Aspiriant Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number811-22648

Aspiriant Trust

(Exact name of registrant as specified in charter)

11100 Santa Monica Boulevard, Suite 600

Los Angeles, California 90025

(Address of principal executive offices) (Zip code)

Robert J. Francais

Aspiriant Trust

11100 Santa Monica Boulevard, Suite 600

Los Angeles, California 90025

(Name and address of agent for service)

Registrant's telephone number, including area code:(310) 806-4000

Date of fiscal year end:Feb 29

Date of reporting period:February 29, 2020

Item 1. Reports to Stockholders

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

ASPIRIANT DEFENSIVE ALLOCATION FUND

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Each, a series of Aspiriant Trust

Annual Report

February 29, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.aspiriantfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically any time by contacting your client service team or, if you are a direct investor, by calling 877-997-9971.

You may elect to receive all future reports in paper free of charge at any time by contacting your client service team or, if you are a direct investor, by calling 877-997-9971. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Aspiriant Funds.

ASPIRIANT TRUST

TABLE OF CONTENTS


Letter to Shareholders	2
Growth of a $10,000 Investment and Performance	10
Summaries of Investments	14
Schedules of Investments	18
Statements of Assets and Liabilities	52
Statements of Operations	53
Statements of Changes in Net Assets	54
Financial Highlights	56
Notes to Financial Statements	60
Report of Independent Registered Public Accounting Firm	78
Other Information	80
Expense Examples	81
Trustees and Officers	83
Privacy Policy	85

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Letter to Shareholders

February 29, 2020

The Aspiriant Risk-Managed Equity Allocation Fund (“Equity Allocation Fund” or the “Fund”), returned 1.17% for the fiscal year ended February 29, 2020. Over the same period, Equity Allocation Fund’s benchmark, the MSCI ACWI Index (the “Benchmark”), returned 3.89%. While the Fund has slightly lagged its Benchmark return over the past three years (6.77% vs. 6.96%), it has done so with materially less risk, as measured by the annualized volatility of monthly returns over the same period. As of February 29, 2020, the Fund’s annualized three-year volatility was 9.02%, compared to 12.47% for the Benchmark.

During the one-year period ended February 29, 2020, U.S. equities, as measured by the S&P 500 Index (the “S&P 500”), returned 8.19% while international stocks, as measured by the MSCI EAFE Index and the MSCI Emerging Markets Index, returned -0.57% and -1.88%, respectively. Relative performance was driven by the strong U.S. economy and corresponding strong U.S. dollar while international stocks experienced currency headwinds and the first surge of COVID-19 outbreaks that later moved to the U.S. Growth stocks continued to outperform value stocks as the economic expansion continued throughout most of the world.

Strategies with higher allocations to U.S. assets fared better than those with a higher allocation to foreign and specifically emerging market assets. GMO Quality Fund and the iShares Edge MSCI Min Vol Global ETF returned approximately 10.78% and 5.52% respectively, outperforming the Benchmark for the fiscal year ended February 29, 2020. Aperio Group, LLC and Acadian Asset Management LLC returned approximately -1.73% and 2.21%, respectively, underperforming the Benchmark for the fiscal year ended February 29, 2020.

The Fund’s performance was negatively affected by its exposure to emerging markets equities as trade, COVID-19 and U.S. dollar strength buffered emerging markets returns. The iShares Core MSCI Emerging Markets ETF and the iShares Edge MSCI Min Vol Emerging Markets ETF returned approximately -1.64% and -6.77%, respectively, for the fiscal year ended February 29, 2020.

As volatility has increased over the final month of the fiscal year and is not likely to dissipate until a vaccine for COVID-19 is developed, the Fund’s higher allocations to quality and low volatility managers, as well as the RIEF Strategic Partners Fund LLC, a long/short strategy, may protect a significant portion of the assets of the Fund compared to its Benchmark.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, asset allocation, investing in smaller companies with limited resources and the use of predictive models. Low volatility and quality investing may go in and out of favor which may cause the Fund to sometimes underperform other equity funds. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

LETTER TO SHAREHOLDERS (Continued)

February 29, 2020

Foreign securities, including depositary receipts, have additional risks including currency rate changes, political and economic instability, less regulation and market liquidity. Investments in emerging markets involve even greater risks.

The adviser and sub-advisers may be unable to construct the Fund’s investment portfolio such that the intended federal tax implications, when making investment decisions with respect to individual securities, are achieved.

As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include counterparty, derivatives, focused investment, large shareholder, leverage and short sale risks. Further information about these and other risks may be found in the prospectus.

The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets. It is not possible to invest directly in an index.

The S&P 500 Index is a market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in U.S. Dollars and include reinvested dividends. It is not possible to invest directly in an index.

The MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. It is not possible to invest directly in an index.

The MSCI Emerging Markets Index captures large and mid-cap representation across 26 Emerging Markets (EM) countries. It is not possible to invest directly in an index.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

LETTER TO SHAREHOLDERS

February 29, 2020

The Aspiriant Risk-Managed Municipal Bond Fund (“Municipal Bond Fund” or the “Fund”) returned 9.79% for the fiscal year ended February 29, 2020. Over the same period, Municipal Bond Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index (the “Benchmark”), returned 9.46%. The U.S. Federal Reserve’s easing throughout the year lead municipal bond markets to rally until the effects of COVID-19 began to be felt in the U.S. starting in mid-February.

Lower rated bonds continued to outperform higher rated bonds with high yield municipal bonds providing a return of 14.40%, as measured by the Bloomberg Barclays High Yield Municipal Bond Index, for the one-year period ended February 29, 2020. The Fund’s allocation to high yield municipal bonds was decreased modestly throughout the year and the credit quality was also improved as the managers generally moved to a more neutral posture compared to the Benchmark. The Fund’s allocation to high yield municipal bonds were a positive contributor to its performance while allocations to higher rated securities and shorter term securities were a detractor to performance.

The Fund stayed approximately neutral to its Benchmark on interest rate sensitivity, or duration, throughout the year.

Over the last few weeks of the fiscal year, credit spreads have begun to widen between investment grade and high yield municipal bonds. The Adviser is watching this development and may move away from more passive strategies to active management if spreads continue to widen.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser, the sub-advisers or distributor.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The Fund is exposed to the same risks that are associated with investing in underlying municipal securities owned by the Fund. The Fund is subject to interest rate risk; as interest rates rise, bond prices generally fall. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. Investments in securities of non-U.S. issuers or U.S. issuers with significant non-U.S. operations may present more risk. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

The use of derivatives involves substantial financial risks and transaction costs. Certain derivatives may be illiquid. The Fund’s use of inverse floaters may magnify the potential for losses. The Fund periodically engages in portfolio leverage and when doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

LETTER TO SHAREHOLDERS (Continued)

February 29, 2020

These and other risk considerations, such as preferred securities, call, counterparty, extension, defaulted securities, income, municipal lease obligations, political and economic, prepayment, restricted securities, tax, zero coupon bond risks, and, as a result of investing in underlying funds, short sale risk, are described in detail in the Fund’s prospectus.

Income may be subject to the alternative minimum tax.

The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. It includes most investment-grade tax-exempt bonds that are issued by state and local governments. It is not possible to invest directly in an index.

The Bloomberg Barclays High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar–denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prerefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index.

ASPIRIANT DEFENSIVE ALLOCATION FUND

LETTER TO SHAREHOLDERS

February 29, 2020

The Aspiriant Defensive Allocation Fund (“Defensive Allocation Fund” or the “Fund”) returned 3.69% for the fiscal year ended February 29, 2020. Over the same period, the Fund’s benchmark, the HFRI Fund of Funds Composite Index (the “Benchmark”), returned 3.37%.

Core Diversifiers, global asset allocation strategies that invest across a wide range of financial markets and geographies, benefited from positive returns across most risk assets, equities in particular, and returned approximately 4.26% for the one-year period ended February 29, 2020. Alternative Diversifiers, investments in strategies with return patterns that are less sensitive to movements in traditional markets, provided an approximate return of 3.95% for the one-year period ended February 29, 2020.

On January, 1 2020, the Fund allocated to two additional private funds, Millennium International, Ltd. and Elliott Associates, L.P., both well-regarded managers with track records of over 20 years. Together with All Weather Portfolio Limited and D. E. Shaw Orienteer International Fund, L.P. they performed very well with a blended return of 13.06% for the fiscal year end February 29, 2020.

GMO Benchmark-Free Allocation Fund, hurt by its continued overweight to emerging markets, returned approximately 0.21% underperforming the Benchmark for the fiscal year ended February 29, 2020.

As volatility has increased over the final month of the fiscal year and is not likely to dissipate until a vaccine for COVID-19 is developed, the defensive positioning should help hedge a significant portion of the assets of the Fund compared to its Benchmark.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There is no guarantee that the Fund will achieve its investment objective. The cost of investing in a fund of funds may be higher than other mutual funds as the Fund will bear not only its own direct expenses but also a portion of expenses of the underlying funds. The Fund’s performance is tied to the performance of the underlying funds which means that if one or more of the underlying funds fails to meet its objective then the performance of the Fund may be adversely impacted.

The Fund’s asset allocation percentages are made across a broad range of investment strategies which may expose investors to increased risks. This may include investing significant portions of assets in certain asset classes and industries within certain economic sectors which may be unfavorably affected by the same political, economic or market events. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.

ASPIRIANT DEFENSIVE ALLOCATION FUND

LETTER TO SHAREHOLDERS (Continued)

February 29, 2020

As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include alternative strategies, asset-backed and mortgage-backed securities, call, commodity, counterparty, covered calls and equity collars, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, interest rate, inverse floaters, large shareholder, leverage, preferred securities, prepayment, REIT and real estate, restricted securities, sector, short sale, small and mid-cap company and zero coupon bond risks. Further information about these and other risks may be found in the prospectus.

The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 800 constituent hedge fund of funds that invest over a broad range of strategies.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

LETTER TO SHAREHOLDERS

February 29, 2020

The Aspiriant Risk-Managed Taxable Bond Fund (“Taxable Bond Fund” or the “Fund”) returned 9.02% for the fiscal year ended February 29, 2020. Over the same period, Taxable Bond Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”), returned 11.68%. Higher rated bonds outperformed corporate high yield issues as represented by the Bloomberg Barclays U.S. Corporate High Yield Index’s return of 6.10% for the fiscal year ended February 29, 2020.

The Fund’s core funds, which generally have strategies closer to the Benchmark, returned approximately 9.93% over the period ended February 29, 2020. While the Fund’s opportunistic funds, which have strategies distinct from the Benchmark, returned approximately 8.34% over the same period. The MetWest Total Return Bond Fund and the Vanguard Total Bond Market Index Fund returned approximately 11.78% and 11.86%, respectively, outperforming the Benchmark for the fiscal year ended February 29, 2020. The DoubleLine Total Return Bond Fund, PIMCO Income Fund, Vanguard High-Yield Corporate Fund and GMO Emerging Country Debt Fund returned approximately 8.62%, 6.14%, 8.09% and 8.63%, respectively, underperforming the Benchmark for the fiscal year ended February 29, 2020. Each held assets that are not generally part of the Benchmark and that detracted from performance as long dated Treasuries were the best performing asset class for the period.

The Fund’s allocations to its managers remained stable over the course of the period, and there were no additions or subtractions to the managers. As volatility has increased due to the COVID-19 pandemic and is not likely to dissipate until a vaccine is developed, we continue to manage the Fund’s allocations to preserve capital while looking for opportunities presented by the volatility.

Thank you for your investment in the Fund.

John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC

Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

LETTER TO SHAREHOLDERS (Continued)

February 29, 2020

As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include asset and mortgage-backed securities, call, counterparty, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, inflation index bond, interest rate, large shareholder, leverage, preferred securities, prepayment, restricted securities, sector, short sale and zero coupon bond risks. Further information about these and other risk considerations are described in detail in the Fund’s prospectus.

Income may be subject to the alternative minimum tax.

The Bloomberg Barclays U.S. Aggregate Bond Index is an uninvestable, unmanaged, broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. Corporate High Yield Bond Index is an uninvestable, unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. It is not possible to invest directly in an index.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Growth of a $10,000 Investment and Performance

February 29, 2020 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Advisor Shares made as of the close of business on April 4, 2013 (Commencement of the Fund’s Operations).

Total Returns as of February 29, 2020	1 Year	5 Year	Annualized Since Inception*
Aspiriant Risk-Managed Equity Allocation Fund
Advisor Shares	1.17%	5.06%	5.87%
MSCI ACWI Index ⁽¹⁾	3.89%	5.55%	7.52%

The adviser has contractually agreed to waive its advisory fee from 0.24% to 0.16% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.04% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	For the period close of business April 4, 2013 (commencement of operations) through February 29, 2020.

⁽¹⁾

The MSCI ACWI Index, which captures large and mid cap representation, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Returns include the reinvestment of distributions but do not consider sales charges. Performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE

February 29, 2020 (Unaudited)

The above graph assumes an initial investment of $10,000 in Shares made as of the close of business on July 1, 2015 (Commencement of the Fund’s Operations).

Total Returns as of February 29, 2020	1 Year	Annualized Since Inception*
Aspiriant Risk-Managed Municipal Fund	9.79%	4.53%
Bloomberg Barclays Municipal Bond Index ⁽¹⁾	9.46%	4.44%

The adviser has contractually agreed to waive its advisory fee from 0.27% to 0.21% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	For the period close of business July 1, 2015 (commencement of operations) through February 29, 2020.

⁽¹⁾	The Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds.

ASPIRIANT DEFENSIVE ALLOCATION FUND

GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE

February 29, 2020 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on December 14, 2015 (Commencement of the Fund’s Operations).

Total Returns as of February 29, 2020	1 Year	Annualized Since Inception*
Aspiriant Defensive Allocation Fund	3.69%	3.22%
HFRI Fund of Funds Composite Index ⁽¹⁾	3.37%	2.48%

Effective November 7, 2019, the Adviser has contractually agreed to waive its administrative services fee from 0.10% to 0.01% through June 30, 2020. This arrangement may be terminated only by the Aspiriant Trust’s Board of Trustees.

The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	For the period close of business December 14, 2015 (commencement of operations) through February 29, 2020.

⁽¹⁾	The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 650 constituent hedge fund of funds that invest over a broad range of strategies.

The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest in an index, although they can invest in their underlying securities.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE

February 29, 2020 (Unaudited)

The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on March 29, 2018 (Commencement of the Fund’s Operations).

Total Returns as of February 29, 2020	1 Year	Annualized Since Inception*
Aspiriant Risk-Managed Taxable Bond Fund	9.02%	5.77%
Bloomberg Barclays U.S. Aggregate Bond Index⁽¹⁾	11.68%	7.30%

The adviser has contractually agreed to waive its advisory fee from 0.25% to 0.08% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.

The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	For the period close of business March 29, 2018 (commencement of operations) through February 29, 2020.

⁽¹⁾

The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest in an index, although they can invest in their underlying securities.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Summary of Investments

As of February 29, 2020 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Financials		6.2	%
Communications		4.8	%
Technology		4.3	%
Health Care		3.7	%
Consumer Staples		3.5	%
Utilities		3.1	%
Consumer Discretionary		2.6	%
Materials		1.1	%
Other		0.9	%
Total Common Stocks		30.2	%
Exchange-Traded Funds		25.7	%
Open-End Mutual Fund		20.5	%
Preferred Stock		0.1	%
Private Fund		12.2	%
Short-Term Investments		20.1	%
Total Investments		108.8	%
Liabilities in excess of other assets		(8.8	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SUMMARY OF INVESTMENTS

As of February 29, 2020 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Municipal Bonds
General		11.8	%
Medical		9.7	%
General Obligation		6.1	%
Transportation		5.2	%
Development		4.8	%
Education		4.5	%
Water		3.6	%
Airport		3.6	%
Higher Education		2.4	%
School District		2.3	%
Tobacco Settlement		1.5	%
Housing		1.4	%
Multifamily Housing		1.2	%
Other		4.2	%
Total Municipal Bonds		62.3	%
Closed-End Mutual Funds		0.6	%
Open-End Mutual Fund		19.2	%
Private Funds		12.9	%
Short-Term Investment		4.7	%
Total Investments		99.7	%
Other assets less liabilities		0.3	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of February 29, 2020 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Global Allocation		52.7	%
Global Macro		2.1	%
Managed Futures		2.0	%
Total Open-End Mutual Funds		56.8	%
Exchange-Traded Funds
Global Allocation		3.3	%
Real Asset		3.1	%
Total Exchange-Traded Funds		6.4	%
Private Funds
Global Allocation		12.3	%
Merger Arbitrage		8.5	%
Multi-Strategy		2.1	%
Total Private Funds		22.9	%
Short-Term Investment		14.1	%
Total Investments		100.2	%
Liabilities in excess of other assets		(0.2	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SUMMARY OF INVESTMENTS

As of February 29, 2020 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Domestic		92.9	%
Foreign		2.4	%
Total Open-End Mutual Funds		95.3	%
Short-Term Investment		4.2	%
Total Investments		99.5	%
Other assets less liabilities		0.5	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Schedule of Investments

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS — 30.2%
		AUSTRALIA — 0.2%
	47,500	Bendigo and Adelaide Bank Ltd.¹	$	286,808
	62,226	Dexus - REIT		495,705
	34,059	Evolution Mining Ltd.		89,037
	64,087	Newcrest Mining Ltd.		1,051,282
	1,635	Tribune Resources Ltd.		5,688
	14,302	Wesfarmers Ltd.		382,792
				2,311,312
		AUSTRIA — 0.0%²
	1,172	Agrana Beteiligungs A.G.*		22,855
	7,633	EVN AG		128,222
	235	Oberbank A.G.		24,905
	13,047	UNIQA Insurance Group A.G.		117,294
	885	Vienna Insurance Group A.G. Wiener Versicherung Gruppe		21,524
				314,800
		BELGIUM — 0.2%
	2,800	Ageas		130,281
	15,142	Colruyt S.A.		702,343
	15,463	Proximus SADP		384,023
	11,339	UCB S.A.		1,049,832
				2,266,479
		BERMUDA — 0.6%
	34,077	Arch Capital Group Ltd.*		1,377,733
	5,929	Asian Growth Properties Ltd.*		80
	14,636	Assured Guaranty Ltd.		597,295
	8,000	CK Infrastructure Holdings Ltd.		55,048
	5,595	Credicorp Ltd.		1,014,206
	5,896	Everest Re Group Ltd.		1,461,501
	2,383	Genpact Ltd.		91,650
	240,679	Hongkong Land Holdings Ltd.		1,193,489
	960	Ocean Wilsons Holdings Ltd.		10,751
	122,000	Public Financial Holdings Ltd.		43,375
	7,321	RenaissanceRe Holdings Ltd.		1,247,498
	6,000	Wing On Co. International Ltd.		16,686
				7,109,312
		BRAZIL — 0.1%
	14,698	Banco do Brasil S.A. - ADR		155,064
	106,725	Telefonica Brasil S.A. - ADR¹		1,273,229
				1,428,293
		CANADA — 1.4%
	4,984	Agnico Eagle Mines Ltd.¹		236,890

Number of Shares			Value
		COMMON STOCKS (Continued)
		CANADA (Continued)
	8,200	Alamos Gold, Inc. - Class A	$	47,712
	22,900	ATCO Ltd.		854,410
	21,131	Bank of Montreal		1,435,249
	38,824	Bank of Nova Scotia¹		2,032,436
	40,200	Barrick Gold Corp.¹		765,408
	25,001	BCE, Inc.		1,108,294
	1,500	Calian Group Ltd.		50,076
	32,300	Centerra Gold, Inc.*		204,063
	4,900	Emera Inc.¹		206,477
	29,900	Fortis, Inc.¹		1,210,034
	28,148	Franco-Nevada Corp.		3,025,910
	14,058	George Weston Ltd.		1,058,343
	37,636	Kinross Gold Corp.*		188,933
	6,852	Magna International, Inc.		313,959
	17,900	National Bank of Canada		930,440
	27,052	Royal Bank of Canada¹		2,014,410
	3,000	SSR Mining, Inc.*		46,936
	13,156	Toronto-Dominion Bank¹		678,981
				16,408,961
		CHILE — 0.1%
	35,706	Banco de Chile - ADR		645,207
	42,388	Enel Americas S.A. - ADR		364,537
				1,009,744
		CHINA — 0.3%
	1,156,000	Bank of China Ltd. - Class H		461,984
	36,850	China Construction Bank Corp. - ADR		599,549
	100	China Telecom Corp. Ltd.		38
	3,260	China Telecom Corp. Ltd. - ADR		123,456
	2,418,321	Industrial & Commercial Bank of China Ltd. - Class H		1,665,981
				2,851,008
		COLOMBIA — 0.0%²
	1,338	Bancolombia S.A. - ADR		63,528

