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 Number 811-22648

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 28

Date of reporting period: August 31, 2018

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

Semi-Annual Report

August 31, 2018
(Unaudited)

ASPIRIANT TRUST

TABLE OF CONTENTS

Summaries of Investments	2
Schedules of Investments	6
Statements of Assets and Liabilities	40
Statements of Operations	41
Statements of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	48
Other Information	65
Expense Examples	67

2

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Financials	8.4%
Health Care	6.1%
Technology	5.5%
Consumer Staples	4.2%
Consumer Discretionary	4.1%
Communications	4.0%
Utilities	2.7%
Industrials	1.1%
Other	1.3%
Total Common Stocks	37.4%
Exchange-Traded Funds	19.2%
Closed-End Mutual Fund	0.0%1
Open-End Mutual Fund	30.5%
Preferred Stock	0.1%
Private Fund	4.6%
Short-Term Investments	18.5%
Total Investments	110.3%
Liabilities in excess of other assets	(10.3)%
Total Net Assets	100.0%

¹ Rounds to less than 0.05%.

See accompanying Notes to Financial Statements.

3

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SUMMARY OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Municipal Bonds
General	11.2%
Medical	10.6%
Transportation	5.4%
Development	5.3%
General Obligation	5.1%
Education	4.5%
Water	3.6%
Airport	2.4%
Higher Education	2.3%
School District	2.2%
Tobacco Settlement	1.8%
Housing	1.4%
Multifamily Housing	1.0%
Other	4.9%
Total Municipal Bonds	61.7%
Closed-End Mutual Funds	0.6%
Open-End Mutual Funds	19.8%
Private Funds	12.1%
Short-Term Investment	5.7%
Total Investments	99.9%
Other assets less liabilities	0.1%
Total Net Assets	100.0%

See accompanying Notes to Financial Statements.

4

ASPIRIANT DEFENSIVE ALLOCATION FUND

SUMMARY OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Global Allocation	61.8%
Global Macro	5.9%
Managed Futures	4.3%
Total Open-End Mutual Funds	72.0%
Exchange-Traded Fund
Global Allocation	0.8%
Total Exchange-Traded Fund	0.8%
Private Funds
Global Allocation	11.8%
Merger Arbitrage	7.9%
Total Private Funds	19.7%
Short-Term Investment	7.5%
Total Investments	100.0%
Other assets less liabilities	0.0%1
Total Net Assets	100.0%

¹ Rounds to less than 0.05%.

See accompanying Notes to Financial Statements.

5

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SUMMARY OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Open-End Mutual Funds
Domestic	84.4%
Foreign	5.0%
Total Open-End Mutual Funds	89.4%
Short-Term Investment	10.8%
Total Investments	100.2%
Liabilities in excess of other assets	(0.2)%
Total Net Assets	100.0%

See accompanying Notes to Financial Statements.

6

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 37.4%
		AUSTRALIA — 0.3%
	13,428	Australian Unity Office Fund - REIT	$	25,968
	47,500	Bendigo and Adelaide Bank Ltd.1		396,474
	1,910	BHP Billiton Ltd.		45,883
	57,948	Crown Resorts Ltd.		592,599
	232,428	GPT Group - REIT		864,563
	1,818	Newcrest Mining Ltd.		25,220
	9,898	Rio Tinto Ltd.		517,212
	421,380	Vicinity Centres - REIT		840,318
	15,453	Wesfarmers Ltd.		573,368
				3,881,605
		AUSTRIA — 0.2%
	8,828	Agrana Beteiligungs A.G.		217,036
	10,956	Erste Group Bank A.G.		436,333
	235	Oberbank A.G.		24,223
	409	OMV A.G.		21,684
	2,149	Raiffeisen Bank International A.G.		61,175
	12,618	UNIQA Insurance Group A.G.		123,318
	1,486	Verbund A.G.		60,354
	12,228	Vienna Insurance Group A.G. Wiener Versicherung Gruppe		333,475
	22,404	Voestalpine A.G.		1,007,022
				2,284,620
		BELGIUM — 0.4%
	2,800	Ageas		144,986
	40,945	Colruyt S.A.		2,434,017
	5,673	Elia System Operator S.A./N.V.		354,319
	200	KBC Group N.V.		14,220
	17,743	UCB S.A.		1,624,183
				4,571,725
		BERMUDA — 1.0%
	34,077	Arch Capital Group Ltd.*		1,041,734
	5,929	Asian Growth Properties Ltd.		81
	14,636	Assured Guaranty Ltd.		596,271
	64,000	CK Infrastructure Holdings Ltd.		468,323
	5,920	Credicorp Ltd.		1,290,678
	11,083	Everest Re Group Ltd.		2,471,731
	54,225	Hongkong Land Holdings Ltd.		375,352
	21,000	Jardine Matheson Holdings Ltd.		1,326,273
	8,000	Jardine Strategic Holdings Ltd.		290,470
	171,000	NWS Holdings Ltd.		304,783
	960	Ocean Wilsons Holdings Ltd.		13,566
	7,321	RenaissanceRe Holdings Ltd.		973,400
	3,361	Travelport Worldwide Ltd.		62,414
	1,848	White Mountains Insurance Group Ltd.		1,714,851
	6,000	Wing On Co. International Ltd.		22,169
				10,952,096
		BRAZIL — 0.1%
	14,698	Banco do Brasil S.A. - ADR		108,839
	63,707	Telefonica Brasil S.A. - ADR		630,062
				738,901
		CANADA — 1.7%
	4,984	Agnico Eagle Mines Ltd.1		172,048
	1,900	Artis Real Estate Investment Trust - REIT		17,995
	200	Automotive Properties Real Estate Investment Trust - REIT		1,736
	34,404	Bank of Montreal 1		2,819,885
	38,824	Bank of Nova Scotia		2,247,910
	17,495	BCE, Inc.		713,271
	1,500	Calian Group Ltd.		35,632
	45,648	Canadian Imperial Bank of Commerce		4,276,684
	85	Fairfax Financial Holdings Ltd.*		46,617
	8,746	Franco-Nevada Corp.1		559,656
	5,958	George Weston Ltd.		464,039
	7,690	Inovalis Real Estate Investment Trust		61,343
	102,468	Kinross Gold Corp.*		307,404
	15,600	Loblaw Cos. Ltd.		806,897
	6,852	Magna International, Inc.1		370,830
	21,000	Rogers Communications, Inc. - Class B		1,088,138
	38,218	Royal Bank of Canada		3,038,860
	1,645	Shaw Communications, Inc. - Class B		33,180
	40,259	Toronto-Dominion Bank		2,431,196
				19,493,321
		CAYMAN ISLANDS — 0.2%
	1,096	Autohome, Inc. - ADR1		90,541
	466	CK Asset Holdings Ltd.		3,323
	457	CK Hutchison Holdings Ltd.		5,269
	13,141	Hexindai, Inc. - ADR1		112,224
	1,146,000	HKT Trust and HKT Ltd.		1,480,808
				1,692,165

7

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		CHILE — 0.2%
	11,902	Banco de Chile - ADR	$	1,039,759
	19,376	Cia Cervecerias Unidas S.A. - ADR		511,526
	83,741	Enel Americas S.A. - ADR1		621,358
	58,855	Enel Chile S.A. - ADR		286,624
				2,459,267
		CHINA — 0.4%
	1,156,000	Bank of China Ltd. - Class H		519,457
	40,178	China Construction Bank Corp. - ADR		709,945
	8,046	China Petroleum & Chemical Corp. - ADR1		799,049
	4,821	China Telecom Corp. Ltd. - ADR		227,551
	2,068	Huaneng Power International, Inc. - ADR		52,672
	2,418,321	Industrial & Commercial Bank of China Ltd. - Class H		1,786,167
				4,094,841
		COLOMBIA — 0.1%
	13,567	Bancolombia S.A. - ADR		588,265
		CURACAO — 0.0%2
	3,552	Retail Holdings N.V.		41,558
		DENMARK — 0.5%
	9,399	Carlsberg A/S - Class B		1,147,964
	9,221	Coloplast A/S - Class B		988,763
	21,203	GN Store Nord A/S		1,102,296
	32,928	Novo Nordisk A/S - ADR		1,619,070
	4,396	Novo Nordisk A/S - Class B		216,398
	7,305	Royal Unibrew A/S		629,520
	8,267	William Demant Holding A/S*		337,012
				6,041,023
		FINLAND — 0.2%
	1,685	Aspo Oyj		19,480
	1,853	DNA Oyj		39,427
	3,884	Elisa Oyj		166,179
	46,305	Fortum Oyj		1,172,014
	12,504	Kesko Oyj - B Shares		728,364
	1,022	Olvi Oyj		37,131
	2,401	Orion Oyj - Class A		88,426
	647	Orion Oyj - Class B		23,795
	20,441	Raisio Oyj		72,367
				2,347,183
		FRANCE — 0.3%
	357	Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		37,926
	138	Caisse Regionale de Credit Agricole Mutuel Toulouse 31		17,969
	4,645	Cie Generale des Etablissements Michelin		549,776
	76	Constructions Industrielles de la Mediterranee S.A.		9,086
	29	Dassault Aviation S.A.		53,941
	96	Electricite de Strasbourg S.A.		12,759
	12,490	Engie S.A.		183,327
	415	Fleury Michon S.A.		24,599
	2,689	Fnac Darty S.A.*		226,659
	438	Gaumont S.A.		70,168
	347	Hermes International		225,910
	542	L’Oreal S.A.		129,758
	171	Laurent-Perrier		21,888
	128	LVMH Moet Hennessy Louis Vuitton S.E.		44,871
	1,397	Mr Bricolage		19,459
	5,619	NetGem S.A.		11,936
	255	Pernod Ricard S.A.		40,252
	1,505	Peugeot S.A.		41,469
	768	PSB Industries S.A.		45,517
	7,239	Sanofi		621,637
	369	Societe Fonciere Lyonnaise S.A. - REIT		25,753
	588	TOTAL S.A.		36,872
	6,790	TOTAL S.A. - ADR 1		426,005
	11,590	Veolia Environnement S.A.		244,145
	2,946	Veolia Environnement S.A. - ADR		61,984
	213	Voyageurs du Monde		34,861
				3,218,527
		GERMANY — 0.2%
	11,474	Aareal Bank A.G.		466,556
	473	Allianz S.E.		100,816
	7,890	Allianz S.E. - ADR		167,702
	4,399	Aurubis A.G.		323,465
	1,916	Comdirect Bank A.G.		25,220

8

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		GERMANY (Continued)
	2,036	Deutsche Lufthansa A.G.	$	53,196
	9,248	Deutsche Telekom A.G.		149,139
	1,369	Merck KGaA		143,852
	4,820	Muenchener Rueckversicherungs-Gesellschaft A.G.		1,038,395
	1,191	MVV Energie A.G.		35,253
	3,609	Salzgitter A.G.		163,451
				2,667,045
		GUERNSEY — 0.6%
	110,730	Amdocs Ltd.		7,228,454
	1,291	PPHE Hotel Group Ltd.		25,022
	23,405	Schroder Real Estate Investment Trust Ltd. - REIT		19,966
				7,273,442
		HONG KONG — 1.8%
	52	AIA Group Ltd.		449
	2,000	Allied Group Ltd.		12,235
	322,000	BOC Hong Kong Holdings Ltd.		1,572,582
	71,382	China Mobile Ltd. - ADR		3,425,622
	46,653	China Unicom Hong Kong Ltd. - ADR1		546,773
	64,000	Chinney Investments Ltd.		24,472
	174,000	CLP Holdings Ltd.		2,044,769
	5,314	CNOOC Ltd. - ADR		944,351
	94,210	Hang Seng Bank Ltd.		2,555,831
	13,000	Harbour Centre Development Ltd.		25,176
	60,000	Hon Kwok Land Investment Co., Ltd.		31,424
	90,420	Hong Kong & China Gas Co., Ltd.		186,288
	506,500	Link REIT		5,048,457
	58	MTR Corp. Ltd.		299
	46,500	Power Assets Holdings Ltd.		326,396
	95,000	Regal Real Estate Investment Trust - REIT		28,323
	110,000	Sun Hung Kai Properties Ltd.		1,633,422
	55,500	Swire Pacific Ltd. - Class A		628,131
	294,200	Swire Properties Ltd.		1,156,635
				20,191,635
		INDIA — 0.2%
	105,913	Infosys Ltd. - ADR1		2,199,813
		INDONESIA — 0.0%2
	5,628	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		133,215
		IRELAND — 0.2%
	3,848	Accenture PLC - Class A		650,581
	2,292	Jazz Pharmaceuticals PLC*		391,749
	11,446	Paddy Power Betfair PLC		1,042,947
				2,085,277
		ISLE OF MAN — 0.0%2
	13,156	Kape Technologies PLC		22,685
	17,821	Manx Telecom PLC		38,818
				61,503
		ISRAEL — 0.6%
	15,545	Bank Hapoalim B.M.		116,469
	17,176	Bank Leumi Le-Israel B.M.		115,377
	15,290	Check Point Software Technologies Ltd.*		1,776,545
	2,488	Dor Alon Energy in Israel 1988 Ltd.		37,305
	2,131	Elbit Systems Ltd.1		271,916
	186,616	Israel Discount Bank Ltd. - Class A		652,198
	215,630	Isramco Negev 2 L.P.		24,215
	3,652	Maabarot Products Ltd.		41,240
	332	Malam - Team Ltd.		36,152
	12,763	Mediterranean Towers Ltd.		23,251
	6,868	Minrav Projects Ltd.		7,962
	21,122	Nice Ltd. - ADR*		2,441,492
	1,464	Paz Oil Co., Ltd.		226,866
	479	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		24,423
	3,219	Shalag Industries Ltd.		13,777
	13,646	Shufersal Ltd.		89,596
	3,000	Strauss Group Ltd.		66,154
	2,916	Taro Pharmaceutical Industries Ltd.*1		308,046
	6,303	Teva Pharmaceutical Industries Ltd. - ADR1		144,402
	3,225	Victory Supermarket Chain Ltd.		37,510
				6,454,896
		ITALY — 0.3%
	179,870	A2A S.p.A.		309,188
	3,971	Enel S.p.A.		19,632
	25,662	Eni S.p.A. - ADR		953,343
	105,702	Iren S.p.A.		247,912

9

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		ITALY (Continued)
	17,172	Luxottica Group S.p.A.	$	1,138,667
	2,019	Luxottica Group S.p.A. - ADR		134,163
	2,700	Orsero S.p.A.		21,938
				2,824,843
		JAPAN — 4.0%
	8,200	ABC-Mart, Inc.		446,985
	14,900	Aeon Co., Ltd.		322,667
	10,900	Aeon Hokkaido Corp.		77,939
	10,100	Alfresa Holdings Corp.		253,172
	2,200	Alps Logistics Co., Ltd.		16,628
	1,500	Aohata Corp.		35,240
	230,335	Astellas Pharma, Inc.		3,905,011
	1,400	Bandai Namco Holdings, Inc.		54,258
	3,600	Biofermin Pharmaceutical Co., Ltd.		89,414
	35,900	Bridgestone Corp.		1,320,376
	700	Bull-Dog Sauce Co., Ltd.		13,546
	1,600	Canare Electric Co., Ltd.		28,902
	61,767	Canon, Inc.		1,981,894
	86,315	Canon, Inc. - ADR1		2,769,848
	1,100	Choushimaru Co., Ltd.		52,976
	6,500	Chubu Electric Power Co., Inc.		94,393
	1,100	Daiichi Kensetsu Corp.		17,414
	6,200	Daiichi Sankyo Co., Ltd.		241,997
	2,800	Dainichi Co., Ltd.		18,537
	1,200	Dynac Holdings Corp.		18,292
	800	FamilyMart UNY Holdings Co., Ltd.		69,707
	17,400	FUJIFILM Holdings Corp.		734,947
	400	Fuso Pharmaceutical Industries Ltd.		9,996
	4,000	Gourmet Kineya Co., Ltd.		44,721
	1,100	Hakuyosha Co., Ltd.		29,607
	2,800	Isewan Terminal Service Co., Ltd.		18,187
	15,000	Isuzu Motors Ltd.		216,555
	1,300	Itec Corp.		16,923
	2,800	Itochu Techno-Solutions Corp.		61,936
	60,400	Japan Airlines Co., Ltd.		2,176,671
	39,600	Japan Post Bank Co., Ltd.		462,648
	42,500	Japan Post Holdings Co., Ltd.		504,743
	23,500	Japan Tobacco, Inc.		617,844
	300	JFE Container Co., Ltd.		11,096
	800	Jichodo Co., Ltd.		58,495
	2,700	Jolly - Pasta Co., Ltd.		43,512
	3,400	Kakiyasu Honten Co., Ltd.		77,603
	1,000	Kao Corp.		77,599
	500	Kato Sangyo Co., Ltd.		16,238
	70,264	KDDI Corp.		1,857,769
	5,400	KDDI Corp. - ADR		70,956
	10,400	King Co., Ltd.		43,136
	3,000	Kohsoku Corp.		32,882
	5,000	Makita Corp.		226,689
	72,000	Marubeni Corp.		589,929
	900	Maxvalu Chubu Co., Ltd.		12,027
	2,700	Maxvalu Tohoku Co., Ltd.*		36,742
	400	Maxvalu Tokai Co., Ltd.		8,540
	18,200	Medipal Holdings Corp.		367,055
	1,000	Meiko Trans Co., Ltd.		10,809
	37,000	Mitsubishi Motors Corp.		263,702
	49,800	Mitsubishi Tanabe Pharma Corp.		830,614
	7,700	Miyoshi Oil & Fat Co., Ltd.		89,727
	21,700	Mizuho Financial Group, Inc.		38,112
	1,000	Morishita Jintan Co., Ltd.		23,683
	1,200	Morozoff Ltd.		61,723
	2,400	Nakayamafuku Co., Ltd.		15,051
	21,900	Nichia Steel Works Ltd.		63,369
	400	Nihon Shokuhin Kako Co., Ltd.		7,773
	70,600	Nippon Telegraph & Telephone Corp.		3,141,064
	76,451	Nippon Telegraph & Telephone Corp. - ADR		3,395,189
	111,600	Nissan Motor Co., Ltd.		1,045,437
	5,800	Nissin Foods Holdings Co., Ltd.		369,871
	2,900	Nissui Pharmaceutical Co., Ltd.		35,038
	2,000	Nittobest Corp.		15,840
	362,426	NTT DOCOMO, Inc.		9,392,531
	30,121	NTT DOCOMO, Inc. - ADR1		780,134
	12,075	Okinawa Electric Power Co., Inc.		242,691
	15,966	Otsuka Holdings Co., Ltd.		749,045
	6,000	OUG Holdings, Inc.		149,882
	5,400	Paris Miki Holdings, Inc.		22,970
	1,500	Plant Co., Ltd.		17,566
	1,500	Resol Holdings Co., Ltd.		58,681
	27	Rinnai Corp.		2,009
	2,000	Rock Paint Co., Ltd.		15,299
	700	S&B Foods, Inc.		61,720

