UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number811-22648
Aspiriant Trust
(Exact name of registrant as specified in charter)
11100 Santa Monica Boulevard, Suite 600
Los Angeles, California 90025
(Address of principal executive offices) (Zip code)
Robert J. Francais
Aspiriant Trust
11100 Santa Monica Boulevard, Suite 600
Los Angeles, California 90025
(Name and address of agent for service)
Registrant's telephone number, including area code:(310) 806-4000
Date of fiscal year end:Mar 31
Date of reporting period:March 31, 2020
Item 1. Reports to Stockholders
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
ASPIRIANT DEFENSIVE ALLOCATION FUND
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
Each, a series of Aspiriant Trust
Shareholder Report
March 31, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.aspiriantfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically any time by contacting your client service team or, if you are a direct investor, by calling 877-997-9971.
You may elect to receive all future reports in paper free of charge at any time by contacting your client service team or, if you are a direct investor, by calling 877-997-9971. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Aspiriant Funds.
ASPIRIANT TRUST
TABLE OF CONTENTS
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ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
March 31, 2020
The Aspiriant Risk-Managed Equity Allocation Fund (“Equity Allocation Fund” or the “Fund”), returned -10.16% for the one year ended March 31, 2020. Over the same period, Equity Allocation Fund’s benchmark, the MSCI ACWI Index (the “Benchmark”), returned -11.26%. The Fund is beating its Benchmark return over the past three years (2.23% vs. 1.50%), while doing so with materially less risk, as measured by the annualized volatility of monthly returns over the same period. As of March 31, 2020, the Fund’s annualized three-year volatility was 11.35%, compared to 14.89% for the Benchmark.
During the one-year period ended March 31, 2020, U.S. equities, as measured by the S&P 500 Index (the “S&P 500”), returned -6.98% while international stocks, as measured by the MSCI EAFE Index and the MSCI Emerging Markets Index, returned -14.38% and -17.69%, respectively. Relative performance was driven by the strong U.S. economy and corresponding strong U.S. dollar while international stocks experienced currency headwinds and the first surge of COVID-19 outbreaks that later moved to the U.S. Growth stocks continued to outperform value stocks as the economic expansion continued throughout most of the world until the full effects of lockdowns imposed by governments to slow the spread of COVID-19.
Strategies with higher allocations to U.S. assets fared better than those with a higher allocation to foreign and specifically emerging market assets. The GMO Quality Fund, iShares Edge MSCI Min Vol Global ETF and Acadian Asset Management LLC returned approximately -2.73%, -7.99% and -10.36% respectively, outperforming the Benchmark for the one-year period ended March 31, 2020. Aperio Group, LLC returned approximately -11.93%, underperforming the Benchmark for the one-year period ended March 31, 2020.
The Fund’s performance was negatively affected by its exposure to emerging markets equities as trade, COVID-19 and U.S. dollar strength buffered emerging markets returns. The iShares Core MSCI Emerging Markets ETF and the iShares Edge MSCI Min Vol Emerging Markets ETF returned approximately -19.21% and -18.74%, respectively, for the one-year period ended March 31, 2020.
Volatility has increased over the final two months of the year ended March 31, 2020 and is unlikely to dissipate until a vaccine for COVID-19 is developed. Further challenges are ahead as recession is forecast around the globe and concerns about the speed of a recovery are debated. In light of this, the Fund’s higher allocations to quality and low volatility managers, as well as the RIEF Strategic Partners Fund LLC, a long/short strategy, may protect a significant portion of the assets of the Fund compared to its Benchmark. The Fund may also participate in renewed global growth if the subsequent recession is shorter than anticipated through its investments in emerging markets.
Thank you for your investment in the Fund.
John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.
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ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
LETTER TO SHAREHOLDERS (Continued)
March 31, 2020
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, asset allocation, investing in smaller companies with limited resources and the use of predictive models. Low volatility and quality investing may go in and out of favor which may cause the Fund to sometimes underperform other equity funds. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.
Foreign securities, including depositary receipts, have additional risks including currency rate changes, political and economic instability, less regulation and market liquidity. Investments in emerging markets involve even greater risks.
The adviser and sub-advisers may be unable to construct the Fund’s investment portfolio such that the intended federal tax implications, when making investment decisions with respect to individual securities, are achieved.
As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include counterparty, derivatives, focused investment, large shareholder, leverage and short sale risks. Further information about these and other risks may be found in the prospectus.
The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.
Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets. It is not possible to invest directly in an index.
The S&P 500 Index is a market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in U.S. Dollars and include reinvested dividends. It is not possible to invest directly in an index.
The MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. It is not possible to invest directly in an index.
The MSCI Emerging Markets Index captures large and mid-cap representation across 26 Emerging Markets (EM) countries. It is not possible to invest directly in an index.
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ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
LETTER TO SHAREHOLDERS
March 31, 2020
The Aspiriant Risk-Managed Municipal Bond Fund (“Municipal Bond Fund” or the “Fund”) returned 3.35% for the one-year period ended March 31, 2020. Over the same period, Municipal Bond Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index (the “Benchmark”), returned 3.85%. The U.S. Federal Reserve’s easing throughout the year lead municipal bond markets to rally until the effects of COVID-19 began to be felt in the U.S. starting in mid-February and through March. In March, municipal bonds sold off with lower rated bonds performing the poorest, as represented by the Bloomberg Barclays High Yield Municipal Bond Index’s performance of -11.00%, compared to the Benchmark’s return of -3.63% over the same period.
The Fund’s allocation to high yield municipal bonds was approximately 10% of assets throughout the year, and the credit quality was also improved as the managers generally moved to a more neutral posture compared to the Benchmark. Even with that more neutral positioning to the Benchmark, the Fund’s relative underweight to shorter duration issues and AAA municipal bonds hurt its performance as longer duration municipal bonds underperformed.
The Fund stayed approximately neutral to its Benchmark on interest rate sensitivity, or duration, throughout the year.
Over the last few weeks of the one-year period ended March 31, 2020, credit spreads have widened between investment grade and high yield municipal bonds and our allocation to Wells Capital Management, Inc. (“WellsCap”) was increased by reallocating from more passive strategies managed by The Vanguard Group, Inc. WellsCap’s investment grade plus strategy provides opportunities to take advantage of those dislocations by using their strength in identifying undervalued credits.
Thank you for your investment in the Fund.
John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.
Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser, the sub-advisers or distributor.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The Fund is exposed to the same risks that are associated with investing in underlying municipal securities owned by the Fund. The Fund is subject to interest rate risk; as interest rates rise, bond prices generally fall. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. Investments in securities of non-U.S. issuers or U.S. issuers with significant non-U.S. operations may present more risk. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.
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ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
LETTER TO SHAREHOLDERS (Continued)
March 31, 2020
The use of derivatives involves substantial financial risks and transaction costs. Certain derivatives may be illiquid. The Fund’s use of inverse floaters may magnify the potential for losses. The Fund periodically engages in portfolio leverage and when doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.
These and other risk considerations, such as preferred securities, call, counterparty, extension, defaulted securities, income, municipal lease obligations, political and economic, prepayment, restricted securities, tax, zero coupon bond risks, and, as a result of investing in underlying funds, short sale risk, are described in detail in the Fund’s prospectus.
Income may be subject to the alternative minimum tax.
The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.
Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.
The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. It includes most investment-grade tax-exempt bonds that are issued by state and local governments. It is not possible to invest directly in an index.
The Bloomberg Barclays High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar–denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prerefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index.
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ASPIRIANT DEFENSIVE ALLOCATION FUND
LETTER TO SHAREHOLDERS
March 31, 2020
The Aspiriant Defensive Allocation Fund (“Defensive Allocation Fund” or the “Fund”) returned -5.39% for the one-year period ended March 31, 2020. Over the same period, the Fund’s benchmark, the HFRI Fund of Funds Composite Index (the “Benchmark”), returned -2.60%.