		CURACAO — 0.0%²
	3,552	Retail Holdings N.V.		6,909

		DENMARK — 0.5%
	9,920	Carlsberg A/S - Class B		1,311,997
	9,221	Coloplast A/S - Class B		1,237,877

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		DENMARK (Continued)
	5,130	Demant A/S*	$	157,105
	35,408	Novo Nordisk A/S - ADR		2,058,267
	7,059	Pandora A/S		318,096
				5,083,342
		FINLAND — 0.0%²
	1,821	Fortum OYJ		38,889
	1,123	Kesko OYJ - B Shares		76,527
	1,022	Olvi OYJ		41,414
				156,830
		FRANCE — 0.4%
	357	Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		40,085
	138	Caisse Regionale de Credit Agricole Mutuel Toulouse 31		21,024
	18,103	Cie Generale des Etablissements Michelin		1,940,039
	37,195	Engie S.A.		621,120
	438	Gaumont S.A.		55,606
	171	Laurent-Perrier		15,538
	542	L’Oreal S.A.		145,681
	5,619	NetGem S.A.		6,655
	255	Pernod Ricard S.A.		41,584
	768	PSB Industries S.A.		14,659
	369	Societe Fonciere Lyonnaise S.A. - REIT		31,715
	31,868	Veolia Environnement S.A.		918,147
	2,946	Veolia Environnement S.A. - ADR		84,197
	213	Voyageurs du Monde		21,721
				3,957,771
		GERMANY — 0.3%
	7,890	Allianz S.E. - ADR*		169,398
	45,867	Deutsche Telekom A.G.		751,370
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,248,948
	1,191	MVV Energie A.G.		37,166
	3,558	Talanx A.G.		158,932
	168,628	Telefonica Deutschland Holding A.G.		443,693
				2,809,507
		GUERNSEY — 0.4%
	70,636	Amdocs Ltd.		4,503,045

		HONG KONG — 1.4%
	52	AIA Group Ltd.		521

Number of Shares			Value
		COMMON STOCKS (Continued)
		HONG KONG (Continued)
	2,000	Allied Group Ltd.	$	9,878
	72,500	Beijing Enterprises Holdings Ltd.		308,617
	69,500	BOC Hong Kong Holdings Ltd.		243,231
	56,000	China Merchants Port Holdings Co., Ltd.		83,222
	924,500	China Mobile Ltd.		7,357,739
	972,000	China Unicom Hong Kong Ltd.		781,067
	64,000	Chinney Investments Ltd.		17,367
	113,500	CLP Holdings Ltd.		1,199,300
	5,314	CNOOC Ltd. - ADR¹		735,086
	42,910	Hang Seng Bank Ltd.		904,994
	13,000	Harbour Centre Development Ltd.		16,983
	435,000	HK Electric Investments and HK Electric Investments Ltd.³		437,511
	1,128,000	HKT Trust and HKT Ltd.³		1,698,366
	60,000	Hon Kwok Land Investment Co., Ltd.		21,296
	88,000	Link REIT		821,480
	58	MTR Corp. Ltd.		331
	132,500	Power Assets Holdings Ltd.		950,477
	44,000	Shanghai Industrial Holdings Ltd.		78,320
	25,000	Sun Hung Kai Properties Ltd.		361,335
	490	Swire Pacific Ltd. - Class A		4,468
	89,200	Swire Properties Ltd.		268,471
				16,300,060
		INDIA — 0.2%
	18,296	Dr Reddy’s Laboratories Ltd. - ADR		734,767
	87,492	Infosys Ltd. - ADR¹		881,045
	36,869	Wipro Ltd. - ADR		127,198
				1,743,010
		INDONESIA — 0.0%²
	5,628	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		136,479

		IRELAND — 0.2%
	4,271	Accenture PLC - Class A		771,300
	1,448	Jazz Pharmaceuticals PLC*		165,912
	10,854	Medtronic PLC		1,092,672
	720	STERIS PLC		114,206
				2,144,090
		ISRAEL — 0.6%
	11,616	Alony Hetz Properties & Investments Ltd.		190,565

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		ISRAEL (Continued)
	101,424	Bank Hapoalim B.M.	$	789,089
	179	Bayside Land Corp. Ltd.		147,207
	16,976	Check Point Software Technologies Ltd.*^,1		1,762,109
	2,488	Dor Alon Energy in Israel 1988 Ltd.		54,573
	2,131	Elbit Systems Ltd.		314,344
	13,220	Freshmarket Ltd.		31,254
	446	Malam - Team Ltd.		86,024
	6,868	Minrav Projects Ltd.		12,803
	16,638	Mizrahi Tefahot Bank Ltd.		426,776
	589	Neto ME Holdings Ltd.		31,433
	17,771	Nice Ltd. - ADR*		2,911,423
	2,308	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		128,598
	2,916	Taro Pharmaceutical Industries Ltd.*^,1		196,334
	1,505	Victory Supermarket Chain Ltd.		23,626
				7,106,158
		ITALY — 0.2%
	179,870	A2A S.p.A.		313,608
	34,654	Assicurazioni Generali S.p.A.		625,551
	98,852	Enel S.p.A.		829,684
	30,621	Hera S.p.A.*		131,431
	145,174	Iren S.p.A.		449,378
	2,700	Orsero S.p.A.		18,327
				2,367,979
		JAPAN — 3.2%
	13,200	ABC-Mart, Inc.		760,224
	10,900	Aeon Hokkaido Corp.		77,330
	2,200	Alps Logistics Co., Ltd.		14,971
	35	Astellas Pharma, Inc.		549
	1,400	Bandai Namco Holdings, Inc.		70,113
	3,600	Biofermin Pharmaceutical Co., Ltd.		75,550
	35,900	Bridgestone Corp.		1,189,749
	1,400	Bull-Dog Sauce Co., Ltd.		14,475
	227	Canadian Solar Infrastructure Fund, Inc.		240,747
	1,600	Canare Electric Co., Ltd.		23,974
	67	Canon, Inc.		1,686
	5,500	Choushimaru Co., Ltd.		52,818
	29,600	Chubu Electric Power Co., Inc.		385,612
	400	Chugai Pharmaceutical Co., Ltd.		43,028
	7,900	Chugoku Electric Power Co., Inc.		104,875

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	1,100	Daiichi Kensetsu Corp.	$	17,103
	2,800	Dainichi Co., Ltd.		15,570
	1,500	Dairei Co., Ltd.		24,616
	4,100	DCM HOLDINGS Co., Ltd.		37,179
	1,200	Dynac Holdings Corp.		16,299
	3,200	FamilyMart Co., Ltd.		69,745
	26	Frontier Real Estate Investment Corp. - REIT		96,973
	17,400	FUJIFILM Holdings Corp.		844,985
	63	Fukuoka REIT Corp. - REIT		98,034
	400	Fuso Pharmaceutical Industries Ltd.		6,486
	2,586	Gourmet Kineya Co., Ltd.		24,021
	1,100	Hakuyosha Co., Ltd.		26,000
	32	Industrial & Infrastructure Fund Investment Corp. - REIT*		49,975
	2,800	Isewan Terminal Service Co., Ltd.		20,294
	15,000	Isuzu Motors Ltd.		140,339
	10,000	Itochu Corp.		226,614
	2,800	Itochu Techno-Solutions Corp.		78,426
	71	Japan Excellent, Inc. - REIT		118,765
	118	Japan Logistics Fund, Inc. - REIT		292,871
	47,300	Japan Post Bank Co., Ltd.		417,651
	128,000	Japan Post Holdings Co., Ltd.		1,112,370
	53	Japan Rental Housing Investments, Inc. - REIT		48,099
	5,700	Japan Tobacco, Inc.		112,689
	300	JFE Container Co., Ltd.		11,164
	3,335	Kakiyasu Honten Co., Ltd.		78,835
	23,434	Kamigumi Co., Ltd.		452,194
	1,000	Kao Corp.		72,775
	500	Kato Sangyo Co., Ltd.		13,777
	133,787	KDDI Corp.		3,779,960
	62	Kenedix Retail REIT Corp. - REIT*		137,416
	13,868	KFC Holdings Japan Ltd.		303,029
	10,400	King Co., Ltd.		48,258
	3,000	Kohsoku Corp.		28,955
	5,000	Makita Corp.		169,463
	705	Maxvalu Tokai Co., Ltd.		12,713
	5,500	Medipal Holdings Corp.		100,063
	1,000	Meiko Trans Co., Ltd.		10,202
	900	Mitsubishi Shokuhin Co., Ltd.		21,665
	7,700	Miyoshi Oil & Fat Co., Ltd.		70,440

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	846,900	Mizuho Financial Group, Inc.	$	1,145,735
	88	Mori Trust Sogo Reit, Inc. - REIT		149,445
	1,000	Morishita Jintan Co., Ltd.		18,178
	1,200	Morozoff Ltd.		51,172
	19,200	MS&AD Insurance Group Holdings, Inc.		618,897
	2,400	Nakayamafuku Co., Ltd.		10,244
	14,100	Nichia Steel Works Ltd.		35,353
	6,100	Nippon Flour Mills Co., Ltd.		90,434
	3,700	Nippon Kanzai Co., Ltd.		61,322
	217,000	Nippon Telegraph & Telephone Corp.		5,062,561
	66,948	Nippon Telegraph & Telephone Corp. - ADR		1,558,549
	5,800	Nissin Foods Holdings Co., Ltd.		456,535
	2,900	Nissui Pharmaceutical Co., Ltd.		35,283
	2,000	Nittobest Corp.		15,308
	286,869	NTT DOCOMO, Inc.		7,765,227
	20,833	NTT DOCOMO, Inc. - ADR		559,366
	1,300	Okinawa Cellular Telephone Co.		46,952
	2,000	Okinawa Electric Power Co., Inc.		34,325
	31	Orix JREIT, Inc. - REIT		58,648
	14,266	Otsuka Holdings Co., Ltd.		534,481
	6,000	OUG Holdings, Inc.		131,636
	1,492	Plant Co., Ltd.		6,209
	53	Premier Investment Corp. - REIT		72,347
	1,000	Resol Holdings Co., Ltd.		34,389
	2,000	Rock Paint Co., Ltd.		14,005
	1,400	S&B Foods, Inc.		50,339
	5,900	Secom Co., Ltd.		467,905
	40,000	Sekisui House Ltd.		784,618
	4,000	Shimamura Co., Ltd.		265,273
	1,234	Shin-Etsu Chemical Co., Ltd.		136,538
	1,500	Showa Sangyo Co., Ltd.		41,084
	92,800	Softbank Corp.*		1,219,164
	242	Star Asia Investment Corp. - REIT		225,640
	19,300	Sumitomo Mitsui Financial Group, Inc.		612,385
	11,500	Sumitomo Rubber Industries Ltd.		119,342
	14,041	Suntory Beverage & Food Ltd.		536,032
	20,300	Tokyo Electric Power Co., Inc.*		77,031
	600	Tokyu Recreation Co., Ltd.		25,062
	39,000	Toppan Printing Co., Ltd.		681,991

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	42	Tosei Reit Investment Corp.	$	46,696
	6	Toyota Motor Corp.		394
	1,437	Toyota Motor Corp. - ADR		187,888
	14,500	Trend Micro, Inc.		719,595
	100	Unicafe, Inc.		764
	13	Unicharm Corp.		421
	5,000	Weds Co., Ltd.		24,268
	586	Yamaguchi Financial Group, Inc.		3,056
	2,600	Yamazawa Co., Ltd.		35,054
	2,100	Yomeishu Seizo Co., Ltd.		36,873
	200	Yonkyu Co., Ltd.		2,948
	1,742	Zensho Holdings Co., Ltd.		31,865
				37,160,541
		JERSEY — 0.2%
	708,107	Centamin PLC		1,179,881
	350,550	Highland Gold Mining Ltd.		953,297
				2,133,178
		NETHERLANDS — 0.5%
	149,092	Fiat Chrysler Automobiles N.V.		1,878,653
	34,843	Koninklijke Ahold Delhaize N.V.		814,012
	10,135	Koninklijke Ahold Delhaize N.V. - ADR		237,260
	72,029	NN Group N.V.		2,461,821
				5,391,746
		NEW ZEALAND — 0.2%
	15,611	Arvida Group Ltd.		16,527
	4,384	Briscoe Group Ltd.*		10,276
	19,012	Contact Energy Ltd.		79,970
	1,125	EBOS Group Ltd.		16,436
	120,276	Genesis Energy Ltd.		230,434
	227,190	Goodman Property Trust - REIT		330,207
	23,400	Kathmandu Holdings Ltd.		44,816
	97,334	Mercury NZ Ltd.		292,204
	11,830	Oceania Healthcare Ltd.		8,356
	4,632	PGG Wrightson Ltd.		6,746
	52,325	Property for Industry Ltd.		81,918
	24,994	Sanford Ltd.		111,232
	302,950	Spark New Zealand Ltd.		861,835
	45,654	Stride Property Group³		64,254
	32,857	Trustpower Ltd.		130,716

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		NEW ZEALAND (Continued)
	30,318	Warehouse Group Ltd.	$	40,933
				2,326,860
		NORWAY — 0.2%
	436	AF Gruppen A.S.A.		7,878
	27,446	Mowi A.S.A.		581,442
	2,681	Olav Thon Eiendomsselskap A.S.A.		47,872
	137,075	Orkla A.S.A.		1,165,888
	41,184	Telenor A.S.A.		667,241
	3,840	Yara International A.S.A.		140,984
				2,611,305
		PHILIPPINES — 0.0%²
	14,471	PLDT, Inc. - ADR		274,949

		PORTUGAL — 0.0%²
	134,387	REN - Redes Energeticas Nacionais SGPS S.A.		372,987

		SINGAPORE — 0.3%
	25,000	DBS Group Holdings Ltd.		437,105
	7,499	DBS Group Holdings Ltd. - ADR		521,705
	22,600	Fraser and Neave Ltd.		26,298
	17,600	Hotel Grand Central Ltd.*		14,784
	44,500	Keong Hong Holdings Ltd.		13,400
	8,000	Keppel Corp. Ltd.		36,921
	235,003	Keppel Infrastructure Trust		88,245
	39,324	Sheng Siong Group Ltd.		35,128
	732,000	Singapore Telecommunications Ltd.		1,586,183
				2,759,769
		SOUTH KOREA — 0.0%²
	21,221	SK Telecom Co., Ltd. - ADR		407,655

		SPAIN — 0.0%²
	3,875	Endesa S.A.		99,711
	1,851	Repsol S.A.		20,917
				120,628
		SWEDEN — 0.1%
	5,312	Axfood A.B.		99,052
	27,663	ICA Gruppen A.B.		1,035,778
	5,731	Industrivarden A.B. - A Shares		133,366

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWEDEN (Continued)
	4,787	L E Lundbergforetagen A.B. - B Shares	$	198,571
				1,466,767
		SWITZERLAND — 1.4%
	12,743	Alcon, Inc.*		779,383
	1,255	Allreal Holding A.G.		268,804
	26	Basellandschaftliche Kantonalbank		24,807
	158	Berner Kantonalbank A.G.		36,986
	6,892	BKW A.G.		591,287
	10,762	Chubb Ltd.		1,560,813
	6,065	Garmin Ltd.		536,085
	1,400	Helvetia Holding A.G.		186,511
	354	Intershop Holding A.G.		237,911
	11,103	Nestle S.A.		1,142,563
	7,504	Nestle S.A. - ADR		772,237
	12,558	Novartis A.G.		1,056,420
	4,401	Novartis A.G. - ADR		369,508
	3,045	Pargesa Holding S.A.		224,465
	125	Plazza A.G.		37,745
	479	PSP Swiss Property A.G.		70,798
	10,619	Roche Holding A.G.		3,414,367
	5,960	Roche Holding A.G. - ADR		237,744
	6,238	Sonova Holding A.G.		1,489,910
	723	Swiss Life Holding A.G.		331,942
	5,409	Swisscom A.G.		2,887,208
	440	Zurich Insurance Group A.G.		170,382
	2,010	Zurich Insurance Group A.G. - ADR¹		77,586
				16,505,462
		TAIWAN — 0.7%
	99,648	Chunghwa Telecom Co., Ltd. - ADR¹		3,503,624
	78,228	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		4,211,795
	66,650	United Microelectronics Corp. - ADR		165,292
				7,880,711
		THAILAND — 0.0%²
	2,941	Kasikornbank PCL - ADR		44,703

		UNITED KINGDOM — 1.5%
	397,370	3i Group PLC		5,230,656
	24,925	Amino Technologies PLC		40,746

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	6,844	Aptitude Software Group PLC	$	41,857
	55,704	Berkeley Group Holdings PLC		3,435,323
	60,383	British American Tobacco PLC - ADR¹		2,403,243
	37,590	Britvic PLC		416,264
	5,848	Burberry Group PLC		126,023
	26,544	Carnival PLC		839,609
	16,621	Diageo PLC		593,030
	5,443	Eurocell PLC		17,754
	11,477	Finsbury Food Group PLC		13,270
	1,024	Harworth Group PLC		1,645
	47,483	HSBC Holdings PLC - ADR¹		1,594,004
	13,159	Marshall Motor Holdings PLC		26,648
	44,142	National Grid PLC		556,442
	6,346	Palace Capital PLC		24,125
	401,348	Petropavlovsk PLC*		96,054
	5,302	RELX PLC		128,281
	19,352	Royal Dutch Shell PLC - Class A - ADR¹		852,069
	17,713	Shoe Zone PLC		32,567
	1,638	System1 Group PLC		3,927
	16,133	Tate & Lyle PLC		147,109
	1,801	Unilever PLC		96,822
				16,717,468
		UNITED STATES — 14.8%
	524	1st Source Corp.		22,034
	20,441	Aaron’s, Inc.¹		803,945
	7,272	Adtalem Global Education, Inc.*		224,487
	56,139	Aflac, Inc.		2,405,556
	494	ALLETE, Inc.		34,081
	796	Allstate Corp.		83,779
	1,044	Alphabet, Inc. - Class A*		1,398,177
	349	Amazon.com, Inc.*		657,429
	7,386	American Eagle Outfitters, Inc.¹		95,132
	7,842	American Electric Power Co., Inc.		699,977
	17,403	American Financial Group, Inc.		1,608,386
	23,492	American National Insurance Co.		2,310,673
	1,144	America’s Car-Mart, Inc.*		117,569
	586	Anika Therapeutics, Inc.*		24,471
	12,159	Anthem, Inc.		3,125,957

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	9,951	Apollo Commercial Real Estate Finance, Inc. - REIT¹	$	161,206
	10,035	Apple, Inc.		2,743,168
	11,153	Archer-Daniels-Midland Co.		419,911
	8,341	Associated Banc-Corp		141,213
	127,732	AT&T, Inc.		4,498,721
	417	Atmos Energy Corp.		43,055
	4,354	Automatic Data Processing, Inc.		673,738
	91	AutoZone, Inc.*		93,958
	83,011	Avangrid, Inc.¹		4,124,817
	891	Avidbank Holdings, Inc.*		19,602
	16,091	Avista Corp.		758,691
	2,571	BancFirst Corp.		131,892
	13,919	Bank of America Corp.		396,691
	2,087	Bank of Hawaii Corp.¹		155,315
	1,917	Bank of Marin Bancorp		73,095
	1,800	BankFinancial Corp.		20,412
	6,902	Baxter International, Inc.		576,110
	5,661	Baycom Corp.*		120,636
	711	Becton, Dickinson and Co.		169,090
	1,782	Benchmark Electronics, Inc.		48,435
	431	Berkshire Hathaway, Inc.*		88,933
	2,876	Biogen, Inc.*		886,930
	1,736	Bio-Rad Laboratories, Inc. - Class A*		611,107
	26,157	BlackRock TCP Capital Corp.		342,395
	1,084	BOK Financial Corp.¹		78,482
	6,975	Brady Corp. - Class A		330,196
	1,928	Bryn Mawr Bank Corp.		64,087
	911	CACI International, Inc. - Class A*		223,213
	3,037	Cathay General Bancorp¹		93,479
	12,946	CenterPoint Energy, Inc.		298,017
	5,106	Central Pacific Financial Corp.		122,135
	4,147	Cerence, Inc.*		90,031
	492	Cerner Corp.		34,081
	5,744	Chemed Corp.		2,398,809
	10,734	Chemours Co.¹		159,507
	564	Chipotle Mexican Grill, Inc.*		436,299
	5,174	Church & Dwight Co., Inc.		359,696
	1,723	Churchill Downs, Inc.¹		216,478
	98,265	Ciena Corp.*		3,778,289

