UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22648
Aspiriant Trust
(Exact name of registrant as specified in charter)
11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Address of principal executive offices) ( Zip code)
Robert J. Francais
Aspiriant Trust
11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Name and address of agent for service)
Registrant's telephone number, including area code: (310) 806-4000
Date of fiscal year end: Feb 28
Date of reporting period: August 31, 2017
Item 1. Reports to Stockholders
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
ASPIRIANT DEFENSIVE ALLOCATION FUND
Each a series of Aspiriant Trust
Semi-Annual Report
August 31, 2017
(Unaudited)
(Unaudited)
ASPIRIANT TRUST
TABLE OF CONTENTS
Summaries of Investments | 2 |
Schedules of Investments | 5 |
Statements of Assets and Liabilities | 34 |
Statements of Operations | 35 |
Statements of Changes in Net Assets | 36 |
Financial Highlights | 38 |
Notes to Financial Statements | 41 |
Other Information | 56 |
Expense Examples | 59 |
2 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SUMMARY OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Financials | 9.5% |
Health Care | 6.2% |
Consumer Staples | 5.8% |
Technology | 5.2% |
Communications | 3.8% |
Consumer Discretionary | 3.4% |
Utilities | 3.2% |
Industrials | 1.4% |
Materials | 1.1% |
Energy | 0.6% |
Total Common Stocks | 40.2% |
Exchange-Traded Funds | 26.6% |
Closed-End Mutual Fund | 0.0%1 |
Open-End Mutual Fund | 28.1% |
Preferred Stock | 0.0%1 |
Short-Term Investments | 8.9% |
Total Investments | 103.8% |
Liabilities in excess of other assets | (3.8%) |
Total Net Assets | 100.0% |
1 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
3 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SUMMARY OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Municipal Bonds | |
General | 10.1% |
Medical | 8.6% |
Development | 6.4% |
Education | 4.0% |
General Obligation | 4.0% |
Higher Education | 2.7% |
Transportation | 2.6% |
Water | 1.8% |
Airport | 1.7% |
Multifamily Housing | 1.5% |
Tobacco Settlement | 1.4% |
School District | 1.3% |
Facilities | 1.0% |
Other | 4.8% |
Total Municipal Bonds | 51.9% |
Closed-End Mutual Funds | 0.9% |
Open-End Mutual Funds | 24.7% |
Limited Partnerships | 10.4% |
Short-Term Investment | 7.6% |
Total Investments | 95.5% |
Other assets less liabilities | 4.5% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
4 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SUMMARY OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Open-End Mutual Funds | |
Global Allocation | 66.8% |
Long/Short Equity | 12.8% |
Merger Arbitrage | 8.1% |
Managed Futures | 5.0% |
Total Open-End Mutual Funds | 92.7% |
Exchange-Traded Funds | |
Global Allocation | 3.2% |
Short-Term Investments | 1.9% |
Total Investments | 97.8% |
Other assets less liabilities | 2.2% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
5 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS — 40.2% | |||||||
AUSTRALIA — 0.1% | |||||||
3,546 | AGL Energy Ltd. | $ | 67,766 | ||||
47,500 | Bendigo and Adelaide Bank Ltd. | 451,638 | |||||
1,818 | Newcrest Mining Ltd. | 33,324 | |||||
4,748 | Rio Tinto Ltd.1 | 257,413 | |||||
35,251 | Telstra Corp. Ltd. | 102,873 | |||||
9,661 | Wesfarmers Ltd. | 327,517 | |||||
1,240,531 | |||||||
AUSTRIA — 0.2% | |||||||
1,311 | Agrana Beteiligungs A.G. | 168,543 | |||||
5,858 | Erste Group Bank A.G. | 247,753 | |||||
235 | Oberbank A.G. | 21,821 | |||||
4,574 | OMV A.G. | 263,141 | |||||
922 | Raiffeisen Bank International A.G.* | 30,273 | |||||
1,486 | Verbund A.G. | 31,954 | |||||
12,497 | Voestalpine A.G. | 648,517 | |||||
1,412,002 | |||||||
BELGIUM — 0.2% | |||||||
2,800 | Ageas | 129,990 | |||||
21,167 | Colruyt S.A. | 1,175,364 | |||||
5,673 | Elia System Operator S.A./N.V. | 337,574 | |||||
1,642,928 | |||||||
BERMUDA — 2.0% | |||||||
11,359 | Arch Capital Group Ltd.* | 1,105,685 | |||||
5,929 | Asian Growth Properties Ltd. | 2,262 | |||||
14,636 | Assured Guaranty Ltd. | 622,615 | |||||
15,873 | Axis Capital Holdings Ltd. | 956,189 | |||||
3,890 | Bunge Ltd. | 290,311 | |||||
20,000 | China Oriental Group Co., Ltd. | 15,643 | |||||
29,000 | CK Infrastructure Holdings Ltd. | 263,061 | |||||
5,595 | Credicorp Ltd. | 1,134,890 | |||||
28,054 | Everest Re Group Ltd. | 7,083,074 | |||||
57,000 | NWS Holdings Ltd. | 109,704 | |||||
960 | Ocean Wilsons Holdings Ltd. | 13,407 | |||||
28,000 | Regal Hotels International Holdings Ltd. | 20,378 | |||||
23,943 | RenaissanceRe Holdings Ltd. | 3,331,908 | |||||
47,691 | Validus Holdings Ltd. | 2,391,704 | |||||
487 | White Mountains Insurance Group Ltd. | 424,211 | |||||
227,000 | Yue Yuen Industrial Holdings Ltd. | 984,674 | |||||
18,749,716 | |||||||
BRAZIL — 0.1% | |||||||
14,698 | Banco do Brasil S.A. - ADR | 142,571 | |||||
25,275 | Telefonica Brasil S.A. - ADR | 389,235 | |||||
531,806 | |||||||
CANADA — 1.7% | |||||||
13,389 | Agnico Eagle Mines Ltd. | 686,320 | |||||
20,204 | Bank of Montreal | 1,450,445 | |||||
38,824 | Bank of Nova Scotia | 2,412,523 | |||||
23,686 | Barrick Gold Corp.1 | 426,111 | |||||
18,310 | BCE, Inc. | 870,824 | |||||
1,500 | Calian Group Ltd. | 33,634 | |||||
41,348 | Canadian Imperial Bank of Commerce | 3,471,895 | |||||
2,000 | Canadian Real Estate Investment Trust - REIT | 73,658 | |||||
2,795 | Cineplex, Inc. | 85,926 | |||||
6,521 | Eldorado Gold Corp. | 13,433 | |||||
86 | Fairfax Financial Holdings Ltd.*1 | 44,302 | |||||
2,032 | Franco-Nevada Corp. | 166,258 | |||||
5,958 | George Weston Ltd. | 517,815 | |||||
10,390 | Inovalis Real Estate Investment Trust | 83,619 | |||||
9,600 | Loblaw Cos. Ltd. | 520,687 | |||||
10,318 | Magna International, Inc. | 496,296 | |||||
9,600 | Power Financial Corp. | 259,152 | |||||
35,518 | Royal Bank of Canada | 2,630,463 | |||||
29,154 | Shaw Communications, Inc. - Class B | 650,433 | |||||
15,356 | Toronto-Dominion Bank | 823,437 | |||||
15,717,231 | |||||||
CAYMAN ISLANDS — 0.1% | |||||||
12,557 | Bright Scholar Education Holdings Ltd. - ADR*1 | 230,546 | |||||
80,466 | Cheung Kong Property Holdings Ltd. | 708,087 | |||||
12,457 | CK Hutchison Holdings Ltd. | 163,321 | |||||
8,986 | CK Hutchison Holdings Ltd. - ADR | 116,548 | |||||
1,218,502 | |||||||
CHILE — 0.3% | |||||||
11,643 | Banco de Chile - ADR | 1,018,995 | |||||
6,357 | Cia Cervecerias Unidas S.A. - ADR | 174,182 | |||||
144,816 | Enel Americas S.A. - ADR | 1,555,324 | |||||
42,388 | Enel Chile S.A. - ADR | 248,394 | |||||
2,996,895 |
6 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
CHINA — 0.4% | |||||||
1,156,000 | Bank of China Ltd. - Class H | $ | 610,923 | ||||
36,850 | China Construction Bank Corp. - ADR | 646,718 | |||||
4,821 | China Telecom Corp. Ltd. - ADR | 247,269 | |||||
6,685 | Huaneng Power International, Inc. - ADR | 173,743 | |||||
2,418,321 | Industrial & Commercial Bank of China Ltd. - Class H | 1,817,302 | |||||
3,495,955 | |||||||
COLOMBIA — 0.1% | |||||||
22,449 | Bancolombia S.A. - ADR | 1,019,409 | |||||
CURACAO — 0.0%2 | |||||||
6,578 | Schlumberger Ltd. | 417,769 | |||||
DENMARK — 0.5% | |||||||
3,489 | ISS A/S | 135,800 | |||||
5,750 | Carlsberg A/S - Class B | 660,882 | |||||
16,734 | Coloplast A/S - Class B | 1,371,399 | |||||
21,203 | GN Store Nord A/S | 703,578 | |||||
773 | Harboes Bryggeri A/S | 14,477 | |||||
25,534 | Novo Nordisk A/S - ADR | 1,215,929 | |||||
8,267 | William Demant Holding A/S* | 218,934 | |||||
4,320,999 | |||||||
FINLAND — 0.0%2 | |||||||
1,853 | DNA Oyj | 33,504 | |||||
1,022 | Olvi Oyj | 38,081 | |||||
2,401 | Orion Oyj - Class A | 113,302 | |||||
963 | Orion Oyj - Class B | 45,595 | |||||
20,441 | Raisio Oyj1 | 85,404 | |||||
315,886 | |||||||
FRANCE — 0.4% | |||||||
249 | 1000mercis | 15,479 | |||||
464 | Albioma S.A. | 10,445 | |||||
26,660 | AXA S.A. | 772,995 | |||||
146 | Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France | 14,348 | |||||
4,645 | Cie Generale des Etablissements Michelin | 633,618 | |||||
76 | Constructions Industrielles de la Mediterranee S.A. | 13,422 | |||||
4,168 | Credit Agricole S.A. | 73,564 | |||||
138 | Credit Agricole Toulouse 31 | 17,938 | |||||
96 | Electricite de Strasbourg S.A. | 14,511 | |||||
12,490 | Engie S.A. | 208,559 | |||||
415 | Fleury Michon S.A. | 24,702 | |||||
292 | Gaumont S.A. | 33,243 | |||||
137 | IGE + XAO | 15,977 | |||||
542 | L'Oreal S.A. | 114,503 | |||||
915 | Metropole Television S.A. | 20,128 | |||||
1,397 | Mr Bricolage | 27,147 | |||||
5,619 | NetGem S.A. | 16,448 | |||||
255 | Pernod Ricard S.A. | 34,866 | |||||
768 | PSB Industries S.A. | 46,957 | |||||
4,255 | Rallye S.A. | 77,956 | |||||
461 | Sanofi | 44,948 | |||||
27,278 | Sanofi - ADR | 1,332,257 | |||||
369 | Societe Fonciere Lyonnaise S.A. - REIT | 24,615 | |||||
6,790 | TOTAL S.A. - ADR | 353,352 | |||||
213 | Voyageurs du Monde | 22,200 | |||||
3,964,178 | |||||||
GERMANY — 0.3% | |||||||
1,644 | Aareal Bank A.G. | 67,349 | |||||
7,890 | Allianz S.E. - ADR1 | 168,846 | |||||
2,181 | Aurubis A.G. | 195,024 | |||||
351 | CECONOMY A.G. | 3,844 | |||||
14,914 | Freenet A.G. | 499,018 | |||||
232 | GK Software A.G.* | 33,417 | |||||
2,059 | Henkel A.G. & Co. | 249,363 | |||||
351 | METRO A.G. | 6,861 | |||||
6,963 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 1,438,126 | |||||
1,191 | MVV Energie A.G. | 32,205 | |||||
2,694,053 | |||||||
GUERNSEY — 0.7% | |||||||
96,081 | Amdocs Ltd. | 6,225,088 | |||||
1,291 | PPHE Hotel Group Ltd. | 15,634 | |||||
6,240,722 | |||||||
HONG KONG — 1.0% | |||||||
52 | AIA Group Ltd. | 401 | |||||
2,000 | Allied Group Ltd. | 12,610 | |||||
322,000 | BOC Hong Kong Holdings Ltd. | 1,645,101 | |||||
44,978 | China Mobile Ltd. - ADR1 | 2,387,432 |
7 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
HONG KONG (Continued) | |||||||
46,653 | China Unicom Hong Kong Ltd. - ADR* | $ | 673,669 | ||||
64,000 | Chinney Investments Ltd. | 30,004 | |||||
145,000 | CLP Holdings Ltd. | 1,531,936 | |||||
1,485 | CNOOC Ltd. - ADR | 180,502 | |||||
42,910 | Hang Seng Bank Ltd. | 989,569 | |||||
13,000 | Harbour Centre Development Ltd. | 24,419 | |||||
60,000 | Hon Kwok Land Investment Co., Ltd. | 34,369 | |||||
82,200 | Hong Kong & China Gas Co., Ltd. | 155,632 | |||||
81,058 | MTR Corp. Ltd. | 474,440 | |||||
46,500 | Power Assets Holdings Ltd. | 410,229 | |||||
95,000 | Regal Real Estate Investment Trust - REIT | 29,772 | |||||
25,000 | Sun Hung Kai Properties Ltd. | 417,807 | |||||
8,997,892 | |||||||
INDIA — 0.2% | |||||||
76,345 | Infosys Ltd. - ADR1 | 1,145,175 | |||||
108,870 | Wipro Ltd. - ADR1 | 646,688 | |||||
1,791,863 | |||||||
INDONESIA — 0.1% | |||||||
34,752 | Telekomunikasi Indonesia Persero Tbk P.T. - ADR | 1,227,441 | |||||
IRELAND — 0.1% | |||||||
2,353 | Accenture PLC - Class A | 307,678 | |||||
1,124 | Allergan PLC | 257,936 | |||||
127,035 | Irish Residential Properties REIT PLC | 204,915 | |||||
22,317 | Ryanair Holdings PLC* | 476,543 | |||||
1,247,072 | |||||||
ISLE OF MAN — 0.0%2 | |||||||
13,156 | Crossrider PLC* | 11,908 | |||||
ISRAEL — 0.5% | |||||||
2,403 | Alrov Properties and Lodgings Ltd. | 71,612 | |||||
17,582 | Ashdar Building Co., Ltd. | 11,366 | |||||
15,545 | Bank Hapoalim B.M. | 104,637 | |||||
17,176 | Bank Leumi Le-Israel B.M. | 90,021 | |||||
14,052 | Check Point Software Technologies Ltd.* | 1,571,997 | |||||
2,488 | Dor Alon Energy in Israel 1988 Ltd. | 39,215 | |||||
2,131 | Elbit Systems Ltd.1 | 294,483 | |||||
493 | IES Holdings Ltd. | 22,312 | |||||
186,616 | Israel Discount Bank Ltd. - Class A* | 465,671 | |||||
215,630 | Isramco Negev 2 L.P. | 30,395 | |||||
3,652 | Maabarot Products Ltd. | 66,102 | |||||
332 | Malam - Team Ltd. | 31,838 | |||||
30,528 | Mediterranean Towers Ltd. | 50,886 | |||||
2,856 | Minrav Projects Ltd. | 3,758 | |||||
16,560 | Nice Ltd. - ADR | 1,295,323 | |||||
479 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 23,255 | |||||
231 | Sano-Brunos Enterprises Ltd. | 12,910 | |||||
3,219 | Shalag Industries Ltd. | 15,000 | |||||
4,891 | Shufersal Ltd. | 26,548 | |||||
3,000 | Strauss Group Ltd. | 55,471 | |||||
1,544 | Summit Real Estate Holdings Ltd. | 10,597 | |||||
3,225 | Victory Supermarket Chain Ltd. | 39,028 | |||||
738 | YH Dimri Construction & Development Ltd. | 11,305 | |||||
4,343,730 | |||||||
ITALY — 0.1% | |||||||
5,092 | Banca Mediolanum S.p.A. | 43,134 | |||||
3,971 | Enel S.p.A. | 24,058 | |||||
52,354 | Iren S.p.A. | 143,579 | |||||
9,624 | Luxottica Group S.p.A. | 554,682 | |||||
2,019 | Luxottica Group S.p.A. - ADR | 116,092 | |||||
881,545 | |||||||
JAPAN — 2.9% | |||||||
10,900 | Aeon Hokkaido Corp. | 62,171 | |||||
2,200 | Alps Logistics Co., Ltd. | 16,666 | |||||
800 | Aohata Corp. | 18,055 | |||||
56,335 | Astellas Pharma, Inc. | 711,588 | |||||
1,400 | Bandai Namco Holdings, Inc. | 46,988 | |||||
2,800 | Biofermin Pharmaceutical Co., Ltd. | 73,850 | |||||
35,900 | Bridgestone Corp. | 1,540,107 | |||||
700 | Bull-Dog Sauce Co., Ltd. | 14,122 | |||||
1,800 | Canare Electric Co., Ltd. | 42,114 | |||||
61,767 | Canon, Inc. | 2,165,041 | |||||
86,315 | Canon, Inc. - ADR1 | 3,030,520 | |||||
1,000 | Daiichi Kensetsu Corp. | 12,681 | |||||
14,000 | Daiichi Sankyo Co., Ltd. | 331,409 | |||||
2,800 | Dainichi Co., Ltd. | 20,710 | |||||
800 | FamilyMart UNY Holdings Co., Ltd. | 43,350 | |||||
17,400 | FUJIFILM Holdings Corp. | 684,570 |
8 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
JAPAN (Continued) | |||||||
2,300 | Fujitsu Broad Solution & Consulting, Inc. | $ | 23,056 | ||||
400 | Fuso Pharmaceutical Industries Ltd. | 10,158 | |||||
4,000 | Gourmet Kineya Co., Ltd. | 42,060 | |||||
8,000 | Gunma Bank Ltd.* | 46,790 | |||||
50,000 | Hachijuni Bank Ltd. | 304,297 | |||||
1,100 | Hakuyosha Co., Ltd. | 34,971 | |||||
2,800 | Imuraya Group Co., Ltd. | 53,511 | |||||
2,800 | Isewan Terminal Service Co., Ltd. | 16,683 | |||||
15,000 | Isuzu Motors Ltd. | 195,726 | |||||
1,400 | Itochu Techno-Solutions Corp. | 52,150 | |||||
10,485 | Japan Tobacco, Inc. | 359,165 | |||||
3,700 | Japan Tobacco, Inc. - ADR | 63,085 | |||||
3,000 | JFE Container Co., Ltd. | 10,783 | |||||
4,000 | Jichodo Co., Ltd. | 57,707 | |||||
2,700 | Jolly - Pasta Co., Ltd. | 40,437 | |||||
2,500 | Kakiyasu Honten Co., Ltd. | 44,582 | |||||
1,000 | Kao Corp. | 62,516 | |||||
500 | Kato Sangyo Co., Ltd. | 14,744 | |||||
14,249 | KDDI Corp. | 384,414 | |||||
5,400 | KDDI Corp. - ADR1 | 72,792 | |||||
5,600 | Keiyo Co., Ltd. | 38,279 | |||||
2,800 | King Co., Ltd. | 12,138 | |||||
15,000 | Kitano Construction Corp. | 60,116 | |||||
9,100 | Kyocera Corp. | 546,365 | |||||
2,000 | Kyokuyo Co., Ltd. | 61,144 | |||||
1,400 | Lawson, Inc. | 94,131 | |||||
5,000 | Makita Corp. | 201,030 | |||||
900 | Maxvalu Chubu Co., Ltd. | 10,396 | |||||
1,300 | Maxvalu Tohoku Co., Ltd.* | 15,017 | |||||
1,400 | McDonald's Holdings Co. Japan Ltd. | 62,230 | |||||
1,600 | Meiko Construction Co., Ltd. | 14,394 | |||||
1,000 | Meiko Trans Co., Ltd. | 10,916 | |||||
37,000 | Mitsubishi Motors Corp. | 273,067 | |||||
38,435 | Mitsubishi Tanabe Pharma Corp. | 948,071 | |||||
3,100 | Miyoshi Oil & Fat Co., Ltd. | 42,252 | |||||
5,000 | Morishita Jintan Co., Ltd. | 27,217 | |||||
1,200 | Morozoff Ltd. | 85,053 | |||||
2,200 | Mory Industries, Inc. | 50,934 | |||||
1,000 | Nakamuraya Co., Ltd. | 45,768 | |||||
2,400 | Nakayamafuku Co., Ltd. | 16,917 | |||||
13,600 | Nichia Steel Works Ltd. | 37,386 | |||||
2,000 | Nihon Shokuhin Kako Co., Ltd. | 9,100 | |||||
48,000 | Nippon Koshuha Steel Co., Ltd. | 50,664 | |||||
6,600 | Nippon Telegraph & Telephone Corp. | 328,577 | |||||
76,451 | Nippon Telegraph & Telephone Corp. - ADR | 3,802,673 | |||||
5,800 | Nissin Foods Holdings Co., Ltd. | 357,648 | |||||
2,900 | Nissui Pharmaceutical Co., Ltd. | 37,288 | |||||
2,000 | Nittobest Corp. | 16,250 | |||||
91,846 | NTT DOCOMO, Inc. | 2,130,671 | |||||
30,121 | NTT DOCOMO, Inc. - ADR1 | 700,614 | |||||
2,100 | Ohki Healthcare Holdings Co., Ltd. | 13,792 | |||||
9,660 | Okinawa Electric Power Co., Inc. | 215,456 | |||||
14,266 | Otsuka Holdings Co., Ltd. | 575,037 | |||||
29,000 | OUG Holdings, Inc. | 75,439 | |||||
1,000 | Ozu Corp. | 19,472 | |||||
5,400 | Paris Miki Holdings, Inc. | 23,786 | |||||
2,000 | Powdertech Co., Ltd. | 12,698 | |||||
1,900 | Proto Corp. | 33,799 | |||||
8,000 | Resol Holdings Co., Ltd. | 27,227 | |||||
527 | Rinnai Corp. | 45,809 | |||||
2,000 | Rock Paint Co., Ltd. | 13,305 | |||||
900 | S&B Foods, Inc. | 66,102 | |||||
800 | San Holdings, Inc./Japan | 18,330 | |||||
5,644 | Secom Co., Ltd. | 418,890 | |||||
2,713 | Seven & i Holdings Co., Ltd. | 107,647 | |||||
7,000 | Shibusawa Warehouse Co., Ltd. | 23,456 | |||||
6,200 | Shidax Corp. | 24,765 | |||||
1,234 | Shin-Etsu Chemical Co., Ltd. | 109,304 | |||||
3,000 | Shin-Keisei Electric Railway Co., Ltd. | 11,352 | |||||
14,041 | Suntory Beverage & Food Ltd. | 649,014 | |||||
1,532 | Suntory Beverage & Food Ltd. - ADR | 35,359 | |||||
1,900 | Taiyo Kagaku Co., Ltd. | 23,061 | |||||
6,900 | Takeda Pharmaceutical Co., Ltd. | 382,634 | |||||
800 | Tobu Store Co., Ltd. | 22,414 | |||||
1,800 | Tokio Marine Holdings, Inc. | 71,676 | |||||
300 | Tokyo Rakutenchi Co., Ltd. | 16,159 | |||||