Core Diversifiers, global asset allocation strategies that invest across a wide range of financial markets and geographies, benefited most of the period from positive returns across most risk assets, equities in particular. That changed starting in January as Chinese markets began to sell off in response to the COVID-19 outbreak and then became a tidal wave of selling in U.S. and other international markets as the full scale of the pandemic became apparent. Core Diversifiers returned approximately -8.23% for the one-year period ended March 31, 2020. Alternative Diversifiers, investments in strategies with return patterns that are less sensitive to movements in traditional markets, provided an approximate return of 1.05% for the one-year period ended March 31, 2020.
On January, 1 2020, the Fund allocated to two additional private funds, Millennium International, Ltd. and Elliott Associates, L.P., both well-regarded managers with track records of over 20 years. Together with All Weather Portfolio Limited and D. E. Shaw Orienteer International Fund, L.P., they performed very well with a blended return of 0.04% for the one-year period ended March 31, 2020.
GMO Benchmark-Free Allocation Fund, hurt by its continued overweight to emerging markets, returned approximately -11.11% underperforming the Benchmark for the one-year period ended March 31, 2020.
As volatility has increased over the final two months of the year and is not likely to dissipate until a vaccine for COVID-19 is developed, the defensive positioning should help hedge a significant portion of the assets of the Fund compared to its Benchmark.
Thank you for your investment in the Fund.
John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.
Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There is no guarantee that the Fund will achieve its investment objective. The cost of investing in a fund of funds may be higher than other mutual funds as the Fund will bear not only its own direct expenses but also a portion of expenses of the underlying funds. The Fund’s performance is tied to the performance of the underlying funds which means that if one or more of the underlying funds fails to meet its objective then the performance of the Fund may be adversely impacted.
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ASPIRIANT DEFENSIVE ALLOCATION FUND
LETTER TO SHAREHOLDERS (Continued)
March 31, 2020
The Fund’s asset allocation percentages are made across a broad range of investment strategies which may expose investors to increased risks. This may include investing significant portions of assets in certain asset classes and industries within certain economic sectors which may be unfavorably affected by the same political, economic or market events. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.
As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include alternative strategies, asset-backed and mortgage-backed securities, call, commodity, counterparty, covered calls and equity collars, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, interest rate, inverse floaters, large shareholder, leverage, preferred securities, prepayment, REIT and real estate, restricted securities, sector, short sale, small and mid-cap company and zero coupon bond risks. Further information about these and other risks may be found in the prospectus.
The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.
Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.
The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.
The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 800 constituent hedge fund of funds that invest over a broad range of strategies.
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ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
LETTER TO SHAREHOLDERS
March 31, 2020
The Aspiriant Risk-Managed Taxable Bond Fund (“Taxable Bond Fund” or the “Fund”) returned 4.25% for the one-year period ended March 31, 2020. Over the same period, Taxable Bond Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”), returned 8.93%. As equity and fixed income markets began selling off in February and March due to the COVID-19 pandemic, higher rated bonds significantly outperformed corporate high yield issues as represented by the Bloomberg Barclays U.S. Corporate High Yield Index’s return of -6.94% for the one-year period ended March 31, 2020.
The Fund’s core funds, which generally have strategies closer to the Benchmark, returned approximately 5.14% over the one-year period ended March 31, 2020. While the Fund’s opportunistic funds, which have strategies distinct from the Benchmark, returned approximately -6.17% over the same period. The Vanguard Total Bond Market Index Fund returned approximately 9.09%, outperforming the Benchmark for the fiscal year ended March 31, 2020. The MetWest Total Return Bond Fund, DoubleLine Total Return Bond Fund, PIMCO Income Fund, Vanguard High-Yield Corporate Fund and GMO Emerging Country Debt Fund returned approximately 8.29%, 2.78%, -3.12%, -3.60% and -8.75%, respectively, underperforming the Benchmark for the one-year period ended March 31, 2020. Each held assets that are not generally part of the Benchmark and that detracted from performance as longer dated U.S. Treasuries were the best performing asset class for the period.
The Fund’s allocations to its managers remained stable over the course of the period, and there were no additions or subtractions to the managers. As volatility has increased due to the COVID-19 pandemic and is not likely to dissipate until a vaccine is developed, we continue to manage the Fund’s allocations to preserve capital while looking for opportunities presented by the volatility.
Thank you for your investment in the Fund.
John Allen
Portfolio Manager
Chief Investment Officer, Aspiriant, LLC
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.
Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as a recommendation by the Fund, the adviser or distributor.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There is no guarantee that the Fund will achieve its investment objective. The cost of investing in a fund of funds may be higher than other mutual funds as the Fund will bear not only its own direct expenses but also a portion of expenses of the underlying funds. The Fund’s performance is tied to the performance of the underlying funds which means that if one or more of the underlying funds fails to meet its objective then the performance of the Fund may be adversely impacted.
The Fund’s asset allocation percentages are made across a broad range of investment strategies which may expose investors to increased risks. This may include investing significant portions of assets in certain asset classes and industries within certain economic sectors which may be unfavorably affected by the same political, economic or market events. The Fund may invest in illiquid securities, which may or may not be sold or disposed of in the ordinary course of business.
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ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
LETTER TO SHAREHOLDERS (Continued)
March 31, 2020
As a result of its investments in underlying funds, the Fund is exposed to the principal risks of underlying funds. These risks include asset and mortgage-backed securities, call, counterparty, credit, defaulted securities, derivatives, emerging markets, extension, floating rate loan, foreign securities and currencies, high yield securities, income, inflation index bond, interest rate, large shareholder, leverage, preferred securities, prepayment, restricted securities, sector, short sale and zero coupon bond risks. Further information about these and other risk considerations are described in detail in the Fund’s prospectus.
Income may be subject to the alternative minimum tax.
The views expressed are those of the authors at the time created. They do not necessarily reflect the views of other persons in the Aspiriant, LLC organization. These views are subject to change at any time based on market and other conditions, and Aspiriant, LLC disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Aspiriant, LLC portfolio.
Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1-877-997-9971 and should be read carefully prior to investing.
The below referenced unmanaged indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.
The Bloomberg Barclays U.S. Aggregate Bond Index is an uninvestable, unmanaged, broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. It is not possible to invest directly in an index.
The Bloomberg Barclays U.S. Corporate High Yield Bond Index is an uninvestable, unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. It is not possible to invest directly in an index.
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ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Growth of a $10,000 Investment and Performance
March 31, 2020 (Unaudited)
The above graph assumes an initial investment of $10,000 in the Advisor Shares made as of the close of business on April 4, 2013 (Commencement of the Fund’s Operations).
Total Returns as of March 31, 2020 | 1 Year | 5 Year | Annualized |
Aspiriant Risk-Managed Equity Allocation Fund |
|
|
|
Advisor Shares | (10.16)% | 3.00% | 4.19% |
MSCI ACWI Index (1) | (11.26)% | 2.85% | 5.22% |
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971, or go to www.aspiriantfunds.com.
The adviser has contractually agreed to waive its advisory fee from 0.24% to 0.16% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.04% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.
The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
* | For the period close of business April 4, 2013 (commencement of operations) through March 31, 2020. |
(1) | The MSCI ACWI Index, which captures large and mid cap representation, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Returns include the reinvestment of distributions but do not consider sales charges. Performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. |
The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.
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ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE
March 31, 2020 (Unaudited)
The above graph assumes an initial investment of $10,000 in Shares made as of the close of business on July 1, 2015 (Commencement of the Fund’s Operations).
Total Returns as of March 31, 2020 | 1 Year | Annualized |
Aspiriant Risk-Managed Municipal Bond Fund | 3.35% | 3.43% |
Bloomberg Barclays Municipal Bond Index (1) | 3.85% | 3.55% |
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971, or go to www.aspiriantfunds.com.
The adviser has contractually agreed to waive its advisory fee from 0.27% to 0.21% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.
