034		1,108,725
	1,000,000	Metropolitan Nashville Airport Authority, 5.25%, 07/1/2047, Call 07/1/2032³		1,072,913
		Tennergy Corp.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE (Continued)
$	1,500,000	4.00%, 12/1/2051, Call 06/1/2028¹	$	1,504,651
	1,000,000	5.50%, 10/1/2053, Call 09/1/2030¹		1,067,994
		Tennessee Energy Acquisition Corp.
	1,000,000	5.63%, 09/1/2026		1,025,427
	2,500,000	4.00%, 11/1/2049, Call 08/1/2025¹		2,510,097
				10,601,090
		TEXAS — 6.4%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		77,069
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		329,461
		Central Texas Regional Mobility Authority
	1,070,000	0.00%, 01/1/2027		974,164
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,100,316
	515,000	Central Texas Turnpike System, 5.00%, 08/15/2031, Call 08/15/2024		517,039
	1,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026³		1,032,179
	1,400,000	City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033		1,439,129
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,036,249
	1,000,000	City of El Paso Water & Sewer Revenue, 5.25%, 03/1/2049, Call 03/1/2033		1,116,935
	1,255,000	City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031		1,296,196
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		244,459
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,035,503
		City of Houston Airport System Revenue
	400,000	4.75%, 07/1/2024³		400,326
	750,000	5.00%, 07/15/2035, Call 07/15/2025³		750,229
	1,500,000	4.00%, 07/15/2041, Call 07/15/2029³		1,340,738
		City of Houston Combined Utility System Revenue
	1,100,000	5.00%, 11/15/2029		1,247,682
	1,000,000	5.00%, 11/15/2036, Call 11/15/2026		1,041,009
	1,280,000	City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030		1,239,177
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		807,014
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 02/5/2024		500,114
	100,000	4.40%, 12/1/2047, Call 02/5/2024		94,894
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,449,926
	1,000,000	Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030		1,047,334
	1,000,000	Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033		1,107,393
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,118,634
	1,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		1,071,765

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,050,000	Hale Center Education Facilities Corp., 5.00%, 03/1/2032	$	1,138,269
	750,000	Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032		861,339
	3,000,000	Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029		3,055,083
		Harris County Flood Control District
	750,000	4.00%, 09/15/2043, Call 09/15/2033		769,790
	1,000,000	4.00%, 09/15/2048, Call 09/15/2033		999,173
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,178,848
	1,000,000	Lamar Consolidated Independent School District, AGM, 5.50%, 02/15/2058, Call 02/15/2033		1,137,810
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/26/2024^3 4		494,044
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		602,187
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,004,247
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025⁵		2,273,288
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		389,534
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,500,602
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,236,079
		North Texas Tollway Authority
	500,000	4.13%, 01/1/2039, Call 01/1/2032		518,756
	1,000,000	4.25%, 01/1/2049, Call 01/1/2028		1,003,084
	1,000,000	Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027		993,546
	1,000,000	Permanent University Fund - University of Texas System, 4.00%, 07/1/2033, Call 07/1/2024		1,003,126
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,102,653
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 02/5/2024⁵		600,000
	290,000	SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027		305,325
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,782,119
		San Antonio Water System
	1,000,000	5.00%, 05/15/2043, Call 05/15/2028		1,066,832
	1,000,000	5.25%, 05/15/2052, Call 05/15/2032		1,114,184
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,489,447
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		570,385
	830,000	6.25%, 12/15/2026		868,769
		Texas Private Activity Bond Surface Transportation Corp.
	500,000	4.00%, 12/31/2037, Call 12/31/2029		504,812

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,110,000	5.00%, 12/31/2040, Call 12/31/2025³	$	1,119,253
	1,630,000	5.00%, 12/31/2045, Call 12/31/2025³		1,640,470
	1,860,000	5.00%, 06/30/2058, Call 06/30/2029³		1,882,238
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,151,744
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		526,551
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,536,782
	2,000,000	4.00%, 08/1/2038, Call 08/1/2030		2,086,416
	500,000	5.00%, 10/15/2047, Call 10/15/2032		556,579
		Town of Westlake
	100,000	5.50%, 09/1/2025		99,694
	200,000	6.13%, 09/1/2035, Call 09/1/2025		200,401
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,232,325
				70,010,718
		UTAH — 0.4%
	1,000,000	City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031³		1,007,889
	750,000	Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031		804,551
	1,000,000	Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028³		1,039,892
		Utah Charter School Finance Authority
	600,000	4.50%, 07/15/2027⁴		586,969
	500,000	5.38%, 06/15/2048, Call 06/15/2027⁴		412,038
				3,851,339
		VIRGIN ISLANDS — 0.1%
	1,000,000	Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032		1,005,554

		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		1,013,014
	1,000,000	Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029		1,010,313
	1,000,000	County of Fairfax, SAW, 3.00%, 10/1/2026, Call 10/1/2024		1,000,433
	30,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/5/2024^3 4		30,015
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,120,676
	405,000	Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030		434,632
		Virginia Small Business Financing Authority
	500,000	4.00%, 01/1/2040, Call 01/1/2032³		486,286