14,000 | Toyo Suisan Kaisha Ltd. | 517,485 | |||||
6 | Toyota Motor Corp. | 338 | |||||
1,437 | Toyota Motor Corp. - ADR | 162,352 | |||||
14,500 | Trend Micro, Inc. | 671,139 |
9 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
JAPAN (Continued) | |||||||
9,100 | Tsumura & Co. | $ | 344,515 | ||||
1,200 | Unicafe, Inc. | 11,059 | |||||
13 | Unicharm Corp. | 306 | |||||
109,803 | Yahoo Japan Corp. | 504,099 | |||||
6,586 | Yamaguchi Financial Group, Inc. | 74,426 | |||||
2,000 | Yamatane Corp. | 35,207 | |||||
2,000 | Yamaya Corp. | 30,788 | |||||
1,200 | Yamazawa Co., Ltd. | 19,342 | |||||
5,900 | Yashima Denki Co., Ltd. | 49,508 | |||||
1,000 | Yomeishu Seizo Co., Ltd. | 20,185 | |||||
1,100 | Yonkyu Co., Ltd. | 14,258 | |||||
26,280,865 | |||||||
JERSEY — 0.1% | |||||||
9,338 | Randgold Resources Ltd. - ADR1 | 957,052 | |||||
LUXEMBOURG — 0.1% | |||||||
970 | APERAM S.A. | 51,179 | |||||
9,513 | Millicom International Cellular S.A. | 593,177 | |||||
1,580 | Tenaris S.A. - ADR | 41,981 | |||||
686,337 | |||||||
NETHERLANDS — 0.1% | |||||||
36,400 | Aegon N.V. | 207,480 | |||||
26,578 | ForFarmers N.V. | 330,794 | |||||
10,135 | Koninklijke Ahold Delhaize N.V. - ADR | 182,227 | |||||
6,670 | Sligro Food Group N.V. | 293,950 | |||||
1,014,451 | |||||||
NEW ZEALAND — 0.1% | |||||||
2,870 | Abano Healthcare Group Ltd. | 19,123 | |||||
755 | Airwork Holdings Ltd. | 2,223 | |||||
20,000 | Arvida Group Ltd. | 18,665 | |||||
4,384 | Briscoe Group Ltd.* | 12,087 | |||||
16,892 | Chorus Ltd. | 48,562 | |||||
1,125 | EBOS Group Ltd. | 13,912 | |||||
37,836 | Evolve Education Group Ltd. | 19,016 | |||||
120,276 | Genesis Energy Ltd. | 212,330 | |||||
142,411 | Mercury NZ Ltd. | 352,213 | |||||
46,321 | PGG Wrightson Ltd. | 20,288 | |||||
82,191 | Property for Industry Ltd. | 97,175 | |||||
24,994 | Sanford Ltd. | 132,941 | |||||
54,601 | Spark New Zealand Ltd. | 153,614 | |||||
45,654 | Stride Property Group | 55,070 | |||||
12,993 | Trustpower Ltd. | 50,843 | |||||
836 | Warehouse Group Ltd. | 1,267 | |||||
1,209,329 | |||||||
NORWAY — 0.2% | |||||||
8,642 | Marine Harvest A.S.A. | 171,672 | |||||
21,878 | Norsk Hydro A.S.A. | 157,961 | |||||
1,012 | Olav Thon Eiendomsselskap A.S.A. | 22,045 | |||||
55,807 | Orkla A.S.A. | 573,002 | |||||
2,026 | Oslo Bors VPS Holding A.S.A. | 29,249 | |||||
20,012 | Telenor A.S.A. | 405,047 | |||||
3,347 | Weifa A.S.A. | 15,014 | |||||
3,840 | Yara International A.S.A. | 157,122 | |||||
1,531,112 | |||||||
PANAMA — 0.1% | |||||||
7,999 | Carnival Corp. | 555,770 | |||||
PERU — 0.0%2 | |||||||
6,988 | Cia de Minas Buenaventura S.A.A. - ADR | 93,849 | |||||
PORTUGAL — 0.1% | |||||||
108 | F. Ramada Investimentos SGPS S.A. | 1,029 | |||||
25,065 | Jeronimo Martins SGPS S.A. | 500,413 | |||||
20,915 | REN - Redes Energeticas Nacionais SGPS S.A. | 68,787 | |||||
570,229 | |||||||
SINGAPORE — 0.1% | |||||||
5,894 | DBS Group Holdings Ltd. - ADR1 | 359,239 | |||||
32,300 | Far East Hospitality Trust - REIT | 15,720 | |||||
51,300 | Frasers Centrepoint Ltd. | 78,392 | |||||
21,300 | IREIT Global - REIT | 12,028 | |||||
8,000 | Keppel Corp. Ltd. | 37,346 | |||||
100,200 | Lee Metal Group Ltd. | 21,413 | |||||
109,000 | Singapore Telecommunications Ltd. | 297,878 | |||||
822,016 | |||||||
SOUTH KOREA — 0.3% | |||||||
50,709 | KT Corp. - ADR | 836,191 | |||||
17,122 | LG Display Co., Ltd. - ADR | 239,194 | |||||
3,703 | Shinhan Financial Group Co., Ltd. - ADR | 171,153 |
10 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
SOUTH KOREA (Continued) | |||||||
62,927 | SK Telecom Co., Ltd. - ADR | $ | 1,591,424 | ||||
2,837,962 | |||||||
SPAIN — 0.0%2 | |||||||
46,890 | Iberdrola S.A. | 383,659 | |||||
1,024 | Industria De Diseno Textil S.A. | 38,951 | |||||
422,610 | |||||||
SWEDEN — 0.2% | |||||||
7,424 | Essity A.B. - Class B* | 206,114 | |||||
10,746 | ICA Gruppen A.B. | 428,501 | |||||
5,731 | Industrivarden A.B. - A Shares | 143,282 | |||||
1,371 | Internationella Engelska Skolan i Sverige Holding II A.B.* | 12,046 | |||||
15,609 | Swedish Match A.B. | 556,906 | |||||
53,934 | Telia Co. A.B. | 257,369 | |||||
1,604,218 | |||||||
SWITZERLAND — 2.2% | |||||||
8,985 | ABB Ltd. | 207,899 | |||||
328 | Barry Callebaut A.G. | 471,741 | |||||
158 | Berner Kantonalbank A.G. | 29,670 | |||||
881 | BFW Liegenschaften A.G. | 41,204 | |||||
6,892 | BKW A.G. | 400,473 | |||||
20,505 | Chubb Ltd. | 2,899,817 | |||||
9,227 | Coca-Cola HBC A.G. | 315,525 | |||||
633 | Flughafen Zuerich A.G. | 155,184 | |||||
141 | Forbo Holding A.G. | 214,692 | |||||
6,065 | Garmin Ltd. | 312,348 | |||||
81 | Intershop Holding A.G. | 40,629 | |||||
1,489 | Kuehne + Nagel International A.G. | 269,838 | |||||
6,406 | Mobilezone Holding A.G. | 78,204 | |||||
3,063 | Nestle S.A. | 259,669 | |||||
47,405 | Nestle S.A. - ADR | 4,018,048 | |||||
6,656 | Novartis A.G. | 561,148 | |||||
36,440 | Novartis A.G. - ADR | 3,071,528 | |||||
1,968 | Roche Holding A.G. | 500,011 | |||||
93,344 | Roche Holding A.G. - ADR | 2,963,672 | |||||
20 | Romande Energie Holding S.A. | 26,779 | |||||
6,238 | Sonova Holding A.G. | 1,054,668 | |||||
1,052 | Swatch Group A.G. | 420,114 | |||||
3,021 | Swiss Re A.G. | 273,545 | |||||
15,785 | Syngenta A.G. - ADR1 | 1,455,377 | |||||
227 | Zurich Insurance Group A.G. | 67,940 | |||||
2,010 | Zurich Insurance Group A.G. - ADR | 60,099 | |||||
20,169,822 | |||||||
TAIWAN — 1.2% | |||||||
135,759 | Chunghwa Telecom Co., Ltd. - ADR1 | 4,698,619 | |||||
53,262 | Siliconware Precision Industries Co., Ltd. - ADR1 | 419,705 | |||||
138,802 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5,131,510 | |||||
353,457 | United Microelectronics Corp. - ADR1 | 883,642 | |||||
11,133,476 | |||||||
THAILAND — 0.0%2 | |||||||
8,280 | Kasikornbank PCL - ADR | 212,051 | |||||
UNITED KINGDOM — 1.3% | |||||||
15,206 | A.G. Barr PLC | 123,914 | |||||
13,676 | Amino Technologies PLC | 34,035 | |||||
3,567 | Animalcare Group PLC | 17,796 | |||||
1,767 | Associated British Foods PLC | 76,012 | |||||
3,430 | Atlassian Corp. PLC - Class A* | 122,108 | |||||
1,441 | British American Tobacco PLC - ADR | 89,515 | |||||
7,680 | Britvic PLC | 75,109 | |||||
5,848 | Burberry Group PLC | 135,939 | |||||
51,243 | Carnival PLC - ADR1 | 3,593,159 | |||||
24,231 | Central Asia Metals PLC | 79,044 | |||||
8,170 | Coca-Cola European Partners PLC1 | 351,310 | |||||
2,736 | Eco Animal Health Group PLC | 22,308 | |||||
3,304 | Ensco PLC - Class A1 | 14,042 | |||||
7,269 | Ergomed PLC* | 17,013 | |||||
5,443 | Eurocell PLC | 16,547 | |||||
5,060 | Gresham Technologies PLC* | 11,762 | |||||
14,967 | Harworth Group PLC | 18,386 | |||||
59,874 | HSBC Holdings PLC - ADR1 | 2,897,902 | |||||
883 | Imperial Brands PLC | 36,528 | |||||
204,746 | ITV PLC | 420,540 | |||||
337,007 | Kingfisher PLC | 1,302,204 | |||||
13,159 | Marshall Motor Holdings PLC | 27,140 | |||||
8,055 | Microgen PLC | 51,559 | |||||
6,525 | Premier Asset Management Group PLC | 14,770 | |||||
1,962 | Quixant PLC | 10,834 | |||||
2,879 | Reckitt Benckiser Group PLC | 273,011 | |||||
4,070 | Reckitt Benckiser Group PLC - ADR | 78,653 |
11 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
UNITED KINGDOM (Continued) | |||||||
5,302 | Relx PLC | $ | 115,934 | ||||
19,352 | Royal Dutch Shell PLC - Class A - ADR | 1,067,843 | |||||
27,136 | Royal Mail PLC | 138,228 | |||||
17,713 | Shoe Zone PLC | 36,533 | |||||
29,205 | SSE PLC | 538,266 | |||||
3,035 | Standard Life Aberdeen PLC | 16,866 | |||||
1,638 | System1 Group PLC* | 12,126 | |||||
2,086 | TBC Bank Group PLC | 45,478 | |||||
103,050 | William Hill PLC | 330,146 | |||||
47,418 | Wm Morrison Supermarkets PLC | 150,767 | |||||
5,951 | Zegona Communications PLC | 13,698 | |||||
12,377,025 | |||||||
UNITED STATES — 22.1% | |||||||
11,029 | 3M Co. | 2,253,445 | |||||
7,272 | Adtalem Global Education, Inc. | 248,702 | |||||
14,044 | Aetna, Inc. | 2,214,739 | |||||
18,289 | Aflac, Inc. | 1,509,757 | |||||
135,251 | AGNC Investment Corp. - REIT | 2,913,307 | |||||
16,102 | Allstate Corp. | 1,457,231 | |||||
1,566 | Alphabet, Inc. - Class A* | 1,495,906 | |||||
28,058 | Altria Group, Inc. | 1,778,877 | |||||
349 | Amazon.com, Inc.* | 342,229 | |||||
7,386 | American Eagle Outfitters, Inc. | 88,263 | |||||
16,476 | American Electric Power Co., Inc. | 1,213,128 | |||||
9,218 | American Financial Group, Inc. | 938,485 | |||||
24,958 | American National Insurance Co. | 2,887,890 | |||||
3,766 | AmerisourceBergen Corp. | 302,221 | |||||
450 | Analog Devices, Inc. | 37,651 | |||||
4,765 | Antero Resources Corp.* | 93,823 | |||||
9,511 | Anthem, Inc. | 1,864,536 | |||||
60,854 | Apple Hospitality REIT, Inc. | 1,106,326 | |||||
14,884 | Apple, Inc. | 2,440,976 | |||||
6,110 | AptarGroup, Inc. | 510,857 | |||||
24,203 | Aramark | 984,820 | |||||
2,506 | Archer-Daniels-Midland Co. | 103,548 | |||||
88,693 | AT&T, Inc. | 3,322,440 | |||||
417 | Atmos Energy Corp. | 36,713 | |||||
4,354 | Automatic Data Processing, Inc. | 463,570 | |||||
34,062 | Avangrid, Inc. | 1,662,907 | |||||
17,465 | AVX Corp. | 304,764 | |||||
3,250 | Baker Hughes, a GE Co. | 110,175 | |||||
1,938 | BancFirst Corp. | 97,675 | |||||
2,329 | Bank of Hawaii Corp.1 | 181,965 | |||||
39,578 | Baxter International, Inc. | 2,455,419 | |||||
711 | Becton, Dickinson and Co. | 141,802 | |||||
3,446 | Berkshire Hathaway, Inc.* | 624,277 | |||||
1,864 | Best Buy Co., Inc. | 101,141 | |||||
2,225 | Big Lots, Inc.1 | 105,910 | |||||
6,473 | Bio-Rad Laboratories, Inc. - Class A*1 | 1,409,949 | |||||
2,507 | Blue Buffalo Pet Products, Inc.* | 64,580 | |||||
880 | BOK Financial Corp. | 70,822 | |||||
11,862 | Booz Allen Hamilton Holding Corp. | 404,613 | |||||
1,886 | Brighthouse Financial, Inc.* | 107,634 | |||||
11,689 | C.R. Bard, Inc. | 3,749,948 | |||||
983 | Cable One, Inc. | 745,841 | |||||
261 | Cambridge Bancorp | 17,774 | |||||
12,706 | CBOE Holdings, Inc. | 1,281,908 | |||||
341 | CDW Corp. | 21,626 | |||||
11,718 | CenterPoint Energy, Inc. | 347,087 | |||||
13,649 | Cerner Corp.* | 925,129 | |||||
24,044 | Cheesecake Factory, Inc.1 | 996,143 | |||||
2,871 | Chemed Corp. | 566,420 | |||||
10,734 | Chemours Co. | 526,717 | |||||
3,626 | Cherry Hill Mortgage Investment Corp. - REIT | 67,008 | |||||
8,795 | Chico's FAS, Inc.1 | 67,546 | |||||
19,469 | Chimera Investment Corp. - REIT | 371,274 | |||||
12,317 | Church & Dwight Co., Inc. | 617,944 | |||||
5,378 | Cigna Corp. | 979,119 | |||||
121,582 | Cisco Systems, Inc. | 3,916,156 | |||||
6,863 | Clorox Co. | 950,731 | |||||
6,337 | CME Group, Inc. | 797,195 | |||||
17,148 | CNA Financial Corp.1 | 841,281 | |||||
29,117 | Coca-Cola Co. | 1,326,279 | |||||
19,653 | Colgate-Palmolive Co. | 1,407,941 | |||||
2,643 | Columbia Property Trust, Inc. - REIT | 55,503 | |||||
13,208 | Comcast Corp. - Class A | 536,377 | |||||
9,007 | Commerce Bancshares, Inc.1 | 495,295 | |||||
19,727 | Consolidated Edison, Inc. | 1,662,394 | |||||
10,529 | Cooper Tire & Rubber Co.1 | 353,774 | |||||
11,062 | Costco Wholesale Corp. | 1,733,858 |
12 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
UNITED STATES (Continued) | |||||||
5,939 | Danaher Corp. | $ | 495,431 | ||||
13,785 | Darden Restaurants, Inc. | 1,131,611 | |||||
3,533 | DaVita, Inc.* | 206,892 | |||||
17,586 | Dell Technologies, Inc. - Class V* | 1,317,719 | |||||
41,601 | Denbury Resources, Inc.* | 44,097 | |||||
22,935 | Dick's Sporting Goods, Inc. | 604,567 | |||||
20,878 | Dolby Laboratories, Inc. - Class A | 1,053,504 | |||||
13,773 | Dr. Pepper Snapple Group, Inc. | 1,254,032 | |||||
36 | DST Systems, Inc. | 1,848 | |||||
4,442 | DSW, Inc. - Class A1 | 82,310 | |||||
1,766 | DTE Energy Co. | 198,357 | |||||
17,458 | Duke Energy Corp. | 1,524,083 | |||||
10,850 | eBay, Inc.* | 392,010 | |||||
10,805 | Eli Lilly & Co. | 878,338 | |||||
1,036 | Entegra Financial Corp.* | 24,035 | |||||
44,951 | Entergy Corp. | 3,558,771 | |||||
1,601 | Erie Indemnity Co. - Class A | 193,385 | |||||
5,741 | Estee Lauder Cos., Inc. - Class A | 614,230 | |||||
95,638 | Exelon Corp. | 3,621,811 | |||||
11,421 | Expeditors International of Washington, Inc. | 640,718 | |||||
26,764 | Exxon Mobil Corp. | 2,042,896 | |||||
457 | F5 Networks, Inc.* | 54,557 | |||||
3,406 | Facebook, Inc. - Class A* | 585,730 | |||||
18,613 | First American Financial Corp. | 913,154 | |||||
2,407 | First Financial Corp. | 104,464 | |||||
1,115 | First Northern Community Bancorp* | 13,492 | |||||
8,919 | FLIR Systems, Inc. | 338,922 | |||||
28,105 | Flowers Foods, Inc. | 488,184 | |||||
17,701 | FNB Corp. | 224,626 | |||||
35,956 | GameStop Corp. - Class A1 | 665,186 | |||||
2,299 | General Dynamics Corp. | 462,904 | |||||
10,345 | General Electric Co. | 253,970 | |||||
9,664 | General Mills, Inc. | 514,705 | |||||
27,579 | General Motors Co. | 1,007,737 | |||||
18,126 | Gilead Sciences, Inc. | 1,517,327 | |||||
2,215 | Grand Canyon Education, Inc.* | 181,741 | |||||
1,742 | H&R Block, Inc.1 | 46,581 | |||||
3,866 | Hancock Holding Co. | 169,911 | |||||
1,395 | Hanover Insurance Group, Inc. | 136,961 | |||||
42,135 | Hawaiian Electric Industries, Inc.1 | 1,408,152 | |||||
174 | Henry Schein, Inc.* | 30,220 | |||||
5,313 | Hershey Co. | 557,440 | |||||
3,974 | Hilton Grand Vacations, Inc.*1 | 144,057 | |||||
5,870 | Home Depot, Inc. | 879,737 | |||||
829 | Honeywell International, Inc. | 114,626 | |||||
8,410 | Hormel Foods Corp. | 258,523 | |||||
28,902 | HRG Group, Inc.*1 | 456,363 | |||||
6,480 | Humana, Inc. | 1,669,378 | |||||
1,772 | IAC/InterActiveCorp* | 201,140 | |||||
224 | ICE Group A.S. | 3,252 | |||||
2,224 | IDEXX Laboratories, Inc.* | 345,676 | |||||
154,676 | Intel Corp. | 5,424,487 | |||||
6,975 | Intercontinental Exchange, Inc. | 451,073 | |||||
4,757 | International Speedway Corp. - Class A | 169,587 | |||||
3,692 | Interpublic Group of Cos., Inc. | 74,357 | |||||
23 | Intuitive Surgical, Inc.* | 23,107 | |||||
55,567 | Johnson & Johnson | 7,355,404 | |||||
5,672 | JPMorgan Chase & Co. | 515,528 | |||||
13,613 | Kimberly-Clark Corp. | 1,678,347 | |||||
19,866 | Kroger Co. | 434,469 | |||||
2,446 | Laboratory Corp. of America Holdings* | 383,704 | |||||
7,614 | Lamb Weston Holdings, Inc. | 346,285 | |||||
3,442 | Lancaster Colony Corp. | 400,890 | |||||
2,432 | Landstar System, Inc. | 227,027 | |||||
5,534 | Live Nation Entertainment, Inc.* | 221,139 | |||||
4,180 | Lockheed Martin Corp. | 1,276,530 | |||||
60,278 | Loews Corp. | 2,807,749 | |||||
2,882 | Madison Square Garden Co.* | 612,454 | |||||
4,649 | ManpowerGroup, Inc. | 518,410 | |||||
725 | MasterCard, Inc. - Class A | 96,642 | |||||
421 | McCormick & Co., Inc. | 40,050 | |||||
19,952 | McDonald's Corp. | 3,191,721 | |||||
40,273 | Merck & Co., Inc. | 2,571,834 | |||||
2,038 | Mercury General Corp. | 117,124 | |||||
20,757 | MetLife, Inc. | 972,050 | |||||
1,078 | Mettler-Toledo International, Inc.* | 652,287 | |||||
492,731 | MFA Financial, Inc. - REIT | 4,326,178 | |||||
6,761 | Microsoft Corp. | 505,520 | |||||
375 | Monster Beverage Corp.* | 20,933 | |||||
1,834 | Morningstar, Inc. | 151,672 |
13 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
UNITED STATES (Continued) | |||||||
5,429 | Motorola Solutions, Inc. | $ | 478,403 | ||||
3,852 | MSC Industrial Direct Co., Inc. - Class A | 265,326 | |||||
15,821 | MSG Networks, Inc.* | 339,360 | |||||
690 | Murphy USA, Inc.*1 | 44,477 | |||||
1,128 | National HealthCare Corp. | 70,320 | |||||
6,043 | National Instruments Corp. | 244,077 | |||||
5,669 | NetScout Systems, Inc.*1 | 185,660 | |||||
1,656 | NewMarket Corp. | 693,053 | |||||
1,378 | NIKE, Inc. - Class B | 72,772 | |||||
38 | NVR, Inc.* | 103,392 | |||||
318 | ONE Gas, Inc. | 23,926 | |||||
8,676 | Park Hotels & Resorts, Inc. - REIT | 231,562 | |||||
5,910 | Paychex, Inc. | 337,047 | |||||
39,866 | People's United Financial, Inc. | 665,762 | |||||
23,248 | PepsiCo, Inc. | 2,690,491 | |||||
101,839 | Pfizer, Inc. | 3,454,379 | |||||
14,309 | PG&E Corp. | 1,007,067 | |||||
16,793 | Philip Morris International, Inc. | 1,963,605 | |||||
5,144 | Pinnacle Foods, Inc. | 305,091 | |||||
15,059 | Pinnacle West Capital Corp. | 1,354,858 | |||||
35,283 | PPL Corp. | 1,384,505 | |||||
9,943 | ProAssurance Corp. | 529,465 | |||||
61,615 | Procter & Gamble Co. | 5,685,216 | |||||
16,915 | Progressive Corp.1 | 786,209 | |||||
3,461 | Prudential Financial, Inc. | 353,299 | |||||
28,827 | Public Service Enterprise Group, Inc. | 1,350,257 | |||||
3,685 | QUALCOMM, Inc. | 192,615 | |||||
5,321 | Quest Diagnostics, Inc. | 576,530 | |||||
431 | Ralph Lauren Corp. | 37,881 | |||||
6,322 | Rayonier, Inc. - REIT | 183,401 | |||||
8,931 | Raytheon Co. | 1,625,531 | |||||
12,148 | RCI Hospitality Holdings, Inc.1 | 283,048 | |||||
1,959 | Reinsurance Group of America, Inc. | 263,388 | |||||
16,773 | Republic Services, Inc. | 1,094,271 | |||||
2,143 | ResMed, Inc. | 166,254 | |||||
3,545 | Royal Gold, Inc. | 330,678 | |||||
1,455 | S&P Global, Inc. | 224,550 | |||||
11,599 | Scholastic Corp. | 457,349 | |||||
1,921 | SI Financial Group, Inc. | 28,047 | |||||
39,306 | Sirius XM Holdings, Inc.1 | 226,009 | |||||
2,253 | Six Flags Entertainment Corp.1 | 122,946 | |||||