10

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	5,100	Secom Co., Ltd.	$	419,368
	18,213	Seven & i Holdings Co., Ltd.		740,617
	8,500	Shimamura Co., Ltd.		785,387
	1,234	Shin-Etsu Chemical Co., Ltd.		115,587
	3,900	Shionogi & Co., Ltd.		226,660
	2,600	Shofu, Inc.		30,292
	14,041	Suntory Beverage & Food Ltd.		575,130
	1,100	Taiko Bank Ltd.		20,273
	9,800	Takeda Pharmaceutical Co., Ltd.		408,280
	600	Tokyu Recreation Co., Ltd.		26,227
	6	Toyota Motor Corp.		373
	1,437	Toyota Motor Corp. - ADR		178,303
	14,500	Trend Micro, Inc.		911,727
	1,200	Unicafe, Inc.		12,721
	13	Unicharm Corp.		425
	6,800	Weds Co., Ltd.		45,444
	6,586	Yamaguchi Financial Group, Inc.		72,445
	2,000	Yamaya Corp.		56,701
	2,600	Yamazawa Co., Ltd.		40,640
	3,100	Yashima Denki Co., Ltd.		25,758
	2,100	Yomeishu Seizo Co., Ltd.		45,340
	1,100	Yonkyu Co., Ltd.		15,048
				45,906,518
		JERSEY — 0.0%2
	5,559	Glencore PLC		22,648
	7,138	Randgold Resources Ltd. - ADR		466,040
				488,688
		LUXEMBOURG — 0.1%
	14,817	Atento S.A.		106,683
	16,542	Millicom International Cellular S.A.		952,638
				1,059,321
		NETHERLANDS — 0.3%
	2,713	ABN AMRO Group N.V. - ADR		36,639
	8,250	Aegon N.V.		49,562
	26,578	ForFarmers N.V.		297,233
	99,924	Koninklijke Ahold Delhaize N.V.		2,434,088
	10,135	Koninklijke Ahold Delhaize N.V. - ADR		245,672
	6,670	Sligro Food Group N.V.		286,316
				3,349,510
		NEW ZEALAND — 0.3%
	4,070	Abano Healthcare Group Ltd.		23,211
	4,384	Briscoe Group Ltd.*		10,384
	19,158	Contact Energy Ltd.		70,344
	1,125	EBOS Group Ltd.		15,735
	58,872	Fisher & Paykel Healthcare Corp. Ltd.		638,487
	120,276	Genesis Energy Ltd.		194,958
	222,335	Goodman Property Trust - REIT		219,250
	30,944	Kathmandu Holdings Ltd.		66,939
	214,125	Mercury NZ Ltd.		465,281
	30,643	Metlifecare Ltd.		128,692
	46,321	PGG Wrightson Ltd.		19,920
	82,191	Property for Industry Ltd.		95,772
	24,994	Sanford Ltd.		127,039
	200,363	Spark New Zealand Ltd.		529,003
	45,654	Stride Property Group		57,663
	10,388	Synlait Milk Ltd.*		87,949
	32,857	Trustpower Ltd.		130,434
	30,318	Warehouse Group Ltd.		40,919
				2,921,980
		NORWAY — 0.3%
	2,163	Equinor A.S.A.		55,481
	4,691	Kongsberg Gruppen A.S.A.		88,651
	27,446	Marine Harvest A.S.A.		592,771
	14,812	Norsk Hydro A.S.A.		81,669
	2,681	Olav Thon Eiendomsselskap A.S.A.		46,675
	137,075	Orkla A.S.A.		1,127,394
	2,026	Oslo Bors VPS Holding A.S.A.		28,230
	57,800	Telenor A.S.A.		1,087,288
	3,840	Yara International A.S.A.		176,691
				3,284,850
		PANAMA — 0.2%
	33,487	Carnival Corp.		2,059,116
		PERU — 0.0%2
	12,372	Cia de Minas Buenaventura S.A.A. - ADR		155,763
		PORTUGAL — 0.1%
	21,301	Jeronimo Martins SGPS S.A.		318,745
	108	Ramada Investimentos E Industria S.A.		1,254

11

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		PORTUGAL (Continued)
	203,781	REN - Redes Energeticas Nacionais SGPS S.A.	$	577,186
				897,185
		SINGAPORE — 0.1%
	25,000	DBS Group Holdings Ltd.		454,476
	7,499	DBS Group Holdings Ltd. - ADR		543,677
	32,300	Far East Hospitality Trust - REIT		15,181
	22,600	Fraser and Neave Ltd.		31,495
	99,600	Frasers Hospitality Trust		51,118
	17,600	Hotel Grand Central Ltd.*		17,567
	31,300	IREIT Global - REIT		17,432
	44,500	Keong Hong Holdings Ltd.		16,697
	8,000	Keppel Corp. Ltd.		38,083
	210,200	Keppel Infrastructure Trust		79,669
	40,100	Sheng Siong Group Ltd.		34,206
	7,900	Singapore Airlines Ltd.		56,393
				1,355,994
		SOUTH KOREA — 0.1%
	62,927	SK Telecom Co., Ltd. - ADR		1,636,731
		SPAIN — 0.1%
	3,363	Endesa S.A.		75,241
	53,158	International Consolidated Airlines Group S.A.		477,143
				552,384
		SWEDEN — 0.2%
	7,392	AAK A.B.		121,294
	5,312	Axfood A.B.		101,493
	21,608	ICA Gruppen A.B.		658,167
	5,731	Industrivarden A.B. - A Shares		125,861
	23,434	Swedish Match A.B.		1,252,747
	53,645	Telia Co. A.B.		237,939
				2,497,501
		SWITZERLAND — 1.7%
	455	Alpiq Holding A.G.*		38,494
	158	Berner Kantonalbank A.G.		35,795
	881	BFW Liegenschaften A.G.		38,994
	6,892	BKW A.G.*		488,875
	14,259	Chubb Ltd.		1,928,387
	15,845	Coca-Cola HBC A.G.		542,535
	39,391	Garmin Ltd.		2,684,103
	81	Intershop Holding A.G.		42,112
	7,398	Julius Baer Group Ltd.		392,548
	1,489	Kuehne + Nagel International A.G.		240,389
	3,063	Nestle S.A.		256,762
	44,257	Nestle S.A. - ADR		3,706,524
	13,203	Novartis A.G.		1,095,350
	36,440	Novartis A.G. - ADR		3,024,884
	4,420	Roche Holding A.G.		1,095,955
	35,568	Roche Holding A.G. - ADR		1,101,185
	6,238	Sonova Holding A.G.		1,183,144
	1,052	Swatch Group A.G.		448,134
	723	Swiss Life Holding A.G.		261,880
	1,130	Swisscom A.G.		504,360
	227	Zurich Insurance Group A.G.		69,106
	2,010	Zurich Insurance Group A.G. - ADR		61,164
				19,240,680
		TAIWAN — 1.0%
	122,131	Chunghwa Telecom Co., Ltd. - ADR		4,297,790
	138,802	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		6,051,767
	353,457	United Microelectronics Corp. - ADR1		986,145
				11,335,702
		THAILAND — 0.0%2
	8,280	Kasikornbank PCL - ADR		213,831
		UNITED KINGDOM — 1.4%
	94,977	3i Group PLC		1,105,928
	15,206	A.G. Barr PLC		138,391
	24,925	Amino Technologies PLC		64,951
	15,376	Aviva PLC		96,737
	28,534	Berkeley Group Holdings PLC		1,349,691
	1,574	BHP Billiton PLC		33,675
	58,235	BP PLC		414,701
	48,787	Britvic PLC		516,253
	29,017	Burberry Group PLC		843,324
	52,579	Carnival PLC - ADR		3,203,113
	233,112	Centrica PLC		433,007
	1,133	Diageo PLC		39,626
	6,885	Eco Animal Health Group PLC		46,415
	5,443	Eurocell PLC		17,982
	11,477	Finsbury Food Group PLC		18,525

12

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	14,967	Harworth Group PLC1	$	24,934
	59,874	HSBC Holdings PLC - ADR1		2,635,055
	8,159	Inchcape PLC		73,296
	11,606	Legal & General Group PLC		38,354
	13,159	Marshall Motor Holdings PLC		27,467
	8,055	Microgen PLC		43,733
	6,346	Palace Capital PLC		25,998
	42,990	Persimmon PLC		1,360,073
	13,891	Premier Asset Management Group PLC		47,184
	1,962	Quixant PLC		12,086
	5,302	Relx PLC		117,761
	24,890	Rightmove PLC		159,076
	5,505	Royal Dutch Shell PLC - B Shares		182,226
	19,352	Royal Dutch Shell PLC - Class A - ADR		1,262,331
	167,704	Royal Mail PLC		975,236
	16,268	Segro PLC - REIT		139,091
	17,713	Shoe Zone PLC		38,465
	43,242	SSE PLC		702,721
	1,638	System1 Group PLC*		4,884
	716	WH Smith PLC		19,188
	9,676	Wm Morrison Supermarkets PLC		33,056
	5,951	Zegona Communications PLC		8,800
				16,253,334
		UNITED STATES — 18.0%
	14,432	Aaron’s, Inc.		717,559
	735	Addus HomeCare Corp.*		47,701
	7,272	Adtalem Global Education, Inc.*1		347,965
	36,400	Aegon N.V.		216,580
	17,797	Aetna, Inc.		3,564,205
	91,533	Aflac, Inc.		4,232,486
	39,702	AGNC Investment Corp. - REIT		755,132
	13,033	Allstate Corp.		1,310,729
	3,596	Alphabet, Inc. - Class A*		4,429,553
	7,169	Altria Group, Inc.		419,530
	349	Amazon.com, Inc.*		702,436
	1,144	America’s Car-Mart, Inc.*1		95,467
	7,386	American Eagle Outfitters, Inc.		191,741
	7,842	American Electric Power Co., Inc.		562,507
	9,218	American Financial Group, Inc.		1,026,516
	25,753	American National Insurance Co.		3,305,140
	450	Analog Devices, Inc.		44,482
	12,159	Anthem, Inc.		3,218,852
	18,550	Apple, Inc.		4,222,536
	1,870	AptarGroup, Inc.		195,808
	2,506	Archer-Daniels-Midland Co.		126,302
	222	Aspen Technology, Inc.*		25,610
	40,257	AT&T, Inc.		1,285,809
	417	Atmos Energy Corp.		38,460
	4,354	Automatic Data Processing, Inc.		638,949
	34,062	Avangrid, Inc.		1,680,619
	1,938	BancFirst Corp.1		123,644
	2,329	Bank of Hawaii Corp. 1		193,610
	15,617	Baxter International, Inc.		1,161,436
	5,661	Baycom Corp.*		148,318
	711	Becton, Dickinson and Co.		186,190
	53,163	Bed Bath & Beyond, Inc. 1		953,744
	5,454	Berkshire Hathaway, Inc.*		1,138,359
	4,127	Bio-Rad Laboratories, Inc. - Class A*		1,342,513
	407	Biogen, Inc.*		143,870
	15,129	Blackstone Mortgage Trust, Inc. - Class A - REIT		515,294
	167	Booking Holdings, Inc.*		325,909
	1,716	Bristol-Myers Squibb Co.		103,904
	7,927	Callaway Golf Co.		180,815
	2,043	Career Education Corp.*		32,586
	1,760	CDW Corp.		154,106
	878	Centene Corp.*		128,609
	36,973	CenterPoint Energy, Inc.1		1,027,480
	1,077	Charles River Laboratories International, Inc.*		133,020
	2,871	Chemed Corp.		928,883
	10,734	Chemours Co.		468,002
	5,174	Church & Dwight Co., Inc.		292,745
	2,612	Churchill Downs, Inc.		738,151
	95,391	Ciena Corp.*1		3,012,448
	7,651	Cigna Corp.		1,440,989
	104,690	Cisco Systems, Inc.		5,001,041
	9,488	Citrix Systems, Inc.*		1,081,822
	170	Clorox Co.		24,647
	17,148	CNA Financial Corp.		769,945
	20,660	Coca-Cola Co.		920,816
	11,305	Colgate-Palmolive Co.		750,765

13

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	15,582	Columbia Sportswear Co.	$	1,413,287
	9,457	Commerce Bancshares, Inc.		672,014
	74,599	Consolidated Edison, Inc.		5,888,099
	6,397	Costco Wholesale Corp.		1,491,333
	5,939	Danaher Corp.		614,924
	5,280	Darden Restaurants, Inc.1		612,691
	5,236	Deckers Outdoor Corp.*1		637,954
	4,067	Dell Technologies, Inc. - Class V*		391,123
	9,043	Denny’s Corp.*		136,278
	36,358	Dick’s Sporting Goods, Inc.1		1,361,244
	31,342	Dolby Laboratories, Inc. - Class A		2,199,895
	1,766	DTE Energy Co.		196,273
	10,195	Duke Energy Corp.		828,242
	13,059	Eli Lilly & Co.		1,379,683
	7,684	Ellington Residential Mortgage - REIT1		90,825
	10,810	Encompass Health Corp.		881,988
	1,036	Entegra Financial Corp.*		28,490
	13,448	Entergy Corp.		1,124,118
	7,696	Estee Lauder Cos., Inc. - Class A		1,078,364
	37,931	Evergy, Inc.		2,163,964
	59,781	Exelon Corp.		2,613,028
	4,786	Expeditors International of Washington, Inc.		350,718
	13,591	Express Scripts Holding Co.*		1,196,280
	1,431	Exxon Mobil Corp.		114,723
	7,631	F5 Networks, Inc.*		1,443,175
	3,406	Facebook, Inc. - Class A*		598,536
	32,661	Fidelity National Financial, Inc.		1,309,706
	7,506	Fidelity National Information Services, Inc.		811,924
	18,613	First American Financial Corp.		1,058,335
	2,377	First Data Corp.*		61,136
	2,407	First Financial Corp.		123,840
	1,159	First Northern Community Bancorp*		15,832
	8,919	FLIR Systems, Inc.		559,578
	17,701	FNB Corp.1		238,078
	20,081	Foot Locker, Inc.		989,993
	2,299	General Dynamics Corp.		444,627
	19,189	General Motors Co.		691,763
	2,076	Genomic Health, Inc.*		126,989
	17,333	Gilead Sciences, Inc.		1,312,628
	1,431	Graham Holdings Co. - Class B		805,152
	1,677	Grand Canyon Education, Inc.*		199,798
	5,217	Haemonetics Corp.*		582,426
	3,866	Hancock Whitney Corp.		199,292
	1,321	Hanger, Inc.*		27,001
	1,395	Hanover Insurance Group, Inc.		170,874
	30,392	Hawaiian Electric Industries, Inc.1		1,071,926
	2,904	HCA Healthcare, Inc.		389,455
	348	Henry Schein, Inc.*		27,033
	7,877	Home Depot, Inc.		1,581,465
	81,852	Hormel Foods Corp.1		3,204,506
	5,729	Humana, Inc.		1,909,247
	2,100	Huntsman Corp.		64,029
	3,229	Ingredion, Inc.		326,355
	4,740	Innoviva, Inc.*		68,825
	154,676	Intel Corp.		7,490,959
	3,379	Inter Parfums, Inc.1		220,649
	4,757	International Speedway Corp. - Class A		210,022
	2,994	Intuit, Inc.		657,093
	823	J&J Snack Foods Corp.		119,746
	3,590	Jack Henry & Associates, Inc.		568,800
	5,181	John Wiley & Sons, Inc. - Class A		334,434
	45,529	Johnson & Johnson		6,132,301
	8,969	JPMorgan Chase & Co.		1,027,668
	396	Keurig Dr Pepper, Inc.		9,029
	4,247	Kimberly-Clark Corp.		490,698
	3,252	Laboratory Corp. of America Holdings*		562,173
	6,463	Lancaster Colony Corp.1		1,009,973
	5,699	Lincoln National Corp.		373,740
	1,768	Lockheed Martin Corp.		566,485
	42,861	Loews Corp.		2,156,337
	5,483	Lululemon Athletica, Inc.*		849,481
	596	Madison Square Garden Co.*		179,956
	4,260	ManpowerGroup, Inc.		399,290
	499	Masimo Corp.*		58,827
	6,082	MasterCard, Inc. - Class A		1,311,036
	7,452	Materion Corp.		475,438
	421	McCormick & Co., Inc.1		52,574
	12,908	McDonald’s Corp.		2,094,065
	8,343	MDU Resources Group, Inc.		232,686

14

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	16,017	Merck & Co., Inc.	$	1,098,606
	7,025	MetLife, Inc.		322,377
	957	Mettler-Toledo International, Inc.*		559,328
	407,884	MFA Financial, Inc. - REIT		3,124,391
	6,970	Microsoft Corp.		782,940
	1,830	Molina Healthcare, Inc.*		252,540
	699	Molson Coors Brewing Co. - Class B		46,651
	375	Monster Beverage Corp.*		22,834
	6,251	Motorola Solutions, Inc.		802,378
	3,802	MSC Industrial Direct Co., Inc. - Class A		324,995
	2,732	MSG Networks, Inc.*		66,388
	1,128	National HealthCare Corp.1		86,935
	6,043	National Instruments Corp.		288,553
	5,669	NetScout Systems, Inc.*1		141,725
	2,379	New Media Investment Group, Inc.		37,826
	3,074	New York Times Co. - Class A		71,624
	18,550	News Corp.		242,448
	1,378	NIKE, Inc. - Class B		113,272
	2,275	NorthWestern Corp.		136,409
	3,183	Nu Skin Enterprises, Inc. - Class A		253,367
	38	NVR, Inc.*		101,401
	12,559	Old Republic International Corp.		278,559
	318	ONE Gas, Inc.		24,973
	990	Oxford Industries, Inc.1		92,159
	50,460	Park Hotels & Resorts, Inc. - REIT		1,687,887
	5,910	Paychex, Inc.		432,907
	39,866	People’s United Financial, Inc.1		737,920
	14,329	PepsiCo, Inc.		1,604,991
	5,842	Perficient, Inc.*		167,841
	135,318	Pfizer, Inc.		5,618,403
	2,226	Phibro Animal Health Corp. - Class A		105,067
	5,448	Phillips 66		645,642
	15,418	Pinnacle Entertainment, Inc.*		527,912
	14,475	Pinnacle West Capital Corp.		1,137,011
	2,748	Plantronics, Inc.1		184,721
	6,701	Prestige Consumer Healthcare, Inc.*1		257,988
	20,148	Procter & Gamble Co.		1,671,277
	1,930	Progress Software Corp.		78,995
	7,426	Prudential Financial, Inc.		729,604
	28,827	Public Service Enterprise Group, Inc.		1,509,093
	1,822	PVH Corp.		260,838
	10,015	Quest Diagnostics, Inc.		1,101,450
	686	Ralph Lauren Corp.1		91,108
	10,337	Raytheon Co.		2,061,611
	1,959	Reinsurance Group of America, Inc.		279,843
	12,304	Reliance Steel & Aluminum Co.		1,081,399
	10,706	Republic Services, Inc.		785,392
	2,143	ResMed, Inc.		238,752
	287	Robert Half International, Inc.		22,438
	559	Rockwell Collins, Inc.		75,996
	3,545	Royal Gold, Inc.1		270,342
	13,739	Scholastic Corp.1		577,588
	88	Seaboard Corp.		324,261
	26,147	Service Corp. International		1,097,128
	2,001	Silgan Holdings, Inc.1		54,527
	1,158	Sonoco Products Co.		64,894
	6,888	Southern Copper Corp.		300,592
	3,700	Starbucks Corp.		197,765
	49,531	Starwood Property Trust, Inc. - REIT1		1,091,168
	3,375	Steel Dynamics, Inc.		154,339
	4,853	Steven Madden Ltd.1		282,202
	5,344	Stryker Corp.		905,434
	928	SunCoke Energy Partners LP		14,152
	7,363	Synopsys, Inc.*		752,057
	27,981	Sysco Corp.		2,093,538
	2,975	Tapestry, Inc.		150,803
	3,144	Tech Data Corp.*		228,726
	841	Tetra Tech, Inc.		58,702
	3,869	Texas Instruments, Inc.		434,876
	3,018	Textron, Inc.1		208,333
	2,159	Thor Industries, Inc.		206,055
	13,318	TJX Cos., Inc.		1,464,580
	2,265	Tootsie Roll Industries, Inc.1		65,232
	15,498	Torchmark Corp.		1,362,584
	5,074	Tractor Supply Co.		447,933
	13,882	Travelers Cos., Inc.		1,826,871
	13,271	Trustmark Corp.1		470,855
	856	U.S. Physical Therapy, Inc.		107,214
	56,040	Umpqua Holdings Corp.		1,199,256
	4,663	United Natural Foods, Inc.*		165,583
	4,464	United Technologies Corp.		587,909