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	3,062	Cigna Corp.	$	560,162
	1,524	Cintas Corp.		406,512
	132,105	Cisco Systems, Inc.		5,274,953
	7,468	CIT Group, Inc.		296,554
	3,045	Citizens Financial Group, Inc.		96,496
	11,091	Citrix Systems, Inc.		1,146,698
	17,148	CNA Financial Corp.¹		713,014
	20,660	Coca-Cola Co.		1,105,103
	6,289	Colgate-Palmolive Co.		424,948
	7,270	Columbia Sportswear Co.		591,051
	28,856	Comcast Corp. - Class A		1,166,648
	10,425	Commerce Bancshares, Inc.¹		636,342
	3,370	CommVault Systems, Inc.*		140,529
	2,078	Computer Programs & Systems, Inc.		55,649
	1,819	Comtech Telecommunications Corp.¹		50,968
	4,253	Consolidated Edison, Inc.		335,222
	1,484	Copart, Inc.*		125,368
	4,961	Corteva, Inc.		134,939
	7,323	Costco Wholesale Corp.		2,058,789
	28,931	Covetrus, Inc.*^,1		321,423
	2,322	CSG Systems International, Inc.¹		102,748
	5,557	Danaher Corp.		803,431
	4,684	Darden Restaurants, Inc.		456,690
	1,582	Deckers Outdoor Corp.*^,1		274,952
	7,346	Dell Technologies, Inc. - Class C*		297,219
	31,342	Dolby Laboratories, Inc. - Class A		2,059,169
	2,095	Dollar General Corp.		314,878
	2,153	Dominion Energy, Inc.		168,322
	10,595	DTE Energy Co.		1,183,143
	28,688	Duke Energy Corp.		2,630,690
	4,355	EchoStar Corp. - Class A*		152,077
	8,003	Eli Lilly & Co.		1,009,418
	1,025	Ellington Financial, Inc.		16,943
	2,065	EMCOR Group, Inc.¹		158,840
	11,726	Encompass Health Corp.		877,574
	6,122	Equity Commonwealth - REIT		192,598
	1,034	ESSA Bancorp, Inc.		17,102
	1,228	Estee Lauder Cos., Inc. - Class A		225,461
	62,610	Evergy, Inc.		4,091,563
	100,491	Exelon Corp.		4,332,167

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	4,786	Expeditors International of Washington, Inc.	$	337,030
	3,896	F5 Networks, Inc.*		467,325
	603	Facebook, Inc. - Class A*		116,059
	11,827	Fifth Third Bancorp		288,579
	2,314	First Defiance Financial Corp.		55,339
	2,407	First Financial Corp.		96,160
	2,520	First Hawaiian, Inc.		60,354
	1,277	First Northern Community Bancorp*		14,172
	4,320	Flagstar Bancorp, Inc.		137,722
	8,919	FLIR Systems, Inc.		378,790
	17,400	Flowers Foods, Inc.¹		374,622
	4,605	FNB Corp.		46,464
	20,081	Foot Locker, Inc.¹		727,936
	632	Gaming and Leisure Properties, Inc. - REIT		28,231
	2,395	GCI Liberty, Inc.*		165,518
	2,986	Genuine Parts Co.		260,499
	17,088	Globe Life, Inc.¹		1,583,374
	710	Graham Holdings Co. - Class B		357,045
	5,402	Granite Point Mortgage Trust, Inc. - REIT¹		88,701
	3,866	Hancock Whitney Corp.		129,511
	1,321	Hanger, Inc.*		30,475
	1,395	Hanover Insurance Group, Inc.		165,363
	9,244	HarborOne Bancorp, Inc.*		92,394
	607	Hasbro, Inc.		46,891
	31,390	Hawaiian Electric Industries, Inc.		1,344,748
	2,896	HCA Healthcare, Inc.		367,821
	6,234	Herman Miller, Inc.¹		213,452
	3,702	Hill-Rom Holdings, Inc.¹		355,577
	6,395	Hilltop Holdings, Inc.		133,208
	972	Hologic, Inc.*		45,801
	8,402	Home Depot, Inc.		1,830,292
	1,892	HomeStreet, Inc.		51,254
	81,852	Hormel Foods Corp.¹		3,405,043
	5,204	Humana, Inc.		1,663,615
	2,501	Independent Bank Corp.		48,945
	122,152	Intel Corp.		6,781,879
	3,379	Inter Parfums, Inc.		202,943
	9,647	Interpublic Group of Cos., Inc.		206,060
	823	J&J Snack Foods Corp.		132,355

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	1,416	John B Sanfilippo & Son, Inc.	$	99,389
	476	John Wiley & Sons, Inc. - Class A¹		17,702
	15,226	Johnson & Johnson		2,047,592
	10,692	JPMorgan Chase & Co.		1,241,448
	22,398	Juniper Networks, Inc.		475,286
	6,138	Kearny Financial Corp.		66,966
	396	Keurig Dr Pepper, Inc.¹		11,040
	6,973	KKR Real Estate Finance Trust, Inc. - REIT		136,950
	4,672	Laboratory Corp. of America Holdings*		820,824
	7,026	Lancaster Colony Corp.		1,014,905
	3,770	Liberty Media Corp.-Liberty SiriusXM*		168,217
	18,470	Lincoln National Corp.		838,353
	1,768	Lockheed Martin Corp.		653,930
	464	Loews Corp.		21,172
	5,483	Lululemon Athletica, Inc.*		1,192,059
	16,823	Macy’s, Inc.¹		222,568
	1,442	Marcus Corp.		38,530
	499	Masimo Corp.*		81,502
	3,965	Materion Corp.		179,773
	2,186	MAXIMUS, Inc.		137,762
	421	McCormick & Co., Inc.		61,546
	7,071	McDonald’s Corp.		1,372,976
	18,111	MDU Resources Group, Inc.		502,218
	10,210	Merck & Co., Inc.		781,677
	22,206	MetLife, Inc.		948,640
	770	Mettler-Toledo International, Inc.*		540,309
	143,214	MFA Financial, Inc. - REIT¹		1,035,437
	12,827	MGIC Investment Corp.		154,309
	18,512	Microsoft Corp.		2,999,129
	375	Monster Beverage Corp.*		23,404
	3,597	Motorola Solutions, Inc.		595,950
	2,159	Murphy USA, Inc.*		210,502
	1,128	National HealthCare Corp.		83,709
	6,043	National Instruments Corp.		243,412
	1,052	NBT Bancorp, Inc.¹		35,442
	20,836	Newmont Corp.		929,911
	48,591	News Corp.¹		586,736
	211	NextEra Energy, Inc.		53,332
	5,192	NIKE, Inc. - Class B		464,061

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	23,989	Northwest Bancshares, Inc.	$	333,207
	319	NorthWestern Corp.		22,438
	38	NVR, Inc.*		139,353
	8,863	Omnicom Group, Inc.		614,029
	318	ONE Gas, Inc.		26,121
	3,598	Oracle Corp.		177,957
	1,577	Otter Tail Corp.		76,658
	5,910	Paychex, Inc.		457,907
	1,935	PCSB Financial Corp.		35,527
	744	Peoples Bancorp, Inc.		21,241
	15,665	PepsiCo, Inc.		2,068,250
	1,573	Perdoceo Education Corp.*		23,485
	95,613	Pfizer, Inc.		3,195,387
	14,475	Pinnacle West Capital Corp.		1,295,368
	2,247	PNC Financial Services Group, Inc.		284,021
	1,352	Portland General Electric Co.¹		73,562
	8,902	Prestige Consumer Healthcare, Inc.*		332,579
	16,201	Procter & Gamble Co.		1,834,439
	5,430	Progress Software Corp.		202,485
	9,562	Provident Financial Services, Inc.¹		191,049
	11,699	Prudential Financial, Inc.		882,690
	33,724	Public Service Enterprise Group, Inc.		1,730,378
	2,934	Public Storage - REIT		613,558
	797	QCR Holdings, Inc.		30,334
	4,448	Quest Diagnostics, Inc.		471,755
	12,984	Radian Group, Inc.		275,780
	721	Raytheon Co.		135,952
	500	Reading International, Inc.*		4,165
	23,228	Realty Income Corp. - REIT		1,681,475
	2,173	Reinsurance Group of America, Inc.		265,171
	9,285	Reliance Steel & Aluminum Co.¹		949,763
	15,674	Republic Services, Inc.		1,414,736
	2,143	ResMed, Inc.		340,651
	12,590	Ribbon Communications, Inc.*		40,666
	4,366	Robert Half International, Inc.		220,090
	13,915	Royal Gold, Inc.		1,342,380
	11,121	Scholastic Corp.		356,873
	20	Seaboard Corp.		68,300
	1,415	Southern Copper Corp.		47,615
	14,053	Star Group LP		126,196
	3,700	Starbucks Corp.		290,191

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	29,089	Starwood Property Trust, Inc. - REIT	$	645,194
	5,344	Stryker Corp.		1,018,513
	1,160	Sykes Enterprises, Inc.*		36,749
	7,363	Synopsys, Inc.*		1,015,579
	18,282	Sysco Corp.		1,218,495
	1,536	Target Corp.		158,208
	3,144	Tech Data Corp.*		447,674
	3,869	Texas Instruments, Inc.		441,608
	21,912	TJX Cos., Inc.		1,310,337
	27,996	Tootsie Roll Industries, Inc.¹		898,112
	5,074	Tractor Supply Co.		449,100
	1,959	Travelers Cos., Inc.		234,708
	13,632	TrustCo Bank Corp. NY		93,515
	13,271	Trustmark Corp.¹		356,990
	20,289	U.S. Bancorp		942,221
	13,066	Umpqua Holdings Corp.		201,086
	1,604	United Community Banks, Inc.		39,731
	4,121	UnitedHealth Group, Inc.		1,050,690
	1,594	Universal Corp.¹		78,664
	8,770	Universal Health Services, Inc. - Class B		1,085,200
	65,156	Urban Outfitters, Inc.*^,1		1,531,818
	5,766	USANA Health Sciences, Inc.*^,1		381,133
	5,676	Valero Energy Corp.		376,035
	6,508	Varian Medical Systems, Inc.*		800,289
	18,909	Verizon Communications, Inc.		1,024,111
	217	Vertex Pharmaceuticals, Inc.*		48,614
	5,958	Viavi Solutions, Inc.*		78,586
	4,836	Visa, Inc. - Class A¹		878,991
	5,991	Voya Financial, Inc.¹		315,366
	1,161	W.R. Berkley Corp.		77,950
	1,487	W.W. Grainger, Inc.		412,702
	71,984	Walmart, Inc.		7,751,237
	1,446	Walt Disney Co.		170,122
	10,847	Washington Federal, Inc.		325,302
	10,102	Waste Management, Inc.		1,119,403
	939	WD-40 Co.¹		161,968
	2,132	WEC Energy Group, Inc.		196,848
	34,736	Werner Enterprises, Inc.		1,167,130
	239	Yum! Brands, Inc.		21,331
				169,775,233

Number of Shares			Value
		COMMON STOCKS (Continued)
		TOTAL COMMON STOCKS
		(Cost 291,637,243)	$	346,028,579

		EXCHANGE-TRADED FUNDS — 25.7%
	1,761,978	iShares Core MSCI Emerging Markets ETF		85,825,948
	2,199,029	iShares Edge MSCI Min Vol Emerging Markets ETF¹		117,340,188
	551,168	iShares Edge MSCI Min Vol Global ETF¹		49,698,819
	573,828	iShares MSCI ACWI ETF¹		41,464,811

		TOTAL EXCHANGE-TRADED FUNDS
		(Cost 286,260,075)		294,329,766

		OPEN-END MUTUAL FUND — 20.5%
	10,310,458	GMO Quality Fund - Class VI		234,872,233

		TOTAL OPEN-END MUTUAL FUND
		(Cost 219,019,495)		234,872,233

		PREFERRED STOCK — 0.1%
		GERMANY — 0.1%
	25,551	Porsche Automobil Holding S.E.		1,592,226

		TOTAL PREFERRED STOCK
		(Cost 1,509,782)		1,592,226

		PRIVATE FUND — 12.2%
		RIEF Strategic Partners Fund LLC*		140,578,072
		TOTAL PRIVATE FUND
		(Cost 136,000,000)		140,578,072

		SHORT-TERM INVESTMENTS — 20.1%
		COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 9.1%
		Collateral Investments⁴		104,421,628

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares			Value
		SHORT-TERM INVESTMENTS (Continued)
		MONEY MARKET FUNDS — 11.0%
	125,833,133	JPMorgan Prime Money Market Fund - Institutional Shares, 1.62%⁵	$	125,896,049

		TOTAL SHORT-TERM INVESTMENTS
		(Cost 230,272,827)		230,317,677

		TOTAL INVESTMENTS — 108.8%
		(Cost 1,164,699,422)		1,247,718,553
		Liabilities in excess of other assets — (8.8)%		(100,669,822	)

		TOTAL NET ASSETS — 100.0%	$	1,147,048,731

*	Non-income producing security.

¹	Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate fair value of these securities was $108,855,714.

²	Rounds to less than 0.05%.

³	Comprised of securities in separate entities or units of stapled securities that must be traded together.

⁴	Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

⁵	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

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS — 62.3%
		ALABAMA — 1.1%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 04/3/2020^{1 2}	$	506,085
	3,855,000	Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/2022¹		4,117,873
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		578,325
	1,080,000	Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029²		1,309,586
	2,605,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		3,140,432
	1,500,000	Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/2025¹		1,721,130
		Southeast Alabama Gas Supply District
	1,000,000	4.00%, 06/1/2049, Call 03/1/2024¹		1,114,700
	1,710,000	1.96% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/2024³		1,724,227
	475,000	Tuscaloosa County Industrial Development Authority, 4.50%, 05/1/2032, Call 05/1/2029⁴		551,494
	1,900,000	UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029		2,490,881
				17,254,733
		ALASKA — 0.1%
	1,200,000	Alaska Industrial Development & Export Authority, 3.50%, 12/1/2020, Call 04/3/2020		1,201,668

		ARIZONA — 1.7%
		Arizona Health Facilities Authority
	1,500,000	4.00%, 01/1/2043, Call 01/1/2022		1,573,965
	500,000	5.00%, 02/1/2043, Call 02/1/2023		541,465
		Arizona Industrial Development Authority
	1,195,000	4.00%, 03/1/2027⁴		1,284,876
	530,000	5.00%, 07/1/2047, Call 07/1/2027⁴		603,357
	2,000,000	Arizona State University, 5.00%, 07/1/2042, Call 07/1/2026		2,444,200

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARIZONA (Continued)
$	230,000	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027^{4 6}	$	225,483
		City of Mesa Utility System Revenue
	250,000	5.00%, 07/1/2034, Call 07/1/2028		323,487
	2,000,000	5.00%, 07/1/2035, Call 07/1/2029		2,646,960
		City of Phoenix Civic Improvement Corp.
	2,000,000	5.00%, 07/1/2038, Call 07/1/2028		2,554,360
	1,000,000	4.00%, 07/1/2045, Call 07/1/2029		1,164,450
	1,500,000	County of Pima, 4.00%, 07/1/2023		1,657,245
	699,000	Eastmark Community Facilities District #1 5.20%, 07/1/2039, Call 07/1/2025⁴		741,604
		Industrial Development Authority of the City of Phoenix
	375,000	7.00%, 07/1/2022, Call 07/1/2020		382,489
	645,000	5.00%, 10/1/2036, Call 10/1/2026		764,448
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,075,360
		Industrial Development Authority of the County of Pima
	285,000	7.00%, 01/1/2022		288,312
	500,000	6.75%, 03/1/2034, Call 03/1/2024		529,845
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/2022⁴		361,114
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027⁴		1,074,890
		Maricopa County Industrial Development Authority
	500,000	2.88%, 07/1/2021⁴		502,485
	120,000	5.00%, 07/1/2039, Call 07/1/2029⁴		139,502
	2,000,000	Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025		2,417,980
	740,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		806,467
	1,975,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,676,915
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		888,298
				27,669,557

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ARKANSAS — 0.2%
$	2,250,000	Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/2026^{2 4}	$	2,523,420

		CALIFORNIA — 5.4%
	1,000,000	Bay Area Toll Authority, 2.40% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026³		1,052,970
		California Community Housing Agency
	1,000,000	5.00%, 08/1/2049, Call 08/1/2029⁴		1,210,340
	545,000	5.00%, 02/1/2050, Call 02/1/2030⁴		664,480
	1,000,000	California County Tobacco Securitization Agency, 5.13%, 06/1/2038, Call 04/3/2020		1,010,650
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		191,148
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,700,860
		California Municipal Finance Authority
	200,000	6.63%, 01/1/2032, Call 01/1/2022⁴		210,524
	500,000	7.00%, 06/1/2034, Call 06/1/2022		555,555
	500,000	5.75%, 10/1/2034, Call 10/1/2021		514,655
	905,000	5.00%, 10/1/2035, Call 10/1/2022		971,481
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,230,960
	50,000	5.00%, 10/1/2039, Call 10/1/2027⁴		55,163
	850,000	5.00%, 06/1/2046, Call 06/1/2026		988,244
	1,000,000	California Municipal Finance Authority, AGM, 4.00%, 12/31/2047, Call 06/30/2028²		1,128,860
		California Pollution Control Financing Authority
	1,000,000	5.00%, 07/1/2037, Call 07/1/2022^{2 4}		1,092,280
	650,000	7.50%, 12/1/2039, Call 12/1/2029^{2 4}		541,911
		California School Finance Authority
	700,000	5.00%, 08/1/2036, Call 08/1/2025⁴		804,545
	1,250,000	5.00%, 06/1/2040, Call 06/1/2027⁴		1,420,350
	1,000,000	5.00%, 08/1/2041, Call 08/1/2025⁴		1,139,900

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	500,000	5.00%, 10/1/2042, Call 10/1/2022⁴	$	535,600
	350,000	6.75%, 11/1/2045, Call 11/1/2024⁴		382,599
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,173,590
		California Statewide Communities Development Authority
	435,000	5.25%, 12/1/2043, Call 06/1/2028⁴		524,745
	2,005,000	5.25%, 12/1/2044, Call 12/1/2024		2,309,018
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,155,580
	850,000	California Statewide Communities Development Authority, AGM, 5.25%, 10/1/2043, Call 10/1/2024		975,732
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/2023²		717,658
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		231,390
		City of Lathrop
	500,000	5.00%, 09/2/2040, Call 09/2/2025		578,290
	1,000,000	5.60%, 09/1/2049, Call 09/1/2026		1,099,240
	1,000,000	City of Los Angeles Department of Airports, 5.00%, 05/15/2047, Call 05/15/2027²		1,221,800
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		340,522
	250,000	County of Madera, 5.38%, 03/15/2036, Call 03/15/2020		250,393
	1,000,000	County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028		1,290,620
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		771,939
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,450,640
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,135,610
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,138,580
	3,435,000	5.25%, 06/1/2047, Call 06/1/2022		3,664,664
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,138,410

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024	$	1,165,160
	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022		1,067,330
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021		542,470
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		484,815
		National City Community Development Commission
	500,000	5.75%, 08/1/2021		536,345
	500,000	7.00%, 08/1/2032, Call 08/1/2021		544,760
	150,000	Norco Community Redevelopment Agency Successor Agency, 5.88%, 03/1/2032		150,000
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		257,832
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,932,300
	2,000,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,414,660
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,135,860
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,411,240
	500,000	Ridgecrest Redevelopment Agency, 6.13%, 06/30/2037, Call 06/30/2020		508,865
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		819,342
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,240,950
	1,855,000	San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037		2,159,999
	1,000,000	San Diego Association of Governments South Bay Expressway Revenue, 5.00%, 07/1/2042, Call 07/1/2027		1,235,860

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		San Francisco City & County Airport Commission-San Francisco International Airport
$	2,500,000	5.00%, 05/1/2039, Call 05/1/2029²	$	3,217,075
	2,500,000	5.00%, 05/1/2046, Call 05/1/2026²		3,000,575
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,497,940
	1,000,000	San Francisco City & County Redevelopment Agency, 6.63%, 08/1/2041, Call 02/1/2021		1,054,280
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,463,930
	475,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		344,133
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		544,355
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,134,357
		Santa Ana Financing Authority, NATL-RE
	500,000	6.25%, 07/1/2024		566,370
	500,000	6.25%, 07/1/2024		564,510
	450,000	Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021		478,345
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,102,030
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		732,867
	1,390,000	5.00%, 11/1/2033		1,909,916
	1,500,000	State of California, 5.00%, 04/1/2028		1,976,970
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,090,570
	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027⁴		110,029
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,083,330
				88,050,866