11,784 | Southern Co. | 568,696 | |||||
6,888 | Southern Copper Corp.1 | 280,342 | |||||
5,571 | Southwest Airlines Co. | 290,472 | |||||
3,754 | Spectrum Brands Holdings, Inc.1 | 412,790 | |||||
8,031 | Square, Inc. - Class A* | 209,689 | |||||
3,700 | Starbucks Corp. | 202,982 | |||||
38,606 | Starwood Property Trust, Inc. - REIT1 | 857,439 | |||||
5,344 | Stryker Corp. | 755,481 | |||||
18,310 | Symantec Corp. | 548,934 | |||||
7,363 | Synopsys, Inc.* | 592,132 | |||||
41,225 | Sysco Corp. | 2,171,321 | |||||
3,144 | Tech Data Corp.*1 | 346,752 | |||||
2,943 | Teleflex, Inc. | 623,180 | |||||
3,869 | Texas Instruments, Inc. | 320,431 | |||||
2,159 | Thor Industries, Inc. | 234,554 | |||||
1,638 | Time Warner, Inc. | 165,602 | |||||
1,140 | TJX Cos., Inc. | 82,422 | |||||
6,068 | Tootsie Roll Industries, Inc.1 | 226,640 | |||||
4,204 | Torchmark Corp. | 323,582 | |||||
5,074 | Tractor Supply Co. | 301,954 | |||||
13,882 | Travelers Cos., Inc. | 1,682,221 | |||||
13,271 | Trustmark Corp.1 | 393,087 | |||||
5,581 | Two Harbors Investment Corp. - REIT1 | 57,094 | |||||
7,106 | Tyson Foods, Inc. - Class A | 449,810 | |||||
28,117 | U.S. Bancorp | 1,440,996 | |||||
11,862 | U.S. Foods Holding Corp.* | 325,612 | |||||
4,449 | UGI Corp. | 219,825 | |||||
2,896 | Ulta Beauty, Inc.* | 640,045 | |||||
56,040 | Umpqua Holdings Corp.1 | 980,700 | |||||
10,099 | United Parcel Service, Inc. - Class B | 1,154,922 | |||||
4,464 | United Technologies Corp. | 534,430 | |||||
7,208 | UnitedHealth Group, Inc. | 1,433,671 | |||||
1,594 | Universal Corp. | 91,177 | |||||
9,384 | Universal Health Services, Inc. - Class B | 1,014,692 | |||||
3,885 | Unum Group | 187,179 | |||||
5,676 | Valero Energy Corp. | 386,536 | |||||
2,210 | Varex Imaging Corp.* | 67,471 | |||||
5,526 | Varian Medical Systems, Inc.* | 587,137 | |||||
15,994 | Vector Group Ltd.1 | 345,470 |
14 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
UNITED STATES (Continued) | |||||||
23,353 | Verizon Communications, Inc. | $ | 1,120,243 | ||||
4,836 | Visa, Inc. - Class A | 500,623 | |||||
13,904 | Vistra Energy Corp. | 246,101 | |||||
14,703 | Voya Financial, Inc. | 562,096 | |||||
6,212 | VWR Corp.* | 205,120 | |||||
1,487 | W.W. Grainger, Inc. | 241,742 | |||||
75,591 | Wal-Mart Stores, Inc. | 5,901,389 | |||||
6,864 | Walgreens Boots Alliance, Inc. | 559,416 | |||||
13,813 | Walt Disney Co. | 1,397,876 | |||||
20,800 | Waste Management, Inc. | 1,603,888 | |||||
336 | Watsco, Inc.1 | 49,513 | |||||
2,132 | WEC Energy Group, Inc. | 139,049 | |||||
2,046 | Weis Markets, Inc. | 90,454 | |||||
2,211 | WellCare Health Plans, Inc.* | 386,217 | |||||
34,736 | Werner Enterprises, Inc.1 | 1,149,762 | |||||
336 | WestRock Co. | 19,122 | |||||
6,194 | Xcel Energy, Inc. | 306,603 | |||||
42,460 | Xerox Corp. | 1,370,184 | |||||
47,735 | Yum China Holdings, Inc.* | 1,687,910 | |||||
5,712 | Zimmer Biomet Holdings, Inc. | 652,710 | |||||
7,469 | Zoetis, Inc. | 468,306 | |||||
203,605,131 | |||||||
VIRGIN ISLANDS (BRITISH) — 0.0%2 | |||||||
167 | Michael Kors Holdings Ltd.* | 7,051 | |||||
TOTAL COMMON STOCKS | |||||||
(Cost $321,941,102) | 370,570,389 | ||||||
EXCHANGE-TRADED FUNDS — 26.6% | |||||||
1,793,646 | iShares Edge MSCI Min Vol Emerging Markets ETF1 | 104,282,579 | |||||
1,239,735 | iShares MSCI ACWI ETF1 | 83,744,099 | |||||
706,428 | iShares Edge MSCI Min Vol Global ETF1 | 57,404,339 | |||||
TOTAL EXCHANGE-TRADED FUNDS | |||||||
(Cost $217,627,215) | 245,431,017 | ||||||
CLOSED-END MUTUAL FUND — 0.0%2 | |||||||
18,708 | Ground Rents Income Fund PLC — REIT | 29,990 | |||||
TOTAL CLOSED-END MUTUAL FUND | |||||||
(Cost $32,244) | 29,990 | ||||||
OPEN-END MUTUAL FUND — 28.1% | |||||||
10,719,544 | GMO Quality Fund - Class VI3 | 259,198,569 | |||||
TOTAL OPEN-END MUTUAL FUND | |||||||
(Cost $226,337,561) | 259,198,569 | ||||||
PREFERRED STOCK — 0.0%2 | |||||||
GERMANY — 0.0%2 | |||||||
5,565 | Porsche Automobil Holding S.E. | 315,881 | |||||
TOTAL PREFERRED STOCK | |||||||
(Cost $254,182) | 315,881 |
15 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 8.9% | |||||||
COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 4.0% | |||||||
Collateral Pool Allocation4 | $ | 37,306,432 | |||||
MONEY MARKET FUND — 4.9% | |||||||
44,857,945 | JPMorgan Prime Money Market Fund - Agency Shares, 1.13%5 | 44,871,403 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $82,178,264) | 82,177,835 | ||||||
TOTAL INVESTMENTS — 103.8% | |||||||
(Cost $848,370,568) | 957,723,681 | ||||||
Liabilities in excess of other assets — (3.8)% | (35,466,400 | ) | |||||
TOTAL NET ASSETS — 100.0% | $ | 922,257,281 |
* | 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 $36,345,642. |
2 | Rounds to less than 0.05%. |
3 | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov. |
4 | Please refer to Note 2, Securities Lending, in the Notes to Financial Statements. |
5 | The rate is the annualized seven-day yield at period end. |
ADR – American Depository Receipt
ETF – Exchange-Traded Fund
PCL – Public Company Limited
PLC – Public Limited Company
REIT – Real Estate Investment Trust
See accompanying Notes to Financial Statements.
16 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS — 51.9% | |||||||
ALABAMA — 0.3% | |||||||
$ | 500,000 | Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 10/10/2017 1 2 | $ | 500,095 | |||
500,000 | County of Jefferson, AGM, 5.25%, 10/1/2048, Call 10/1/2023 | 571,695 | |||||
1,000,000 | County of Jefferson, NATL-RE, 5.00%, 04/1/2024, Call 10/10/2017 | 1,006,130 | |||||
1,000,000 | Spring Hill College Educational Building Authority of Mobile, 5.88%, 04/15/2045, Call 04/15/2025 | 1,020,210 | |||||
3,098,130 | |||||||
ARIZONA — 1.8% | |||||||
Arizona Health Facilities Authority | |||||||
500,000 | 5.00%, 2/1/2043, Call 02/1/2023 | 540,285 | |||||
4,000,000 | 0.81%, 1/1/2046, Call 09/6/2017 1 | 4,000,000 | |||||
230,000 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027 3 | 238,317 | |||||
1,500,000 | County of Pima, 4.00%, 07/1/2023 | 1,720,905 | |||||
349,000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025 3 | 349,799 | |||||
Industrial Development Authority of the City of Phoenix | |||||||
580,000 | 7.00%, 7/1/2022, Call 07/1/2020 | 645,360 | |||||
645,000 | 5.00%, 10/1/2036, Call 10/1/2026 | 736,416 | |||||
1,000,000 | 5.00%, 6/1/2042, Call 06/1/2022 | 1,086,500 | |||||
500,000 | 7.50%, 7/1/2042, Call 07/1/2022 4 | 175,005 | |||||
Industrial Development Authority of the County of Pima | |||||||
595,000 | 7.00%, 1/1/2022 | 591,424 | |||||
500,000 | 6.75%, 3/1/2034, Call 03/1/2024 | 539,715 | |||||
340,000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/2022 3 | 346,752 | |||||
1,000,000 | Maricopa County Industrial Development Authority, 2.88%, 07/1/2021 3 | 985,720 | |||||
2,000,000 | Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025 | 2,434,660 | |||||
920,000 | Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022 | 1,071,405 | |||||
1,975,000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2,382,620 | |||||
1,250,000 | State of Arizona, AGM, 5.25%, 10/1/2028, Call 10/1/2019 | 1,357,425 | |||||
19,202,308 | |||||||
CALIFORNIA — 7.7% | |||||||
3,000,000 | Bay Area Toll Authority, 2.04% (SIFMA Municipal Swap Index Yield+125 basis points), 04/1/2036, Call 10/1/2026 5 | 3,034,620 | |||||
1,000,000 | Beaumont Financing Authority, 5.00%, 09/1/2045, Call 09/1/2025 | 1,109,770 | |||||
1,000,000 | California County Tobacco Securitization Agency, 5.13%, 06/1/2038, Call 10/10/2017 | 998,780 | |||||
155,000 | California Health Facilities Financing Authority, 5.00%, 08/15/2036, Call 08/15/2027 | 178,624 | |||||
California Municipal Finance Authority | |||||||
200,000 | 6.63%, 1/1/2032, Call 01/1/2022 3 | 215,682 | |||||
500,000 | 7.00%, 6/1/2034, Call 06/1/2022 | 564,875 | |||||
500,000 | 5.75%, 10/1/2034, Call 10/1/2021 | 521,540 | |||||
275,000 | 5.00%, 4/1/2035, Call 04/1/2025 | 299,962 | |||||
905,000 | 5.00%, 10/1/2035, Call 10/1/2022 | 978,450 | |||||
150,000 | 5.00%, 4/1/2041, Call 04/1/2025 | 162,477 | |||||
1,000,000 | 5.00%, 7/1/2042, Call 07/1/2027 | 1,140,820 | |||||
California Pollution Control Financing Authority | |||||||
1,000,000 | 5.00%, 7/1/2037, Call 07/1/2022 2 3 | 1,077,650 | |||||
250,000 | 8.00%, 7/1/2039, Call 07/1/2027 2 3 | 276,135 | |||||
1,000,000 | 5.00%, 11/21/2045, Call 10/10/2017 3 | 1,001,960 | |||||
California School Finance Authority | |||||||
1,000,000 | 5.00%, 8/1/2041, Call 08/1/2025 3 | 1,108,010 | |||||
350,000 | 6.75%, 11/1/2045, Call 11/1/2024 3 | 383,722 | |||||
980,000 | 7.00%, 6/1/2047, Call 06/1/2020 4 | 686,000 | |||||
1,000,000 | California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024 | 1,151,540 |
17 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
CALIFORNIA (Continued) | |||||||
California Statewide Communities Development Authority | |||||||
$ | 1,150,000 | 5.40%, 11/1/2027, Call 11/1/2017 | $ | 1,176,691 | |||
140,000 | 6.00%, 11/1/2032, Call 11/1/2020 | 98,634 | |||||
1,000,000 | 2.63%, 11/1/2033 1 | 1,043,770 | |||||
230,000 | 6.25%, 11/1/2042, Call 11/1/2020 | 162,072 | |||||
2,005,000 | 5.25%, 12/1/2044, Call 12/1/2024 | 2,184,949 | |||||
100,000 | 5.00%, 4/1/2047, Call 04/1/2027 | 114,380 | |||||
1,000,000 | 5.50%, 12/1/2054, Call 12/1/2024 | 1,100,130 | |||||
850,000 | California Statewide Communities Development Authority, AGM, 5.25%, 10/1/2043, Call 10/1/2024 | 961,936 | |||||
640,000 | City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/2023 2 | 718,810 | |||||
200,000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 223,792 | |||||
500,000 | City of Lathrop, 5.00%, 09/2/2040, Call 09/2/2025 | 509,575 | |||||
City of Roseville | |||||||
635,000 | 5.00%, 9/1/2032, Call 09/1/2027 | 741,229 | |||||
1,000,000 | 5.00%, 9/1/2037, Call 03/1/2018 | 1,007,970 | |||||
550,000 | 5.00%, 9/1/2047, Call 09/1/2027 3 | 596,288 | |||||
1,020,000 | City of San Juan Bautista, 6.00%, 10/1/2024, Call 10/1/2018 | 1,078,058 | |||||
1,900,000 | Coast Community College District, AGM, 5.00%, 08/1/2031, Call 08/1/2018 | 1,974,803 | |||||
320,000 | Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021 | 370,195 | |||||
1,010,000 | County of Imperial, 5.00%, 09/1/2036, Call 09/1/2025 | 1,137,674 | |||||
250,000 | County of Madera, 5.38%, 03/15/2036, Call 03/15/2020 | 270,073 | |||||
55,000 | Dublin Community Facilities District Improvement Area No. 1, 5.00%, 09/1/2037, Call 09/1/2027 | 61,255 | |||||
105,000 | Folsom Ranch Financing Authority, 5.00%, 09/1/2047, Call 09/1/2027 | 113,386 | |||||
Foothill-Eastern Transportation Corridor Agency, AGM | |||||||
2,000,000 | 0.00%, 1/15/2035 | 1,031,140 | |||||
1,000,000 | 5.00%, 1/15/2042, Call 01/15/2024 | 1,135,040 | |||||
Golden State Tobacco Securitization Corp. | |||||||
2,000,000 | 5.30%, 6/1/2037, Call 06/1/2022 | 2,015,020 | |||||
2,500,000 | 5.13%, 6/1/2047, Call 09/22/2017 | 2,489,950 | |||||
945,000 | 5.75%, 6/1/2047, Call 09/22/2017 | 944,915 | |||||
1,000,000 | Hesperia Public Financing Authority, XLCA, 5.00%, 09/1/2037, Call 10/10/2017 | 1,001,390 | |||||
1,000,000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1,068,220 | |||||
265,000 | Irvine Unified School District, 5.00%, 09/1/2037, Call 09/1/2027 | 307,185 | |||||
1,000,000 | Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024 | 1,136,930 | |||||
450,000 | Jurupa Unified School District, 5.00%, 09/1/2040, Call 09/1/2025 | 501,840 | |||||
1,000,000 | Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022 | 1,056,020 | |||||
500,000 | Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021 | 605,655 | |||||
300,000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 434,127 | |||||
250,000 | Merced Designated Local Authority Redevelopment Agency Successor Agency, 6.50%, 09/1/2039, Call 09/1/2019 | 278,005 | |||||
National City Community Development Commission | |||||||
500,000 | 5.75%, 8/1/2021 | 587,655 | |||||
500,000 | 7.00%, 8/1/2032, Call 08/1/2021 | 606,290 | |||||
150,000 | Norco Community Redevelopment Agency Successor Agency, 5.88%, 03/1/2032, Call 03/1/2020 | 166,605 | |||||
1,000,000 | Northern California Gas Authority No. 1, 1.59% (LIBOR 3 Month+72 basis points), 07/1/2027 5 | 959,600 | |||||
1,000,000 | Oakland Unified School District/Alameda County, 6.13%, 08/1/2029, Call 08/1/2019 | 1,100,370 | |||||
240,000 | Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022 | 261,211 | |||||
5,000,000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 2,997,700 |
18 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
CALIFORNIA (Continued) | |||||||
$ | 2,000,000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | $ | 2,408,600 | |||
1,500,000 | Pittsburg Successor Agency Redevelopment Agency, 6.50%, 09/1/2028, Call 09/1/2018 | 1,586,385 | |||||
1,000,000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023 | 1,106,910 | |||||
500,000 | Ridgecrest Redevelopment Agency, 6.13%, 06/30/2037, Call 06/30/2020 | 563,310 | |||||
733,000 | River Rock Entertainment Authority, 8.00%, 11/1/2018, Call 10/10/2017* 4 | 146,527 | |||||
695,000 | Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024 | 811,684 | |||||
2,500,000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 3,137,100 | |||||
1,230,000 | Sacramento Municipal Utility District, AGM, 5.00%, 08/15/2022, Call 08/15/2018 | 1,281,881 | |||||
1,930,000 | San Bernardino County Financing Authority, NATL-RE, 5.50%, 06/1/2037 | 2,044,314 | |||||
1,000,000 | San Francisco City & County Redevelopment Agency, 6.63%, 08/1/2041, Call 02/1/2021 | 1,175,260 | |||||
2,000,000 | San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025 | 2,223,020 | |||||
75,000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 38,498 | |||||
1,125,000 | San Jose Redevelopment Agency, NATL, 4.90%, 08/1/2033, Call 10/10/2017 | 1,140,154 | |||||
500,000 | San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022 | 548,055 | |||||
965,000 | San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024 | 1,117,036 | |||||
Santa Ana Financing Authority, NATL-RE | |||||||
500,000 | 6.25%, 7/1/2024 | 612,955 | |||||
500,000 | 6.25%, 7/1/2024 | 616,185 | |||||
465,000 | Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021 | 508,770 | |||||
490,000 | Semitropic Improvement District, 5.00%, 12/1/2038, Call 12/1/2019 | 530,185 | |||||
1,000,000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024 | 1,062,050 | |||||
Southern California Public Power Authority | |||||||
565,000 | 5.00%, 11/1/2029 | 673,723 | |||||
1,000,000 | 5.00%, 11/1/2033 | 1,214,440 | |||||
970,000 | Stockton Public Financing Authority, NATL-RE, 4.50%, 08/1/2031, Call 10/10/2017 | 952,841 | |||||
1,000,000 | Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022 | 1,115,710 | |||||
100,000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027 3 | 105,201 | |||||
1,000,000 | Temecula Redevelopment Agency, NATL-RE, 5.25%, 08/1/2036, Call 10/10/2017 | 1,014,760 | |||||
Tobacco Securitization Authority of Southern California | |||||||
500,000 | 5.00%, 6/1/2037, Call 09/22/2017 | 499,950 | |||||
1,000,000 | 5.13%, 6/1/2046, Call 09/22/2017 | 999,940 | |||||
1,080,000 | Tustin Community Redevelopment Agency, 5.00%, 09/1/2032, Call 09/1/2018 | 1,147,684 | |||||
1,000,000 | Westminster Redevelopment Agency, 5.75%, 11/1/2036, Call 11/1/2021 | 1,159,370 | |||||
82,763,653 | |||||||
COLORADO — 2.6% | |||||||
Cathedral Pines Metropolitan District | |||||||
580,000 | 5.00%, 12/1/2031, Call 12/1/2026 | 617,514 | |||||
1,805,000 | 5.00%, 12/1/2046, Call 12/1/2026 | 1,865,648 | |||||
500,000 | Centerra Metropolitan District No. 1, 5.00%, 12/1/2047, Call 12/1/2022 | 509,440 | |||||
Central Platte Valley Metropolitan District | |||||||
625,000 | 5.63%, 12/1/2038, Call 12/1/2023 | 710,206 | |||||
500,000 | 5.00%, 12/1/2043, Call 12/1/2023 | 517,145 |
19 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
COLORADO (Continued) | |||||||
$ | 1,000,000 | Cimarron Metropolitan District, 6.00%, 12/1/2022, Call 10/31/2017 | $ | 996,780 | |||
500,000 | City Center West Residential Metropolitan District, 6.25%, 12/1/2044, Call 12/1/2019 | 499,095 | |||||
Colorado Educational & Cultural Facilities Authority | |||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2025 3 | 526,295 | |||||
550,000 | 4.75%, 4/1/2030, Call 04/1/2022 | 569,663 | |||||
1,000,000 | 6.00%, 12/15/2037, Call 12/15/2024 | 974,730 | |||||
465,000 | 6.75%, 4/1/2040, Call 04/1/2018 3 | 468,622 | |||||
500,000 | 6.25%, 11/1/2040, Call 11/1/2020 | 510,135 | |||||
Colorado Educational & Cultural Facilities Authority, MORAL OBLG | |||||||
500,000 | 4.00%, 10/1/2039, Call 10/1/2024 | 515,235 | |||||
500,000 | 5.13%, 12/1/2039, Call 12/1/2019 | 510,825 | |||||
1,000,000 | Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025 | 1,230,040 | |||||
Colorado Health Facilities Authority | |||||||
1,350,000 | 6.75%, 6/1/2032, Call 06/1/2022 4 | 1,059,075 | |||||
500,000 | 5.00%, 1/15/2035, Call 01/15/2026 | 575,130 | |||||
1,000,000 | 7.75%, 8/1/2039, Call 08/1/2019 | 1,050,350 | |||||
500,000 | 8.00%, 8/1/2043, Call 02/1/2024 | 582,635 | |||||
2,000,000 | 5.00%, 5/15/2045, Call 05/15/2025 | 2,226,700 | |||||