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	1,750,000	5.00%, 12/31/2052, Call 06/30/2027³	$	1,757,216
	1,000,000	5.00%, 12/31/2056, Call 06/30/2027³		1,002,549
				8,319,884
		WASHINGTON — 2.9%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,086,092
	1,500,000	County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,530,850
	1,325,000	Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032		1,396,971
	250,000	Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030		261,161
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,304,508
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,257,051
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,606,810
	40,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		43,815
		Port of Seattle
	1,500,000	5.00%, 04/1/2044, Call 04/1/2029³		1,571,117
	2,500,000	5.00%, 08/1/2047, Call 08/1/2032³		2,660,408
	1,360,000	Port of Tacoma, 5.00%, 12/1/2031³		1,545,218
		State of Washington
	1,695,000	5.00%, 08/1/2036, Call 08/1/2029		1,897,235
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		1,760,439
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		1,842,773
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,611,891
	180,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/22/2024		177,291
		Washington Health Care Facilities Authority
	500,000	5.00%, 08/15/2032, Call 08/15/2027		519,798
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,840,436
	500,000	5.00%, 08/1/2038, Call 08/1/2029		531,477
	1,000,000	5.00%, 10/1/2041, Call 10/1/2024		992,623
		Washington State Convention Center Public Facilities District
	1,210,000	3.00%, 07/1/2043, Call 07/1/2031		996,856
	1,550,000	3.00%, 07/1/2058, Call 07/1/2031		1,109,651
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,050,858
				31,595,329

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 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	$	1,029,859
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,084,922
				2,114,781
		WISCONSIN — 1.3%
	1,000,000	Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031		1,018,245
		Public Finance Authority
	545,000	4.00%, 07/1/2027, Call 07/1/2024		544,845
	500,000	5.75%, 02/1/2035, Call 02/1/2025		500,903
	535,000	5.00%, 07/1/2037, Call 07/1/2024		536,784
	1,000,000	6.50%, 12/1/2037, Call 12/1/2027⁴		920,302
	500,000	5.00%, 06/15/2039, Call 06/15/2026⁴		457,143
	500,000	5.00%, 02/1/2042, Call 02/1/2032		523,853
	1,000,000	5.00%, 07/1/2042, Call 02/5/2024³		1,000,258
	165,000	6.00%, 07/15/2042, Call 01/26/2024		165,075
	450,000	5.50%, 03/1/2045, Call 03/1/2025⁴		453,794
	1,000,000	5.63%, 07/1/2045, Call 07/1/2025⁴		1,005,319
	345,000	6.38%, 01/1/2048, Call 01/1/2028⁴		155,250
	500,000	6.25%, 06/15/2048, Call 06/15/2033⁴		502,456
	194,116	3.75%, 07/1/2051, Call 03/15/2028^1 4 5		110,311
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/2046^4 5		181
	7,085	0.00%, 01/1/2047^4 5		165
	7,034	0.00%, 01/1/2048^4 5		155
	6,984	0.00%, 01/1/2049^4 5		146
	6,882	0.00%, 01/1/2050^4 5		133
	7,540	0.00%, 01/1/2051^4 5		138
	7,490	0.00%, 01/1/2052^4 5		128
	7,388	0.00%, 01/1/2053^4 5		119
	7,338	0.00%, 01/1/2054^4 5		111
	7,237	0.00%, 01/1/2055^4 5		104
	7,135	0.00%, 01/1/2056^4 5		97
	7,085	0.00%, 01/1/2057^4 5		91
	6,984	0.00%, 01/1/2058^4 5		85
	6,933	0.00%, 01/1/2059^4 5		80
	6,882	0.00%, 01/1/2060^4 5		75
	6,781	0.00%, 01/1/2061^4 5		69
	6,730	0.00%, 01/1/2062^4 5		65
	6,629	0.00%, 01/1/2063^4 5		61
	6,579	0.00%, 01/1/2064^4 5		58

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	6,528	0.00%, 01/1/2065^4 5	$	54
	6,427	0.00%, 01/1/2066^4 5		49
	83,706	0.00%, 01/1/2067^4 5		575
	500,000	Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032		553,667
	1,000,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028		1,050,004
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,125,531
	500,000	Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030		194,051
	1,000,000	Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031		982,474
				13,803,004
		TOTAL MUNICIPAL BONDS
		(Cost $837,138,668)		834,502,276

Number of Shares
		COMMON STOCK — 0.3%
	32,339	Energy Harbor Corp.*	2,603,289
		TOTAL COMMON STOCK
		(Cost $965,130)	2,603,289
		EXCHANGE-TRADED FUND — 6.8%

	677,419	iShares National Muni Bond ETF	73,438,994
		TOTAL EXCHANGE-TRADED FUND
		(Cost $70,681,634)	73,438,994