15

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED STATES (Continued)
	7,184	United Therapeutics Corp.*	$	883,560
	8,581	UnitedHealth Group, Inc.		2,303,655
	1,594	Universal Corp.1		95,321
	4,362	Universal Health Services, Inc. - Class B		567,758
	6,497	USANA Health Sciences, Inc.*1		857,279
	5,676	Valero Energy Corp.		669,087
	2,210	Varex Imaging Corp.*		69,394
	5,526	Varian Medical Systems, Inc.*		619,023
	19,693	Vectren Corp.		1,402,142
	2,943	VF Corp.		271,139
	4,836	Visa, Inc. - Class A		710,360
	13,328	Voya Financial, Inc.		667,333
	1,487	W.W. Grainger, Inc.		526,502
	63,839	Walmart, Inc.		6,119,607
	11,830	Walt Disney Co.		1,325,197
	10,102	Waste Management, Inc.		918,272
	1,786	Watsco, Inc.		312,532
	939	WD-40 Co.1		166,626
	2,132	WEC Energy Group, Inc.		144,081
	2,211	WellCare Health Plans, Inc.*		668,982
	34,736	Werner Enterprises, Inc.1		1,286,969
	3,047	Williams-Sonoma, Inc.		213,991
	3,414	Xenia Hotels & Resorts, Inc. - REIT		82,824
	1,210	XO Group, Inc.*		36,373
	7,590	Yum! Brands, Inc.		659,495
	4,843	Zimmer Biomet Holdings, Inc.		598,740
	13,206	Zoetis, Inc.		1,196,464
				205,195,827
		VIRGIN ISLANDS (BRITISH) — 0.0%2
	2,639	Michael Kors Holdings Ltd.*		191,644
		TOTAL COMMON STOCKS
		(Cost $353,180,365)		424,893,325
		EXCHANGE-TRADED FUNDS — 19.2%
	1,356,236	iShares Core MSCI Emerging Markets ETF1		70,944,705
	1,962,303	iShares Edge MSCI Min Vol Emerging Markets ETF1		116,089,845
	248,567	iShares Edge MSCI Min Vol Global ETF		21,588,044
	132,538	iShares MSCI ACWI ETF1		9,782,630
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $201,964,569)		218,405,224
		CLOSED-END MUTUAL FUND — 0.0%2
	18,708	Ground Rents Income Fund PLC - REIT		25,649
		TOTAL CLOSED-END MUTUAL FUND
		(Cost $32,244)		25,649
		OPEN-END MUTUAL FUND — 30.5%
	13,095,641	GMO Quality Fund - Class VI 3		347,034,497
		TOTAL OPEN-END MUTUAL FUND
		(Cost $285,883,143)		347,034,497
		PREFERRED STOCK — 0.1%
		GERMANY — 0.1%
	18,260	Porsche Automobil Holding S.E.		1,155,298
		TOTAL PREFERRED STOCK
		(Cost $1,066,352)		1,155,298
		PRIVATE FUND — 4.6%
		RIEF Strategic Partners Fund LLC		52,641,285
		TOTAL PRIVATE FUND
		(Cost $50,000,000)		52,641,285

16

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 18.5%
		COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN —10.5%
		Collateral Pool Allocation4	$	119,246,570
		MONEY MARKET FUND — 8.0%
	91,667,412	JPMorgan Prime Money Market Fund - Institutional Shares, 2.03%5		91,694,913
		TOTAL SHORT–TERM INVESTMENTS
		(Cost $210,922,865)		210,941,483
		TOTAL INVESTMENTS — 110.3%
		(Cost $1,103,049,538)		1,255,096,761
		Liabilities in excess of other assets — (10.3)%		(117,107,884	)
		TOTAL NET ASSETS —100.0%	$	1,137,988,877

^* Non-income producing security.

¹ Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $116,570,264.

² Rounds to less than 0.05%.

³ 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.

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.

17

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS — 61.7%
		ALABAMA — 0.7%
$	500,000	Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 10/9/20181 2	$	499,960
	1,500,000	Auburn University, 5.00%, 06/1/2038, Call 06/1/2028		1,740,660
	3,855,000	Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221		4,064,442
	500,000	County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023		549,945
	2,605,000	Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027		2,888,841
				9,743,848
		ALASKA — 0.1%
	1,200,000	Alaska Industrial Development & Export Authority, 3.50%, 12/1/2020, Call 12/1/2019		1,215,840
		ARIZONA — 1.5%
	500,000	Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023		522,665
		Arizona Industrial Development Authority
	600,000	5.00%, 03/1/2037, Call 09/1/20273		606,492
	530,000	5.00%, 07/1/2047, Call 07/1/20273		545,195
	230,000	Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20273		234,510
	250,000	City of Mesa Utility System Revenue, 5.00%, 07/1/2034, Call 07/1/2028		293,415
	2,000,000	City of Phoenix Civic Improvement Corp., 5.00%, 07/1/2038, Call 07/1/2028		2,339,880
	1,500,000	County of Pima, 4.00%, 07/1/2023		1,630,740
	699,000	Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20253		705,738
		Industrial Development Authority of the City of Phoenix
	480,000	7.00%, 07/1/2022, Call 07/1/2020		518,227
	645,000	5.00%, 10/1/2036, Call 10/1/2026		706,333
	1,000,000	5.00%, 06/1/2042, Call 06/1/2022		1,072,020
		Industrial Development Authority of the County of Pima
	540,000	7.00%, 01/1/2022		538,197
	500,000	6.75%, 03/1/2034, Call 03/1/2024		512,160
	340,000	Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20223		338,847
	1,000,000	La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20273		1,008,810
	750,000	Maricopa County Industrial Development Authority, 2.88%, 07/1/20213		746,460
	2,000,000	Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025		2,332,220
	830,000	Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022		928,098
	1,975,000	Salt Verde Financial Corp., 5.00%, 12/1/2032		2,321,889
	1,250,000	State of Arizona, AGM, 5.25%, 10/1/2028, Call 10/1/2019		1,294,213
	785,000	Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026		822,350
				20,018,459
		ARKANSAS — 0.3%
	3,000,000	City of Fort Smith AR Water & Sewer Revenue, 5.00%, 10/1/2035, Call 10/1/2028		3,447,000
		CALIFORNIA — 6.6%
	2,000,000	Bay Area Toll Authority, 2.81% (SIFMA Municipal Swap Index Yield+125 basis points), 04/1/2036, Call 10/1/20264		2,079,760
	1,000,000	California County Tobacco Securitization Agency, 5.13%, 06/1/2038, Call 10/9/2018		1,006,500
		California Health Facilities Financing Authority
	155,000	5.00%, 08/15/2036, Call 08/15/2027		175,006
	3,000,000	5.00%, 11/15/2048, Call 11/15/2027		3,409,140

18

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
		California Municipal Finance Authority
$	200,000	6.63%, 01/1/2032, Call 01/1/20223	$	213,026
	500,000	7.00%, 06/1/2034, Call 06/1/2022		562,430
	500,000	5.75%, 10/1/2034, Call 10/1/2021		513,455
	905,000	5.00%, 10/1/2035, Call 10/1/2022		927,326
	1,000,000	5.00%, 02/1/2037, Call 02/1/2027		1,113,000
	1,585,000	5.00%, 01/1/2042, Call 01/1/2028		1,784,742
	750,000	5.00%, 06/1/2046, Call 06/1/2026		808,245
	1,000,000	California Municipal Finance Authority, AGM, 4.00%, 12/31/2047, Call 06/30/20282		1,024,470
		California Pollution Control Financing Authority
	1,000,000	5.00%, 07/1/2037, Call 07/1/20222 3		1,057,220
	250,000	8.00%, 07/1/2039, Call 07/1/20272 3		269,795
	990,000	5.00%, 11/21/2045, Call 10/9/20183		1,000,781
		California School Finance Authority
	700,000	5.00%, 08/1/2036, Call 08/1/20253		754,103
	1,000,000	5.00%, 08/1/2041, Call 08/1/20253		1,070,370
	500,000	5.00%, 10/1/2042, Call 10/1/20223		513,495
	350,000	6.75%, 11/1/2045, Call 11/1/20243		370,493
	980,000	7.00%, 06/1/2047, Call 06/1/20205		730,100
	1,000,000	California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024		1,129,190
		California Statewide Communities Development Authority
	13,586	6.00%, 11/1/2032, Call 11/1/20205		13,042
	1,000,000	2.63%, 11/1/20331		1,007,060
	22,319	6.25%, 11/1/2042, Call 11/1/20203 5		21,471
	435,000	5.25%, 12/1/2043, Call 06/1/20283		482,180
	2,005,000	5.25%, 12/1/2044, Call 12/1/2024		2,175,445
	100,000	5.00%, 04/1/2047, Call 04/1/2027		110,945
	1,000,000	5.50%, 12/1/2054, Call 12/1/2024		1,086,060
	850,000	California Statewide Communities Development Authority, AGM, 5.25%, 10/1/2043, Call 10/1/2024		938,544
	640,000	City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232		690,208
	200,000	City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025		218,722
	500,000	City of Lathrop, 5.00%, 09/2/2040, Call 09/2/2025		541,640
		City of Los Angeles Department of Airports
	1,000,000	5.00%, 05/15/2035, Call 11/15/20272		1,144,060
	1,000,000	5.00%, 05/15/2047, Call 05/15/20272		1,120,310
	880,000	City of Roseville, 5.00%, 09/1/2037, Call 03/1/2019		890,146
	1,020,000	City of San Juan Bautista Water & Wastewater Revenue, 6.00%, 10/1/2024, Call 10/1/2018		1,023,366
	455,000	City of Upland, 5.00%, 01/1/2034, Call 01/1/2028		506,952
	320,000	Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021		350,906
	250,000	County of Madera, 5.38%, 03/15/2036, Call 03/15/2020		264,733
	1,000,000	County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028		1,170,870
	700,000	County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024		707,910
		Foothill-Eastern Transportation Corridor Agency, AGM
	2,000,000	0.00%, 01/15/2035		1,037,840
	1,000,000	5.00%, 01/15/2042, Call 01/15/2024		1,094,180
		Golden State Tobacco Securitization Corp.
	2,000,000	5.30%, 06/1/2037, Call 06/1/2022		2,087,220
	935,000	5.00%, 06/1/2047, Call 06/1/2022		961,227
	2,500,000	5.00%, 06/1/2047, Call 06/1/2022		2,570,125
	1,000,000	Hesperia Public Financing Authority, XLCA, 5.00%, 09/1/2037, Call 10/9/2018		1,000,890
	1,000,000	Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025		1,048,680
	1,000,000	Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024		1,104,850

19

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	1,000,000	Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022	$	1,051,360
	500,000	Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021		567,325
	300,000	M-S-R Energy Authority, 7.00%, 11/1/2034		425,481
	250,000	Merced Designated Local Authority Redevelopment Agency Successor Agency, 6.50%, 09/1/2039, Call 09/1/2019		262,275
		National City Community Development Commission
	500,000	5.75%, 08/1/2021		558,070
	500,000	7.00%, 08/1/2032, Call 08/1/2021		575,800
	150,000	Norco Community Redevelopment Agency Successor Agency, 5.88%, 03/1/2032, Call 03/1/2020		159,719
	1,000,000	Oakland Unified School District/Alameda County, 6.13%, 08/1/2029, Call 08/1/2019		1,042,540
	240,000	Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022		252,389
	5,000,000	Palomar Health, AGC, 0.00%, 08/1/2032		3,015,400
	2,000,000	Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029		2,303,540
	1,500,000	Pittsburg Successor Agency Redevelopment Agency, 6.50%, 09/1/2028		1,500,000
	1,000,000	Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023		1,099,860
	2,000,000	Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026		2,259,740
	500,000	Ridgecrest Redevelopment Agency, 6.13%, 06/30/2037, Call 06/30/2020		541,435
	733,000	River Rock Entertainment Authority, 8.00%, 11/1/2018, Call 10/9/20185		291,368
	695,000	Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024		785,621
	2,500,000	Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026		3,033,825
	1,860,000	San Bernardino County Financing Authority, NATL-RE, 5.50%, 06/1/2037		2,018,267
		San Francisco City & County Airport Commission-San Francisco International Airport
	2,500,000	5.00%, 05/1/2046, Call 05/1/20262		2,769,300
	2,000,000	5.00%, 05/1/2047, Call 05/1/2027		2,275,080
	1,000,000	San Francisco City & County Redevelopment Financing Authority, 6.63%, 08/1/2041, Call 02/1/2021		1,120,620
	2,100,000	San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025		2,288,160
	75,000	San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034		41,064
	500,000	San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022		533,260
	965,000	San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024		1,080,742
		Santa Ana Financing Authority, NATL-RE
	500,000	6.25%, 07/1/2024		580,825
	500,000	6.25%, 07/1/2024		572,025
	460,000	Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021		496,860
	490,000	Semitropic Improvement District, 5.00%, 12/1/2038, Call 12/1/2019		510,898
	1,000,000	South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024		1,032,650
		Southern California Public Power Authority
	565,000	5.00%, 11/1/2029		658,027
	1,350,000	5.00%, 11/1/2033		1,600,573
	1,000,000	Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022		1,085,560

20

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		CALIFORNIA (Continued)
$	100,000	Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20273	$	100,138
		Tobacco Securitization Authority of Southern California
	500,000	5.00%, 06/1/2037, Call 09/24/2018		502,115
	1,000,000	5.13%, 06/1/2046, Call 09/24/2018		1,004,230
	1,080,000	Tustin Community Redevelopment Agency Successor Agency, 5.00%, 09/1/2032		1,101,600
	1,000,000	Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021		1,107,940
				88,087,911
		COLORADO — 2.6%
		Cathedral Pines Metropolitan District
	580,000	5.00%, 12/1/2031, Call 12/1/2026		626,673
	1,905,000	5.00%, 12/1/2046, Call 12/1/2026		2,014,176
		Central Platte Valley Metropolitan District
	625,000	5.63%, 12/1/2038, Call 12/1/2023		696,900
	500,000	5.00%, 12/1/2043, Call 12/1/2023		529,935
	2,000,000	City & County of Denver Co. Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282		2,302,620
	500,000	City Center West Residential Metropolitan District, 6.25%, 12/1/2044, Call 12/1/2019		486,750
		Colorado Educational & Cultural Facilities Authority
	500,000	5.00%, 12/15/2028, Call 12/15/2025		540,120
	550,000	4.75%, 04/1/2030, Call 04/1/2022		563,035
	1,000,000	6.00%, 12/15/2037, Call 12/15/2024		973,200
	600,000	6.25%, 11/1/2040, Call 11/1/2020		613,866
		Colorado Educational & Cultural Facilities Authority, MORAL OBLG
	100,000	5.00%, 08/15/2034, Call 08/15/2024		108,208
	500,000	4.00%, 10/1/2039, Call 10/1/2024		502,935
	500,000	5.13%, 12/1/2039, Call 12/1/2019		505,010
	1,000,000	Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025		1,149,800
		Colorado Health Facilities Authority
	500,000	5.00%, 01/15/2035, Call 01/15/2026		558,940
	500,000	5.00%, 06/1/2036, Call 06/1/2027		554,035
	1,000,000	7.75%, 08/1/2039, Call 08/1/2019		1,053,930
	500,000	8.00%, 08/1/2043, Call 02/1/2024		570,760
	2,000,000	5.00%, 05/15/2045, Call 05/15/2025		2,177,560
	500,000	Colorado Health Facilities Authority, AGM, 5.50%, 05/15/2030, Call 05/15/2019		513,365
	500,000	Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024		541,595
		Denver Convention Center Hotel Authority
	500,000	5.00%, 12/1/2034, Call 12/1/2026		558,180
	550,000	5.00%, 12/1/2040, Call 12/1/2026		599,126
		Denver Health & Hospital Authority
	945,000	5.00%, 12/1/2033, Call 12/1/2028		1,054,667
	1,470,000	5.00%, 12/1/2039, Call 12/1/2023		1,558,729
	250,000	Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020		256,735
	1,000,000	E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026		430,140
		E-470 Public Highway Authority, NATL-RE
	320,000	0.00%, 09/1/2028, Call 09/1/2020		194,384
	480,000	0.00%, 09/1/2030		312,206
	250,000	Fitzsimons Village Metropolitan District No. 3, 5.75%, 03/1/2032, Call 03/1/2020		249,070
	2,000,000	Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028		2,372,740
	1,010,000	Harvest Junction Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022		1,048,420
	750,000	Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024		764,880