The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
* | For the period close of business July 1, 2015 (commencement of operations) through March 31, 2020. |
(1) | The Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds. |
The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.
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ASPIRIANT DEFENSIVE ALLOCATION FUND
GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE
March 31, 2020 (Unaudited)
The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on December 14, 2015 (Commencement of the Fund’s Operations).
Total Returns as of March 31, 2020 | 1 Year | Annualized |
Aspiriant Defensive Allocation Fund | (5.39)% | 1.09% |
HFRI Fund of Funds Composite Index (1) | (2.60)% | 1.23% |
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971, or go to www.aspiriantfunds.com.
Effective November 7, 2019, the Adviser has contractually agreed to waive its administrative services fee from 0.10% to 0.01% through June 30, 2020. This arrangement may be terminated only by the Aspiriant Trust’s Board of Trustees.
The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
* | For the period close of business December 14, 2015 (commencement of operations) through March 31, 2020. |
(1) | The HFRI Fund of Funds Composite Index is an uninvestable, unmanaged index that is an equal weighted index of over 650 constituent hedge fund of funds that invest over a broad range of strategies. |
The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest in an index, although they can invest in their underlying securities.
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ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
GROWTH OF A $10,000 INVESTMENT AND PERFORMANCE
March 31, 2020 (Unaudited)
The above graph assumes an initial investment of $10,000 in the Shares made as of the close of business on March 29, 2018 (Commencement of the Fund’s Operations).
Total Returns as of March 31, 2020 | 1 Year | Annualized |
Aspiriant Risk-Managed Taxable Bond Fund | 4.25% | 3.90% |
Bloomberg Barclays U.S. Aggregate Bond Index(1) | 8.93% | 6.67% |
The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971, or go to www.aspiriantfunds.com.
The adviser has contractually agreed to waive its advisory fee from 0.25% to 0.08% through June 30, 2020. Effective November 7, 2019, the Adviser has also contractually agreed to waive its administrative services fee from 0.10% to 0.03% through June 30, 2020. Both arrangements may be terminated only by the Aspiriant Trust’s Board of Trustees.
The performance shown in the table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
* | For the period close of business March 29, 2018 (commencement of operations) through March 31, 2020. |
(1) | The Bloomberg Barclays U.S. Aggregate Bond Index is an uninvestable, unmanaged, broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. |
The above referenced unmanaged index does not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest in an index, although they can invest in their underlying securities.
14 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Summary of Investments
As of March 31, 2020 (Unaudited)
Percent of Total | |
Common Stocks | |
Communications | 4.5% |
Financials | 4.2% |
Technology | 3.9% |
Consumer Staples | 3.6% |
Health Care | 3.6% |
Utilities | 2.5% |
Consumer Discretionary | 1.7% |
Materials | 1.0% |
Other | 0.5% |
Total Common Stocks | 25.5% |
Exchange-Traded Funds | 21.9% |
Open-End Mutual Fund | 20.4% |
Preferred Stock | 0.1% |
Private Fund | 12.3% |
Short-Term Investments | 27.8% |
Total Investments | 108.0% |
Liabilities in excess of other assets | (8.0)% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
15 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SUMMARY OF INVESTMENTS
As of March 31, 2020 (Unaudited)
Security Type/Sector | Percent of Total |
Municipal Bonds | |
General | 12.5% |
Medical | 12.1% |
General Obligation | 7.7% |
Transportation | 5.4% |
Development | 4.7% |
Education | 4.6% |
Water | 3.8% |
Airport | 3.6% |
Higher Education | 3.3% |
School District | 2.4% |
Tobacco Settlement | 1.4% |
Power | 1.4% |
Housing | 1.4% |
Multifamily Housing | 1.3% |
Other | 3.5% |
Total Municipal Bonds | 69.1% |
Common Stock | 0.0%1 |
Closed-End Mutual Funds | 0.6% |
Open-End Mutual Fund | 15.7% |
Private Funds | 13.3% |
Short-Term Investment | 1.4% |
Total Investments | 100.1% |
Liabilities in excess of other assets | (0.1)% |
Total Net Assets | 100.0% |
1 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
16 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SUMMARY OF INVESTMENTS
As of March 31, 2020 (Unaudited)
Security Type/Sector | Percent of Total |
Open-End Mutual Funds | |
Global Allocation | 51.7% |
Managed Futures | 2.3% |
Global Macro | 2.1% |
Total Open-End Mutual Funds | 56.1% |
Exchange-Traded Fund | |
Real Asset | 6.5% |
Total Exchange-Traded Fund | 6.5% |
Private Funds | |
Global Allocation | 11.2% |
Merger Arbitrage | 9.1% |
Multi-Strategy | 2.3% |
Total Private Funds | 22.6% |
Short-Term Investment | 14.0% |
Total Investments | 99.2% |
Other assets less liabilities | 0.8% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
17 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
SUMMARY OF INVESTMENTS
As of March 31, 2020 (Unaudited)
Security Type/Sector | Percent of Total |
Open-End Mutual Funds | |
Domestic | 96.1% |
Foreign | 2.2% |
Total Open-End Mutual Funds | 98.3% |
Short-Term Investment | 1.7% |
Total Investments | 100.0% |
Liabilities in excess of other assets | (0.0)%1 |
Total Net Assets | 100.0% |
1 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
18 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Schedule of Investments
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS — 25.5% | ||||||||
AUSTRALIA — 0.2% | ||||||||