500,000 | Colorado Health Facilities Authority, AGM, 5.50%, 05/15/2030, Call 05/15/2019 | 539,105 | |||||
500,000 | Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024 | 556,320 | |||||
500,000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 573,700 | |||||
1,470,000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023 | 1,576,531 | |||||
250,000 | Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020 | 260,828 | |||||
1,000,000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 414,480 | |||||
E-470 Public Highway Authority, NATL-RE | |||||||
320,000 | 0.00%, 9/1/2028, Call 09/1/2020 | 193,824 | |||||
480,000 | 0.00%, 9/1/2030 | 315,528 | |||||
250,000 | Fitzsimons Village Metropolitan District No. 3, 5.75%, 03/1/2032, Call 03/1/2020 | 251,610 | |||||
1,010,000 | Harvest Junction Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022 | 1,082,023 | |||||
750,000 | Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024 | 769,395 | |||||
225,000 | Maher Ranch Metropolitan District 004, AGC, 5.25%, 12/1/2036, Call 12/1/2017 | 227,493 | |||||
10,000 | Mount Carbon Metropolitan District, 7.00%, 06/1/2043 | 5,985 | |||||
155,000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 173,413 | |||||
1,080,000 | Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020 | 1,147,327 | |||||
1,000,000 | Regional Transportation District, 6.00%, 01/15/2041, Call 07/15/2020 | 1,100,330 | |||||
1,000,000 | Southglenn Metropolitan District, 3.00%, 12/1/2021 | 996,020 | |||||
1,475,000 | Southlands Metropolitan District No. 1, AGC, 5.25%, 12/1/2034, Call 12/1/2017 | 1,486,608 | |||||
100,000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 111,887 | |||||
28,297,670 | |||||||
CONNECTICUT — 0.4% | |||||||
500,000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 10/10/2017 2 | 489,080 | |||||
1,000,000 | Connecticut State Health & Educational Facility Authority, 4.00%, 07/1/2018 | 1,020,440 |
20 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
CONNECTICUT (Continued) | |||||||
$ | 1,000,000 | Mohegan Tribe of Indians of Connecticut, 5.25%, 01/1/2033, Call 10/23/2017 3 | $ | 912,310 | |||
2,000,000 | State of Connecticut, 1.56% (SIFMA Municipal Swap Index Yield+77 basis points), 09/15/2018 5 | 2,004,580 | |||||
4,426,410 | |||||||
DELAWARE — 0.1% | |||||||
1,000,000 | Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025 3 | 1,025,970 | |||||
DISTRICT OF COLUMBIA — 0.1% | |||||||
100,000 | District of Columbia, 5.00%, 07/1/2037, Call 07/1/2024 | 103,129 | |||||
655,000 | Metropolitan Washington Airports Authority, 5.00%, 10/1/2044, Call 10/1/2024 2 | 739,357 | |||||
842,486 | |||||||
FLORIDA — 3.9% | |||||||
945,000 | Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022 | 986,684 | |||||
895,000 | Beeline Community Development District, 7.00%, 05/1/2037, Call 05/1/2018 | 908,219 | |||||
920,000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023 | 934,168 | |||||
1,250,000 | Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 10/10/2017 | 1,271,737 | |||||
855,000 | Capital Trust Agency, Inc., 5.35%, 07/1/2029, Call 07/1/2020 | 903,017 | |||||
City of Lakeland | |||||||
540,000 | 5.00%, 9/1/2037, Call 09/1/2022 | 595,069 | |||||
2,435,000 | 5.00%, 11/15/2045, Call 11/15/2024 | 2,728,247 | |||||
500,000 | County of Bay, 5.00%, 09/1/2043, Call 09/1/2023 | 513,285 | |||||
1,740,000 | County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2033, Call 10/1/2024 2 | 1,997,624 | |||||
1,395,000 | County of Miami-Dade Aviation Revenue, AGC, 5.00%, 10/1/2028, Call 10/1/2019 | 1,505,010 | |||||
3,000,000 | County of Palm Beach, 5.00%, 05/1/2028, Call 05/1/2026 | 3,693,150 | |||||
130,000 | Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021 | 128,944 | |||||
Florida Development Finance Corp. | |||||||
750,000 | 6.25%, 7/1/2034, Call 07/1/2024 | 786,833 | |||||
2,000,000 | 7.63%, 6/15/2041, Call 06/15/2021 | 2,246,400 | |||||
1,000,000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022 | 1,112,180 | |||||
500,000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024 | 509,240 | |||||
1,000,000 | Greater Orlando Aviation Authority, 5.00%, 11/15/2036, Call 05/15/2023 2 | 1,042,210 | |||||
1,000,000 | Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026 | 1,170,220 | |||||
1,000,000 | Jacksonville Housing Finance Authority, 0.85%, 08/1/2018 | 998,770 | |||||
Lake Ashton Community Development District | |||||||
170,000 | 5.00%, 5/1/2025 | 176,746 | |||||
435,000 | 5.00%, 5/1/2037, Call 05/1/2025 | 430,885 | |||||
1,680,000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025 | 1,730,030 | |||||
710,000 | Lakewood Ranch Stewardship District, 4.88%, 05/1/2045, Call 05/1/2025 | 722,723 | |||||
100,000 | Lee County Industrial Development Authority, 5.75%, 06/15/2042, Call 06/15/2022 | 101,999 | |||||
915,000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 936,887 | |||||
385,000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023 | 380,049 |
21 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
FLORIDA (Continued) | |||||||
Miami Beach Health Facilities Authority | |||||||
$ | 1,500,000 | 4.25%, 11/15/2034, Call 11/15/2019 | $ | 1,523,925 | |||
1,000,000 | 5.00%, 11/15/2039, Call 11/15/2024 | 1,095,420 | |||||
Miami-Dade County Industrial Development Authority | |||||||
500,000 | 5.00%, 9/15/2034, Call 09/15/2024 | 528,830 | |||||
500,000 | 5.75%, 11/1/2036, Call 11/1/2026 3 | 511,755 | |||||
1,000,000 | Northern Palm Beach County Improvement District, 5.00%, 08/1/2034, Call 08/1/2024 | 1,031,200 | |||||
Palm Beach County Health Facilities Authority | |||||||
525,000 | 6.75%, 6/1/2024, Call 06/1/2022 | 614,303 | |||||
850,000 | 5.00%, 12/1/2031, Call 12/1/2024 | 946,517 | |||||
500,000 | 5.00%, 11/1/2043, Call 11/1/2022 | 532,470 | |||||
750,000 | Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021 | 864,173 | |||||
1,500,000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1,767,210 | |||||
1,500,000 | Seminole Tribe of Florida, Inc., 5.25%, 10/1/2027, Call 10/1/2017 3 | 1,503,345 | |||||
850,000 | Tolomato Community Development District, 5.40%, 05/1/2037, Call 10/10/2017 | 850,060 | |||||
470,000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023 | 480,740 | |||||
925,000 | Wentworth Estates Community Development District, 5.63%, 05/1/2037, Call 10/10/2017 | 925,129 | |||||
41,685,403 | |||||||
GEORGIA — 1.0% | |||||||
City of Atlanta Water & Wastewater Revenue, AGM | |||||||
165,000 | 5.25%, 11/1/2034, Call 11/1/2019 | 180,426 | |||||
85,000 | 5.25%, 11/1/2034, Call 11/1/2019 | 92,822 | |||||
Fulton County Development Authority | |||||||
500,000 | 5.00%, 4/1/2037, Call 04/1/2027 | 575,990 | |||||
1,000,000 | 6.50%, 4/1/2043, Call 04/1/2023 | 1,003,170 | |||||
750,000 | Gainesville & Hall County Development Authority, 6.63%, 11/15/2039, Call 11/15/2019 | 843,150 | |||||
230,000 | Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 06/1/2020 | 239,411 | |||||
1,100,000 | Georgia Municipal Association, Inc., 4.00%, 12/1/2024 | 1,256,662 | |||||
500,000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027 3 | 525,650 | |||||
1,000,000 | Main Street Natural Gas, Inc., 5.00%, 03/15/2018 | 1,021,380 | |||||
500,000 | Medical Center Hospital Authority, AGM, 5.00%, 08/1/2041, Call 08/1/2020 | 539,775 | |||||
1,325,000 | Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024 | 1,453,167 | |||||
600,000 | Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/1/2020 | 680,220 | |||||
2,500,000 | Valdosta & Lowndes County Hospital Authority, 5.00%, 10/1/2041, Call 10/1/2021 | 2,725,900 | |||||
11,137,723 | |||||||
GUAM — 0.5% | |||||||
250,000 | Guam Department of Education, 6.88%, 12/1/2040, Call 12/1/2020 | 263,645 | |||||
Guam Government Waterworks Authority | |||||||
500,000 | 5.25%, 7/1/2033, Call 07/1/2023 | 553,285 | |||||
1,000,000 | 5.00%, 7/1/2035, Call 07/1/2024 | 1,092,960 | |||||
450,000 | 5.63%, 7/1/2040, Call 07/1/2020 | 480,195 | |||||
Territory of Guam | |||||||
1,400,000 | 5.00%, 11/15/2039, Call 11/15/2025 | 1,510,236 | |||||
1,000,000 | 7.00%, 11/15/2039, Call 11/15/2019 | 1,132,010 | |||||
5,032,331 |
22 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
HAWAII — 0.1% | |||||||
$ | 500,000 | Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022 | $ | 546,135 | |||
IDAHO — 0.1% | |||||||
Idaho Housing & Finance Association | |||||||
1,225,000 | 5.00%, 7/15/2027, Call 07/15/2019 | 1,307,406 | |||||
250,000 | 6.00%, 6/1/2038, Call 06/1/2018 | 253,937 | |||||
1,561,343 | |||||||
ILLINOIS — 6.4% | |||||||
Chicago Board of Education | |||||||
1,000,000 | 1.62% (SIFMA Municipal Swap Index Yield+83 basis points), 3/1/2036, Call 12/1/2017 5 | 990,440 | |||||
1,500,000 | 7.00%, 12/1/2044, Call 12/1/2025 | 1,720,275 | |||||
1,000,000 | 6.00%, 4/1/2046, Call 04/1/2027 | 1,163,930 | |||||
1,000,000 | Chicago Board of Education, NATL, 0.00%, 12/1/2022 | 845,560 | |||||
2,500,000 | Chicago O'Hare International Airport, 5.00%, 01/1/2046, Call 01/1/2025 | 2,839,175 | |||||
680,000 | Chicago Park District, 5.00%, 11/15/2024 | 805,100 | |||||
Chicago Transit Authority | |||||||
475,000 | 5.25%, 12/1/2030, Call 12/1/2021 | 522,785 | |||||
2,000,000 | 5.00%, 12/1/2046, Call 12/1/2026 | 2,187,220 | |||||
City of Chicago | |||||||
615,000 | 4.50%, 1/1/2021, Call 01/1/2020 | 649,434 | |||||
1,000,000 | 5.00%, 1/1/2024 | 1,112,710 | |||||
1,000,000 | 5.25%, 1/1/2035, Call 01/1/2021 | 1,042,710 | |||||
1,000,000 | 5.50%, 1/1/2035, Call 01/1/2025 | 1,091,140 | |||||
880,000 | 6.00%, 1/1/2038, Call 01/1/2027 | 1,018,142 | |||||
500,000 | 5.50%, 1/1/2040, Call 01/1/2025 | 540,630 | |||||
900,000 | 5.00%, 1/1/2041, Call 01/1/2022 | 949,725 | |||||
1,000,000 | City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024 | 1,054,830 | |||||
665,000 | City of Chicago Wastewater Transmission Revenue, 5.00%, 01/1/2034, Call 01/1/2025 | 734,426 | |||||
1,000,000 | City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024 | 1,150,550 | |||||
5,000 | City of Chicago, AMBAC, 5.00%, 01/1/2042, Call 10/10/2017 | 5,017 | |||||
County of Cook | |||||||
700,000 | 5.00%, 11/15/2021, Call 11/15/2019 | 749,623 | |||||
1,000,000 | 5.25%, 11/15/2022, Call 11/15/2020 | 1,107,340 | |||||
1,500,000 | 6.50%, 10/15/2040, Call 10/15/2020 | 1,588,035 | |||||
Illinois Finance Authority | |||||||
700,000 | 5.00%, 8/1/2026 | 807,821 | |||||
235,000 | 5.00%, 8/15/2026, Call 08/15/2020 | 262,363 | |||||
465,000 | 5.00%, 8/15/2026, Call 08/15/2020 | 506,873 | |||||
425,000 | 5.00%, 8/1/2027 | 492,592 | |||||
465,000 | 5.00%, 11/1/2027, Call 11/1/2019 | 504,046 | |||||
500,000 | 5.00%, 8/1/2028, Call 08/1/2027 | 574,000 | |||||
665,000 | 6.38%, 11/1/2029, Call 05/1/2019 | 725,242 | |||||
600,000 | 5.75%, 10/1/2032, Call 10/1/2022 | 640,452 | |||||
670,000 | 5.00%, 3/1/2033, Call 03/1/2027 | 764,316 | |||||
1,000,000 | 5.00%, 8/1/2033, Call 08/1/2024 | 1,150,330 | |||||
315,000 | 5.00%, 2/15/2034, Call 02/15/2027 | 358,187 | |||||
500,000 | 5.00%, 3/1/2034, Call 03/01/2027 | 565,600 | |||||
2,000,000 | 4.00%, 7/1/2034, Call 01/1/2026 | 2,131,240 | |||||
500,000 | 7.75%, 8/15/2034, Call 08/15/2019 | 565,900 | |||||
1,000,000 | 5.00%, 4/1/2036, Call 10/10/2017 | 992,780 | |||||
2,000,000 | 4.50%, 11/1/2036, Call 11/1/2024 | 2,119,220 | |||||
1,665,000 | 5.00%, 12/1/2036, Call 10/10/2017 | 1,666,049 | |||||
500,000 | 5.63%, 2/15/2037, Call 10/10/2017 | 500,050 | |||||
1,000,000 | 6.88%, 8/15/2038, Call 08/15/2019 | 1,114,370 | |||||
3,000,000 | 0.80%, 11/1/2038, Call 09/6/2017 1 | 3,000,000 | |||||
550,000 | 5.00%, 9/1/2042, Call 09/1/2024 | 584,672 | |||||
1,925,000 | 5.00%, 9/1/2046, Call 09/1/2026 | 2,113,534 | |||||
1,000,000 | 6.00%, 10/1/2048, Call 10/1/2022 | 1,074,480 | |||||
500,000 | Illinois Finance Authority, AGC, 5.25%, 08/15/2033, Call 08/15/2018 | 518,905 |
23 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
ILLINOIS (Continued) | |||||||
Illinois Finance Authority, AGM | |||||||
$ | 55,000 | 5.00%, 5/15/2019, Call 05/15/2018 | $ | 56,640 | |||
250,000 | 5.25%, 3/1/2030, Call 03/1/2020 | 269,095 | |||||
1,000,000 | Illinois Finance Authority, XLCA, 5.00%, 08/1/2034, Call 09/19/2017 | 1,002,150 | |||||
2,000,000 | Illinois Housing Development Authority, 1.33%, 02/1/2020, Call 04/1/2018 1 | 2,002,220 | |||||
485,000 | Illinois Sports Facilities Authority, 5.00%, 06/15/2021 | 527,171 | |||||
1,000,000 | Illinois Sports Facilities Authority, AGM, 5.25%, 06/15/2032, Call 06/15/2024 | 1,118,330 | |||||
840,000 | Lake County Township High School District No. 121, 4.00%, 03/1/2019 | 874,692 | |||||
435,000 | Lombard Public Facilities Corp., 2.10%, 01/1/2036, Call 10/10/2017* 4 | 126,107 | |||||
1,600,000 | Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022 | 1,716,560 | |||||
1,905,000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 2,162,880 | |||||
500,000 | Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022 | 529,815 | |||||
Railsplitter Tobacco Settlement Authority | |||||||
780,000 | 5.25%, 6/1/2021 | 890,854 | |||||
1,000,000 | 6.25%, 6/1/2024, Call 09/27/2017 | 1,020,720 | |||||
1,000,000 | Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023 | 1,341,730 | |||||
State of Illinois | |||||||
735,000 | 5.00%, 1/1/2019 | 761,872 | |||||
500,000 | 5.00%, 3/1/2024, Call 03/1/2022 | 543,120 | |||||
1,500,000 | 5.50%, 7/1/2026, Call 07/1/2023 | 1,672,890 | |||||
2,000,000 | 3.00%, 6/15/2033, Call 06/15/2026 | 1,840,440 | |||||
175,000 | 5.00%, 3/1/2037, Call 03/1/2022 | 181,412 | |||||
385,000 | State of Illinois, AMBAC, 6.25%, 12/15/2020 | 406,752 | |||||
1,000,000 | Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023 | 1,119,300 | |||||
930,000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025 | 940,630 | |||||
68,707,199 | |||||||
INDIANA — 0.7% | |||||||
1,000,000 | City of Rockport, 7.00%, 06/1/2028, Call 02/1/2022 2 | 1,035,100 | |||||
1,500,000 | City of Whiting, 1.54% (SIFMA Municipal Swap Index Yield+75 basis points), 12/1/2044, Call 06/3/2019 2 5 | 1,499,880 | |||||
1,000,000 | Indiana Bond Bank, 5.25%, 10/15/2018 | 1,047,180 | |||||
Indiana Finance Authority | |||||||
500,000 | 6.00%, 12/1/2019 | 518,625 | |||||
500,000 | 6.00%, 12/1/2026, Call 06/1/2020 | 510,180 | |||||
250,000 | 5.25%, 11/1/2039, Call 11/1/2019 | 269,908 | |||||
1,960,000 | Michigan City School Building Corp., 5.00%, 01/15/2025 | 2,372,286 | |||||
500,000 | Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023 2 | 575,170 | |||||
7,828,329 | |||||||
IOWA — 0.8% | |||||||
Iowa Finance Authority | |||||||
1,000,000 | 5.25%, 12/1/2025, Call 12/1/2023 | 1,069,310 | |||||
2,500,000 | 4.75%, 8/1/2042, Call 08/1/2022 | 2,530,950 | |||||
250,000 | Iowa Finance Authority, AGC, 5.25%, 08/15/2029, Call 08/15/2019 | 271,073 | |||||
500,000 | Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021 | 547,160 | |||||
Iowa Student Loan Liquidity Corp. | |||||||
2,005,000 | 4.63%, 12/1/2019 2 | 2,081,972 | |||||
650,000 | 5.50%, 12/1/2025, Call 12/1/2019 | 692,490 | |||||
Iowa Tobacco Settlement Authority | |||||||
800,000 | 5.60%, 6/1/2034, Call 10/10/2017 | 804,920 | |||||
410,000 | 5.38%, 6/1/2038, Call 10/10/2017 | 409,975 | |||||
8,407,850 |
24 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
KANSAS — 0.0% 6 | |||||||
$ | 500,000 | Overland Park Development Corp., AMBAC, 5.13%, 01/1/2032, Call 10/10/2017 | $ | 500,010 | |||
KENTUCKY — 0.5% | |||||||
Kentucky Economic Development Finance Authority | |||||||
200,000 | 5.00%, 6/1/2037, Call 06/1/2027 | 220,592 | |||||
2,000,000 | 5.00%, 1/1/2045, Call 07/1/2025 | 2,186,060 | |||||
1,000,000 | Kentucky Housing Corp., 5.63%, 05/1/2045, Call 05/1/2025 | 1,020,180 | |||||
765,000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 881,640 | |||||
1,000,000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1,141,730 | |||||
5,450,202 | |||||||
LOUISIANA — 1.2% | |||||||
1,175,000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023 | 1,267,461 | |||||
500,000 | Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021 | 535,180 | |||||
1,500,000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1,765,860 | |||||
Louisiana Local Government Environmental Facilities & Community Development Authority | |||||||
1,000,000 | 6.75%, 11/1/2032, Call 11/1/2017 | 1,007,580 | |||||
500,000 | 6.50%, 11/1/2035, Call 11/1/2020 | 567,125 | |||||
1,205,000 | 5.00%, 10/1/2037, Call 10/1/2027 | 1,387,280 | |||||
Louisiana Public Facilities Authority | |||||||
1,000,000 | 5.00%, 12/15/2021 | 1,142,790 | |||||
1,250,000 | 0.00%, 10/01/2033 | 1,071,250 | |||||
500,000 | 8.13%, 12/15/2033, Call 12/15/2023 | 558,235 | |||||
1,000,000 | 5.00%, 5/15/2035, Call 05/15/2025 | 1,124,200 | |||||
960,000 | 6.50%, 7/1/2036, Call 07/1/2023 2 3 | 1,063,699 | |||||
2,000,000 | Parish of St. John the Baptist, 5.13%, 06/1/2037, Call 10/10/2017 | 1,999,840 | |||||
13,490,500 | |||||||
MAINE — 0.3% | |||||||
1,615,000 | Maine Health & Higher Educational Facilities Authority, 5.00%, 07/1/2035, Call 07/1/2027 | 1,868,862 | |||||
420,000 | Maine Health & Higher Educational Facilities Authority, ST RES FD GTY, 5.00%, 07/1/2040, Call 07/1/2020 | 457,077 | |||||
500,000 | Town of Rumford, 6.88%, 10/1/2026, Call 10/10/2017 2 | 502,070 | |||||
