Form N-CSR Aspiriant Trust For: Mar 31

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June 5, 2026 5:25 PM EDT

 

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:
March 31
Date of reporting period:
March 31, 2026
Item 1. Report to Stockholders.
The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Aspiriant Risk-Managed Taxable Bond Fund
RMTBX
TSR Fund Logo - Cover
ANNUAL SHAREHOLDER REPORT | March 31, 2026
This annual shareholder report contains important information about the Aspiriant Risk-Managed Taxable Bond Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/. You can also request this information by contacting us at 1-877-997-9971.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Aspiriant Risk-Managed Taxable Bond Fund
(RMTBX)		 $27 0.26%
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Aspiriant Risk-Managed Taxable Bond Fund ("Taxable Bond Fund" or the "Fund") returned 5.54% for the fiscal year ended March 31, 2026.  Over the same period, Taxable Bond Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark"), returned 4.35%.  The Fund outperformance was driven in part by its allocations to corporate high-yield bonds and emerging market debt, which returned 7.01% (as measured by the Bloomberg U.S. Corporate High Yield Index) and 9.40% (as measured by J.P. Morgan Emerging Markets Bond Index Global), respectively, for the year ended March 31, 2026.
TOP PERFORMANCE CONTRIBUTORS
  *   Opportunistic underlying funds with exposures to emerging market debt
  *   Opportunistic underlying funds with exposures to direct lending
  *   Opportunistic underlying funds with exposures to higher yield issues
TOP PERFORMANCE DETRACTORS
  *   Underlying funds with higher exposure to the long end of the yield curve
The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.  Investors cannot invest directly in an index, although they can invest in their underlying securities.
The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. 
The Bloomberg U.S. Corporate High Yield Bond Index is an index that measures the USD-denominated, high yield, fixed-rate corporate bond market.  Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below.
The J.P. Morgan Emerging Markets Bond Index Global is an independently maintained and widely published index comprised of U.S. dollar-denominated Eurobonds, traded loans, and legacy Brady bonds issued by sovereign and quasi-sovereign entities.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years Since
Inception*
Aspiriant Risk-Managed Taxable Bond Fund (RMTBX) 5.54% 1.69% 2.59%
Bloomberg U.S. Aggregate Bond Index 4.35% 0.31% 1.92%
*
Commenced operations as of the close of business on March 29, 2018.
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/fund-performance/ for the most recent performance information.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $396,253,920
Total number of portfolio holdings 11
Total advisory fees paid (net) $269,184
Portfolio turnover rate as of the end of the reporting period 0%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.  The Top Ten Holdings table may not reflect the total exposure to an issuer.
Top Ten Holdings
Vanguard Total Bond Market Index Fund - Institutional Class 30.0%
PIMCO Income Fund - Institutional Class 16.2%
DoubleLine Total Return Bond Fund - I Class 15.0%
TCW MetWest Total Return Bond Fund - Plan Class 9.9%
River Canyon Total Return Bond Fund - Institutional Class 8.5%
Vanguard Long-Term Treasury ETF 6.0%
GMO Emerging Country Debt Fund, Class VI 5.2%
TPG Twin Brook Capital Income Fund - I Class 3.1%
AG Direct Lending Fund IV Annex, LP 1.7%
Vanguard High-Yield Corporate Fund - Admiral Shares 0.6%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.  Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.  The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/. You can also request this information by contacting us at 1-877-997-9971.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Aspiriant Risk-Managed Taxable Bond Fund
Aspiriant Risk-Managed Municipal Bond Fund
RMMBX
TSR Fund Logo - Cover
ANNUAL SHAREHOLDER REPORT | March 31, 2026
This annual shareholder report contains important information about the Aspiriant Risk-Managed Municipal Bond Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/. You can also request this information by contacting us at 1-877-997-9971.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Aspiriant Risk-Managed Municipal Bond Fund
(RMMBX)		 $35 0.34%
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Aspiriant Risk-Managed Municipal Bond Fund ("Municipal Bond Fund" or the "Fund") returned 3.78% for the fiscal year ended March 31, 2026.  Over the same period, the Municipal Bond Fund's benchmark, the Bloomberg Municipal Bond Index (the "Benchmark"), returned 4.29%.  High yield municipal bonds, as measured by the Bloomberg High Yield Municipal Bond Index, returned 2.35% for the one-year period ended March 31, 2026, underperforming investment grade bonds, as measured by the Benchmark.
TOP PERFORMANCE CONTRIBUTORS
  *  Strong credit fundamentals across issuers
  *  Persistent investor demand
  *  Supportive credit environment
TOP PERFORMANCE DETRACTORS
  *  Credit quality positioning, especially overweight to higher yield bonds
  *  Duration sensitivity
The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.  Investors cannot invest directly in an index, although they can invest in their underlying securities.
The Bloomberg Municipal Bond Index is considered representative of the tax-exempt bond market.  It includes most investment-grade tax-exempt bonds that are issued by state and local governments. 
The Bloomberg High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands).  The index allows state and local general obligation, revenue, insured, and pre-refunded bonds; however, historically the index has been composed of mostly revenue bonds. 
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Aspiriant Risk-Managed Municipal Bond Fund (RMMBX) 3.78% 1.24% 2.51%
Bloomberg Municipal Bond Index 4.29% 0.84% 2.16%
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/fund-performance/ for the most recent performance information.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,273,596,158
Total number of portfolio holdings 990
Total advisory fees paid (net) $2,544,398
Portfolio turnover rate as of the end of the reporting period 23%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.  The Top Ten Holdings table may not reflect the total exposure to an issuer. The interest rates presented in the Top Ten Holdings are as of the reporting period end.
Top Ten Holdings
MacKay Municipal Opportunities Fund, LP - Class A 8.2%
iShares National Muni Bond ETF 7.0%
MacKay Municipal Credit Opportunities Fund, LP - Class A 2.1%
City of New York, 5.25%, 03/1/2053, Call 03/1/2034 0.4%
Illinois Finance Authority, 5.25%, 05/15/2048, Call 05/15/2033 0.4%
New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2048, Call 12/15/2032 0.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 0.3%
County of Miami-Dade, 5.00%, 07/1/2038, Call 07/1/2026 0.3%
Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 0.3%
Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027 0.3%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.  Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.  The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/. You can also request this information by contacting us at 1-877-997-9971.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Aspiriant Risk-Managed Municipal Bond Fund
Aspiriant Defensive Allocation Fund
RMDFX
TSR Fund Logo - Cover
ANNUAL SHAREHOLDER REPORT | March 31, 2026
This annual shareholder report contains important information about the Aspiriant Defensive Allocation Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Aspiriant Defensive Allocation Fund
(RMDFX)		 $22 0.20%
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Aspiriant Defensive Allocation Fund ("Defensive Allocation Fund" or the "Fund") returned 17.99% for the one-year period ended March 31, 2026.  Over the same period, the Fund's primary benchmark, the HFRI Fund of Funds Composite Index (the "Benchmark"), returned 11.62%.  Over the same period, the Bloomberg U.S. Aggregate Bond Index returned 4.35%. 
TOP PERFORMANCE CONTRIBUTORS
  *  Core Diversifiers with global asset allocation strategies that invest across a wide range of financial markets and geographies
  *  Underlying funds with allocations to global macro strategies
  *  Allocation to gold exchange-traded fund
TOP PERFORMANCE DETRACTORS
  *  Allocation to event-driven strategies
  *  Allocation to actively traded convertible arbitrage/special situations strategies.
The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.  Investors cannot invest directly in an index, although they can invest in their underlying securities.
The HFRI Fund of Funds Composite Index is an index that is a global, equal-weighted index of Fund of Funds that report to HFR Database.
The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Aspiriant Defensive Allocation Fund (RMDFX) 17.99% 6.37% 5.47%
HFRI Fund of Funds Composite Index 11.62% 4.88% 5.26%
Bloomberg U.S. Aggregate Bond Index 4.35% 0.31% 1.70%
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/fund-performance-2/ for the most recent performance information.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,058,284,293
Total number of portfolio holdings 14
Total advisory fees paid (net) $1,007,848
Portfolio turnover rate as of the end of the reporting period 13%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.  The Top Ten Holdings table may not reflect the total exposure to an issuer.
Top Ten Holdings
GMO Benchmark-Free Allocation Fund - Class IV 26.0%
Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares 12.6%
iShares Gold Trust 8.8%
Lazard Rathmore Alternative Fund - Class E 6.9%
Victory Pioneer Multi-Asset Income Fund - Class R6 6.6%
JPMorgan Global Allocation Fund - Class R6 6.2%
Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 6.1%
Millennium International, Ltd. - Class GG 6.0%
GMO Equity Dislocation Investment Fund - Class A 5.8%
Elliott Associates, LP - Class C Shares 4.4%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.  Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.  The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Aspiriant Defensive Allocation Fund
Aspiriant Risk-Managed Equity Allocation Fund
Advisor class/RMEAX
TSR Fund Logo - Cover
ANNUAL SHAREHOLDER REPORT | March 31, 2026
This annual shareholder report contains important information about the Aspiriant Risk-Managed Equity Allocation Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Aspiriant Risk-Managed Equity Allocation Fund
(Advisor class/RMEAX)		 $31 0.29%
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Aspiriant Risk-Managed Equity Allocation Fund ("Equity Allocation Fund" or the "Fund") returned 11.94% for the fiscal year ended March 31, 2026.  Over the same period, Equity Allocation Fund's benchmark, the MSCI ACWI Index, returned 20.01% and MSCI ACWI Minimum Volatility Index returned 3.86%.
TOP PERFORMANCE CONTRIBUTORS
  *   Underlying funds with allocations to emerging markets
  *   Underlying funds with allocations to international developed markets                                                                                                                                                                                                            
TOP PERFORMANCE DETRACTORS
  *   Underlying funds with a low volatility mandate
  *   Private funds with long/short exposures
  *   Sub-advisers and underlying funds with quality strategies
The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.  Investors cannot invest directly in an index, although they can invest in their underlying securities.
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets.
MSCI ACWI Minimum Volatility Index is composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Aspiriant Risk-Managed Equity Allocation Fund (Advisor class/RMEAX) 11.94% 7.80% 8.29%
MSCI ACWI Net 20.01% 9.49% 11.33%
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/fund-performance/ for the most recent performance information.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,283,088,169
Total number of portfolio holdings 119
Total advisory fees paid (net) $2,168,575
Portfolio turnover rate as of the end of the reporting period 21%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.  The Top Ten Holdings table may not reflect the total exposure to an issuer.
Top Ten Holdings
GMO Quality Fund - Class VI 33.4%
Schwab Fundamental Emerging Markets Equity ETF 7.7%
RIEF Strategic Partners Fund LLC - Series SB 7.4%
Baillie Gifford Emerging Markets Equities Fund - Class K 5.0%
GMO Equity Dislocation Investment Fund - Class A 4.8%
AQR Large Cap Defensive Style Fund - Class R6 4.0%
Viking Global Equities LP - Class H Interests 3.9%
iShares MSCI Global Min Vol Factor ETF 3.1%
iShares MSCI ACWI ETF 2.3%
Microsoft Corp. 1.1%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Material Fund Changes
Effective October 31, 2025, Aperio Group, LLC no longer serves as a sub-adviser to the Fund.  There were no changes to the Fund's investment objective or principal investment strategies as a result of this change, except for the elimination of the utilization of a tax-managed approach.
Changes in and Disagreements with Accountants
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.  Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.  The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/. You can also request this information by contacting us at 1-877-997-9971.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-997-9971 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Aspiriant Risk-Managed Equity Allocation Fund- Advisor class

 

 

 

 

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(b) Not applicable.

 

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

 

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item’s instructions.

 

(e) Not applicable.

 

(f) The registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

 

Item 3. Audit Committee Financial Expert.

 

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

 

(a)(2) As of the end of the period covered by the report, the registrant’s board of trustees has determined that Mr. Michael D. Leroy is qualified to serve as the audit committee financial expert serving on its audit committee and that he is “independent,” as defined in Form N-CSR Item 3(a)(2).

 

(a)(3) Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

 

Fiscal year ended March 31, 2025 $180,450
Fiscal year ended March 31, 2026 $116,000

 

 

 

 

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the registrant’s financial statements and were not reported under paragraph (a) of this Item. The audit-related fees include pricing, technology, travel, and other audit-related general expenses.

 

Fiscal year ended March 31, 2025 $6,850
Fiscal year ended March 31, 2026 $0

 

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are as follows. The tax services provided include review and signing of the registrant’s income and excise tax returns, and review of excise distribution calculations.

 

Fiscal year ended March 31, 2025 $40,760
Fiscal year ended March 31, 2026 $16,000

 

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

 

Fiscal year ended March 31, 2025 None
Fiscal year ended March 31, 2026 None

 

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

 

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

 

(2) None of the principal accountant’s fees or services described in each of paragraphs (b) through (d) of this Item were approved by the audit committee pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f) Less than 50% of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

(g) The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the past two fiscal years.

 

Fiscal year ended March 31, 2025 $48,233
Fiscal year ended March 31, 2026 $16,000

 

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

 

(i) Not applicable.

 

 

 

 

(j) Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a) Included as part of the financial statements and other information filed under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

 

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

 

ASPIRIANT DEFENSIVE ALLOCATION FUND

 

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

 

 

Each, a series of Aspiriant Trust

 

 

Annual Financial Statements and Other Information

 

March 31, 2026

 

 

 

 

 

ASPIRIANT TRUST

 

TABLE OF CONTENTS

 

Schedules of Investments

2

Statements of Assets and Liabilities

34

Statements of Operations

36

Statements of Changes in Net Assets

38

Financial Highlights

40

Notes to Financial Statements

44

Report of Independent Registered Public Accounting Firm

64

 

 

2

 

 

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Schedule of Investments

As of March 31, 2026

 

 

Number of
Shares

      

Value

  
       

OPEN-END MUTUAL FUNDS — 85.4%
       

CORE — 79.6%
    6,759,009  

DoubleLine Total Return Bond Fund - I Class

   $ 59,546,866  
    5,932,472  

PIMCO Income Fund - Institutional Class

     63,952,050  
    3,435,535  

River Canyon Total Return Bond Fund - Institutional Class

     33,805,665  
    4,608,694  

TCW MetWest Total Return Bond Fund - Plan Class

     39,358,245  
    12,265,284  

Vanguard Total Bond Market Index Fund - Institutional Class 1

     118,727,952  
              315,390,778  
       

OPPORTUNISTIC — 5.8%
    891,218  

GMO Emerging Country Debt Fund, Class VI

     20,480,184  
    451,871  

Vanguard High-Yield Corporate Fund - Admiral Shares

     2,462,697  
              22,942,881  
       

TOTAL OPEN-END MUTUAL FUNDS
       

(Cost $348,927,679)

     338,333,659  
                 
       

EXCHANGE-TRADED FUND — 6.0%
       

CORE — 6.0%
    429,196  

Vanguard Long-Term Treasury ETF

     23,758,145  
                 
       

TOTAL EXCHANGE-TRADED FUND
       

(Cost $24,995,470)

     23,758,145  
                 
       

NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.1%
       

OPPORTUNISTIC — 3.1%
    492,025  

TPG Twin Brook Capital Income Fund - I Class

     12,391,659  
                 
       

TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY
       

(Cost $12,479,003)

     12,391,659  
                 

 

 

 

Number of
Shares

      

Value

  
       

PRIVATE FUND2 — 1.7%
       

OPPORTUNISTIC — 1.7%
       

AG Direct Lending Fund IV Annex, LP* 3

   $ 6,541,482  
       

TOTAL PRIVATE FUND
       

(Cost $3,360,750)

     6,541,482  
                 
       

SHORT-TERM INVESTMENT — 4.2%
    16,644,258  

JPMorgan Prime Money Market Fund - Institutional Shares, 3.65%4

     16,645,922  
                 
       

TOTAL SHORT-TERM INVESTMENT
       

(Cost $16,647,827)

     16,645,922  
                 
       

TOTAL INVESTMENTS — 100.4%
       

(Cost $406,410,729)

     397,670,867  
       

Liabilities in excess of other assets — (0.4)%

     (1,416,947 )
                 
       

TOTAL NET ASSETS — 100.0%

   $ 396,253,920  

 

*Non-income producing security.

 

1

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

 

2

The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2026, the aggregate fair value of these investments is $6,541,482 or 1.7% of the Fund’s net assets.

 

3

The investment was acquired on 4/8/2022. The cost is $3,360,750.

 

4

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

 

ETF — Exchange-Traded Fund

 

LP — Limited Partnership

 

See accompanying Notes to Financial Statements.

 

 

3

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS — 78.1%
       

ALABAMA — 3.0%
  $ 1,715,000  

Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026

   $ 1,715,441  
    500,000  

Baldwin County Industrial Development Authority, 4.30%, 03/1/2056, Call 12/1/20321 2 3

     485,129  
    375,000  

Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028

     377,906  
       

Black Belt Energy Gas District

        
    2,000,000  

5.00%, 07/1/2033, Call 04/1/2033

     2,091,978  
    2,000,000  

5.00%, 10/1/2035, Call 07/1/2035

     2,003,430  
    1,000,000  

5.00%, 12/1/2035, Call 09/1/2035

     1,060,081  
    2,000,000  

4.00%, 06/1/2051, Call 09/1/20311

     2,021,090  
    500,000  

2.77% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/20264

     499,186  
    1,950,000  

5.25%, 02/1/2053, Call 03/1/20291

     2,046,267  
    500,000  

3.07% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/20274

     499,319  
    500,000  

5.00%, 12/1/2055, Call 02/1/20351

     529,208  
    1,500,000  

5.25%, 05/1/2056, Call 02/1/20321

     1,527,931  
    1,035,000  

County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033

     1,071,636  
    1,000,000  

Energy Southeast A Cooperative District, 5.25%, 07/1/2054, Call 03/1/20321

     1,066,916  
       

Health Care Authority for Baptist Health

        
    1,000,000  

5.00%, 11/15/2036, Call 11/15/2032

     1,050,638  
    875,000  

5.00%, 11/15/2037, Call 11/15/2032

     915,282  
    1,000,000  

Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034

     1,012,111  
    1,080,000  

Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292

     1,103,116  
    2,520,000  

Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027

     2,403,844  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ALABAMA (Continued)
       

Mobile County Industrial Development Authority

        
  $ 1,500,000  

5.00%, 06/1/2054, Call 06/20/20342

   $ 1,430,227  
    1,000,000  

4.75%, 12/1/2054, Call 12/1/20342

     919,323  
    3,000,000  

Southeast Alabama Gas Supply District, 5.00%, 08/1/2054, Call 01/1/20321

     3,180,436  
       

Southeast Energy Authority A Cooperative District

        
    750,000  

5.00%, 06/1/2030, Call 03/1/2030

     784,504  
    1,000,000  

5.00%, 10/1/2030, Call 07/1/2030

     1,061,539  
    1,500,000  

5.00%, 11/1/2035, Call 11/1/2034

     1,533,317  
    1,500,000  

5.25%, 01/1/2054, Call 04/1/20291

     1,573,689  
    500,000  

5.25%, 03/1/2055, Call 10/1/20321

     514,003  
    885,000  

5.00%, 05/1/2055, Call 11/1/20301

     936,536  
    1,000,000  

5.00%, 10/1/2055, Call 08/1/20321

     1,064,568  
    1,900,000  

UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029

     2,021,570  
              38,500,221  
       

ALASKA — 0.2%
    2,000,000  

Alaska Industrial Development & Export Authority, 4.00%, 10/1/2037, Call 10/1/2029

     1,950,620  
                 
       

ARIZONA — 0.9%
       

Arizona Industrial Development Authority

        
    210,000  

4.00%, 03/1/20273

     209,448  
    600,000  

4.00%, 07/1/2041, Call 07/1/2026

     539,893  
    1,000,000  

4.00%, 07/1/2061, Call 07/1/2026

     768,596  
    213,315  

Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/20273 5

     213,315  
    1,625,000  

Chandler Industrial Development Authority, 4.00%, 6/1/2049, Call 2/1/20291 2

     1,646,242  
    1,000,000  

City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027

     992,505  
    696,000  

Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 05/3/20263

     691,259  

 

 

 

 

4

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ARIZONA (Continued)
  $ 645,000  

Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026

   $ 648,179  
    340,000  

Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 05/3/20263

     333,017  
    1,000,000  

La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20273

     991,156  
    120,000  

Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/20293

     120,926  
       

Maricopa County Pollution Control Corp.