47,500 | Bendigo and Adelaide Bank Ltd.1 | $ | 182,488 | |||||
62,226 | Dexus - REIT | 344,832 | ||||||
96,763 | Evolution Mining Ltd. | 226,149 | ||||||
64,087 | Newcrest Mining Ltd. | 880,089 | ||||||
1,635 | Tribune Resources Ltd. | 5,119 | ||||||
14,302 | Wesfarmers Ltd. | 303,062 | ||||||
1,941,739 | ||||||||
AUSTRIA — 0.0%2 | ||||||||
7,633 | EVN AG | 111,582 | ||||||
235 | Oberbank A.G. | 21,645 | ||||||
885 | Vienna Insurance Group A.G. Wiener Versicherung Gruppe | 16,693 | ||||||
149,920 | ||||||||
BELGIUM — 0.2% | ||||||||
2,800 | Ageas | 116,682 | ||||||
15,142 | Colruyt S.A. | 820,816 | ||||||
15,463 | Proximus SADP | 355,100 | ||||||
11,339 | UCB S.A. | 970,190 | ||||||
2,262,788 | ||||||||
BERMUDA — 0.4% | ||||||||
34,077 | Arch Capital Group Ltd.* | 969,832 | ||||||
5,929 | Asian Growth Properties Ltd.* | 77 | ||||||
8,000 | CK Infrastructure Holdings Ltd. | 42,351 | ||||||
5,896 | Everest Re Group Ltd. | 1,134,508 | ||||||
2,383 | Genpact Ltd. | 69,584 | ||||||
240,679 | Hongkong Land Holdings Ltd. | 900,466 | ||||||
960 | Ocean Wilsons Holdings Ltd. | 7,848 | ||||||
122,000 | Public Financial Holdings Ltd. | 33,431 | ||||||
7,321 | RenaissanceRe Holdings Ltd. | 1,093,172 | ||||||
6,000 | Wing On Co. International Ltd. | 14,556 | ||||||
4,265,825 | ||||||||
CANADA — 0.8% | ||||||||
4,984 | Agnico Eagle Mines Ltd. | 198,313 | ||||||
3,900 | Alamos Gold, Inc. - Class A | 19,593 | ||||||
30,300 | ATCO Ltd. | 839,047 | ||||||
10,300 | Bank of Montreal1 | 520,087 | ||||||
1,330 | Bank of Nova Scotia | 53,998 | ||||||
25,001 | BCE, Inc. | 1,021,541 | ||||||
32,300 | Centerra Gold, Inc.* | 192,106 | ||||||
800 | Emera Inc. | 31,550 | ||||||
29,900 | Fortis, Inc.1 | 1,153,040 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CANADA (Continued) | ||||||||
21,616 | Franco-Nevada Corp.1 | $ | 2,151,224 | |||||
14,058 | George Weston Ltd. | 1,005,227 | ||||||
19,900 | National Bank of Canada | 769,105 | ||||||
1,500 | Royal Bank of Canada1 | 92,912 | ||||||
3,000 | SSR Mining, Inc.* | 34,214 | ||||||
8,081,957 | ||||||||
CHILE — 0.0%2 | ||||||||
42,388 | Enel Americas S.A. - ADR | 256,871 | ||||||
CHINA — 0.3% | ||||||||
4,454 | Bank of China Ltd. - ADR1 | 42,135 | ||||||
1,156,000 | Bank of China Ltd. - Class H | 440,048 | ||||||
41,646 | China Construction Bank Corp. - ADR | 674,249 | ||||||
100 | China Telecom Corp. Ltd. | 30 | ||||||
8,747 | China Telecom Corp. Ltd. - ADR | 266,958 | ||||||
4,127 | Industrial & Commercial Bank of China Ltd. - ADR1 | 56,003 | ||||||
2,418,321 | Industrial & Commercial Bank of China Ltd. - Class H | 1,649,728 | ||||||
3,129,151 | ||||||||
CURACAO — 0.0%2 | ||||||||
3,552 | Retail Holdings N.V. | 5,506 | ||||||
DENMARK — 0.5% | ||||||||
9,415 | Carlsberg A/S - Class B | 1,059,939 | ||||||
9,221 | Coloplast A/S - Class B | 1,337,289 | ||||||
5,130 | Demant A/S* | 111,698 | ||||||
35,408 | Novo Nordisk A/S - ADR1 | 2,131,561 | ||||||
7,059 | Pandora A/S1 | 226,814 | ||||||
4,867,301 | ||||||||
FINLAND — 0.0%2 | ||||||||
1,022 | Olvi OYJ | 41,101 | ||||||
FRANCE — 0.3% | ||||||||
357 | Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France | 37,316 | ||||||
138 | Caisse Regionale de Credit Agricole Mutuel Toulouse 31 | 18,122 | ||||||
18,103 | Cie Generale des Etablissements Michelin | 1,585,549 | ||||||
31,300 | Engie S.A. | 320,526 |
19 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FRANCE (Continued) | ||||||||
438 | Gaumont S.A. | $ | 47,651 | |||||
171 | Laurent-Perrier | 14,153 | ||||||
542 | L’Oreal S.A. | 140,276 | ||||||
5,619 | NetGem S.A. | 5,370 | ||||||
255 | Pernod Ricard S.A. | 36,194 | ||||||
768 | PSB Industries S.A. | 12,836 | ||||||
369 | Societe Fonciere Lyonnaise S.A. - REIT | 27,120 | ||||||
31,868 | Veolia Environnement S.A. | 673,080 | ||||||
2,946 | Veolia Environnement S.A. - ADR | 62,514 | ||||||
2,980,707 | ||||||||
GERMANY — 0.2% | ||||||||
69,901 | Deutsche Telekom A.G. | 902,802 | ||||||
4,820 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 969,160 | ||||||
1,191 | MVV Energie A.G. | 34,152 | ||||||
12,390 | Porsche Automobil Holding S.E. - ADR | 50,675 | ||||||
168,628 | Telefonica Deutschland Holding A.G. | 414,000 | ||||||
2,370,789 | ||||||||
GUERNSEY — 0.3% | ||||||||
61,809 | Amdocs Ltd. | 3,397,641 | ||||||
HONG KONG — 1.3% | ||||||||
52 | AIA Group Ltd. | 466 | ||||||
2,000 | Allied Group Ltd. | 9,054 | ||||||
72,500 | Beijing Enterprises Holdings Ltd. | 264,587 | ||||||
69,500 | BOC Hong Kong Holdings Ltd. | 190,779 | ||||||
56,000 | China Merchants Port Holdings Co., Ltd. | 63,616 | ||||||
782,300 | China Mobile Ltd. | 5,862,776 | ||||||
972,000 | China Unicom Hong Kong Ltd. | 566,920 | ||||||
31,995 | China Unicom Hong Kong Ltd. - ADR | 188,131 | ||||||
64,000 | Chinney Investments Ltd. | 12,465 | ||||||
113,500 | CLP Holdings Ltd. | 1,039,660 | ||||||
2,177 | Hang Lung Properties Ltd. - ADR1 | 21,890 | ||||||
42,910 | Hang Seng Bank Ltd. | 731,069 | ||||||
13,000 | Harbour Centre Development Ltd. | 13,701 | ||||||
435,000 | HK Electric Investments and HK Electric Investments Ltd.3 | 417,631 | ||||||
1,128,000 | HKT Trust and HKT Ltd.3 | 1,534,135 | ||||||
60,000 | Hon Kwok Land Investment Co., Ltd. | 18,574 | ||||||
88,000 | Link REIT | 741,706 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
HONG KONG (Continued) | ||||||||
58 | MTR Corp. Ltd. | $ | 298 | |||||
132,500 | Power Assets Holdings Ltd. | 786,022 | ||||||
44,000 | Shanghai Industrial Holdings Ltd. | 65,905 | ||||||
25,000 | Sun Hung Kai Properties Ltd. | 326,851 | ||||||
3,822 | Sun Hung Kai Properties Ltd. - ADR | 49,954 | ||||||
4,896 | Swire Pacific Ltd. - ADR | 31,126 | ||||||
490 | Swire Pacific Ltd. - Class A | 3,119 | ||||||
89,200 | Swire Properties Ltd. | 249,202 | ||||||
13,189,637 | ||||||||
INDIA — 0.1% | ||||||||
16,368 | Dr Reddy’s Laboratories Ltd. - ADR | 660,122 | ||||||