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO — 2.9%
$	500,000	Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024	$	542,885
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		664,425
	2,005,000	5.00%, 12/1/2046, Call 12/1/2026		2,258,552
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		716,162
	500,000	5.00%, 12/1/2043, Call 12/1/2023		548,720
		City & County of Denver Airport System Revenue
	1,000,000	5.00%, 12/1/2035, Call 12/1/2028²		1,280,330
	2,000,000	5.25%, 12/1/2043, Call 12/1/2028²		2,552,480
	500,000	City Center West Residential Metropolitan District, 6.25%, 12/1/2044, Call 04/3/2020		500,295
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		578,055
	550,000	4.75%, 04/1/2030, Call 04/1/2022		574,382
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		1,075,960
	460,000	5.00%, 10/1/2039, Call 10/1/2027⁴		523,604
	600,000	6.25%, 11/1/2040, Call 11/1/2020		614,556
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		114,445
	500,000	4.00%, 10/1/2039, Call 10/1/2024		540,095
	500,000	5.13%, 12/1/2039, Call 04/3/2020		500,700
	1,000,000	Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025		1,176,070
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		606,940
	500,000	5.00%, 06/1/2036, Call 06/1/2027		644,670
	1,200,000	5.00%, 11/15/2039, Call 11/15/2029		1,550,880
	500,000	8.00%, 08/1/2043, Call 02/1/2024		570,555
	1,295,000	5.00%, 08/1/2044, Call 08/1/2029		1,612,275

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	2,000,000	5.00%, 05/15/2045, Call 05/15/2025	$	2,296,840
	500,000	Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024		559,270
	500,000	Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024		542,230
		Denver Convention Center Hotel Authority
	500,000	5.00%, 12/1/2034, Call 12/1/2026		599,105
	550,000	5.00%, 12/1/2040, Call 12/1/2026		650,265
	1,470,000	Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023		1,631,891
	250,000	Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020		255,525
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		512,860
		E-470 Public Highway Authority, NATL-RE
	320,000	0.00%, 09/1/2028, Call 09/1/2020		203,542
	480,000	0.00%, 09/1/2030		391,598
	250,000	Fitzsimons Village Metropolitan District No. 3, 5.75%, 03/1/2032, Call 04/3/2020		249,570
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,609,880
	1,010,000	Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,086,790
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		799,177
	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027		2,192,195
	4,147	Mount Carbon Metropolitan District, 7.00%, 06/1/2043		4,147
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,202,870
	1,000,000	Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024		1,071,690

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,080,000	Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020	$	1,133,752
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		526,367
		Regional Transportation District
	1,000,000	6.00%, 01/15/2041, Call 07/15/2020		1,015,130
	4,000,000	5.00%, 11/1/2041, Call 11/1/2026		4,953,360
	289,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		292,130
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		148,559
	575,000	Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026		651,561
	1,000,000	Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028		1,243,650
				46,570,990
		CONNECTICUT — 0.1%
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 04/3/2020²		499,925
	90,000	Connecticut State Health & Educational Facility Authority, 5.00%, 07/1/2037, Call 07/1/2027		111,347
	1,000,000	Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027⁴		1,174,680
				1,785,952
		DELAWARE — 0.2%
		Delaware State Economic Development Authority
	1,000,000	6.75%, 09/1/2035, Call 03/1/2025⁴		1,104,340
	900,000	5.00%, 08/1/2049, Call 08/1/2029		1,070,208
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,747,785
				3,922,333
		DISTRICT OF COLUMBIA — 1.1%
		District of Columbia
	1,000,000	4.00%, 04/1/2033, Call 04/1/2026		1,126,370
	1,500,000	5.00%, 06/1/2041, Call 06/1/2026		1,829,370

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		DISTRICT OF COLUMBIA (Continued)
$	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028	$	2,535,240
		Metropolitan Washington Airports Authority
	1,000,000	5.00%, 10/1/2032, Call 10/1/2028²		1,283,480
	1,520,000	4.00%, 10/1/2036, Call 10/1/2026²		1,727,267
	1,820,000	5.00%, 10/1/2042, Call 10/1/2027²		2,237,290
	655,000	5.00%, 10/1/2044, Call 10/1/2024²		751,593
		Metropolitan Washington Airports Authority Dulles Toll Road Revenue
	750,000	4.00%, 10/1/2035, Call 10/1/2029		906,067
	3,130,000	4.00%, 10/1/2044, Call 10/1/2029		3,694,402
	1,000,000	Washington Convention & Sports Authority, 5.00%, 10/1/2030, Call 10/1/2027		1,275,800
				17,366,879
		FLORIDA — 4.5%
	1,335,000	Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024		1,563,365
	915,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		949,825
	870,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		907,175
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		111,679
	1,350,000	Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 04/3/2020		1,388,191
		Capital Trust Agency, Inc.
	500,000	4.38%, 06/15/2027⁴		529,460
	760,000	5.35%, 07/1/2029, Call 07/1/2020		772,213
	95,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		105,621
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		565,325
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		580,597
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,797,693

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	City of Tampa, 5.00%, 05/1/2037, Call 05/1/2028	$	1,276,400
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		537,220
	1,000,000	County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025²		1,184,340
	1,000,000	County of Broward Port Facilities Revenue, 4.00%, 09/1/2039, Call 09/1/2029²		1,159,190
	2,350,000	County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025		2,831,632
	1,500,000	County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026		1,816,155
	1,740,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2033, Call 10/1/2024²		2,020,801
		County of Palm Beach
	3,000,000	5.00%, 05/1/2028, Call 05/1/2026		3,739,290
	175,000	5.00%, 04/1/2039, Call 04/1/2029⁴		202,629
	65,000	Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021		65,406
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		815,160
	2,000,000	7.63%, 06/15/2041, Call 06/15/2021		2,118,840
	500,000	8.50%, 06/15/2044, Call 06/15/2023		581,510
	825,000	6.13%, 06/15/2046, Call 06/15/2025⁴		919,859
	5,000,000	6.50%, 01/1/2049, Call 04/3/2020^{1 2 4}		5,166,700
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028⁴		567,275
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,099,930
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		525,600
		Greater Orlando Aviation Authority
	1,000,000	5.00%, 11/15/2036, Call 05/15/2023²		1,079,060
	1,665,000	5.00%, 10/1/2046, Call 10/1/2026²		1,992,605

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026	$	1,218,910
	2,000,000	Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028²		2,491,540
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,505,500
		Lake Ashton Community Development District
	125,000	5.00%, 05/1/2025		132,625
	405,000	5.00%, 05/1/2037, Call 05/1/2025		423,504
	1,675,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,804,779
		Lee County Industrial Development Authority
	100,000	5.75%, 06/15/2042, Call 06/15/2022		104,109
	3,000,000	5.00%, 11/15/2049, Call 11/15/2026		3,589,890
	2,000,000	Lee Memorial Health System, 5.00%, 04/1/2044, Call 04/1/2029		2,500,020
	910,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		992,755
		Mediterra South Community Development District
	90,000	5.10%, 05/1/2031, Call 05/1/2022		96,860
	385,000	5.00%, 05/1/2034, Call 05/1/2023		392,750
		Miami Beach Health Facilities Authority
	1,500,000	4.25%, 11/15/2034, Call 04/3/2020		1,503,075
	1,000,000	5.00%, 11/15/2039, Call 11/15/2024		1,152,600
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		698,695
	320,000	5.25%, 09/15/2044, Call 09/15/2024		353,619
	105,000	5.00%, 09/15/2044, Call 09/15/2027⁴		120,070
		Palm Beach County Health Facilities Authority

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	525,000	6.75%, 06/1/2024, Call 06/1/2022	$	597,009
	850,000	5.00%, 12/1/2031, Call 12/1/2024		1,009,758
	500,000	5.00%, 11/1/2043, Call 11/1/2022		539,130
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		802,373
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		834,564
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,831,545
	1,000,000	Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028		1,246,690
		South Miami Health Facilities Authority
	900,000	5.00%, 08/15/2042, Call 08/15/2027		1,107,567
	1,650,000	5.00%, 08/15/2047, Call 08/15/2027		2,010,723
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		111,947
	2,000,000	Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028		2,405,080
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028⁴		158,863
	495,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		522,176
				73,229,472
		GEORGIA — 1.4%
	1,000,000	Appling County Development Authority, 2.40%, 01/1/2038¹		1,000,930
		Burke County Development Authority
	1,500,000	2.05%, 10/1/2032¹		1,518,885
	500,000	2.25%, 10/1/2032¹		513,510
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		1,119,880
	1,000,000	3.00%, 11/1/2045¹		1,034,450
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		611,105
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		1,046,310

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		GEORGIA (Continued)
$	130,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 06/1/2020	$	130,795
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,262,305
	500,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027⁴		507,895
	1,470,000	Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029		1,870,575
	500,000	Medical Center Hospital Authority, AGM, 5.00%, 08/1/2041, Call 08/1/2020		508,575
	665,000	Municipal Electric Authority of Georgia, 5.00%, 01/1/2038, Call 07/1/2028		826,781
	5,000,000	Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/2021¹		5,027,250
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,929,690
	600,000	Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/2/2020		617,598
	2,500,000	Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021		2,665,925
				22,192,459
		GUAM — 0.1%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		558,510
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,135,080
	450,000	5.63%, 07/1/2040, Call 07/1/2020		457,236
				2,150,826
		HAWAII — 0.3%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		537,600
	2,800,000	State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028		3,564,820
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028²		1,240,470
				5,342,890

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IDAHO — 0.2%
		Idaho Health Facilities Authority
$	300,000	4.38%, 07/1/2034, Call 07/1/2024⁴	$	326,412
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,291,472
		Idaho Housing & Finance Association
	250,000	6.00%, 06/1/2038, Call 04/3/2020		250,585
	370,000	6.00%, 07/1/2039, Call 07/1/2028⁴		443,697
	415,000	6.00%, 07/1/2049, Call 07/1/2028⁴		491,339
	565,000	6.00%, 07/1/2054, Call 07/1/2028⁴		664,457
				3,467,962
		ILLINOIS — 6.6%
		Chicago Board of Education
	1,000,000	5.00%, 12/1/2021		1,063,680
	100,000	5.75%, 04/1/2034, Call 04/1/2027		124,221
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,259,750
	180,000	5.00%, 04/1/2037, Call 04/1/2027		212,513
	500,000	5.00%, 04/1/2038, Call 04/1/2028		597,870
	500,000	5.25%, 12/1/2039, Call 12/1/2024		572,325
	575,000	5.00%, 12/1/2042, Call 12/1/2022		625,169
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,467,432
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,352,857
	1,000,000	Chicago Board of Education, NATL, 0.00%, 12/1/2022		962,180
		Chicago O’Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/2028²		616,135
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,905,675
	680,000	Chicago Park District, 5.00%, 11/15/2024		784,700
		Chicago Transit Authority
	475,000	5.25%, 12/1/2030, Call 12/1/2021		510,045
	2,500,000	5.00%, 12/1/2046, Call 12/1/2026		3,011,950
		City of Chicago
	1,000,000	4.84%, 04/15/2028, Call 01/16/2023⁴		1,045,110
	1,000,000	5.25%, 01/1/2035, Call 01/1/2021		1,031,630
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,169,530
	2,380,000	6.00%, 01/1/2038, Call 01/1/2027		2,999,728
	500,000	5.50%, 01/1/2040, Call 01/1/2025		580,020
	900,000	5.00%, 01/1/2041, Call 01/1/2022		968,787
	1,000,000	City of Chicago IL, 5.00%, 01/1/2030		1,271,600

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024	$	1,097,950
		City of Chicago Wastewater Transmission Revenue
	665,000	5.00%, 01/1/2034, Call 01/1/2025		768,740
	3,000,000	5.00%, 01/1/2039, Call 01/1/2024		3,350,130
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,175,120
		County of Cook
	1,000,000	5.25%, 11/15/2022, Call 11/15/2020		1,029,340
	2,000,000	5.25%, 11/15/2033, Call 11/15/2020		2,059,120
	1,500,000	6.75%, 10/15/2040, Call 10/15/2020¹		1,551,450
		Illinois Educational Facilities Authority
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,222,800
	570,000	3.90%, 11/1/2036, Call 11/1/2027		643,912
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		841,533
	235,000	5.00%, 08/15/2026, Call 08/15/2020		239,402
	465,000	5.00%, 08/15/2026, Call 08/15/2020		473,305
	425,000	5.00%, 08/1/2027		520,867
	500,000	5.00%, 08/1/2028, Call 08/1/2027		610,075
	2,135,000	5.00%, 03/1/2031, Call 03/1/2027		2,591,890
	600,000	5.75%, 10/1/2032, Call 10/1/2022		650,094
	670,000	5.00%, 03/1/2033, Call 03/1/2027		809,166
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,179,770
	315,000	5.00%, 02/15/2034, Call 02/15/2027		390,786
	500,000	5.00%, 03/1/2034, Call 03/1/2027		602,480
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,275,700
	225,000	5.00%, 02/15/2037, Call 08/15/2027		266,474
	1,695,000	4.00%, 07/1/2038, Call 07/1/2029		2,021,271
	550,000	5.00%, 09/1/2042, Call 09/1/2024		631,218
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,246,783
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,444,148
	1,135,000	4.00%, 06/1/2047, Call 06/1/2022		1,214,836

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	655,000	4.00%, 06/1/2047, Call 06/1/2022	$	685,615
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,138,770
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,080,000
	250,000	Illinois Finance Authority, AGM, 5.25%, 03/1/2030		250,000
	485,000	Illinois Sports Facilities Authority, 5.00%, 06/15/2021		506,864
	1,000,000	Illinois Sports Facilities Authority, AGM, 5.25%, 06/15/2032, Call 06/15/2024		1,156,750
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,233,150
		Metropolitan Pier & Exposition Authority
	2,355,000	5.00%, 06/15/2050, Call 12/15/2029		2,890,032
	530,000	5.00%, 06/15/2057, Call 12/15/2027		625,363
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		847,940
	3,300,000	0.00%, 12/15/2030		2,689,599
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,719,856
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,326,862
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		532,420
		Railsplitter Tobacco Settlement Authority
	780,000	5.25%, 06/1/2021		819,889
	3,000,000	5.00%, 06/1/2024		3,484,860
	1,000,000	Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,115,170
		Sales Tax Securitization Corp.
	2,000,000	5.00%, 01/1/2034, Call 01/1/2028		2,503,840
	500,000	4.00%, 01/1/2038, Call 01/1/2030		591,310
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,223,680

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
		State of Illinois
$	1,000,000	5.00%, 11/1/2022	$	1,101,160
	500,000	5.00%, 03/1/2024, Call 03/1/2022		537,825
	1,000,000	5.00%, 11/1/2025		1,199,530
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,707,240
	1,000,000	5.00%, 11/1/2027		1,245,330
	1,000,000	5.00%, 05/1/2028, Call 05/1/2024		1,144,500
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		2,077,460
	500,000	5.00%, 03/1/2037, Call 03/1/2022		533,285
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		1,151,210
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,679,820
	105,000	State of Illinois, AMBAC, 6.25%, 12/15/2020		107,781
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,262,040
	615,000	Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027⁴		670,959
		Will County Community High School District No. 210 Lincoln-Way
	550,000	0.00%, 01/1/2031		417,219
	250,000	0.00%, 01/1/2032		183,808
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,261,359
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,094,170
	865,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		898,614
				106,736,547
		INDIANA — 1.0%
	1,820,000	Ball State University, 5.00%, 07/1/2036, Call 07/1/2028		2,324,176
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/2022²		1,073,330
		Indiana Finance Authority
	710,000	6.00%, 12/1/2026, Call 06/1/2020		716,823
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,600,880
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,511,950

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		INDIANA (Continued)
$	1,340,000	Indiana Municipal Power Agency, 5.00%, 01/1/2036, Call 07/1/2026	$	1,638,338
	1,000,000	Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/1/2049, Call 02/1/2029		1,272,030
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,285,380
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023²		558,045
				15,980,952
		IOWA — 0.3%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,127,070
	2,520,000	4.75%, 08/1/2042, Call 08/1/2022		2,679,163
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		528,240
		Iowa Tobacco Settlement Authority
	800,000	5.60%, 06/1/2034, Call 04/3/2020		808,520
	410,000	5.38%, 06/1/2038, Call 04/3/2020		414,367
				5,557,360
		KENTUCKY — 0.9%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		238,672
	2,600,000	5.00%, 01/1/2045, Call 07/1/2025		2,902,016
	1,350,000	5.00%, 06/1/2045, Call 06/1/2027		1,583,834
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		940,330
		Kentucky Public Energy Authority
	1,600,000	4.00%, 01/1/2049, Call 10/1/2024¹		1,807,520
	1,950,000	4.00%, 12/1/2049, Call 03/1/2025¹		2,220,367
	1,500,000	4.00%, 02/1/2050, Call 11/1/2027¹		1,782,420
	1,000,000	4.00%, 12/1/2050, Call 03/1/2026¹		1,166,560
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,220,340
				13,862,059
		LOUISIANA — 1.1%
	1,170,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,280,705

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		LOUISIANA (Continued)
$	500,000	Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021	$	523,420
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,880,985
		Louisiana Local Government Environmental Facilities & Community Development Authority
	500,000	6.50%, 11/1/2035, Call 11/1/2020		516,995
	1,205,000	5.00%, 10/1/2041, Call 10/1/2027		1,466,931
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,206,560
		Louisiana Public Facilities Authority
	1,000,000	5.00%, 12/15/2021		1,072,170
	500,000	8.13%, 12/15/2033, Call 12/15/2023		546,300
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,184,810
	885,000	6.50%, 07/1/2036, Call 07/1/2023^{2 4}		981,173
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,694,616
	1,500,000	New Orleans Aviation Board, 5.00%, 01/1/2048, Call 01/1/2027²		1,776,285
	500,000	New Orleans Aviation Board, AGM, 5.00%, 10/1/2035, Call 10/1/2028		636,530
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028²		1,546,285
	1,000,000	State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026		1,165,090
				17,478,855
		MAINE — 0.4%
		Maine Health & Higher Educational Facilities Authority
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,982,542
	700,000	5.00%, 07/1/2035, Call 07/1/2027		859,306
	420,000	5.00%, 07/1/2040, Call 07/1/2020		425,485
	1,500,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,929,495

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MAINE (Continued)
$	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 04/3/2020²	$	506,085
				5,702,913
		MARYLAND — 1.6%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		3,097,725
	1,525,000	5.00%, 09/1/2036, Call 09/1/2027		1,850,160
	1,000,000	5.00%, 09/1/2046, Call 09/1/2027		1,187,800
	1,330,000	County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026		1,560,250
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,781,824
	4,750,000	Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/2021⁴		4,786,765
	1,000,000	Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029²		1,242,940
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		3,046,572
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,169,370
	500,000	5.00%, 07/1/2045, Call 07/1/2025		579,725
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2036, Call 05/1/2028		2,540,940
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,421,380
	1,000,000	5.00%, 05/1/2047, Call 05/1/2028		1,243,420
				26,508,871
		MASSACHUSETTS — 0.8%
	120,000	Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026		132,057
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,790,745
		Massachusetts Development Finance Agency
	600,000	5.00%, 07/1/2034, Call 07/1/2027		732,666
	2,000,000	5.00%, 07/1/2038¹		2,313,740
	1,000,000	4.00%, 07/1/2044, Call 01/1/2029		1,122,920
	150,000	4.00%, 06/1/2049, Call 06/1/2029		165,915

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MASSACHUSETTS (Continued)
		Massachusetts Educational Financing Authority
$	1,500,000	5.00%, 01/1/2021²	$	1,549,830
	300,000	5.50%, 01/1/2022, Call 03/16/2020		300,300
	115,000	6.00%, 01/1/2028, Call 03/16/2020		115,106
	1,000,000	5.00%, 07/1/2028²		1,274,060
	1,000,000	5.00%, 07/1/2029²		1,294,780
	200,000	4.25%, 07/1/2046, Call 07/1/2026²		222,476
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,239,590
	1,000,000	Massachusetts Water Resources Authority, AGM, 5.25%, 08/1/2034		1,512,340
				13,766,525
		MICHIGAN — 2.3%
	500,000	Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024		564,620
		Grand Rapids Public Schools, AGM
	1,170,000	5.00%, 05/1/2022		1,272,457
	685,000	5.00%, 05/1/2024		798,450
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,220,970
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		295,543
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 04/3/2020		273,573
	3,500,000	4.50%, 10/1/2029, Call 10/1/2024		3,930,885
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,322,357
	1,670,000	5.00%, 12/1/2032, Call 06/1/2022		1,824,508
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,926,825
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,181,410
	500,000	5.00%, 07/1/2035, Call 07/1/2025		589,975
	1,000,000	5.00%, 07/1/2039, Call 07/1/2024		1,124,050
	1,000,000	5.00%, 11/15/2041, Call 11/15/2026		1,214,480
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,782,275
	855,000	5.00%, 12/1/2048, Call 12/1/2028		1,082,960

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MICHIGAN (Continued)
$	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024	$	1,666,746
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,145,170
	3,000,000	Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026		3,652,680
	2,000,000	Michigan State Hospital Finance Authority, 2.40%, 11/15/2047¹		2,079,160
	935,000	Michigan State Housing Development Authority, 2.34% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/2021^{2 3}		940,675
	805,000	Michigan Strategic Fund, 7.00%, 12/1/2030, Call 12/1/2023^{1 2 4}		914,520
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		258,090
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 04/3/2020		500,585
		Wayne County Airport Authority
	2,000,000	5.00%, 12/1/2030, Call 12/1/2025²		2,394,820
	1,500,000	5.00%, 12/1/2037, Call 12/1/2027		1,879,740
				37,837,524
		MINNESOTA — 0.4%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		276,457
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027⁴		74,045
	1,720,000	City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025^{1 4}		1,856,138
		Housing & Redevelopment Authority of The City of Saint Paul
	1,000,000	5.00%, 11/15/2029, Call 11/15/2025		1,230,420
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,581,090
	415,000	5.50%, 09/1/2043, Call 09/1/2020		424,329
	490,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		526,441
				5,968,920