21

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		COLORADO (Continued)
$	1,790,000	Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027	$	2,009,311
	4,147	Mount Carbon Metropolitan District, 7.00%, 06/1/2043		3,732
	1,010,000	North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025		1,127,978
	1,080,000	Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020		1,133,892
	425,000	Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027		477,071
	1,000,000	Regional Transportation District, 6.00%, 01/15/2041, Call 07/15/2020		1,044,620
	500,000	Southglenn Metropolitan District, 3.00%, 12/1/2021		497,770
	125,000	Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027		135,170
	575,000	Water Valley Metropolitan District No. 2, 5.25%, 12/1/2040, Call 12/1/2026		614,169
				34,026,403
		CONNECTICUT — 0.2%
	500,000	Connecticut State Development Authority, 7.95%, 04/1/2026, Call 10/9/20182		484,010
	190,000	Connecticut State Health & Educational Facility Authority, 5.00%, 07/1/2037, Call 07/1/2027		213,457
	2,000,000	State of Connecticut, 2.33% (SIFMA Municipal Swap Index Yield+77 basis points), 09/15/20184		2,000,420
				2,697,887
		DELAWARE — 0.2%
	1,000,000	Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/20253		1,002,580
	1,500,000	Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025		1,646,220
				2,648,800
		DISTRICT OF COLUMBIA — 0.5%
	2,000,000	District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028		2,307,240
		Metropolitan Washington Airports Authority
	1,820,000	5.00%, 10/1/2042, Call 10/1/20272		2,045,644
	655,000	5.00%, 10/1/2044, Call 10/1/20242		717,310
	1,000,000	Washington Convention & Sports Authority, 5.00%, 10/1/2030, Call 10/1/2027		1,172,540
				6,242,734
		FLORIDA — 3.9%
	930,000	Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022		953,436
	895,000	Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023		905,328
	100,000	Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028		96,330
	1,350,000	Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 10/9/2018		1,350,877
		Capital Trust Agency, Inc.
	500,000	4.38%, 06/15/20273		488,390
	810,000	5.35%, 07/1/2029, Call 07/1/2020		836,479
	100,000	Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026		102,493
	500,000	City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023		551,035
		City of Lakeland
	540,000	5.00%, 09/1/2037, Call 09/1/2022		569,090
	2,435,000	5.00%, 11/15/2045, Call 11/15/2024		2,652,275
	1,000,000	City of Tampa, 5.00%, 05/1/2037, Call 05/1/2028		1,153,850
	500,000	County of Bay, 5.00%, 09/1/2043, Call 09/1/2023		518,745
	1,740,000	County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2033, Call 10/1/20242		1,938,986
	1,395,000	County of Miami-Dade Aviation Revenue, AGC, 5.00%, 10/1/2028, Call 10/1/2019		1,443,992

22

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	3,000,000	County of Palm Beach, 5.00%, 05/1/2028, Call 05/1/2026	$	3,512,700
	100,000	Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021		99,102
		Florida Development Finance Corp.
	750,000	6.25%, 07/1/2034, Call 07/1/2024		766,028
	2,000,000	7.63%, 06/15/2041, Call 06/15/2021		2,182,580
	2,920,000	5.63%, 01/1/2047, Call 01/1/20191 2 3		3,051,079
	500,000	Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20283		518,745
	1,000,000	FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022		1,096,610
	500,000	Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024		504,625
	1,000,000	Greater Orlando Aviation Authority, 5.00%, 11/15/2036, Call 05/15/20232		1,052,410
	1,000,000	Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026		1,136,240
	2,000,000	Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028		2,261,760
		Lake Ashton Community Development District
	150,000	5.00%, 05/1/2025		153,225
	430,000	5.00%, 05/1/2037, Call 05/1/2025		413,325
	1,680,000	Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025		1,720,253
	100,000	Lee County Industrial Development Authority, 5.75%, 06/15/2042, Call 06/15/2022		100,191
	910,000	Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026		923,905
		Mediterra South Community Development District
	95,000	5.10%, 05/1/2031, Call 05/1/2022		101,379
	385,000	5.00%, 05/1/2034, Call 05/1/2023		364,942
		Miami Beach Health Facilities Authority
	1,500,000	4.25%, 11/15/2034, Call 11/15/2019		1,501,305
	1,000,000	5.00%, 11/15/2039, Call 11/15/2024		1,059,400
		Miami-Dade County Industrial Development Authority
	630,000	5.00%, 09/15/2034, Call 09/15/2024		665,860
	500,000	5.75%, 11/1/2036, Call 11/1/20263		478,260
	105,000	5.00%, 09/15/2044, Call 09/15/20273		110,852
	320,000	5.25%, 09/15/2044, Call 09/15/2024		338,598
	1,280,000	Orange County Health Facilities Authority, 5.00%, 10/1/2035, Call 10/1/2026		1,425,395
		Palm Beach County Health Facilities Authority
	525,000	6.75%, 06/1/2024, Call 06/1/2022		597,077
	850,000	5.00%, 12/1/2031, Call 12/1/2024		923,338
	500,000	5.00%, 11/1/2043, Call 11/1/2022		521,665
	750,000	Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021		815,662
	680,000	Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028		762,341
	1,500,000	Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026		1,698,000
		South Miami Health Facilities Authority
	1,000,000	5.00%, 08/15/2037, Call 08/15/2027		1,130,720
	900,000	5.00%, 08/15/2042, Call 08/15/2027		1,013,940
	1,650,000	5.00%, 08/15/2047, Call 08/15/2027		1,852,108
	2,000,000	State of Florida, 4.00%, 07/1/2048, Call 07/1/2028		2,070,640
	100,000	Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026		102,517

23

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		FLORIDA (Continued)
$	785,000	Tolomato Community Development District, 5.40%, 05/1/2037, Call 10/9/2018	$	785,754
	135,000	Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20283		142,723
	470,000	Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023		475,805
				51,992,365
		GEORGIA — 1.0%
	1,000,000	Atlanta Development Authority, 7.00%, 01/1/2040, Call 01/1/2028		996,570
		Burke County Development Authority
	1,500,000	2.05%, 10/1/20321		1,470,225
	1,000,000	4.13%, 11/1/2045, Call 02/1/2028		991,070
		City of Atlanta Water & Wastewater Revenue, AGM
	165,000	5.25%, 11/1/2034, Call 11/1/2019		171,786
	85,000	5.25%, 11/1/2034, Call 11/1/2019		88,227
		Fulton County Development Authority
	500,000	5.00%, 04/1/2037, Call 04/1/2027		555,900
	1,000,000	6.50%, 04/1/2043, Call 04/1/2023		964,350
	750,000	Gainesville & Hall County Development Authority, 6.63%, 11/15/2039, Call 11/15/2019		793,103
	130,000	Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 06/1/2020		132,257
	1,100,000	Georgia Municipal Association, Inc., 4.00%, 12/1/2024		1,193,412
	500,000	Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20273		511,015
	500,000	Medical Center Hospital Authority, AGM, 5.00%, 08/1/2041, Call 08/1/2020		528,670
	1,695,000	Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024		1,823,549
	600,000	Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/1/2020		643,350
	2,500,000	Valdosta & Lowndes County Hospital Authority, 5.00%, 10/1/2041, Call 10/1/2021		2,684,450
				13,547,934
		GUAM — 0.5%
		Guam Government Waterworks Authority
	500,000	5.25%, 07/1/2033, Call 07/1/2023		541,030
	1,000,000	5.00%, 07/1/2035, Call 07/1/2024		1,077,800
	450,000	5.63%, 07/1/2040, Call 07/1/2020		480,960
		Territory of Guam
	1,000,000	5.00%, 12/1/2034, Call 12/1/2026		1,105,750
	245,000	5.00%, 01/1/2037, Call 01/1/2022		256,341
	1,400,000	5.00%, 11/15/2039, Call 11/15/2025		1,526,896
	1,000,000	7.00%, 11/15/2039, Call 11/15/2019		1,062,860
				6,051,637
		HAWAII — 0.1%
	500,000	Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022		535,060
	1,000,000	State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282		1,119,310
				1,654,370
		IDAHO — 0.3%
		Idaho Health Facilities Authority
	300,000	4.38%, 07/1/2034, Call 07/1/20243		307,974
	1,040,000	5.00%, 12/1/2047, Call 12/1/2027		1,170,052
		Idaho Housing & Finance Association
	1,225,000	5.00%, 07/15/2027, Call 07/15/2019		1,259,925
	250,000	6.00%, 06/1/2038, Call 10/9/2018		250,300
	370,000	6.00%, 07/1/2039, Call 07/1/20283		395,301
	415,000	6.00%, 07/1/2049, Call 07/1/20283		439,265
	565,000	6.00%, 07/1/2054, Call 07/1/20283		595,815
				4,418,632
		ILLINOIS — 7.2%
		Chicago Board of Education
	100,000	5.75%, 04/1/2034, Call 04/1/2027		115,018
	1,000,000	6.10%, 04/1/2036, Call 04/1/2027		1,184,500
	180,000	5.00%, 04/1/2037, Call 04/1/2027		194,987

24

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	500,000	5.25%, 12/1/2039, Call 12/1/2024	$	516,595
	500,000	5.00%, 12/1/2042, Call 12/1/2022		504,140
	1,950,000	7.00%, 12/1/2044, Call 12/1/2025		2,267,791
	1,100,000	6.00%, 04/1/2046, Call 04/1/2027		1,286,571
	1,000,000	Chicago Board of Education, NATL, 0.00%, 12/1/2022		871,540
		Chicago O’Hare International Airport
	500,000	5.00%, 07/1/2033, Call 07/1/20282		558,775
	2,500,000	5.00%, 01/1/2046, Call 01/1/2025		2,719,775
	680,000	Chicago Park District, 5.00%, 11/15/2024		769,461
		Chicago Transit Authority
	475,000	5.25%, 12/1/2030, Call 12/1/2021		510,164
	2,500,000	5.00%, 12/1/2046, Call 12/1/2026		2,684,750
		City of Chicago
	615,000	4.50%, 01/1/2021, Call 01/1/2020		636,999
	1,000,000	4.84%, 04/15/2028, Call 01/16/20233		999,730
	1,000,000	5.25%, 01/1/2035, Call 01/1/2021		1,024,940
	1,000,000	5.50%, 01/1/2035, Call 01/1/2025		1,076,060
	2,380,000	6.00%, 01/1/2038, Call 01/1/2027		2,697,754
	500,000	5.50%, 01/1/2040, Call 01/1/2025		534,585
	900,000	5.00%, 01/1/2041, Call 01/1/2022		988,470
	1,000,000	City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024		1,052,350
	665,000	City of Chicago Wastewater Transmission Revenue, 5.00%, 01/1/2034, Call 01/1/2025		717,974
	1,000,000	City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024		1,117,570
		County of Cook
	700,000	5.00%, 11/15/2021, Call 11/15/2019		723,548
	1,000,000	5.25%, 11/15/2022, Call 11/15/2020		1,065,400
	2,000,000	5.25%, 11/15/2033, Call 11/15/2020		2,097,840
	1,500,000	6.50%, 10/15/2040, Call 10/15/20201		1,583,520
		Illinois Educational Facilities Authority
	570,000	3.90%, 11/1/2036, Call 11/1/2027		564,123
	2,000,000	4.50%, 11/1/2036, Call 11/1/2024		2,061,700
		Illinois Finance Authority
	700,000	5.00%, 08/1/2026		786,338
	235,000	5.00%, 08/15/2026, Call 08/15/2020		248,748
	465,000	5.00%, 08/15/2026, Call 08/15/2020		489,371
	425,000	5.00%, 08/1/2027		479,995
	465,000	5.00%, 11/1/2027, Call 11/1/2019		482,256
	500,000	5.00%, 08/1/2028, Call 08/1/2027		561,830
	665,000	6.38%, 11/1/2029, Call 05/1/2019		685,342
	2,135,000	5.00%, 03/1/2031, Call 03/1/2027		2,398,438
	600,000	5.75%, 10/1/2032, Call 10/1/2022		642,336
	670,000	5.00%, 03/1/2033, Call 03/1/2027		746,903
	1,000,000	5.00%, 08/1/2033, Call 08/1/2024		1,112,050
	315,000	5.00%, 02/15/2034, Call 02/15/2027		359,412
	500,000	5.00%, 03/1/2034, Call 03/1/2027		555,830
	2,000,000	4.00%, 07/1/2034, Call 01/1/2026		2,066,640
	500,000	7.75%, 08/15/2034, Call 08/15/2019		528,115
	1,000,000	5.00%, 04/1/2036, Call 10/9/2018		975,980
	225,000	5.00%, 02/15/2037, Call 08/15/2027		245,664
	1,000,000	6.88%, 08/15/2038, Call 08/15/2019		1,048,070
	550,000	5.00%, 09/1/2042, Call 09/1/2024		583,236
	1,925,000	5.00%, 09/1/2046, Call 09/1/2026		2,056,882
	2,100,000	5.00%, 02/15/2047, Call 08/15/2027		2,271,318
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,041,230
	1,000,000	6.00%, 10/1/2048, Call 10/1/2022		1,067,700
	250,000	Illinois Finance Authority, AGM, 5.25%, 03/1/2030, Call 03/1/2020		262,992
	3,000,000	Illinois Housing Development Authority, 1.80%, 12/1/20201		2,996,040
	485,000	Illinois Sports Facilities Authority, 5.00%, 06/15/2021		502,508
	1,000,000	Illinois Sports Facilities Authority, AGM, 5.25%, 06/15/2032, Call 06/15/2024		1,096,250
	1,000,000	Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028		1,112,490

25

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		ILLINOIS (Continued)
$	840,000	Lake County Township High School District No. 121, 4.00%, 03/1/2019	$	849,610
	530,000	Metropolitan Pier & Exposition Authority, 5.00%, 06/15/2057, Call 12/15/2027		565,627
		Metropolitan Pier & Exposition Authority, NATL
	1,000,000	0.00%, 06/15/2029		637,570
	3,300,000	0.00%, 12/15/2030		1,947,924
	1,600,000	Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022		1,681,264
	1,905,000	Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026		2,095,005
	500,000	Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022		521,585
		Railsplitter Tobacco Settlement Authority
	780,000	5.25%, 06/1/2021		842,010
	3,000,000	5.00%, 06/1/2024		3,378,030
	1,000,000	Round Lake IL Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027		1,012,220
	2,000,000	Sales Tax Securitization Corp., 5.00%, 01/1/2031, Call 01/1/2028		2,270,840
	1,000,000	Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023		1,240,970
		State of Illinois
	735,000	5.00%, 01/1/2019		741,277
	1,900,000	5.00%, 11/1/2019		1,955,461
	1,000,000	5.00%, 12/1/2019		1,031,140
	500,000	5.00%, 03/1/2024, Call 03/1/2022		521,590
	1,000,000	5.00%, 11/1/2025		1,066,130
	1,500,000	5.50%, 07/1/2026, Call 07/1/2023		1,622,295
	1,000,000	5.00%, 05/1/2028, Call 05/1/2024		1,044,450
	2,000,000	3.00%, 06/15/2033, Call 06/15/2026		1,788,120
	500,000	5.00%, 03/1/2037, Call 03/1/2022		514,160
	1,000,000	4.25%, 12/1/2037, Call 12/1/2027		979,340
	1,500,000	5.00%, 02/1/2039, Call 02/1/2024		1,542,090
	295,000	State of Illinois, AMBAC, 6.25%, 12/15/2020		304,310
	2,000,000	State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026		2,084,100
		Will County Community High School District No. 210 Lincoln-Way
	550,000	0.00%, 01/1/2031		282,408
	250,000	0.00%, 01/1/2032		120,305
	1,350,000	Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024		1,131,205
	1,000,000	Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023		1,076,680
	900,000	Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025		876,294
				96,254,604
		INDIANA — 1.2%
	1,820,000	Ball State University, 5.00%, 07/1/2036, Call 07/1/2028		2,105,795
	1,000,000	City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222		1,018,930
	1,500,000	City of Whiting, 2.31% (SIFMA Municipal Swap Index Yield+75 basis points), 12/1/2044, Call 06/3/20192 4		1,503,060
	1,000,000	Indiana Bond Bank, 5.25%, 10/15/2018		1,003,880
		Indiana Finance Authority
	505,000	6.00%, 12/1/2019		519,832
	675,000	6.00%, 12/1/2026, Call 06/1/2020		691,247
	2,000,000	5.00%, 02/1/2030, Call 02/1/2028		2,390,800
	3,000,000	4.00%, 11/1/2033, Call 11/1/2027		3,107,010
	250,000	5.25%, 11/1/2039, Call 11/1/2019		260,282
	1,960,000	Michigan City School Building Corp., 5.00%, 01/15/2025		2,239,692
	500,000	Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232		560,890
				15,401,418
		IOWA — 0.6%
		Iowa Finance Authority
	1,000,000	5.25%, 12/1/2025, Call 12/1/2023		1,067,740

26

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		IOWA (Continued)
$	2,520,000	4.75%, 08/1/2042, Call 08/1/2022	$	2,586,704
	250,000	Iowa Finance Authority, AGC, 5.25%, 08/15/2029, Call 08/15/2019		258,230
	500,000	Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021		531,300
		Iowa Student Loan Liquidity Corp.
	1,440,000	4.63%, 12/1/20192		1,474,387
	650,000	5.50%, 12/1/2025, Call 12/1/2019		672,887
		Iowa Tobacco Settlement Authority
	800,000	5.60%, 06/1/2034, Call 10/9/2018		807,440
	410,000	5.38%, 06/1/2038, Call 10/9/2018		413,973
				7,812,661
		KANSAS — 0.0%6
	500,000	Overland Park Development Corp., AMBAC, 5.13%, 01/1/2032, Call 10/9/2018		500,705
		KENTUCKY — 0.6%
		Kentucky Economic Development Finance Authority
	200,000	5.00%, 06/1/2037, Call 06/1/2027		215,686
	2,000,000	5.00%, 01/1/2045, Call 07/1/2025		2,129,960
	765,000	Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026		848,301
	3,000,000	Louisville & Jefferson County Metropolitan Sewer District, 5.00%, 11/12/2018		3,018,270
	1,000,000	Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026		1,101,710
				7,313,927
		LOUISIANA — 1.1%
	1,175,000	Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023		1,262,138
	500,000	Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021		521,295
	1,500,000	Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027		1,713,120
		Louisiana Local Government Environmental Facilities & Community Development Authority
	500,000	6.50%, 11/1/2035, Call 11/1/2020		544,120
	1,205,000	5.00%, 10/1/2037, Call 10/1/2027		1,340,466
	1,000,000	Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027		1,107,510
		Louisiana Public Facilities Authority
	1,000,000	5.00%, 12/15/2021		1,092,690
	500,000	8.13%, 12/15/2033, Call 12/15/2023		536,585
	1,000,000	5.00%, 05/15/2035, Call 05/15/2025		1,105,750
	920,000	6.50%, 07/1/2036, Call 07/1/20232 3		1,016,499
	1,400,000	5.00%, 07/1/2042, Call 07/1/2027		1,531,446
	1,260,000	Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282		1,420,222
	1,000,000	State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026		1,049,520
				14,241,361
		MAINE — 0.6%
	1,500,000	Finance Authority of Maine, 5.38%, 12/15/2033, Call 12/15/20262 3		1,557,570
		Maine Health & Higher Educational Facilities Authority
	1,615,000	5.00%, 07/1/2035, Call 07/1/2027		1,815,696
	700,000	5.00%, 07/1/2035, Call 07/1/2027		786,989
	1,000,000	5.00%, 07/1/2037, Call 07/1/2028		1,132,610
	420,000	Maine Health & Higher Educational Facilities Authority, ST RES FD GTY, 5.00%, 07/1/2040, Call 07/1/2020		439,572
	1,500,000	Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027		1,763,505
	500,000	Town of Rumford, 6.88%, 10/1/2026, Call 10/9/20182		499,960
				7,995,902
		MARYLAND — 1.4%
		City of Baltimore
	2,500,000	5.00%, 07/1/2036, Call 01/1/2027		2,849,900