87,492 | Infosys Ltd. - ADR1 | 718,309 | ||||||
1,378,431 | ||||||||
IRELAND — 0.2% | ||||||||
4,271 | Accenture PLC - Class A | 697,284 | ||||||
1,448 | Jazz Pharmaceuticals PLC* | 144,423 | ||||||
11,242 | Medtronic PLC | 1,013,804 | ||||||
720 | STERIS PLC | 100,778 | ||||||
1,956,289 | ||||||||
ISRAEL — 0.3% | ||||||||
11,616 | Alony Hetz Properties & Investments Ltd. | 133,458 | ||||||
101,424 | Bank Hapoalim B.M. | 607,720 | ||||||
274 | Bayside Land Corp. Ltd. | 158,567 | ||||||
2,924 | Check Point Software Technologies Ltd.* | 293,979 | ||||||
2,131 | Elbit Systems Ltd.1 | 272,107 | ||||||
13,220 | Freshmarket Ltd. | 31,888 | ||||||
5,014 | Isracard Ltd. | 13,457 | ||||||
446 | Malam - Team Ltd. | 75,538 | ||||||
6,868 | Minrav Projects Ltd. | 8,255 | ||||||
16,638 | Mizrahi Tefahot Bank Ltd. | 306,234 | ||||||
589 | Neto ME Holdings Ltd. | 27,040 | ||||||
9,494 | Nice Ltd. - ADR* | 1,362,958 | ||||||
2,308 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 127,382 | ||||||
2,916 | Taro Pharmaceutical Industries Ltd.* | 178,459 | ||||||
97 | Victory Supermarket Chain Ltd. | 1,742 | ||||||
3,598,784 | ||||||||
ITALY — 0.1% | ||||||||
25,686 | Assicurazioni Generali S.p.A. | 347,912 | ||||||
98,852 | Enel S.p.A. | 681,866 |
20 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
ITALY (Continued) | ||||||||
30,621 | Hera S.p.A.* | $ | 110,783 | |||||
68,355 | Iren S.p.A. | 170,326 | ||||||
2,700 | Orsero S.p.A. | 15,033 | ||||||
1,325,920 | ||||||||
JAPAN — 3.4% | ||||||||
13,200 | ABC-Mart, Inc. | 660,638 | ||||||
10,900 | Aeon Hokkaido Corp. | 74,650 | ||||||
2,200 | Alps Logistics Co., Ltd. | 13,086 | ||||||
35 | Astellas Pharma, Inc. | 539 | ||||||
1,400 | Bandai Namco Holdings, Inc. | 67,905 | ||||||
5,200 | Biofermin Pharmaceutical Co., Ltd. | 113,919 | ||||||
35,900 | Bridgestone Corp. | 1,098,921 | ||||||
1,400 | Bull-Dog Sauce Co., Ltd. | 14,363 | ||||||
130 | Canadian Solar Infrastructure Fund, Inc. | 130,562 | ||||||
1,600 | Canare Electric Co., Ltd. | 23,841 | ||||||
67 | Canon, Inc. | 1,456 | ||||||
5,500 | Choushimaru Co., Ltd. | 52,347 | ||||||
29,600 | Chubu Electric Power Co., Inc. | 417,750 | ||||||
7,900 | Chugoku Electric Power Co., Inc. | 110,223 | ||||||
600 | Dainichi Co., Ltd. | 3,384 | ||||||
1,500 | Dairei Co., Ltd. | 24,650 | ||||||
4,100 | DCM HOLDINGS Co., Ltd. | 37,923 | ||||||
3,200 | FamilyMart Co., Ltd. | 57,459 | ||||||
26 | Frontier Real Estate Investment Corp. - REIT | 73,658 | ||||||
15,871 | FUJIFILM Holdings Corp. | 782,116 | ||||||
2,600 | Fujitsu Ltd. | 234,179 | ||||||
63 | Fukuoka REIT Corp. - REIT | 65,376 | ||||||
400 | Fuso Pharmaceutical Industries Ltd. | 7,740 | ||||||
1,100 | Hakuyosha Co., Ltd. | 27,363 | ||||||
2,800 | Isewan Terminal Service Co., Ltd. | 19,098 | ||||||
15,000 | Isuzu Motors Ltd. | 99,268 | ||||||
10,000 | Itochu Corp. | 206,946 | ||||||
2,800 | Itochu Techno-Solutions Corp. | 79,745 | ||||||
71 | Japan Excellent, Inc. - REIT | 82,003 | ||||||
118 | Japan Logistics Fund, Inc. - REIT | 262,871 | ||||||
47,300 | Japan Post Bank Co., Ltd. | 436,821 | ||||||
128,000 | Japan Post Holdings Co., Ltd. | 1,001,295 | ||||||
53 | Japan Rental Housing Investments, Inc. - REIT | 44,868 | ||||||
5,700 | Japan Tobacco, Inc. | 105,431 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN (Continued) | ||||||||
300 | JFE Container Co., Ltd. | $ | 9,353 | |||||
3,335 | Kakiyasu Honten Co., Ltd. | 70,919 | ||||||
23,434 | Kamigumi Co., Ltd. | 395,555 | ||||||
500 | Kato Sangyo Co., Ltd. | 15,724 | ||||||
133,787 | KDDI Corp. | 3,951,880 | ||||||
62 | Kenedix Retail REIT Corp. - REIT* | 88,062 | ||||||
13,868 | KFC Holdings Japan Ltd. | 295,529 | ||||||
10,400 | King Co., Ltd. | 51,753 | ||||||
3,000 | Kohsoku Corp. | 33,633 | ||||||
5,000 | Makita Corp. | 152,519 | ||||||
705 | Maxvalu Tokai Co., Ltd. | 12,578 | ||||||
5,500 | Medipal Holdings Corp. | 102,773 | ||||||
1,000 | Meiko Trans Co., Ltd. | 9,911 | ||||||
900 | Mitsubishi Shokuhin Co., Ltd. | 23,041 | ||||||
7,700 | Miyoshi Oil & Fat Co., Ltd. | 78,464 | ||||||
846,900 | Mizuho Financial Group, Inc. | 971,631 | ||||||
88 | Mori Trust Sogo Reit, Inc. - REIT | 106,738 | ||||||
1,000 | Morishita Jintan Co., Ltd. | 17,872 | ||||||
1,200 | Morozoff Ltd. | 57,867 | ||||||
19,200 | MS&AD Insurance Group Holdings, Inc. | 535,702 | ||||||
2,400 | Nakayamafuku Co., Ltd. | 10,344 | ||||||
14,100 | Nichia Steel Works Ltd. | 36,781 | ||||||
6,100 | Nippon Flour Mills Co., Ltd. | 95,267 | ||||||
3,700 | Nippon Kanzai Co., Ltd. | 60,734 | ||||||
209,824 | Nippon Telegraph & Telephone Corp. | 5,018,281 | ||||||
66,948 | Nippon Telegraph & Telephone Corp. - ADR | 1,581,312 | ||||||
5,800 | Nissin Foods Holdings Co., Ltd. | 481,324 | ||||||
2,900 | Nissui Pharmaceutical Co., Ltd. | 33,018 | ||||||
2,000 | Nittobest Corp. | 17,094 | ||||||
254,256 | NTT DOCOMO, Inc. | 7,951,375 | ||||||
1,300 | Okinawa Cellular Telephone Co. | 43,296 | ||||||
2,000 | Okinawa Electric Power Co., Inc. | 36,610 | ||||||
14,266 | Otsuka Holdings Co., Ltd. | 556,636 | ||||||
6,000 | OUG Holdings, Inc. | 148,805 | ||||||
1,492 | Plant Co., Ltd. | 6,344 | ||||||
53 | Premier Investment Corp. - REIT | 58,649 | ||||||
1,000 | Resol Holdings Co., Ltd. | 31,360 | ||||||
2,000 | Rock Paint Co., Ltd. | 12,550 | ||||||
1,400 | S&B Foods, Inc. | 53,262 | ||||||
7,969 | Secom Co., Ltd. | 659,102 |
21 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN (Continued) | ||||||||
40,000 | Sekisui House Ltd. | $ | 659,681 | |||||
4,000 | Shimamura Co., Ltd. | 241,735 | ||||||
34 | Shin-Etsu Chemical Co., Ltd. | 3,342 | ||||||
1,500 | Showa Sangyo Co., Ltd. | 44,644 | ||||||
92,800 | Softbank Corp.* | 1,182,150 | ||||||
144 | Star Asia Investment Corp. - REIT | 114,113 | ||||||
19,300 | Sumitomo Mitsui Financial Group, Inc. | 468,863 | ||||||
11,500 | Sumitomo Rubber Industries Ltd. | 108,017 | ||||||