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MISSISSIPPI — 0.0%⁵
$	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/2036^{1 2 4}	$	535,860

		MISSOURI — 1.0%
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		778,716
	685,000	5.00%, 01/1/2032, Call 01/1/2028		882,616
	350,000	5.00%, 01/1/2034, Call 01/1/2028		448,882
	225,000	Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 04/3/2020		225,682
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		761,722
	445,000	5.00%, 10/1/2047, Call 10/1/2027		526,506
		Health & Educational Facilities Authority of the State of Missouri
	835,000	5.00%, 06/1/2034, Call 06/1/2020		843,492
	685,000	4.00%, 02/15/2039, Call 02/15/2029		800,292
	1,150,000	6.00%, 02/1/2041, Call 02/1/2021		1,201,865
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,226,910
	350,000	4.00%, 11/15/2049, Call 11/15/2027		400,872
		Kansas City Industrial Development Authority
	2,000,000	5.00%, 03/1/2039, Call 03/1/2029²		2,524,860
	3,000,000	5.00%, 03/1/2046, Call 03/1/2029²		3,733,590
	1,400,000	Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025		1,692,110
				16,048,115
		MONTANA — 0.1%
	1,170,000	Montana Facility Finance Authority, 5.00%, 07/1/2031, Call 07/1/2028		1,411,535

		NEBRASKA — 0.3%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		2,043,769
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,731,475
	250,000	5.25%, 09/1/2037, Call 09/1/2022		274,872
				5,050,116

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEVADA — 1.1%
$	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027	$	291,936
		County of Clark
	2,500,000	5.00%, 6/1/2043, Call 6/1/2028		3,157,600
	5,100,000	5.00%, 05/1/2048, Call 06/1/2028		6,382,548
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,154,410
	1,000,000	Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028		1,241,520
		Las Vegas Valley Water District
	2,000,000	5.00%, 06/1/2039, Call 12/1/2024		2,371,720
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,429,800
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025⁴		655,398
				17,684,932
		NEW HAMPSHIRE — 0.4%
	500,000	New Hampshire Business Finance Authority, 4.13%, 01/20/2034		617,150
		New Hampshire Health and Education Facilities Authority Act
	2,000,000	5.00%, 07/1/2037, Call 07/1/2027		2,414,360
	215,000	5.00%, 08/1/2037, Call 02/1/2028		267,387
	3,000,000	5.00%, 07/1/2041, Call 01/1/2028		3,755,850
				7,054,747
		NEW JERSEY — 2.3%
	4,000,000	Garden State Preservation Trust, AGM, 5.75%, 11/1/2028		5,123,640
		New Jersey Economic Development Authority
	600,000	5.13%, 09/15/2023, Call 08/20/2022²		646,824
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,666,110
	1,000,000	5.25%, 09/1/2025, Call 03/1/2021		1,041,240
	1,450,000	3.13%, 07/1/2029, Call 07/1/2027		1,477,825
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		1,070,930
	100,000	5.00%, 07/15/2032, Call 07/15/2027		119,820
	1,000,000	5.00%, 06/15/2033, Call 06/15/2027		1,215,090
	500,000	5.00%, 07/1/2033, Call 07/1/2027		608,115

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	280,000	6.00%, 10/1/2034, Call 10/1/2024⁴	$	307,871
	880,000	5.00%, 06/15/2036, Call 12/15/2026		1,051,943
	350,000	6.30%, 10/1/2049, Call 10/1/2024⁴		383,663
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,153,400
	500,000	New Jersey Health Care Facilities Financing Authority, 5.75%, 07/1/2037, Call 04/3/2020		501,805
	1,175,000	New Jersey Health Care Facilities Financing Authority, AGM, 5.00%, 07/1/2046, Call 07/1/2025		1,353,612
		New Jersey Higher Education Student Assistance Authority
	1,000,000	5.00%, 12/1/2025²		1,207,840
	1,000,000	5.00%, 12/1/2027		1,285,240
	500,000	5.00%, 12/1/2028, Call 06/1/2028²		633,210
	855,000	4.25%, 12/1/2047, Call 12/1/2026²		956,343
	1,195,000	4.00%, 12/1/2048, Call 06/1/2028²		1,337,707
	4,470,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/2024²		4,753,756
		New Jersey Transportation Trust Fund Authority
	1,850,000	5.00%, 12/15/2035, Call 12/15/2028		2,311,982
	2,000,000	5.25%, 06/15/2043, Call 12/15/2028		2,501,940
	805,000	5.00%, 06/15/2044, Call 06/15/2024		906,028
	2,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028²		2,413,360
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		2,016,396
				38,045,690
		NEW MEXICO — 0.2%
	795,000	County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 04/3/2020²		795,970
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		868,174

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW MEXICO (Continued)
$	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024	$	1,085,321
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 05/1/2020⁴		1,088,908
				3,838,373
		NEW YORK — 3.4%
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		477,675
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,324,240
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,531,280
	1,000,000	Hempstead Town Local Development Corp., 6.24%, 02/1/2047, Call 02/1/2027		1,127,620
	2,000,000	Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028		2,544,680
	225,000	Monroe County Industrial Development Corp., 5.00%, 01/1/2040, Call 01/1/2026		254,691
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		745,882
	1,500,000	New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 04/3/2020		1,517,475
	1,000,000	New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 04/3/2020		1,009,310
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028		2,571,380
		New York City Transitional Finance Authority Future Tax Secured Revenue
	1,000,000	4.00%, 11/1/2040, Call 11/1/2029		1,207,570
	1,000,000	4.00%, 11/1/2042, Call 05/1/2029		1,191,770
		New York City Water & Sewer System
	1,500,000	5.00%, 06/15/2032, Call 06/15/2027		1,913,070

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	5,000,000	5.00%, 06/15/2047, Call 12/15/2022	$	5,542,700
	910,000	New York Counties Tobacco Trust VI, 5.63%, 06/1/2035		994,202
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,446,010
	2,000,000	5.38%, 11/15/2040, Call 11/15/2024⁴		2,297,420
	1,000,000	5.00%, 11/15/2044, Call 11/15/2024⁴		1,126,730
	1,500,000	7.25%, 11/15/2044, Call 11/15/2024⁴		1,802,955
		New York State Dormitory Authority
	1,000,000	4.00%, 07/1/2040, Call 07/1/2029		1,177,370
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,358,420
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,178,010
	1,000,000	5.00%, 05/1/2048, Call 11/1/2023¹		1,147,110
	1,000,000	4.00%, 07/1/2050, Call 07/1/2030		1,183,940
	1,000,000	New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/2024²		1,158,810
	2,000,000	Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021		2,164,920
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		274,802
	500,000	5.00%, 07/1/2045, Call 07/1/2025		580,830
		Port Authority of New York & New Jersey
	590,000	5.50%, 12/1/2031, Call 12/1/2020		612,408
	1,000,000	5.00%, 09/1/2037, Call 09/1/2028		1,292,960
	4,500,000	5.00%, 10/15/2041, Call 10/15/2025		5,459,625
	265,000	6.00%, 12/1/2042, Call 12/1/2020		275,062
	1,500,000	Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025		1,802,160
	970,000	TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027		1,016,744
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		868,125

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
$	290,000	Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029	$	336,818
				55,514,774
		NORTH CAROLINA — 0.1%
	2,000,000	North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022		2,193,720

		NORTH DAKOTA — 0.2%
	1,000,000	County of Burleigh, 4.38%, 04/15/2026		1,046,200
	2,000,000	County of Ward, 5.00%, 06/1/2053, Call 06/1/2028		2,319,140
				3,365,340
		OHIO — 1.4%
		Buckeye Tobacco Settlement Financing Authority
	990,000	4.00%, 06/1/2048, Call 06/1/2030		1,135,946
	2,500,000	5.00%, 6/1/2055, Call 6/1/2030		2,827,200
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		1,031,980
	830,000	City of Akron, 5.00%, 12/1/2026		980,131
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		430,952
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		819,546
	500,000	County of Allen Hospital Facilities Revenue, 5.00%, 06/1/2038, Call 06/1/2020		505,085
	1,000,000	County of Butler, 5.75%, 11/1/2040, Call 11/1/2020		1,032,760
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		542,745
	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028		2,863,663
	1,000,000	Ohio Air Quality Development Authority, 0.00%, 12/1/2023*^{1 6}		950,000
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,362,910
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,881,570

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OHIO (Continued)
$	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022	$	1,098,060
	2,395,000	State of Ohio, 4.00%, 01/15/2039, Call 01/15/2030		2,843,248
				22,305,796
		OKLAHOMA — 0.4%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		1,099,903
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,224,170
	1,040,000	Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029		1,213,431
	1,000,000	Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028²		1,233,700
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,271,220
				7,042,424
		OREGON — 0.2%
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,163,930
	765,000	5.00%, 10/1/2046, Call 10/1/2026		895,341
	1,000,000	Port of Portland Airport Revenue, 5.00%, 07/1/2044, Call 07/1/2029²		1,257,660
				3,316,931
		PENNSYLVANIA — 2.5%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		352,638
	95,000	Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023		101,977
	450,000	Berks County Industrial Development Authority, 5.00%, 05/15/2032, Call 05/15/2027		538,825
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		112,105
	280,000	5.38%, 10/15/2042, Call 10/15/2022		293,793
	1,125,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		1,224,067

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
		Commonwealth Financing Authority
$	1,825,000	5.00%, 06/1/2034, Call 06/1/2028	$	2,296,470
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,254,350
	2,160,000	County of Chester, 4.00%, 11/15/2032, Call 11/15/2027		2,586,989
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		449,335
	1,000,000	Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028		1,290,120
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		311,613
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,092,170
	2,000,000	Manheim Township School District, 1.55% (1-Month USD Libor+ 42 basis points), 11/1/2021³		2,005,080
		Montgomery County Higher Education & Health Authority
	365,000	4.00%, 09/1/2036, Call 09/1/2029		432,332
	650,000	5.00%, 09/1/2037, Call 09/1/2028		823,712
		Montgomery County Industrial Development Authority
	1,100,000	5.00%, 11/15/2028, Call 05/15/2022		1,187,120
	400,000	5.00%, 11/15/2029, Call 05/15/2022		431,612
	290,000	Montgomery County Industrial Development Authority, FHA, 5.00%, 08/1/2024, Call 08/1/2020		294,962
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,760,160
	250,000	Pennsylvania Economic Development Financing Authority, 6.40%, 12/1/2038, Call 09/1/2025		292,958
		Pennsylvania Higher Educational Facilities Authority
	1,000,000	5.00%, 08/15/2027		1,281,980
	600,000	5.80%, 07/1/2030, Call 07/1/2020		609,852
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,182,110
	2,000,000	5.00%, 12/1/2037, Call 12/1/2027		2,478,300
	500,000	5.00%, 12/1/2041, Call 06/1/2026		603,560

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
$	2,000,000	5.00%, 12/1/2043, Call 12/1/2028	$	2,486,640
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,231,180
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		982,501
	500,000	8.00%, 01/1/2033, Call 01/1/2023		553,780
	500,000	6.88%, 06/15/2033, Call 06/15/2023		559,625
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		1,055,140
	440,000	Quakertown General Authority, 4.00%, 07/1/2022		443,837
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,201,510
	1,000,000	Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026		1,074,720
	2,000,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,547,740
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,317,934
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028²		329,409
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		608,970
	500,000	Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024		557,480
				40,238,656
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,811,684
		Rhode Island Health & Educational Building Corp.
	1,000,000	6.00%, 09/1/2033, Call 09/1/2023		1,176,950
	1,000,000	8.38%, 01/1/2046, Call 01/1/2021		1,061,830
				4,050,464
		SOUTH CAROLINA — 1.1%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,121,220

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		SOUTH CAROLINA (Continued)
$	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026	$	2,370,520
	2,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/2023¹		2,777,825
		South Carolina Jobs-Economic Development Authority
	500,000	6.00%, 02/1/2035, Call 02/1/2023^{2 4}		503,630
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,230,250
	1,000,000	South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021		1,076,610
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028²		2,497,460
		South Carolina Public Service Authority
	730,000	5.00%, 12/1/2055, Call 06/1/2025		849,793
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,212,336
	3,000,000	University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027		3,671,280
				17,310,924
		SOUTH DAKOTA — 0.1%
		South Dakota Health & Educational Facilities Authority
	555,000	5.00%, 09/1/2040, Call 09/1/2027		678,138
	1,235,000	5.00%, 11/1/2045, Call 11/1/2025		1,434,588
				2,112,726
		TENNESSEE — 0.8%
		Chattanooga-Hamilton County Hospital Authority
	500,000	5.00%, 10/1/2034, Call 10/1/2024		578,455
	1,220,000	5.00%, 10/1/2044, Call 10/1/2024		1,394,326
		Johnson City Health & Educational Facilities Board
	500,000	6.50%, 07/1/2038, Call 07/1/2020		509,235
	2,000,000	5.00%, 08/15/2042, Call 08/15/2022		2,153,240
		Knox County Health Educational & Housing Facility Board
	365,000	5.25%, 05/1/2025, Call 11/1/2024⁴		361,525
	45,000	6.00%, 05/1/2034, Call 11/1/2024⁴		45,105

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE (Continued)
$	1,500,000	Metropolitan Nashville Airport Authority, 5.00%, 07/1/2044, Call 07/1/2030²	$	1,930,380
		Tennessee Energy Acquisition Corp.
	1,055,000	5.00%, 02/1/2025		1,235,047
	1,000,000	5.63%, 09/1/2026		1,245,540
	1,000,000	4.00%, 05/1/2048, Call 02/1/2023¹		1,089,990
	1,500,000	4.00%, 11/1/2049, Call 08/1/2025¹		1,721,175
				12,264,018
		TEXAS — 6.2%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		91,448
	320,000	Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027		384,672
		Central Texas Regional Mobility Authority
	500,000	6.75%, 01/1/2041, Call 01/1/2021		524,105
	2,000,000	5.00%, 01/1/2043, Call 01/1/2028		2,486,440
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,450,100
	3,000,000	City of Austin Airport System Revenue, 5.00%, 11/15/2048, Call 11/15/2029²		3,785,610
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,222,720
	1,500,000	City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026		1,853,295
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		284,188
	1,000,000	City of Houston, 4.00%, 03/1/2033, Call 03/1/2027		1,164,440
	750,000	City of Houston Airport System Revenue, 5.00%, 07/15/2035, Call 07/15/2025²		862,027
	500,000	City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021		531,370
	1,450,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/2022⁴		1,546,120
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		945,517
		Clifton Higher Education Finance Corp.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	500,000	5.00%, 08/15/2042, Call 08/15/2022	$	538,525
	100,000	4.40%, 12/1/2047, Call 12/1/2022		104,115
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,606,155
	5,000,000	County of Travis, 5.00%, 03/1/2036, Call 03/1/2029		6,542,950
	3,000,000	Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/2021²		3,185,910
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,126,830
	315,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		370,475
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,294,529
	3,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		3,803,520
		Harris County Cultural Education Facilities Finance Corp.
	1,000,000	5.00%, 11/15/2022		1,107,700
	3,000,000	4.00%, 10/1/2036, Call 10/1/2029		3,612,510
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,393,516
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		493,245
	500,000	Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/2021^{2 4}		543,095
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		606,774
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,018,190
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,318,803
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		449,235
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,683,780
	2,200,000	5.00%, 07/1/2048, Call 07/1/2027		2,592,194
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		876,123

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024	$	1,232,112
	860,000	Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 03/24/2020¹		861,711
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,286,970
	1,000,000	Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 12/1/2021*⁶		662,500
		SA Energy Acquisition Public Facility Corp.
	1,000,000	5.50%, 08/1/2021		1,062,460
	290,000	5.50%, 08/1/2027		367,068
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		2,077,425
	1,000,000	San Antonio Water System, 2.00%, 05/1/2043, Call 11/1/2021¹		1,015,760
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,452,480
	2,500,000	5.00%, 10/1/2036, Call 10/1/2025		3,031,650
	4,295,000	5.00%, 04/1/2042, Call 04/1/2022		4,672,488
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,101,730
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,214,500
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,727,957
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		675,346
	145,000	6.25%, 12/15/2026		172,643
		Texas Municipal Gas Acquisition & Supply Corp. III
	500,000	5.00%, 12/15/2028, Call 12/15/2022		552,035
	500,000	5.00%, 12/15/2031, Call 12/15/2022		549,875

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
		Texas Private Activity Bond Surface Transportation Corp.
$	1,000,000	7.50%, 06/30/2032, Call 06/30/2020	$	1,021,590
	500,000	4.00%, 12/31/2039, Call 12/31/2029		596,755
	1,345,000	7.00%, 06/30/2040, Call 06/30/2020		1,370,246
	1,000,000	5.00%, 12/31/2045, Call 12/31/2025²		1,167,740
	4,000,000	Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029		4,771,320
	1,125,000	Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029		526,972
		Texas Water Development Board
	1,500,000	4.00%, 10/15/2037, Call 10/15/2027		1,774,185
	1,550,000	4.00%, 10/15/2038, Call 10/15/2029		1,883,064
	5,000,000	5.00%, 04/15/2049, Call 10/15/2028		6,357,600
		Town of Westlake
	375,000	5.50%, 09/1/2025		387,330
	200,000	6.13%, 09/1/2035, Call 09/1/2025		211,776
	1,200,000	Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026		1,404,648
				100,590,162
		UTAH — 0.7%
		County of Utah
	200,000	5.00%, 05/15/2036, Call 05/15/2028		256,986
	3,000,000	5.00%, 05/15/2043, Call 05/15/2021		3,130,230
		Salt Lake City Corp. Airport Revenue
	1,200,000	5.00%, 07/1/2026²		1,478,028
	1,000,000	5.25%, 07/1/2048, Call 07/1/2028²		1,255,280
		Utah Charter School Finance Authority
	180,000	3.63%, 06/15/2021⁴		180,769
	1,200,000	4.50%, 07/15/2027⁴		1,282,740
	500,000	5.25%, 06/15/2037, Call 06/15/2027⁴		540,760
	4,000,000	Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/2021¹		4,021,800
				12,146,593

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VERMONT — 0.1%
$	500,000	Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021	$	521,875
	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/2022²		1,520,148
				2,042,023
		VIRGINIA — 1.1%
	715,000	Celebrate North Community Development Authority, 0.00%, 03/1/2018^{* 6}		429,000
		Chesapeake Bay Bridge & Tunnel District
	2,000,000	5.00%, 11/1/2023		2,293,720
	1,000,000	5.00%, 07/1/2046, Call 07/1/2026		1,192,580
	1,425,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 04/15/2020^{2 4}		1,429,304
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,586,840
	1,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		1,281,240
		Roanoke Economic Development Authority, AGM
	5,000	5.00%, 07/1/2038, Call 07/1/2020¹		5,067
	245,000	5.00%, 07/1/2038, Call 07/1/2020		248,342
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,301,450
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,923,125
		Virginia Small Business Financing Authority
	500,000	6.00%, 01/1/2037, Call 07/1/2022²		552,360
	130,000	5.50%, 01/1/2042, Call 07/1/2022²		141,411
	1,000,000	5.00%, 12/31/2049, Call 06/30/2027²		1,192,170
	2,250,000	5.00%, 12/31/2052, Call 06/30/2027²		2,677,343
				18,253,952

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON — 2.5%
$	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028	$	2,389,960
		County of King Sewer Revenue
	1,750,000	2.60%, 01/1/2043, Call 03/1/2021¹		1,773,275
	1,500,000	5.00%, 07/1/2047, Call 01/1/2025		1,752,435
	2,000,000	Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028		2,598,340
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		764,686
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,063,420
	2,215,000	King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027		2,644,444
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,555,905
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,812,283
	155,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		194,920
		State of Washington
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,266,080
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,828,936
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,220,430
	1,630,000	5.00%, 07/1/2042, Call 07/1/2029		2,100,483
	1,710,000	5.00%, 07/1/2043, Call 07/1/2029		2,198,872
	1,500,000	5.00%, 07/1/2044, Call 07/1/2029		1,923,300
	220,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 03/19/2020		220,240
		Washington Health Care Facilities Authority
	190,000	5.00%, 10/1/2032, Call 10/1/2028		244,568
	500,000	5.00%, 08/15/2036, Call 08/15/2027		604,910
	1,000,000	5.00%, 08/15/2037, Call 02/15/2028		1,265,000
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		2,087,249
	500,000	5.00%, 08/1/2038, Call 08/1/2029		631,210
	2,500,000	2.18% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/2022³		2,523,900