        
    500,000  

2.40%, 06/1/2035, Call 12/1/2031

     425,820  
    625,000  

0.88%, 06/1/20431

     618,145  
    1,995,000  

Salt Verde Financial Corp., 5.00%, 12/1/2032

     2,123,783  
    525,000  

Sierra Vista Industrial Development Authority, 6.25%, 06/15/2045, Call 06/15/2033

     538,170  
    785,000  

Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026

     787,751  
              11,648,205  
       

ARKANSAS — 0.1%
    500,000  

Arkansas Development Finance Authority, 5.45%, 09/1/2052, Call 05/3/20262

     504,091  
    1,255,000  

West Memphis School District No. 4, SAW, 2.75%, 02/1/2039, Call 05/3/2026

     1,057,587  
              1,561,678  
       

CALIFORNIA — 6.4%
    2,000,000  

Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037

     1,138,493  
    1,000,000  

Bay Area Toll Authority, 3.67% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20264

     1,001,418  
    1,325,000  

Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031

     952,415  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

CALIFORNIA (Continued)
       

California Community Choice Financing Authority

        
  $ 1,000,000  

5.00%, 11/1/2033, Call 08/1/2033

   $ 1,070,550  
    500,000  

4.00%, 05/1/2053, Call 05/1/20281

     506,201  
    2,125,000  

5.00%, 07/1/2053, Call 05/1/20291

     2,229,184  
    750,000  

4.08% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/20294

     758,803  
    1,000,000  

4.40% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/20294

     1,019,602  
    1,000,000  

5.25%, 01/1/2054, Call 10/1/20301

     1,058,248  
    500,000  

5.00%, 01/1/2055, Call 09/1/20321

     510,803  
    780,000  

5.00%, 08/1/2055, Call 07/1/20321

     809,841  
    1,000,000  

California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/20293

     807,991  
    95,000  

California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030

     82,790  
       

California Health Facilities Financing Authority

        
    155,000  

5.00%, 08/15/2036, Call 08/15/2027

     154,975  
    1,715,000  

4.00%, 11/15/2042, Call 11/15/2027

     1,634,496  
    3,000,000  

5.00%, 11/15/2048, Call 11/15/2027

     3,015,764  
       

California Municipal Finance Authority

        
    905,000  

5.00%, 10/1/2035, Call 05/3/2026

     905,150  
    1,000,000  

5.00%, 02/1/2037, Call 02/1/2027

     1,007,178  
    50,000  

5.00%, 10/1/2039, Call 10/1/20273

     50,005  
    1,000,000  

4.05%, 07/20/2041

     954,594  
    850,000  

5.00%, 06/1/2046, Call 06/1/2026

     837,625  
    1,000,000  

4.00%, 12/31/2047, Call 06/30/20282

     903,030  
    1,000,000  

California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/20262 3

     1,001,465  
       

California School Finance Authority

        
    650,000  

5.00%, 08/1/2036, Call 05/3/20263

     650,039  
    1,250,000  

5.00%, 06/1/2040, Call 06/1/20273

     1,157,147  
    900,000  

5.00%, 08/1/2041, Call 05/3/20263

     895,895  

 

 

 

 

5

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

CALIFORNIA (Continued)
       

California Statewide Communities Development Authority

        
  $ 1,500,000  

5.25%, 12/1/2044, Call 04/23/2026

   $ 1,501,916  
    1,000,000  

5.50%, 12/1/2054, Call 04/23/2026

     1,001,365  
    1,000,000  

5.50%, 12/1/2058, Call 06/1/20283

     1,017,852  
       

Central Valley Energy Authority

        
    500,000  

5.00%, 08/1/2034, Call 05/1/2034

     526,319  
    2,125,000  

5.00%, 12/1/2055, Call 05/1/20351

     2,288,411  
       

City of Lathrop

        
    490,000  

5.00%, 09/2/2040, Call 09/2/2026

     490,599  
    1,000,000  

5.60%, 09/1/2049, Call 09/1/2026

     989,374  
       

City of Los Angeles Department of Airports

        
    1,500,000  

5.00%, 05/15/2034, Call 05/15/20282

     1,549,805  
    1,000,000  

5.00%, 05/15/2048, Call 05/15/20292

     1,005,968  
    1,000,000  

5.25%, 05/15/2048, Call 05/15/20282

     1,013,147  
    1,000,000  

3.25%, 05/15/2049, Call 05/15/20322

     739,946  
    2,000,000  

4.00%, 05/15/2051, Call 11/15/20312

     1,751,757  
    1,000,000  

5.50%, 05/15/2055, Call 05/15/20352

     1,056,560  
    700,000  

County of San Bernardino, 4.00%, 09/1/2042, Call 05/3/2026

     638,665  
    1,500,000  

CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/20313

     1,295,951  
    2,000,000  

Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035

     1,488,400  
    3,000,000  

Golden State Tobacco Securitization Corp., 0.00%, 06/1/2066, Call 12/1/2031

     300,647  
    1,000,000  

Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 05/3/2026

     1,000,706  
    2,000,000  

Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 04/18/2026

     977,678  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

CALIFORNIA (Continued)
       

Los Angeles Department of Water & Power

        
  $ 1,000,000  

5.00%, 07/1/2031, Call 07/1/2028

   $ 1,042,539  
    830,000  

5.00%, 07/1/2032, Call 07/1/2029

     875,979  
    925,000  

5.00%, 07/1/2033, Call 07/1/2028

     960,925  
       

Los Angeles Department of Water & Power Water System Revenue

        
    1,000,000  

5.00%, 07/1/2043, Call 07/1/2035

     1,065,348  
    1,250,000  

5.00%, 07/1/2045, Call 07/1/2035

     1,313,600  
    300,000  

M-S-R Energy Authority, 7.00%, 11/1/2034

     355,127  
    5,000,000  

Palomar Health, AGC, 0.00%, 08/1/2032

     3,873,339  
    930,000  

Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029

     962,191  
    1,000,000  

Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032

     969,227  
    415,000  

Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 05/3/2026

     415,255  
    1,000,000  

Riverside County Transportation Commission, 3.00%, 06/1/2049, Call 06/1/2031

     728,227  
    750,000  

Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026

     756,263  
    2,500,000  

Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026

     2,547,661  
    1,565,000  

San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037

     1,626,200  
       

San Diego County Regional Airport Authority

        
    680,000  

5.25%, 07/1/2043, Call 07/1/20352

     737,933  
    1,430,000  

5.00%, 07/1/2048, Call 07/1/20332

     1,448,105  
    1,000,000  

San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033

     1,076,736  
    625,000  

San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040

     650,461  
       

San Francisco City & County Airport Commission-San Francisco International Airport

        
    1,000,000  

5.00%, 05/1/2039, Call 05/1/20292

     1,028,838  
    1,410,000  

5.25%, 05/1/2044, Call 05/1/20342

     1,501,632  

 

 

 

 

6

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

CALIFORNIA (Continued)
  $ 2,500,000  

5.50%, 05/1/2055, Call 05/1/20352

   $ 2,640,953  
    475,000  

San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034

     354,454  
    1,500,000  

San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/20351

     1,634,732  
    550,000  

Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031

     362,075  
    500,000  

Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029

     406,350  
    1,000,000  

South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 05/3/2026

     1,000,310  
       

Southern California Public Power Authority

        
    565,000  

5.00%, 11/1/2029

     591,394  
    1,390,000  

5.00%, 11/1/2033

     1,463,819  
    2,000,000  

5.00%, 04/1/2055, Call 06/1/20301

     2,085,660  
    1,250,000  

Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031

     1,073,821  
    250,000  

State of California, 4.00%, 08/1/2038, Call 08/1/2026

     250,169  
    100,000  

Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20273

     103,155  
    500,000  

Yosemite Community College District, 0.00%, 08/1/2042

     448,932  
              82,100,178  
       

COLORADO — 4.4%
       

Aerotropolis Regional Transportation Authority

        
    970,000  

5.00%, 12/1/2051, Call 05/3/2026

     880,602  
    1,500,000  

5.75%, 12/1/2054, Call 12/1/20293

     1,480,212  
    1,000,000  

Boulder Valley School District No. Re-2 Boulder, SAW, 4.25%, 12/1/2042, Call 05/3/2026

     992,891  
    500,000  

Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 05/3/2026

     411,194  
    1,500,000  

Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034

     1,527,988  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

COLORADO (Continued)
       

Cathedral Pines Metropolitan District

        
  $ 580,000  

5.00%, 12/1/2031, Call 12/1/2026

   $ 583,652  
    2,005,000  

5.00%, 12/1/2046, Call 12/1/2026

     1,977,918  
       

City & County of Denver Airport System Revenue

        
    1,000,000  

5.50%, 11/15/2040, Call 11/15/20322

     1,088,221  
    1,000,000  

5.75%, 11/15/2041, Call 11/15/20322

     1,100,121  
    1,000,000  

5.00%, 11/15/2047, Call 11/15/20322

     1,013,587  
    2,000,000  

5.00%, 12/1/2048, Call 12/1/20282

     2,005,799  
    1,000,000  

Colorado Bridge & Tunnel Enterprise, AG, 5.50%, 12/1/2054, Call 12/1/2034

     1,058,187  
       

Colorado Educational & Cultural Facilities Authority

        
    500,000  

5.00%, 12/15/2028, Call 05/3/20263

     500,397  
    390,000  

4.75%, 04/1/2030, Call 05/3/2026

     390,347  
    460,000  

5.00%, 10/1/2039, Call 10/1/20273

     461,029  
    500,000  

4.00%, 07/1/2041, Call 07/1/20313

     418,708  
    550,000  

5.25%, 03/1/2056, Call 03/1/2036

     568,009  
    1,425,000  

6.88%, 02/1/2059, Call 02/1/20353

     1,489,386  
       

Colorado Educational & Cultural Facilities Authority, MORAL OBLG

        
    95,000  

5.00%, 08/15/2034, Call 05/3/2026

     95,232  
    1,000,000  

5.00%, 03/15/2035, Call 03/15/2030

     1,037,399  
    500,000  

4.00%, 10/1/2039, Call 05/3/2026

     466,326  
       

Colorado Health Facilities Authority

        
    500,000  

5.00%, 01/15/2035, Call 05/3/2026

     500,689  
    500,000  

5.00%, 06/1/2036, Call 06/1/2027

     513,762  
    1,000,000  

4.00%, 08/1/2039, Call 08/1/2029

     969,892  
    500,000  

8.00%, 08/1/2043, Call 05/3/20265

     314,773  
    2,000,000  

4.00%, 11/15/2043, Call 11/15/2029

     1,893,888  
    2,000,000  

5.00%, 05/15/2045, Call 05/3/2026

     2,000,775  
    750,000  

4.00%, 11/15/2048, Call 05/15/2028

     660,488  
    2,000,000  

4.00%, 08/1/2049, Call 08/1/2029

     1,725,268  

 

 

 

 

7

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

COLORADO (Continued)
  $ 2,800,000  

5.25%, 12/1/2050, Call 12/1/2035

   $ 2,876,808  
    500,000  

5.25%, 11/1/2052, Call 11/1/2032

     509,087  
    1,000,000  

5.50%, 12/1/2055, Call 12/1/2035

     1,035,009  
    1,000,000  

Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2051, Call 04/23/2026

     974,397  
    700,000  

Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030

     693,391  
    500,000  

Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 04/23/2026

     500,532  
    1,059,467  

Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026

     691,554  
    1,250,000  

Denver City & County Housing Authority, 5.00%, 12/1/2045, Call 12/1/2035

     1,265,613  
    500,000  

Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026

     502,871  
       

Denver Health & Hospital Authority

        
    1,470,000  

5.00%, 12/1/2039, Call 05/3/2026

     1,472,914  
    335,000  

5.13%, 12/1/2050, Call 12/1/2034

     331,175  
    1,000,000  

E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026

     566,751  
    480,000  

E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030

     422,449  
    780,000  

Grand River Hospital District, AG, 6.00%, 12/1/2044, Call 12/1/2035

     889,920  
    500,000  

Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/20293

     506,510  
    1,790,000  

Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027

     1,813,702  
    770,000  

North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 05/3/2026

     770,508  
    1,000,000  

Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 05/3/20265

     870,466  
    425,000  

Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027

     428,582  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

COLORADO (Continued)
  $ 1,500,000  

Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028

   $ 954,629  
    4,000,000  

Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026

     4,033,480  
    1,500,000  

State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032

     1,711,497  
    125,000  

Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027

     127,960  
    1,000,000  

Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 05/3/2026

     932,779  
    575,000  

Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026

     575,549  
    1,000,000  

Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032

     1,053,548  
    1,000,000  

Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028

     1,014,089  
              55,652,510  
       

CONNECTICUT — 0.3%
    1,500,000  

Connecticut State Health & Educational Facilities Authority, 4.00%, 07/1/2042, Call 07/1/2032

     1,385,419  
    1,000,000  

Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20273

     1,010,013  
    1,500,000  

State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031

     1,507,346  
              3,902,778  
       

DELAWARE — 0.3%
    1,435,000  

Delaware State Economic Development Authority, 4.00%, 10/1/20401

     1,413,025  
    945,000  

Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033

     1,035,021  
    1,500,000  

Delaware Transportation Authority, 5.00%, 06/1/2055, Call 04/23/2026

     1,499,931  
              3,947,977  
       

DISTRICT OF COLUMBIA — 1.1%
    1,000,000  

District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033

     1,052,453  

 

 

 

 

8

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

DISTRICT OF COLUMBIA (Continued)
  $ 5,000,000  

District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 05/3/2026

   $ 1,151,683  
       

Metropolitan Washington Airports Authority

        
    1,520,000  

4.00%, 10/1/2036, Call 10/1/20262

     1,511,680  
    1,820,000  

5.00%, 10/1/2042, Call 10/1/20272

     1,837,112  
       

Metropolitan Washington Airports Authority Aviation Revenue

        
    500,000  

5.00%, 10/1/2046, Call 10/1/20312

     509,476  
    1,200,000  

5.00%, 10/1/2049, Call 10/1/20292

     1,204,498  
    1,850,000  

4.00%, 10/1/2051, Call 10/1/20312

     1,587,256  
       

Metropolitan Washington Airports Authority Dulles Toll Road Revenue

        
    750,000  

4.00%, 10/1/2035, Call 10/1/2029

     753,965  
    2,130,000  

4.00%, 10/1/2049, Call 10/1/2029

     1,823,727  
       

Washington Convention & Sports Authority

        
    500,000  

4.00%, 10/1/2035, Call 10/1/2030

     510,280  
    875,000  

4.00%, 10/1/2036, Call 10/1/2030

     887,616  
    1,000,000  

Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2054, Call 07/15/2034

     1,017,115  
              13,846,861  
       

FLORIDA — 6.2%
    1,335,000  

Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 05/3/2026

     1,335,608  
    1,175,000  

Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/3/2026

     1,175,026  
    100,000  

Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028

     87,992  
       

Capital Trust Agency, Inc.

        
    200,000  

4.38%, 06/15/20273

     199,842  
    350,000  

5.35%, 07/1/2029, Call 05/3/2026

     350,463  
    95,000  

Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/3/2026

     92,658  
    500,000  

City of Atlantic Beach, 5.63%, 11/15/2043, Call 05/3/2026

     500,361  
    500,000  

City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048

     525,689  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

FLORIDA (Continued)
  $ 425,000  

City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032

   $ 441,245  
    450,000  

City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027

     462,389  
    1,000,000  

City of Pensacola Airport Revenue, 5.50%, 10/1/2050, Call 10/1/20352

     1,053,901  
    1,000,000  

City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065, Call 05/15/20301

     1,076,925  
       

City of Tampa

        
    1,000,000  

5.00%, 11/15/2046, Call 05/15/2026

     1,000,530  
    1,000,000  

5.00%, 07/1/2050, Call 07/1/2030

     1,002,080  
    500,000  

County of Bay, 5.00%, 09/1/2043, Call 05/3/2026

     499,973  
    2,000,000  

County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/20322

     2,057,208  
       

County of Broward Airport System Revenue

        
    1,185,000  

5.00%, 10/1/2035, Call 10/1/20292

     1,237,628  
    1,000,000  

5.00%, 10/1/2036, Call 05/3/20262

     1,000,927  
    1,035,000  

County of Broward Convention Center Hotel Revenue, 5.00%, 01/1/2047, Call 01/1/2032

     1,068,838  
    1,000,000  

County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031

     897,424  
    1,500,000  

County of Lee Airport Revenue, 5.50%, 10/1/2056, Call 10/1/20362

     1,571,780  
    1,000,000  

County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/20342

     1,024,320  
       

County of Miami-Dade

        
    4,020,000  

5.00%, 07/1/2038, Call 07/1/2026

     4,035,902  
    650,000  

4.00%, 07/1/2042, Call 07/1/2028

     650,628  
       

County of Miami-Dade Aviation Revenue

        
    3,000,000  

5.00%, 10/1/2036, Call 10/1/20342

     3,278,886  
    500,000  

5.00%, 10/1/2049, Call 10/1/20292

     499,831  
       

County of Miami-Dade Transit System

        
    2,000,000  

4.00%, 07/1/2048, Call 07/1/2028

     1,793,223  

 

 

 

 

9

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

FLORIDA (Continued)
  $ 1,500,000  

4.00%, 07/1/2049, Call 07/1/2030

   $ 1,325,711  
    1,000,000  

County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031

     931,136  
    175,000  

County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/20293

     175,827  
    375,000  

County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033

     402,296  
    1,000,000  

County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030

     978,328  
       

Florida Development Finance Corp.

        
    970,000  

12.00%, 07/15/2032, Call 04/13/20261 2 3

     339,500  
    645,000  

6.25%, 07/1/2034, Call 05/3/2026

     645,821  
    1,000,000  

5.50%, 07/1/2053, Call 07/1/20322

     745,000  
    180,000  

5.25%, 06/1/2054, Call 06/1/20343

     172,615  
    1,750,000  

4.38%, 10/1/2054, Call 07/3/20311 2 3

     1,759,053  
    2,040,000  

10.00%, 07/1/2057, Call 05/3/20261 2 3

     1,407,600  
    3,125,000  

Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/20322

     3,070,769  
    500,000  

Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20283

     489,801  
    1,000,000  

FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 05/3/2026

     1,001,857  
    500,000  

Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/3/2026

     500,166  
       

Greater Orlando Aviation Authority

        
    1,000,000  

5.00%, 11/15/2036, Call 05/3/20262

     999,973  
    1,000,000  

5.50%, 11/1/2037, Call 11/1/20332

     1,042,574  
    1,665,000  

5.00%, 10/1/2046, Call 10/1/20262

     1,684,120  
    2,000,000  

4.00%, 10/1/2052, Call 10/1/20312

     1,721,444  
    2,000,000  

Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282

     2,031,830  
    2,000,000  

Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028

     2,048,093  
    350,000  

Lake Ashton Community Development District, 5.00%, 05/1/2037, Call 05/3/2026

     350,140  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

FLORIDA (Continued)
  $ 1,670,000  

Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/3/2026

   $ 1,671,368  
       

Lakewood Ranch Stewardship District

        
    1,245,000  

5.13%, 05/1/2047, Call 05/1/20273

     1,229,353  
    1,000,000  

3.88%, 05/1/2051, Call 05/1/20303

     788,987  
    1,000,000  

Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033

     1,036,267  
       

Lee County Industrial Development Authority

        
    500,000  

5.00%, 11/15/2039, Call 11/15/2026

     510,511  
    100,000  

5.75%, 06/15/2042, Call 05/3/20263

     100,007  
    2,000,000  

5.00%, 11/15/2044, Call 11/15/2026

     2,018,169  
    1,000,000  

5.00%, 11/15/2049, Call 11/15/2026

     968,893  
    2,000,000  

Lee County School Board, 5.25%, 08/1/2050, Call 08/1/2035

     2,093,411  
    825,000  

Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/3/2026

     825,648  
    355,000  

Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/3/2026

     355,170  
    1,000,000  

Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 05/3/2026

     1,000,740  
    715,000  

Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046

     711,725  
       

Miami-Dade County Industrial Development Authority

        
    525,000  

5.00%, 09/15/2034, Call 05/3/2026

     525,224  
    330,000  

5.25%, 09/15/2044, Call 05/3/2026

     320,891  
    1,000,000  

5.38%, 07/1/20651 3

     1,026,379  
    680,000  

Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028

     690,421  
    1,500,000  

Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026

     1,504,439  

 

 

 

 

10

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

FLORIDA (Continued)
  $ 900,000  

River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/20343

   $ 869,399  
    1,535,000  

South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027

     1,545,942  
    100,000  

Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/3/2026

     99,997  
    2,000,000  

Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028

     2,011,702  
    135,000  

Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028

     136,709  
    405,000  

Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/3/2026

     405,263  
    1,000,000  

Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033

     1,049,714  
       

Wildwood Utility Dependent District, BAM

        
    750,000  

5.00%, 10/1/2036, Call 10/1/2031

     804,502  
    1,000,000  

5.00%, 10/1/2046, Call 10/1/2031

     1,026,964  
    875,000  

Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032

     782,270  
              78,854,996  
       

GEORGIA — 2.7%
    250,000  

Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/20293

     255,331  
    1,100,000  

Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030

     1,082,358  
    1,000,000  

Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029

     963,026  
    2,000,000  

Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033

     1,951,870  
       

Burke County Development Authority

        
    500,000  

2.20%, 10/1/2032, Call 11/19/2026

     443,381  
    1,000,000  

4.13%, 11/1/2045, Call 02/1/2028

     937,296  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

GEORGIA (Continued)
  $ 500,000  

Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027

   $ 506,928  
       

George L Smith II Congress Center Authority

        
    500,000  

5.00%, 01/1/2054, Call 01/1/20313

     461,044  
    1,000,000  

4.00%, 01/1/2054, Call 01/1/2031

     824,289  
       

Georgia Housing & Finance Authority

        
    725,000  

5.00%, 12/1/2042, Call 06/1/2033

     767,285  
    1,000,000  

4.70%, 12/1/2054, Call 06/1/2033

     979,155  
    170,000  

Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20273

     170,894  
       

Main Street Natural Gas, Inc.