14,041 | Suntory Beverage & Food Ltd. | 530,594 | ||||||
20,300 | Tokyo Electric Power Co., Inc.* | 70,618 | ||||||
600 | Tokyu Recreation Co., Ltd. | 22,971 | ||||||
39,000 | Toppan Printing Co., Ltd. | 595,453 | ||||||
6 | Toyota Motor Corp. | 362 | ||||||
14,500 | Trend Micro, Inc. | 716,042 | ||||||
100 | Unicafe, Inc. | 787 | ||||||
13 | Unicharm Corp. | 487 | ||||||
5,000 | Weds Co., Ltd. | 20,572 | ||||||
586 | Yamaguchi Financial Group, Inc. | 3,304 | ||||||
2,600 | Yamazawa Co., Ltd. | 38,044 | ||||||
2,100 | Yomeishu Seizo Co., Ltd. | 38,331 | ||||||
35,166,152 | ||||||||
JERSEY — 0.2% | ||||||||
708,107 | Centamin PLC | 1,051,337 | ||||||
350,550 | Highland Gold Mining Ltd. | 845,974 | ||||||
1,897,311 | ||||||||
NETHERLANDS — 0.4% | ||||||||
149,092 | Fiat Chrysler Automobiles N.V. | 1,064,330 | ||||||
34,843 | Koninklijke Ahold Delhaize N.V. | 811,722 | ||||||
14,012 | Koninklijke Ahold Delhaize N.V. - ADR | 327,881 | ||||||
72,029 | NN Group N.V. | 1,957,443 | ||||||
4,161,376 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
4,384 | Briscoe Group Ltd.* | 7,410 | ||||||
19,012 | Contact Energy Ltd. | 64,707 | ||||||
1,125 | EBOS Group Ltd. | 14,887 | ||||||
66,865 | Genesis Energy Ltd. | 99,608 | ||||||
227,190 | Goodman Property Trust - REIT | 291,442 | ||||||
5,682 | Kathmandu Holdings Ltd. | 3,734 | ||||||
97,334 | Mercury NZ Ltd. | 243,704 | ||||||
4,632 | PGG Wrightson Ltd. | 4,754 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
NEW ZEALAND (Continued) | ||||||||
52,325 | Property for Industry Ltd. | $ | 63,017 | |||||
24,994 | Sanford Ltd. | 98,511 | ||||||
302,950 | Spark New Zealand Ltd. | 737,310 | ||||||
45,654 | Stride Property Group3 | 37,207 | ||||||
32,857 | Trustpower Ltd. | 124,602 | ||||||
30,318 | Warehouse Group Ltd. | 35,980 | ||||||
1,826,873 | ||||||||
NORWAY — 0.2% | ||||||||
27,446 | Mowi A.S.A. | 414,969 | ||||||
2,681 | Olav Thon Eiendomsselskap A.S.A. | 29,371 | ||||||
137,075 | Orkla A.S.A. | 1,174,419 | ||||||
41,184 | Telenor A.S.A. | 601,934 | ||||||
3,840 | Yara International A.S.A. | 121,417 | ||||||
2,342,110 | ||||||||
PHILIPPINES — 0.0%2 | ||||||||
5,236 | PLDT, Inc. - ADR | 107,652 | ||||||
PORTUGAL — 0.0%2 | ||||||||
134,387 | REN - Redes Energeticas Nacionais SGPS S.A. | 343,190 | ||||||
SINGAPORE — 0.2% | ||||||||
25,000 | DBS Group Holdings Ltd. | 326,204 | ||||||
7,499 | DBS Group Holdings Ltd. - ADR | 387,773 | ||||||
22,600 | Fraser and Neave Ltd. | 18,954 | ||||||
17,600 | Hotel Grand Central Ltd.* | 11,497 | ||||||
44,500 | Keong Hong Holdings Ltd. | 7,357 | ||||||
8,000 | Keppel Corp. Ltd. | 29,755 | ||||||
235,003 | Keppel Infrastructure Trust | 70,242 | ||||||
39,324 | Sheng Siong Group Ltd. | 32,857 | ||||||
732,000 | Singapore Telecommunications Ltd. | 1,304,954 | ||||||
2,189,593 | ||||||||
SOUTH KOREA — 0.1% | ||||||||
14,801 | KB Financial Group, Inc. - ADR*1 | 402,439 | ||||||
16,696 | POSCO - ADR | 545,124 | ||||||
21,221 | SK Telecom Co., Ltd. - ADR | 345,266 | ||||||
4,334 | Woori Financial Group, Inc. - ADR*1 | 81,393 | ||||||
1,374,222 | ||||||||
SPAIN — 0.0%2 | ||||||||
3,875 | Endesa S.A. | 81,997 | ||||||
5,292 | Iberdrola S.A. | 51,761 |
22 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
SPAIN (Continued) | ||||||||
1,851 | Repsol S.A. | $ | 16,513 | |||||
150,271 | ||||||||
SWEDEN — 0.2% | ||||||||
5,312 | Axfood A.B. | 108,023 | ||||||
27,663 | ICA Gruppen A.B. | 1,155,356 | ||||||
5,731 | Industrivarden A.B. - A Shares | 109,819 | ||||||
4,787 | L E Lundbergforetagen A.B. - B Shares | 194,054 | ||||||
3,849 | Swedish Match A.B. | 217,929 | ||||||
1,785,181 | ||||||||
SWITZERLAND — 1.4% | ||||||||
12,743 | Alcon, Inc.* | 652,472 | ||||||
1,255 | Allreal Holding A.G. | 232,980 | ||||||
26 | Basellandschaftliche Kantonalbank | 23,254 | ||||||
6,892 | BKW A.G. | 561,226 | ||||||
3,326 | Chubb Ltd. | 371,481 | ||||||
6,065 | Garmin Ltd. | 454,632 | ||||||
1,400 | Helvetia Holding A.G. | 119,612 | ||||||
354 | Intershop Holding A.G. | 185,836 | ||||||
11,103 | Nestle S.A. | 1,136,590 | ||||||
7,504 | Nestle S.A. - ADR | 772,837 | ||||||
12,558 | Novartis A.G. | 1,036,020 | ||||||
4,401 | Novartis A.G. - ADR | 362,862 | ||||||
3,045 | Pargesa Holding S.A. | 201,041 | ||||||
125 | Plazza A.G. | 35,896 | ||||||
479 | PSP Swiss Property A.G. | 59,899 | ||||||
10,619 | Roche Holding A.G. | 3,416,579 | ||||||
8,152 | Roche Holding A.G. - ADR | 330,727 | ||||||
6,238 | Sonova Holding A.G. | 1,112,325 | ||||||
723 | Swiss Life Holding A.G. | 242,672 | ||||||
5,409 | Swisscom A.G. | 2,896,416 | ||||||
440 | Zurich Insurance Group A.G. | 154,575 | ||||||
2,010 | Zurich Insurance Group A.G. - ADR1 | 70,953 | ||||||
14,430,885 | ||||||||
TAIWAN — 0.7% | ||||||||
89,466 | Chunghwa Telecom Co., Ltd. - ADR1 | 3,182,306 | ||||||
78,228 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 3,738,516 | ||||||
66,650 | United Microelectronics Corp. - ADR | 144,630 | ||||||
7,065,452 | ||||||||
UNITED KINGDOM — 0.8% | ||||||||
397,370 | 3i Group PLC | 3,850,367 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED KINGDOM (Continued) | ||||||||
24,925 | Amino Technologies PLC | $ | 35,758 | |||||
6,844 | Aptitude Software Group PLC | 29,518 | ||||||
55,704 | Berkeley Group Holdings PLC | 2,486,268 | ||||||
37,590 | Britvic PLC | 325,786 | ||||||
5,848 | Burberry Group PLC | 95,058 | ||||||
26,544 | Carnival PLC | 316,825 | ||||||
16,621 | Diageo PLC | 527,044 | ||||||
5,443 | Eurocell PLC | 13,059 | ||||||
11,477 | Finsbury Food Group PLC | 8,728 | ||||||
1,024 | Harworth Group PLC | 1,323 | ||||||
13,159 | Marshall Motor Holdings PLC | 14,237 | ||||||
44,142 | National Grid PLC | 515,767 | ||||||
6,346 | Palace Capital PLC | 14,031 | ||||||
401,348 | Petropavlovsk PLC* | 104,109 | ||||||
5,302 | RELX PLC | 113,157 | ||||||