2,828,009 | |||||||
MARYLAND — 1.4% | |||||||
City of Baltimore | |||||||
2,500,000 | 5.00%, 7/1/2036, Call 01/1/2027 | 2,962,425 | |||||
1,525,000 | 5.00%, 9/1/2036, Call 09/1/2027 | 1,752,698 | |||||
1,600,000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024 | 1,740,080 | |||||
1,500,000 | Maryland Community Development Administration, 1.35%, 01/1/2019, Call 07/1/2018 3 | 1,500,495 | |||||
Maryland Health & Higher Educational Facilities Authority | |||||||
2,700,000 | 5.00%, 8/15/2038, Call 08/15/2023 | 3,085,776 | |||||
1,000,000 | 5.00%, 7/1/2040, Call 07/1/2025 | 1,105,550 | |||||
500,000 | 5.00%, 7/1/2045, Call 07/1/2025 | 549,175 | |||||
2,000,000 | Maryland Stadium Authority, 5.00%, 05/1/2046, Call 05/1/2026 | 2,299,900 | |||||
14,996,099 | |||||||
MASSACHUSETTS — 0.5% | |||||||
Massachusetts Development Finance Agency | |||||||
400,000 | 5.25%, 12/1/2025, Call 12/1/2019 | 430,852 | |||||
600,000 | 5.00%, 7/1/2034, Call 07/1/2027 | 696,516 | |||||
500,000 | 5.75%, 12/1/2042 1 | 540,250 | |||||
Massachusetts Educational Financing Authority | |||||||
1,500,000 | 5.00%, 1/1/2021 2 | 1,659,720 | |||||
300,000 | 5.50%, 1/1/2022, Call 01/1/2020 | 326,109 | |||||
380,000 | 6.00%, 1/1/2028, Call 01/1/2020 | 403,400 | |||||
200,000 | 4.25%, 7/1/2046, Call 07/1/2026 2 | 202,492 | |||||
1,000,000 | Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026 | 1,184,640 | |||||
5,443,979 |
25 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
MICHIGAN — 1.9% | |||||||
Grand Rapids Public Schools, AGM | |||||||
$ | 1,170,000 | 5.00%, 5/1/2022 | $ | 1,359,634 | |||
685,000 | 5.00%, 5/1/2024 | 829,302 | |||||
1,000,000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1,132,570 | |||||
275,000 | Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022 | 293,249 | |||||
Michigan Finance Authority | |||||||
275,000 | 5.00%, 6/1/2029, Call 06/1/2019 | 274,494 | |||||
1,000,000 | 4.50%, 10/1/2029, Call 10/1/2024 | 1,044,160 | |||||
1,165,000 | 5.00%, 7/1/2031, Call 07/1/2024 | 1,301,841 | |||||
1,670,000 | 5.00%, 12/1/2032, Call 06/1/2022 | 1,878,149 | |||||
2,500,000 | 5.00%, 10/1/2033, Call 10/1/2024 | 2,839,075 | |||||
1,000,000 | 5.00%, 7/1/2034, Call 07/1/2025 | 1,124,540 | |||||
500,000 | 5.00%, 7/1/2035, Call 07/1/2025 | 560,430 | |||||
1,450,000 | Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024 | 1,617,475 | |||||
Michigan State Hospital Finance Authority | |||||||
250,000 | 5.63%, 11/15/2029, Call 11/15/2019 | 275,575 | |||||
2,000,000 | 2.40%, 11/15/2047 1 | 2,063,400 | |||||
990,000 | Michigan State Housing Development Authority, 1.91% (LIBOR 3 Month+100 basis points), 04/1/2042, Call 04/1/2021 2 5 | 994,594 | |||||
Michigan Strategic Fund | |||||||
925,000 | 8.50%, 12/1/2030, Call 12/1/2023 2 3 | 1,003,976 | |||||
1,445,000 | 4.13%, 7/1/2045, Call 07/1/2018 1 | 1,466,935 | |||||
500,000 | Summit Academy, 6.38%, 11/1/2035, Call 10/10/2017 | 500,070 | |||||
20,559,469 | |||||||
MINNESOTA — 0.4% | |||||||
250,000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 | 264,955 | |||||
Housing & Redevelopment Authority of The City of St Paul | |||||||
1,000,000 | 5.00%, 11/15/2029, Call 11/15/2025 | 1,253,580 | |||||
1,285,000 | 5.00%, 11/15/2030, Call 11/15/2025 | 1,610,850 | |||||
415,000 | Saint Paul Housing & Redevelopment Authority, 5.50%, 09/1/2043, Call 09/1/2020 | 422,611 | |||||
500,000 | World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021 | 577,200 | |||||
4,129,196 | |||||||
MISSISSIPPI — 0.2% | |||||||
500,000 | Mississippi Business Finance Corp., 5.00%, 02/1/2036 1 2 3 | 513,250 | |||||
1,500,000 | Mississippi Development Bank, 5.00%, 08/1/2026 | 1,845,750 | |||||
2,359,000 | |||||||
MISSOURI — 0.2% | |||||||
100,000 | Branson Industrial Development Authority, 3.90%, 11/1/2029, Call 11/1/2025 | 100,413 | |||||
250,000 | Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 10/1/2019 | 268,285 | |||||
Health & Educational Facilities Authority of the State of Missouri | |||||||
835,000 | 5.00%, 6/1/2034, Call 06/1/2020 | 892,640 | |||||
1,050,000 | 6.00%, 2/1/2041, Call 02/1/2021 | 1,155,840 | |||||
2,417,178 | |||||||
MONTANA — 0.0% 6 | |||||||
500,000 | City of Kalispell, 3.40%, 11/15/2022, Call 11/15/2018 | 502,995 | |||||
NEBRASKA — 0.7% | |||||||
Central Plains Energy Project | |||||||
1,875,000 | 5.00%, 9/1/2027, Call 09/1/2022 | 2,094,037 | |||||
2,500,000 | 5.00%, 9/1/2032, Call 09/1/2022 | 2,767,250 | |||||
250,000 | 5.25%, 9/1/2037, Call 09/1/2022 | 278,393 | |||||
2,300,000 | 5.00%, 8/1/2039, Call 12/1/2019 1 | 2,484,322 | |||||
7,624,002 | |||||||
NEVADA — 0.8% | |||||||
1,000,000 | City of Sparks, 6.75%, 06/15/2028, Call 06/15/2018 3 | 1,020,530 | |||||
700,000 | County of Clark, 5.00%, 07/1/2030, Call 01/1/2020 | 761,355 | |||||
2,405,000 | County of Clark Department of Aviation, 0.79%, 07/1/2036, Call 09/6/2017 1 | 2,405,000 |
26 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
NEVADA (Continued) | |||||||
$ | 1,000,000 | Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024 | $ | 1,114,780 | |||
2,000,000 | Las Vegas Valley Water District, 5.00%, 06/1/2039, Call 12/1/2024 | 2,360,100 | |||||
595,000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025 3 | 611,208 | |||||
8,272,973 | |||||||
NEW JERSEY — 1.2% | |||||||
New Jersey Economic Development Authority | |||||||
500,000 | 5.13%, 9/15/2023, Call 08/20/2022 2 | 541,685 | |||||
1,500,000 | 5.00%, 3/1/2024, Call 03/1/2023 | 1,659,645 | |||||
1,000,000 | 5.25%, 9/1/2025, Call 03/1/2021 | 1,078,370 | |||||
280,000 | 6.00%, 10/1/2034, Call 10/1/2024 | 286,294 | |||||
880,000 | 5.00%, 6/15/2036, Call 12/15/2026 | 951,210 | |||||
1,000,000 | New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024 | 1,114,600 | |||||
New Jersey Health Care Facilities Financing Authority | |||||||
500,000 | 5.75%, 7/1/2037, Call 07/1/2018 | 509,940 | |||||
1,175,000 | 5.00%, 7/1/2046, Call 07/1/2025 | 1,324,812 | |||||
New Jersey Higher Education Student Assistance Authority | |||||||
1,000,000 | 5.25%, 6/1/2020, Call 06/1/2019 | 1,063,310 | |||||
855,000 | 4.25%, 12/1/2047, Call 12/1/2026 2 | 873,152 | |||||
750,000 | New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2044, Call 06/15/2024 | 798,285 | |||||
2,000,000 | New Jersey Transportation Trust Fund Authority, NATL, 0.00%, 12/15/2030 | 1,189,620 | |||||
1,000,000 | State of New Jersey, 5.25%, 06/15/2026, Call 06/15/2019 | 1,077,020 | |||||
12,467,943 | |||||||
NEW MEXICO — 0.4% | |||||||
875,000 | County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 10/10/2017 2 | 875,551 | |||||
810,000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023 | 860,795 | |||||
1,000,000 | New Mexico Municipal Energy Acquisition Authority, 1.58% (LIBOR 1 Month+75 basis points), 11/1/2039, Call 02/1/2019 5 | 999,880 | |||||
1,020,000 | Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024 | 1,077,018 | |||||
1,055,000 | Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 05/1/2020 3 | 1,091,693 | |||||
4,904,937 | |||||||
NEW YORK — 3.4% | |||||||
400,000 | Brooklyn Arena Local Development Corp., 6.00%, 07/15/2030, Call 01/15/2020 | 448,456 | |||||
1,000,000 | Build New York City Resource Corp., 5.50%, 09/1/2045, Call 09/1/2025 3 | 1,103,920 | |||||
2,000,000 | City of New York, 5.00%, 03/1/2026, Call 03/1/2024 | 2,396,440 | |||||
1,000,000 | Hempstead Town Local Development Corp., 6.24%, 02/1/2047, Call 02/1/2027 | 1,005,590 | |||||
2,500,000 | Metropolitan Transportation Authority, AGM, 1.42% (LIBOR 1 Month+57 basis points), 11/1/2032 5 | 2,510,800 | |||||
650,000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024 | 724,230 | |||||
1,500,000 | New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 10/10/2017 | 1,503,600 | |||||
1,000,000 | New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 10/10/2017 | 1,006,100 | |||||
450,000 | New York Counties Tobacco Trust VI, 5.00%, 06/1/2045, Call 06/1/2026 | 476,276 | |||||
New York Liberty Development Corp. | |||||||
1,000,000 | 5.25%, 10/1/2035 | 1,281,380 | |||||
2,000,000 | 5.38%, 11/15/2040, Call 11/15/2024 3 | 2,224,780 | |||||
1,000,000 | 5.00%, 11/15/2044, Call 11/15/2024 3 | 1,089,500 | |||||
1,500,000 | 7.25%, 11/15/2044, Call 11/15/2024 3 | 1,790,535 |
27 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
NEW YORK (Continued) | |||||||
New York State Dormitory Authority | |||||||
$ | 400,000 | 4.00%, 5/1/2033, Call 05/1/2023 | $ | 407,296 | |||
955,000 | 5.00%, 2/15/2034, Call 02/15/2019 | 1,012,491 | |||||
45,000 | 5.00%, 2/15/2034, Call 02/15/2019 | 47,644 | |||||
500,000 | 4.25%, 5/1/2042, Call 05/1/2023 | 510,330 | |||||
2,750,000 | New York State Housing Finance Agency, 0.88%, 11/1/2049, Call 09/6/2017 1 | 2,750,000 | |||||
1,000,000 | New York State Urban Development Corp., 5.25%, 01/1/2021, Call 01/1/2019 | 1,058,750 | |||||
480,000 | New York Transportation Development Corp., 5.00%, 08/1/2031, Call 08/1/2021 2 | 513,509 | |||||
Onondaga Civic Development Corp. | |||||||
235,000 | 5.00%, 7/1/2040, Call 07/1/2025 | 256,101 | |||||
500,000 | 5.00%, 7/1/2045, Call 07/1/2025 | 544,895 | |||||
Port Authority of New York & New Jersey | |||||||
590,000 | 5.50%, 12/1/2031, Call 12/1/2020 | 651,118 | |||||
4,500,000 | 5.00%, 10/15/2041, Call 10/15/2025 | 5,250,195 | |||||
265,000 | 6.00%, 12/1/2042, Call 12/1/2020 | 296,850 | |||||
940,000 | Seneca Nation Indians Capital Improvements Authority, 5.00%, 12/1/2023, Call 10/10/2017 3 | 941,739 | |||||
1,500,000 | Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025 | 1,745,145 | |||||
TSASC, Inc. | |||||||
970,000 | 5.00%, 6/1/2045, Call 06/1/2027 | 1,009,430 | |||||
950,000 | 5.00%, 6/1/2048, Call 06/1/2027 | 975,013 | |||||
750,000 | Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024 | 838,463 | |||||
36,370,576 | |||||||
NORTH CAROLINA — 0.3% | |||||||
1,000,000 | County of New Hanover, AGM, 5.00%, 10/1/2027, Call 10/1/2019 | 1,084,420 | |||||
2,000,000 | North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022 | 2,283,620 | |||||
3,368,040 | |||||||
NORTH DAKOTA — 0.1% | |||||||
1,000,000 | County of Burleigh, 4.38%, 04/15/2026 | 1,024,880 | |||||
OHIO — 1.1% | |||||||
2,000,000 | Buckeye Tobacco Settlement Financing Authority, 5.88%, 06/1/2030, Call 09/22/2017 | 1,951,140 | |||||
1,000,000 | Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022 | 1,005,600 | |||||
830,000 | City of Akron, 5.00%, 12/1/2026 | 962,933 | |||||
400,000 | City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022 | 441,680 | |||||
500,000 | County of Allen, 5.00%, 06/1/2038, Call 06/1/2020 | 536,035 | |||||
1,000,000 | County of Butler, 5.75%, 11/1/2040, Call 11/1/2020 | 1,144,980 | |||||
500,000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025 | 522,375 | |||||
1,000,000 | Ohio Air Quality Development Authority, 3.75%, 12/1/2023 1 | 494,880 | |||||
2,700,000 | Ohio Housing Finance Agency, 1.35%, 03/1/2019 1 | 2,705,346 | |||||
1,000,000 | Ohio Water Development Authority, 4.00%, 12/1/2033 1 | 489,880 | |||||
1,000,000 | Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022 | 1,097,740 | |||||
1,000,000 | State of Ohio, 5.60%, 08/1/2032, Call 10/10/2017 1 2 | 1,001,720 | |||||
12,354,309 | |||||||
OKLAHOMA — 0.3% | |||||||
940,000 | Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026 | 1,030,917 | |||||
1,000,000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1,180,060 | |||||
1,175,000 | Oklahoma County Finance Authority, 4.50%, 09/1/2024 | 1,362,929 | |||||
3,573,906 | |||||||
OREGON — 0.2% | |||||||
Oregon State Facilities Authority | |||||||
1,000,000 | 5.00%, 4/1/2045, Call 04/1/2025 | 1,130,380 | |||||
765,000 | 5.00%, 10/1/2046, Call 10/1/2026 | 846,702 | |||||
1,977,082 |
28 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
PENNSYLVANIA — 1.8% | |||||||
$ | 1,000,000 | Allegheny County Hospital Development Authority, 5.50%, 08/15/2034, Call 08/15/2019 | $ | 1,075,590 | |||
95,000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023 | 101,132 | |||||
1,000,000 | Allentown City School District, AGM SAW, 4.00%, 02/15/2021 | 1,091,390 | |||||
275,000 | Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2027 3 | 296,623 | |||||
280,000 | Chester County Industrial Development Authority, 5.38%, 10/15/2042, Call 10/15/2022 | 286,390 | |||||
1,000,000 | City of Scranton, 5.00%, 11/15/2026, Call 05/15/2024 | 1,075,910 | |||||
1,125,000 | Coatesville School District, AGM SAW, 5.00%, 08/1/2022 | 1,301,355 | |||||
500,000 | Delaware County Industrial Development Authority, 4.38%, 06/1/2026 3 | 504,135 | |||||
200,000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 258,468 | |||||
265,000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 295,873 | |||||
Hospitals & Higher Education Facilities Authority of Philadelphia | |||||||
1,000,000 | 5.50%, 7/1/2026, Call 10/10/2017 | 1,002,060 | |||||
1,000,000 | 5.63%, 7/1/2036, Call 07/1/2022 | 1,105,390 | |||||
290,000 | Montgomery County Industrial Development Authority, FHA, 5.00%, 08/1/2024, Call 08/1/2020 | 323,689 | |||||
1,500,000 | Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024 | 1,721,175 | |||||
Pennsylvania Economic Development Financing Authority | |||||||
450,000 | 6.25%, 10/15/2023, Call 10/15/2019 | 491,004 | |||||
250,000 | 6.40%, 12/1/2038, Call 09/1/2025 | 257,898 | |||||
600,000 | Pennsylvania Higher Educational Facilities Authority, 5.80%, 07/1/2030, Call 07/1/2020 | 679,524 | |||||
Pennsylvania Turnpike Commission | |||||||
1,000,000 | 5.00%, 12/1/2033, Call 12/1/2024 | 1,159,760 | |||||
500,000 | 5.00%, 12/1/2041, Call 06/1/2026 | 573,120 | |||||
Philadelphia Authority for Industrial Development | |||||||
795,000 | 5.00%, 5/1/2027, Call 05/1/2026 | 964,645 | |||||
500,000 | 8.00%, 1/1/2033, Call 01/1/2023 | 570,415 | |||||
500,000 | 6.88%, 6/15/2033, Call 06/15/2023 | 555,780 | |||||
180,000 | 5.00%, 7/1/2037, Call 07/1/2027 | 191,165 | |||||
440,000 | Quakertown General Authority, 4.00%, 07/1/2022 | 441,131 | |||||
1,000,000 | School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026 | 1,110,060 | |||||
1,625,000 | Susquehanna Area Regional Airport Authority, 6.50%, 01/1/2038, Call 01/1/2018 2 | 1,649,456 | |||||
19,083,138 | |||||||
RHODE ISLAND — 0.4% | |||||||
1,535,000 | Rhode Island Commerce Corp., 5.00%, 07/1/2046, Call 07/1/2026 | 1,729,715 | |||||
Rhode Island Health & Educational Building Corp. | |||||||
1,000,000 | 6.00%, 9/1/2033, Call 09/1/2023 | 1,256,840 | |||||
1,000,000 | 8.38%, 1/1/2046, Call 01/1/2021 | 1,240,790 | |||||
500,000 | Rhode Island Health & Educational Building Corp., AGC, 6.25%, 05/15/2030, Call 05/15/2019 | 545,595 | |||||
4,772,940 | |||||||
SOUTH CAROLINA — 0.5% | |||||||
1,000,000 | South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021 | 1,155,640 | |||||
South Carolina Public Service Authority | |||||||
1,500,000 | 5.00%, 12/1/2028, Call 12/1/2026 | 1,777,500 | |||||
730,000 | 5.00%, 12/1/2055, Call 06/1/2025 | 813,103 | |||||
1,015,000 | 5.25%, 12/1/2055, Call 12/1/2025 | 1,161,252 | |||||
4,907,495 |
29 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
SOUTH DAKOTA — 0.2% | |||||||
South Dakota Health & Educational Facilities Authority | |||||||
$ | 555,000 | 5.00%, 9/1/2040, Call 09/1/2027 | $ | 640,820 | |||
1,235,000 | 5.00%, 11/1/2045, Call 11/1/2025 | 1,401,194 | |||||
2,042,014 | |||||||
TENNESSEE — 0.7% | |||||||
Chattanooga-Hamilton County Hospital Authority | |||||||
500,000 | 5.00%, 10/1/2034, Call 10/1/2024 | 555,285 | |||||
1,220,000 | 5.00%, 10/1/2044, Call 10/1/2024 | 1,333,094 | |||||
Johnson City Health & Educational Facilities Board | |||||||
500,000 | 6.50%, 7/1/2038, Call 07/1/2020 | 553,055 | |||||
2,000,000 | 5.00%, 8/15/2042, Call 08/15/2022 | 2,149,500 | |||||
Knox County Health Educational & Housing Facility Board | |||||||
365,000 | 5.25%, 5/1/2025, Call 11/1/2024 3 | 355,236 | |||||
45,000 | 6.00%, 5/1/2034, Call 11/1/2024 3 | 43,017 | |||||
1,500,000 | Nashville & Davidson County Health & Educational Facilities Board, 1.55%, 11/15/2030 1 | 1,512,990 | |||||
1,000,000 | Tennessee Energy Acquisition Corp., 5.63%, 09/1/2026 | 1,162,510 | |||||
7,664,687 | |||||||
TEXAS — 3.4% | |||||||
320,000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 368,656 | |||||
500,000 | Central Texas Regional Mobility Authority, 6.75%, 01/1/2041, Call 01/1/2021 | 592,385 | |||||
1,000,000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1,168,870 | |||||
1,500,000 | City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026 | 1,842,960 | |||||
250,000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 262,113 | |||||
500,000 | City of Houston, 5.25%, 09/1/2028, Call 09/1/2021 | 560,805 | |||||
City of Houston Airport | |||||||
250,000 | 5.50%, 7/1/2034, Call 07/1/2018 | 259,490 | |||||
750,000 | 5.00%, 7/15/2035, Call 07/15/2025 2 | 800,970 | |||||
Clifton Higher Education Finance Corp. | |||||||
500,000 | 5.00%, 8/15/2042, Call 08/15/2022 | 536,430 | |||||
1,500,000 | 4.60%, 12/1/2049, Call 12/1/2024 | 1,540,860 | |||||
1,000,000 | Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023 | 1,134,130 | |||||
360,000 | Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023 | 414,482 | |||||