        
    1,470,000  

5.00%, 05/15/2034, Call 05/15/2029

     1,515,993  
    1,000,000  

5.00%, 05/15/2043, Call 05/15/2029

     1,007,653  
    1,000,000  

5.00%, 05/15/2049

     1,008,671  
    1,350,000  

4.00%, 07/1/2052, Call 06/1/20271

     1,365,921  
    1,500,000  

4.00%, 08/1/2052, Call 05/1/20271 3

     1,497,018  
    1,000,000  

5.00%, 12/1/2052, Call 03/1/20291

     1,043,650  
    1,000,000  

5.00%, 06/1/2053, Call 03/1/20301

     1,046,731  
    1,320,000  

5.00%, 09/1/2053, Call 06/1/20301

     1,388,307  
    2,000,000  

5.00%, 12/1/2053, Call 03/1/20311

     2,117,932  
    2,000,000  

5.00%, 05/1/2054, Call 09/1/20301

     2,101,349  
    1,000,000  

5.00%, 05/1/2054, Call 06/1/20311

     1,060,180  
    250,000  

5.00%, 12/1/2055, Call 09/1/20351

     262,654  
    4,000,000  

Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027

     4,032,395  
       

Municipal Electric Authority of Georgia

        
    750,000  

5.00%, 07/1/2052, Call 07/1/2032

     757,997  
    200,000  

5.00%, 01/1/2056, Call 01/1/2030

     199,639  
    1,000,000  

5.00%, 01/1/2063, Call 07/1/2028

     988,104  
    1,335,000  

Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033

     1,350,244  
       

Savannah Georgia Convention Center Authority

        
    250,000  

5.25%, 06/1/2061, Call 06/1/2035

     242,144  
    1,000,000  

6.25%, 06/1/2061, Call 06/1/20353

     989,885  

 

 

 

 

11

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

GEORGIA (Continued)
  $ 1,000,000  

Savannah Georgia Convention Center Authority, AG, 5.00%, 06/1/2058, Call 06/1/2035

   $ 1,002,759  
              34,322,083  
       

GUAM — 0.0%6
    250,000  

Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031

     238,157  
                 
       

HAWAII — 0.2%
       

State of Hawaii Airports System Revenue

        
    1,000,000  

5.00%, 07/1/2048, Call 07/1/20282

     1,003,509  
    1,000,000  

5.25%, 07/1/2051, Call 07/1/20352

     1,028,654  
              2,032,163  
       

IDAHO — 0.2%
    300,000  

Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 05/3/2026

     300,118  
       

Idaho Housing & Finance Association

        
    370,000  

6.00%, 07/1/2039, Call 07/1/20283

     376,243  
    415,000  

6.00%, 07/1/2049, Call 07/1/20283

     416,565  
    565,000  

6.00%, 07/1/2054, Call 07/1/20283

     565,058  
    1,000,000  

Spring Valley Community Infrastructure District No. 1, 6.25%, 09/1/2054, Call 09/1/20303

     1,024,227  
              2,682,211  
       

ILLINOIS — 8.1%
       

Chicago Board of Education

        
    1,000,000  

5.00%, 12/1/2036, Call 12/1/2030

     1,000,804  
    1,000,000  

5.00%, 12/1/2040, Call 12/1/2030

     966,517  
    1,000,000  

5.00%, 12/1/2046, Call 05/3/2026

     914,308  
    2,500,000  

Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033

     2,617,092  
    1,615,000  

Chicago Midway International Airport, 5.00%, 01/1/2046, Call 01/1/2035

     1,683,921  
       

Chicago O’Hare International Airport

        
    40,000  

3.88%, 01/1/2032, Call 05/3/2026

     40,007  
    500,000  

5.00%, 07/1/2033, Call 07/1/20282

     513,935  
    1,000,000  

4.00%, 01/1/2044, Call 01/1/2029

     940,487  
    1,000,000  

5.00%, 01/1/2048, Call 01/1/20292

     1,000,177  
    1,485,000  

5.50%, 01/1/2048, Call 01/1/20352

     1,569,308  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ILLINOIS (Continued)
  $ 625,000  

5.50%, 01/1/2055, Call 01/1/20322

   $ 643,270  
    740,000  

5.50%, 01/1/2059, Call 01/1/20342

     764,851  
    1,000,000  

Chicago O’Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/20312

     1,025,403  
    3,250,000  

Chicago O’Hare International Airport, BAM, 5.00%, 01/1/2060, Call 01/1/20332

     3,207,338  
    2,500,000  

Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026

     2,507,193  
       

Chicago Transit Authority Sales Tax Receipts Fund

        
    900,000  

5.00%, 12/1/2049, Call 12/1/2034

     913,070  
    2,265,000  

5.25%, 12/1/2051, Call 12/1/2035

     2,354,241  
    1,500,000  

5.00%, 12/1/2055, Call 12/1/2029

     1,506,856  
    1,000,000  

5.50%, 12/1/2056, Call 12/1/2035

     1,047,945  
    1,885,000  

Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031

     1,935,618  
       

City of Chicago

        
    1,835,000  

5.00%, 01/1/2034, Call 01/1/2031

     1,883,365  
    700,000  

5.00%, 01/1/2043, Call 01/1/2033

     684,578  
    1,150,000  

5.00%, 01/1/2044, Call 01/1/2033

     1,109,204  
    1,000,000  

5.25%, 01/1/2045, Call 01/1/2033

     985,017  
    2,000,000  

City of Joliet Waterworks & Sewerage Revenue, BAM, 5.25%, 01/1/2050, Call 01/1/2035

     2,069,883  
    750,000  

City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033

     755,312  
       

Cook County Community College District No. 508, BAM

        
    1,250,000  

5.00%, 12/1/2039, Call 12/1/2033

     1,338,434  
    200,000  

5.50%, 12/1/2051, Call 12/1/2035

     211,336  
    1,100,000  

Cook County Township High School District No. 201 J Sterling Morton, AG, 5.00%, 06/1/2045, Call 06/1/2036

     1,154,871  
    1,000,000  

County of Cook Sales Tax Revenue, 5.00%, 11/15/2038, Call 11/15/2030

     1,052,141  
    900,000  

Grand Prairie Water Commission, BAM, 5.25%, 01/1/2050, Call 01/1/2035

     937,334  
       

Illinois Educational Facilities Authority

        
    2,000,000  

4.50%, 11/1/2036, Call 05/3/2026

     2,000,413  

 

 

 

 

12

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ILLINOIS (Continued)
  $ 570,000  

3.90%, 11/1/2036, Call 11/1/2027

   $ 574,635  
       

Illinois Finance Authority

        
    700,000  

5.00%, 08/1/2026

     703,677  
    425,000  

5.00%, 08/1/2027

     434,046  
    500,000  

5.00%, 08/1/2028, Call 08/1/2027

     509,116  
    670,000  

5.00%, 03/1/2033, Call 03/1/2027

     676,780  
    55,000  

5.00%, 02/15/2034, Call 02/15/2027

     56,139  
    260,000  

5.00%, 02/15/2034, Call 02/15/2027

     263,329  
    500,000  

5.00%, 03/1/2034, Call 03/1/2027

     504,558  
    1,420,000  

4.00%, 08/1/2036, Call 08/1/2031

     1,312,149  
    225,000  

5.00%, 02/15/2037, Call 08/15/2027

     225,328  
    600,000  

4.00%, 08/15/2037, Call 08/15/2031

     586,575  
    1,695,000  

4.00%, 07/1/2038, Call 07/1/2029

     1,696,180  
    1,000,000  

4.00%, 07/15/2039, Call 07/15/2031

     967,379  
    1,000,000  

4.00%, 08/1/2043, Call 08/1/2031

     860,710  
    1,000,000  

4.80%, 12/1/2043, Call 07/1/20331 2 3

     1,007,539  
    845,000  

4.80%, 12/1/2043, Call 07/1/20331 2 3

     851,370  
    1,590,000  

5.00%, 06/1/2044, Call 12/1/2032

     1,658,421  
    1,925,000  

5.00%, 09/1/2046, Call 09/1/2026

     1,918,346  
    2,100,000  

5.00%, 02/15/2047, Call 08/15/2027

     1,948,972  
    1,250,000  

4.00%, 07/15/2047, Call 01/15/2028

     1,100,316  
    1,000,000  

5.00%, 12/1/2047, Call 12/1/2027

     950,741  
    4,330,000  

5.25%, 05/15/2048, Call 05/15/2033

     4,513,642  
    1,250,000  

4.00%, 08/15/2048, Call 08/15/2031

     1,093,706  
    1,000,000  

4.13%, 12/1/2050, Call 12/1/20321 2 3

     976,610  
    3,000,000  

Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 04/28/2026

     3,049,882  
       

Illinois State Toll Highway Authority

        
    1,000,000  

5.00%, 01/1/2040, Call 01/1/2031

     1,057,845  
    375,000  

5.00%, 01/1/2040, Call 05/3/2026

     374,972  
    2,775,000  

5.00%, 01/1/2040, Call 05/3/2026

     2,774,793  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ILLINOIS (Continued)
  $ 2,000,000  

4.00%, 01/1/2046, Call 01/1/2032

   $ 1,846,202  
    1,500,000  

5.00%, 01/1/2046, Call 01/1/2032

     1,548,166  
    1,000,000  

Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028

     1,033,182  
    1,830,000  

Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032

     1,841,982  
    1,000,000  

Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027

     990,467  
       

Metropolitan Pier & Exposition Authority

        
    500,000  

4.00%, 12/15/2042, Call 12/15/2031

     471,746  
    1,355,000  

5.00%, 06/15/2050, Call 12/15/2029

     1,350,324  
    720,000  

5.50%, 06/15/2053, Call 05/3/2026

     720,160  
    1,000,000  

5.00%, 06/15/2053, Call 05/3/2026

     983,092  
    530,000  

5.00%, 06/15/2057, Call 12/15/2027

     516,778  
    1,905,000  

Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026

     1,919,404  
    1,000,000  

Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027

     1,006,416  
    500,000  

Sales Tax Securitization Corp., 4.00%, 01/1/2038, Call 01/1/2030

     489,473  
    750,000  

Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029

     735,883  
    1,000,000  

Southwestern Illinois Development Authority, BAM, 5.50%, 04/1/2050, Call 04/1/2035

     1,068,203  
       

State of Illinois

        
    1,000,000  

5.00%, 11/1/2026

     1,012,721  
    2,000,000  

3.00%, 06/15/2033, Call 06/15/2026

     1,880,903  
    660,000  

5.00%, 03/1/2036, Call 03/1/2031

     696,053  
    1,000,000  

4.25%, 12/1/2037, Call 12/1/2027

     986,384  
    875,000  

3.00%, 12/1/2041, Call 12/1/2031

     694,070  
    500,000  

5.00%, 03/1/2046, Call 03/1/2031

     504,939  

 

 

 

 

13

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

ILLINOIS (Continued)
  $ 2,000,000  

State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026

   $ 2,003,769  
    1,500,000  

University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028

     1,510,270  
    615,000  

Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20273

     580,140  
    1,500,000  

Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 05/3/2026

     1,493,685  
       

Will County Community High School District No. 210 Lincoln-Way, BAM

        
    550,000  

0.00%, 01/1/2031

     463,161  
    250,000  

0.00%, 01/1/2032

     201,910  
    735,000  

Will County Community Unit School District No. 201-U Crete-Monee, AG, 4.00%, 01/1/2036, Call 05/3/2026

     735,123  
    560,000  

Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 04/23/2026

     559,980  
              103,826,571  
       

INDIANA — 0.9%
    325,000  

City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032

     337,528  
    1,450,000  

City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031

     1,345,939  
       

Indiana Finance Authority

        
    1,000,000  

3.00%, 11/1/2030

     973,835  
    1,000,000  

3.00%, 11/1/2030

     973,835  
    3,000,000  

4.00%, 11/1/2033, Call 11/1/2027

     3,021,248  
    1,500,000  

5.00%, 10/1/2042, Call 10/1/2033

     1,591,490  
    2,000,000  

Indianapolis Local Public Improvement Bond Bank, 5.00%, 01/15/2039, Call 01/15/2035

     2,188,685  
    1,150,000  

IPS Multi-School Building Corp., ST AID INTERCEPT, 5.00%, 07/15/2045, Call 07/15/2035

     1,202,444  
    400,000  

IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033

     420,157  
              12,055,161  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

IOWA — 0.6%

       

Iowa Finance Authority

        
  $ 2,520,000  

4.75%, 08/1/2042, Call 05/3/2026

   $ 2,520,192  
    1,000,000  

5.00%, 12/1/2050, Call 12/1/2032

     1,127,045  
    3,200,000  

Iowa Finance Authority, GNMA/FNMA/FHLMC, 2.42%, 07/1/2049, Call 04/2/20261

     3,200,000  
    4,485,000  

Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031

     612,106  
              7,459,343  
       

KANSAS — 0.1%
    1,000,000  

City of Wichita , 5.88%, 05/15/2050, Call 05/15/2031

     960,550  
    1,000,000  

Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033

     980,757  
              1,941,307  
       

KENTUCKY — 1.1%
    1,000,000  

County of Carroll, 2.13%, 10/1/2034, Call 06/1/20312

     833,323  
       

Kentucky Economic Development Finance Authority

        
    200,000  

5.00%, 06/1/2037, Call 06/1/2027

     200,474  
    1,100,000  

5.00%, 07/1/2040, Call 05/3/2026

     1,100,596  
    2,000,000  

5.00%, 06/1/2045, Call 06/1/2027

     1,978,995  
    1,500,000  

Kentucky Municipal Energy Agency, AG, 5.00%, 01/1/2055, Call 01/1/2035

     1,512,725  
    765,000  

Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026

     769,627  
       

Kentucky Public Energy Authority

        
    1,000,000  

5.00%, 05/1/2036, Call 02/1/2036

     1,053,347  
    500,000  

5.25%, 06/1/2055, Call 09/1/20291

     529,313  
    1,000,000  

Kentucky State Property & Building Commission, 5.00%, 09/1/2044, Call 09/1/2035

     1,072,148  
       

Louisville/Jefferson County Metropolitan Government

        
    1,500,000  

5.00%, 10/1/2042, Call 10/1/2033

     1,580,577  
    2,500,000  

5.00%, 05/15/2052, Call 05/15/2032

     2,363,358  
    1,000,000  

Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026

     1,007,211  
              14,001,694  

 

 

 

 

14

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

LOUISIANA — 1.5%
  $ 1,000,000  

City of Shreveport Water & Sewer Revenue, AG, 5.00%, 12/1/2035

   $ 1,122,478  
    1,500,000  

Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027

     1,529,547  
    1,000,000  

Louisiana Offshore Terminal Authority, 4.20%, 09/1/20341

     1,013,277  
    415,000  

Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030

     411,125  
    1,205,000  

Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027

     1,220,722  
    1,000,000  

Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027

     1,008,885  
       

Louisiana Public Facilities Authority

        
    1,400,000  

5.00%, 07/1/2042, Call 07/1/2027

     1,410,933  
    1,500,000  

5.25%, 10/1/2053, Call 04/1/2033

     1,473,823  
    1,000,000  

5.50%, 09/1/2054, Call 09/1/20342

     1,012,931  
    1,000,000  

5.75%, 09/1/2064, Call 09/1/20342

     1,026,006  
    2,500,000  

5.00%, 09/1/2066, Call 09/1/20342

     2,359,139  
    500,000  

Louisiana Public Facilities Authority, AG, 5.25%, 07/1/2050, Call 07/1/2035

     519,424  
    1,000,000  

Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033

     1,029,308  
       

New Orleans Aviation Board

        
    500,000  

5.00%, 10/1/2035, Call 10/1/2028

     515,902  
    1,500,000  

5.00%, 01/1/2048, Call 01/1/20272

     1,499,993  
    1,270,000  

New Orleans Aviation Board, AG-CR, 5.25%, 01/1/2044, Call 01/1/20342

     1,341,046  
    1,260,000  

Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282

     1,278,884  
              19,773,423  
       

MAINE — 0.4%
    1,325,000  

City of Lewiston, 1.38%, 02/15/2033, Call 02/15/2028

     1,086,711  
       

Maine Health & Higher Educational Facilities Authority

        
    1,615,000  

5.00%, 07/1/2035, Call 07/1/2027

     1,639,438  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

MAINE (Continued)
  $ 1,000,000  

5.00%, 07/1/2041, Call 07/1/2026

   $ 944,565  
       

Maine Health & Higher Educational Facilities Authority, AGM

        
    500,000  

4.00%, 07/1/2036, Call 07/1/2031

     505,448  
    500,000  

4.00%, 07/1/2039, Call 07/1/2031

     501,358  
    50,000  

Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, Call 07/1/2027

     51,378  
    500,000  

Town of Rumford, 6.88%, 10/1/2026, Call 05/3/20262

     501,158  
              5,230,056  
       

MARYLAND — 1.3%
       

City of Baltimore

        
    2,500,000  

5.00%, 07/1/2036, Call 01/1/2027

     2,525,750  
    1,500,000  

5.00%, 09/1/2042, Call 09/1/2027

     1,485,701  
    1,000,000  

5.00%, 07/1/2049, Call 07/1/2029

     1,012,413  
    1,000,000  

County of Baltimore, 5.00%, 02/1/2046, Call 04/23/2026

     1,001,466  
    1,245,000  

County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026

     1,274,615  
    1,600,000  

Howard County Housing Commission, 5.00%, 06/1/2044, Call 05/3/2026

     1,600,807  
    1,000,000  

Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292

     1,001,317  
       

Maryland Health & Higher Educational Facilities Authority

        
    1,065,000  

5.00%, 05/15/2045, Call 05/15/2027

     1,070,365  
    1,000,000  

4.00%, 07/1/2048, Call 01/1/2028

     888,068  
    1,000,000  

4.00%, 04/15/2050, Call 04/15/2030

     852,492  
    1,000,000  

Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/20292

     963,978  
    1,080,000  

Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/20282

     973,778  
    1,000,000  

University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031

     910,908  

 

 

 

 

15

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

MARYLAND (Continued)
  $ 1,000,000  

Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033

   $ 941,904  
              16,503,562  
       

MASSACHUSETTS — 0.8%
    500,000  

City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031

     462,848  
    645,000  

City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029

     501,635  
    120,000  

Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026

     120,042  
    1,000,000  

Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034

     1,026,627  
       

Massachusetts Development Finance Agency

        
    1,000,000  

5.00%, 08/15/2045, Call 04/23/2026

     1,000,295  
    500,000  

5.50%, 10/1/2045, Call 10/1/2035

     513,175  
    1,000,000  

5.00%, 07/1/2047, Call 07/1/2026

     1,001,095  
    1,200,000  

5.25%, 07/1/2048, Call 07/1/2033

     1,207,805  
    745,000  

5.00%, 07/1/2054, Call 01/1/2034

     754,985  
    1,000,000  

Massachusetts Development Finance Agency, AG, 5.00%, 07/1/2050, Call 07/1/2035

     1,033,930  
       

Massachusetts Educational Financing Authority

        
    1,000,000  

5.00%, 07/1/20282

     1,034,992  
    185,000  

4.25%, 07/1/2046, Call 07/1/20262

     163,649  
    1,000,000  

Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 04/23/2026

     955,261  
    500,000  

Massachusetts Housing Finance Agency, FHA, 3.10%, 12/1/2044, Call 12/1/2028

     415,463  
    420,000  

Massachusetts Port Authority, 5.00%, 07/1/2051, Call 07/1/20312

     421,687  
              10,613,489  
       

MICHIGAN — 1.7%
    1,000,000  

Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026

     1,004,441  
    730,000  

Great Lakes Water Authority Water Supply System Revenue, 5.50%, 07/1/2050, Call 01/1/2035

     776,527  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

MICHIGAN (Continued)
  $ 400,000  

Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034

   $ 413,772  
       

Michigan Finance Authority

        
    160,000  

5.00%, 06/1/2029, Call 05/3/2026

     147,708  
    1,270,000  

5.00%, 09/1/2038, Call 09/1/2031

     1,326,650  
    1,000,000  

5.00%, 11/15/2041, Call 11/15/2026

     1,005,911  
    625,000  

5.25%, 12/1/2041, Call 06/1/2026

     626,575  
    2,000,000  

4.00%, 02/15/2044, Call 08/15/2029

     1,845,547  
    500,000  

5.00%, 12/1/2046, Call 06/1/2027

     503,455  
    950,000  

4.00%, 12/1/2047, Call 12/1/2031

     837,825  
    1,000,000  

5.00%, 11/15/2048, Call 11/2/2029

     1,009,540  
    1,000,000  

4.00%, 12/1/2049, Call 12/1/2029

     862,638  
    1,000,000  

4.38%, 02/28/2054, Call 02/28/2034

     905,569  
    1,000,000  

Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028

     891,067  
    3,000,000  

Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026

     3,021,105  
       

Michigan State Housing Development Authority

        
    500,000  

3.20%, 12/1/2026

     500,721  
    1,250,000  

2.13%, 10/1/2036, Call 10/1/2030

     1,003,292  
    375,000  

4.70%, 12/1/2043, Call 06/1/2032

     380,583  
    1,000,000  

Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034

     1,014,045  
    1,000,000  

State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031

     932,166  
       

Wayne County Airport Authority

        
    1,500,000  

5.00%, 12/1/2037, Call 12/1/2027

     1,530,685  
    1,000,000  

5.00%, 12/1/2043, Call 12/1/2035

     1,076,843  
              21,616,665  
       

MINNESOTA — 0.4%
    250,000  

City of Deephaven, 5.25%, 07/1/2040, Call 05/3/2026

     250,101  
       

City of Minneapolis

        
    70,000  

5.00%, 12/1/2037, Call 12/1/20273

     67,852  
    1,000,000  

5.00%, 11/15/2049, Call 11/15/2028

     969,980  

 

 

 

 

16

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

MINNESOTA (Continued)
       

Duluth Economic Development Authority

        
  $ 2,500,000  

5.25%, 02/15/2058, Call 02/15/2028

   $ 2,500,665  
    1,000,000  

5.00%, 02/15/2058, Call 02/15/2028

     945,037  
              4,733,635  
       

MISSISSIPPI — 0.4%
    265,000  

County of Warren, 4.00%, 09/1/2032

     270,095  
    825,000  

Mississippi Home Corp., GNMA/FNMA/FHLMC, 5.50%, 06/1/2050, Call 01/1/2034

     871,073  
    4,000,000  

State of Mississippi, 4.00%, 10/1/2036, Call 10/1/2027

     4,016,509  
              5,157,677  
       

MISSOURI — 0.7%
    75,000  

Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031

     70,010  
       

Hannibal Industrial Development Authority

        
    640,000  

5.00%, 10/1/2042, Call 10/1/2027

     613,232  
    445,000  

5.00%, 10/1/2047, Call 10/1/2027

     406,292  
       

Health & Educational Facilities Authority of the State of Missouri

        
    1,000,000  

5.00%, 11/15/2043, Call 05/15/2028

     1,021,015  
    350,000  

4.00%, 11/15/2049, Call 11/15/2027

     312,305  
    1,175,000  

5.00%, 12/1/2052, Call 12/1/2033

     1,197,809  
       

Kansas City Industrial Development Authority

        
    980,000  

5.00%, 03/1/2037, Call 03/1/20292

     1,008,913  
    1,020,000  

5.00%, 03/1/2039, Call 03/1/20292

     1,044,918  
    2,000,000  

5.00%, 03/1/2054, Call 03/1/20292

     1,968,328  
    500,000  

Missouri Development Finance Board, 6.50%, 06/15/2045, Call 12/15/20353

     498,471  
    1,285,000  

Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033

     1,262,774  
              9,404,067  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEBRASKA — 0.2%
  $ 1,000,000  

Central Plains Energy Project, 5.00%, 08/1/2055, Call 05/1/20311

   $ 1,059,045  
    900,000  

Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027

     920,694  
    1,000,000  

Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032

     1,033,147  
              3,012,886  
       

NEVADA — 0.7%
    240,000  

City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027

     242,242  
    1,195,000  

Clark County School District, 2.00%, 06/15/2028, Call 04/23/2026

     1,154,871  
       

County of Clark

        
    500,000  

2.10%, 06/1/2031

     454,379  
    1,520,000  

5.00%, 06/1/2043, Call 06/1/2028

     1,561,612  
       

Las Vegas Convention & Visitors Authority

        
    1,000,000  

5.00%, 07/1/2043, Call 07/1/2028

     1,022,088  
    750,000  

4.00%, 07/1/2049, Call 07/1/2028

     664,867  
       

Las Vegas Valley Water District

        
    2,000,000  

5.00%, 06/1/2041, Call 06/1/2026

     2,008,179  
    1,300,000  

4.00%, 06/1/2046, Call 12/1/2031

     1,240,116  
    595,000  

State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 04/23/20263

     595,096  
              8,943,450  
       

NEW HAMPSHIRE — 0.7%
       

New Hampshire Business Finance Authority

        
    1,000,000  

4.50%, 10/1/2033

     1,034,568  
    450,628  

4.13%, 01/20/2034

     451,983  
    650,000  

6.89%, 04/1/2034, Call 01/1/20343

     680,088  
    500,000  

0.00%, 12/15/2034, Call 12/15/20283

     283,066  
    990,944  

4.17%, 01/20/20411

     959,873  
    1,829,823  

4.25%, 07/20/2041

     1,800,823  
    1,000,000  

New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033

     1,036,836  
       

New Hampshire Health and Education Facilities Authority Act

        
    215,000  

5.00%, 08/1/2037, Call 02/1/2028

     220,790  
    1,000,000  

4.00%, 08/1/2043, Call 08/1/2029

     934,747  

 

 

 

 

17

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEW HAMPSHIRE (Continued)
  $ 1,000,000  

New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033

   $ 1,039,572  
              8,442,346  
       

NEW JERSEY — 1.9%
       

New Jersey Economic Development Authority

        
    890,000  

3.13%, 07/1/2029, Call 07/1/2027

     883,636  
    1,000,000  

3.38%, 07/1/2030, Call 07/1/2027

     993,423  
    100,000  

5.00%, 07/15/2032, Call 07/15/2027

     101,157  
    500,000  

5.00%, 07/1/2033, Call 07/1/2027

     506,767  
    280,000  

6.00%, 10/1/2034, Call 05/3/20263

     280,281  
    880,000  

5.00%, 06/15/2036, Call 12/15/2026

     896,030  
    350,000  

6.30%, 10/1/2049, Call 05/3/20263

     350,132  
       

New Jersey Health Care Facilities Financing Authority

        
    1,175,000  

5.00%, 07/1/2046, Call 05/3/2026

     1,176,799  
    750,000  

4.25%, 07/1/2054, Call 07/1/2034

     696,368  
       

New Jersey Higher Education Student Assistance Authority

        
    500,000  

5.00%, 12/1/2028, Call 06/1/20282

     519,146  
    855,000  

4.25%, 12/1/2047, Call 12/1/20262

     761,277  
       

New Jersey Transportation Trust Fund Authority

        
    500,000  

5.00%, 06/15/2040, Call 12/15/2030

     525,740  
    1,850,000  

5.25%, 06/15/2041, Call 12/15/2034

     2,040,731  
    500,000  

4.00%, 06/15/2042, Call 06/15/2032

     489,310  
    2,000,000  

5.25%, 06/15/2043, Call 12/15/2028

     2,066,776  
    3,800,000  

5.00%, 06/15/2048, Call 12/15/2032

     4,317,555  
    1,060,000  

5.00%, 06/15/2050, Call 12/15/2035

     1,090,544  
    1,000,000  

5.25%, 06/15/2050, Call 12/15/2035

     1,047,152  
    1,750,000  

New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033

     1,824,811  
    1,000,000  

South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282

     1,015,833  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEW JERSEY (Continued)
  $ 350,000  

South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032

   $ 370,222  
    1,610,000  

Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028

     1,659,827  
              23,613,517  
       

NEW MEXICO — 0.1%
    700,000  

Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 05/3/2026

     701,885  
                 
       

NEW YORK — 6.8%
    500,000  

Albany Capital Resource Corp., 5.25%, 05/1/2050, Call 05/1/2035

     523,507  
    750,000  

Build NYC Resource Corp., 5.00%, 06/1/2036, Call 06/1/20343

     771,156  
    4,400,000  

City of New York, 5.25%, 03/1/2053, Call 03/1/2034

     4,548,802  
    750,000  

County of Orange, 2.38%, 06/15/2029, Call 05/3/2026

     725,198  
       

Hempstead Town Local Development Corp.