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WASHINGTON (Continued)
		Washington State Convention Center Public Facilities District
$	1,000,000	5.00%, 07/1/2043, Call 07/1/2028	$	1,254,670
	1,250,000	5.00%, 07/1/2058, Call 07/1/2028		1,545,575
	1,000,000	Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028		1,215,200
				40,680,291
		WEST VIRGINIA — 0.1%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027⁴		1,137,920
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,282,280
				2,420,200
		WISCONSIN — 1.0%
		Public Finance Authority
	775,000	5.00%, 07/1/2022²		806,860
	1,000,000	4.00%, 07/1/2027, Call 07/1/2024		1,082,480
	500,000	5.75%, 02/1/2035, Call 02/1/2025		533,820
	880,000	5.00%, 06/15/2037, Call 06/15/2024⁴		933,830
	535,000	5.00%, 07/1/2037, Call 07/1/2024		593,427
	1,000,000	6.50%, 12/1/2037, Call 12/1/2027⁴		1,221,640
	500,000	5.00%, 06/15/2039, Call 06/15/2026⁴		537,860
	500,000	5.75%, 04/1/2042, Call 04/1/2022		538,070
	1,000,000	5.00%, 07/1/2042, Call 07/1/2022²		1,070,030
	165,000	6.00%, 07/15/2042, Call 07/15/2022		177,870
	450,000	5.50%, 03/1/2045, Call 03/1/2025⁴		500,494
	1,000,000	5.63%, 07/1/2045, Call 07/1/2025⁴		1,067,820
	194,116	3.75%, 07/1/2051, Call 03/15/2028^{1 4}		176,661
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/2046⁴		264
	7,085	0.00%, 01/1/2047⁴		255
	7,034	0.00%, 01/1/2048⁴		255
	6,984	0.00%, 01/1/2049⁴		253
	6,882	0.00%, 01/1/2050⁴		244
	7,540	0.00%, 01/1/2051⁴		267
	7,490	0.00%, 01/1/2052⁴		260
	7,388	0.00%, 01/1/2053⁴		257

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	7,338	0.00%, 01/1/2054⁴	$	253
	7,237	0.00%, 01/1/2055⁴		248
	7,135	0.00%, 01/1/2056⁴		246
	7,085	0.00%, 01/1/2057⁴		241
	6,984	0.00%, 01/1/2058⁴		237
	6,933	0.00%, 01/1/2059⁴		235
	6,882	0.00%, 01/1/2060⁴		230
	6,781	0.00%, 01/1/2061⁴		224
	6,730	0.00%, 01/1/2062⁴		221
	6,629	0.00%, 01/1/2063⁴		217
	6,579	0.00%, 01/1/2064⁴		215
	6,528	0.00%, 01/1/2065⁴		210
	6,427	0.00%, 01/1/2066⁴		200
	83,706	0.00%, 01/1/2067⁴		2,459
		University of Wisconsin Hospitals & Clinics
	1,405,000	5.00%, 04/1/2038, Call 04/1/2023		1,546,090
	1,000,000	5.00%, 04/1/2043, Call 10/1/2028		1,246,190
	3,000,000	Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028		3,704,910
	400,000	Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020		408,296
				16,153,839
		TOTAL MUNICIPAL BONDS
		(Cost 932,629,589)		1,013,802,734

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.6%
	8,184	BlackRock Long-Term Municipal Advantage Trust	105,655
	53,753	BlackRock MuniVest Fund, Inc.	496,678
	31,817	BlackRock MuniYield Quality Fund, Inc.	491,255
	72,299	BNY Mellon Municipal Income, Inc.	645,630
	127,431	BNY Mellon Strategic Municipal Bond Fund, Inc.	1,013,076
	30,359	BNY Mellon Strategic Municipals, Inc.	258,355
	23,539	DTF Tax-Free Income, Inc.	357,793
	87,593	DWS Municipal Income Trust	1,023,962

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	17,462	Invesco Advantage Municipal Income Trust II	$	195,749
	17,008	Invesco Municipal Opportunity Trust		213,450
	23,118	Invesco Municipal Trust		291,518
	11,819	Invesco Trust for Investment Grade Municipals		153,056
	8,572	Neuberger Berman Municipal Fund, Inc.		134,495
	37,184	Pioneer Municipal High Income Advantage Trust		414,230
	123,034	Pioneer Municipal High Income Trust		1,481,329
	108,960	Western Asset Managed Municipals Fund, Inc.		1,454,616
	8,866	Western Asset Municipal Partners Fund, Inc.		135,118

		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost 9,138,880)		8,865,965

		OPEN-END MUTUAL FUND — 19.2%
	21,096,430	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class		312,227,167

		TOTAL OPEN-END MUTUAL FUND
		(Cost 298,844,862)		312,227,167

		PRIVATE FUNDS — 12.9%
		MacKay Municipal Credit Opportunities Fund, LP*		38,828,959
		MacKay Municipal Opportunities Fund, LP*		170,840,800

		TOTAL PRIVATE FUNDS
		(Cost 175,000,000)		209,669,759

		SHORT-TERM INVESTMENT — 4.7%
	76,582,230	JPMorgan Prime Money Market Fund - Institutional Shares, 1.62%⁷		76,620,521

		TOTAL SHORT-TERM INVESTMENT
		(Cost 76,608,866)		76,620,521

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of February 29, 2020

Number of Shares		Value
	TOTAL INVESTMENTS — 99.7%
	(Cost 1,492,222,197)	$	1,621,186,146
	Other assets less liabilities — 0.3%		5,274,519

	TOTAL NET ASSETS — 100.0%	$	1,626,460,665

*	Non-income producing security.

¹	Variable rate security.

²	Alternative Minimum Tax eligible security.

³	Floating rate security.

⁴	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

⁵	Rounds to less than 0.05%.

⁶	Security is in default.

⁷	The rate is the annualized seven-day yield at period end.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AGM-CR — Assured Guaranty Municipal Custodial Receipts

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

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

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of February 29, 2020

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 56.8%
		ALTERNATIVE DIVERSIFIERS — 4.1%
	2,736,033	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	28,755,707
	855,877	GMO SGM Major Markets Fund - Class VI		26,634,882
				55,390,589
		CORE/ALTERNATIVE DIVERSIFIERS — 52.7%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV¹		374,848,894
	2,129,116	GMO Global Asset Allocation Fund - Class III		67,067,142
	14,407,652	JPMorgan Global Allocation Fund - Class R6		266,253,419
				708,169,455
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost 768,258,350)		763,560,044

		EXCHANGE-TRADED FUNDS — 6.4%
		CORE DIVERSIFIERS — 3.3%
	267,030	iShares Core Aggressive Allocation ETF		14,379,565
	325,211	iShares Core Growth Allocation ETF		14,862,143
	388,784	iShares Core Moderate Allocation ETF		15,251,996
				44,493,704
		REAL ASSET — 3.1%
	2,762,227	iShares Gold Trust*		41,626,761

		TOTAL EXCHANGE-TRADED FUNDS
		(Cost 84,344,852)		86,120,465

		PRIVATE FUNDS — 22.9%
		ALTERNATIVE DIVERSIFIERS — 10.6%
		Elliott Associates, LP - Class C*		3,465,622
		Millennium International, Ltd. - Class GG*		25,305,690
		Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A*		113,616,481
				142,387,793

Number of Shares			Value
		PRIVATE FUNDS (Continued)
		CORE DIVERSIFIERS — 12.3%
		All Weather Portfolio Limited*	$	139,514,942
		D. E. Shaw Orienteer International Fund, LP*		25,025,752
				164,540,694
		TOTAL PRIVATE FUNDS
		(Cost 282,778,124)		306,928,487

		SHORT-TERM INVESTMENT — 14.1%
	189,769,570	JPMorgan Prime Money Market Fund - Institutional Shares, 1.62%²		189,864,455

		TOTAL SHORT-TERM INVESTMENT
		(Cost 189,809,128)		189,864,455

		TOTAL INVESTMENTS — 100.2%
		(Cost 1,325,190,454)		1,346,473,451
		Liabilities in excess of other assets — (0.2)%		(2,394,908	)

		TOTAL NET ASSETS — 100.0%	$	1,344,078,543

*	Non-income producing security.

¹	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov.

²	The rate is the annualized seven-day yield at period end.

ETF — Exchange-Traded Fund

LP — Limited Partnership

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of February 29, 2020

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 95.3%
		CORE — 90.5%
	6,162,781	DoubleLine Total Return Bond Fund - I Class	$	67,297,569
	8,348,085	MetWest Total Return Bond Fund - Plan Class¹		88,656,663
	3,582,659	PIMCO Income Fund - Institutional Class		42,884,424
	6,407,983	Vanguard Total Bond Market Index Fund - Institutional Class		73,243,251
				272,081,907
		OPPORTUNISTIC — 4.8%
	261,055	GMO Emerging Country Debt Fund - Class IV		7,137,238
	1,234,221	Vanguard High-Yield Corporate Fund - Admiral Shares		7,244,877
				14,382,115
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost 272,964,543)		286,464,022

		SHORT-TERM INVESTMENT — 4.2%
	12,495,767	JPMorgan Prime Money Market Fund - Institutional Shares, 1.62%²		12,502,015

		TOTAL SHORT-TERM INVESTMENT
		(Cost 12,498,955)		12,502,015

		TOTAL INVESTMENTS — 99.5%
		(Cost 285,463,498)		298,966,037
		Other assets less liabilities — 0.5%		1,431,527

		TOTAL NET ASSETS — 100.0%	$	300,397,564

¹	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov.

²	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Assets and Liabilities

As of February 29, 2020

	Risk-Managed Equity Allocation Fund			Risk-Managed Municipal Bond Fund		Defensive Allocation Fund			Risk-Managed Taxable Bond Fund
ASSETS:
Investments, at value (cost $1,164,699,422, $1,492,222,197, $1,325,190,454 and $285,463,498, respectively)	$	1,247,718,553		$	1,621,186,146	$	1,346,473,451		$	298,966,037
Cash		1,763,267			1,562,969		—			—
Foreign currency, at value (cost $107,563, $0, $0 and $0, respectively)		106,158			—		—			—
Receivables:
Fund shares sold		1,175,716			603,970		694,733			1,628,580
Dividends and interest		1,114,478			11,474,371		243,057			12,679
Other prepaid expenses		14,706			10,454		20,548			10,152
Total assets		1,251,892,878			1,634,837,910		1,347,431,789			300,617,448

LIABILITIES:
Payables:
Investments purchased		—			7,671,248		—			—
Securities lending collateral		104,421,628			—		—			—
Fund shares redeemed		14,244			200,030		3,084,806			108,822
Due to Adviser		153,596			266,290		108,984			18,639
Accrued fund accounting fees		56,602			74,964		49,431			12,391
Accrued administrative servicing fees		38,579			37,673		10,779			6,988
Accrued fund administration fees		23,730			30,759		26,573			5,643
Accrued Trustees’ fees		11,719			11,719		11,719			11,719
Accrued custody fees		8,345			5,195		2,391			841
Accrued transfer agent fees and expenses		6,204			6,115		6,252			6,090
Accrued Chief Compliance Officer fees		1,250			1,250		1,250			1,250
Accrued other expenses		108,250			72,002		51,061			47,501
Total liabilities		104,844,147			8,377,245		3,353,246			219,884

NET ASSETS	$	1,147,048,731		$	1,626,460,665	$	1,344,078,543		$	300,397,564

NET ASSETS CONSIST OF:
Paid-in capital (unlimited shares authorized, no par value)	$	1,054,345,170		$	1,517,249,034	$	1,356,493,892		$	285,401,070
Total distributable earnings (losses)		92,703,561			109,211,631		(12,415,349	)		14,996,494
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	1,147,048,731		$	1,626,460,665	$	1,344,078,543		$	300,397,564

SHARES ISSUED AND OUTSTANDING		91,164,471	^{^}		152,293,576		131,448,564			28,518,248
NET ASSET VALUE PER SHARE	$	12.58	^{^}	$	10.68	$	10.23		$	10.53

^{^}	Advisor Shares

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Operations

For the Year Ended February 29, 2020

	Risk-Managed Equity Allocation Fund			Risk-Managed Municipal Bond Fund			Defensive Allocation Fund			Risk-Managed Taxable Bond Fund
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $502,388, $0, $0 and $0, respectively)	$	22,793,346		$	8,556,148		$	27,004,264		$	8,970,113
Interest		2,868,059			34,990,350			3,751,707			208,152
Securities lending income		191,187			—			—			—
Total investment income		25,852,592			43,546,498			30,755,971			9,178,265

EXPENSES:
Advisory fees		2,868,418			4,101,281			1,329,560			637,920
Administrative services fees		1,195,181			1,519,001			1,329,560			255,169
Fund accounting fees		321,404			446,858			291,199			70,773
Fund administration fees		288,131			366,169			320,526			61,208
Audit fees		69,045			55,628			33,653			35,349
Custody fees		57,255			30,824			16,870			4,831
Registration fees		55,160			68,168			85,531			74,024
Trustees’ fees and expenses		45,000			45,000			51,000			45,000
Transfer agent fees and expenses		37,622			36,165			37,563			36,102
Legal fees		29,898			30,858			51,551			30,561
Chief Compliance Officer fees		15,000			15,000			15,000			15,000
Insurance fees		13,006			13,006			13,006			13,006
Regulatory services		11,400			13,300			10,300			10,300
Shareholder reporting fees		11,371			9,647			11,634			9,133
Other expenses		62,842			10,659			10,530			7,296
Total expenses		5,080,733			6,761,564			3,607,483			1,305,672
Less: Advisory fees waived		(956,092	)		(911,393	)		—			(433,786	)
Less: Administrative services fees waived		(636,568	)		(1,063,307	)		(1,196,606	)		(178,619	)
Net expenses		3,488,073			4,786,864			2,410,877			693,267
Net investment income		22,364,519			38,759,634			28,345,094			8,484,998

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		1,166,274			1,976,907			638,139			(90,334	)
Foreign currency translations		(173,702	)		—			—			—
Capital gain distributions		16,178,798			1,776			108,652			675,397
Total net realized gain		17,171,370			1,978,683			746,791			585,063
Net change in unrealized appreciation (depreciation) on:
Investments		(23,936,135	)		101,146,423			18,394,502			13,266,656
Foreign currency translations		5,031			—			—			—
Total net change in unrealized appreciation (depreciation)		(23,931,104	)		101,146,423			18,394,502			13,266,656
Net realized and unrealized gain (loss)		(6,759,734	)		103,125,106			19,141,293			13,851,719
Net Increase in Net Assets from Operations	$	15,604,785		$	141,884,740		$	47,486,387		$	22,336,717

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Statements of Changes in Net Assets

	Risk-Managed Equity Allocation Fund						Risk-Managed Municipal Bond Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	22,364,519		$	20,709,124		$	38,759,634		$	38,877,416
Net realized gain (loss) on investments and foreign currency		17,171,370			27,803,792			1,978,683			(3,230,963	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(23,931,104	)		(19,980,835	)		101,146,423			13,304,826
Change in net assets resulting from operations		15,604,785			28,532,081			141,884,740			48,951,279

DISTRIBUTIONS TO SHAREHOLDERS^:
Change in net assets resulting from distributions to shareholders		(57,177,625	)		(47,741,084	)		(52,274,438	)		(42,322,343	)

CAPITAL SHARE TRANSACTIONS^:
Shares sold		159,635,340			252,721,636			231,232,483			398,761,895
Shares issued for reinvestment of distributions		53,944,736			45,836,890			50,453,475			40,734,369
Shares redeemed		(161,327,911	)		(182,829,069	)		(174,014,067	)		(267,783,284	)
Change in net assets resulting from capital stock transactions		52,252,165			115,729,457			107,671,891			171,712,980

Change in net assets	$	10,679,325		$	96,520,454		$	197,282,193		$	178,341,916

NET ASSETS:
Beginning of year		1,136,369,406			1,039,848,952			1,429,178,472			1,250,836,556
End of year	$	1,147,048,731		$	1,136,369,406		$	1,626,460,665		$	1,429,178,472

TRANSACTIONS IN SHARES^:
Shares sold		11,874,459			19,397,633			22,306,523			39,875,359
Shares issued for reinvestment of distributions		3,981,161			3,781,922			4,895,860			4,086,565
Shares redeemed		(11,984,824	)		(14,229,075	)		(16,831,913	)		(26,801,410	)
Change in shares outstanding		3,870,796			8,950,480			10,370,470			17,160,514

^	Represents Advisor Shares transactions for Aspiriant Risk-Managed Equity Allocation Fund.

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Defensive Allocation Fund						Risk-Managed Taxable Bond Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Period Ended February 28, 2019*
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	28,345,094		$	22,743,121		$	8,484,998		$	4,009,426
Net realized gain (loss) on investments		746,791			(8,572,861	)		585,063			1,340
Net change in unrealized appreciation (depreciation) on investments		18,394,502			(37,122,319	)		13,266,656			235,883
Change in net assets resulting from operations		47,486,387			(22,952,059	)		22,336,717			4,246,649

DISTRIBUTIONS TO SHAREHOLDERS:
Change in net assets resulting from distributions to shareholders		(51,465,241	)		(42,680,454	)		(8,508,325	)		(3,127,613	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		216,182,315			487,945,866			102,476,725			232,378,791
Shares issued for reinvestment of distributions		48,896,956			40,797,764			7,935,700			2,991,318
Shares redeemed		(156,807,757	)		(347,156,797	)		(30,199,687	)		(30,132,711	)
Change in net assets resulting from capital stock transactions		108,271,514			181,586,833			80,212,738			205,237,398

Change in net assets	$	104,292,660		$	115,954,320		$	94,041,130		$	206,356,434

NET ASSETS:
Beginning of period		1,239,785,883			1,123,831,563			206,356,434			—
End of period	$	1,344,078,543		$	1,239,785,883		$	300,397,564		$	206,356,434

TRANSACTIONS IN SHARES:
Shares sold		20,620,368			47,008,593			10,013,387			23,412,185
Shares issued for reinvestment of distributions		4,652,422			4,171,550			775,940			303,627
Shares redeemed		(14,948,800	)		(33,930,883	)		(2,937,482	)		(3,049,409	)
Change in shares outstanding		10,323,990			17,249,260			7,851,845			20,666,403

*	Commenced operations as of the close of business on March 29, 2018.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Financial Highlights - ADVISOR SHARES

Per share income and capital changes for a share outstanding throughout each year.

	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016
Net asset value, beginning of year	$	13.02		$	13.27		$	11.77		$	10.50		$	11.53

Income from Investment Operations:
Net investment income		0.25			0.26			0.25			0.19			0.15
Net realized and unrealized gain (loss) on investments and foreign currency		(0.05	)		0.08			1.61			1.34			(0.99	)
Total from investment operations		0.20			0.34			1.86			1.53			(0.84	)

Less Distributions:
From net investment income		(0.30	)		(0.26	)		(0.29	)		(0.20	)		(0.00	)⁽¹⁾
From net realized gain		(0.34	)		(0.33	)		(0.07	)		(0.06	)		(0.19	)
Total distributions		(0.64	)		(0.59	)		(0.36	)		(0.26	)		(0.19	)

Net asset value, end of year	$	12.58		$	13.02		$	13.27		$	11.77		$	10.50

Total return		1.17	%		2.83	%		15.80	%		14.63	%		(7.33	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)	$	1,147,049		$	1,136,369		$	1,039,849		$	761,664		$	381,654
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.42	%		0.44	%		0.44	%		0.59	%		1.05	%
Expense waiver		(0.13	)%		(0.14	)%		(0.16	)%		(0.08	)%		(0.04	)%
Total expenses after expense waiver		0.29	%		0.30	%		0.28	%		0.51	%		1.01	%
Net investment income		1.87	%		1.90	%		2.05	%		2.02	%		1.40	%
Portfolio turnover rate		28	%		79	%		38	%		89	%		83	%

⁽¹⁾	Rounds to less than 0.005.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout each period.

	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Period Ended February 29, 2016*
Net asset value, beginning of period	$	10.07		$	10.03		$	10.00		$	10.23		$	10.00

Income from Investment Operations:
Net investment income		0.27			0.30			0.28			0.28			0.20
Net realized and unrealized gain (loss) on investments		0.70			0.06			0.05			(0.22	)		0.18
Total from investment operations		0.97			0.36			0.33			0.06			0.38

Less Distributions:
From net investment income		(0.36	)		(0.32	)		(0.30	)		(0.28	)		(0.15	)
From net realized gain		—			—			(0.00	)⁽¹⁾		(0.01	)		—
Total distributions		(0.36	)		(0.32	)		(0.30	)		(0.29	)		(0.15	)

Net asset value, end of period	$	10.68		$	10.07		$	10.03		$	10.00		$	10.23

Total return		9.79	%		3.71	%		3.35	%		0.60	%		3.86	%⁽²⁾

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,626,461		$	1,429,178		$	1,250,837		$	982,429		$	678,272
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.45	%		0.46	%		0.46	%		0.51	%		0.61	%⁽³⁾
Expense waiver		(0.13	)%		(0.12	)%		(0.11	)%		(0.07	)%		(0.07	)%⁽³⁾
Total expenses after expense waiver		0.32	%		0.34	%		0.35	%		0.44	%		0.54	%⁽³⁾
Net investment income		2.55	%		2.96	%		2.80	%		2.85	%		3.32	%⁽³⁾
Portfolio turnover rate		24	%		16	%		28	%		20	%		0	%⁽¹⁾⁽²⁾

*	Commenced operations as of the close of business on July 1, 2015.