1,065,000 | El Paso Downtown Development Corp., 5.00%, 08/15/2026 | 1,264,091 | |||||
475,000 | Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022 | 495,140 | |||||
New Hope Cultural Education Facilities Corp. | |||||||
500,000 | 4.75%, 4/1/2034, Call 04/1/2024 | 531,315 | |||||
1,000,000 | 5.00%, 4/1/2039, Call 04/1/2024 | 1,074,100 | |||||
1,250,000 | 5.00%, 7/1/2047, Call 07/1/2025 | 1,354,262 | |||||
1,500,000 | New Hope Cultural Education Facilities Corp., AGM, 5.00%, 04/1/2046, Call 04/1/2024 | 1,634,910 | |||||
830,000 | Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022 | 834,847 | |||||
North Texas Tollway Authority | |||||||
405,000 | 6.00%, 1/1/2028, Call 01/1/2019 | 432,532 | |||||
95,000 | 6.00%, 1/1/2028, Call 01/1/2019 | 101,432 | |||||
955,000 | Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 09/27/2017 1 | 955,879 | |||||
1,000,000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 12/1/2021 4 | 789,500 | |||||
SA Energy Acquisition Public Facility Corp. | |||||||
1,000,000 | 5.25%, 8/1/2018 | 1,038,580 | |||||
1,000,000 | 5.50%, 8/1/2021 | 1,131,610 | |||||
290,000 | 5.50%, 8/1/2027 | 358,800 | |||||
1,000,000 | San Antonio Water System, 2.00%, 05/1/2043 1 | 1,025,140 | |||||
2,000,000 | State of Texas, 5.00%, 10/1/2026, Call 10/1/2025 | 2,469,260 |
30 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
TEXAS (Continued) | |||||||
Tarrant County Cultural Education Facilities Finance Corp. | |||||||
$ | 1,000,000 | 4.20%, 9/1/2025, Call 09/1/2023 | $ | 1,118,800 | |||
2,000,000 | 5.00%, 11/15/2038, Call 05/15/2023 | 2,231,560 | |||||
2,000,000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025 | 1,984,700 | |||||
Texas Municipal Gas Acquisition & Supply Corp. I | |||||||
555,000 | 5.25%, 12/15/2025 | 660,367 | |||||
125,000 | 6.25%, 12/15/2026 | 153,053 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III | |||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2022 | 560,760 | |||||
500,000 | 5.00%, 12/15/2031, Call 12/15/2022 | 553,965 | |||||
Texas Private Activity Bond Surface Transportation Corp. | |||||||
1,000,000 | 7.50%, 6/30/2032, Call 06/30/2020 | 1,152,370 | |||||
1,345,000 | 7.00%, 6/30/2040, Call 06/30/2020 | 1,526,548 | |||||
1,000,000 | Town of Little Elm, 7.15%, 09/1/2027, Call 03/1/2018 | 1,025,450 | |||||
Town of Westlake | |||||||
500,000 | 5.50%, 9/1/2025 | 501,280 | |||||
200,000 | 6.13%, 9/1/2035, Call 09/1/2025 | 200,312 | |||||
36,642,714 | |||||||
UTAH — 0.2% | |||||||
1,200,000 | Salt Lake City Corp. Airport Revenue, 5.00%, 07/1/2026 2 | 1,468,944 | |||||
Utah Charter School Finance Authority | |||||||
380,000 | 3.63%, 6/15/2021 3 | 379,901 | |||||
500,000 | 5.25%, 6/15/2037, Call 06/15/2027 3 | 498,740 | |||||
2,347,585 | |||||||
VERMONT — 0.2% | |||||||
500,000 | Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021 | 583,505 | |||||
1,400,000 | Vermont Student Assistance Corp., 5.00%, 06/15/2022 2 | 1,592,164 | |||||
2,175,669 | |||||||
VIRGIN ISLANDS — 0.1% | |||||||
Virgin Islands Public Finance Authority | |||||||
385,000 | 6.75%, 10/1/2019 | 347,959 | |||||
500,000 | 5.00%, 10/1/2039, Call 10/1/2024 | 352,515 | |||||
115,000 | Virgin Islands Public Finance Authority, NATL, 4.25%, 10/1/2029, Call 10/10/2017 | 115,201 | |||||
815,675 | |||||||
VIRGINIA — 0.5% | |||||||
715,000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018, Call 09/22/2017* 4 | 461,303 | |||||
1,000,000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1,131,750 | |||||
400,000 | Chesterfield County Economic Development Authority, 5.00%, 05/1/2023, Call 05/1/2019 | 427,156 | |||||
1,475,000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 04/15/2020 2 | 1,522,628 | |||||
975,000 | Lower Magnolia Green Community Development Authority, 5.00%, 03/1/2045, Call 03/1/2025 3 | 996,216 | |||||
Roanoke Economic Development Authority, AGM | |||||||
5,000 | 5.00%, 7/1/2038, Call 07/1/2020 1 | 5,565 | |||||
245,000 | 5.00%, 7/1/2038, Call 07/1/2020 | 261,785 | |||||
Virginia Small Business Financing Authority | |||||||
80,000 | 6.00%, 1/1/2037, Call 07/1/2022 2 | 91,145 | |||||
130,000 | 5.50%, 1/1/2042, Call 07/1/2022 2 | 145,073 | |||||
5,042,621 | |||||||
WASHINGTON — 1.3% | |||||||
King County Public Hospital District No. 4 | |||||||
705,000 | 5.00%, 12/1/2038, Call 12/1/2025 | 712,544 | |||||
1,000,000 | 7.00%, 12/1/2040, Call 12/1/2021 | 1,073,250 | |||||
350,000 | Ocean Shores Local Improvement District, 7.25%, 02/1/2031 | 442,659 |
31 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Principal Amount | Value | ||||||
MUNICIPAL BONDS (Continued) | |||||||
WASHINGTON (Continued) | |||||||
$ | 1,500,000 | Seattle Housing Authority, 1.25%, 04/1/2019, Call 04/1/2018 | $ | 1,500,690 | |||
State of Washington | |||||||
2,000,000 | 5.00%, 8/1/2037, Call 08/1/2023 | 2,330,780 | |||||
1,000,000 | 5.00%, 6/1/2040, Call 06/1/2026 | 1,174,730 | |||||
315,000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 09/22/2017 | 315,340 | |||||
Washington Health Care Facilities Authority | |||||||
1,000,000 | 2.19% (SIFMA Municipal Swap Index Yield+140 basis points), 1/1/2035, Call 07/1/2024 5 | 1,011,370 | |||||
1,000,000 | 5.00%, 8/15/2036, Call 08/15/2027 | 1,137,780 | |||||
1,820,000 | 5.00%, 3/1/2038, Call 03/1/2025 | 2,051,122 | |||||
2,500,000 | 1.93% (LIBOR 1 Month+110 basis points), 1/1/2042, Call 01/1/2022 5 | 2,499,550 | |||||
14,249,815 | |||||||
WISCONSIN — 0.9% | |||||||
Public Finance Authority | |||||||
1,235,000 | 5.00%, 7/1/2022 2 | 1,318,931 | |||||
500,000 | 5.75%, 2/1/2035, Call 02/1/2025 | 503,870 | |||||
1,000,000 | 6.50%, 12/1/2037, Call 12/1/2027 3 | 1,128,400 | |||||
500,000 | 5.75%, 4/1/2042, Call 04/1/2022 | 531,985 | |||||
580,000 | 5.25%, 5/15/2042, Call 05/15/2025 3 | 623,784 | |||||
1,000,000 | 5.00%, 7/1/2042, Call 07/1/2022 2 | 1,067,960 | |||||
165,000 | 6.00%, 7/15/2042, Call 07/15/2022 | 177,804 | |||||
450,000 | 5.50%, 3/1/2045, Call 03/1/2025 3 | 469,935 | |||||
1,000,000 | 5.63%, 7/1/2045, Call 07/1/2025 3 | 1,023,430 | |||||
1,405,000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2038, Call 04/1/2023 | 1,564,481 | |||||
400,000 | Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020 | 452,384 | |||||
345,000 | Wisconsin Health & Educational Facilities Authority, AMBAC, 5.50%, 02/15/2019 | 354,115 | |||||
9,217,079 | |||||||
WYOMING — 0.1% | |||||||
500,000 | County of Campbell, 5.75%, 07/15/2039, Call 07/15/2019 | 534,470 | |||||
220,000 | County of Sweetwater, 5.25%, 07/15/2026, Call 08/21/2019 | 237,505 | |||||
771,975 | |||||||
TOTAL MUNICIPAL BONDS | |||||||
(Cost $535,935,121) | 558,911,632 |
Number of Shares | |||||||
CLOSED-END MUTUAL FUNDS — 0.9% | |||||||
UNITED STATES — 0.9% | |||||||
8,184 | BlackRock Long-Term Municipal Advantage Trust | 99,845 | |||||
53,753 | BlackRock MuniVest Fund, Inc. | 528,930 | |||||
31,817 | BlackRock MuniYield Quality Fund, Inc. | 502,072 | |||||
87,593 | Deutsche Municipal Income Trust | 1,137,833 | |||||
72,299 | Dreyfus Municipal Income, Inc. | 673,104 | |||||
127,431 | Dreyfus Strategic Municipal Bond Fund, Inc. | 1,102,278 | |||||
30,359 | Dreyfus Strategic Municipals, Inc. | 271,106 | |||||
23,539 | DTF Tax-Free Income, Inc. | 343,669 | |||||
17,462 | Invesco Advantage Municipal Income Trust II | 205,196 | |||||
17,008 | Invesco Municipal Opportunity Trust | 225,526 | |||||
23,118 | Invesco Municipal Trust | 298,222 | |||||
11,819 | Invesco Trust for Investment Grade Municipals | 161,802 | |||||
8,572 | Neuberger Berman Intermediate Municipal Fund, Inc. | 134,495 | |||||
37,184 | Pioneer Municipal High Income Advantage Trust | 435,797 | |||||
123,034 | Pioneer Municipal High Income Trust | 1,485,020 | |||||
108,960 | Western Asset Managed Municipals Fund, Inc. | 1,540,694 | |||||
8,866 | Western Asset Municipal Partners Fund, Inc. | 140,260 | |||||
9,285,849 | |||||||
TOTAL CLOSED-END MUTUAL FUNDS | |||||||
(Cost $9,138,880) | 9,285,849 |
32 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
OPEN-END MUTUAL FUNDS — 24.7% | |||||||
UNITED STATES — 24.7% | |||||||
12,123,015 | Vanguard Intermediate-Term Tax-Exempt Fund - Admiral Shares | $ | 173,116,657 | ||||
8,427,153 | Vanguard Limited-Term Tax-Exempt Fund - Admiral Class | 93,035,767 | |||||
266,152,424 | |||||||
TOTAL OPEN-END MUTUAL FUNDS | |||||||
(Cost $263,012,412) | 266,152,424 | ||||||
LIMITED PARTNERSHIPS — 10.4% | |||||||
UNITED STATES — 10.4% | |||||||
Anchorage Illiquid Opportunities II, LP* | 9,804 | ||||||
Mackay Municipal Credit Opportunities Fund, LP* | 23,357,018 | ||||||
Mackay Municipal Opportunities Fund, LP* | 88,582,586 | ||||||
111,949,408 | |||||||
TOTAL LIMITED PARTNERSHIPS | |||||||
(Cost $108,000,000) | 111,949,408 | ||||||
SHORT-TERM INVESTMENT — 7.6% | |||||||
81,367,844 | BlackRock MuniCash - Institutional Shares, 0.62% 7 | 81,392,255 | |||||
TOTAL SHORT-TERM INVESTMENT | |||||||
(Cost $81,391,614) | 81,392,255 | ||||||
TOTAL INVESTMENTS — 95.5% | |||||||
(Cost $997,478,027) | 1,027,691,568 | ||||||
Other assets less liabilities — 4.5% | 48,764,592 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,076,456,160 |
* | Non-income producing security. |
1 | Variable rate security. |
2 | Alternative Minimum Tax eligible security. |
3 | 144A restricted security. |
4 | Security is in default. |
5 | Floating rate security. |
6 | Rounds to less than 0.05%. |
7 | The rate is the annualized seven-day yield at period end. |
AGC – Assured Guaranty Corporation
AGM – Assured Guaranty Municipal
AGM-CR – Assured Guaranty Municipal Custodial Receipts
AMBAC – American Municipal Bond Assurance Corporation
BAM – Build America Mutual Assurance Company
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Administration
LIBOR – London Interbank Offered Rate
LP – Limited Partnership
NATL – National Public Finance Guarantee Corporation
NATL-RE – National Rural Utilities Cooperative Finance Corporation Reinsurance
OBLG – Obligation
PSF – Permanent School Fund Guaranteed
SAW – State Aid Withholding
SIFMA – Securities Industry and Financial Markets Association
ST RES FD GTY – State Resource Fund Guaranty
XLCA – XL Capital Assurance
See accompanying Notes to Financial Statements.
33 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS
As of August 31, 2017 (Unaudited)
Number of Shares | Value | ||||||
OPEN-END MUTUAL FUNDS — 92.7% | |||||||
ALTERNATIVE DIVERSIFIERS — 25.9% | |||||||
2,679,646 | Arbitrage Fund (The) - Institutional Class | $ | 36,309,206 | ||||
2,436,223 | Gateway Fund - Y Class | 79,518,310 | |||||
1,357,324 | GMO SGM Major Markets Fund - Class VI | 44,601,653 | |||||
2,272,377 | Merger Fund (The) - Institutional Class | 36,221,687 | |||||
2,935,068 | Vanguard Market Neutral Fund - Institutional Class | 34,457,701 | |||||
231,108,557 | |||||||
CORE DIVERSIFIERS — 66.8% | |||||||
3,859,363 | FPA Crescent Fund | 131,720,076 | |||||
11,224,022 | GMO Benchmark-Free Allocation Fund - Class IV1 | 306,752,509 | |||||
8,654,384 | JPMorgan Global Allocation Fund - I Class | 157,682,873 | |||||
596,155,458 | |||||||
TOTAL OPEN-END MUTUAL FUNDS | |||||||
(Cost $791,208,931) | 827,264,015 | ||||||
EXCHANGE-TRADED FUND — 3.2% | |||||||
CORE DIVERSIFIER — 3.2% | |||||||
646,520 | iShares Core Growth Allocation ETF | 28,660,231 | |||||
TOTAL EXCHANGE-TRADED FUND | |||||||
(Cost $27,191,764) | 28,660,231 | ||||||
SHORT-TERM INVESTMENT — 1.9% | |||||||
16,842,078 | JPMorgan Prime Money Market Fund - Agency Shares, 1.13%2 | $ | 16,847,131 | ||||
TOTAL SHORT-TERM INVESTMENT | |||||||
(Cost $16,847,135) | 16,847,131 | ||||||
TOTAL INVESTMENTS — 97.8% | |||||||
(Cost $835,247,830) | 872,771,377 | ||||||
Other assets less liabilities — 2.2% | 20,021,928 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 892,793,305 |
1 | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov. |
2 | The rate is the annualized seven-day yield at period end. |
ETF – Exchange-Traded Fund
See accompanying Notes to Financial Statements.
34 |
ASPIRIANT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
As of August 31, 2017 (Unaudited)
Risk-Managed Equity Allocation Fund | Risk-Managed Municipal Bond Fund | Defensive Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $848,370,568, $997,478,027 and $835,247,830, respectively) | $ | 957,723,681 | $ | 1,027,691,568 | $ | 872,771,377 | ||||||
Cash | 661,463 | 26,059,639 | — | |||||||||
Foreign currency, at value (cost $119,894, $0 and $0, respectively) | 119,629 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | 17,833 | — | 19,999,995 | |||||||||
Fund shares sold | 172,950 | 829,954 | 220,441 | |||||||||
Dividends and interest | 1,331,705 | 6,822,741 | 36,096 | |||||||||
Limited Partnership subscriptions | — | 20,000,000 | — | |||||||||
Other prepaid expenses | 56,427 | 66,622 | 74,321 | |||||||||
Total assets | 960,083,688 | 1,081,470,524 | 893,102,230 | |||||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investments purchased | 6,937 | 4,190,465 | — | |||||||||
Securities lending collateral | 37,306,432 | — | — | |||||||||
Fund shares redeemed | 235,078 | 449,500 | 115,545 | |||||||||
Due to Adviser | 119,299 | 217,038 | 73,122 | |||||||||
Accrued fund accounting fees | 52,001 | 46,705 | 36,750 | |||||||||
Accrued fund administration fees | 23,092 | 27,310 | 22,026 | |||||||||
Accrued Trustees' fees | 10,800 | 10,800 | 10,800 | |||||||||
Accrued custody fees | 9,117 | 3,445 | 1,125 | |||||||||
Accrued administrative servicing fees | 7,134 | 17,733 | 7,175 | |||||||||
Accrued transfer agent fees and expenses | 6,607 | 6,518 | 6,365 | |||||||||
Accrued Chief Compliance Officer fees | 1,400 | 1,400 | 1,400 | |||||||||
Accrued other expenses | 48,510 | 43,450 | 34,617 | |||||||||
Total liabilities | 37,826,407 | 5,014,364 | 308,925 | |||||||||
NET ASSETS | $ | 922,257,281 | $ | 1,076,456,160 | $ | 892,793,305 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital (unlimited shares authorized, no par value) | $ | 804,011,580 | $ | 1,044,777,713 | $ | 848,801,999 | ||||||
Accumulated net investment income | 8,284,483 | 5,080,479 | 2,029,062 | |||||||||
Accumulated net realized gain (loss) on investments | 604,198 | (3,615,573 | ) | 4,438,697 | ||||||||
Net unrealized appreciation on: | ||||||||||||
Investments | 109,353,113 | 30,213,541 | 37,523,547 | |||||||||
Foreign currency | 3,907 | — | — | |||||||||
NET ASSETS APPLICABLE TO OUSTANDING SHARES | $ | 922,257,281 | $ | 1,076,456,160 | $ | 892,793,305 | ||||||
SHARES ISSUED AND OUTSTANDING | 72,098,651^ | 105,286,472 | 83,705,990 | |||||||||
NET ASSET VALUE PER SHARE | $ 12.79^ | $ | 10.22 | $ | 10.67 |
^ | Advisor Shares |
See accompanying Notes to Financial Statements.
35 |
ASPIRIANT TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended August 31, 2017 (Unaudited)
Risk-Managed Equity Allocation Fund | Risk-Managed Municipal Bond Fund | Defensive Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends (net of foreign withholding taxes of $170,497, $0 and $0, respectively) | $ | 8,685,944 | $ | 3,609,841 | $ | 2,552,635 | ||||||
Interest | 125,460 | 12,528,489 | 160,600 | |||||||||
Securities lending income | 238,054 | — | — | |||||||||
Total investment income | 9,049,458 | 16,138,330 | 2,713,235 | |||||||||
EXPENSES: | ||||||||||||
Advisory fees | 1,019,268 | 1,389,460 | 380,600 | |||||||||
Administrative services fees | 424,880 | 514,677 | 380,675 | |||||||||
Fund administration fees | 130,631 | 158,575 | 117,336 | |||||||||
Fund accounting fees | 112,948 | 135,973 | 105,615 | |||||||||
Registration fees | 55,888 | 69,577 | 79,528 | |||||||||
Legal fees | 47,224 | 31,942 | 31,436 | |||||||||
Custody fees | 31,660 | 9,336 | 3,976 | |||||||||
Audit fees | 30,534 | 32,643 | 22,104 | |||||||||
Trustees' fees and expenses | 21,626 | 21,626 | 21,626 | |||||||||
Transfer agent fees and expenses | 21,144 | 20,618 | 21,234 | |||||||||
Chief Compliance Officer fees | 8,241 | 8,241 | 8,241 | |||||||||
Shareholder reporting fees | 7,853 | 5,173 | 3,051 | |||||||||
Insurance fees | 6,747 | 6,747 | 6,747 | |||||||||
Other expenses | 12,036 | 3,611 | 14,840 | |||||||||
Total expenses | 1,930,680 | 2,408,199 | 1,197,009 | |||||||||
Less: Advisory fees waived | (339,561 | ) | (154,322 | ) | — | |||||||
Less: Administrative services fees waived | (327,891 | ) | (378,134 | ) | (295,251 | ) | ||||||
Net expenses | 1,263,228 | 1,875,743 | 901,758 | |||||||||
Net investment income | 7,786,230 | 14,262,587 | 1,811,477 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (278,327 | ) | 1,267,233 | 1,755,846 | ||||||||
Foreign currency translations | 3,759 | — | — | |||||||||
Capital gain distributions | 2,041,650 | — | 1,563,290 | |||||||||
Total net realized gain | 1,767,082 | 1,267,233 | 3,319,136 | |||||||||
Net change in unrealized appreciation on: | ||||||||||||
Investments | 59,766,565 | 21,352,916 | 22,407,556 | |||||||||
Foreign currency translations | 9,947 | — | — | |||||||||
Total net change in unrealized appreciation | 59,776,512 | 21,352,916 | 22,407,556 | |||||||||
Net realized and unrealized gain | 61,543,594 | 22,620,149 | 25,726,692 | |||||||||
Net Increase in Net Assets from Operations | $ | 69,329,824 | $ | 36,882,736 | $ | 27,538,169 |
See accompanying Notes to Financial Statements.