        
    1,000,000  

5.66%, 02/1/2044, Call 02/1/2030

     964,024  
    1,000,000  

6.24%, 02/1/2047, Call 02/1/2027

     994,227  
    1,000,000  

4.60%, 02/1/2051, Call 02/1/2030

     770,841  
    2,000,000  

Metropolitan Transportation Authority, 5.25%, 11/15/2049, Call 05/15/2034

     2,067,689  
    2,000,000  

Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030

     1,696,024  
    1,845,000  

Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034

     1,659,062  
    650,000  

Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 05/3/2026

     651,696  
    2,300,000  

New York City Housing Development Corp., 2.55%, 11/1/2045, Call 02/1/2029

     1,638,149  
       

New York City Municipal Water Finance Authority

        
    500,000  

5.00%, 06/15/2049, Call 12/15/2029

     510,987  
    1,000,000  

5.25%, 06/15/2052, Call 12/15/2032

     1,044,460  

 

 

 

 

18

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEW YORK (Continued)
  $ 1,535,000  

5.25%, 06/15/2054, Call 12/15/2033

   $ 1,596,053  
    1,500,000  

5.25%, 06/15/2054, Call 06/15/2034

     1,562,859  
       

New York City Transitional Finance Authority Future Tax Secured Revenue

        
    1,415,000  

5.00%, 11/1/2039, Call 05/1/2035

     1,548,326  
    1,000,000  

4.00%, 11/1/2041, Call 11/1/2029

     978,903  
    1,000,000  

4.00%, 05/1/2044, Call 11/1/2030

     971,265  
    725,000  

5.50%, 11/1/2045, Call 11/1/2032

     777,204  
    585,000  

5.25%, 05/1/2047, Call 11/1/2035

     621,757  
    2,435,000  

5.25%, 05/1/2048, Call 11/1/2035

     2,573,857  
    350,000  

New York Counties Tobacco Trust VI, 5.63%, 06/1/2035

     355,789  
       

New York Liberty Development Corp.

        
    1,000,000  

5.25%, 10/1/2035

     1,137,187  
    2,000,000  

5.38%, 11/15/2040, Call 04/23/20263

     1,991,402  
    730,000  

3.00%, 02/15/2042, Call 02/15/2030

     610,733  
    1,000,000  

4.00%, 02/15/2043, Call 02/15/2030

     943,967  
    2,000,000  

5.00%, 11/15/2044, Call 04/23/20263

     2,000,067  
    1,500,000  

7.25%, 11/15/2044, Call 04/23/20263

     1,501,261  
    1,000,000  

3.13%, 09/15/2050, Call 03/15/2030

     733,089  
    615,000  

New York Power Authority, 4.00%, 11/15/2049, Call 11/15/2034

     554,720  
       

New York State Dormitory Authority

        
    1,000,000  

4.00%, 07/1/2040, Call 07/1/2029

     849,270  
    500,000  

4.00%, 07/1/2048, Call 07/1/2031

     435,627  
    1,120,000  

5.25%, 07/1/2050, Call 07/1/2035

     1,111,221  
    650,000  

5.00%, 03/15/2051, Call 03/15/2035

     670,309  
    1,500,000  

5.25%, 03/15/2052, Call 03/15/2034

     1,563,586  
    1,000,000  

4.00%, 03/15/2054, Call 03/15/2034

     876,593  
    240,000  

New York State Dormitory Authority, NATL, 5.75%, 07/1/2027

     245,564  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEW YORK (Continued)
       

New York State Urban Development Corp.

        
  $ 1,000,000  

4.00%, 03/15/2038, Call 09/15/2031

   $ 1,004,566  
    2,000,000  

5.00%, 03/15/2063, Call 09/15/2033

     2,028,375  
       

New York Transportation Development Corp.

        
    1,000,000  

5.00%, 12/1/2033, Call 12/1/20322

     1,074,744  
    500,000  

5.50%, 06/30/2039, Call 06/30/20342

     540,583  
    2,500,000  

5.00%, 10/1/2040, Call 10/1/20302

     2,536,541  
    2,500,000  

4.38%, 10/1/2045, Call 10/1/20302

     2,331,643  
    3,000,000  

5.00%, 07/1/2046, Call 05/3/20262

     2,999,873  
    1,925,000  

5.00%, 06/30/2049, Call 06/30/20312

     1,916,411  
    2,250,000  

5.25%, 01/1/2050, Call 05/3/20262

     2,250,068  
    1,500,000  

6.00%, 06/30/2054, Call 06/30/20312

     1,554,574  
    2,780,000  

6.00%, 06/30/2055, Call 06/30/20342

     2,925,709  
    1,955,000  

5.00%, 06/30/2060, Call 06/30/20332

     1,847,548  
    1,000,000  

5.50%, 06/30/2060, Call 06/30/20332

     1,002,202  
    1,000,000  

5.38%, 06/30/2060, Call 06/30/20312

     992,746  
       

New York Transportation Development Corp., AG

        
    1,475,000  

6.00%, 06/30/2045, Call 06/30/20342

     1,625,292  
    1,000,000  

5.13%, 06/30/2060, Call 06/30/20312

     994,123  
    1,220,000  

New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/20342

     1,227,825  
    1,000,000  

New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/20312

     1,048,127  
    1,000,000  

Niagara Frontier Transportation Authority Airport System Revenues, 5.00%, 04/1/2037, Call 04/1/20292

     1,024,392  
       

Onondaga Civic Development Corp.

        
    235,000  

5.00%, 07/1/2040, Call 05/3/2026

     235,050  
    500,000  

5.00%, 07/1/2045, Call 05/3/2026

     496,551  

 

 

 

 

19

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NEW YORK (Continued)
       

Port Authority of New York & New Jersey

        
  $ 3,000,000  

5.00%, 12/1/2048, Call 12/1/20332

   $ 3,022,593  
    1,500,000  

4.00%, 07/15/2050, Call 07/15/20302

     1,311,709  
       

Triborough Bridge & Tunnel Authority

        
    1,000,000  

5.00%, 11/15/2043, Call 11/15/2033

     1,068,380  
    1,000,000  

5.50%, 05/15/2052, Call 11/15/2032

     1,050,703  
       

Triborough Bridge & Tunnel Authority Sales Tax Revenue

        
    1,000,000  

5.00%, 05/15/2054, Call 05/15/2034

     1,021,480  
    1,000,000  

5.25%, 05/15/2064, Call 05/15/2034

     1,032,549  
    970,000  

TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027

     897,759  
    290,000  

Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029

     262,936  
              86,101,483  
       

NORTH CAROLINA — 0.5%
    1,000,000  

City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033

     1,072,367  
    750,000  

Columbus County Industrial Facilities & Pollution Control Financing Authority, 4.20%, 05/1/2034

     773,793  
    1,000,000  

Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/20322

     1,029,222  
       

North Carolina Housing Finance Agency

        
    695,000  

3.85%, 07/1/2038, Call 07/1/2027

     678,837  
    205,000  

4.00%, 07/1/2048, Call 07/1/2027

     205,999  
    1,000,000  

North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030

     988,833  
    715,000  

North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028

     613,250  
    1,000,000  

North Carolina Turnpike Authority, AG, 5.00%, 01/1/2058, Call 01/1/2034

     1,000,480  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

NORTH CAROLINA (Continued)
  $ 765,000  

Town of Apex, 2.00%, 06/1/2033, Call 06/1/2030

   $ 679,273  
              7,042,054  
       

NORTH DAKOTA — 0.4%
    1,000,000  

City of Horace, 5.00%, 05/1/2050, Call 05/1/2033

     972,654  
    300,000  

City of Horace, BAM, 4.75%, 05/1/2052, Call 05/1/2035

     289,078  
    200,000  

County of Burleigh, 4.38%, 04/15/2026

     199,986  
    2,000,000  

County of Ward, 5.00%, 06/1/2053, Call 06/1/2028

     1,668,172  
       

North Dakota Housing Finance Agency

        
    585,000  

3.30%, 01/1/2033, Call 01/1/2032

     564,456  
    910,000  

3.00%, 01/1/2052, Call 07/1/2030

     896,732  
              4,591,078  
       

OHIO — 1.6%
    3,000,000  

Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030

     2,422,500  
    225,000  

City of Akron, 5.00%, 12/1/2026

     226,933  
    2,000,000  

City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027

     1,939,122  
    1,000,000  

City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031

     928,161  
    710,000  

Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027

     713,109  
    500,000  

Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/20352

     535,339  
       

County of Hamilton

        
    1,000,000  

5.00%, 11/15/2041

     1,124,935  
    2,000,000  

5.00%, 09/15/2045, Call 03/15/2030

     1,983,777  
    1,500,000  

5.00%, 09/15/2050, Call 03/15/2030

     1,413,759  
    1,880,000  

County of Miami, 5.00%, 08/1/2049, Call 08/1/2028

     1,887,782  
    500,000  

County of Tuscarawas, 6.00%, 03/1/2045, Call 05/3/2026

     492,943  
    2,330,000  

Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028

     2,350,896  

 

 

 

 

20

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

OHIO (Continued)
  $ 500,000  

Jonathan Alder Local School District, 5.00%, 12/1/2055, Call 12/1/2035

   $ 513,522  
    1,500,000  

Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/20292 3

     1,360,151  
    945,000  

Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033

     914,314  
    1,000,000  

Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030

     1,038,993  
              19,846,236  
       

OKLAHOMA — 0.7%
    1,000,000  

Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026

     1,007,462  
    1,040,000  

Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029

     1,043,440  
    1,000,000  

Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282

     1,013,689  
    2,000,000  

Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028

     1,690,377  
    985,000  

Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033

     1,102,476  
    750,000  

Oklahoma Municipal Power Authority, AG, 5.25%, 01/1/2051, Call 01/1/2036

     790,275  
    1,000,000  

Oklahoma Water Resources Board, 5.00%, 10/1/2046, Call 10/1/2032

     1,053,465  
    750,000  

Tulsa Municipal Airport Trust Trustees, 6.25%, 12/1/20352

     850,701  
    570,000  

University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034

     520,895  
              9,072,780  
       

OREGON — 0.2%
    1,000,000  

Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030

     961,713  
       

Oregon State Facilities Authority

        
    45,000  

5.00%, 10/1/2046, Call 10/1/2026

     45,517  
    720,000  

5.00%, 10/1/2046, Call 10/1/2026

     704,996  
    450,000  

Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030

     450,163  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

OREGON (Continued)
  $ 1,000,000  

Tri-County Metropolitan Transportation District of Oregon, 3.00%, 09/1/2044, Call 09/1/2029

   $ 820,827  
              2,983,216  
       

PENNSYLVANIA — 3.3%
    1,500,000  

Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/20332

     1,565,959  
    3,000,000  

Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/20312

     2,529,199  
    305,000  

Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027

     315,759  
    90,000  

Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 04/23/2026

     87,186  
       

Allentown Neighborhood Improvement Zone Development Authority

        
    250,000  

5.00%, 05/1/2042, Call 05/1/2032

     258,676  
    200,000  

5.25%, 05/1/2042, Call 05/1/20313

     202,566  
    1,000,000  

City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20302

     945,813  
    1,825,000  

Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028

     1,887,431  
    3,000,000  

Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028

     2,886,111  
    1,000,000  

County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026

     1,005,604  
    315,000  

Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032

     361,880  
    1,000,000  

DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028

     931,015  
    265,000  

East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 05/3/2026

     265,075  
    1,000,000  

Geisinger Authority, 4.00%, 04/1/2039, Call 04/1/2030

     974,366  
    650,000  

Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028

     666,827  

 

 

 

 

21

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

PENNSYLVANIA (Continued)
       

Pennsylvania Economic Development Financing Authority

        
  $ 300,000  

10.00%, 12/1/20402 3 5

   $ 30  
    300,000  

10.00%, 12/1/20403 5

     30  
    1,000,000  

4.00%, 04/15/2045, Call 04/15/2030

     899,782  
    1,000,000  

4.00%, 05/15/2048, Call 05/15/2033

     868,955  
    1,250,000  

5.75%, 06/30/2048, Call 12/31/20322

     1,299,396  
    1,000,000  

5.45%, 03/1/2056, Call 12/1/20301 2 3

     1,001,540  
    500,000  

Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032

     528,099  
    1,500,000  

Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/20322

     1,554,832  
    500,000  

Pennsylvania Higher Education Assistance Agency, 4.75%, 06/1/2046, Call 06/1/20342

     486,828  
       

Pennsylvania Higher Educational Facilities Authority

        
    660,000  

4.00%, 06/15/2035, Call 06/15/2026

     633,362  
    1,000,000  

5.50%, 11/1/2054, Call 11/1/2034

     1,025,819  
    1,000,000  

Pennsylvania Higher Educational Facilities Authority, AG, 5.00%, 11/1/2051, Call 11/1/2034

     1,010,165  
    1,980,000  

Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032

     1,932,795  
       

Pennsylvania Turnpike Commission

        
    2,000,000  

5.00%, 12/1/2037, Call 12/1/2027

     2,049,384  
    1,000,000  

5.00%, 12/1/2040, Call 06/1/2033

     1,078,441  
    500,000  

5.00%, 12/1/2041, Call 06/1/2026

     502,002  
    1,000,000  

5.00%, 12/1/2043, Call 12/1/2028

     1,027,538  
    1,000,000  

4.00%, 12/1/2045, Call 12/1/2030

     922,499  
    1,000,000  

5.00%, 12/1/2047, Call 12/1/2027

     1,010,506  
    500,000  

5.25%, 12/1/2052, Call 12/1/2032

     518,894  
       

Philadelphia Authority for Industrial Development

        
    850,000  

4.00%, 11/1/2037, Call 11/1/2029

     838,975  
    1,000,000  

6.60%, 11/1/2047, Call 11/1/2027

     821,051  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

PENNSYLVANIA (Continued)
  $ 500,000  

5.50%, 07/1/2053, Call 07/1/2034

   $ 528,601  
    100,000  

2.65%, 07/1/2054, Call 04/2/20261

     100,000  
    1,140,000  

Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030

     1,075,005  
    500,000  

Philadelphia Housing Authority, 5.00%, 03/1/2045, Call 03/1/2035

     512,421  
    500,000  

Pittsburgh Water & Sewer Authority, 5.00%, 09/1/2056, Call 09/1/2036

     509,695  
    1,000,000  

School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031

     987,616  
       

School District of Philadelphia, SAW

        
    5,000  

5.00%, 09/1/2038, Call 09/1/2026

     5,051  
    995,000  

5.00%, 09/1/2038, Call 09/1/2026

     1,000,977  
    1,000,000  

Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026

     853,151  
    275,000  

Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282

     276,122  
    1,000,000  

Union County Hospital Authority, 5.00%, 08/1/2048, Call 04/23/2026

     978,316  
    500,000  

Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 04/23/2026

     500,101  
              42,221,446  
       

PUERTO RICO — 0.8%
       

Commonwealth of Puerto Rico

        
    61,305  

5.63%, 07/1/2027

     62,495  
    1,060,310  

5.63%, 07/1/2029

     1,119,904  
    1,558,579  

5.75%, 07/1/2031

     1,702,450  
    55,548  

4.00%, 07/1/2033, Call 07/1/2031

     55,484  
    71,485  

0.00%, 07/1/2033, Call 07/1/2031

     51,959  
    49,930  

4.00%, 07/1/2035, Call 07/1/2031

     49,235  
    42,853  

4.00%, 07/1/2037, Call 07/1/2031

     41,416  
    213,963  

0.00%, 11/1/20431

     143,623  
    2,000,000  

Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 05/3/20265

     1,330,000  
       

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue

        
    1,125,000  

4.33%, 07/1/2040, Call 07/1/2028

     1,109,980  
    1,000,000  

4.75%, 07/1/2053, Call 07/1/2028

     932,562  

 

 

 

 

22

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

PUERTO RICO (Continued)
  $ 4,300,000  

5.00%, 07/1/2058, Call 07/1/2028

   $ 4,094,138  
              10,693,246  
       

RHODE ISLAND — 0.2%
    1,535,000  

Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026

     1,538,600  
    615,000  

Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031

     512,546  
              2,051,146  
       

SOUTH CAROLINA — 1.1%
    1,000,000  

Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/20342

     1,023,289  
    2,000,000  

Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/3/2026

     2,001,443  
    500,000  

Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/20311

     537,873  
       

South Carolina Jobs-Economic Development Authority

        
    250,000  

5.50%, 11/15/2044, Call 11/15/2034

     256,373  
    250,000  

5.13%, 04/1/2046, Call 04/1/2033

     250,362  
    1,000,000  

5.38%, 04/1/2056, Call 04/1/2033

     999,040  
    2,000,000  

South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282

     2,038,498  
       

South Carolina Public Service Authority

        
    1,500,000  

5.75%, 12/1/2047, Call 12/1/2032

     1,614,241  
    730,000  

5.00%, 12/1/2055, Call 04/23/2026

     716,804  
    1,015,000  

5.25%, 12/1/2055, Call 05/3/2026

     1,015,068  
    3,000,000  

University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027

     3,024,047  
              13,477,038  
       

SOUTH DAKOTA — 0.1%
    690,000  

South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 05/3/2026

     691,642  
                 

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TENNESSEE — 1.0%
  $ 1,000,000  

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033

   $ 1,019,286  
    1,000,000  

Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034

     1,029,984  
       

Metropolitan Nashville Airport Authority

        
    1,000,000  

5.50%, 07/1/2039, Call 07/1/20322

     1,090,897  
    1,000,000  

5.25%, 07/1/2047, Call 07/1/20322

     1,029,007  
    1,230,000  

5.25%, 07/1/2051, Call 01/1/20362

     1,266,744  
       

Tennergy Corp.

        
    1,500,000  

4.00%, 12/1/2051, Call 06/1/20281

     1,515,096  
    1,000,000  

5.50%, 10/1/2053, Call 09/1/20301

     1,063,455  
       

Tennessee Energy Acquisition Corp.