		CLOSED-END MUTUAL FUNDS — 0.5%
	10,231	BlackRock Long-Term Municipal Advantage Trust	104,663
	783	BlackRock MuniAssets Fund, Inc.	8,292
	11,252	BlackRock Municipal Income Fund, Inc.	130,973
	41,753	BlackRock MuniVest Fund, Inc.	297,281
	29,817	BlackRock MuniYield Quality Fund, Inc.	363,469
	54,677	BNY Mellon Municipal Income, Inc.	355,401
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	727,631
	28,526	BNY Mellon Strategic Municipals, Inc.	167,162
	11,444	DTF Tax-Free Income 2028 Term Fund, Inc.	123,023
	66,923	DWS Municipal Income Trust	594,946
	17,462	Invesco Advantage Municipal Income Trust II	147,554
	14,387	Invesco Municipal Opportunity Trust	138,259
	21,119	Invesco Municipal Trust	201,264
	7,461	Invesco Quality Municipal Income Trust	70,954
	10,819	Invesco Trust for Investment Grade Municipals	107,000
	5,882	Neuberger Berman Municipal Fund, Inc.	60,879

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	8,955	PIMCO Municipal Income Fund III	$	66,178
	37,184	Pioneer Municipal High Income Advantage Fund, Inc.		298,216
	111,999	Pioneer Municipal High Income Fund, Inc.		966,551
	86,507	Western Asset Managed Municipals Fund, Inc.		879,776
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $7,902,673)		5,809,472
		PRIVATE FUNDS⁶ — 10.7%
		MacKay Municipal Credit Opportunities Fund, LP^* 7		26,309,707
		MacKay Municipal Opportunities Fund, LP^* 8		90,373,394
		TOTAL PRIVATE FUNDS
		(Cost $94,657,836)		116,683,101
		SHORT-TERM INVESTMENT — 3.3%
	36,277,221	JPMorgan Prime Money Market Fund - Institutional Shares, 5.42%⁹		36,306,243
		TOTAL SHORT-TERM INVESTMENT
		(Cost $36,296,475)		36,306,243

		TOTAL INVESTMENTS — 98.3%
		(Cost $1,047,642,416)		1,069,343,375

		Other assets less liabilities — 1.7%		18,471,218
		TOTAL NET ASSETS — 100.0%	$	1,087,814,593

Non-income producing security.

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.

Floating rate security.

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

ST RES FD GTY — State Resource Fund Guaranty

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of December 31, 2023 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 87.3%
		CORE — 77.3%
	3,786,752	DoubleLine Total Return Bond Fund - I Class	$	33,474,888
	4,447,305	MetWest Total Return Bond Fund - Plan Class		38,335,774
	3,134,617	PIMCO Income Fund - Institutional Class		33,289,630
	2,003,931	River Canyon Total Return Bond Fund - Institutional Class		20,159,542
	4,415,312	Vanguard Total Bond Market Index Fund - Institutional Class		42,872,680
				168,132,514
		OPPORTUNISTIC — 10.0%
	1,064,438	GMO Emerging Country Debt Fund, Class VI		19,617,594
	392,632	Vanguard High-Yield Corporate Fund - Admiral Shares		2,128,066
				21,745,660
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $209,138,994)		189,878,174

		EXCHANGE-TRADED FUND — 5.0%
		OPPORTUNISTIC — 5.0%
	177,702	Vanguard Long-Term Treasury ETF		10,934,004
		TOTAL EXCHANGE-TRADED FUND
		(Cost $10,596,401)		10,934,004

		NON-TRADED BUSINESS DEVELOPMENT COMPANY — 0.1%
		OPPORTUNISTIC — 0.1%
	10,892	AG Twin Brook Capital Income Fund		280,458
		NON-TRADED BUSINESS DEVELOPMENT COMPANY
		(Cost $280,559)		280,458

		PRIVATE FUND¹— 4.6%
		OPPORTUNISTIC — 4.6%
		AG Direct Lending Fund IV Annex, LP* ²		9,948,125
		TOTAL PRIVATE FUND
		(Cost $8,333,604)		9,948,125

		SHORT-TERM INVESTMENT — 3.2%
	7,083,580	JPMorgan Prime Money Market Fund - Institutional Shares, 5.42%³		7,089,246
		TOTAL SHORT-TERM INVESTMENT
		(Cost $7,085,847)		7,089,246

		TOTAL INVESTMENTS — 100.2%
		(Cost $235,435,405)		218,130,007

		Liabilities in excess of other assets — (0.2)%		(524,604	)
		TOTAL NET ASSETS — 100.0%	$	217,605,403

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2023 (Unaudited)

Non-income producing security.

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

The investment was acquired on 4/8/2022. The cost is $8,333,604.

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

ETF — Exchange-Traded Fund

LP — Limited Partnership

Aspiriant Trust NPORT-PAspiriant Risk-Managed Equity Allocation Fund (Dec 2023 report)