36 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Risk-Managed Equity Allocation Fund | Risk-Managed Municipal Bond Fund | |||||||||||||||
Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,786,230 | $ | 11,828,504 | $ | 14,262,587 | $ | 23,122,439 | ||||||||
Net realized gain (loss) on investments and foreign currency | 1,767,082 | 12,409,721 | 1,267,233 | (1,947,739 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 59,776,512 | 52,585,012 | 21,352,916 | (19,003,908 | ) | |||||||||||
Net increase in net assets resulting from operations | 69,329,824 | 76,823,237 | 36,882,736 | 2,170,792 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS^: | ||||||||||||||||
From net investment income | — | (11,961,644 | ) | (13,969,195 | ) | (21,453,279 | ) | |||||||||
From net realized gains | — | (3,510,216 | ) | — | (1,088,848 | ) | ||||||||||
Total distributions to shareholders | — | (15,471,860 | ) | (13,969,195 | ) | (22,542,127 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS^: | ||||||||||||||||
Shares sold | 127,208,326 | 395,683,582 | 150,587,111 | 526,718,267 | ||||||||||||
Shares issued for reinvestment of distributions | — | 14,630,849 | 13,415,300 | 21,741,149 | ||||||||||||
Shares redeemed | (35,944,374 | ) | (91,656,170 | ) | (92,889,101 | ) | (223,930,732 | ) | ||||||||
Net increase from capital share transactions | 91,263,952 | 318,658,261 | 71,113,310 | 324,528,684 | ||||||||||||
Total increase in net assets | 160,593,776 | 380,009,638 | 94,026,851 | 304,157,349 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 761,663,505 | 381,653,867 | 982,429,309 | 678,271,960 | ||||||||||||
End of period | $ | 922,257,281 | $ | 761,663,505 | $ | 1,076,456,160 | $ | 982,429,309 | ||||||||
Accumulated net investment income | $ | 8,284,483 | $ | 498,253 | $ | 5,080,479 | $ | 4,787,087 | ||||||||
TRANSACTIONS IN SHARES^: | ||||||||||||||||
Shares sold | 10,319,294 | 35,157,706 | 14,944,505 | 52,042,189 | ||||||||||||
Shares issued for reinvestment of distributions | — | 1,309,834 | 1,337,427 | 2,133,347 | ||||||||||||
Shares redeemed | (2,925,165 | ) | (8,101,874 | ) | (9,235,007 | ) | (22,240,369 | ) | ||||||||
Net increase | 7,394,129 | 28,365,666 | 7,046,925 | 31,935,167 |
^ | Represents Advisor Shares transactions for Aspiriant Risk-Managed Equity Allocation Fund. |
See accompanying Notes to Financial Statements.
37 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Defensive Allocation Fund | ||||||||
Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||
Operations: | ||||||||
Net investment income | $ | 1,811,477 | $ | 5,355,198 | ||||
Net realized gain (loss) on investments and foreign currency | 3,319,136 | 1,867,191 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 22,407,556 | 16,158,378 | ||||||
Net increase in net assets resulting from operations | 27,538,169 | 23,380,767 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | — | (5,863,886 | ) | |||||
From net realized gains | — | (15,218 | ) | |||||
Total distributions to shareholders | — | (5,879,104 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Shares sold | 312,172,877 | 465,896,003 | ||||||
Shares issued for reinvestment of distributions | — | 5,656,024 | ||||||
Shares redeemed | (14,629,137 | ) | (49,071,428 | ) | ||||
Net increase from capital share transactions | 297,543,740 | 422,480,599 | ||||||
Total increase in net assets | 325,081,909 | 439,982,262 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 567,711,396 | 127,729,134 | ||||||
End of period | $ | 892,793,305 | $ | 567,711,396 | ||||
Accumulated net investment income | $ | 2,029,062 | $ | 217,585 | ||||
TRANSACTIONS IN SHARES: | ||||||||
Shares sold | 29,920,833 | 46,438,062 | ||||||
Shares issued for reinvestment of distributions | — | 563,349 | ||||||
Shares redeemed | (1,394,654 | ) | (4,892,485 | ) | ||||
Net increase | 28,526,179 | 42,108,926 |
See accompanying Notes to Financial Statements.
38 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
FINANCIAL HIGHLIGHTS - ADVISOR SHARES
Per share income and capital changes for a share outstanding throughout each period.
Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | Year Ended February 29, 2016 | Year Ended February 28, 2015 | Period Ended February 28, 2014* | ||||||||||||||||
Net asset value, beginning of period | $ | 11.77 | $ | 10.50 | $ | 11.53 | $ | 11.00 | $ | 10.00 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | 0.11 | 0.19 | 0.15 | 0.04 | 0.00 | (1) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.91 | 1.34 | (0.99 | ) | 0.52 | 1.02 | ||||||||||||||
Total from investment operations | 1.02 | 1.53 | (0.84 | ) | 0.56 | 1.02 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | — | (0.20 | ) | 0.00 | (1) | (0.03 | ) | (0.02 | ) | |||||||||||
From net realized gain | — | (0.06 | ) | (0.19 | ) | — | — | |||||||||||||
Total distributions | — | (0.26 | ) | (0.19 | ) | (0.03 | ) | (0.02 | ) | |||||||||||
Net asset value, end of period | $ | 12.79 | $ | 11.77 | $ | 10.50 | $ | 11.53 | $ | 11.00 | ||||||||||
Total return | 8.67 | %(2) | 14.63 | % | (7.33 | )% | 5.01 | % | 10.24 | %(2) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 922,257 | $ | 761,664 | $ | 381,654 | $ | 301,750 | $ | 202,303 | ||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||
Total expenses before expense waiver | 0.46 | %(3) | 0.59 | % | 1.05 | % | 1.81 | % | 2.20 | %(3) | ||||||||||
Expense waiver | (0.16 | )%(3) | (0.08 | )% | (0.04 | )% | — | % | — | %(3) | ||||||||||
Total expenses after expense waiver | 0.30 | %(3) | 0.51 | % | 1.01 | % | 1.81 | % | 2.20 | %(3) | ||||||||||
Net investment income (loss) | 1.83 | %(3) | 2.02 | % | 1.40 | % | 0.37 | % | (0.05 | )%(3) | ||||||||||
Portfolio turnover rate | 8 | %(2) | 89 | % | 83 | % | 101 | % | 43 | %(2) |
* | Commenced operations as of the close of business on April 4, 2013. |
(1) | Rounds to less than 0.005. |
(2) | Not annualized. |
(3) | Annualized. |
See accompanying Notes to Financial Statements.
39 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | Period Ended February 29, 2016* | ||||||||||
Net asset value, beginning of period | $ | 10.00 | $ | 10.23 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income (loss) | 0.14 | 0.28 | 0.20 | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.22 | (0.22 | ) | 0.18 | ||||||||
Total from investment operations | 0.36 | 0.06 | 0.38 | |||||||||
Less Distributions: | ||||||||||||
From net investment income | (0.14 | ) | (0.28 | ) | (0.15 | ) | ||||||
From net realized gain | — | (0.01 | ) | — | ||||||||
Total distributions | (0.14 | ) | (0.29 | ) | (0.15 | ) | ||||||
Net asset value, end of period | $ | 10.22 | $ | 10.00 | $ | 10.23 | ||||||
Total return | 3.63 | %(1) | 0.60 | % | 3.86 | %(1) | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in thousands) | $ | 1,076,456 | $ | 982,429 | $ | 678,272 | ||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||
Total expenses before expense waiver | 0.46 | %(2) | 0.51 | % | 0.61 | %(2) | ||||||
Expense waiver | (0.10 | )%(2) | (0.07 | )% | (0.07 | )%(2) | ||||||
Total expenses after expense waiver | 0.36 | %(2) | 0.44 | % | 0.54 | %(2) | ||||||
Net investment income (loss) | 2.77 | %(2) | 2.85 | % | 3.32 | %(2) | ||||||
Portfolio turnover rate | 16 | %(1) | 20 | % | 0 | %(1)(3) |
* | Commenced operations as of the close of business on July 1, 2015. |
(1) | Not annualized. |
(2) | Annualized. |
(3) | Rounds to less than 0.005. |
See accompanying Notes to Financial Statements.
40 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
Six Months Ended August 31, 2017 (Unaudited) | Year Ended February 28, 2017 | Period Ended February 29, 2016* | ||||||||||
Net asset value, beginning of period | $ | 10.29 | $ | 9.77 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income (loss) | 0.02 | 0.11 | 0.00 | (1) | ||||||||
Net realized and unrealized gain (loss) on investments | 0.36 | 0.53 | (0.23 | ) | ||||||||
Total from investment operations | 0.38 | 0.64 | (0.23 | ) | ||||||||
Less Distributions: | ||||||||||||
From net investment income | — | (0.12 | ) | — | ||||||||
From net realized gain | — | 0.00 | (1) | — | ||||||||
Total distributions | — | (0.12 | ) | — | ||||||||
Net asset value, end of period | $ | 10.67 | $ | 10.29 | $ | 9.77 | ||||||
Total return | 3.69 | %(2) | 6.54 | % | (2.30 | )%(2) | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in thousands) | $ | 892,793 | $ | 567,711 | $ | 127,729 | ||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||
Total expenses before expense waiver | 0.32 | %(3) | 0.35 | % | 0.78 | %(3) | ||||||
Expense waiver | (0.08 | )%(3) | (0.07 | )% | (0.07 | )%(3) | ||||||
Total expenses after expense waiver | 0.24 | %(3) | 0.28 | % | 0.71 | %(3) | ||||||
Net investment income (loss) | 0.48 | %(3) | 1.55 | % | (0.20 | )%(3) | ||||||
Portfolio turnover rate | 11 | %(2) | 16 | % | 0 | %(2) |
* | Commenced operations as of the close of business on December 14, 2015. |
(1) | Rounds to less than 0.005. |
(2) | Not annualized. |
(3) | Annualized. |
See accompanying Notes to Financial Statements.
41 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS
August 31, 2017 (Unaudited)
1. | ORGANIZATION |
Aspiriant Trust, which was organized on November 22, 2011, is a Delaware statutory trust registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company (the “Trust”). The Trust currently consists of the following three diversified portfolios: Aspiriant Risk-Managed Equity Allocation Fund (the “Equity Allocation Fund”), which commenced operations on April 4, 2013, Aspiriant Risk-Managed Municipal Bond Fund (the “Municipal Bond Fund”), which commenced operations on July 1, 2015, and Aspiriant Defensive Allocation Fund (the “Defensive Allocation Fund”, together with the Equity Allocation Fund and the Municipal Bond Fund, each individually referred to as a “Fund” or collectively, the “Funds”), which commenced operations on December 14, 2015. The Municipal Bond Fund commenced its operations after the conversion of the Advanced Capital Intelligence Global Income Opportunities Fund, L.P. (the “Private Fund”), a privately offered investment fund managed by the Adviser (as defined below) with investment policies, objectives, guidelines, and restrictions that were in all material respects equivalent to those of the Municipal Bond Fund. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Municipal Bond Fund and the Defensive Allocation Fund have each established, offered and issued only one class of shares. The Funds’ investment objectives are as follows:
The Equity Allocation Fund - The investment objective of the Equity Allocation Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Equity Allocation Fund seeks to achieve its investment goal by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The types of equity securities the Fund will invest in include common stock, preferred stock, and depositary receipts. The Fund also may invest in securities that provide exposure to equity securities (i.e. rights, warrants, and investment company shares). The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund may invest in companies of any market capitalization. The adviser and sub-advisers generally will consider selling securities when other securities are identified that may result in a better opportunity.
The Municipal Bond Fund - The investment objective of the Municipal Bond Fund is to seek total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal circumstances, the Municipal Bond Fund seeks to achieve its investment goal by investing at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam), which may include a focus on the California municipal securities market. The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds and exchange-traded funds (“ETFs”), 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 limited extent, invest in separately managed accounts. The Fund seeks to provide a return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures, including investments that focus on a specialized asset class (i.e., long-short
42 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
1. | ORGANIZATION (Continued) |
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.
Aspiriant, LLC (the “Adviser”) serves as the investment adviser to the Funds. The Board of Trustees (“Trustees”) of the Trust (the “Board”) has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.
(a) | Securities Valuations |
Securities are valued at market value as of the regularly scheduled close of trading (generally 4:00 p.m. Eastern time) on each business day when the New York Stock Exchange (“NYSE”) is open. Securities listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter (“OTC”) market are valued on the basis of the last sales price as reported by NASDAQ®. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ®. Securities for which market quotations are not readily available and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board. Debt securities including listed issues, are valued by using an evaluated mean price furnished by an independent pricing service, which may use matrix and valuation models as necessary to formulate its prices.
In the case of certain foreign securities, the local exchange close occurs at various times before the close of the NYSE. Therefore, foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local close prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets in determining fair value as of the time each Fund calculates its net asset value (“NAV”). Foreign currency exchange rates are generally determined at the close of the NYSE.
Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV.
The investments in private funds that are not publicly traded, such as limited partnerships, are typically valued using NAV as a practical expedient, as reported by the private funds’ managers and their agents, when the NAV is calculated in a manner consistent with measurement principles in FASB ASC Topic 946 for investment companies. Such values are calculated according to the valuation policies of the particular private fund. Investments in private funds are subject to the terms of the private funds’ offering documents. Valuations of the private funds may be subject to estimates and are net of management, performance incentive fees or allocations payable to the private funds’ managers as required by the private funds’ offering documents.
43 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(a) | Securities Valuations (Continued) |
The Board oversees the Trust’s Valuation Committee, whose actions are reported to the Board at least quarterly and more frequently, if appropriate.
(b) | Fair Value Measurements and Disclosures |
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those investments. These inputs are summarized into three broad levels as described below:
● | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities; |
● | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or |
● | Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
In May 2015, the FASB issued Accounting Standard Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Unit (or Its Equivalent), modifying ASC 820. Under the modifications, investments in private funds valued at net asset value are no longer included in the fair value hierarchy. The Trust elected to adopt and apply ASU 2015-07. As a result of adopting ASU 2015-07, investments in Limited Partnerships with a fair value of $111,949,408 are excluded from the fair value hierarchy as of August 31, 2017.
The Trust measures the fair value of its investments that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments. The Trust is permitted to invest in private fund investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity’s measurement date as the fair value of the investment.
44 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the inputs used, as of August 31, 2017, in valuing the Equity Allocation Fund’s assets:
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | — | $ | 1,240,531 | $ | — | $ | 1,240,531 | ||||||||
Austria | — | 1,412,002 | — | 1,412,002 | ||||||||||||
Belgium | — | 1,642,928 | — | 1,642,928 | ||||||||||||
Bermuda | 17,340,587 | 1,409,129 | — | 18,749,716 | ||||||||||||
Brazil | 531,806 | — | — | 531,806 | ||||||||||||
Canada | 15,717,231 | — | — | 15,717,231 | ||||||||||||
Cayman Islands | 347,094 | 871,408 | — | 1,218,502 | ||||||||||||
Chile | 2,996,895 | — | — | 2,996,895 | ||||||||||||
China | 1,067,730 | 2,428,225 | — | 3,495,955 | ||||||||||||
Colombia | 1,019,409 | — | — | 1,019,409 | ||||||||||||
Curacao | 417,769 | — | — | 417,769 | ||||||||||||
Denmark | 1,215,929 | 3,105,070 | — | 4,320,999 | ||||||||||||
Finland | — | 315,886 | — | 315,886 | ||||||||||||
France | 1,685,609 | 2,278,569 | — | 3,964,178 | ||||||||||||
Germany | 168,846 | 2,525,207 | — | 2,694,053 | ||||||||||||
Guernsey | 6,225,088 | 15,634 | — | 6,240,722 | ||||||||||||
Hong Kong | 3,241,603 | 5,756,289 | — | 8,997,892 | ||||||||||||
India | 1,791,863 | — | — | 1,791,863 | ||||||||||||
Indonesia | 1,227,441 | — | — | 1,227,441 | ||||||||||||
Ireland | 565,614 | 681,458 | — | 1,247,072 | ||||||||||||
Isle of Man | — | 11,908 | — | 11,908 | ||||||||||||
Israel | 3,161,803 | 1,181,927 | — | 4,343,730 | ||||||||||||
Italy | 116,092 | 765,453 | — | 881,545 | ||||||||||||
Japan | 7,867,395 | 18,413,470 | — | 26,280,865 | ||||||||||||
Jersey | 957,052 | — | — | 957,052 | ||||||||||||
Luxembourg | 41,981 | 644,356 | — | 686,337 | ||||||||||||
Netherlands | 389,707 | 624,744 | — | 1,014,451 | ||||||||||||
New Zealand | — | 1,209,329 | — | 1,209,329 | ||||||||||||
Norway | — | 1,531,112 | — | 1,531,112 | ||||||||||||
Panama | 555,770 | — | — | 555,770 | ||||||||||||
Peru | 93,849 | — | — | 93,849 | ||||||||||||
Portugal | — | 570,229 | — | 570,229 | ||||||||||||
Singapore | 359,239 | 462,777 | — | 822,016 | ||||||||||||
South Korea | 2,837,962 | — | — | 2,837,962 | ||||||||||||
Spain | — | 422,610 | — | 422,610 | ||||||||||||
Sweden | — | 1,604,218 | — | 1,604,218 | ||||||||||||
Switzerland | 14,780,889 | 5,388,933 | �� | 20,169,822 |
45 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock (Continued) | ||||||||||||||||
Taiwan | $ | 11,133,476 | $ | — | $ | — | $ | 11,133,476 | ||||||||
Thailand | 212,051 | — | — | 212,051 | ||||||||||||
United Kingdom | 8,214,532 | 4,162,493 | — | 12,377,025 | ||||||||||||
United States | 203,601,879 | 3,252 | — | 203,605,131 | ||||||||||||
Virgin Islands (British) | 7,051 | — | — | 7,051 | ||||||||||||
Exchange-Traded Funds | 245,431,017 | — | — | 245,431,017 | ||||||||||||
Closed-End Mutual Fund | — | 29,990 | 29,990 | |||||||||||||
Open-End Mutual Fund | 259,198,569 | — | — | 259,198,569 | ||||||||||||
Preferred Stock | ||||||||||||||||
Germany | — | 315,881 | — | 315,881 | ||||||||||||
Short-Term Investments | 44,871,403 | 37,306,432 | — | 82,177,835 | ||||||||||||
Total Investments | $ | 859,392,231 | $ | 98,331,450 | $ | — | $ | 957,723,681 |
The following is a summary of the inputs used, as of August 31, 2017, 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 | $ | — | $ | 558,911,632 | $ | — | $ | — | $ | 558,911,632 | ||||||||||
Closed-End Mutual Funds | 9,285,849 | — | — | — | 9,285,849 | |||||||||||||||
Open-End Mutual Funds | 266,152,424 | — | — | — | 266,152,424 | |||||||||||||||
Limited Partnerships | — | — | — | 111,949,408 | 111,949,408 | |||||||||||||||
Short-Term Investment | 81,392,255 | — | — | — | 81,392,255 | |||||||||||||||
Total Investments | $ | 356,830,528 | $ | 558,911,632 | $ | — | $ | 111,949,408 | $ | 1,027,691,568 |
46 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, early redemption fees. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of August 31, 2017:
Investment Category | Fair Value (in 000s) | Unfunded Commitments (in 000s) | Remaining Life | Redemption Frequency | Notice Period (in Days) | Redemption Terms | |||||
Limited Partnership - Fixed Income Relative-Value (a) | $ | 111,939 | $ | — | Indefinite | Quarterly | 65 | 25% investor level gate, if redemptions exceed 25% of total fund's assets | |||
Limited Partnership - Private Debt (b) | 10 | — | In liquidation | None permitted | N/A | N/A | |||||
$ | 111,949 | $ | — |
(a) | This Category includes closed-end funds that apply both a top-down overlay and bottom-up credit research in the construction of U.S. tax exempt and taxable portfolios. |
(b) | This Category invests in private debt, specializing in distressed debt, securitized loans, leases, trade claims, and credit facilities. |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of August 31, 2017:
Limited Partnership | Fair Value as % of Net Assets | Investment Strategy | Valuation Policy of Leveraged Investment | Redemption Frequency | Redemption Terms |
Mackay Municipal Opportunities Fund, LP | 8.23% | Fixed Income Relative-Value | The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Quarterly | 25% investor level gate, if redemptions exceed 25% of total fund's assets |
47 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the inputs used, as of August 31, 2017, in valuing the Defensive Allocation Fund’s assets:
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Alternative Diversifiers | $ | 231,108,557 | $ | — | $ | — | $ | 231,108,557 | ||||||||
Core Diversifiers | 596,155,458 | — | — | 596,155,458 | ||||||||||||
Exchange-Traded Fund | 28,660,231 | — | — | 28,660,231 | ||||||||||||
Short-Term Investment | 16,847,131 | — | — | 16,847,131 | ||||||||||||
Total Investments | $ | 872,771,377 | $ | — | $ | — | $ | 872,771,377 |
As of August 31, 2017, the Funds did not hold any Level 3 securities. For the six months ended August 31, 2017, there were no transfers among levels.
(c) | Security Transactions and Related Investment Income |
Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Dividend income and distributions to shareholders are recorded on ex-dividend dates. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution. Realized gains and losses on investments and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes.
(d) | Foreign Currency and Risk |
i. | Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on August 31, 2017. |
ii. | Purchases and sales of investment securities, income and expenses are recorded at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred). |
The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments on the Statement of Operations.
Reported net realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the US$ equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rate.
Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.
48 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(e) | Securities Lending |
The Funds may participate in a securities lending program, providing portfolio securities to brokers, dealers, and financial institutions. When the Funds participate in securities lending they will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. The Funds receive cash as collateral in return for the securities and records a corresponding payable for collateral due to the respective broker. The amount of cash 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. Collateral is reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates), and money market funds. The valuation of collateral is discussed in “Securities Valuations” in Note 2 of the Notes to the Financial Statements. When the Funds lend their portfolio securities, they are subject to the risk that it 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 of cash collateral received from the borrower.
For the six months ended August 31, 2017, the 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 August 31, 2017. Cash collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of August 31, 2017:
Description | Value | |||
Time Deposit with Barclays Bank PLC, 1.18% * | $ | 1,300,000 | ||
Time Deposit with Bank Of Tokyo UFJ Ltd., London, 1.12% * | 1,300,000 | |||
Time Deposit with Bank Of Montreal, London, 1.15% * | 1,100,000 | |||
Time Deposit with Skandanaviska Enskilda Banken, 1.07% * | 1,000,000 | |||
Time Deposit with Royal Bank Of Canada, London, 1.12% * | 1,000,000 | |||
Time Deposit with Swedbank, New York, 1.15% * | 1,000,000 | |||
Repurchase Agreement with Citigroup Global Markets Inc., 1.34% * | 2,000,000 | |||
Repurchase Agreement with Deutsche Bank Securities Inc., 1.08% * | 3,122,809 | |||
Repurchase Agreement with RBS Securities Inc., 1.05% * | 1,000,000 | |||
Repurchase Agreement with Societe Generale, New York, 1.08% * | 4,000,000 | |||
Time Deposit with Bred Banque Populaire, 1.24% * | 1,000,000 | |||
Time Deposit with Credit Agricole SA, London, 1.08% * | 900,000 | |||
Time Deposit with Landesbank Baden Wuerttemberg, Stuttgart, 1.20% * | 900,000 | |||
Time Deposit with Landesbank Hessen Thuringen, London, 1.20% * | 800,000 | |||
Repurchase Agreement with Deutsche Bank AG, London, 1.55% * | 10,000,000 | |||
Total | $ | 30,422,809 |
* | The rate shown is the annualized 7-day yield as of August 31, 2017. |
As of August 31, 2017 the Equity Allocation Fund held non-cash collateral in the amount of $6,883,623 which consisted of U.S. Treasury Securities.