        
    3,000,000  

5.63%, 09/1/2026

     3,021,113  
    1,500,000  

5.00%, 12/1/2035, Call 09/1/2035

     1,589,566  
              12,625,148  
       

TEXAS — 7.6%
    85,000  

Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027

     78,576  
    1,000,000  

Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033

     1,040,548  
    320,000  

Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027

     320,822  
    155,000  

Canyon Falls Municipal Utility District No. 1, 2.75%, 02/15/2038, Call 02/15/2027

     119,426  
       

Central Texas Regional Mobility Authority

        
    1,070,000  

0.00%, 01/1/2027

     1,047,304  
    2,000,000  

5.00%, 01/1/2043, Call 01/1/2028

     2,031,273  
       

Central Texas Turnpike System

        
    2,310,000  

5.00%, 08/15/2038, Call 08/15/2034

     2,532,800  
    900,000  

5.00%, 08/15/2042, Call 08/15/2034

     962,426  
    1,125,000  

City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034

     992,913  
       

City of Austin Airport System Revenue

        
    875,000  

5.00%, 11/15/20312

     950,633  

 

 

 

 

23

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TEXAS (Continued)
  $ 1,000,000  

5.00%, 11/15/2035, Call 11/15/20262

   $ 1,007,938  
    500,000  

5.00%, 11/15/2044, Call 11/15/20352

     520,931  
    500,000  

City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033

     510,766  
    1,670,000  

City of Bryan, 2.50%, 08/15/2043, Call 02/15/2029

     1,213,349  
    1,400,000  

City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033

     1,352,698  
    1,255,000  

City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031

     1,256,235  
    250,000  

City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027

     239,704  
    1,000,000  

City of Houston, 4.00%, 03/1/2033, Call 03/1/2027

     1,005,475  
       

City of Houston Airport System Revenue

        
    555,000  

5.25%, 07/15/2034, Call 07/15/20332

     579,573  
    1,000,000  

5.50%, 07/15/2038, Call 07/15/20342

     1,042,696  
    1,500,000  

4.00%, 07/15/2041, Call 07/15/20292

     1,366,106  
    1,750,000  

5.50%, 07/1/2050, Call 07/1/20352

     1,842,207  
    1,125,000  

City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/20332

     1,046,106  
    2,835,000  

City of Houston Hotel Occupancy Tax & Special Revenue, 5.50%, 09/1/2058, Call 09/1/2036

     2,987,466  
    1,000,000  

City of Houston Hotel Occupancy Tax & Special Revenue, AG, 5.50%, 09/1/2058, Call 09/1/2036

     1,062,194  
    605,000  

City of Missouri City, 2.13%, 06/15/2040, Call 06/15/2029

     432,163  
    1,000,000  

City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032

     894,545  
       

City of San Antonio Electric & Gas Systems Revenue

        
    1,000,000  

5.25%, 02/1/2049, Call 08/1/2034

     1,045,043  
    1,000,000  

5.25%, 02/1/2049, Call 08/1/2034

     1,045,043  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TEXAS (Continued)
  $ 1,000,000  

5.25%, 02/1/2054, Call 02/1/2035

   $ 1,042,678  
    500,000  

2.90%, 02/1/20551

     497,418  
    960,000  

City of Uhland, 5.50%, 09/1/2055, Call 09/1/20323

     929,531  
       

Clifton Higher Education Finance Corp.

        
    100,000  

4.40%, 12/1/2047, Call 05/3/2026

     88,746  
    1,500,000  

4.60%, 12/1/2049, Call 05/3/2026

     1,343,925  
    250,000  

Clifton Higher Education Finance Corp., PSF, 5.25%, 02/15/2045, Call 02/15/2034

     263,283  
    925,000  

Corsicana Independent School District, PSF, 5.00%, 02/15/2043, Call 02/15/2036

     1,002,813  
    1,000,000  

Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033

     1,018,600  
    1,000,000  

Denton Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2033

     1,031,917  
    1,000,000  

Fort Bend County Municipal Utility District No. 118, BAM, 3.25%, 09/1/2033, Call 05/3/2026

     973,120  
    355,000  

Fort Bend County Municipal Utility District No. 161, AG, 3.50%, 09/1/2034, Call 05/3/2026

     346,563  
    700,000  

Fort Bend County Municipal Utility District No. 57, AG, 2.00%, 04/1/2038, Call 05/3/2026

     520,062  
    1,250,000  

Fort Bend Independent School District, PSF, 4.00%, 08/1/20541

     1,269,282  
    1,000,000  

Fort Worth Independent School District, PSF, 2.50%, 02/15/2037, Call 02/15/2029

     852,983  
    500,000  

FW Chaparral PFC, 4.00%, 10/1/2035, Call 10/1/2032

     487,559  
    1,000,000  

Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028

     1,028,091  
       

Harris County Cultural Education Facilities Finance Corp.

        
    3,000,000  

4.00%, 10/1/2036, Call 10/1/2029

     3,007,324  
    1,000,000  

5.00%, 05/15/2050, Call 05/15/20301

     1,078,528  
    750,000  

Harris County Flood Control District, 4.00%, 09/15/2043, Call 09/15/2033

     726,130  

 

 

 

 

24

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TEXAS (Continued)
  $ 1,110,000  

Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028

   $ 1,131,090  
    1,055,000  

Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034

     959,915  
    1,105,000  

Lazy Nine Municipal Utility District No. 1B, AG, 3.13%, 03/1/2036, Call 05/3/2026

     1,016,234  
       

Lower Colorado River Authority

        
    1,000,000  

5.00%, 05/15/2045, Call 02/15/20321

     1,089,912  
    840,000  

5.00%, 05/15/2050, Call 05/15/2034

     857,916  
    500,000  

Mission Economic Development Corp., 4.63%, 10/1/2031, Call 04/23/20262 3

     500,614  
    1,055,000  

New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034

     976,061  
    2,505,000  

New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 05/3/20265

     2,356,193  
       

New Hope Cultural Education Facilities Finance Corp., AGM

        
    375,000  

5.00%, 07/1/2038, Call 07/1/2027

     378,647  
    1,500,000  

5.00%, 04/1/2046, Call 04/23/2026

     1,499,953  
    2,200,000  

5.00%, 07/1/2048, Call 07/1/2027

     2,191,592  
    450,000  

North Harris County Regional Water Authority, 3.00%, 12/15/2036, Call 12/15/2026

     398,144  
       

North Texas Tollway Authority

        
    250,000  

4.13%, 01/1/2039, Call 01/1/2032

     250,944  
    1,085,000  

5.00%, 01/1/2039, Call 01/1/2035

     1,202,853  
    1,000,000  

4.25%, 01/1/2049, Call 01/1/2028

     912,875  
    1,000,000  

Northside Independent School District, PSF, 3.55%, 06/1/20501

     1,012,778  
    2,000,000  

Northwest Independent School District, PSF, 4.00%, 02/15/2043, Call 02/15/2028

     1,893,343  
       

Port of Beaumont Navigation District

        
    250,000  

5.00%, 01/1/2039, Call 01/1/20322 3

     237,656  
    750,000  

5.13%, 01/1/2044, Call 01/1/20322 3

     711,772  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TEXAS (Continued)
  $ 1,000,000  

4.00%, 01/1/2050, Call 05/3/20262 3

   $ 748,863  
    1,000,000  

Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028

     1,032,599  
    1,000,000  

Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 05/3/20265

     570,000  
    290,000  

SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027

     297,817  
    2,500,000  

San Angelo Independent School District, PSF, 5.00%, 02/15/2045, Call 02/15/2035

     2,633,113  
    1,365,000  

San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 05/3/2026

     1,365,411  
    1,000,000  

San Antonio Water System, 5.00%, 05/15/2043, Call 05/15/2028

     1,019,280  
    1,000,000  

Tarrant County College District, 2.00%, 08/15/2036, Call 08/15/2030

     823,605  
    1,000,000  

Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2051, Call 11/15/2032

     1,014,515  
    1,620,000  

Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 05/3/2026

     1,424,700  
    300,000  

Texas Municipal Gas Acquisition & Supply Corp. I, 6.25%, 12/15/2026

     307,149  
       

Texas Private Activity Bond Surface Transportation Corp.

        
    500,000  

4.00%, 12/31/2037, Call 12/31/2029

     488,173  
    3,000,000  

5.00%, 06/30/2058, Call 06/30/20292

     2,910,411  
    4,000,000  

Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029

     4,014,502  
    1,125,000  

Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029

     571,103  
    2,110,000  

Texas Transportation Finance Corp., 5.25%, 10/1/2050, Call 10/1/2035

     2,226,925  
       

Texas Water Development Board

        
    1,500,000  

4.00%, 10/15/2037, Call 10/15/2027

     1,508,711  
    2,000,000  

4.00%, 08/1/2038, Call 08/1/2030

     2,022,929  

 

 

 

 

25

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

TEXAS (Continued)
  $ 1,000,000  

4.00%, 10/15/2043, Call 10/15/2028

   $ 969,108  
    175,000  

Town of Westlake, 6.13%, 09/1/2035, Call 05/3/2026

     175,021  
    515,000  

Travis County Municipal Utility District No. 19, AG, 4.13%, 09/1/2049, Call 09/1/2035

     459,237  
    1,000,000  

Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034

     947,969  
    1,200,000  

Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026

     1,202,087  
    350,000  

Williamson County Municipal Utility District No. 10, BAM, 3.25%, 08/1/2031, Call 05/3/2026

     342,134  
              96,689,366  
       

UTAH — 0.7%
    1,000,000  

Black Desert Public Infrastructure District, 4.00%, 03/1/2051, Call 09/1/20263

     807,329  
    1,125,000  

City of Salt Lake City Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20332

     1,163,257  
    1,500,000  

County of Utah, 4.00%, 05/15/2045, Call 05/3/2026

     1,397,641  
    2,000,000  

Downtown Revitalization Public Infrastructure District, AG, 5.50%, 06/1/2050, Call 06/1/2035

     2,151,407  
    1,000,000  

High Star Ranch Infrastructure Financing District, 6.25%, 12/1/2055, Call 03/1/20313

     1,000,114  
    1,000,000  

Intermountain Power Agency, 5.25%, 07/1/2045, Call 07/1/2032

     1,058,188  
    1,000,000  

Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/20282

     1,011,751  
       

Utah Charter School Finance Authority

        
    400,000  

4.50%, 07/15/20273

     399,558  
    500,000  

5.38%, 06/15/2048, Call 06/15/20273

     445,660  
              9,434,905  

 

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

VIRGIN ISLANDS — 0.1%
  $ 1,000,000  

Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032

   $ 1,017,558  
                 
       

VIRGINIA — 0.8%
    715,000  

Celebrate North Community Development Authority, 4.69%, 03/1/20185

     443,300  
    1,000,000  

Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026

     985,399  
    1,000,000  

Fairfax County Industrial Development Authority, 5.00%, 05/15/2051, Call 05/15/2034

     1,031,814  
    1,000,000  

Louisa Industrial Development Authority, 3.13%, 11/1/20351

     993,990  
    1,000,000  

Roanoke Economic Development Authority, 5.00%, 07/1/2047

     1,061,173  
    405,000  

Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030

     442,117  
       

Virginia Small Business Financing Authority

        
    500,000  

4.00%, 01/1/2040, Call 01/1/20322

     476,601  
    1,500,000  

5.00%, 12/31/2047, Call 12/31/20322

     1,494,479  
    1,750,000  

5.00%, 12/31/2052, Call 06/30/20272

     1,673,052  
    1,500,000  

5.00%, 12/31/2056, Call 06/30/20272

     1,427,338  
              10,029,263  
       

WASHINGTON — 2.3%
    1,325,000  

Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032

     1,354,580  
    250,000  

Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030

     261,155  
    1,560,000  

King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026

     1,563,680  
       

Port of Seattle

        
    750,000  

5.25%, 07/1/2041, Call 07/1/20342

     811,939  
    1,500,000  

5.25%, 07/1/2043, Call 07/1/20342

     1,606,997  
    1,500,000  

5.00%, 04/1/2044, Call 04/1/20292

     1,521,254  

 

 

 

 

26

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

WASHINGTON (Continued)
  $ 2,500,000  

5.00%, 08/1/2047, Call 08/1/20322

   $ 2,538,894  
    330,000  

5.00%, 06/1/2048, Call 06/1/20342

     335,126  
    1,000,000  

5.25%, 07/1/2049, Call 07/1/20342

     1,032,099  
    700,000  

Port of Tacoma, 5.00%, 12/1/2028, Call 12/1/20262

     709,319  
       

State of Washington

        
    1,710,000  

5.00%, 07/1/2043, Call 07/1/2029

     1,760,403  
    1,500,000  

5.00%, 07/1/2044, Call 07/1/2029

     1,537,772  
    1,000,000  

5.00%, 06/1/2050, Call 06/1/2035

     1,041,949  
    145,000  

Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 04/18/2026

     145,092  
    1,000,000  

Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034

     982,343  
    1,000,000  

University of Washington, 3.13%, 07/1/2042, Call 04/23/2026

     836,748  
       

Washington Health Care Facilities Authority

        
    500,000  

5.00%, 08/15/2032, Call 08/15/2027

     511,616  
    500,000  

5.00%, 08/1/2038, Call 08/1/2029

     515,640  
    1,000,000  

5.00%, 10/1/2041, Call 05/3/2026

     1,000,855  
    1,000,000  

5.50%, 09/1/2055, Call 09/1/2035

     1,044,480  
       

Washington State Convention Center Public Facilities District

        
    1,210,000  

3.00%, 07/1/2043, Call 07/1/2031

     979,711  
    1,000,000  

5.00%, 07/1/2048, Call 07/1/2028

     976,220  
    2,000,000  

5.00%, 07/1/2058, Call 07/1/2028

     1,922,133  
    1,550,000  

3.00%, 07/1/2058, Call 07/1/2031

     996,356  
    741,706  

Washington State Housing Finance Commission, 4.22%, 03/20/20401

     714,909  
    2,000,000  

Washington State Housing Finance Commission, BAM, 5.25%, 07/1/2064, Call 07/1/20353

     1,989,609  
       

Yakima County School District No. 208 West Valley, School Bond Gty

        
    150,000  

4.00%, 12/1/2034, Call 12/1/2028

     155,216  
    400,000  

4.00%, 12/1/2034, Call 12/1/2028

     406,846  
              29,252,941  
       

WEST VIRGINIA — 0.3%
    1,000,000  

County of Ohio Special District Excise Tax Revenue, AG, 5.25%, 06/1/2045, Call 06/1/2035

     1,053,778  
       

MUNICIPAL BONDS (Continued)
       

WEST VIRGINIA (Continued)
  $ 1,000,000  

Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20273

   $ 1,010,103  
    150,000  

West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/20301 2 3

     163,082  
    1,000,000  

West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028

     1,033,855  
              3,260,818  
       

WISCONSIN — 1.9%
    1,000,000  

Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031

     981,984  
       

Public Finance Authority

        
    285,000  

4.00%, 07/1/2027, Call 05/3/2026

     284,989  
    2,000,000  

4.30%, 11/1/2030, Call 05/3/20262

     1,996,290  
    535,000  

5.00%, 07/1/2037, Call 05/3/2026

     535,049  
    1,000,000  

6.50%, 12/1/2037, Call 12/1/20273

     780,000  
    500,000  

5.00%, 06/15/2039, Call 06/15/20263

     465,262  
    500,000  

5.00%, 06/1/2041, Call 06/1/20293

     500,697  
    500,000  

5.00%, 02/1/2042, Call 02/1/2032

     510,130  
    1,000,000  

5.00%, 07/1/2042, Call 05/3/20262

     1,000,137  
    165,000  

6.00%, 07/15/2042, Call 04/23/2026

     165,098  
    1,000,000  

5.63%, 07/1/2045, Call 04/18/20263

     999,993  
    345,000  

6.38%, 01/1/2048, Call 01/1/20281 3 5

     155,250  
    500,000  

6.25%, 06/15/2048, Call 06/15/20333

     490,017  
    250,000  

5.25%, 12/1/2048, Call 06/1/2036

     253,522  
    186,667  

4.00%, 07/1/20515

     125,596  
    500,000  

6.15%, 01/1/2055, Call 01/1/20353

     490,837  
    2,000,000  

5.75%, 06/30/2060, Call 06/30/20352

     2,064,754  
    1,000,000  

5.00%, 02/1/2062, Call 02/1/2032

     944,183  
    1,000,000  

5.00%, 06/15/2064, Call 06/15/2032

     892,691  
    2,485,000  

5.75%, 12/31/2065, Call 06/30/20352

     2,538,128  
       

Public Finance Authority, ACA

        
    7,186  

0.00%, 01/1/20463 5

     45  
    7,085  

0.00%, 01/1/20473 5

     44  

 

 

 

 

27

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Principal
Amount

      

Value

  
       

MUNICIPAL BONDS (Continued)
       

WISCONSIN (Continued)
  $ 7,034  

0.00%, 01/1/20483 5

   $ 44  
    6,984  

0.00%, 01/1/20493 5

     43  
    6,882  

0.00%, 01/1/20503 5

     43  
    7,540  

0.00%, 01/1/20513 5

     47  
    7,490  

0.00%, 01/1/20523 5

     46  
    7,388  

0.00%, 01/1/20533 5

     45  
    7,338  

0.00%, 01/1/20543 5

     45  
    7,237  

0.00%, 01/1/20553 5

     44  
    7,135  

0.00%, 01/1/20563 5

     43  
    7,085  

0.00%, 01/1/20573 5

     43  
    6,984  

0.00%, 01/1/20583 5

     42  
    6,933  

0.00%, 01/1/20593 5

     42  
    6,882  

0.00%, 01/1/20603 5

     41  
    6,781  

0.00%, 01/1/20613 5

     41  
    6,730  

0.00%, 01/1/20623 5

     40  
    6,629  

0.00%, 01/1/20633 5

     39  
    6,579  

0.00%, 01/1/20643 5

     39  
    6,528  

0.00%, 01/1/20653 5

     39  
    6,427  

0.00%, 01/1/20663 5

     38  
    83,706  

0.00%, 01/1/20673 5

     492  
    1,000,000  

Public Finance Authority, AG, 5.00%, 07/1/2058, Call 07/1/2028

     991,808  
       

Public Finance Authority, BAM

        
    500,000  

5.38%, 07/1/2047, Call 07/1/2032

     523,085  
    1,000,000  

5.25%, 07/1/2055, Call 07/1/2034

     1,011,349  
    1,000,000  

University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028

     1,019,468  
    3,000,000  

Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028

     3,035,816  
    500,000  

Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030

     204,618  
    1,000,000  

Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031

     896,507  
    1,000,000  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033

     994,394  
              24,853,037  
       

MUNICIPAL BONDS (Continued)
       

WYOMING — 0.1%
  $ 685,000  

Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030

   $ 679,433  
       

TOTAL MUNICIPAL BONDS
       

(Cost $1,014,734,253)

     994,885,206  
 

Number of
Shares

            
       

EXCHANGE-TRADED FUNDS — 7.0%
    837,022  

iShares National Muni Bond ETF

     88,849,885  
    15,917  

VanEck CEF Muni Income ETF

     342,216  
       

TOTAL EXCHANGE-TRADED FUNDS
       

(Cost $88,315,787)

     89,192,101  
                 
       

CLOSED-END MUTUAL FUNDS — 0.5%
    18,450  

BlackRock MuniAssets Fund, Inc.

     195,755  
    53,234  

BlackRock MuniHoldings Fund, Inc.

     600,480  
    39,964  

BlackRock MuniYield Quality Fund III, Inc.

     420,022  
    64,087  

BlackRock MuniYield Quality Fund, Inc.

     703,675  
    127,431  

BNY Mellon Strategic Municipal Bond Fund, Inc.

     765,860  
    34,014  

BNY Mellon Strategic Municipals, Inc.

     213,948  
    11,444  

DTF Tax-Free Income 2028 Term Fund, Inc.

     131,034  
    66,923  

DWS Municipal Income Trust

     608,999  
    288  

Eaton Vance Municipal Bond Fund

     2,814  
    21,246  

Invesco Advantage Municipal Income Trust II

     183,990  
    14,818  

Invesco Municipal Income Opportunities Trust

     90,983  
    26,218  

Invesco Municipal Opportunity Trust

     249,333  
    29,760  

Invesco Municipal Trust

     283,315  
    8,886  

Invesco Quality Municipal Income Trust

     85,483  
    18,960  

Invesco Trust for Investment Grade Municipals

     187,135  
    12,605  

Invesco Value Municipal Income Trust

     153,277  
    29,711  

Neuberger Municipal Fund, Inc.

     301,567  
    44  

Nuveen New York AMT-Free Quality Municipal Income Fund

     449  
    48,321  

PIMCO Municipal Income Fund II

     365,790  

 

 

 

 

28

 

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

  Number of
Shares		     Value 
      CLOSED-END MUTUAL FUNDS (Continued)     
   86,507  Western Asset Managed Municipals Fund, Inc.  $889,292 
      TOTAL CLOSED-END MUTUAL FUNDS     
      (Cost $7,603,170)   6,433,201 
            
     

PRIVATE FUNDS7 — 10.3%

     
     

MacKay Municipal Credit Opportunities Fund, LP - Class A* 8

   26,434,502 
     

MacKay Municipal Opportunities Fund, LP - Class A* 9

   104,211,197 
      TOTAL PRIVATE FUNDS     
      (Cost $97,715,054)   130,645,699 
            
     

WARRANT — 0.0%6

     
   1,650  BL Train Holdings West LLC, Exercise Price 5.00, Expiration Date 12/1/2035*   3,300 
      TOTAL WARRANT     
      (Cost $0)   3,300 
            
      SHORT-TERM INVESTMENTS — 3.2%     
   33,191,608 

BlackRock Liquidity Funds MuniCash - Institutional Shares, 2.23%10

   33,194,928 
   7,902,781 

JPMorgan Prime Money Market Fund - Institutional Shares, 3.65%10

   7,903,571 
      TOTAL SHORT-TERM INVESTMENTS     
      (Cost $41,100,163)   41,098,499 
            
      TOTAL INVESTMENTS — 99.1%     
      (Cost $1,249,468,427)   1,262,258,006 
      Other assets less liabilities — 0.9%   11,338,152 
            
      TOTAL NET ASSETS — 100.0%  $1,273,596,158 

 

*

Non-income producing security.

1

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

2

Security may be exempt from Alternative Minimum Tax.

3

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

 

institutional buyers. As of March 31, 2026, the aggregate fair value of these investments is $58,030,813 or 4.6% of the Fund’s net assets.

4

Floating rate security.

5

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

6

Rounds to less than 0.05%.

7

The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2026, the aggregate fair value of these investments is $130,645,699 or 10.3% of the Fund’s net assets.

8

The investment was acquired on 3/1/2016. The cost is $16,811,394.

9

The investment was acquired on 3/1/2016. The cost is $80,903,660.

10

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

 

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

FHA — Federal Housing Administration

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

LLC — Limited Liability Company

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

 

See accompanying Notes to Financial Statements.