27

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MARYLAND (Continued)
$	1,525,000	5.00%, 09/1/2036, Call 09/1/2027	$	1,696,379
	1,000,000	5.00%, 09/1/2042, Call 09/1/2027		1,098,640
		City of Rockville
	575,000	5.00%, 11/1/2030, Call 11/1/2024		632,575
	795,000	5.00%, 11/1/2031, Call 11/1/2024		872,743
	1,600,000	Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024		1,706,576
		Maryland Health & Higher Educational Facilities Authority
	2,700,000	5.00%, 08/15/2038, Call 08/15/2023		2,965,923
	1,000,000	5.00%, 07/1/2040, Call 07/1/2025		1,077,700
	500,000	5.00%, 07/1/2045, Call 07/1/2025		537,290
		Maryland Stadium Authority
	2,000,000	5.00%, 05/1/2036, Call 05/1/2028		2,309,500
	2,000,000	5.00%, 05/1/2046, Call 05/1/2026		2,238,320
				17,985,546
		MASSACHUSETTS — 0.8%
	1,500,000	Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028		1,574,760
		Massachusetts Development Finance Agency
	400,000	5.25%, 12/1/2025, Call 12/1/2019		414,764
	600,000	5.00%, 07/1/2034, Call 07/1/2027		666,336
	2,000,000	5.00%, 07/1/20381		2,271,080
	500,000	5.85%, 12/1/20421		513,600
		Massachusetts Educational Financing Authority
	1,500,000	5.00%, 01/1/20212		1,595,235
	300,000	5.50%, 01/1/2022, Call 01/1/2020		313,947
	310,000	6.00%, 01/1/2028, Call 01/1/2020		319,790
	1,000,000	5.00%, 07/1/20282		1,164,390
	200,000	4.25%, 07/1/2046, Call 07/1/20262		203,320
	1,000,000	Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026		1,136,790
				10,174,012
		MICHIGAN — 2.2%
	1,000,000	Flint Hospital Building Authority, 4.00%, 07/1/2019		1,009,250
		Grand Rapids Public Schools, AGM
	1,170,000	5.00%, 05/1/2022		1,287,456
	685,000	5.00%, 05/1/2024		781,366
	1,000,000	Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026		1,108,320
	275,000	Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022		294,676
		Michigan Finance Authority
	275,000	5.00%, 06/1/2029, Call 06/1/2019		267,847
	3,000,000	4.50%, 10/1/2029, Call 10/1/2024		3,164,430
	1,165,000	5.00%, 07/1/2031, Call 07/1/2024		1,264,573
	1,670,000	5.00%, 12/1/2032, Call 06/1/2022		1,821,202
	2,500,000	5.00%, 10/1/2033, Call 10/1/2024		2,771,225
	1,000,000	5.00%, 07/1/2034, Call 07/1/2025		1,095,370
	500,000	5.00%, 07/1/2035, Call 07/1/2025		546,410
	2,500,000	5.00%, 12/1/2047, Call 12/1/2022		2,696,475
	1,450,000	Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024		1,573,931
	1,000,000	Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028		1,010,790
	250,000	5.63%, 11/15/2029, Call 11/15/2019		261,425
	2,000,000	2.40%, 11/15/20471		2,004,260
	970,000	Michigan State Housing Development Authority, 2.64% (LIBOR 3 Month+100 basis points), 04/1/2042, Call 04/1/20212 4		982,853
		Michigan Strategic Fund
	880,000	7.00%, 12/1/2030, Call 12/1/20231 2 3		980,716
	2,445,000	4.13%, 07/1/2045, Call 10/9/20181		2,449,108
	250,000	Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022		257,735
	500,000	Summit Academy, 6.38%, 11/1/2035, Call 10/9/2018		500,320
	1,500,000	Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027		1,696,470
				29,826,208
		MINNESOTA — 0.3%
	250,000	City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025		263,295
	70,000	City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20273		68,222

28

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		MINNESOTA (Continued)
		Housing & Redevelopment Authority of The City of St Paul
$	1,000,000	5.00%, 11/15/2029, Call 11/15/2025	$	1,172,990
	1,285,000	5.00%, 11/15/2030, Call 11/15/2025		1,507,292
	415,000	5.50%, 09/1/2043, Call 09/1/2020		424,620
	145,000	Northern Municipal Power Agency, 5.00%, 01/1/2036, Call 01/1/2027		163,479
	500,000	World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021		549,615
				4,149,513
		MISSISSIPPI — 0.2%
	500,000	Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 3		518,995
	2,000,000	Mississippi Home Corp., GNMA/FNMA/FHLMC, 1.19%, 12/1/2020, Call 12/1/20191		1,997,060
				2,516,055
		MISSOURI — 0.5%
		City of Kansas City Sanitary Sewer System Revenue
	600,000	5.00%, 01/1/2030, Call 01/1/2028		698,832
	685,000	5.00%, 01/1/2032, Call 01/1/2028		785,894
	350,000	5.00%, 01/1/2034, Call 01/1/2028		397,043
	250,000	Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 10/1/2019		256,240
		Hannibal Industrial Development Authority
	640,000	5.00%, 10/1/2042, Call 10/1/2027		701,536
	445,000	5.00%, 10/1/2047, Call 10/1/2027		485,642
		Health & Educational Facilities Authority of the State of Missouri
	835,000	5.00%, 06/1/2034, Call 06/1/2020		880,073
	1,150,000	6.00%, 02/1/2041, Call 02/1/2021		1,225,865
	1,000,000	5.00%, 11/15/2043, Call 05/15/2028		1,118,880
	350,000	4.00%, 11/15/2049, Call 11/15/2027		355,373
				6,905,378
		MONTANA — 0.0%6
	500,000	City of Kalispell, 3.40%, 11/15/2022, Call 11/15/2018		500,190
		NEBRASKA — 0.4%
		Central Plains Energy Project
	1,875,000	5.00%, 09/1/2027, Call 09/1/2022		2,044,462
	2,500,000	5.00%, 09/1/2032, Call 09/1/2022		2,725,950
	535,000	5.00%, 09/1/2037		629,267
	250,000	5.25%, 09/1/2037, Call 09/1/2022		274,948
				5,674,627
		NEVADA — 0.7%
	240,000	City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027		264,830
	1,000,000	City of Sparks, 6.75%, 06/15/2028, Call 09/24/20183		1,000,780
	1,000,000	County of Clark, 5.00%, 06/1/2043, Call 06/1/2028		1,149,550
	700,000	County of Clark Department of Aviation, 5.00%, 07/1/2030, Call 01/1/2020		727,811
	1,000,000	Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024		1,097,840
		Las Vegas Valley Water District
	2,000,000	5.00%, 06/1/2039, Call 12/1/2024		2,255,060
	2,000,000	5.00%, 06/1/2041, Call 06/1/2026		2,258,120
	595,000	State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20253		615,861
				9,369,852
		NEW HAMPSHIRE — 0.4%
		New Hampshire Health and Education Facilities Authority Act
	2,000,000	5.00%, 07/1/2037, Call 07/1/2027		2,208,340
	215,000	5.00%, 08/1/2037, Call 02/1/2028		239,738
	3,000,000	5.00%, 07/1/2041, Call 01/1/2028		3,378,060
				5,826,138
		NEW JERSEY — 2.1%
		New Jersey Economic Development Authority
	600,000	5.13%, 09/15/2023, Call 08/20/20222		648,366
	1,500,000	5.00%, 03/1/2024, Call 03/1/2023		1,627,080
	1,000,000	5.25%, 09/1/2025, Call 03/1/2021		1,055,290
	2,000,000	3.13%, 07/1/2029, Call 07/1/2027		1,959,380
	1,000,000	3.38%, 07/1/2030, Call 07/1/2027		988,900
	100,000	5.00%, 07/15/2032, Call 07/15/2027		109,820

29

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW JERSEY (Continued)
$	1,000,000	5.00%, 06/15/2033, Call 06/15/2027	$	1,098,980
	500,000	5.00%, 07/1/2033, Call 07/1/2027		550,100
	280,000	6.00%, 10/1/2034, Call 10/1/20243		286,406
	880,000	5.00%, 06/15/2036, Call 12/15/2026		955,654
	350,000	6.30%, 10/1/2049, Call 10/1/20243		357,396
	1,250,000	5.75%, 09/1/2050, Call 09/1/20283		1,312,237
	1,000,000	New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024		1,098,650
		New Jersey Health Care Facilities Financing Authority
	500,000	5.75%, 07/1/2037, Call 10/9/2018		501,115
	1,175,000	5.00%, 07/1/2046, Call 07/1/2025		1,287,812
		New Jersey Higher Education Student Assistance Authority
	1,000,000	5.25%, 06/1/2020, Call 06/1/2019		1,024,140
	1,000,000	5.00%, 12/1/20252		1,127,840
	500,000	5.00%, 12/1/2028, Call 06/1/20282		568,940
	855,000	4.25%, 12/1/2047, Call 12/1/20262		869,236
	4,675,000	New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242		4,692,905
	750,000	New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2044, Call 06/15/2024		790,680
	2,000,000	South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282		2,186,820
	1,000,000	State of New Jersey, 5.25%, 06/15/2026, Call 06/15/2019		1,027,920
	1,610,000	Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028		1,799,304
				27,924,971
		NEW MEXICO — 0.3%
	845,000	County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 10/9/20182		845,389
	810,000	Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023		842,772
	1,020,000	Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024		1,045,898
	1,055,000	Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 05/1/20203		1,069,833
				3,803,892
		NEW YORK — 4.2%
	400,000	Brooklyn Arena Local Development Corp., 6.00%, 07/15/2030, Call 01/15/2020		423,816
	450,000	Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023		461,138
		City of New York
	2,000,000	5.00%, 03/1/2026, Call 03/1/2024		2,275,860
	2,000,000	5.00%, 04/1/2040, Call 04/1/2028		2,300,100
	1,000,000	Hempstead Town Local Development Corp., 6.24%, 02/1/2047, Call 02/1/2027		940,620
	2,000,000	Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028		2,306,940
	2,500,000	Metropolitan Transportation Authority, AGM, 2.01% (LIBOR 1 Month+57 basis points), 11/1/20324		2,504,350
	650,000	Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024		704,840
		New York City Industrial Development Agency
	400,000	5.65%, 10/1/2028, Call 10/9/20182		403,700
	500,000	5.75%, 10/1/2036, Call 10/9/20182		504,625
	1,500,000	New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 10/9/2018		1,503,615
	1,000,000	New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 10/9/2018		1,005,090
		New York City Transitional Finance Authority Building Aid Revenue, SAW
	2,000,000	5.00%, 07/15/2037, Call 07/15/2028		2,307,800
	2,000,000	5.00%, 07/15/2043, Call 07/15/2028		2,289,560

30

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		NEW YORK (Continued)
		New York City Water & Sewer System
$	1,500,000	5.00%, 06/15/2032, Call 06/15/2027	$	1,748,835
	1,000,000	5.00%, 06/15/2039, Call 06/15/2028		1,157,330
	5,000,000	5.00%, 06/15/2047, Call 12/15/2022		5,484,800
		New York Counties Tobacco Trust VI
	950,000	5.63%, 06/1/2035		1,043,727
	450,000	5.00%, 06/1/2045, Call 06/1/2026		480,596
		New York Liberty Development Corp.
	1,000,000	5.25%, 10/1/2035		1,238,090
	2,000,000	5.38%, 11/15/2040, Call 11/15/20243		2,204,840
	1,000,000	5.00%, 11/15/2044, Call 11/15/20243		1,052,650
	1,500,000	7.25%, 11/15/2044, Call 11/15/20243		1,778,580
		New York State Dormitory Authority
	955,000	5.00%, 02/15/2034, Call 02/15/2019		969,822
	45,000	5.00%, 02/15/2034, Call 02/15/2019		45,626
	2,000,000	5.00%, 02/15/2044, Call 02/15/2025		2,224,100
	1,000,000	5.00%, 02/15/2045, Call 02/15/2025		1,111,430
	1,000,000	New York State Urban Development Corp., 5.25%, 01/1/2021, Call 01/1/2019		1,012,140
	2,000,000	Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021		2,248,200
		Onondaga Civic Development Corp.
	235,000	5.00%, 07/1/2040, Call 07/1/2025		254,289
	500,000	5.00%, 07/1/2045, Call 07/1/2025		539,790
		Port Authority of New York & New Jersey
	590,000	5.50%, 12/1/2031, Call 12/1/2020		634,433
	1,000,000	5.00%, 09/1/2037, Call 09/1/2028		1,167,760
	4,500,000	5.00%, 10/15/2041, Call 10/15/2025		5,075,415
	265,000	6.00%, 12/1/2042, Call 12/1/2020		288,635
	1,500,000	Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025		1,698,990
		TSASC, Inc.
	970,000	5.00%, 06/1/2045, Call 06/1/2027		995,482
	950,000	5.00%, 06/1/2048, Call 06/1/2027		972,220
	750,000	Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024		828,742
				56,188,576
		NORTH CAROLINA — 0.2%
	1,000,000	County of New Hanover, AGM, 5.00%, 10/1/2027, Call 10/1/2019		1,035,340
	2,000,000	North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022		2,197,300
				3,232,640
		NORTH DAKOTA — 0.1%
	1,000,000	County of Burleigh, 4.38%, 04/15/2026		1,002,430
		OHIO — 1.7%
	2,000,000	Buckeye Tobacco Settlement Financing Authority, 5.88%, 06/1/2030, Call 09/24/2018		2,009,180
	1,000,000	Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022		987,090
	830,000	City of Akron, 5.00%, 12/1/2026		919,042
	1,000,000	City of Chillicothe, 5.00%, 12/1/2037, Call 12/1/2027		1,102,540
	400,000	City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022		428,768
	710,000	Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027		734,374
	500,000	County of Allen Hospital Facilities Revenue, 5.00%, 06/1/2038, Call 06/1/2020		527,435
	1,000,000	County of Butler, 5.75%, 11/1/2040, Call 11/1/2020		1,082,680
	500,000	County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025		508,310

31

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		OHIO (Continued)
$	2,330,000	Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028	$	2,584,366
		Ohio Air Quality Development Authority
	500,000	5.63%, 06/1/20185		482,500
	1,000,000	5.63%, 10/1/2019		1,023,000
	1,000,000	3.74%, 12/1/20231 5		600,000
	2,700,000	Ohio Housing Finance Agency, 1.35%, 03/1/20191		2,700,000
	2,665,000	Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028		3,065,017
	1,500,000	Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026		1,734,075
	1,000,000	Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022		1,076,020
	1,000,000	State of Ohio, 5.60%, 08/1/2032, Call 10/9/20181 2		1,001,460
				22,565,857
		OKLAHOMA — 0.5%
	940,000	Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026		986,774
	1,000,000	Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026		1,131,270
	1,175,000	Oklahoma County Finance Authority, 4.50%, 09/1/2024		1,296,695
	850,000	Oklahoma Development Finance Authority, 5.00%, 08/15/2029, Call 08/15/2028		970,862
	2,000,000	Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028		2,021,260
				6,406,861
		OREGON — 0.1%
		Oregon State Facilities Authority
	1,000,000	5.00%, 04/1/2045, Call 04/1/2025		1,105,900
	765,000	5.00%, 10/1/2046, Call 10/1/2026		829,941
				1,935,841
		PENNSYLVANIA — 2.5%
	305,000	Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027		332,459
	1,000,000	Allegheny County Hospital Development Authority, 5.50%, 08/15/2034, Call 08/15/2019		1,030,660
		Allegheny County Industrial Development Authority
	130,000	6.75%, 11/1/2024, Call 11/1/2019		133,292
	95,000	6.00%, 07/15/2038, Call 07/15/2023		99,048
	1,000,000	Allentown City School District, AGM SAW, 4.00%, 02/15/2021		1,041,870
		Berks County Industrial Development Authority
	450,000	5.00%, 05/15/2032, Call 05/15/2027		494,887
	1,000,000	5.00%, 11/1/2036, Call 11/1/2027		1,111,620
		Chester County Industrial Development Authority
	100,000	5.00%, 10/1/2034, Call 10/1/2024		106,953
	280,000	5.38%, 10/15/2042, Call 10/15/2022		288,876
	1,125,000	Coatesville School District, AGM SAW, 5.00%, 08/1/2022		1,228,129
		Commonwealth Financing Authority
	1,825,000	5.00%, 06/1/2034, Call 06/1/2028		2,057,213
	1,000,000	5.00%, 06/1/2035, Call 06/1/2028		1,123,710
	315,000	Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032		396,881
	265,000	East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025		288,442
	1,000,000	Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022		1,083,920
	2,000,000	Manheim Township School District, 1.84% (LIBOR 1 Month+42 basis points), 11/1/20214		2,014,980
	650,000	Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028		731,009
	290,000	Montgomery County Industrial Development Authority, FHA, 5.00%, 08/1/2024, Call 08/1/2020		306,460
	1,500,000	Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024		1,679,175

32

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		PENNSYLVANIA (Continued)
		Pennsylvania Economic Development Financing Authority
$	400,000	6.25%, 10/15/2023, Call 10/15/2019	$	415,288
	250,000	6.40%, 12/1/2038, Call 09/1/2025		255,068
		Pennsylvania Higher Educational Facilities Authority
	1,000,000	5.00%, 08/15/2027		1,186,910
	600,000	5.80%, 07/1/2030, Call 07/1/2020		642,258
		Pennsylvania Turnpike Commission
	1,000,000	5.00%, 12/1/2033, Call 12/1/2024		1,115,990
	2,000,000	5.00%, 12/1/2036, Call 12/1/2027		2,216,640
	500,000	5.00%, 12/1/2041, Call 06/1/2026		554,010
	1,000,000	5.00%, 12/1/2043, Call 12/1/2028		1,118,950
	1,000,000	5.00%, 12/1/2047, Call 12/1/2027		1,109,980
		Philadelphia Authority for Industrial Development
	795,000	5.00%, 05/1/2027, Call 05/1/2026		915,919
	500,000	8.00%, 01/1/2033, Call 01/1/2023		553,720
	500,000	6.88%, 06/15/2033, Call 06/15/2023		547,125
	1,000,000	6.60%, 11/1/2047, Call 11/1/2027		974,660
	440,000	Quakertown General Authority, 4.00%, 07/1/2022		437,668
	1,000,000	School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026		1,098,630
	2,000,000	Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027		2,337,220
	525,000	Sports & Exhibition Authority of Pittsburgh and Allegheny County, 5.00%, 12/15/2036, Call 12/15/2027		583,821
	1,150,000	St. Mary Hospital Authority, 5.00%, 11/15/2023		1,302,375
	275,000	Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282		303,870
	500,000	Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026		571,270
				33,790,956
		RHODE ISLAND — 0.3%
	1,535,000	Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026		1,691,294
		Rhode Island Health & Educational Building Corp.
	1,000,000	6.00%, 09/1/2033, Call 09/1/2023		1,181,210
	1,000,000	8.38%, 01/1/2046, Call 01/1/2021		1,147,110
	500,000	Rhode Island Health & Educational Building Corp., AGC, 6.25%, 05/15/2030, Call 05/15/2019		515,945
				4,535,559
		SOUTH CAROLINA — 1.1%
	1,000,000	City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023		1,093,600
	2,000,000	Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026		2,163,560
	2,500,000	Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231		2,658,125
		South Carolina Jobs-Economic Development Authority
	500,000	6.00%, 02/1/2035, Call 02/1/20232 3		508,875
	1,000,000	5.00%, 11/1/2043, Call 05/1/2028		1,123,700
	1,000,000	South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021		1,121,470
	2,000,000	South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282		2,250,980
		South Carolina Public Service Authority
	1,500,000	5.00%, 12/1/2028, Call 12/1/2026		1,691,790
	730,000	5.00%, 12/1/2055, Call 06/1/2025		774,034
	1,015,000	5.25%, 12/1/2055, Call 12/1/2025		1,103,305
				14,489,439
		SOUTH DAKOTA — 0.2%
		South Dakota Health & Educational Facilities Authority
	555,000	5.00%, 09/1/2040, Call 09/1/2027		618,731
	1,235,000	5.00%, 11/1/2045, Call 11/1/2025		1,352,942
				1,971,673