49 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(e) | Securities Lending (Continued) |
The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the six months ended August 31, 2017, the Equity Allocation Fund paid $118,137 to JPM from securities lending revenue.
(f) | Distributions to Shareholders |
The Municipal Bond Fund intends to pay dividends from net investment income at least quarterly. The Equity Allocation Fund and Defensive Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of each individual Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
(g) | Amortization |
Discounts and premiums on securities purchased are amortized over the life of the respective securities.
(h) | Use of Estimates |
The preparation of the financial statements in conformity with U.S. GAAP requires the Funds to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds believe that the estimates utilized in preparing the financial statements are reasonable and prudent, however, actual results could differ from these estimates.
(i) | Guarantees and Indemnifications |
In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.
(j) | Federal Income Taxes |
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.
50 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(j) | Federal Income Taxes (Continued) |
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 their federal income tax filings. The open tax years include the current year plus the prior three tax years, or all years if the Funds have been in existence for less than three years. As of and during the six months ended August 31, 2017, the Funds did not record a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS |
(a) | Investment Advisory Fees |
The Adviser provides investment advisory services to the Funds pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Trust. In consideration for such services the Funds will pay the Adviser a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears. Pursuant to an administrative services agreement (the “Administration Agreement”) with the Trust, the Adviser is entitled to a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears, for providing administrative services to the Funds that include the selection and monitoring of investment sub-advisers, negotiation of investment sub-advisory agreements, data gathering regarding investments, liaison with outside service providers such as the administrator, transfer agent, custodian, auditors and accountants, creation of investor communications, and other such activities.
Equity Allocation Fund – 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. Effective August 1, 2015, the Adviser has agreed to voluntarily waive a portion of the fee under the Administration Agreement that is not subject to recoupment. For the period from August 1, 2015 to October 31, 2015, the Adviser voluntarily agreed to waive expenses at a rate of 0.05% of average daily net assets such that the Fund was incurring a net expense at a rate of 0.05% of average daily net assets. For the period November 1, 2015 to June 30, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net expense at a rate of 0.03% of average daily net assets. Effective July 1, 2017 through the period ended August 31, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net expense at a rate of 0.01% of average daily net assets. For the six months ended August 31, 2017, the Adviser voluntarily waived $327,891 under the Administration Agreement.
Effective August 5, 2016 under the Advisory Agreement, the Equity Allocation Fund pays the Adviser at an annual rate of 0.24% of average daily net assets. For the period from July 1, 2016 to August 4, 2016, the Equity Allocation Fund paid the adviser at an annual rate of 0.40% of average daily net assets under the Advisory Agreement. For the period from November 1, 2015 to June 30, 2016, the Equity Allocation Fund paid the adviser at an annual rate of 0.50% of average daily net assets under the Advisory Agreement. For the period from August 1, 2015 to October 31, 2015, the Equity Allocation Fund paid the adviser at an annual rate of 0.60% of average daily net assets under the Advisory Agreement. For the period from May 1, 2015 to July 31, 2015, the Equity Allocation Fund paid the Adviser at an annual rate of 0.75% of average daily net assets under the Advisory Agreement. Prior to May 1, 2015, the Equity Allocation Fund paid the Adviser at an annual rate of 0.95% of average daily net assets under the Advisory Agreement.
51 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICES PROVIDERS (Continued) |
(a) | Investment Advisory Fees (Continued) |
Municipal Bond Fund – Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Effective July 1, 2015, upon commencement of operations, the Adviser has agreed to voluntarily waive a portion of the fee under the Administration Agreement that is not subject to recoupment. For the period July 1, 2015 to June 30, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Municipal Bond Fund was incurring a net expense at a rate of 0.03% of average daily net assets. Effective July 1, 2017 through the period ended August 31, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.08% of average daily net assets such that the Fund was incurring a net expense at a rate of 0.02% of average daily net assets. For the six months ended August 31, 2017, the Adviser voluntarily waived $378,134 under the Administration Agreement.
Effective August 5, 2016, under the Advisory Agreement, the Municipal Bond Fund pays the Adviser at an annual rate of 0.27% of average daily net assets. For the period from July 1, 2016 to August 4, 2016, under the Advisory Agreement, the Municipal Bond Fund paid the Adviser at an annual rate of 0.30% of average daily net assets. For the period from November 1, 2015 to June 30, 2016, under the Advisory Agreement, the Municipal Bond Fund paid the Adviser at an annual rate of 0.35% of average daily net assets. Prior to November 1, 2015, the Municipal Bond Fund paid the Adviser at an annual rate of 0.42% of average daily net assets under the Advisory Agreement.
Defensive Allocation Fund – 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. Effective December 14, 2015, upon commencement of operations, the Adviser has agreed to voluntarily waive a portion of the fee under the Administration Agreement that is not subject to recoupment. For the period December 14, 2015 to June 30, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Defensive Allocation Fund was incurring a net expense at a rate of 0.03% of average daily net assets. Effective July 1, 2017 through the period ended August 31, 2017, the Adviser voluntarily agreed to waive expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net expense at a rate of 0.01% of average daily net assets. For the six months ended August 31, 2017, the Adviser voluntarily waived $295,251 under the Administration Agreement.
Under the Advisory Agreement, the Defensive Allocation Fund pays the Adviser at an annual rate of 0.10% of average daily net assets.
Effective February 1, 2017, the Adviser, the Equity Allocation Fund and the Municipal Bond Fund have entered into an advisory fee limitation agreement (“Advisory Fee Limitation Agreement”) under which the Adviser has contractually agreed to waive a portion of its advisory fee of each Fund that is not subject to recoupment. Effective February 1, 2017, the Adviser has contractually agreed to waive its advisory fee from 0.24% to 0.16% and from 0.27% to 0.24% for Equity Allocation Fund and Municipal Bond Fund, respectively, through June 30, 2018. The Defensive Allocation Fund is not subject to Advisory Fee Limitation Agreement. This arrangement may be terminated only by the Trust’s Board of Trustees. During the six months ended August 31, 2017, the Adviser waived $339,561 and $154,322 of its advisory fees for Equity Allocation Fund and Municipal Bond Fund, respectively.
The Adviser, the Equity Allocation Fund and the Municipal Bond Fund have entered into an expense limitation and reimbursement agreement (“Expense Limitation Agreement”) under which the Adviser has contractually agreed to pay or absorb the ordinary operating expenses of each Fund (which excludes any acquired fund
52 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICES PROVIDERS (Continued) |
(a) | Investment Advisory Fees (Continued) |
fees and expenses, interest expenses, taxes, brokerage commissions, dividend costs relating to short sales and extraordinary expenses of each Fund) to the extent necessary to limit the annualized operating expenses for the Equity Allocation Fund’s Advisor Shares to 2.25% and the Municipal Bond Fund to 1.00% of each Fund’s average daily net asset value (the “Expense Limitation”). The Defensive Allocation Fund is not subject to an expense limitation and reimbursement agreement. In consideration of the Adviser’s agreement to limit each Fund’s expenses, each Fund will carry forward the amount of expenses paid or absorbed in excess of the Expense Limitation for a period not to exceed two years from the end of the fiscal year in which they were incurred and will reimburse the Adviser such amounts, but only to the extent it does not cause each Fund’s ordinary operating expenses to exceed the Expense Limitation in effect at the time of reimbursement. As of August 31, 2017, there were no amounts waived or assumed that are subject for recoupment by Adviser by each Fund.
(b) | Sub-Advisory Fees |
Aperio Group, LLC, Acadian Asset Management LLC, and Wells Capital Management Inc. (“WellsCap”) serve as the sub-advisers of the Equity Allocation Fund. Nuveen Asset Management, LLC and WellsCap serve as the sub-advisers of the Municipal Bond Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.
(c) | Custodian Fees |
JPM serves as custodian of the Trust’s assets and is responsible for maintaining custody of the Funds’ cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits.
(d) | Fund Accounting Fees |
JPM also serves as the Trust’s fund accounting agent.
(e) | Administration Fees |
UMB Fund Services, Inc. (“UMBFS”) serves as the Trust’s administrator and provides various administrative services necessary for the operations of the Trust including facilitating general Fund management; supervising the maintenance of each individual Fund’s general ledger, the preparation of the Funds’ financial statements, the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports.
(f) | Transfer Agent Fees |
UMBFS also serves as a Trust’s Transfer Agent and dividend disbursing agent.
(g) | Trustees’ Fees |
Certain Trustees and officers of the Trust are officers of the Adviser. Effective August 3, 2016, each Trustee receives an annual retainer of $40,000, as well as $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. Prior to August 3, 2016, the Trust compensated only Trustees that were not affiliated with the Adviser. For the period from July 1, 2015 to August 2, 2016 the annual retainer was
53 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICES PROVIDERS (Continued) |
(g) | Trustees’ Fees (Continued) |
$35,000. Prior to July 1, 2015, the annual retainer was $25,000. Also, effective August 3, 2016, the Chair of the Audit Committee is paid an additional $7,500 per year. Previously, the Chair of the Audit Committee was paid an additional $5,000 per year.
4. | INVESTMENT TRANSACTIONS |
For the six months ended August 31, 2017, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, amounted to $151,866,730 and $69,046,742, respectively, for the Equity Allocation Fund, $151,910,314 and $150,433,308, respectively, for the Municipal Bond Fund, and $356,328,670, and $79,331,987, respectively, for the Defensive Allocation Fund.
5. | FEDERAL TAX INFORMATION |
Losses incurred after October 31 (“post-October” losses) within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. As of February 28, 2017, the Equity Allocation Fund, Municipal Bond Fund and Defensive Allocation Fund had $457,461, $1,148,312 and $0, respectively, of post-October capital losses which were deferred until March 1, 2017 for tax purposes.
As of February 28, 2017 the Equity Allocation Fund, Municipal Bond Fund and Defensive Allocation Fund had $0, $0 and $199,311, respectively, of qualified late-year ordinary losses, which are deferred until fiscal year 2018 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year, are deemed to arise on the first day of each Fund’s next taxable year.
At August 31, 2017, the cost of securities on a tax basis and gross unrealized appreciation and (depreciation) on investments for federal income tax purposes were as follows:
Equity Allocation Fund | Municipal Bond Fund | Defensive Allocation Fund | ||||||||||
Cost of investments | $ | 849,260,907 | $ | 1,001,032,201 | $ | 835,247,830 | ||||||
Gross unrealized appreciation | 112,721,236 | 32,076,883 | 41,895,550 | |||||||||
Gross unrealized depreciation | (4,258,462 | ) | (5,417,516 | ) | (4,372,003 | ) | ||||||
Net unrealized appreciation on investments | $ | 108,462,774 | $ | 26,659,367 | $ | 37,523,547 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
54 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
5. | FEDERAL TAX INFORMATION (Continued) |
U.S. GAAP requires that certain components of the net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended February 28, 2017, permanent differences in book and tax accounting have been reclassified to undistributed net investment income and accumulated net realized loss as follows.
Increase (Decrease) | ||||||||||||
Paid in Capital | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | ||||||||||
Equity Allocation Fund | $ | (2,200 | ) | $ | 81,111 | $ | (78,911 | ) | ||||
Municipal Bond Fund | 2,020,119 | 72,392 | (2,092,511 | ) | ||||||||
Defensive Allocation Fund | (3,265 | ) | 747,162 | (743,897 | ) |
As of February 28, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Equity Allocation Fund | Municipal Bond Fund | Defensive Allocation Fund | ||||||||||
Undistributed ordinary income | $ | 675,021 | $ | — | $ | 416,896 | ||||||
Undistributed tax-exempt income | — | 4,587,614 | — | |||||||||
Undistributed long-term capital gains | — | — | 1,119,561 | |||||||||
Tax accumulated earnings | 675,021 | 4,587,614 | 1,536,457 | |||||||||
Accumulated capital and other losses | (541,669 | ) | (1,148,312 | ) | (199,311 | ) | ||||||
Unrealized appreciation/(depreciation) on investments | 48,788,565 | 5,325,604 | 15,115,991 | |||||||||
Unrealized depreciation on foreign currency | (6,040 | ) | — | — | ||||||||
Total accumulated earnings | $ | 48,915,877 | $ | 8,764,906 | $ | 16,453,137 |
The tax character of the distributions paid by the Equity Allocation Fund during the years ended February 28, 2017 and 2016 is as follows:
2017 | 2016 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 11,961,644 | $ | 11,756 | ||||
Net long term capital gains | 3,510,216 | 7,625,877 | ||||||
Total taxable distributions | 15,471,860 | 7,637,633 | ||||||
Total distributions paid | $ | 15,471,860 | $ | 7,637,633 |
55 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
August 31, 2017 (Unaudited)
5. | FEDERAL TAX INFORMATION (Continued) |
The tax character of the distributions paid by the Municipal Bond Fund during the years ended February 28, 2017 and 2016 is as follows:
2017 | 2016 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 172,966 | $ | — | ||||
Net long term capital gains | 980,889 | — | ||||||
Total taxable distributions | 1,153,855 | — | ||||||
Tax-Exempt Dividends | 21,388,272 | 9,240,415 | ||||||
Total distributions paid | $ | 22,542,127 | $ | 9,240,415 |
The tax character of the distributions paid by the Defensive Allocation Fund during the year ended February 28, 2017 is as follows:
2017 | ||||
Distributions paid from: | ||||
Ordinary income | $ | 5,863,886 | ||
Net long term capital gains | 15,218 | |||
Total taxable distributions | 5,879,104 | |||
Total distributions paid | $ | 5,879,104 |
6. NEW ACCOUNTING PRONOUNCEMENTS
On March 30, 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities, which is intended to enhance “the accounting for the amortization of premiums for purchased callable debt securities.” The ASU’s amendments are effective for annual periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the ASU’s amendments of the Trust.
7. SUBSEQUENT EVENTS
Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no subsequent events that required adjustment to our disclosure in the financial statements.
56 |
ASPIRIANT TRUST
OTHER INFORMATION
August 31, 2017 (Unaudited)
APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ASPIRIANT TRUST
At a meeting held on May 3, 2017, the Board considered the renewal of (1) the Trust’s advisory agreement with the Adviser, on behalf of the Funds, (2) the sub-advisory agreement between the Adviser and Aperio Group, LLC (“Aperio”) with respect to Equity Allocation Fund, and (3) the sub-advisory agreement between the Adviser and Nuveen Asset Management, LLC (“Nuveen”; together with Aperio, the “Sub-Advisers”) with respect to the Municipal Bond Fund.
After the initial two-year term, the agreements must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the 1940 Act, cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial term, the Board calls and holds a meeting to decide whether to continue the agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and Sub-Advisers.
In considering whether to renew the Trust’s advisory and sub-advisory agreements, the Trustees requested and reviewed materials from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser’s and Sub-Advisers’ fees under the agreements. Representatives from the Adviser provided an overview of its advisory business and discussed its investment personnel, investment processes, and investment experience. The Board discussed the written materials from the Adviser and Sub-Advisers, the Adviser’s oral presentation, and other relevant information that the Board received, and considered the approval of the agreements in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.
Nature, Extent, and Quality of Services
In considering the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser, 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 portion of the Equity Allocation Fund managed by Aperio and the portion of the Municipal Bond Fund managed by Nuveen. The Board noted periods of outperformance and underperformance relative to the relevant comparative index. 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 Equity Allocation Fund and Municipal Bond Fund managed by Aperio and Nuveen, respectively.
57 |
ASPIRIANT TRUST
OTHER INFORMATION (Continued)
August 31, 2017 (Unaudited)
Cost of Services
The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that each Fund’s advisory fee was in the lowest 10% of funds in its respective peer group of funds selected from its Morningstar fund universe. The Board also noted that Adviser does not manage any other client accounts using the same strategies as the Funds, but that the Funds’ advisory fees were within the range of the Adviser’s standard fees to manage separate accounts. The Board noted that the Adviser is responsible for paying the Sub-Advisers out of the advisory fee it receives from the applicable Funds. The Board further noted that the Adviser has been lowering its advisory fees with respect to the Equity Allocation Fund and the Municipal Bond Fund and that the Funds’ expense ratios have been decreasing. With respect to those assets of the Funds that the Adviser invests in underlying funds, the Board determined that the Funds’ advisory fees are based on services that the Adviser provides to the Funds that are in addition to, not duplicative of, the services provided to an underlying fund by an adviser to an underlying fund. The Board concluded that each Fund’s advisory fee and, if applicable, sub-advisory fee are fair and reasonable in light of the services that the Funds receive.
Profitability
The Board reviewed information about the profitability of each Fund to the Adviser and 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 to its clients that are also shareholders of a Fund all net ordinary income that it receives from such Fund. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser and Sub-Advisers is within the range the Board considered reasonable.
Economies of Scale
The Board considered the potential for economies of scale, noting that the Sub-Advisers’ fee schedules include breakpoints and that the Adviser has been decreasing its fee with respect to the Equity Allocation Fund and Municipal Bond Fund, thereby reducing the amount that it retains after paying the Sub-Advisers.
Ancillary Benefits
The Board noted the benefits received by the Adviser and the Sub-Advisers as a result of their relationships with the Funds (other than advisory and sub-advisory fees), including the intangible benefits of their association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the Adviser’s and Sub-Advisers’ fees are fair and reasonable in light of the services provided to the Funds and approved the continuation of the agreements.
58 |
ASPIRIANT TRUST
OTHER INFORMATION (Continued)
August 31, 2017 (Unaudited)
PROXY VOTING POLICIES AND PROCEDURES
For a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, please call 1-877-997-9971 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov as well as the Funds’ website at www.aspiriantfunds.com.
Information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30 is available without charge, upon request, by calling 1-877-997-9971 or by accessing the website of the U.S. Securities and Exchange Commission.
DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds file complete schedules of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
59 |
ASPIRIANT TRUST
EXPENSE EXAMPLE
August 31, 2017 (Unaudited)
As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses of each Fund. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of each Fund or an asset-based management fee. The following Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2017 to August 31, 2017.
ACTUAL EXPENSES
The first line of the following table under each Fund’s name titled “Actual” provides information about actual account value and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the following table under each Fund’s name titled “Hypothetical” provides information about hypothetical account value and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any costs that may be associated with investing in each Fund through a financial intermediary. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any costs associated with investing through a financial intermediary were included, your costs would have been higher.
60 |
ASPIRIANT TRUST
EXPENSE EXAMPLE (Continued)
August 31, 2017 (Unaudited)
Risk-Managed Equity Allocation Fund | Beginning Account Value March 1, 2017 | Ending Account Value August 31, 2017 | Annualized Expense Ratio(1) | Expense Paid During the Period from March 1, 2017 to August 31, 2017(1) |
Actual | $ 1,000.00 | $ 1,087.00 | 0.30% | $ 1.56 |
Hypothetical | $ 1,000.00 | $ 1,024.00 | 0.30% | $ 1.52 |
Risk-Managed Municipal Bond Fund | Beginning Account Value March 1, 2017 | Ending Account Value August 31, 2017 | Annualized Expense Ratio(1) | Expense Paid During the Period from March 1, 2017 to August 31, 2017(1) |
Actual | $ 1,000.00 | $ 1,036.00 | 0.36% | $ 1.87 |
Hypothetical | $ 1,000.00 | $ 1,023.00 | 0.36% | $ 1.86 |
Defensive Allocation Fund | Beginning Account Value March 1, 2017 | Ending Account Value August 31, 2017 | Annualized Expense Ratio(1) | Expense Paid During the Period from March 1, 2017 to August 31, 2017(1) |
Actual | $ 1,000.00 | $ 1,037.00 | 0.24% | $ 1.22 |
Hypothetical | $ 1,000.00 | $ 1,024.00 | 0.24% | $ 1.21 |
(1) | Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 184/365 (to reflect the half-year period). |
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ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Advisor Shares (Ticker RMEAX)
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
(Ticker RMMBX)
ASPIRIANT DEFENSIVE ALLOCATION FUND
(Ticker RMDFX)
Each a series of Aspiriant Trust
INVESTMENT ADVISER
Aspiriant, LLC
11100 Santa Monica Blvd., Suite 600
Los Angeles, CA 90025
11100 Santa Monica Blvd., Suite 600
Los Angeles, CA 90025
SUB-ADVISERS
Acadian Asset Management LLC
260 Franklin Street
Boston, MA 02110
260 Franklin Street
Boston, MA 02110
Aperio Group, LLC
Three Harbor Drive, Suite 315
Sausalito, CA 94965
Three Harbor Drive, Suite 315
Sausalito, CA 94965
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
333 West Wacker Drive
Chicago, IL 60606
Wells Capital Management, Inc.
525 Market Street, 10th Floor
San Francisco, CA 94105
525 Market Street, 10th Floor
San Francisco, CA 94105
AUDITORS
Deloitte & Touche LLP
555 East Wells Street
Milwaukee, WI 53202
555 East Wells Street
Milwaukee, WI 53202
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue NW
Washington, DC 20004
1111 Pennsylvania Avenue NW
Washington, DC 20004
CUSTODIAN
JPMorgan Chase Bank, N.A.
Seaport Center, 70 Fargo Street
Boston, MA 02210-1950
Seaport Center, 70 Fargo Street
Boston, MA 02210-1950
DISTRIBUTOR
UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, WI 53212
235 West Galena Street
Milwaukee, WI 53212
TRANSFER AGENT
UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
235 West Galena Street
Milwaukee, WI 53212
Item 2. Code of Ethics
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-end Management Investment Companies
Not applicable to open-end investment companies.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes to report.
Item 11. Controls and Procedures
(a) | The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits
(a) (1) | Code of Ethics. Not applicable. |
(2) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. |
(b) | Certification of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) of 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant | Aspiriant Trust | |
By | /s/ Robert J. Francais | |
Title | Robert J. Francais, President | |
Date | 11/6/17 |
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 | |
Date | 11/6/17 | |
By | /s/ Douglas S. Hendrickson | |
Title | Douglas S. Hendrickson, Treasurer and Principal Financial Officer | |
Date | 11/6/17 |