 

 

29

 

 

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2026

 

 

Number of
Shares

      

Value

  
       

FOREIGN COLLECTIVE INVESTMENT FUNDS — 25.3%
       

ALTERNATIVE DIVERSIFIERS — 25.3%
    2,312,341  

GMO Equity Dislocation Investment Fund - Class A1

   $ 61,161,408  
    608,060  

Lazard Rathmore Alternative Fund - Class E* 1

     73,591,890  
    1,082,218  

Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares* 1 2 3

     133,140,555  
       

TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS

        
       

(Cost $224,518,756)

     267,893,853  
                 
       

OPEN-END MUTUAL FUNDS — 48.7%
       

ALTERNATIVE DIVERSIFIERS — 9.9%
    3,849,743  

BlackRock Event Driven Equity Fund - Institutional Shares

     40,229,809  
    5,361,618  

Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6

     64,661,112  
              104,890,921  
       

CORE DIVERSIFIERS — 12.8%
    3,231,479  

JPMorgan Global Allocation Fund - Class R6

     65,566,717  
    5,200,044  

Victory Pioneer Multi-Asset Income Fund - Class R6

     70,200,591  
              135,767,308  
       

CORE/ALTERNATIVE DIVERSIFIER — 26.0%
    8,575,827  

GMO Benchmark-Free Allocation Fund - Class IV3 4

     274,683,737  
       

TOTAL OPEN-END MUTUAL FUNDS
       

(Cost $433,740,605)

     515,341,966  
                 
       

EXCHANGE-TRADED FUNDS — 13.5%
       

ALTERNATIVE DIVERSIFIER — 8.8%
    1,055,046  

iShares Gold Trust*

     93,012,855  
                 
       

CORE DIVERSIFIERS — 4.7%
    299,310  

iShares Core 60/40 Balanced Allocation ETF

     19,260,599  
    1,068,347  

State Street Bridgewater All Weather ETF

     30,821,811  
              50,082,410  
       

TOTAL EXCHANGE-TRADED FUNDS
       

(Cost $87,575,692)

     143,095,265  

 

 

 

Number of
Shares

      

Value

  
       

PRIVATE FUNDS5 — 10.4%
       

ALTERNATIVE DIVERSIFIERS — 10.4%
       

Elliott Associates, LP - Class C Shares* 6

   $ 45,988,037  
    26,238  

Millennium International, Ltd. - Class GG* 7

     63,616,892  
       

TOTAL PRIVATE FUNDS
       

(Cost $64,221,483)

     109,604,929  
                 
       

SHORT-TERM INVESTMENT — 2.1%
    22,224,848  

JPMorgan Prime Money Market Fund - Institutional Shares, 3.65%8

     22,227,071  
       

TOTAL SHORT-TERM INVESTMENT
       

(Cost $22,231,352)

     22,227,071  
                 
       

TOTAL INVESTMENTS — 100.0%
       

(Cost $832,287,888)

     1,058,163,084  
       

Other assets less liabilities — 0.0%9

     121,209  
                 
       

TOTAL NET ASSETS — 100.0%

   $ 1,058,284,293  

 

*

Non-income producing security.

1

Domiciled in Ireland.

2

The investment was acquired on 10/2/2024. The cost is $116,406,378.

3

Affiliated investments for which ownership exceeds 5% of the investment’s capital. Please refer to Note 5, Investments in Affiliated Issuers, in the Notes to Financial Statements.

4

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

5

The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2026, the aggregate fair value of these investments is $109,604,929 or 10.4% of the Fund’s net assets.

6

The investment was acquired on 1/2/2020. The cost is $33,371,304.

7

The investment was acquired on 1/1/2020. The cost is $30,850,179 or $1,176 per share. Domiciled in Cayman Islands.

8

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

9

Rounds to less than 0.05%.

 

 

30

 

 

ASPIRIANT DEFENSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

 

See accompanying Notes to Financial Statements.

 

 

31

 

 

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2026

 

 

Number of
Shares

      

Value

  
       

COMMON STOCKS — 25.2%
       

AUSTRIA — 0.2%
    17,091  

Erste Group Bank A.G.

   $ 1,846,260  
                 
       

BELGIUM — 0.3%
    14,044  

KBC Group N.V.

     1,718,873  
    6,340  

UCB S.A.

     1,910,222  
              3,629,095  
       

BRAZIL — 0.3%
    96,015  

Cia de Saneamento Basico do Estado de Sao Paulo

     2,933,176  
    82,767  

Itau Unibanco Holding S.A. - ADR

     693,588  
              3,626,764  
       

CANADA — 0.1%
    652  

Constellation Software, Inc.

     1,144,546  
                 
       

CAYMAN ISLANDS — 0.2%
    41,856  

Tencent Holdings Ltd.

     2,639,958  
                 
       

CHINA — 0.1%
    364,914  

Weichai Power Co., Ltd.

     1,294,067  
                 
       

DENMARK — 0.2%
    9,206  

DSV A/S

     2,223,325  
    12,497  

Novo Nordisk A/S - Class B

     457,321  
              2,680,646  
       

FRANCE — 0.9%
    44,530  

Accor SA

     2,135,800  
    59,852  

Dassault Systemes S.E.

     1,211,659  
    3,800  

LVMH Moet Hennessy Louis Vuitton S.E.

     2,077,269  
    19,167  

Safran S.A.

     6,272,004  
              11,696,732  
       

GERMANY — 0.4%
    6,240  

Knorr-Bremse A.G.

     712,931  
    672  

Rheinmetall A.G.

     1,133,520  
    18,516  

SAP S.E.

     3,156,657  
              5,003,108  
       

HONG KONG — 0.1%
    56,000  

Sun Hung Kai Properties Ltd.

     932,447  
                 
       

INDIA — 0.1%
    56,452  

ICICI Bank Ltd. - ADR

     1,462,107  

 

 

 

Number of
Shares

      

Value

  
       

COMMON STOCKS (Continued)
       

IRELAND — 0.3%
    15,869  

Accenture PLC - Class A

   $ 3,146,664  
    22,530  

Experian PLC

     779,414  
              3,926,078  
       

ISRAEL — 0.2%
    107,614  

Bank Leumi Le-Israel BM

     2,406,556  
                 
       

ITALY — 0.2%
    28,788  

UniCredit S.p.A.

     2,065,361  
                 
       

JAPAN — 0.8%
    69,200  

Hitachi Ltd.

     2,030,016  
    21,273  

Mitsubishi Estate Co., Ltd.1

     590,463  
    54,963  

Mizuho Financial Group, Inc.

     2,225,109  
    37,600  

Shin-Etsu Chemical Co., Ltd.

     1,531,027  
    13,200  

Shionogi & Co., Ltd.

     291,996  
    51,500  

Sumitomo Realty & Development Co., Ltd.

     1,461,355  
    8,180  

Tokyo Electron Ltd.

     2,032,329  
              10,162,295  
       

NETHERLANDS — 0.6%
    3,522  

Argenx S.E. - ADR* 1

     2,571,940  
    2,096  

ASML Holding N.V.

     2,787,170  
    1,504  

Havas N.V.*

     26,341  
    12,140  

NXP Semiconductors N.V.

     2,389,880  
              7,775,331  
       

SINGAPORE — 0.3%
    38,959  

Flex Ltd.*

     2,550,256  
    417,945  

Singapore Telecommunications Ltd.

     1,609,265  
              4,159,521  
       

SOUTH KOREA — 0.2%
    2,904  

Hanwha Aerospace Co., Ltd.

     2,476,260  
                 
       

SPAIN — 0.1%
    20,826  

Amadeus IT Group S.A.

     1,190,847  
                 
       

SWEDEN — 0.3%
    50,074  

Sandvik A.B.

     1,924,937  
    3,872  

Spotify Technology S.A.*

     1,877,572  
              3,802,509  
       

SWITZERLAND — 0.4%
    27,745  

Amrize Ltd.*

     1,537,819  

 

 

 

 

32

 

 

 

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Number of
Shares

      

Value

  
       

COMMON STOCKS (Continued)
       

SWITZERLAND (Continued)
    246,770  

Glencore PLC*

   $ 1,869,005  
    23,087  

Nestle S.A.

     2,264,628  
              5,671,452  
       

TAIWAN — 1.0%
    228,020  

Taiwan Semiconductor Manufacturing Co., Ltd.

     13,187,428  
                 
       

UNITED KINGDOM — 1.7%
    49,435  

Anglo American PLC

     2,122,521  
    6,565  

AstraZeneca PLC

     1,283,720  
    62,085  

British American Tobacco PLC

     3,604,582  
    103,617  

Compass Group PLC

     2,891,011  
    79,580  

Diageo PLC

     1,479,966  
    53,862  

GSK PLC

     1,483,655  
    610,860  

Haleon PLC

     3,023,143  
    9,805  

Next PLC

     1,656,544  
    156,309  

Prudential PLC

     2,173,182  
    48,120  

Unilever PLC

     2,641,759  
              22,360,083  
       

UNITED STATES — 16.2%
    37,289  

Abbott Laboratories

     3,828,462  
    7,410  

AbbVie, Inc.

     1,611,601  
    28,675  

Alphabet, Inc. - Class A

     8,245,783  
    24,917  

Alphabet, Inc. - Class C

     7,147,691  
    46,553  

Amazon.com, Inc.*

     9,695,593  
    3,759  

Analog Devices, Inc.

     1,195,888  
    37,732  

Apple, Inc.

     9,576,004  
    3,569  

Axon Enterprise, Inc.*

     1,515,719  
    25,459  

Broadcom, Inc.

     7,879,815  
    13,266  

C.H. Robinson Worldwide, Inc.

     2,203,085  
    6,721  

Cencora, Inc.

     2,111,335  
    10,517  

Cigna Group

     2,805,410  
    34,754  

Coca-Cola Co.1

     2,643,042  
    17,148  

Constellation Brands, Inc. - Class A

     2,572,200  
    7,938  

Elevance Health, Inc.

     2,323,850  
    6,421  

Eli Lilly & Co.

     5,905,843  
    2,101  

Equinix, Inc. - REIT

     2,059,484  
    8,598  

Ferguson Enterprises, Inc.

     2,005,569  
    8,939  

Hilton Worldwide Holdings, Inc.

     2,718,171  
    6,437  

Home Depot, Inc.

     2,117,065  

 

 

 

Number of
Shares

      

Value

  
       

COMMON STOCKS (Continued)
       

UNITED STATES (Continued)
    32,229  

Interactive Brokers Group, Inc. - Class A

   $ 2,161,599  
    5,301  

Intuitive Surgical, Inc.*

     2,443,708  
    11,286  

Jabil, Inc.

     2,997,900  
    30,254  

Johnson & Johnson

     7,395,288  
    1,765  

KLA Corp.

     2,598,804  
    29,424  

Lam Research Corp.

     6,286,732  
    9,162  

Mastercard, Inc. - Class A

     4,577,885  
    47,317  

Merck & Co., Inc.

     5,691,762  
    14,763  

Meta Platforms, Inc. - Class A

     8,446,355  
    39,623  

Microsoft Corp.

     14,667,246  
    43,475  

Netflix, Inc.*

     4,180,121  
    2,491  

Northrop Grumman Corp.

     1,699,460  
    51,303  

NVIDIA Corp.

     8,947,243  
    2,144  

Parker-Hannifin Corp.

     1,919,395  
    14,201  

Philip Morris International, Inc.

     2,347,993  
    8,091  

Quest Diagnostics, Inc.

     1,585,674  
    3,072  

S&P Global, Inc.

     1,306,644  
    25,719  

Salesforce, Inc.

     4,800,966  
    3,938  

Synopsys, Inc.*

     1,561,338  
    7,902  

Targa Resources Corp.

     1,981,268  
    11,119  

Tenet Healthcare Corp.*

     2,098,267  
    21,147  

Texas Instruments, Inc.

     4,105,479  
    10,874  

Thermo Fisher Scientific, Inc.

     5,344,897  
    15,922  

TJX Cos., Inc.

     2,542,743  
    12,496  

Tradeweb Markets, Inc. - Class A

     1,470,279  
    78,850  

U.S. Bancorp

     4,100,989  
    24,809  

U.S. Foods Holding Corp.*

     2,287,638  
    32,323  

Uber Technologies, Inc.*

     2,324,993  
    4,300  

United Therapeutics Corp.*

     2,549,814  
    13,326  

UnitedHealth Group, Inc.

     3,605,882  
    12,881  

Visa, Inc. - Class A1

     3,893,153  
    17,267  

Wells Fargo & Co.

     1,374,626  
    16,698  

Welltower, Inc. - REIT

     3,301,362  
    5,665  

WESCO International, Inc.

     1,550,057  
              208,309,170  
       

TOTAL COMMON STOCKS
       

(Cost 256,785,267)

     323,448,621  
                 

 

 

 

 

33

 

 

 

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

As of March 31, 2026

 

 

Number of
Shares

      

Value

  
       

EXCHANGE-TRADED FUNDS — 13.1%
    215,172  

iShares MSCI ACWI ETF

   $ 29,773,350  
    333,716  

iShares MSCI Global Min Vol Factor ETF1

     39,882,399  
    2,560,111  

Schwab Fundamental Emerging Markets Equity ETF1

     97,949,847  
       

TOTAL EXCHANGE-TRADED FUNDS
       

(Cost $115,288,412)

     167,605,596  
                 
       

FOREIGN COLLECTIVE INVESTMENT FUND — 4.8%
    2,319,734  

GMO Equity Dislocation Investment Fund - Class A2

     61,356,966  
       

TOTAL FOREIGN COLLECTIVE INVESTMENT FUND

        
       

(Cost $48,279,333)

     61,356,966  
                 
       

OPEN-END MUTUAL FUNDS — 42.4%
    2,896,300  

AQR Large Cap Defensive Style Fund - Class R6

     51,843,780  
    2,328,476  

Baillie Gifford Emerging Markets Equities Fund - Class K

     64,312,512  
    13,148,277  

GMO Quality Fund - Class VI3 4

     427,976,404  
       

TOTAL OPEN-END MUTUAL FUNDS
       

(Cost $398,751,924)

     544,132,696  
                 
       

PRIVATE FUNDS5 — 11.3%
       

RIEF Strategic Partners Fund LLC - Series SB* 6

     94,374,791  
       

Viking Global Equities LP - Class H Interests* 7

     50,240,939  
       

TOTAL PRIVATE FUNDS
       

(Cost $102,341,083)

     144,615,730  
                 
       

SHORT-TERM INVESTMENTS — 4.5%
       

COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 1.1%
       

Collateral Investments

     13,995,406  
                 

 

 

 

Number of
Shares

      

Value

  
       

SHORT-TERM INVESTMENTS (Continued)
       

MONEY MARKET FUNDS — 3.4%
    44,041,735  

JPMorgan Prime Money Market Fund - Class Institutional, 3.65%8

   $ 44,046,139  
       

TOTAL SHORT-TERM INVESTMENTS
       

(Cost $58,046,041)

     58,041,545  
                 
       

TOTAL INVESTMENTS — 101.3%
       

(Cost $979,492,060)

     1,299,201,154  
       

Liabilities in excess of other assets — (1.3)%

     (16,112,985 )
                 
       

TOTAL NET ASSETS — 100.0%

   $ 1,283,088,169  

 

*

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 $17,396,705.

2

Domiciled in Ireland.

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

The Fund primarily invests in global equities.

5

The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of March 31, 2026, the aggregate fair value of these investments is $144,615,730 or 11.3% of the Fund’s net assets.

6

The investment was acquired on 7/2/2018. The cost is $56,925,449.

7

The investment was acquired on 12/1/2023. The cost is $45,415,634.

8

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

 

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

 

See accompanying Notes to Financial Statements.

 

 

34

 

 

ASPIRIANT TRUST

Statements of Assets and Liabilities

As of March 31, 2026

 

   

Risk-Managed
Taxable Bond
Fund

    

Risk-Managed
Municipal Bond
Fund

    

Defensive
Allocation
Fund

    

Risk-Managed
Equity Allocation
Fund

  

ASSETS:

                                

Unaffiliated investments, at value (cost $406,410,729, $1,249,468,427, $499,312,545 and $979,492,060, respectively)

  $ 397,670,867     $ 1,262,258,006     $ 650,338,792     $ 1,299,201,154 1 

Affiliated investments, at value (cost $0, $0, $332,975,343 and $0, respectively)

    —       —       407,824,292       —  

Cash

    —       1,000,001       —       —  

Foreign currency, at value (cost $0, $0, $0 and $210,767, respectively)

    —       —       —       210,519  

Receivables:

                                

Investments sold

    —       1,918,331       —       277,647  

Fund shares sold

    6,985       1,058,985       620,695       976,320  

Dividends and interest

    171,732       14,095,593       855,173       1,212,214  

Other receivables

    —       —       —       3,893  

Other prepaid expenses

    28,772       18,641       22,477       20,318  

Total assets

    397,878,356       1,280,349,557       1,059,661,429       1,301,902,065  
                                 

LIABILITIES:

                                

Payables:

                                

Investments purchased

    —       5,452,019       —       —  

Securities lending collateral (see Note 2)

    —       —       —       13,995,406  

Fund shares redeemed

    1,485,954       786,691       1,078,780       4,186,800  

Due to Adviser

    27,216       229,809       89,288       173,807  

Accrued fund accounting fees

    25,042       114,976       58,693       91,782  

Accrued Trustees’ fees

    16,750       16,750       16,750       16,750  

Accrued administrative servicing fees

    13,601       43,403       17,729       54,678  

Accrued fund administration fees

    13,471       42,468       52,994       43,809  

Accrued transfer agent fees and expenses

    5,161       5,123       7,695       5,272  

Accrued Chief Compliance Officer fees

    2,500       2,500       2,500       2,500  

Accrued custody fees

    1,950       9,900       2,550       18,000  

Due to Custodian

    —       —       —       161,517  

Accrued other expenses

    32,791       49,760       50,157       63,575  

Total liabilities

    1,624,436       6,753,399       1,377,136       18,813,896  

Commitments and contingencies (see Note 2)

                               
                                 

NET ASSETS

  $ 396,253,920     $ 1,273,596,158     $ 1,058,284,293     $ 1,283,088,169  

 

1

Includes $17,396,705 of securities on loan to unaffiliated broker-dealers. Please refer to Note 2, Securities Lending, in the Notes to Financial Statements.

 

 

 

 

35

 

 

ASPIRIANT TRUST

Statements of Assets and Liabilities (Continued)

As of March 31, 2026

 

   

Risk-Managed
Taxable Bond
Fund

    

Risk-Managed
Municipal Bond
Fund

    

Defensive
Allocation
Fund

    

Risk-Managed
Equity Allocation
Fund

  

NET ASSETS CONSIST OF:

                                

Paid-in capital (unlimited shares authorized, no par value)

  $ 424,174,794     $ 1,349,361,922     $ 887,183,251     $ 878,409,575  

Total distributable earnings (losses)

    (27,920,874 )     (75,765,764 )     171,101,042       404,678,594  

NET ASSETS APPLICABLE TO OUTSTANDING SHARES

  $ 396,253,920     $ 1,273,596,158     $ 1,058,284,293     $ 1,283,088,169  
                                 

SHARES ISSUED AND OUTSTANDING

    46,304,226       138,232,840       86,275,871       81,474,702 ^

NET ASSET VALUE PER SHARE

  $ 8.56     $ 9.21     $ 12.27     $ 15.75 ^

 

^    Advisor Shares

 

See accompanying Notes to Financial Statements.

 

 

36

 

 

ASPIRIANT TRUST

Statements of Operations

Year Ended March 31, 2026

 

   

Risk-Managed
Taxable Bond
Fund

    

Risk-Managed
Municipal Bond
Fund

    

Defensive
Allocation
Fund

    

Risk-Managed
Equity Allocation
Fund

  

INVESTMENT INCOME:

                                

Dividends from unaffiliated investments (net of foreign withholding taxes of $0, $0, $0 and $186,011, respectively)

  $ 16,246,606     $ 2,974,487     $ 10,889,008     $ 18,783,459  

Dividends from affiliated investments

    —       —       11,002,466       —  

Interest income from unaffiliated investments

    696,818       40,787,893       1,175,087       1,412,555  

Net securities lending income

    —       —       —       126,524  

Total investment income

    16,943,424       43,762,380       23,066,561       20,322,538  
                                 

EXPENSES:

                                

Advisory fees

    841,191       3,271,343       1,007,848       3,252,941  

Administrative services fees

    336,474       1,211,590       1,007,848       1,355,388  

Fund accounting fees

    93,229       456,342       231,123       378,633  

Trustees’ fees and expenses

    76,938       76,938       76,938       76,938  

Fund administration fees

    73,356       259,542       216,294       289,929  

Legal fees

    59,045       58,674       69,687       58,502  

Registration fees

    30,983       37,294       30,248       25,148  

Transfer agent fees and expenses

    30,232       29,972       30,835       30,922  

Audit and tax fees

    29,292       40,389       30,293       48,135  

Chief Compliance Officer fees

    19,917       19,917       19,917       19,917  

Insurance fees

    11,119       11,119       11,119       11,119  

Regulatory services

    10,300       13,300       10,300       11,400  

Custody fees

    6,656       37,590       9,773       70,502  

Shareholder reporting fees

    3,372       2,687       2,298       8,587  

Other expenses

    14,942       18,580       32,151       48,413  

Total expenses

    1,637,046       5,545,277       2,786,672       5,686,474  

Less: Advisory fees waived

    (572,007 )     (726,945 )     —       (1,084,366 )

Less: Administrative services fees waived

    (201,882 )     (726,945 )     (806,293 )     (677,719 )

Net expenses

    863,157       4,091,387       1,980,379       3,924,389  

Net investment income

    16,080,267       39,670,993       21,086,182       16,398,149  

 

 

 

 

37

 

 

 

ASPIRIANT TRUST

Statements of Operations (Continued)

Year Ended March 31, 2026

 

   

Risk-Managed
Taxable Bond
Fund

    

Risk-Managed
Municipal Bond
Fund

    

Defensive
Allocation
Fund

    

Risk-Managed
Equity Allocation
Fund

  

REALIZED AND UNREALIZED GAIN (LOSS):

                                

Net realized gain (loss) on:

                                

Unaffiliated investments

  $ (138,758 )   $ (4,785,075 )   $ 22,914,308     $ 88,147,461  

Affiliated investments

    —       —       2,820,978       —  

Foreign currency translations

    —       —       —       (40,614 )

Futures contracts

    —       21,488       —       —  

Capital gain distributions from unaffiliated investments

    —       2,229       8,546,626       57,147,860  

Total net realized gain (loss)

    (138,758 )     (4,761,358 )     34,281,912       145,254,707  

Net change in unrealized appreciation (depreciation) on:

                                

Unaffiliated investments

    741,557       8,781,542       44,638,390       (6,071,560 )

Affiliated investments

    —       —       65,171,230       —  

Foreign currency translations

    —       —       —       44,161  

Total net change in unrealized appreciation (depreciation)

    741,557       8,781,542       109,809,620       (6,027,399 )

Net realized and unrealized gain (loss)

    602,799       4,020,184       144,091,532       139,227,308  

Net Increase in Net Assets from Operations

  $ 16,683,066     $ 43,691,177     $ 165,177,714     $ 155,625,457  

 

See accompanying Notes to Financial Statements.