⁽¹⁾	Rounds to less than 0.005.

⁽²⁾	Not annualized.

⁽³⁾	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT DEFENSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout each period.

	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Period Ended February 29, 2016*
Net asset value, beginning of period	$	10.24		$	10.82		$	10.29		$	9.77		$	10.00

Income from Investment Operations:
Net investment income		0.22			0.21			0.15			0.11			0.00	⁽¹⁾
Net realized and unrealized gain (loss) on investments		0.17			(0.39	)		0.61			0.53			(0.23	)
Total from investment operations		0.39			(0.18	)		0.76			0.64			(0.23	)

Less Distributions:
From net investment income		(0.40	)		(0.22	)		(0.16	)		(0.12	)		—
From net realized gain		—			(0.18	)		(0.07	)		(0.00	)⁽¹⁾		—
Total distributions		(0.40	)		(0.40	)		(0.23	)		(0.12	)		—

Net asset value, end of period	$	10.23		$	10.24		$	10.82		$	10.29		$	9.77

Total return		3.69	%		(1.46	)%		7.44	%		6.54	%		(2.30	)%⁽²⁾

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,344,079		$	1,239,786		$	1,123,832		$	567,711		$	127,729
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.27	%		0.28	%		0.30	%		0.35	%		0.78	%⁽³⁾
Expense waiver		(0.09	)%		(0.09	)%		(0.08	)%		(0.07	)%		(0.07	)%⁽³⁾
Total expenses after expense waiver		0.18	%		0.19	%		0.22	%		0.28	%		0.71	%⁽³⁾
Net investment income		2.13	%		1.88	%		1.63	%		1.55	%		(0.20	)%⁽³⁾
Portfolio turnover rate		10	%		29	%		37	%		16	%		0	%⁽²⁾

*	Commenced operations as of the close of business on December 14, 2015.

⁽¹⁾	Rounds to less than 0.005.

⁽²⁾	Not annualized.

⁽³⁾	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout each period.

	Year Ended February 29, 2020			Period Ended February 28, 2019*
Net asset value, beginning of period	$	9.99		$	10.00

Income from Investment Operations:
Net investment income		0.33			0.26
Net realized and unrealized gain (loss) on investments		0.56			(0.05	)
Total from investment operations		0.89			0.21

Less Distributions:
From net investment income		(0.35	)		(0.22	)
Total distributions		(0.35	)		(0.22	)

Net asset value, end of period	$	10.53		$	9.99

Total return		9.02	%		2.16	%⁽¹⁾

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	300,398		$	206,356
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.51	%		0.60	%⁽²⁾
Expense waiver		(0.24	)%		(0.24	)%⁽²⁾
Total expenses after expense waiver		0.27	%		0.36	%⁽²⁾
Net investment income		3.33	%		3.46	%⁽²⁾
Portfolio turnover rate		4	%		0	%⁽¹⁾

*	Commenced operations as of the close of business on March 29, 2018.

⁽¹⁾	Not annualized.

⁽²⁾	Annualized.

See accompanying Notes to Financial Statements.

ASPIRIANT TRUST

Notes to Financial Statements

February 29, 2020

1.	ORGANIZATION

Aspiriant Trust, which was organized on November 22, 2011, is a Delaware statutory trust registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company (the “Trust”). The Trust currently consists of the following four diversified portfolios: Aspiriant Risk-Managed Equity Allocation Fund (the “Equity Allocation Fund”), which commenced operations on April 4, 2013, Aspiriant Risk-Managed Municipal Bond Fund (the “Municipal Bond Fund”), which commenced operations on July 1, 2015, Aspiriant Defensive Allocation Fund (the “Defensive Allocation Fund”), which commenced operations on December 14, 2015, and Aspiriant Risk-Managed Taxable Bond Fund (the “Taxable Bond Fund”, together with the Equity Allocation Fund, the Municipal Bond Fund, and the Defensive Allocation Fund, each individually referred to as a “Fund” or collectively, the “Funds”), which commenced operations on March 29, 2018. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Municipal Bond Fund, the Defensive Allocation Fund, and the Taxable Bond Fund have each established, offered and issued only one class of shares. The Funds’ investment objectives are as follows:

The Equity Allocation Fund - The investment objective of the Equity Allocation Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Equity Allocation Fund seeks to achieve its investment goal by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The types of equity securities the Fund will invest in include common stock, preferred stock, and depositary receipts. The Fund also may invest in securities that provide exposure to equity securities (i.e. rights, warrants, and investment company shares). The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund may invest in companies of any market capitalization. The adviser and sub-advisers generally will consider selling securities when other securities are identified that may result in a better opportunity.

The Municipal Bond Fund - The investment objective of the Municipal Bond Fund is to seek total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal circumstances, the Municipal Bond Fund seeks to achieve its investment goal by investing at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam), which may include a focus on the California municipal securities market. The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds, exchange-traded funds (“ETFs”) and private funds that invest primarily in securities of the types in which the Municipal Bond Fund may invest directly.

The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in underlying funds (the “Underlying Funds”) and may, to a limited extent, invest in separately managed accounts (“SMAs”), which are private portfolios of securities for individual accounts. The Fund seeks to provide a return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures, including investments that focus on a specialized asset class (i.e., long-short strategies).

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

1.	ORGANIZATION (Continued)

The Defensive Allocation Fund’s exposures may include global equities, global fixed income, market neutral, global macro, managed futures, relative value, long/short equity, long/short debt, merger arbitrage, convertible arbitrage, security arbitrage, managed futures, derivatives and other non-traditional strategies.

The Taxable Bond Fund – The investment objective of the Taxable Bond Fund is to maximize long-term total return. The Fund invests primarily in Underlying Funds and may, to a limited extent, invest in SMAs. To achieve its investment objective, under normal market conditions, the Fund invests through Underlying Funds and SMAs at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds and other fixed income securities. The Fund intends to allocate its assets to Underlying Funds and SMAs that primarily invest in various types of bonds and other securities, typically government and agency bonds, corporate bonds, notes, mortgage-related and asset-backed securities, collateralized debt obligations, zero coupon bonds, bank loans, money market instruments, repurchase agreements, swaps, futures, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating. The Underlying Funds and SMAs may invest in the U.S. and abroad, including international and emerging markets, and may purchase securities of any credit rating and varying maturities issued by domestic and foreign corporations, entities and governments.

Aspiriant, LLC (the “Adviser”) serves as the investment adviser to the Funds. The Board of Trustees (“Trustees”) of the Trust (the “Board”) has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.

(a)

Securities Valuations

Securities are valued at market value as of the regularly scheduled close of trading (generally 4:00 p.m. Eastern time) on each business day when the New York Stock Exchange (“NYSE”) is open. Securities listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter (“OTC”) market are valued on the basis of the last sales price as reported by NASDAQ^®. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ^®. Securities for which market quotations are not readily available and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board. Debt securities including listed issues, are valued by using an evaluated mean price furnished by an independent pricing service, which may use matrix and valuation models as necessary to formulate its prices.

In the case of certain foreign securities, the local exchange close occurs at various times before the close of the NYSE. Therefore, foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a)

Securities Valuations (Continued)

local close prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets in determining fair value as of the time each Fund calculates its net asset value (“NAV”). Foreign currency exchange rates are generally determined at the close of the NYSE.

Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV.

The investments in private funds, that are not publicly traded, such as limited partnerships, limited liability companies and exempted companies, are typically valued using NAV as a practical expedient, as reported by the private funds’ managers and their agents, when the NAV is calculated in a manner consistent with measurement principles in FASB ASC Topic 946 for investment companies. Such values are calculated according to the valuation policies of the particular private fund. Investments in private funds are subject to the terms of the private funds’ offering documents. Valuations of the private funds may be subject to estimates and are net of management, performance incentive fees or allocations payable to the private funds’ managers as required by the private funds’ offering documents.

The Board oversees the Trust’s Valuation Committee, whose actions are reported to the Board at least quarterly and more frequently, if appropriate.

(b)

Fair Value Measurements and Disclosures

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those investments. These inputs are summarized into three broad levels as described below:

●

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities;

●

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or

●

Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The Trust measures the fair value of its investments in private funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments. The Trust is permitted to invest in private fund investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity’s measurement date as the fair value of the investment.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of February 29, 2020, in valuing the Equity Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Common Stock
Australia	$	—	$	2,311,312	$	—	$	—	$	2,311,312
Austria		—		314,800		—		—		314,800
Belgium		—		2,266,479		—		—		2,266,479
Bermuda		5,789,883		1,319,429		—		—		7,109,312
Brazil		1,428,293		—		—		—		1,428,293
Canada		16,408,961		—		—		—		16,408,961
Chile		1,009,744		—		—		—		1,009,744
China		723,005		2,128,003		—		—		2,851,008
Colombia		63,528		—		—		—		63,528
Curacao		6,909		—		—		—		6,909
Denmark		2,058,267		3,025,075		—		—		5,083,342
Finland		—		156,830		—		—		156,830
France		84,197		3,873,574		—		—		3,957,771
Germany		169,398		2,640,109		—		—		2,809,507
Guernsey		4,503,045		—		—		—		4,503,045
Hong Kong		735,086		15,564,974		—		—		16,300,060
India		1,743,010		—		—		—		1,743,010
Indonesia		136,479		—		—		—		136,479
Ireland		2,144,090		—		—		—		2,144,090
Israel		5,184,210		1,921,948		—		—		7,106,158
Italy		—		2,367,979		—		—		2,367,979
Japan		2,305,803		34,854,738		—		—		37,160,541
Jersey		—		2,133,178		—		—		2,133,178
Netherlands		237,260		5,154,486		—		—		5,391,746
New Zealand		—		2,326,860		—		—		2,326,860
Norway		—		2,611,305		—		—		2,611,305
Philippines		274,949		—		—		—		274,949
Portugal		—		372,987		—		—		372,987
Singapore		521,705		2,238,064		—		—		2,759,769
South Korea		407,655		—		—		—		407,655
Spain		—		120,628		—		—		120,628
Sweden		—		1,466,767		—		—		1,466,767
Switzerland		3,607,917		12,897,545		—		—		16,505,462
Taiwan		7,880,711		—		—		—		7,880,711
Thailand		44,703		—		—		—		44,703

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Common Stock (Continued)
United Kingdom	$	4,849,316	$	11,868,152	$	—	$	—	$	16,717,468
United States		169,775,233		—		—		—		169,775,233
Exchange-Traded Funds		294,329,766		—		—		—		294,329,766
Open-End Mutual Fund		234,872,233		—		—		—		234,872,233
Preferred Stock
Germany		—		1,592,226		—		—		1,592,226
Private Fund		—		—		—		140,578,072		140,578,072
Short-Term Investments		125,896,049		104,421,628		—		—		230,317,677
Total Investments	$	887,191,405	$	219,949,076	$	—	$	140,578,072	$	1,247,718,553

Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of February 29, 2020:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period (in
Months)

Redemption
Terms

Private Fund – Long/Short Equity^(a)

140,578,072

N/A

Indefinite

Monthly

N/A

140,578,072

N/A

^(a)

This category includes funds that employ long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempt to achieve capital appreciation.

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund’s net assets as of February 29, 2020:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
RIEF Strategic Partners Fund LLC	12.2%	Long/Short Equity	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of February 29, 2020, in valuing the Municipal Bond Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Municipal Bonds	$	—	$	1,013,802,734	$	—	$	—	$	1,013,802,734
Closed-End Mutual Funds		8,865,965		—		—		—		8,865,965
Open-End Mutual Fund		312,227,167		—		—		—		312,227,167
Private Funds		—		—		—		209,669,759		209,669,759
Short-Term Investment		76,620,521		—		—		—		76,620,521
Total Investments	$	397,713,653	$	1,013,802,734	$	—	$	209,669,759	$	1,621,186,146

Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of February 29, 2020:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period (in
Days)

Redemption
Terms

Private Funds - Fixed Income Relative-Value ^(a)

209,669,759

N/A

Indefinite

Monthly - Quarterly

30 - 65

N/A - 25% investor level gate, if redemptions exceed 25% of total fund’s assets

209,669,759

N/A

^(a)

This category includes funds that apply both a top-down overlay and bottom-up credit research in the construction of U.S. tax exempt and taxable portfolios.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of February 29, 2020:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
MacKay Municipal Opportunities Fund, LP	10.5%	Fixed Income Relative-Value	The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of February 29, 2020, in valuing the Defensive Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Alternative Diversifiers	$	55,390,589	$	—	$	—	$	—	$	55,390,589
Core/Alternative Diversifiers		708,169,455		—		—		—		708,169,455
Exchange-Traded Funds:
Core Diversifiers		44,493,704		—		—		—		44,493,704
Real Asset		41,626,761		—		—		—		41,626,761
Private Funds:
Alternative Diversifier		—		—		—		142,387,793		142,387,793
Core Diversifiers		—		—		—		164,540,694		164,540,694
Short-Term Investment		189,864,455		—		—		—		189,864,455
Total Investments	$	1,039,544,964	$	—	$	—	$	306,928,487	$	1,346,473,451

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of February 29, 2020:

Investment
Category

Fair Value

Unfunded
Commitments

Remaining
Life

Redemption
Frequency

Notice
Period

Redemption
Terms

Private Funds –

Merger Arbitrage ^(a)

113,616,481

N/A

Indefinite

Daily

3 business days

N/A

Multi-Strategy ^(b)

28,771,312

31,651,200

Indefinite

Quarterly-Semi-annual

60-90 calendar days

1) 0%-20% fund-level gate.

2) 5%-12.5% investor-level gate per cycle.

3) Commitment lock-up of the earlier of ^(a) July 1, 2022 or ^(b) the date that is six months after the call date on which the commitment is fully drawn.

Risk Parity ^(c)

164,540,694

N/A

Indefinite

Monthly

5-10 business days

N/A

306,928,487

31,651,200

^(a)

This category includes the funds that primarily focus on definitive merger arbitrage opportunities and aim to capture idiosyncratic spread returns by investing in securities of, and financial instruments relating to, companies subject to publicly announced mergers and acquisitions.

^(b)

This category includes the funds that intend to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies.

^(c)

This category includes the funds that hold a globally diversified portfolio with approximately equal risk allocations across equities, developed market sovereign bonds, credit (e.g., corporate and emerging country debt) and inflation hedges (e.g., commodities and inflation linked sovereign debt), and some relative value positions to drive outperformance or fund alpha.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b)

Fair Value Measurements and Disclosures (Continued)

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of February 29, 2020:

Private Funds	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A	8.5%	Merger Arbitrage	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Daily	N/A
All Weather Portfolio Limited	10.4%	Risk Parity	The net asset value will be the value of all assets of the fund less all of the liabilities of the fund.	Monthly	N/A

The following is a summary of the inputs used, as of February 29, 2020, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	272,081,907	$	—	$	—	$	272,081,907
Opportunistic		14,382,115		—		—		14,382,115
Short-Term Investment		12,502,015		—		—		12,502,015
Total Investments	$	298,966,037	$	—	$	—	$	298,966,037

(c)

Security Transactions and Related Investment Income

Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Dividend income and distributions to shareholders are recorded on ex-dividend dates. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution. Realized gains and losses on investments and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d)

Foreign Currency and Risk

Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on February 29, 2020.

ii.

Purchases and sales of investment securities, income and expenses are recorded at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred).

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments on the Statement of Operations.

Reported net realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rate.

Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.

(e)

Securities Lending

The Funds may participate in a securities lending program, providing portfolio securities to brokers, dealers, and financial institutions. When the Funds participate in securities lending they will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. As collateral, the Funds receive cash (“Cash Collateral”) or securities, such as various government securities or common stocks listed on certain indices (“Non-Cash Collateral”) in return for the securities and records a corresponding payable for collateral due to the respective broker. The amount of collateral received is maintained at a minimum level of 102% of the prior day’s market value on securities loaned. Investment transactions, including securities on loan and the related collateral, are recorded on a trade date basis. Cash collateral is reinvested in money market funds and, with other entities participating in the securities lending program, in short term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates). The valuation of collateral is discussed in “Securities Valuations” in Note 2 of the Notes to the Financial Statements. When the Funds lend their portfolio securities, they are subject to the risk that they may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Funds may lose certain investment opportunities. The Funds also are subject to the risks associated with the investments received as collateral from the borrower.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e)

Securities Lending (Continued)

For the year ended February 29, 2020, the Municipal Bond Fund, Defensive Allocation Fund and Taxable Bond Fund had not participated in a securities lending program. The Equity Allocation Fund’s securities on loan were appropriately collateralized at February 29, 2020. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of February 29, 2020:

Description	PAR		Value
Repurchase Agreement with Citigroup Global Markets, Inc., 1.59%, 03/2/2020*#	$	40,424,725	$	40,424,725
Repurchase Agreement with Bank of Nova Scotia, New York, 1.58%, 03/2/2020*#		20,000,000		20,000,000
Repurchase Agreement with Cantor Fitzgerald & Co., 1.61%, 03/2/2020*#		20,000,000		20,000,000
Repurchase Agreement with Nomura Securities, 1.58%, 03/2/2020*#		10,000,000		10,000,000
Repurchase Agreement with Bank of America Securities, Inc., 1.71%, 03/5/2020*#		8,000,000		8,000,000
Time Deposit with National Bank of Canada, 1.65%, 03/6/2020*		2,000,000		2,000,000
Domestic CD with Toronto Dominion Bank, New York, 1.60%, 03/24/2020*		1,000,000		1,003,851
Funding Agreement with United of Omaha Life Insurance, 2.04%, 03/30/2020*		1,000,000		1,000,000
Domestic CD with Bank of Nova Scotia, Houston, 1.99%, 07/10/2020*		1,000,000		999,393
Commercial Paper with Mont Blanc, 2.03%, 04/8/2020*		1,000,000		993,659
Total	$	104,424,725	$	104,421,628

The rate shown is the annualized 7-day yield as of February 29, 2020.

The repurchase agreements are collateralized by various fixed income U.S. Government Agency and U.S. Treasury Securities in the amount of $101,033,245.

As of February 29, 2020, the Equity Allocation Fund held Non-Cash Collateral in the amount of $6,860,212 which consisted of U.S. Treasury Securities.

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the year ended February 29, 2020, the Equity Allocation Fund paid $81,918 to JPM from securities lending revenue.

(f)

Distributions to Shareholders

The Municipal Bond Fund and Taxable Bond Fund intend to pay dividends from net investment income at least quarterly. The Equity Allocation Fund and Defensive Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

2.	SIGNIFICANT ACCOUNTING POLICIES (Continued)

distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of each individual Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

(g)

Amortization

Discounts on securities purchased are amortized over the life of the respective securities. Premiums on securities purchased are amortized over the life of the respective security, unless the security has a non-contingent call feature, in which case the premium is amortized to the earliest call date.

(h)

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires the Funds to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds believe that the estimates utilized in preparing the financial statements are reasonable and prudent, however, actual results could differ from these estimates.

(i)

Guarantees and Indemnifications

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.

(j)

Federal Income Taxes

Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing each Fund’s tax return to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years, or all years if the Funds have been in existence for less than three years. As of and during the year ended February 29, 2020, the Funds did not record a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

3.	INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS

(a)

Investment Advisory Fees

The Adviser provides investment advisory services to the Funds pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Trust. In consideration for such services the Funds will pay the Adviser a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears. Pursuant to an administrative services agreement (the “Administration Agreement”) with the Trust, the Adviser is entitled to a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears, for providing administrative services to the Funds that include the selection and monitoring of investment sub-advisers, negotiation of investment sub-advisory agreements, data gathering regarding investments, liaison with outside service providers such as the administrator, transfer agent, custodian, auditors and accountants, creation of investor communications, and other such activities.

Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through June 30, 2020. The advisory fee waiver is not subject to recoupment. During the year ended February 29, 2020, the Adviser waived $956,092 of its advisory fee for the Equity Allocation Fund.

Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. The Adviser voluntarily waived expenses at a rate of 0.05% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.05% of average daily net assets. Effective November 7, 2019, the Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the year ended February 29, 2020, the Adviser waived $636,568 under the Administration Agreement.

Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through June 30, 2020. The advisory fee waiver is not subject to recoupment. For the year ended February 29, 2020, the Adviser waived $911,393 of its advisory fee for the Municipal Bond Fund.

Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, the waiver became contractual. The Adviser waived expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the year ended February 29, 2020, the Adviser waived $1,063,307 under the Administration Agreement.

Defensive Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.10% of the Defensive Allocation Fund’s average daily net assets.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

3.	INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued)

(a)

Investment Advisory Fees (Continued)

Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, the waiver became contractual. The Adviser waived expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.01% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the year ended February 29, 2020, the Adviser waived $1,196,606 under the Administration Agreement.

Taxable Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.25% of the Taxable Bond Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.25% to 0.08% through June 30, 2020. The advisory fee waiver is not subject to recoupment. During the year ended February 29, 2020, the Adviser waived $433,786 of its advisory fee for the Taxable Bond Fund.

Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, that waiver became contractual. The Adviser waived expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the year ended February 29, 2020, the Adviser waived $178,619 under the Administration Agreement.

(b)

Sub-Advisory Fees

Aperio Group, LLC and Acadian Asset Management LLC serve as the sub-advisers of the Equity Allocation Fund. Nuveen Asset Management, LLC and Wells Capital Management Inc. serve as the sub-advisers of the Municipal Bond Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.

(c)

Custodian Fees

JPM serves as custodian of the Trust’s assets and is responsible for maintaining custody of the Funds’ cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits.

(d)

Fund Accounting Fees

JPM also serves as the Trust’s fund accounting agent.

(e)

Administration Fees

UMB Fund Services, Inc. (“UMBFS”) serves as the Trust’s administrator and provides various administrative services necessary for the operations of the Trust including facilitating general Fund management; supervising the maintenance of each individual Fund’s general ledger, the preparation of the Funds’ financial statements, the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

3.	INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued)

(f)

Transfer Agent Fees

UMBFS also serves as a Trust’s Transfer Agent and dividend disbursing agent.

(g)

Trustees’ Fees

Certain Trustees and officers of the Trust are officers of the Adviser. Effective October 1, 2019, each Trustee receives an annual retainer of $60,000, as well as $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. For the period July 1, 2018, through September 30, 2019, the annual retainer was $50,000. The Chair of the Audit Committee is paid an additional $7,500 per year. Effective January 1, 2020, each Trustee who is a member of the Valuation Committee is paid an additional $2,000 per year.

4.	INVESTMENT TRANSACTIONS

For the year ended February 29, 2020, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:

	Other than U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
Equity Allocation Fund	$	346,918,495	$	289,237,329	$	—	$	—
Municipal Bond Fund		105,656,138		184,380,914		310,556,303		161,304,352
Defensive Allocation Fund		202,268,875		118,200,514		—		—
Taxable Bond Fund		82,483,451		10,530,000		—		—

5.	FEDERAL TAX INFORMATION

At February 29, 2020, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

	Equity Allocation Fund			Municipal Bond Fund			Defensive Allocation Fund			Taxable Bond Fund
Cost of investments	$	1,169,024,980		$	1,516,848,774		$	1,350,064,941		$	285,463,750

Gross unrealized appreciation	$	108,663,399		$	106,115,593		$	16,406,270		$	13,745,268
Gross unrealized depreciation		(29,969,826	)		(1,778,221	)		(19,997,760	)		(242,981	)

Net unrealized appreciation/(depreciation) on investments	$	78,693,573		$	104,337,372		$	(3,591,490	)	$	13,502,287

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

5.	FEDERAL TAX INFORMATION (Continued)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on investment transactions.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended February 29, 2020, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings/(losses) as follows:

	Increase/(Decrease)
	Paid-In Capital			Total Distributable Earnings/(Losses)
Equity Allocation Fund	$	(1,075	)	$	1,075
Municipal Bond Fund		(341,587	)		341,587
Defensive Allocation Fund		(719	)		719
Taxable Bond Fund		—			—

As of February 29, 2020, the components of total distributable earnings/(losses) on a tax basis were as follows:

	Equity Allocation Fund			Municipal Bond Fund			Defensive Allocation Fund			Taxable Bond Fund
Undistributed ordinary income	$	92,257		$	670,482		$	8,458,037		$	1,370,837
Undistributed tax-exempt income		—			9,314,544			—			—
Undistributed long-term capital gains		13,983,609			—			—			123,370
Tax Accumulated earnings		14,075,866			9,985,026			8,458,037			1,494,207
Accumulated capital and other losses		(61,414	)		(5,110,767	)		(17,281,896	)		—
Unrealized appreciation/(depreciation) on investments		78,693,573			104,337,372			(3,591,490	)		13,502,287
Unrealized depreciation on foreign currency		(4,464	)		—			—			—
Total distributable earnings/(losses)	$	92,703,561		$	109,211,631		$	(12,415,349	)	$	14,996,494

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

5.	FEDERAL TAX INFORMATION (Continued)

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 29, 2020 and February 28, 2019, is as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	26,934,025	$	21,560,225
Net long-term capital gains		30,243,600		26,180,859
Total taxable distributions		57,177,625		47,741,084
Total distributions paid	$	57,177,625	$	47,741,084

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 29, 2020 and February 28, 2019, is as follows:

	2020		2019
Tax-exempt dividends	$	52,274,438	$	42,322,343
Total distributions paid	$	52,274,438	$	42,322,343

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 29, 2020 and February 28, 2019, is as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	51,465,241	$	24,858,733
Net long-term capital gains		—		17,821,721
Total taxable distributions		51,465,241		42,680,454
Total distributions paid	$	51,465,241	$	42,680,454

The tax character of the distributions paid by the Taxable Bond Fund during the years ended February 29, 2020 and February 28, 2019, is as follows:

	2020		2019*
Distributions paid from:
Ordinary income	$	8,508,325	$	3,127,613
Total taxable distributions		8,508,325		3,127,613
Total distributions paid	$	8,508,325	$	3,127,613

Commenced operations as of the close of business on March 29, 2018.

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

February 29, 2020

5.	FEDERAL TAX INFORMATION (Continued)

As of February 29, 2020, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

	Not Subject to Expiration (Post-Enactment)
	Short-Term		Long-Term
Municipal Bond Fund	$	2,345,887	$	2,764,880
Defensive Allocation Fund		10,108,081		7,173,815

6.	RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The ASU No. 2017-08 had no impact on Equity Allocation Fund, Defensive Allocation Fund, or Taxable Bond Fund. The Municipal Bond Fund has adopted and applied ASU No. 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU No. 2017-08, as of March 1, 2019, the Municipal Bond Fund’s amortized cost basis of investments was reduced by $5,539,646 and unrealized appreciation of investments was increased by $5,539,646. The adoption of ASU No. 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

7.	SUBSEQUENT EVENTS

Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no subsequent events that required adjustment to our disclosure in the financial statements, except for the events listed below.

On September 26, 2019, the Board of Trustees of Aspiriant Trust has approved the proposed reorganization of Defensive Allocation Fund into a newly created closed-end fund also called Aspiriant Defensive Allocation Fund (the “Acquiring Fund”) that will operate as an interval fund. The purpose of the reorganization is to give shareholders the opportunity to pursue the same basic investment strategy while investing in a fund that can take increased advantage of less liquid investment opportunities such as hedge funds and private funds. Defensive Allocation Fund and the Acquiring Fund have the same investment objective and substantially similar principal investment strategies. The proposed reorganization is expected to be a tax-free transaction for federal income tax purposes and is subject to certain conditions including approval by shareholders of the Fund. If approved by shareholders, the reorganization is expected to occur at the second half of 2020.

Effective March 1, 2020, the fiscal year end of the Funds has been changed from February 28 to March 31 as approved by the Board on November 7, 2019.

In early 2020, an outbreak of the novel strain of coronavirus (COVID-19) emerged globally. As a result, there have been mandates from federal, state and local authorities resulting in an overall decline in economic activity. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time.

ASPIRIANT TRUST

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Aspiriant Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Aspiriant Trust comprising the Aspiriant Risk-Managed Equity Allocation Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund, and Aspiriant Risk-Managed Taxable Bond Fund (collectively, the “Funds”), including the schedules of investments, as of February 29, 2020, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 29, 2020, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Included in the Trust	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Aspiriant Risk-Managed Equity Allocation Fund	For the year ended February 29, 2020	For each of the two years in the period ended February 29, 2020	For each of five years in the period ended February 29, 2020
Aspiriant Risk-Managed Municipal Bond Fund	For the year ended February 29, 2020	For each of the two years in the period ended February 29, 2020	For each of the four years in the period ended February 29, 2020 and the period from July 1, 2015 (commencement of operations) through February 29, 2016
Aspiriant Defensive Allocation Fund	For the year ended February 29, 2020	For each of the two years in the period ended February 29, 2020	For each of the four years in the period ended February 29, 2020 and the period from December 14, 2015 (commencement of operations) through February 29, 2016
Aspiriant Risk-Managed Taxable Bond Fund	For the year ended February 29, 2020	For the year ended February 29, 2020 and the period from March 29, 2018 (commencement of operations) through February 28, 2019	For the year ended February 29, 2020 and the period from March 29, 2018 (commencement of operations) through February 28, 2019

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

ASPIRIANT TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 29, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Milwaukee, WI
April 29, 2020

We have served as the auditor of one or more Aspiriant investment companies since 2012.

ASPIRIANT TRUST

Other Information

February 29, 2020 (Unaudited)

QUALIFIED DIVIDEND INCOME

Pursuant to Section 854 of the Internal Revenue Code of 1986, the Equity Allocation Fund, Municipal Bond Fund, Defensive Allocation Fund, and Taxable Bond Fund designate income dividends of 85.75%, 0%, 22.62% and 0%, respectively, as qualified dividend income paid during the year ended February 29, 2020.

CORPORATE DIVIDENDS RECEIVED DEDUCTION

As of February 29, 2020, dividends paid by the Equity Allocation Fund, Municipal Bond Fund, Defensive Allocation Fund, and Taxable Bond Fund which are not designated as capital gain distributions, should be multiplied by 41.02%, 0%, 3.64% and 0%, respectively, to arrive at the amount eligible for the corporate dividend received deduction.

LONG-TERM CAPITAL GAINS DESIGNATION

Pursuant to IRC 852 (b)(3) of the Internal Revenue Code, the Equity Allocation Fund hereby designates $30,243,600 as long-term capital gains distributed during the year ended February 29, 2020.

TAX-EXEMPT INCOME DESIGNATION

For Federal income tax purposes, the Municipal Bond Fund designates tax-exempt dividends of $52,274,438, or the amount determined to be necessary, for the period ended February 29, 2020.

PROXY VOTING POLICIES AND PROCEDURES

For a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, please call 1-877-997-9971 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov as well as the Funds’ website at www.aspiriantfunds.com.

Information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30 is available without charge, upon request, by calling 1-877-997-9971 or by accessing the website of the U.S. Securities and Exchange Commission.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

STATEMENT REGARDING THE FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted a liquidity risk management program. The program’s principal objectives are to support each Fund’s compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations timely. During the period covered by the report, the program supported the Fund’s ability to honor redemption requests timely and the Adviser’s management of each Fund’s liquidity profile, including during any periods of market volatility and net redemptions. In this regard, the program includes a number of elements that support the management or assessment of liquidity risk, including an assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect an assessment of their relative liquidity under current market conditions. There can be no assurance that the program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

ASPIRIANT TRUST

Expense Examples

February 29, 2020 (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses of each Fund. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of each Fund or an asset-based management fee. The following Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.

ACTUAL EXPENSES

The first line of the following table under each Fund’s name titled “Actual” provides information about actual account value and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the following table under each Fund’s name titled “Hypothetical” provides information about hypothetical account value and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any costs that may be associated with investing in each Fund through a financial intermediary. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any costs associated with investing through a financial intermediary were included, your costs would have been higher.

Equity Allocation Fund	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from September 1, 2019 to February 29, 2020⁽¹⁾
Actual	$ 1,000.00	$ 993.40	0.28%	$ 1.40
Hypothetical	$ 1,000.00	$ 1,023.59	0.28%	$ 1.43

ASPIRIANT TRUST

EXPENSE EXAMPLES (Continued)

February 29, 2020 (Unaudited)

Municipal Bond Fund	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from September 1, 2019 to February 29, 2020⁽¹⁾
Actual	$ 1,000.00	$ 1,033.50	0.31%	$ 1.58
Hypothetical	$ 1,000.00	$ 1,023.44	0.31%	$ 1.57

Defensive Allocation Fund	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from September 1, 2019 to February 29, 2020⁽¹⁾
Actual	$ 1,000.00	$ 1,018.00	0.18%	$ 0.90
Hypothetical	$ 1,000.00	$ 1,024.11	0.18%	$ 0.91

Taxable Bond Fund	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Annualized Expense Ratio⁽¹⁾	Expense Paid During the Period from September 1, 2019 to February 29, 2020⁽¹⁾
Actual	$ 1,000.00	$ 1,029.40	0.27%	$ 1.35
Hypothetical	$ 1,000.00	$ 1,023.67	0.27%	$ 1.34

⁽¹⁾	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 182/366 (to reflect the half-year period).

ASPIRIANT TRUST

Trustees and Officers

February 29, 2020 (Unaudited)

Set forth below are the names, ages, positions with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust, as well as information about each officer of the Trust. The business address of each Trustee and officer is 11100 Santa Monica Blvd, Suite 600, Los Angeles, CA 90025.

Independent Trustees
Name and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served	Principal Occupations During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past Five Years
Michael D. Le Roy Age 72	Trustee	Indefinite; since 2012	Principal, Crown Capital Advisors LLC (2000-present)	4	Member Board of Directors and Chairman of the Board, The Rockport Company, LLC (2017-2019)
Robert D. Taylor Age 58	Trustee	Indefinite; since 2012	Partner, Centinela Capital Partners, LLC (2006-present)	4	None

Interested Trustee
Name and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served	Principal Occupations During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past Five Years
Robert M. Wagman* Age 68	Trustee/Chairman	Indefinite; since 2013	Retired (2015-present); Managing Director of Investment Management Services, Aspiriant, LLC (2013-2015)	4	None

*	Mr. Wagman is considered an interested person because he has had a material business or professional relationship with the Adviser within the past two years.

The Statement of Additional Information (SAI) includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling toll-free 1-877-997-9971.

ASPIRIANT TRUST

TRUSTEES AND OFFICERS (Continued)

February 29, 2020 (Unaudited)

Officers
Name and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served	Principal Occupations During Past Five Years
Robert J. Francais Age 54	President	Indefinite; since 2013	Chief Executive Officer, Aspiriant, LLC (2010-present), Chief Operating Officer, Aspiriant, LLC (2008-2009)
John D. Allen Age 48	Vice President	Indefinite; since 2014	Chief Investment Officer, Aspiriant, LLC (2014-present); Client Relationship Manager, Grantham, Mayo, Van Otterloo (2009-2014)
Michael H. Kossman Age 55	Vice President	Indefinite; since 2012	Chief Operating Officer (2012 -present), Chief Compliance Officer (2008-present), Chief Financial Officer (2008-2012), Aspiriant, LLC
Douglas S. Hendrickson Age 50	Treasurer	Indefinite; since 2016	Chief Financial Officer, Aspiriant, LLC (2016 - present); Acting Chief Financial Officer, Cetera Financial Group (2016-2016); Group Chief Financial Officer, Investor Services Division, Charles Schwab (2013-2015); Head of Corporate Planning, Profitability Analysis and Management Reporting, Charles Schwab (2011-2013)
Benjamin D. Schmidt Age 43	Assistant Treasurer; Secretary, Chief Compliance Officer; Anti-Money Laundering Officer	Indefinite; since 2015	Director, Aspiriant, LLC (2015-present); AVP Fund Administration, UMB Fund Services, Inc. (2000-2015)

ASPIRIANT TRUST

Privacy Policy

FACTS

WHAT DOES ASPIRIANT FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service you have with us. This information can include:

● Social Security number

● Account balances

● Account transactions

● Transaction history

● Wire transfer instructions

● Checking account information

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Aspiriant Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information.	Does Aspiriant Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For marketing purposes – to offer our products and services to you.	No	Do Not Share
For joint marketing with other financial companies.	No	Do Not Share
For our affiliates’ everyday business purposes – information about your transactions and experiences.	Yes	No
For our affiliates’ everyday business purposes – Information about your creditworthiness.	No	Do Not Share
For our affiliates to market to you.	No	Do Not Share
For nonaffiliates to market to you.	No	Do Not Share

Questions?

Call 1.877.997.9971

ASPIRIANT TRUST

PRIVACY POLICY (Continued)

Who we are
Who is providing this notice?	Aspiriant Funds

What we do
How does Aspiriant Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. With respect to online privacy, we employ certain internet and email specific practices to maintain the security of your online sessions, including but not limited to firewall barriers, encryption and authentication procedures.
How does Aspiriant Funds collect my personal information?	We collect you personal information, for example, when you: ● Open an account ● Provide account information ● Give us your contact information ● Make a wire transfer ● Tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ● Sharing for affiliates’ everyday business purposes – information about your creditworthiness ● Affiliates from using your information to market to you ● Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
What happens when I limit sharing for an account I hold jointly with someone else?	Your choices will apply to everyone on your account unless you tell us otherwise.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Aspiriant Funds has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Aspiriant Funds does not share with nonaffiliates so they can market to you. ● Nonaffiliates we share with can include: attorneys, accountants, custodians, brokers, service providers, banks and other financial advisors and institutions.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Aspiriant Funds does not jointly market.

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ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

Advisor Shares (Ticker RMEAX)

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

(Ticker RMMBX)

ASPIRIANT DEFENSIVE ALLOCATION FUND

(Ticker RMDFX)

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
(Ticker RMTBX)

Each, a series of Aspiriant Trust

INVESTMENT ADVISER

Aspiriant, LLC
11100 Santa Monica Blvd., Suite 600
Los Angeles, CA 90025

SUB-ADVISERS

Acadian Asset Management LLC
260 Franklin Street
Boston, MA 02110

Aperio Group, LLC
Three Harbor Drive, Suite 315
Sausalito, CA 94965

Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606

Wells Capital Management, Inc.
525 Market Street, 10^th Floor
San Francisco, CA 94105

AUDITORS

Deloitte & Touche LLP
555 East Wells Street
Milwaukee, WI 53202

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

CUSTODIAN

JPMorgan Chase Bank, N.A.
Seaport Center, 70 Fargo Street
Boston, MA 02210-1950

DISTRIBUTOR

UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, WI 53212

TRANSFER AGENT

UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212

Item 2. Code of Ethics

The Registrant has adopted a code of ethics (the “Code”), as that term is defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. A copy of the Code is attached as an exhibit. There were no amendments to the Code or waivers from the provisions of the Code.

Item 3. Audit Committee Financial Expert

The Registrant’s board has determined that Mr. Michael D. LeRoy possess the technical attributes to qualify as an “audit committee financial expert” serving on the Registrant’s audit committee and designated Mr. LeRoy as “audit committee financial expert.” Mr. LeRoy is independent under the standards set forth in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

The aggregate fees billed for professional services by the principal accountant during the Registrant’s last two fiscal years are as follows:

(a) Audit Fees for Registrant.

Fiscal year ended February 28, 2019	$143,000
Fiscal year ended February 29, 2020	$147,000

(b) Audit-Related Fees for Registrant. These fees were billed by the Registrant’s independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements.

Fiscal year ended February 28, 2019	None
Fiscal year ended February 29, 2020	$18,623

(c) Tax Fees for Registrant. These fees were billed for professional services rendered by the Registrant’s independent auditors for tax compliance, tax advice, and tax planning.

Fiscal year ended February 28, 2019	$31,250
Fiscal year ended February 29, 2020	$32,250

(d) All Other Fees.

Fiscal year ended February 28, 2019	None
Fiscal year ended February 29, 2020	None

The aggregate fees billed for the past two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

Fiscal year ended February 28, 2019	None
Fiscal year ended February 29, 2020	None

(e) Audit Committee’s pre-approval policies and procedures.

(1) The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant’s investment adviser or any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

(b) Not applicable.

(d) Not applicable.

(f) None.

(g) Non-Audit Fees Billed for Registrant

None.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-end Management Investment Companies

Not applicable to open-end investment companies.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes to report.

Item 11. Controls and Procedures

(a)

The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits

(a)

(1)

Code of Ethics as required by Item 2.Filed herewith.

(2)

Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.

(3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.Not applicable to open-end investment companies.

(4)

There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b)

Certification of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) of 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002.Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant	Aspiriant Trust

By	/s/ Robert J. Francais
Title	Robert J. Francais, President and Principal Executive Officer

Date	5/5/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Robert J. Francais
Title	Robert J. Francais, President and Principal Executive Officer

Date	5/5/2020

By	/s/ Douglas S. Hendrickson
Title	Douglas S. Hendrickson, Treasurer and Principal Financial Officer

Date	5/5/2020

Aspiriant Trust N-CSRCertified annual shareholder report (management investment company)