33

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TENNESSEE — 1.6%
$	1,000,000	Bristol Industrial Development Board, 0.00%, 12/1/20313	$	462,040
		Chattanooga-Hamilton County Hospital Authority
	500,000	5.00%, 10/1/2034, Call 10/1/2024		539,560
	1,220,000	5.00%, 10/1/2044, Call 10/1/2024		1,301,410
		Johnson City Health & Educational Facilities Board
	500,000	6.50%, 07/1/2038, Call 07/1/2020		541,925
	2,000,000	5.00%, 08/15/2042, Call 08/15/2022		2,106,580
		Knox County Health Educational & Housing Facility Board
	365,000	5.25%, 05/1/2025, Call 11/1/20243		329,876
	45,000	6.00%, 05/1/2034, Call 11/1/20243		39,658
	2,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 1.55%, 11/15/20301		1,979,360
	9,095,000	Shelby County Health Educational & Housing Facilities Board, AGM, 1.54%, 06/1/2042, Call 09/6/20181		9,095,000
		Tennessee Energy Acquisition Corp.
	1,055,000	5.00%, 02/1/2025		1,188,890
	1,000,000	5.63%, 09/1/2026		1,143,230
	1,000,000	4.00%, 05/1/2048, Call 02/1/20231		1,059,640
	1,500,000	4.00%, 11/1/2049, Call 08/1/20251		1,590,945
				21,378,114
		TEXAS — 4.6%
	85,000	Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027		83,571
		Austin Convention Enterprises, Inc.
	500,000	5.00%, 01/1/2033, Call 01/1/2027		563,715
	320,000	5.00%, 01/1/2034, Call 01/1/2027		357,811
	500,000	Central Texas Regional Mobility Authority, 6.75%, 01/1/2041, Call 01/1/2021		554,335
	2,000,000	City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028		2,265,260
	1,000,000	City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026		1,132,870
	1,500,000	City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026		1,744,650
	250,000	City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027		258,405
		City of Houston
	500,000	5.25%, 09/1/2028, Call 09/1/2021		541,765
	1,000,000	4.00%, 03/1/2033, Call 03/1/2027		1,057,530
	750,000	City of Houston Airport System Revenue, 5.00%, 07/15/2035, Call 07/15/20252		806,685
	1,500,000	City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20223		1,561,245
	750,000	City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027		880,702
		Clifton Higher Education Finance Corp.
	500,000	5.00%, 08/15/2042, Call 08/15/2022		526,080
	100,000	4.40%, 12/1/2047, Call 12/1/2022		100,880
	1,500,000	4.60%, 12/1/2049, Call 12/1/2024		1,526,775
	1,000,000	Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023		1,097,960
	345,000	Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023		401,332
	1,065,000	El Paso Downtown Development Corp., 5.00%, 08/15/2026		1,212,130
	3,000,000	Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028		3,447,480
	1,000,000	Harris County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2022		1,116,680
	1,110,000	Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028		1,268,808
	475,000	Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022		486,728
		New Hope Cultural Education Facilities Finance Corp.
	600,000	4.75%, 04/1/2034, Call 04/1/2024		613,068
	1,000,000	5.00%, 04/1/2039, Call 04/1/2024		1,034,830
	2,505,000	5.00%, 07/1/2047, Call 07/1/2025		2,223,814
		New Hope Cultural Education Facilities Finance Corp., AGM
	375,000	5.00%, 07/1/2038, Call 07/1/2027		414,064
	1,500,000	5.00%, 04/1/2046, Call 04/1/2024		1,622,445

34

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		TEXAS (Continued)
$	2,200,000	5.00%, 07/1/2048, Call 07/1/2027	$	2,394,480
	830,000	Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022		831,917
	1,050,000	North Texas Municipal Water District, 5.00%, 06/1/2024		1,204,003
		North Texas Tollway Authority
	405,000	6.00%, 01/1/2028, Call 01/1/2019		410,609
	95,000	6.00%, 01/1/2028, Call 01/1/2019		96,242
	2,000,000	5.00%, 01/1/2035, Call 01/1/2027		2,268,940
	905,000	Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 09/27/20181		888,212
	1,000,000	Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028		1,152,270
	1,000,000	Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 12/1/20215		622,500
		SA Energy Acquisition Public Facility Corp.
	1,000,000	5.50%, 08/1/2021		1,092,070
	290,000	5.50%, 08/1/2027		343,792
	1,750,000	San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025		1,958,600
	1,000,000	San Antonio Water System, 2.00%, 05/1/2043, Call 11/1/20211		993,020
		State of Texas
	2,000,000	5.00%, 10/1/2026, Call 10/1/2025		2,342,020
	2,500,000	5.00%, 10/1/2036, Call 10/1/2025		2,845,450
		Tarrant County Cultural Education Facilities Finance Corp.
	1,000,000	4.20%, 09/1/2025, Call 09/1/2023		1,071,020
	2,000,000	5.00%, 11/15/2038, Call 05/15/2023		2,172,020
	1,620,000	Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025		1,577,216
		Texas Municipal Gas Acquisition & Supply Corp. I
	555,000	5.25%, 12/15/2025		639,993
	170,000	6.25%, 12/15/2026		196,999
		Texas Municipal Gas Acquisition & Supply Corp. III
	500,000	5.00%, 12/15/2028, Call 12/15/2022		542,775
	500,000	5.00%, 12/15/2031, Call 12/15/2022		539,220
		Texas Private Activity Bond Surface Transportation Corp.
	1,000,000	7.50%, 06/30/2032, Call 06/30/2020		1,091,900
	1,345,000	7.00%, 06/30/2040, Call 06/30/2020		1,452,681
	1,500,000	Texas Water Development Board, 4.00%, 10/15/2037, Call 10/15/2027		1,574,760
		Town of Westlake
	450,000	5.50%, 09/1/2025		452,556
	200,000	6.13%, 09/1/2035, Call 09/1/2025		201,068
	1,200,000	Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026		1,326,264
				61,184,215
		UTAH — 0.3%
	200,000	County of Utah, 5.00%, 05/15/2036, Call 05/15/2028		230,694
	1,200,000	Salt Lake City Corp. Airport Revenue, 5.00%, 07/1/20262		1,387,908
		Utah Charter School Finance Authority
	280,000	3.63%, 06/15/20213		277,833
	1,300,000	4.50%, 07/15/20273		1,288,690
	500,000	5.25%, 06/15/2037, Call 06/15/20273		507,690
				3,692,815
		VERMONT — 0.2%
	500,000	Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021		548,685
	1,400,000	Vermont Student Assistance Corp., 5.00%, 06/15/20222		1,512,238
				2,060,923
		VIRGINIA — 1.4%
	715,000	Celebrate North Community Development Authority, 4.69%, 03/1/2018*5		429,000

35

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		VIRGINIA (Continued)
$	1,000,000	Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026	$	1,110,490
	400,000	Chesterfield County Economic Development Authority, 5.00%, 05/1/2023, Call 05/1/2019		407,872
	1,455,000	Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 04/15/20202		1,482,441
	2,000,000	Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027		2,367,920
	3,000,000	Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028		3,568,200
		Roanoke Economic Development Authority, AGM
	5,000	5.00%, 07/1/2038, Call 07/1/20201		5,290
	245,000	5.00%, 07/1/2038, Call 07/1/2020		255,614
		Virginia Commonwealth Transportation Board
	1,000,000	5.00%, 05/15/2028, Call 11/15/2027		1,202,370
	2,500,000	4.00%, 05/15/2031, Call 05/15/2026		2,670,550
		Virginia Small Business Financing Authority
	80,000	6.00%, 01/1/2037, Call 07/1/20222		88,358
	130,000	5.50%, 01/1/2042, Call 07/1/20222		140,661
	4,215,000	5.00%, 12/31/2049, Call 06/30/20272		4,597,385
				18,326,151
		WASHINGTON — 2.4%
	2,000,000	Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028		2,117,420
	1,500,000	County of King WA Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025		1,670,625
	2,000,000	Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028		2,369,820
		King County Public Hospital District No. 4
	705,000	5.00%, 12/1/2038, Call 12/1/2025		678,880
	1,000,000	7.00%, 12/1/2040, Call 12/1/2021		1,030,690
		King County School District No. 406 Tukwila, School Bond Gty
	2,190,000	4.00%, 12/1/2030, Call 06/1/2026		2,343,300
	1,560,000	4.00%, 12/1/2031, Call 06/1/2026		1,658,093
	275,000	Ocean Shores Local Improvement District, 7.25%, 02/1/2031		330,627
	1,500,000	Seattle Housing Authority, 1.25%, 04/1/2019, Call 09/27/2018		1,492,980
		State of Washington
	2,000,000	5.00%, 08/1/2037, Call 08/1/2023		2,218,720
	1,770,000	5.00%, 02/1/2038, Call 02/1/2027		2,018,525
	1,435,000	5.00%, 07/1/2039, Call 07/1/2028		1,636,876
	1,000,000	5.00%, 06/1/2040, Call 06/1/2026		1,132,000
	275,000	Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 09/24/2018		275,503
		Washington Health Care Facilities Authority
	190,000	5.00%, 10/1/2032, Call 10/1/2028		223,180
	1,000,000	2.96% (SIFMA Municipal Swap Index Yield+140 basis points), 01/1/2035, Call 07/1/20244		1,015,570
	1,500,000	5.00%, 08/15/2036, Call 08/15/2027		1,652,115
	1,500,000	6.38%, 10/1/2036, Call 10/9/2018		1,504,485
	1,000,000	5.00%, 08/15/2037, Call 02/15/2028		1,143,070
	1,820,000	5.00%, 03/1/2038, Call 03/1/2025		1,988,277
	2,500,000	2.49% (LIBOR 1 Month+110 basis points), 01/1/2042, Call 01/1/20224		2,530,825
	1,000,000	Washington State Convention Center Public Facilities District, 5.00%, 07/1/2043, Call 07/1/2028		1,132,610
				32,164,191
		WEST VIRGINIA — 0.2%
	1,000,000	Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20273		1,035,680
	1,000,000	West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028		1,156,800
				2,192,480
		WISCONSIN — 0.9%
		Public Finance Authority
	1,015,000	5.00%, 07/1/20222		1,088,872

36

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		WISCONSIN (Continued)
$	1,000,000	4.00%, 07/1/2027, Call 07/1/2024	$	1,016,590
	500,000	5.75%, 02/1/2035, Call 02/1/2025		490,095
	880,000	5.00%, 06/15/2037, Call 06/15/20243		886,081
	535,000	5.00%, 07/1/2037, Call 07/1/2024		557,181
	1,000,000	5.00%, 09/30/2037, Call 09/30/20272		1,103,410
	1,000,000	6.50%, 12/1/2037, Call 12/1/20273		1,137,980
	500,000	5.75%, 04/1/2042, Call 04/1/2022		532,635
	1,000,000	5.00%, 07/1/2042, Call 07/1/20222		1,053,550
	165,000	6.00%, 07/15/2042, Call 07/15/2022		175,052
	450,000	5.50%, 03/1/2045, Call 03/1/20253		462,838
	1,000,000	5.63%, 07/1/2045, Call 07/1/20253		1,009,440
	196,361	3.75%, 07/1/2051, Call 03/15/20281 3		190,146
		Public Finance Authority, ACA
	7,186	0.00%, 01/1/20463		225
	7,085	0.00%, 01/1/20473		222
	7,034	0.00%, 01/1/20483		220
	6,984	0.00%, 01/1/20493		217
	6,882	0.00%, 01/1/20503		214
	7,540	0.00%, 01/1/20513		234
	7,490	0.00%, 01/1/20523		232
	7,388	0.00%, 01/1/20533		228
	7,338	0.00%, 01/1/20543		226
	7,237	0.00%, 01/1/20553		223
	7,135	0.00%, 01/1/20563		219
	7,085	0.00%, 01/1/20573		217
	6,984	0.00%, 01/1/20583		214
	6,933	0.00%, 01/1/20593		212
	6,882	0.00%, 01/1/20603		210
	6,781	0.00%, 01/1/20613		207
	6,730	0.00%, 01/1/20623		205
	6,629	0.00%, 01/1/20633		202
	6,579	0.00%, 01/1/20643		200
	6,528	0.00%, 01/1/20653		198
	6,427	0.00%, 01/1/20663		195
	83,706	0.00%, 01/1/20673		2,535
	1,405,000	University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2038, Call 04/1/2023		1,529,834
	400,000	Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020		427,992
	175,000	Wisconsin Health & Educational Facilities Authority, AMBAC, 5.50%, 02/15/2019		177,914
				11,846,665
		WYOMING — 0.1%
	500,000	County of Campbell, 5.75%, 07/15/2039, Call 07/15/2019		515,915
	220,000	County of Sweetwater, 5.25%, 07/15/2026, Call 08/21/2019		227,049
				742,964
		TOTAL MUNICIPAL BONDS
		(Cost $809,818,766)		819,679,130

Number of Shares
		CLOSED-END MUTUAL FUNDS — 0.6%
	8,184	BlackRock Long-Term Municipal Advantage Trust	94,443
	53,753	BlackRock MuniVest Fund, Inc.	473,564
	31,817	BlackRock MuniYield Quality Fund, Inc.	436,211
	72,299	Dreyfus Municipal Income, Inc.	585,622
	127,431	Dreyfus Strategic Municipal Bond Fund, Inc.	963,378
	30,359	Dreyfus Strategic Municipals, Inc.	235,282
	23,539	DTF Tax-Free Income, Inc.	313,069
	87,593	DWS Municipal Income Trust	959,143
	17,462	Invesco Advantage Municipal Income Trust II	188,590
	17,008	Invesco Municipal Opportunity Trust	202,055
	23,118	Invesco Municipal Trust	273,717
	11,819	Invesco Trust for Investment Grade Municipals	143,365
	8,572	Neuberger Berman Municipal Fund, Inc.	116,836
	37,184	Pioneer Municipal High Income Advantage Trust	416,461
	123,034	Pioneer Municipal High Income Trust	1,419,812

37

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		CLOSED-END MUTUAL FUNDS (Continued)
	108,960	Western Asset Managed Municipals Fund, Inc.	$	1,384,882
	8,866	Western Asset Municipal Partners Fund, Inc.		125,543
		TOTAL CLOSED-END MUTUAL FUNDS
		(Cost $9,138,880)		8,331,973
		OPEN-END MUTUAL FUNDS — 19.8%
	13,775,647	Vanguard Intermediate-Term Tax-Exempt Fund - Admiral Class		191,205,977
	6,547,387	Vanguard Limited-Term Tax-Exempt Fund - Admiral Class		71,039,147
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $265,557,180)		262,245,124
		PRIVATE FUNDS — 12.1%
		MacKay Municipal Credit Opportunities Fund, LP*		30,247,585
		MacKay Municipal Opportunities Fund, LP*		130,989,586
		TOTAL PRIVATE FUNDS
		(Cost $152,000,000)		161,237,171
		SHORT-TERM INVESTMENT — 5.7%
	75,475,143	BlackRock MuniCash - Institutional Shares, 1.35%7		75,482,690
		TOTAL SHORT-TERM INVESTMENT
		(Cost $75,478,615)		75,482,690
		TOTAL INVESTMENTS — 99.9%
		(Cost $1,311,993,441)		1,326,976,088
		Other assets less liabilities — 0.1%		1,144,971
		TOTAL NET ASSETS — 100.0%	$	1,328,121,059

^* Non-income producing security.

¹ Variable rate security.

² Alternative Minimum Tax eligible security.

³ 144A restricted security.

⁴ Floating rate security.

⁵ Security is in default.

⁶ Rounds to less than 0.05%.

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

AR – Argentina

BAM – Build America Mutual Assurance Company

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Administration

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

LIBOR – London Interbank Offered Rate

LP – Limited Partnership

NATL – National Public Finance Guarantee Corporation

NATL-RE – National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG – Obligation

PSF – Permanent School Fund Guaranteed

SAW – State Aid Withholding

SIFMA – Securities Industry and Financial Markets Association

ST RES FD GTY – State Resource Fund Guaranty

XLCA – XL Capital Assurance

See accompanying Notes to Financial Statements.

38

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 72.0%
		ALTERNATIVE DIVERSIFIERS — 10.2%
	7,669,838	Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6	$	75,317,811
	1,697,301	GMO SGM Major Markets Fund - Class VI		54,364,539
				129,682,350
		CORE/ALTERNATIVE DIVERSIFIERS — 61.8%
	14,682,683	GMO Benchmark-Free Allocation Fund - Class IV1		396,872,918
	2,129,116	GMO Global Asset Allocation Fund - Class III		69,409,169
	16,744,600	JPMorgan Global Allocation Fund – R6 Class		314,463,584
				780,745,671
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $894,700,373)		910,428,021
		EXCHANGE-TRADED FUND — 0.8%
		CORE DIVERSIFIER — 0.8%
	247,382	iShares Core Moderate Allocation ETF		9,390,621
		TOTAL EXCHANGE-TRADED FUND
		(Cost $9,519,263)		9,390,621
		PRIVATE FUNDS — 19.7%
		ALTERNATIVE DIVERSIFIER — 7.9%
	10,159,238	Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A		100,170,088
				100,170,088
		CORE DIVERSIFIERS — 11.8%
		All Weather Portfolio Limited		100,176,280
		D. E. Shaw Orienteer X Fund, LLC		48,550,000
				148,726,280
		TOTAL PRIVATE FUNDS
		(Cost $251,000,000)		248,896,368
		SHORT-TERM INVESTMENT — 7.5%
	95,079,174	JPMorgan Prime Money Market Fund - Institutional Shares, 2.03%2		95,107,698
		TOTAL SHORT-TERM INVESTMENT
		(Cost $95,088,375)		95,107,698
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,250,308,011)		1,263,822,708
		Other assets less liabilities — 0.0%3		223,969
		TOTAL NET ASSETS — 100.0%	$	1,264,046,677

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.

³ Rounds to less than 0.05%.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

See accompanying Notes to Financial Statements.