 

 

38

 

 

ASPIRIANT TRUST

Statements of Changes in Net Assets

 

   

Risk-Managed
Taxable Bond Fund

   

Risk-Managed
Municipal Bond Fund

  
   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

 

CHANGES IN NET ASSETS FROM:

                                

OPERATIONS:

                                

Net investment income

  $ 16,080,267     $ 13,983,349     $ 39,670,993     $ 39,990,909  

Net realized gain (loss) on investments

    (138,758 )     (5,842,731 )     (4,761,358 )     1,695,669  

Net change in unrealized appreciation (depreciation) on investments

    741,557       8,979,325       8,781,542       (14,990,293 )

Change in net assets resulting from operations

    16,683,066       17,119,943       43,691,177       26,696,285  
                                 

DISTRIBUTIONS TO SHAREHOLDERS:

                                

Change in net assets resulting from distributions to shareholders

    (15,403,069 )     (17,015,787 )     (46,126,789 )     (45,854,565 )
                                 

CAPITAL SHARE TRANSACTIONS:

                                

Shares sold

    146,369,637       85,420,106       315,462,856       202,854,387  

Shares issued for reinvestment of distributions

    13,994,486       15,807,129       44,135,633       43,810,306  

Shares redeemed

    (48,856,892 )     (87,185,830 )     (307,346,777 )     (236,481,823 )

Change in net assets resulting from capital stock transactions

    111,507,231       14,041,405       52,251,712       10,182,870  
                                 

Change in net assets

  $ 112,787,228     $ 14,145,561     $ 49,816,100     $ (8,975,410 )
                                 

NET ASSETS:

                                

Beginning of year

    283,466,692       269,321,131       1,223,780,058       1,232,755,468  

End of year

  $ 396,253,920     $ 283,466,692     $ 1,273,596,158     $ 1,223,780,058  
                                 

TRANSACTIONS IN SHARES:

                                

Shares sold

    16,926,783       10,026,347       34,246,904       21,610,703  

Shares issued for reinvestment of distributions

    1,634,507       1,871,462       4,806,104       4,696,665  

Shares redeemed

    (5,676,766 )     (10,215,070 )     (33,509,178 )     (25,169,324 )

Change in shares outstanding

    12,884,524       1,682,739       5,543,830       1,138,044  

 

See accompanying Notes to Financial Statements.

 

 

39

 

 

ASPIRIANT TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   

Defensive Allocation Fund

   

Risk-Managed
Equity Allocation Fund

 
   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

 

CHANGES IN NET ASSETS FROM:

                                

OPERATIONS:

                                

Net investment income

  $ 21,086,182     $ 20,940,292     $ 16,398,149     $ 17,162,081  

Net realized gain (loss) on investments and foreign currency

    34,281,912       14,100,975       145,254,707       93,110,281  

Net change in unrealized appreciation (depreciation) on investments and foreign currency

    109,809,620       31,529,094       (6,027,399 )     4,723,607  

Change in net assets resulting from operations

    165,177,714       66,570,361       155,625,457       114,995,969  
                                 

DISTRIBUTIONS TO SHAREHOLDERS:

                                

Change in net assets resulting from distributions to shareholders

    (46,087,674 )     (46,125,654 )     (152,650,615 )     (97,492,284 )
                                 

CAPITAL SHARE TRANSACTIONS:

                                

Shares sold

    86,714,957       56,485,255       93,210,805       71,846,245  

Shares issued for reinvestment of distributions

    43,482,999       43,709,750       139,484,734       89,506,726  

Shares redeemed

    (162,619,795 )     (394,611,946 )     (249,299,986 )     (273,870,417 )

Change in net assets resulting from capital stock transactions

    (32,421,839 )     (294,416,941 )     (16,604,447 )     (112,517,446 )
                                 

Change in net assets

  $ 86,668,201     $ (273,972,234 )   $ (13,629,605 )   $ (95,013,761 )
                                 

NET ASSETS:

                                

Beginning of year

    971,616,092       1,245,588,326       1,296,717,774       1,391,731,535  

End of year

  $ 1,058,284,293     $ 971,616,092     $ 1,283,088,169     $ 1,296,717,774  
                                 

TRANSACTIONS IN SHARES^:

                                

Shares sold

    7,261,180       5,252,366       5,640,116       4,494,463  

Shares issued for reinvestment of distributions

    3,654,034       4,194,794       8,567,858       5,737,611  

Shares redeemed

    (13,911,803 )     (36,689,061 )     (15,152,721 )     (17,139,301 )

Change in shares outstanding

    (2,996,589 )     (27,241,901 )     (944,747 )     (6,907,227 )

 

^

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

See accompanying Notes to Financial Statements.

 

 

40

 

 

ASPIRIANT RISK-MANAGED TAXABLE BOND FUND

Financial Highlights

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

 

   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2024

    

Year Ended
March 31,
2023

    

Year Ended
March 31,
2022

  

Net asset value, beginning of period

  $ 8.48     $ 8.49     $ 8.51     $ 9.27     $ 10.06  
                                         

Income from Investment Operations:

                                        

Net investment income

    0.43       0.41       0.42       0.40       0.25  

Net realized and unrealized gain (loss) on investments

    0.03       0.08       0.01       (0.77 )     (0.61 )

Total from investment operations

    0.46       0.49       0.43       (0.37 )     (0.36 )
                                         

Less Distributions:

                                        

From net investment income

    (0.38 )     (0.50 )     (0.45 )     (0.39 )     (0.22 )

From net realized gain

    —       —       —       (0.00 )1     (0.21 )

Total distributions

    (0.38 )     (0.50 )     (0.45 )     (0.39 )     (0.43 )
                                         

Net assets value, end of period

  $ 8.56     $ 8.48     $ 8.49     $ 8.51     $ 9.27  
                                         

Total return

    5.54 %     5.91 %     5.15 %     (3.89 )%     (3.76 )%
                                         

RATIOS/SUPPLEMENTAL DATA:

                                        

Net assets, end of period (in thousands)

  $ 396,254     $ 283,467     $ 269,321     $ 196,549     $ 205,520  

Ratios (as a percentage of average daily net assets):

                                        

Total expenses before expense waiver3

     0.49 %     0.50 %     0.54 %     0.56 %     0.52 %

Expense waiver3

    (0.23 )%     (0.23 )%     (0.24 )%     (0.24 )%     (0.24 )%

Total expenses after expense waiver3

    0.26 %     0.27 %     0.30 %     0.32 %     0.28 %

Net investment income3

    4.78 %     4.75 %     5.03 %     4.60 %     2.52 %

Portfolio turnover rate

    0 %2     15 %     14 %     19 %     24 %

 

1

Rounds to less than 0.005.

2

Rounds to less than 0.5%

 

3

The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying companies in which the Fund invests.

 

See accompanying Notes to Financial Statements.

 

 

41

 

 

ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

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

 

   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2024

    

Year Ended
March 31,
2023

    

Year Ended
March 31,
2022

  

Net asset value, beginning of period

  $ 9.22     $ 9.37     $ 9.32     $ 9.76     $ 10.46  
                                         

Income from Investment Operations:

                                        

Net investment income

    0.33       0.30       0.37       0.25       0.26  

Net realized and unrealized gain (loss) on investments

    0.01       (0.11 )     0.02       (0.35 )     (0.55 )

Total from investment operations

    0.34       0.19       0.39       (0.10 )     (0.29 )
                                         

Less Distributions:

                                        

From net investment income

    (0.35 )     (0.34 )     (0.34 )     (0.33 )     (0.35 )

From net realized gain

    —       —       —       (0.01 )     (0.06 )

Total distributions

    (0.35 )     (0.34 )     (0.34 )     (0.34 )     (0.41 )
                                         

Net assets value, end of period

  $ 9.21     $ 9.22     $ 9.37     $ 9.32     $ 9.76  
                                         

Total return

    3.78 %     2.05 %     4.30 %     (0.88 )%     (2.87 )%
                                         

RATIOS/SUPPLEMENTAL DATA:

                                        

Net assets, end of period (in thousands)

  $ 1,273,596     $ 1,223,780     $ 1,232,755     $ 1,022,894     $ 1,140,093  

Ratios (as a percentage of average daily net assets):

                                        

Total expenses before expense waiver1

    0.46 %     0.46 %     0.48 %     0.47 %     0.45 %

Expense waiver1

    (0.12 )%     (0.12 )%     (0.13 )%     (0.13 )%     (0.13 )%

Total expenses after expense waiver1

    0.34 %     0.34 %     0.35 %     0.34 %     0.32 %

Net investment income1

    3.27 %     3.16 %     3.15 %     2.84 %     2.32 %

Portfolio turnover rate

    23 %     23 %     21 %     49 %     11 %

 

1

The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying companies in which the Fund invests.

 

See accompanying Notes to Financial Statements.

 

 

42

 

 

ASPIRIANT DEFENSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

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

 

   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2024

    

Year Ended
March 31,
2023

    

Year Ended
March 31,
2022

  

Net asset value, beginning of period

  $ 10.88     $ 10.69     $ 10.08     $ 10.55     $ 10.87  
                                         

Income from Investment Operations:

                                        

Net investment income

    0.25       0.13       0.21       0.16       0.21  

Net realized and unrealized gain (loss) on investments

    1.69       0.55       0.78       (0.55 )     0.04  

Total from investment operations

    1.94       0.68       0.99       (0.39 )     0.25  
                                         

Less Distributions:

                                        

From net investment income

    (0.55 )     (0.49 )     (0.38 )     (0.08 )     (0.57 )

From return of capital

    —       —       —       —       (0.00 )1

Total distributions

    (0.55 )     (0.49 )     (0.38 )     (0.08 )     (0.57 )
                                         

Net assets value, end of period

  $ 12.27     $ 10.88     $ 10.69     $ 10.08     $ 10.55  
                                         

Total return

    17.99 %     6.55 %     9.97 %     (3.71 )%     2.27 %
                                         

RATIOS/SUPPLEMENTAL DATA:

                                        

Net assets, end of period (in thousands)

  $ 1,058,284     $ 971,616     $ 1,245,588     $ 1,339,519     $ 1,536,383  

Ratios (as a percentage of average daily net assets):

                                        

Total expenses before expense waiver2

    0.28 %     0.27 %     0.27 %     0.27 %     0.26 %

Expense waiver2

    (0.08 )%     (0.08 )%     (0.09 )%     (0.09 )%     (0.09 )%

Total expenses after expense waiver2

    0.20 %     0.19 %     0.18 %     0.18 %     0.17 %

Net investment income2

    2.09 %     1.93 %     2.35 %     1.84 %     1.32 %

Portfolio turnover rate

    13 %     5 %     3 %     21 %     20 %

 

1

Rounds to less than 0.005.

2

The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying companies in which the Fund invests.

 

See accompanying Notes to Financial Statements.

 

 

43

 

 

ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND

FINANCIAL HIGHLIGHTS - ADVISOR SHARES

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

 

   

Year Ended
March 31,
2026

    

Year Ended
March 31,
2025

    

Year Ended
March 31,
2024

    

Year Ended
March 31,
2023

    

Year Ended
March 31,
2022

  

Net asset value, beginning of period

  $ 15.73     $ 15.58     $ 13.76     $ 14.58     $ 14.35  
                                         

Income from Investment Operations:

                                        

Net investment income

    0.21       0.20       0.22       0.22       0.18  

Net realized and unrealized gain (loss) on investments and foreign currency

    1.73       1.13       2.37       (0.75 )     0.44  

Total from investment operations

    1.94       1.33       2.59       (0.53 )     0.62  
                                         

Less Distributions:

                                        

From net investment income

    (0.27 )     (0.24 )     (0.47 )     (0.14 )     (0.37 )

From net realized gain

    (1.65 )     (0.94 )     (0.30 )     (0.15 )     (0.02 )

Total distributions

    (1.92 )     (1.18 )     (0.77 )     (0.29 )     (0.39 )
                                         

Net assets value, end of period

  $ 15.75     $ 15.73     $ 15.58     $ 13.76     $ 14.58  
                                         

Total return

    11.94 %     8.63 %     19.29 %     (3.58 )%     4.10 %
                                         

RATIOS/SUPPLEMENTAL DATA:

                                        

Net assets, end of period (in thousands)

  $ 1,283,088     $ 1,296,718     $ 1,391,732     $ 1,452,741     $ 1,729,996  

Ratios (as a percentage of average daily net assets):

                                        

Total expenses before expense waiver1

    0.42 %     0.42 %     0.42 %     0.42 %     0.41 %

Expense waiver1

    (0.13 )%     (0.13 )%     (0.14 )%     (0.14 )%     (0.14 )%

Total expenses after expense waiver1

    0.29 %     0.29 %     0.28 %     0.28 %     0.27 %

Net investment income1

    1.21 %     1.25 %     1.61 %     1.62 %     1.18 %

Portfolio turnover rate

    21 %     19 %     15 %     36 %     24 %

 

1

The ratios of expenses and net investment income or loss to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying companies in which the Fund invests.

 

See accompanying Notes to Financial Statements.

 

 

44

 

 

ASPIRIANT TRUST

Notes to Financial Statements

March 31, 2026

 

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 an open-end management investment company (the “Trust”). The Trust currently consists of the following four portfolios: Aspiriant Risk-Managed Taxable Bond Fund (the “Taxable Bond Fund”), which commenced operations on March 29, 2018, 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 Equity Allocation Fund (the “Equity Allocation Fund”, together with the Taxable Bond 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 April 4, 2013. All Funds are diversified investment companies under the 1940 Act, except for the Defensive Allocation Fund, which is classified as a non-diversified investment company under the 1940 Act. The Taxable Bond Fund, the Municipal Bond Fund, and the Defensive Allocation Fund have each established, offered and issued only one class of shares. 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 Funds’ investment objectives are as follows:

 

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 separately managed accounts (“SMAs”). To achieve its investment objective, under normal market conditions, the Fund invests through underlying funds (“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.

 

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). The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax applicable to corporate or non-corporate shareholders. 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 and may, to a

 

 

45

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

1.

ORGANIZATION (Continued)

 

limited extent, invest in 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 listed below, including investments that focus on a specialized asset class (i.e., long-short strategies).

 

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 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.

 

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)

Segment Reporting

 

Each Fund operates as a single operating and reporting segment. Each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund’s portfolio managers as a team. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed as a whole by certain officers of the Trust, acting as the Chief Operating Decision Maker (the “CODM”). The CODM is responsible for the oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

 

 

(b)

Securities Valuations

 

The Board has delegated day-to-day management of the valuation process to the Adviser as the appointed Valuation Designee, which has established a valuation committee to carry out this function. The Valuation Designee is subject to the oversight of the Board. The Valuation Designee is responsible for assessing and managing key valuation risks, and is generally to review valuation methodologies, valuation determinations, and any information provided by the Adviser.

 

 

46

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(b)

Securities Valuations (Continued)

 

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 by the Valuation Designee. 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.

 

Futures contracts are valued at the settlement price established each day in the market where such contracts are principally traded. The daily settlement prices for financial futures are provided by an independent source.

 

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 fair value factors provided by an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust 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, with the exception of exchange-traded open-end investment companies which are priced as other securities listed on exchange.

 

The investments in private funds, that are not publicly traded, such as limited partnerships, limited liability companies and exempted companies, are typically valued using each Fund’s percentage share of the NAV of the respective private fund, 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 are net of management, performance incentive fees or allocations payable to the private funds’ managers as required by the private funds’ offering documents.

 

Investments in private companies are typically valued using a variety of methods such as earnings multiples, discounted cash flow and market data from third party pricing services.

 

Valuations of private funds and private companies (together, “private investments”) are subject to estimates. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material. The valuations of private investments are subject to review of the Valuation Designee. The Valuation Designee may establish a systematic fair valuation process for days that the private investments do not provide a value.

 

 

47

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures

 

Under ASC 820, Fair Value Measurement, 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, a fair value determination is made under procedures established by and under the general supervision of the Valuation Designee. 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. Because of the inherent uncertainty in valuation, the estimated values may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

 

The following is a summary of the inputs used, as of March 31, 2026, in valuing the Taxable 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

  

Open-End Mutual Funds:

                                        

Core

  $ 315,390,778     $ —     $ —     $ —     $ 315,390,778  

Opportunistic

    22,942,881       —       —       —       22,942,881  

Exchange Traded Fund:

                                        

Core

    23,758,145       —       —       —       23,758,145  

Non-Traded Business Development Company:

                                        

Opportunistic

    —       —       —       12,391,659       12,391,659  

Private Fund:

                                        

Opportunistic

    —       —       —       6,541,482       6,541,482  

Short-Term Investment

    16,645,922       —       —       —       16,645,922  

Total Investments

  $ 378,737,726     $ —     $ —     $ 18,933,141     $ 397,670,867  

 

 

48

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures (Continued)

 

There were no transfers into or out of level 3 for the Taxable Bond Fund during the year ended March 31, 2026.

 

Certain investments valued using the NAV as a practical expedient in which the Taxable 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 Taxable Bond Fund and their attributes as of March 31, 2026:

 

Investment
Category

  

Fair Value

   

Unfunded
Commitments

    

Remaining
Life

    

Redemption
Frequency

    

Notice
Period
(in Days)

    

Redemption
Terms

  

Non-Traded Business Development Company - Private Credit (a)

  $ 12,391,659       N/A       Indefinite       Quarterly       N/A       Subject to quarterly tender offer terms; 5% fund-level gate.  
                                                 

Private Fund - Private Credit (a)

    6,541,482       500,000       5 Years (Subject to one year extension)       None       N/A       N/A  
    $ 18,933,141     $ 500,000                                  

 

 

(a)

This category includes funds that focus on senior, floating rate loans to private equity-backed, lower middle-market companies.

 

The following is a summary of the inputs used, as of March 31, 2026, 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

  $ —     $ 994,885,206     $ —     $ —     $ 994,885,206  

Exchange-Traded Funds

    89,192,101       —       —       —       89,192,101  

Closed-End Mutual Funds

    6,433,201       —       —       —       6,433,201  

Private Investments:

                                        

Private Funds

    —       —       —       130,645,699       130,645,699  

Warrant

    —       3,300       —       —       3,300  

Short-Term Investments

    41,098,499       —       —       —       41,098,499  

Total Investments

  $ 136,723,801     $ 994,888,506     $ —     $ 130,645,699     $ 1,262,258,006  

 

There were no transfers into or out of level 3 for the Municipal Bond Fund during the year ended March 31, 2026.

 

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,

 

 

49

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures (Continued)

 

redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of March 31, 2026:

 

Investment
Category

  

Fair Value

   

Unfunded
Commitments

    

Remaining
Life

    

Redemption
Frequency

    

Notice
Period (in
Days)

    

Redemption
Terms

  

Private Funds - Fixed Income Relative- Value (a)

  $ 130,645,699       N/A       Indefinite       Monthly - Quarterly       30 - 65       N/A - 25% investor level gate, if redemptions exceed 25% of master fund’s assets  
    $ 130,645,699       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.

 

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 March 31, 2026:

 

Private Fund

Fair Value
as % of
Net Assets

Investment
Strategy

Valuation Policy of
Leveraged Investment

Redemption
Frequency

Redemption
Terms

MacKay Municipal Opportunities Fund, LP

8.2%

Fixed Income Relative-Value

The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.

Monthly

N/A

 

 

50

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures (Continued)

 

The following is a summary of the inputs used, as of March 31, 2026, in valuing the Defensive Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:

 

Assets

  

Level 1

    

Level 2

    

Level 3

    

NAV Practical
Expedient

    

Total

  

Foreign Collective Investment Funds:

                                        

Alternative Diversifiers

  $ 134,753,298     $ —     $ —     $ 133,140,555     $ 267,893,853  

Open-End Mutual Funds:

                                        

Alternative Diversifiers

    104,890,921       —       —       —       104,890,921  

Core Diversifiers

    135,767,308       —       —       —       135,767,308  

Core/Alternative Diversifier

    274,683,737       —       —       —       274,683,737  

Exchange-Traded Funds:

                                        

Alternative Diversifier

    93,012,855       —       —       —       93,012,855  

Core Diversifiers

    50,082,410       —       —       —       50,082,410  

Private Funds:

                                        

Alternative Diversifiers

    —       —       —       109,604,929       109,604,929  

Short-Term Investment

    22,227,071       —       —       —       22,227,071  

Total Investments

  $ 815,417,600     $ —     $ —     $ 242,745,484     $ 1,058,163,084  

 

There were no transfers into or out of level 3 for the Defensive Allocation Fund during the year ended March 31, 2026.

 

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 March 31, 2026:

Investment
Category

  

Fair Value

   

Unfunded
Commitments

    

Remaining
Life

    

Redemption
Frequency

    

Notice
Period

    

Redemption
Terms

  

Foreign Collective

                                               

Investment Fund –

                                               

Multi-Strategy (a)

  $ 133,140,555       N/A       Indefinite       Weekly       3 business days       N/A  
                                                 

Private Funds –

                                               

Multi-Strategy (a)

  $ 109,604,929       N/A       Indefinite       Quarterly- Semi-annual       60-90 calendar days       1) 0%-20% fund-level gate;
2) 5%-12.5% investor-level gate per cycle.		  
    $ 242,745,484       N/A                                  

 

 

(a)

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

 

 

51

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures (Continued)

 

The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of March 31, 2026:

 

Investment Category

Fair Value
as % of
Net Assets

Investment
Strategy

Valuation Policy of
Leveraged Investment

Redemption
Frequency

Redemption
Terms

Foreign Collective Investment Fund–

         

Wilshire Bridgewater Managed Alpha (Ireland) Fund

12.6%

Multi-Strategy

The NAV will be the value of all assets of the fund less all of the liabilities of the fund.

Weekly

N/A

Private Fund–

         

Millennium International, Ltd. - Class GG

6.0%

Multi-Strategy

The NAV will be the value of all assets of the fund less all of the liabilities of the fund.

Quarterly

5% investor-level gate per cycle.