17,713 | Shoe Zone PLC | 18,294 | ||||||
1,638 | System1 Group PLC | 2,651 | ||||||
20,364 | Tate & Lyle PLC | 165,678 | ||||||
1,801 | Unilever PLC | 90,825 | ||||||
8,728,483 | ||||||||
UNITED STATES — 12.5% | ||||||||
524 | 1st Source Corp. | 16,993 | ||||||
7,272 | Adtalem Global Education, Inc.* | 194,817 | ||||||
6,047 | ADTRAN, Inc. | 46,441 | ||||||
31,729 | Aflac, Inc. | 1,086,401 | ||||||
796 | Allstate Corp. | 73,017 | ||||||
516 | Alphabet, Inc. - Class A* | 599,566 | ||||||
44 | Amazon.com, Inc.* | 85,788 | ||||||
7,842 | American Electric Power Co., Inc. | 627,203 | ||||||
8,185 | American Financial Group, Inc. | 573,605 | ||||||
23,492 | American National Insurance Co. | 1,935,271 | ||||||
3,166 | American Public Education, Inc.* | 75,762 | ||||||
1,144 | America’s Car-Mart, Inc.*1 | 64,464 | ||||||
586 | Anika Therapeutics, Inc.* | 16,941 | ||||||
12,159 | Anthem, Inc. | 2,760,579 | ||||||
9,951 | Apollo Commercial Real Estate Finance, Inc. - REIT | 73,836 | ||||||
10,035 | Apple, Inc. | 2,551,800 | ||||||
8,647 | Archer-Daniels-Midland Co. | 304,201 | ||||||
8,341 | Associated Banc-Corp | 106,681 | ||||||
78,092 | AT&T, Inc. | 2,276,382 |
23 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
417 | Atmos Energy Corp. | $ | 41,379 | |||||
74,302 | Avangrid, Inc. | 3,252,942 | ||||||
891 | Avidbank Holdings, Inc.* | 14,256 | ||||||
11,154 | Avista Corp. | 473,933 | ||||||
633 | BancFirst Corp.1 | 21,123 | ||||||
13,919 | Bank of America Corp. | 295,500 | ||||||
2,087 | Bank of Hawaii Corp.1 | 115,286 | ||||||
1,917 | Bank of Marin Bancorp | 57,510 | ||||||
1,800 | BankFinancial Corp. | 15,858 | ||||||
6,902 | Baxter International, Inc. | 560,373 | ||||||
5,661 | Baycom Corp.* | 68,215 | ||||||
711 | Becton, Dickinson and Co. | 163,366 | ||||||
1,782 | Benchmark Electronics, Inc. | 35,622 | ||||||
2,876 | Biogen, Inc.* | 909,909 | ||||||
1,736 | Bio-Rad Laboratories, Inc. - Class A* | 608,572 | ||||||
26,157 | BlackRock TCP Capital Corp.1 | 163,481 | ||||||
6,975 | Brady Corp. - Class A | 314,782 | ||||||
1,928 | Bryn Mawr Bank Corp. | 54,717 | ||||||
911 | CACI International, Inc. - Class A* | 192,358 | ||||||
1,417 | Camden National Corp. | 44,565 | ||||||
22,034 | Capstead Mortgage Corp. - REIT1 | 92,543 | ||||||
3,037 | Cathay General Bancorp | 69,699 | ||||||
12,946 | CenterPoint Energy, Inc. | 200,016 | ||||||
5,106 | Central Pacific Financial Corp. | 81,185 | ||||||
54,849 | Cerner Corp. | 3,454,938 | ||||||
5,744 | Chemed Corp. | 2,488,301 | ||||||
5,174 | Church & Dwight Co., Inc. | 332,067 | ||||||
81,705 | Ciena Corp.* | 3,252,676 | ||||||
1,137 | Cintas Corp. | 196,951 | ||||||
56,657 | Cisco Systems, Inc. | 2,227,187 | ||||||
3,016 | CIT Group, Inc. | 52,056 | ||||||
3,045 | Citizens Financial Group, Inc. | 57,276 | ||||||
11,091 | Citrix Systems, Inc. | 1,569,931 | ||||||
17,148 | CNA Financial Corp.1 | 532,274 | ||||||
20,660 | Coca-Cola Co. | 914,205 | ||||||
6,289 | Colgate-Palmolive Co. | 417,338 | ||||||
5,731 | Columbia Sportswear Co.1 | 399,852 | ||||||
28,856 | Comcast Corp. - Class A | 992,069 | ||||||
1,144 | CommVault Systems, Inc.*1 | 46,309 | ||||||
3,163 | Computer Programs & Systems, Inc. | 70,377 | ||||||
4,675 | Comtech Telecommunications Corp. | 62,131 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
4,253 | Consolidated Edison, Inc. | $ | 331,734 | |||||
7,323 | Costco Wholesale Corp. | 2,088,007 | ||||||
2,322 | CSG Systems International, Inc. | 97,176 | ||||||
5,557 | Danaher Corp. | 769,144 | ||||||
1,582 | Deckers Outdoor Corp.*1 | 211,988 | ||||||
24,020 | Dolby Laboratories, Inc. - Class A | 1,302,124 | ||||||
2,095 | Dollar General Corp. | 316,366 | ||||||
2,153 | Dominion Energy, Inc. | 155,425 | ||||||
10,595 | DTE Energy Co. | 1,006,207 | ||||||
21,842 | Duke Energy Corp. | 1,766,581 | ||||||
14,037 | EchoStar Corp. - Class A*1 | 448,763 | ||||||
8,003 | Eli Lilly & Co. | 1,110,176 | ||||||
1,025 | Ellington Financial, Inc. | 5,853 | ||||||
11,726 | Encompass Health Corp. | 750,816 | ||||||
39,404 | Equity Commonwealth - REIT | 1,249,501 | ||||||
1,034 | ESSA Bancorp, Inc. | 14,114 | ||||||
37,931 | Evergy, Inc. | 2,088,102 | ||||||
78,729 | Exelon Corp. | 2,898,015 | ||||||
4,786 | Expeditors International of Washington, Inc. | 319,322 | ||||||
3,439 | F5 Networks, Inc.* | 366,701 | ||||||
15,135 | Fifth Third Bancorp | 224,755 | ||||||
2,314 | First Defiance Financial Corp. | 34,108 | ||||||
2,407 | First Financial Corp. | 81,164 | ||||||
2,520 | First Hawaiian, Inc. | 41,656 | ||||||
1,277 | First Northern Community Bancorp* | 10,840 | ||||||
4,320 | Flagstar Bancorp, Inc. | 85,666 | ||||||
17,400 | Flowers Foods, Inc.1 | 357,048 | ||||||
4,605 | FNB Corp. | 33,939 | ||||||
5,409 | FS KKR Capital Corp. | 16,227 | ||||||
2,395 | GCI Liberty, Inc.*1 | 136,443 | ||||||
1,700 | Genuine Parts Co. | 114,461 | ||||||
12,884 | Globe Life, Inc. | 927,262 | ||||||
3,236 | Graham Holdings Co. - Class B | 1,104,026 | ||||||
5,402 | Granite Point Mortgage Trust, Inc. - REIT1 | 27,388 | ||||||
1,321 | Hanger, Inc.* | 20,581 | ||||||
1,395 | Hanover Insurance Group, Inc. | 126,359 | ||||||
9,244 | HarborOne Bancorp, Inc.* | 69,607 | ||||||
16,538 | Hawaiian Electric Industries, Inc.1 | 711,961 | ||||||
2,896 | HCA Healthcare, Inc. | 260,206 | ||||||
4,781 | Herman Miller, Inc. | 106,138 |
24 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
3,702 | Hill-Rom Holdings, Inc. | $ | 372,421 | |||||
6,395 | Hilltop Holdings, Inc. | 96,692 | ||||||
972 | Hologic, Inc.* | 34,117 | ||||||
8,402 | Home Depot, Inc. | 1,568,738 | ||||||
1,892 | HomeStreet, Inc. | 42,059 | ||||||
2,055 | HomeTrust Bancshares, Inc. | 32,716 | ||||||
105,825 | Hormel Foods Corp.1 | 4,935,678 | ||||||
5,204 | Humana, Inc. | 1,634,160 | ||||||
2,501 | Independent Bank Corp. | 32,188 | ||||||
88,903 | Intel Corp. | 4,811,431 | ||||||