39

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

SCHEDULE OF INVESTMENTS

As of August 31, 2018 (Unaudited)

Number of Shares			Value
		OPEN-END MUTUAL FUNDS — 89.4%
		CORE — 78.5%
	2,522,223	DoubleLine Total Return Bond Fund - I Class	$	26,256,345
	2,683,329	MetWest Total Return Bond Fund – Plan Class		26,269,794
	1,305,197	PIMCO Income Fund - Institutional Class		15,557,951
	3,775,805	Vanguard Total Bond Market Index Fund - Institutional Class 1		39,419,409
				107,503,499
		OPPORTUNISTIC — 10.9%
	254,003	GMO Emerging Country Debt Fund - Class IV		6,819,983
	1,414,355	Vanguard High-Yield Corporate Fund - Admiral Class		8,160,825
				14,980,808
		TOTAL OPEN-END MUTUAL FUNDS
		(Cost $122,891,492)		122,484,307
		SHORT-TERM INVESTMENT — 10.8%
	14,837,806	JPMorgan Prime Money Market Fund - Institutional Shares, 2.03% 2		14,842,258
		TOTAL SHORT-TERM INVESTMENT
		(Cost $14,841,085)		14,842,258
		TOTAL INVESTMENTS — 100.2%
		(Cost $137,732,577)		137,326,565
		Liabilities in excess of other assets — (0.2)%		(296,020	)
		TOTAL NET ASSETS — 100.0%	$	137,030,545

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.

40

ASPIRIANT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

As of August 31, 2018 (Unaudited)

	Risk-Managed Equity Allocation Fund			Risk-Managed Municipal Bond Fund		Defensive Allocation Fund		Risk-Managed Taxable Bond Fund*
ASSETS:
Investments, at value (cost $1,103,049,538, $1,311,993,441, $1,250,308,011 and $137,732,577, respectively)	$	1,255,096,761		$	1,326,976,088	$	1,263,822,708	$	137,326,565
Cash		505,337			732,124		—		—
Foreign currency, at value (cost $166,988, $0, $0 and $0, respectively)		168,746			—		—		—
Receivables:
Investments sold		3,147			—		—		—
Fund shares sold		1,291,770			612,351		1,036,643		249,985
Dividends and interest		1,269,021			10,050,729		156,259		279,543
Other prepaid expenses		59,540			68,264		85,859		20,430
Total assets		1,258,394,322			1,338,439,556		1,265,101,469		137,876,523
LIABILITIES:
Payables:
Investments purchased		551,208			9,652,079		—		222,950
Securities lending collateral		119,246,570			—		—		—
Fund shares redeemed		142,948			79,073		558,701		500,002
Due to Adviser		148,946			252,630		106,253		8,873
Accrued fund accounting fees		148,492			180,251		118,055		13,933
Accrued administrative servicing fees		36,570			30,111		10,501		3,327
Accrued fund administration fees		32,448			38,205		36,287		3,156
Accrued custody fees		16,533			7,295		1,019		1,514
Accrued Trustees' fees		10,470			10,470		10,470		10,470
Accrued transfer agent fees and expenses		6,258			6,027		6,294		7,517
Accrued Chief Compliance Officer fees		1,105			1,105		1,105		1,105
Due to Custodian		—			—		166,420		34,520
Accrued other expenses		63,897			61,251		39,687		38,611
Total liabilities		120,405,445			10,318,497		1,054,792		845,978
NET ASSETS	$	1,137,988,877		$	1,328,121,059	$	1,264,046,677	$	137,030,545
NET ASSETS CONSIST OF:
Capital (unlimited shares authorized, no par value)	$	945,938,009		$	1,311,909,421	$	1,224,966,985	$	137,036,653
Total distributable earnings (losses)		192,050,868			16,211,638		39,079,692		(6,108	)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	1,137,988,877		$	1,328,121,059	$	1,264,046,677	$	137,030,545
SHARES ISSUED AND OUTSTANDING		82,845,324	^		131,984,551		118,646,583		13,783,021
NET ASSET VALUE PER SHARE	$	13.74	^	$	10.06	$	10.65	$	9.94

^{^} Advisor Shares

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

See accompanying Notes to Financial Statements.

41

ASPIRIANT TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended August 31, 2018 (Unaudited)

	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 $313,808, $0, $0 and $0, respectively)	$	10,009,952		$	3,554,911		$	2,992,560		$	1,243,373
Interest		775,814			17,647,862			766,303			56,386
Securities lending income		108,158			—			—			—
Total investment income		10,893,924			21,202,773			3,758,863			1,299,759
EXPENSES:
Advisory fees		1,310,428			1,745,936			612,749			91,414
Administrative services fees		535,399			643,458			612,749			36,581
Fund accounting fees		180,805			219,003			144,962			13,933
Fund administration fees		154,818			183,448			173,739			9,984
Registration fees		41,283			62,026			83,665			20,176
Audit fees		36,544			39,630			19,291			20,164
Legal fees		25,666			25,781			34,979			17,935
Custody fees		21,763			10,515			1,355			1,514
Trustees' fees and expenses		19,376			19,376			19,376			19,376
Transfer agent fees and expenses		18,492			18,465			18,896			16,435
Insurance fees		8,800			8,800			8,800			5,511
Chief Compliance Officer fees		7,770			7,770			7,770			7,770
Regulatory services		3,431			4,046			3,067			3,067
Shareholder reporting fees		3,061			512			3,664			4,159
Other expenses		9,272			3,377			2,817			2,124
Total expenses		2,376,908			2,992,143			1,747,879			270,143
Less: Advisory fees waived		(436,685	)		(291,198	)		—			(62,161	)
Less: Administrative services fees waived		(415,810	)		(495,054	)		(551,463	)		(25,612	)
Net expenses		1,524,413			2,205,891			1,196,416			182,370
Net investment income		9,369,511			18,996,882			2,562,447			1,117,389
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(8,192,382	)		(1,115,971	)		5,818,325			811
Foreign currency translations		(184,964	)		—			—			—
Capital gain distributions		12,483,914			—			—			—
Total net realized gain (loss)		4,106,568			(1,115,971	)		5,818,325			811
Net change in unrealized appreciation (depreciation) on:
Investments		25,132,460			6,009,593			(26,496,117	)		(406,012	)
Foreign currency translations		(12,502	)		—			—			—
Total net change in unrealized appreciation (depreciation)		25,119,958			6,009,593			(26,496,117	)		(406,012	)
Net realized and unrealized gain (loss)		29,226,526			4,893,622			(20,677,792	)		(405,201	)
Net Increase (Decrease) in Net Assets from Operations	$	38,596,037		$	23,890,504		$	(18,115,345	)	$	712,188

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

See accompanying Notes to Financial Statements.

42

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Risk-Managed Equity Allocation Fund						Risk-Managed Municipal Bond Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	9,369,511		$	18,844,823		$	18,996,882		$	30,632,062
Net realized gain (loss) on investments and foreign currency		4,106,568			34,745,735			(1,115,971	)		1,126,705
Net change in unrealized appreciation on investments and foreign currency		25,119,958			77,346,098			6,009,593			112,429
Net increase in net assets resulting from operations		38,596,037			130,936,656			23,890,504			31,871,196
DISTRIBUTIONS TO SHAREHOLDERS^:
From net investment income		—			(21,527,271	)		(19,148,908	)		(31,951,419	)
From net realized gains		—			(4,870,420	)		—			(363,323	)
Total distributions to shareholders		—			(26,397,691	)		(19,148,908	)		(32,314,742	)
CAPITAL SHARE TRANSACTIONS^:
Shares sold		113,518,775			249,516,310			174,578,875			403,981,553
Shares issued for reinvestment of distributions		—			25,000,900			18,438,849			31,038,629
Shares redeemed		(53,974,887	)		(100,870,728	)		(120,474,817	)		(166,169,389	)
Net increase from capital share transactions		59,543,888			173,646,482			72,542,907			268,850,793
Total increase in net assets	$	98,139,925		$	278,185,447		$	77,284,503		$	268,407,247
NET ASSETS:
Beginning of period		1,039,848,952			761,663,505			1,250,836,556			982,429,309
End of period	$	1,137,988,877		$	1,039,848,952		$	1,328,121,059		$	1,250,836,556
TRANSACTIONS IN SHARES^:
Shares sold		8,560,620			19,558,879			17,408,548			39,912,912
Shares issued for reinvestment of distributions		—			1,909,460			1,843,740			3,073,715
Shares redeemed		(4,058,491	)		(7,829,666	)		(12,030,329	)		(16,463,582	)
Net increase		4,502,129			13,638,673			7,221,959			26,523,045

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

See accompanying Notes to Financial Statements.

43

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Defensive Allocation Fund						Risk-Managed Taxable Bond Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Period Ended August 31, 2018* (Unaudited)
CHANGES IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	2,562,447		$	14,281,682		$	1,117,389
Net realized gain on investments		5,818,325			22,694,710			811
Net change in unrealized appreciation (depreciation) on investments		(26,496,117	)		24,894,823			(406,012	)
Net increase/(decrease) in net assets resulting from operations		(18,115,345	)		61,871,215			712,188
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(14,857,016	)		(718,296	)
From net realized gains		—			(6,283,359	)		—
Total distributions to shareholders		—			(21,140,375	)		(718,296	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		221,419,717			557,119,353			139,068,836
Shares issued for reinvestment of distributions		—			20,280,079			665,411
Shares redeemed		(63,089,258	)		(62,010,105	)		(2,697,594	)
Net increase from capital share transactions		158,330,459			515,389,327			137,036,653
Total increase in net assets	$	140,215,114		$	556,120,167		$	137,030,545
NET ASSETS:
Beginning of period		1,123,831,563			567,711,396			—
End of period	$	1,264,046,677		$	1,123,831,563		$	137,030,545
TRANSACTIONS IN SHARES:
Shares sold		20,694,538			52,588,221			13,987,673
Shares issued for reinvestment of distributions		—			1,905,209			67,281
Shares redeemed		(5,923,269	)		(5,797,927	)		(271,933	)
Net increase		14,771,269			48,695,503			13,783,021

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

See accompanying Notes to Financial Statements.

44

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

FINANCIAL HIGHLIGHTS - ADVISOR SHARES

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

	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016			Year Ended February 28, 2015			Period Ended February 28, 2014*
Net asset value, beginning of period	$	13.27		$	11.77		$	10.50		$	11.53		$	11.00		$	10.00
Income from Investment Operations:
Net investment income		0.11			0.25			0.19			0.15			0.04			0.00	(1)
Net realized and unrealized gain (loss) on investments and foreign currency		0.36			1.61			1.34			(0.99	)		0.52			1.02
Total from investment operations		0.47			1.86			1.53			(0.84	)		0.56			1.02
Less Distributions:
From net investment income		—			(0.29	)		(0.20	)		(0.00	)(1)		(0.03	)		(0.02	)
From net realized gain		—			(0.07	)		(0.06	)		(0.19	)		—			—
Total distributions		—			(0.36	)		(0.26	)		(0.19	)		(0.03	)		(0.02	)
Net asset value, end of period	$	13.74		$	13.27		$	11.77		$	10.50		$	11.53		$	11.00
Total return		3.47	%(2)		15.80	%		14.63	%		(7.33	)%		5.01	%		10.24	%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,137,989		$	1,039,849		$	761,664		$	381,654		$	301,750		$	202,303
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.44	%(3)		0.44	%		0.59	%		1.05	%		1.81	%		2.20	%(3)
Expense waiver		(0.16	)%(3)		(0.16	)%		(0.08	)%		(0.04	)%		—	%		—	%(3)
Total expenses after expense waiver		0.28	%(3)		0.28	%		0.51	%		1.01	%		1.81	%		2.20	%(3)
Net investment income (loss)		1.72	%(3)		2.05	%		2.02	%		1.40	%		0.37	%		(0.05	)%(3)
Portfolio turnover rate		34	%(2)		38	%		89	%		83	%		101	%		43	%(2)

^* Commenced operations as of the close of business on April 4, 2013.

⁽¹⁾ Rounds to less than 0.005.

⁽²⁾ Not annualized.

⁽³⁾ Annualized.

See accompanying Notes to Financial Statements.

45

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Year Ended February 28, 2017			Period Ended February 29, 2016*
Net asset value, beginning of period	$	10.03		$	10.00		$	10.23		$	10.00
Income from Investment Operations:
Net investment income		0.15			0.28			0.28			0.20
Net realized and unrealized gain (loss) on investments		0.03			0.05			(0.22	)		0.18
Total from investment operations		0.18			0.33			0.06			0.38
Less Distributions:
From net investment income		(0.15	)		(0.30	)		(0.28	)		(0.15	)
From net realized gain		—			(0.00	)(1)		(0.01	)		—
Total distributions		(0.15	)		(0.30	)		(0.29	)		(0.15	)
Net asset value, end of period	$	10.06		$	10.03		$	10.00		$	10.23
Total return		1.81	%(2)		3.35	%		0.60	%		3.86	%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,328,121		$	1,250,837		$	982,429		$	678,272
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.46	%(3)		0.46	%		0.51	%		0.61	%(3)
Expense waiver		(0.12	)%(3)		(0.11	)%		(0.07	)%		(0.07	)%(3)
Total expenses after expense waiver		0.34	%(3)		0.35	%		0.44	%		0.54	%(3)
Net investment income		2.94	%(3)		2.80	%		2.85	%		3.32	%(3)
Portfolio turnover rate		9	%(2)		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.

46

ASPIRIANT DEFENSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Year Ended February 28, 2017			Period Ended February 29, 2016*
Net asset value, beginning of period	$	10.82		$	10.29		$	9.77		$	10.00
Income from Investment Operations:
Net investment income		0.02			0.15			0.11			0.00	(1)
Net realized and unrealized gain (loss) on investments		(0.19	)		0.61			0.53			(0.23	)
Total from investment operations		(0.17	)		0.76			0.64			(0.23	)
Less Distributions:
From net investment income		—			(0.16	)		(0.12	)		—
From net realized gain		—			(0.07	)		(0.00	)(1)		—
Total distributions		—			(0.23	)		(0.12	)		—
Net asset value, end of period	$	10.65		$	10.82		$	10.29		$	9.77
Total return		(1.57	)%(2)		7.44	%		6.54	%		(2.30	)%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	1,264,047		$	1,123,832		$	567,711		$	127,729
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.29	%(3)		0.30	%		0.35	%		0.78	%(3)
Expense waiver		(0.09	)%(3)		(0.08	)%		(0.07	)%		(0.07	)%(3)
Total expenses after expense waiver		0.20	%(3)		0.22	%		0.28	%		0.71	%(3)
Net investment income (loss)		0.42	%(3)		1.63	%		1.55	%		(0.20	)%(3)
Portfolio turnover rate		13	%(2)		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.

47

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

FINANCIAL HIGHLIGHTS

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

	Period Ended August 31, 2018* (Unaudited)
Net asset value, beginning of period	$	10.00
Income from Investment Operations:
Net investment income		0.09
Net realized and unrealized loss on investments		(0.09	)
Total from investment operations		0.00
Less Distributions:
From net investment income		(0.06	)
Total distributions		(0.06	)
Net asset value, end of period	$	9.94
Total return		0.03	%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	137,031
Ratios (as a percentage of average daily net assets):
Total expenses before expense waiver		0.74	%(2)
Expense waiver		(0.24	)%(2)
Total expenses after expense waiver		0.50	%(2)
Net investment income		3.05	%(2)
Portfolio turnover rate		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.

48

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS

August 31, 2018 (Unaudited)

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).

49

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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

50

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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.

51

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of August 31, 2018, 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	$	—	$	3,881,605	$	—	$	—	$	3,881,605
Austria		—		2,284,620		—		—		2,284,620
Belgium		—		4,571,725		—		—		4,571,725
Bermuda		8,151,079		2,801,017		—		—		10,952,096
Brazil		738,901		—		—		—		738,901
Canada		19,493,321		—		—		—		19,493,321
Cayman Islands		202,765		1,489,400		—		—		1,692,165
Chile		2,459,267		—		—		—		2,459,267
China		1,789,217		2,305,624		—		—		4,094,841
Colombia		588,265		—		—		—		588,265
Curacao		41,558		—		—		—		41,558
Denmark		1,619,070		4,421,953		—		—		6,041,023
Finland		—		2,347,183		—		—		2,347,183
France		487,989		2,730,538		—		—		3,218,527
Germany		167,702		2,499,343		—		—		2,667,045
Guernsey		7,228,454		44,988		—		—		7,273,442
Hong Kong		4,916,746		15,274,889		—		—		20,191,635
India		2,199,813		—		—		—		2,199,813
Indonesia		133,215		—		—		—		133,215
Ireland		1,042,330		1,042,947		—		—		2,085,277
Isle of Man		—		61,503		—		—		61,503
Israel		4,942,401		1,512,495		—		—		6,454,896
Italy		1,087,506		1,737,337		—		—		2,824,843
Japan		7,194,430		38,712,088		—		—		45,906,518
Jersey		466,040		22,648		—		—		488,688
Luxembourg		106,683		952,638		—		—		1,059,321
Netherlands		282,311		3,067,199		—		—		3,349,510
New Zealand		—		2,921,980		—		—		2,921,980
Norway		—		3,284,850		—		—		3,284,850
Panama		2,059,116		—		—		—		2,059,116
Peru		155,763		—		—		—		155,763
Portugal		—		897,185		—		—		897,185
Singapore		543,677		812,317		—		—		1,355,994
South Korea		1,636,731		—		—		—		1,636,731
Spain		—		552,384		—		—		552,384

52

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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)
Sweden	$	—	$	2,497,501	$	—	$	—	$	2,497,501
Switzerland		12,506,247		6,734,433		—		—		19,240,680
Taiwan		11,335,702		—		—		—		11,335,702
Thailand		213,831		—		—		—		213,831
United Kingdom		7,100,499		9,152,835		—		—		16,253,334
United States		205,195,827		—		—		—		205,195,827
Virgin Islands (British)		191,644		—		—		—		191,644
Exchange-Traded Funds		218,405,224		—		—		—		218,405,224
Closed-End Mutual Fund		—		25,649		—		—		25,649
Open-End Mutual Fund		347,034,497		—		—		—		347,034,497
Preferred Stock
Germany		—		1,155,298		—		—		1,155,298
Private Fund		—		—		—		52,641,285		52,641,285
Short-Term Investments		91,694,913		119,246,570		—		—		210,941,483
Total Investments	$	963,412,734	$	239,042,742	$	—	$	52,641,285	$	1,255,096,761

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 August 31, 2018:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Months)

Redemption Terms

Private Funds – Long/Short Equity(a)

$

52,641,285

N/A

Indefinite

Monthly

2

N/A

$

52,641,285

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.

53

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

The following is a summary of the inputs used, as of August 31, 2018, 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	$	—	$	819,679,130	$	—	$	—	$	819,679,130
Closed-End Mutual Funds		8,331,973		—		—		—		8,331,973
Open-End Mutual Funds		262,245,124		—		—		—		262,245,124
Private Funds		—		—		—		161,237,171		161,237,171
Short-Term Investment		75,482,690		—		—		—		75,482,690
Total Investments	$	346,059,787	$	819,679,130	$	—	$	161,237,171	$	1,326,976,088

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 August 31, 2018:

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Days)

Redemption Terms

Private Funds - Fixed Income Relative-Value (a)

$

161,237,171

N/A

Indefinite

Quarterly

65

25% investor level gate, if redemptions exceed 25% of total fund's assets

$

161,237,171

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.