 

The following is a summary of the inputs used, as of March 31, 2026, 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

                                       

Austria

  $ —     $ 1,846,260     $ —     $ —     $ 1,846,260  

Belgium

    —       3,629,095       —       —       3,629,095  

Brazil

    693,588       2,933,176       —       —       3,626,764  

Canada

    1,144,546       —       —       —       1,144,546  

Cayman Islands

    —       2,639,958       —       —       2,639,958  

China

    —       1,294,067       —       —       1,294,067  

Denmark

    —       2,680,646       —       —       2,680,646  

France

    —       11,696,732       —       —       11,696,732  

Germany

    —       5,003,108       —       —       5,003,108  

Hong Kong

    —       932,447       —       —       932,447  

India

    1,462,107       —       —       —       1,462,107  

Ireland

    3,146,664       779,414       —       —       3,926,078  

Israel

    —       2,406,556       —       —       2,406,556  

Italy

    —       2,065,361       —       —       2,065,361  

Japan

    —       10,162,295       —       —       10,162,295  

Netherlands

    4,961,820       2,813,511       —       —       7,775,331  

Singapore

    2,550,256       1,609,265       —       —       4,159,521  

 

 

52

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

Fair Value Measurements and Disclosures (Continued)

 

Assets

 

Level 1

    

Level 2

    

Level 3

    

NAV Practical
Expedient

    

Total

  

Common Stock (Continued)

                                       

South Korea

  $ —     $ 2,476,260     $ —     $ —     $ 2,476,260  

Spain

    —       1,190,847       —       —       1,190,847  

Sweden

    1,877,572       1,924,937       —       —       3,802,509  

Switzerland

    —       5,671,452       —       —       5,671,452  

Taiwan

    —       13,187,428       —       —       13,187,428  

United Kingdom

    —       22,360,083       —       —       22,360,083  

United States

    208,309,170       —       —       —       208,309,170  

Exchange-Traded Funds

    167,605,596       —       —       —       167,605,596  

Foreign Collective Investment Fund

    61,356,966       —       —       —       61,356,966  

Open-End Mutual Funds

    544,132,696       —       —       —       544,132,696  

Private Funds

    —       —       —       144,615,730       144,615,730  

Short-Term Investments

    44,046,139       13,995,406       —       —       58,041,545  

Total Investments

  $ 1,041,287,120     $ 113,298,304     $ —     $ 144,615,730     $ 1,299,201,154  

 

There were no transfers into or out of level 3 for the Equity Allocation Fund during the year ended March 31, 2026.

 

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 March 31, 2026:

 

Investment
Category

  

Fair Value

   

Unfunded
Commitments

    

Remaining
Life

    

Redemption
Frequency

    

Notice
Period

    

Redemption
Terms

  

Private Funds -

                                               

Long/Short Equity (a)

  $ 144,615,730       N/A       Indefinite       Monthly       45 Days - 2 Months       1) 0%-15% fund-level gate.
2) N/A- 12 month lock-up		  
    $ 144,615,730       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)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(c)

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 Equity Allocation Fund’s net assets as of March 31, 2026:

 

Private Fund

Fair Value
as % of
Net Assets

Investment
Strategy

Valuation Policy of
Leveraged Investment

Redemption
Frequency

Redemption
Terms

RIEF Strategic Partners Fund LLC

7.4%

Long/Short Equity

The NAV will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund.

Monthly

N/A

 

 

(d)

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. Distributions received from private funds are recorded on the effective date, based on the character determined by the private fund. Return of capital or security distributions received from private funds and securities are accounted for as a reduction to cost. 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.

 

(e) Foreign Currency and Risk

 

 

i.

Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on March 31, 2026.

 

 

ii.

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

 

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

 

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

 

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

 

 

54

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(f)

Securities Lending

 

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

 

For the year ended March 31, 2026, the Taxable Bond Fund, Municipal Bond Fund and Defensive Allocation Fund had not participated in a securities lending program. The Equity Allocation Fund’s securities on loan were appropriately collateralized at March 31, 2026. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of March 31, 2026:

 

Description

  

Par

    

Value

  

Repurchase Agreement with Deutsche Bank Securities, Inc., 3.60%, 4/1/2026* #

  $ 10,237,549     $ 10,237,549  

Repurchase Agreement with HSBC Bank, PLC, 3.64%, 4/1/2026* #

    2,000,000       2,000,000  

Repurchase Agreement with The Bank of Nova Scotia, Toronto, 3.76%, 4/1/2026* #

    1,000,000       1,000,000  

Repurchase Agreement with BNP Paribas Financial Markets S.N.C., 3.68%, 4/1/2026* #

    707,857       707,857  

Repurchase Agreement with Societe Generale, 3.60%, 4/1/2026* #

    50,000       50,000  

Total

  $ 13,995,406     $ 13,995,406  

 

 

*

The rate shown is the annualized 7-day subsidized yield as of March 31, 2026.

 

 

#

The repurchase agreements are collateralized by Equity and U.S. Treasury Securities in the amount of $14,375,515.

 

As of March 31, 2026, the Equity Allocation Fund held Non-Cash Collateral in the amount of $3,792,195 which consisted of U.S. Treasury Securities.

 

The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the year ended March 31, 2026, the Equity Allocation Fund paid $54,267 to JPM from securities lending revenue.

 

 

55

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(g)

Distributions to Shareholders

 

The Taxable Bond Fund and Municipal Bond Fund intend to pay dividends from net investment income at least quarterly. The Defensive Allocation Fund and Equity 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.

 

 

(h)

Amortization

 

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

 

 

(i)

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.

 

 

(j)

Commitments and Contingencies

 

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.

 

 

(k)

Derivatives

 

Futures Contracts – The Municipal Bond Fund invests in futures contracts for purpose of hedging its existing portfolio securities or securities the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The Fund only enters into futures contracts which are standardized and traded on a U.S. or foreign exchange, board of trade or similar entity, or quoted on an automated quotation system.

 

A futures contract is an agreement between two parties to buy and sell a security, index or interest rate (each a “financial instrument”) for a set price on a future date. Certain futures contracts, such as futures contracts relating to individual securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale of a matching futures contract. Other futures contracts, such as futures contracts on indices or interest rates, do not call for making or taking delivery of the underlying financial instrument, but rather are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference

 

 

56

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(k)

Derivatives (Continued)

 

between the value of the financial instrument at the close of the last trading day of the contract and the price at which the contract was originally written. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position). These contracts also may be settled by entering into an offsetting futures contract.

 

The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

 

 

(l)

Consolidation of Subsidiary

 

DAF Subholding, LLC (the “Subsidiary), is a wholly-owned Delaware corporate subsidiary of the Defensive Allocation Fund. The Subsidiary was formed on July 21, 2025 to facilitate the Fund’s exposure to certain investments in a manner consistent with the income and diversification requirements of the Regulated Investment Company. The financial statements of Defensive Allocation Fund include the accounts of the Fund and its Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. As of and during the year ended March 31, 2026, the Subsidiary had no assets or liabilities, recognized no income or expenses, and remained inactive. There were no transactions between Defensive Allocation Fund and the Subsidiary.

 

 

(m)

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.

 

The Subsidiary is a domestic limited liability company that will be treated as a corporation for tax reporting. The Subsidiary will be subject to federal, state and local income taxes.

 

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. As of and during the year ended March 31, 2026, the Funds did not record a liability for any 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.

 

 

57

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

(n)

Market Risks

 

Due to market conditions, the value of the Funds’ investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally, the value of Funds’ investments, and overall performance of the Funds.

 

 

(o)

Non-Diversification Risk

 

Defensive Allocation Fund is considered non-diversified, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular issuer held by the Fund may affect its value more than if it invested in a larger number of issuers and the value of the Fund’s shares may be more volatile than the values of shares of more diversified funds.

 

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.

 

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 July 31, 2026. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2026, the Adviser waived $572,007 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 contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2026, the Adviser waived $201,882 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 July 31, 2026. The advisory fee waiver is not subject to recoupment. For the year ended March 31, 2026, the Adviser waived $726,945 of its advisory fee for the Municipal Bond Fund.

 

 

58

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

3.

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

 

 

(a)

Investment Advisory Fees (Continued)

 

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 contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2026, the Adviser waived $726,945 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 contractually agreed to waive expenses at a rate of 0.08% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.02% of average daily net assets. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2026, the Adviser waived $806,293 under the Administration Agreement.

 

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 July 31, 2026. The advisory fee waiver is not subject to recoupment. During the year ended March 31, 2026, the Adviser waived $1,084,366 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 had contractually 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. The administrative services waiver is not subject to recoupment. For the year ended March 31, 2026, the Adviser waived $677,719 under the Administration Agreement.

 

 

(b)

Sub-Advisory Fees

 

Allspring Global Investments, LLC, MacKay Shields, LLC and Nuveen Asset Management, LLC serve as the sub-advisers of the Municipal Bond Fund. Grantham, Mayo, Van Otterloo & Co. LLC and Wellington Management Company LLP serve as the sub-advisers of the Equity Allocation Fund. Prior to October 31, 2025, Aperio Group, LLC served as a sub-adviser to the Equity Allocation 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.

 

 

59

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

3.

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

 

 

(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. Each Trustee receives an annual retainer, as well as an additional payment for (i) each telephonic meeting of the Board that he or she attends and (ii) any other telephonic communication for which the Independent Trustees approve such payment. Effective April 1, 2025, the annual retainer is $95,000. The Chair of the Board is paid an additional $5,000 per year. Each Trustee who is a member of the Audit Committee is paid an additional $2,000 per year. The Chair of the Audit Committee is paid an additional $8,000 per year.

 

4. INVESTMENT TRANSACTIONS

 

For the year ended March 31, 2026, 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

  

Taxable Bond Fund

  $ 107,531,771     $ 1,400,212     $ —     $ —  

Municipal Bond Fund

    21,388,790       76,115,738       288,876,964       187,602,915  

Defensive Allocation Fund

    122,460,244       156,519,308       —       —  

Equity Allocation Fund

    281,305,740       392,042,029       —       —  

 

 

60

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

5.

INVESTMENTS IN AFFILIATED ISSUERS

 

As of March 31, 2026, certain Defensive Allocation Fund’s investments were deemed to be investments in affiliated issuers under the 1940 Act, primarily because the Defensive Allocation Fund owns 5% or more of the investment’s total capital. The activity resulting from investments in these investments, including dividend income as well as realized gains and losses, is identified in the Statement of Operations as transactions with affiliated investments. A listing of these affiliated investments (including activity during the year ended March 31, 2026) is shown below:

 

Investment

 

Shares
3/31/2025

    

Shares
3/31/2026

    

Fair Value
3/31/2025

    

Purchases

    

Proceeds
From
Sales or
Other
Dispositions

    

Net Realized
Gain (Loss)

    

Net Change
in Unrealized
Appreciation
(Depreciation)

    

Fair Value
3/31/26

    

Dividend
Income

  

Defensive Allocation Fund

                                                                

GMO Benchmark-Free Allocation Fund - Class IV

    9,052,451       8,575,827     $ 243,873,040     $ —     $ (14,000,000 )   $ 1,277,236     $ 43,533,461     $ 274,683,737     $ 11,002,466  

Lazard Rathmore Alternative Fund - Class E (1)

    726,347       —       82,689,444       —       (87,591,890 )     709,980       4,192,466       —       —  

Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares

    1,211,225       1,082,218       130,861,490       —       (16,000,000 )     833,762       17,445,303       133,140,555       —  

Total Defensive Allocation Affiliated Investments

                  $ 457,423,974     $ —     $ (117,591,890 )   $ 2,820,978     $ 65,171,230     $ 407,824,292     $ 11,002,466  

 

 

(1)

This security qualified as an affiliated investment as of March 31, 2025, but did not meet the definition of an affiliated investment as of March 31, 2026. The reclassification from affiliated to non-affiliated status is reflected as of year-end and is included in the Proceeds From Sales or Other Dispositions column. The security is held in the portfolio, see the Schedule of Investments for current value.

 

6.

OTHER DERIVATIVE INFORMATION

 

The quarterly average notional value for short futures contracts for the Municipal Bond Fund during the year ended March 31, 2026 was $(70,604), which is indicative of the volume of activity during the period. The effects of these derivative instruments on the Municipal Bond Fund’s financial performance by risk category during the year ended March 31, 2026 are reflected in Statement of Operations and are presented in the table below. The Municipal Bond Fund did not hold any derivative instruments as of March 31, 2026.

 

Primary Underlying Risk

 

Realized
Gain (Loss)

    

Change in
Unrealized
Appreciation
(Depreciation)

  

Interest Rate

               

Short Futures Contracts

  $ 21,488     $ —  

 

 

61

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

7.

FEDERAL TAX INFORMATION

 

At March 31, 2026, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:

 

 

  

Taxable Bond
Fund

    

Municipal Bond
Fund

    

Defensive
Allocation Fund

    

Equity
Allocation Fund

  

Cost of investments

  $ 409,708,593     $ 1,296,937,139     $ 906,995,194     $ 1,005,789,566  
                                 

Gross unrealized appreciation

   $ 4,602,717     $ 11,308,591     $ 155,841,401     $ 333,960,361  

Gross unrealized depreciation

    (16,640,443 )     (45,987,724 )     (4,673,511 )     (40,548,773 )
                                 

Net unrealized appreciation/(depreciation) on investments

  $ (12,037,726 )   $ (34,679,133 )   $ 151,167,890     $ 293,411,588  

 

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

 

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the fiscal tax year ended February 28, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings/(losses) as follows:

 

   

Increase/(Decrease)

  

 

  

Paid-In Capital

    

Total Distributable
Earnings/(Losses)

  

Taxable Bond Fund

  $ —     $ —  

Municipal Bond Fund

    (214,930 )     214,930  

Defensive Allocation Fund

    (407 )     407  

Equity Allocation Fund

    (1,980 )     1,980  

 

 

62

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

7.

FEDERAL TAX INFORMATION (Continued)

 

As of February 28, 2026, the components of accumulated earnings/(losses) on a tax basis were as follows:

 

 

  

Taxable
Bond Fund

    

Municipal
Bond Fund

    

Defensive
Allocation Fund

    

Equity
Allocation Fund

  

Undistributed ordinary income

  $ 2,438,084     $ 912,000     $ 10,920,639     $ 209,854  

Undistributed tax-exempt income

    —       8,424,725       —       —  

Undistributed long-term capital gains

    —       —       8,222,757       109,266,749  

Tax Accumulated earnings

    2,438,084       9,336,725       19,143,396       109,476,603  

Accumulated capital and other losses

    (15,509,169 )     (41,324,705 )     —       (15,827 )

Unrealized appreciation/(depreciation) on investments

    (3,126,122 )     (9,697,936 )     185,905,524       373,253,219  

Unrealized appreciation on foreign currency

    —       —       —       89,180  

Total distributable earnings/(losses)

  $ (16,197,207 )   $ (41,685,916 )   $ 205,048,920     $ 482,803,175  

 

The tax character of distributions is disclosed for each Fund’s tax year, not the fiscal year, as it represents final and accurate information.

 

The tax character of the distributions paid by the Taxable Bond Fund during the fiscal tax years ended February 28, 2026 and February 28, 2025, is as follows:

 

 

  

Year Ended
February 28, 2026

    

Year Ended
February 28, 2025

  

Distributions paid from:

                

Ordinary Income

  $ 13,988,940     $ 16,632,347  

Total taxable distributions

    13,988,940       16,632,347  

Total distributions paid

  $ 13,988,940     $ 16,632,347  

 

The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2026 and February 28, 2025, is as follows:

 

 

  

Year Ended
February 28, 2026

    

Year Ended
February 28, 2025

  

Distributions paid from:

                

Ordinary Income

  $ 966,194     $ 1,207,934  

Total taxable distributions

    966,194       1,207,934  

Tax-exempt dividends

    44,704,366       44,192,711  

Total distributions paid

  $ 45,670,560     $ 45,400,645  

 

 

63

 

 

ASPIRIANT TRUST

Notes to Financial Statements (Continued)

March 31, 2026

 

7.

FEDERAL TAX INFORMATION (Continued)

 

The tax character of the distributions paid by the Defensive Allocation Fund during the years ended February 28, 2026 and February 28, 2025, is as follows:

 

 

  

Year Ended
February 28, 2026

    

Year Ended
February 28, 2025

  

Distributions paid from:

               

Ordinary Income

  $ 46,087,674     $ 46,125,654  

Total taxable distributions

    46,087,674       46,125,654  

Total distributions paid

  $ 46,087,674     $ 46,125,654  

 

The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2026 and February 28, 2025, is as follows:

 

 

  

Year Ended
February 28, 2026

    

Year Ended
February 28, 2025

  

Distributions paid from:

                

Ordinary Income

  $ 21,734,548     $ 20,398,975  

Net long-term capital gains

    130,916,067       77,093,309  

Total taxable distributions

    152,650,615       97,492,284  

Total distributions paid

  $ 152,650,615     $ 97,492,284  

 

As of February 28, 2026, the Municipal Bond Fund and the Defensive Allocation Fund utilized $0 and $22,072,143, respectively, of capital loss carryforwards to offset current year capital gains.

 

As of February 28, 2026, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

 

   

Not Subject to Expiration

  
   

Short-Term

    

Long-Term

  

Taxable Bond Fund

  $ 382,340     $ 15,126,829  

Municipal Bond Fund

    18,640,379       22,684,326  

 

8.

NEW ACCOUNTING PRONOUNCEMENTS

 

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. The Funds’ adoption of ASU 2023-09 did not materially impact financial statement disclosures and did not affect the Funds’ financial position or the results of its operations.

 

9.

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.

 

 

64

 

 

ASPIRIANT TRUST

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and
Board of Trustees of Aspiriant Trust

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities of Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the “Funds”), each a series of Aspiriant Trust (the “Trust”), including the schedules of investments, as of March 31, 2026, the related statements of operations, the statements of changes in net assets and the financial highlights for the year ended March 31, 2026 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations, the change in its net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

 

The statements of changes in net assets for the year ended March 31, 2025 and the financial highlights for each of the four years in the period ended March 31, 2025 have been audited by other auditors, whose report dated May 27, 2025 expressed an unqualified opinion on such financial statement and financial highlights.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Funds’ auditor since 2026.

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, brokers, third party fund managers and issuers of the private investments or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.

 

 

TAIT, WELLER & BAKER LLP

 

Philadelphia, Pennsylvania
May 26, 2026

 

 

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

(a) Previous independent registered public accounting firm:

On November 18, 2025, the Funds’ Board of Directors/Trustees (the “Board”), upon recommendation from the Audit Committee, notified Deloitte & Touche LLP (“Deloitte”) that it would be dismissed as the independent registered public accounting firm for the Funds. Deloitte’s audit reports on the Funds’ financial statements as of and for the fiscal years ended March 31, 2025 and March 31, 2024 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds’ fiscal years ended March 31, 2025 and March 31, 2024, there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of Deloitte would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Funds’ fiscal years ended March 31, 2025 and March 31, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

 

(b) New independent registered public accounting firm:

On November 18, 2025, the Board, upon recommendation from the Audit Committee, appointed Tait, Weller & Baker LLP (“Tait”) as the new independent registered public accounting firm for the Funds for the fiscal year ending March 31, 2026. During the Funds’ fiscal years ended March 31, 2025 and March 31, 2024, the Funds have not consulted with Tait regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure. The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

This information is included in Item 7, as part of the financial statements.

 

 

 

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

At a meeting held on November 18, 2025, the Board of Trustees (the “Board”) considered the renewal of (1) the Trust’s advisory agreement with Aspiriant, LLC (the “Adviser”), on behalf of the Aspiriant Risk-Managed Taxable Bond Fund (“Taxable Bond Fund”), Aspiriant Risk-Managed Municipal Bond Fund (“Municipal Bond Fund”), Aspiriant Defensive Allocation Fund (“Defensive Allocation Fund”) and Aspiriant Risk-Managed Equity Allocation Fund (“Equity Allocation Fund”) (each, a “Fund” and collectively, the “Funds”), (2) the sub-advisory agreements between the Adviser and each of Allspring Global Investments, LLC (“Allspring”), MacKay Shields LLC (“MacKay”), and Nuveen Asset Management, LLC (“Nuveen”) with respect to the Municipal Bond Fund, and (3) the sub-advisory agreements between the Adviser and each of Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) and Wellington Management Company LLP (“Wellington”, together with Allspring, MacKay, Nuveen, and GMO, the “Sub-Advisers”) with respect to Equity Allocation Fund.

 

After the initial two-year term, each agreement 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, 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 considering whether to renew the Trust’s advisory and sub-advisory agreements, the Trustees requested and reviewed a wide variety of information from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser’s and Sub-Advisers’ services and 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. The information received specifically for the annual review supplemented information provided to the Board throughout the year relating to the Funds, the Adviser, and the Sub-Advisers. The Board, which is composed entirely of Independent Trustees, was advised by independent legal counsel during the review process and met in executive session with such counsel without representatives of the Adviser or Sub-Advisers present.

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 Municipal Bond Fund managed by Allspring, MacKay and Nuveen, and the portions of the Equity Allocation Fund managed by GMO and Wellington. 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 and the portions of the Funds managed by Allspring, MacKay, Nuveen, GMO, and Wellington, as applicable.

 

Costs of Services

 

The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that the advisory fee for the Taxable Bond Fund was in line with the lowest 10% of funds in its Morningstar fund universe, that the advisory fee for each of the Municipal Bond Fund and Equity Allocation Fund was in line with the lowest 20% of funds in its respective Morningstar fund universe, and that the advisory fee for Defensive Allocation Fund was the lowest in its Morningstar fund universe. The Trustees noted that the Adviser does not manage any other client accounts using the same strategies as the Funds, and, therefore, they did not have a basis for comparing the Funds’ advisory fees to those of other clients of the Adviser. 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 net expense ratio of each of the Taxable Bond Fund, Defensive Allocation Fund and Equity Allocation Fund was in the highest 10% of funds in its respective Morningstar category, and that the net expense ratio of Municipal Bond Fund was in the lowest 30% of funds in its Morningstar category. With respect to those assets of a Fund that the Adviser invests in underlying funds, the Board noted that each Fund’s advisory fee is based on services that the Adviser provides to the Fund that are in addition to, not duplicative of, the services provided to an underlying fund by an adviser to the 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 Fund receives.

 

 

 

 

Profitability

 

The Board reviewed information about the profitability of each Fund to the Adviser and Sub-Advisers 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 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 most of the Sub-Advisers’ fee schedules include breakpoints and that the Adviser had decreased its fee over time with respect to the Municipal Bond Fund and Equity Allocation Fund, and currently was contractually waiving a portion of its fee with respect to the Taxable Bond Fund, Municipal Bond Fund and Equity Allocation Fund, thereby reducing the amount that it retains after paying the Sub-Advisers, if applicable. 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 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.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not applicable to open-end investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

 

 

 

 

Item 16. Controls and Procedures.

 

(a) The registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(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 are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not applicable.

 

(b) Not applicable.

 

Item 19. Exhibits.

 

(a) (1) Code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2. Filed herewith.

 

(2) Not applicable.

 

(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

 

(4) Not applicable.

 

(5) Not applicable.

 

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)). 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 6/5/2026  

 

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 6/5/2026  
     
By /s/ Douglas S. Hendrickson  
Title Douglas S. Hendrickson, Treasurer and Principal Financial Officer
     
Date 6/5/2026  

 

ATTACHMENTS / EXHIBITS

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