54

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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 August 31, 2018:

Private Fund	Fair Value as % of Net Assets	Investment Strategy	Valuation Policy of Leveraged Investment	Redemption Frequency	Redemption Terms
MacKay Municipal Opportunities Fund, LP	9.9%	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.	Quarterly	25% investor level gate, if redemptions exceed 25% of total fund's assets

The following is a summary of the inputs used, as of August 31, 2018, 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 Schedules of Investment:

Assets	Level 1		Level 2		Level 3		NAV Practical Expedient		Total
Open-End Mutual Funds:
Alternative Diversifiers	$	129,682,350	$	—	$	—	$	—	$	129,682,350
Core/Alternative Diversifiers		780,745,671		—		—		—		780,745,671
Exchange-Traded Fund:
Core Diversifier		9,390,621		—		—		—		9,390,621
Private Funds:
Alternative Diversifier		—		—		—		100,170,088		100,170,088
Core Diversifiers		—		—		—		148,726,280		148,726,280
Short-Term Investment		95,107,698		—		—		—		95,107,698
Total Investments	$	1,014,926,340	$	—	$	—	$	248,896,368	$	1,263,822,708

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 August 31, 2018:

55

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Fair Value Measurements and Disclosures (Continued)

Investment Category

Fair Value

Unfunded Commitments

Remaining Life

Redemption Frequency

Notice Period (in Business Days)

Redemption Terms

Private Funds –

Merger Arbitrage (a)

$

100,170,088

N/A

Indefinite

Daily

3

N/A

Risk Parity (b)

148,726,280

N/A

Indefinite

Monthly

5-10

N/A

$

248,896,368

N/A

^(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 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.

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 August 31, 2018:

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	7.9%	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	7.9%	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 August 31, 2018, in valuing the Taxable Bond Fund’s assets:

Assets	Level 1		Level 2		Level 3		Total
Open-End Mutual Funds:
Core	$	107,503,499	$	—	$	—	$	107,503,499
Opportunistic		14,980,808		—		—		14,980,808
Short-Term Investment		14,842,258		—		—		14,842,258
Total Investments	$	137,326,565	$	—	$	—	$	137,326,565

56

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(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.

(d) Foreign Currency and Risk

i. Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on August 31, 2018.

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$ 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 short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates), and money market funds. 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

57

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e) Securities Lending (Continued)

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.

For the six months ended August 31, 2018, 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 August 31, 2018. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of August 31, 2018:

Description	Value
Repurchase Agreement with Deutsche Bank Securities Inc., 1.96%*	$	21,765,982
Repurchase Agreement with Deutsche Bank AG, London, 2.28%*		20,000,000
Repurchase Agreement with ING Bank NV, London, 2.17%*		15,000,000
Repurchase Agreement with Natixis, New York, 1.95%*		10,000,000
Repurchase Agreement with Citigroup Global Markets Inc., 2.18%*		4,000,000
Time Deposit with MUFG Bank Ltd., London, 1.88%*		3,000,000
Time Deposit with Landesbank Hessen Thuringen, London, 1.92%*		3,000,000
Time Deposit with Mizuho Bank Ltd., London, 1.91%*		3,000,000
Time Deposit with Royal Bank of Canada, London, 1.92%*		3,000,000
Time Deposit with Standard Chartered, London, 1.90%*		3,000,000
Time Deposit with Bank of Montreal, London, 1.95%*		3,000,000
Time Deposit with National Bank of Canada, London, 1.90%*		3,000,000
Time Deposit with National Australia Bank, London, 1.94%*		3,000,000
Time Deposit with Bred Banque Populaire, 1.97%*		3,000,000
Time Deposit with Den Norske Bank, Oslo, 1.87%*		3,000,000
Time Deposit with Skandanaviska Enskilda Banken, 1.88%*		3,000,000
Time Deposit with Landesbank Baden Wuerttemberg, Stuttgart, 1.93%*		3,000,000
Time Deposit with Rabobank Netherlands, 1.88%*		3,000,000
Time Deposit with Australia New Zealand, London, 1.92%*		3,000,000
Yankee CD with Sumitomo Bank, New York, 2.27%*		500,022
Yankee CD with The Chiba Bank Ltd., New York, 2.19%*		499,977
Commercial Paper with Toyota Motor Credit Corp., 2.33%*		499,406
Total	$	114,265,387

^* The rate shown is the annualized 7-day yield as of August 31, 2018.

As of August 31, 2018 the Equity Allocation Fund held Non-Cash Collateral in the amount of $4,984,374 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 six months ended August 31, 2018, the Equity Allocation Fund paid $46,915 to JPM from securities lending revenue.

58

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(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 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 and premiums on securities purchased are amortized over the life of the respective securities.

(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

59

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(j) Federal Income Taxes (Continued)

years. As of and during the six months ended August 31, 2018, 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.

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, 2019. During the six months ended August 31, 2018, the Adviser waived $436,685 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. The Adviser has agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement that is not subject to recoupment. From March 1, 2018 to June 30, 2018, the Adviser voluntarily 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. Effective July 1, 2018, the Adviser voluntarily agreed to waive 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. For the six months ended August 31, 2018, the Adviser voluntarily waived $415,810 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, 2019. Previously, the Adviser had contractually agreed to waive its advisory fee from 0.27% to 0.24% through June 30, 2018. During the six months ended August 31, 2018, the Adviser waived $291,198 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. The Adviser has agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement that is not subject to recoupment. From March 1, 2018 to June 30, 2018, the Adviser voluntarily waived expenses at a rate of 0.08% of average daily net assets such that

60

ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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

(a) Investment Advisory Fees (Continued)

the Fund was incurring a net administrative services fee at an annual rate of 0.02% of average daily net assets. Effective July 1, 2018, the Adviser voluntarily agreed to waive 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. For the six months ended August 31, 2018, the Adviser voluntarily waived $495,054 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.

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. The Adviser has agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement that is not subject to recoupment. During the period March 1, 2018 to August 31, 2018, the Adviser voluntarily 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. For the six months ended August 31, 2018, the Adviser voluntarily waived $551,463 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, 2019. During the period from March 29, 2018 to August 31, 2018, the Adviser waived $62,161 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. The Adviser has agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement that is not subject to recoupment. Effective March 29, 2018, the Taxable Bond Fund’s inception, the Adviser voluntarily 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. For the period from March 29, 2018 to August 31, 2018, the Adviser voluntarily waived $25,612 under the Administration Agreement.

Effective November 14, 2017, the Adviser, the Equity Allocation Fund and the Municipal Bond Fund had entered into an expense limitation and reimbursement agreement (“Expense Limitation Agreement”) under which the Adviser has contractually agreed to pay or absorb the ordinary operating expenses of each Fund (which excludes any acquired fund fees and expenses, interest expenses, taxes, brokerage commissions, dividend costs relating to short sales and extraordinary expenses of each Fund) to the extent necessary to limit the annualized operating expenses for the Equity Allocation Fund’s Advisor Shares to 0.65% and the Municipal Bond Fund to 0.65% of each Fund’s average daily net asset value (the “Expense Limitation”). The Expense Limitation Agreement was terminated effective at the close of business on June 30, 2018.

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ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

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

(b) Sub-Advisory Fees

Aperio Group, LLC and Acadian Asset Management LLC serve as the sub-advisers of the Equity Allocation Fund. During the period March 1, 2018 to June 29, 2018, Wells Capital Management Inc. (“WellsCap”) also served as a sub-adviser for the Equity Allocation Fund. Nuveen Asset Management, LLC and WellsCap 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.

(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 July 1, 2018, each Trustee receives an annual retainer of $50,000, as well as $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. For the period April 1, 2018, through June 30, 2018, the annual retainer was $45,000. Prior to April 1, 2018, the annual retainer was $40,000. The Chair of the Audit Committee is paid an additional $7,500 per year.

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ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the six months ended August 31, 2018, 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	$	367,574,678	$	332,651,846	$	—	$	—
Municipal Bond Fund		34,350,748		4,148		158,704,570		104,012,726
Defensive Allocation Fund		235,965,578		140,931,695		—		—
Taxable Bond Fund*		122,891,492		—		—		—

^* Commenced operations on March 29, 2018.

5. FEDERAL TAX INFORMATION

Losses incurred after October 31 (“post-October” losses) within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. As of February 28, 2018, the Equity Allocation Fund, Municipal Bond Fund and Defensive Allocation Fund had $0, $757,790 and $0, respectively, of post-October capital losses which were deferred until March 1, 2018 for tax purposes.

At August 31, 2018, the cost of securities on a tax basis and gross unrealized appreciation and (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	$	1,103,595,023		$	1,318,640,975		$	1,250,308,011		$	137,732,577
Gross unrealized appreciation	$	158,146,302		$	21,937,001		$	29,047,600		$	241,622
Gross unrealized depreciation		(6,644,564	)		(13,601,888	)		(15,532,903	)		(647,634	)
Net unrealized appreciation/(depreciation) on investments	$	151,501,738		$	8,335,113		$	13,514,697		$	(406,012	)

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 in security transactions.

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ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

5. FEDERAL TAX INFORMATION (Continued)

U.S. GAAP requires that certain components of the net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended February 28, 2018, permanent differences in book and tax accounting have been reclassified to undistributed net investment income and accumulated net realized gain (loss) as follows.

	Increase (Decrease)
	Paid in Capital			Accumulated Net Investment Income		Accumulated Net Realized Gain (Loss)
Equity Allocation Fund	$	11		$	2,330,345	$	(2,330,356	)
Municipal Bond Fund		(3,148,682	)		345,330		2,803,352
Defensive Allocation Fund		(11,060	)		2,470,614		(2,459,554	)

As of February 28, 2018, the components of accumulated earnings on a tax basis were as follows:

	Equity Allocation Fund			Municipal Bond Fund			Defensive Allocation Fund
Undistributed ordinary income	$	1,197,790		$	—		$	2,429,548
Undistributed tax-exempt income		—			9,945,939			—
Undistributed long-term capital gains		26,177,292			—			14,754,675
Tax accumulated earnings		27,375,082			9,945,939			17,184,223
Accumulated capital and other losses		(76,610	)		(787,642	)		—
Unrealized appreciation/(depreciation) on investments		126,144,516			2,311,745			40,010,814
Unrealized depreciation on foreign currency		11,843			—			—
Total accumulated earnings	$	153,454,831		$	11,470,042		$	57,195,037

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2018 and 2017 is as follows:

	2018		2017
Distributions paid from:
Ordinary income	$	23,441,182	$	11,961,644
Net long-term capital gains		2,956,509		3,510,216
Total taxable distributions		26,397,691		15,471,860
Total distributions paid	$	26,397,691	$	15,471,860

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ASPIRIANT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2018 (Unaudited)

5. FEDERAL TAX INFORMATION (Continued)

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2018 and 2017 is as follows:

	2018		2017
Distributions paid from:
Ordinary income	$	—	$	172,966
Net long-term capital gains		363,323		980,889
Total taxable distributions		363,323		1,153,855
Tax-exempt dividends		31,951,419		21,388,272
Total distributions paid	$	32,314,742	$	22,542,127

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 28, 2018 and 2017 is as follows:

	2018		2017
Distributions paid from:
Ordinary income	$	18,479,936	$	5,863,886
Net long-term capital gains		2,660,439		15,218
Total taxable distributions		21,140,375		5,879,104
Total distributions paid	$	21,140,375	$	5,879,104

6. NEW ACCOUNTING PRONOUNCEMENTS

On March 30, 2017, the FASB issued ASU No. 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities, which is intended to enhance “the accounting for the amortization of premiums for purchased callable debt securities.” ASU 2017-08’s amendments are effective for annual periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the ASU 2017-08’s amendments on the Trust.

On August 28, 2018, the FASB issued ASU No. 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which changes the fair value measurement disclosure requirements of ASC Topic 820. ASU 2018-13’s amendments are effective for annual periods beginning after December 15, 2019. Early adoption is permitted. Management is evaluating the impact of ASU 2018-13’s amendments on the Trust.

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.

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ASPIRIANT TRUST

OTHER INFORMATION

August 31, 2018 (Unaudited)

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ASPIRIANT TRUST

At a meeting held on April 26, 2018, the Board considered the renewal of (1) the Trust’s advisory agreement with the Adviser, on behalf of the Funds, (2) the sub-advisory agreements between the Adviser and each of Aperio Group, LLC (“Aperio”) and Acadian Asset Management LLC (“Acadian”) with respect to Equity Allocation Fund, (3) the sub-advisory agreement between the Adviser and Nuveen Asset Management, LLC (“Nuveen”) with respect to the Municipal Bond Fund, and (4) the sub-advisory agreement between the Adviser and Wells Capital Management, Inc. (“WellsCap”; together with Aperio, Acadian and Nuveen, the “Sub-Advisers”) with respect to Equity Allocation Fund and Municipal Bond Fund.

After the initial two-year term, the agreements must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the 1940 Act, cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial term, the Board calls and holds a meeting to decide whether to continue the agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and Sub-Advisers.

In considering whether to renew the Trust’s advisory and sub-advisory agreements, the Trustees requested and reviewed materials from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser’s and Sub-Advisers’ fees under the agreements. Representatives from the Adviser provided an overview of its advisory business and discussed its investment personnel, investment processes, and investment experience. The Board discussed the written materials from the Adviser and Sub-Advisers, the Adviser’s oral presentation, and other relevant information that the Board received, and considered the approval of the agreements in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.

Nature, Extent, and Quality of Services

In considering the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser to each Fund, as applicable, the Board reviewed, among other things, the Adviser’s and each Sub-Adviser’s personnel, experience, and compliance program. The Board considered the background and experience of the Adviser’s and each Sub-Adviser’s senior management and the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s and each Sub-Adviser’s organizational structure, investment operations, and other relevant information, including information relating to the financial condition of the Adviser and each Sub-Adviser to determine whether adequate resources were available to continue to provide a high level of service to the Funds. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser and each Sub-Adviser, as applicable.

Performance

The Board reviewed information regarding the performance of each Fund for various periods, as well as peer group and benchmark comparative performance. The Board also reviewed information regarding the portions of the Equity Allocation Fund managed by Aperio, Acadian, and WellsCap, respectively, and the portions of the Municipal Bond Fund managed by Nuveen and WellsCap, respectively. The Board noted periods of outperformance and underperformance relative to each Fund’s comparative index and Morningstar fund universe. The Board concluded that, within the context of its full deliberations, it was satisfied with the performance of each Fund generally and the portions of each Fund managed by Aperio, Acadian, WellsCap and Nuveen, as applicable.

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ASPIRIANT TRUST

OTHER INFORMATION (Continued)

August 31, 2018 (Unaudited)

Cost of Services

The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that the advisory fee for each of the Equity Allocation Fund and Defensive Allocation Fund was lower than the advisory fees of 90% of funds in its respective Morningstar fund universe The Board further noted that the advisory fee for Municipal Bond Fund was lower than the advisory fees of 80% of funds in its Morningstar fund universe. The Board also noted that Adviser does not manage any other client accounts using the same strategies as the Funds, but that the Funds’ advisory fees were within the range of the Adviser’s standard fees to manage separate accounts. The Board noted that the Adviser is responsible for paying the Sub-Advisers out of the advisory fee it receives from the applicable Funds. The Board further noted that the Adviser has been lowering its advisory fees with respect to the Equity Allocation Fund and the Municipal Bond Fund and that the Funds’ expense ratios have been decreasing. With respect to those assets of the Funds that the Adviser invests in underlying funds, the Board determined that the Funds’ advisory fees are based on services that the Adviser provides to the Funds that are in addition to, not duplicative of, the services provided to an underlying fund by an adviser to an underlying fund. The Board concluded that each Fund’s advisory fee and, if applicable, sub-advisory fee are fair and reasonable in light of the services that the Funds receive.

Profitability

The Board reviewed information about the profitability of each Fund to the Adviser and to the Sub-Advisers, as applicable, and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Fund. The Board noted that the Adviser reimburses to its clients that are also shareholders of a Fund all net ordinary income that it receives from such Fund. Recognizing the difficulty in evaluating an investment adviser’s profitability with respect to the funds it manages in the context of an adviser with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board determined that the level of profitability of the Adviser and Sub-Advisers was within the range the Board considered reasonable.

Economies of Scale

The Board considered the potential for economies of scale, noting that the Sub-Advisers’ fee schedules include breakpoints and that the Adviser had been decreasing its fee over time, and currently is contractually waiving a portion of its fee, with respect to the Equity Allocation Fund and Municipal Bond Fund, thereby reducing the amount that it retains after paying the Sub-Advisers. The Board concluded that the Funds’ shareholders were benefitting from any economies of scale realized by the Adviser with respect to the Funds.

Ancillary Benefits

The Board noted the benefits received by the Adviser and the Sub-Advisers as a result of their relationships with the Funds (other than advisory and sub-advisory fees), including the intangible benefits of their association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance.

Conclusion

Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the Adviser’s and Sub-Advisers’ fees are fair and reasonable in light of the services provided to the Funds and approved the continuation of the agreements.

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ASPIRIANT TRUST

EXPENSE EXAMPLE

August 31, 2018 (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 March 1, 2018 to August 31, 2018.

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 March 1, 2018	Ending Account Value August 31, 2018	Annualized Expense Ratio(1)	Expense Paid During the Period from March 1, 2018 to August 31, 2018(1)
Actual	$ 1,000.00	$ 1,034.70	0.28%	$ 1.43
Hypothetical	$ 1,000.00	$ 1,023.59	0.28%	$ 1.42

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ASPIRIANT TRUST

EXPENSE EXAMPLE (Continued)

August 31, 2018 (Unaudited)

Municipal Bond Fund	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Annualized Expense Ratio(1)	Expense Paid During the Period from March 1, 2018 to August 31, 2018(1)
Actual	$ 1,000.00	$ 1,018.10	0.34%	$ 1.74
Hypothetical	$ 1,000.00	$ 1,023.28	0.34%	$ 1.74

Defensive Allocation Fund	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Annualized Expense Ratio(1)	Expense Paid During the Period from March 1, 2018 to August 31, 2018(1)
Actual	$ 1,000.00	$ 984.30	0.20%	$ 0.98
Hypothetical	$ 1,000.00	$ 1,024.02	0.20%	$ 1.00

Taxable Bond Fund	Beginning Account Value March 29, 2018	Ending Account Value August 31, 2018	Annualized Expense Ratio	Expense Paid During the Period from March 29, 2018 to August 31, 2018
Actual	$ 1,000.00	$ 1,000.30	0.50%(2)	$ 2.12(2)
Hypothetical	$ 1,000.00	$ 1,022.49	0.50%(3)	$ 2.54(3)

⁽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 184/365 (to reflect the half-year period).

⁽²⁾ Expenses are equal to the annualized expense ratios for the period from March 29, 2018 (commencement of operations) through August 31, 2018, multiplied by the average account value over the period, multiplied by 155/365 (to reflect partial period).

⁽³⁾ Expenses are equal to the annualized expense ratios for the period from March 29, 2018 (commencement of operations) through August 31, 2018, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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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

Not applicable to semi-annual reports.

Item 3.  Audit Committee Financial Expert

Not applicable to semi-annual reports.

Item 4.  Principal Accountant Fees and Services

Not applicable to semi-annual reports.

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. Not applicable.

(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	11/7/2018

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	11/7/2018
By	/s/ Douglas S. Hendrickson
Title	Douglas S. Hendrickson, Treasurer and Principal Financial Officer
Date	11/7/2018