3,379 | Inter Parfums, Inc. | 156,617 | ||||||
823 | J&J Snack Foods Corp. | 99,583 | ||||||
21,650 | JM Smucker Co.1 | 2,403,150 | ||||||
1,416 | John B Sanfilippo & Son, Inc. | 126,590 | ||||||
476 | John Wiley & Sons, Inc. - Class A | 17,845 | ||||||
17,760 | Johnson & Johnson | 2,328,869 | ||||||
10,692 | JPMorgan Chase & Co. | 962,601 | ||||||
41,718 | Juniper Networks, Inc. | 798,483 | ||||||
6,138 | Kearny Financial Corp. | 52,725 | ||||||
6,973 | KKR Real Estate Finance Trust, Inc. - REIT1 | 104,665 | ||||||
4,672 | Laboratory Corp. of America Holdings* | 590,494 | ||||||
7,026 | Lancaster Colony Corp. | 1,016,240 | ||||||
3,770 | Liberty Media Corp.-Liberty SiriusXM* | 119,207 | ||||||
18,470 | Lincoln National Corp. | 486,130 | ||||||
464 | Loews Corp. | 16,161 | ||||||
3,060 | Macatawa Bank Corp. | 21,787 | ||||||
499 | Masimo Corp.* | 88,383 | ||||||
3,965 | Materion Corp. | 138,815 | ||||||
2,186 | MAXIMUS, Inc. | 127,225 | ||||||
421 | McCormick & Co., Inc. | 59,449 | ||||||
7,071 | McDonald’s Corp. | 1,169,190 | ||||||
33,909 | MDU Resources Group, Inc. | 729,044 | ||||||
1,711 | Mercantile Bank Corp. | 36,222 | ||||||
11,131 | Merck & Co., Inc. | 856,419 | ||||||
18,365 | MetLife, Inc. | 561,418 | ||||||
770 | Mettler-Toledo International, Inc.* | 531,693 | ||||||
20,167 | Microsoft Corp. | 3,180,537 | ||||||
375 | Monster Beverage Corp.* | 21,098 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
7,407 | Motorola Solutions, Inc. | $ | 984,538 | |||||
2,159 | Murphy USA, Inc.* | 182,133 | ||||||
3,418 | National HealthCare Corp. | 245,173 | ||||||
2,569 | National Instruments Corp. | 84,983 | ||||||
3,387 | Natus Medical, Inc.* | 78,341 | ||||||
1,052 | NBT Bancorp, Inc. | 34,074 | ||||||
8,808 | NetScout Systems, Inc.* | 208,485 | ||||||
7,433 | New Mountain Finance Corp.1 | 50,544 | ||||||
20,836 | Newmont Corp. | 943,454 | ||||||
26,591 | News Corp. | 238,654 | ||||||
211 | NextEra Energy, Inc. | 50,771 | ||||||
4,336 | NIKE, Inc. - Class B | 358,761 | ||||||
23,989 | Northwest Bancshares, Inc.1 | 277,553 | ||||||
319 | NorthWestern Corp. | 19,086 | ||||||
877 | NuVasive, Inc.* | 44,429 | ||||||
38 | NVR, Inc.* | 97,626 | ||||||
8,863 | Omnicom Group, Inc. | 486,579 | ||||||
318 | ONE Gas, Inc. | 26,591 | ||||||
3,598 | Oracle Corp. | 173,891 | ||||||
1,577 | Otter Tail Corp. | 70,113 | ||||||
1,935 | PCSB Financial Corp. | 27,071 | ||||||
744 | Peoples Bancorp, Inc. | 16,480 | ||||||
15,665 | PepsiCo, Inc. | 1,881,366 | ||||||
1,573 | Perdoceo Education Corp.* | 16,973 | ||||||
95,613 | Pfizer, Inc. | 3,120,809 | ||||||
14,475 | Pinnacle West Capital Corp. | 1,097,060 | ||||||
2,247 | PNC Financial Services Group, Inc. | 215,083 | ||||||
1,352 | Portland General Electric Co. | 64,815 | ||||||
8,902 | Prestige Consumer Healthcare, Inc.*1 | 326,525 | ||||||
16,386 | Procter & Gamble Co. | 1,802,460 | ||||||
5,430 | Progress Software Corp. | 173,760 | ||||||
11,329 | Provident Financial Services, Inc. | 145,691 | ||||||
11,699 | Prudential Financial, Inc. | 609,986 | ||||||
33,724 | Public Service Enterprise Group, Inc. | 1,514,545 | ||||||
2,934 | Public Storage - REIT | 582,722 | ||||||
797 | QCR Holdings, Inc. | 21,575 | ||||||
4,448 | Quest Diagnostics, Inc. | 357,174 | ||||||
12,984 | Radian Group, Inc. | 168,143 | ||||||
500 | Reading International, Inc.*1 | 1,945 | ||||||
214 | Reinsurance Group of America, Inc. | 18,006 |
25 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
7,545 | Reliance Steel & Aluminum Co. | $ | 660,867 | |||||
15,674 | Republic Services, Inc. | 1,176,490 | ||||||
2,143 | ResMed, Inc. | 315,643 | ||||||
12,590 | Ribbon Communications, Inc.* | 38,148 | ||||||
4,366 | Robert Half International, Inc. | 164,817 | ||||||
12,504 | Royal Gold, Inc. | 1,096,726 | ||||||
11,121 | Scholastic Corp. | 283,474 | ||||||
5,303 | Solar Capital Ltd.1 | 61,727 | ||||||
14,053 | Star Group LP | 108,208 | ||||||
39,232 | Starwood Property Trust, Inc. - REIT1 | 402,128 | ||||||
5,344 | Stryker Corp. | 889,723 | ||||||
1,160 | Sykes Enterprises, Inc.* | 31,459 | ||||||
7,363 | Synopsys, Inc.* | 948,281 | ||||||
1,536 | Target Corp. | 142,802 | ||||||
3,144 | Tech Data Corp.* | 411,392 | ||||||
6,539 | Telephone & Data Systems, Inc. | 109,594 | ||||||
21,912 | TJX Cos., Inc. | 1,047,613 | ||||||
28,836 | Tootsie Roll Industries, Inc.1 | 1,036,938 | ||||||
3,260 | Towne Bank/Portsmouth VA | 58,973 | ||||||
1,959 | Travelers Cos., Inc. | 194,627 | ||||||
13,632 | TrustCo Bank Corp. NY | 73,749 | ||||||
20,289 | U.S. Bancorp | 698,956 | ||||||
12,831 | Umpqua Holdings Corp.1 | 139,858 | ||||||
1,604 | United Community Banks, Inc. | 29,369 | ||||||
1,594 | Universal Corp. | 70,471 | ||||||
9,146 | Universal Health Services, Inc. - Class B | 906,186 | ||||||
22,793 | Unum Group | 342,123 | ||||||
5,137 | USANA Health Sciences, Inc.*1 | 296,713 | ||||||
1,802 | Varian Medical Systems, Inc.* | 184,993 | ||||||
18,909 | Verizon Communications, Inc. | 1,015,981 | ||||||
16,793 | Viavi Solutions, Inc.* | 188,250 | ||||||
4,836 | Visa, Inc. - Class A | 779,176 | ||||||
5,991 | Voya Financial, Inc. | 242,935 | ||||||
521 | W.R. Berkley Corp. | 27,181 | ||||||
58,837 | Walmart, Inc. | 6,685,060 | ||||||
10,847 | Washington Federal, Inc. | 281,588 | ||||||
7,851 | Waste Management, Inc. | 726,689 | ||||||
939 | WD-40 Co.1 | 188,598 | ||||||
2,132 | WEC Energy Group, Inc. | 187,893 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
34,736 | Werner Enterprises, Inc. | $ | 1,259,527 | |||||
130,852,560 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost 254,405,672) | 267,621,668 | |||||||
EXCHANGE-TRADED FUNDS — 21.9% | ||||||||
1,761,978 | iShares Core MSCI Emerging Markets ETF1 | 71,307,249 | ||||||
2,199,029 | iShares Edge MSCI Min Vol Emerging Markets ETF1 | 103,178,441 | ||||||
551,168 | iShares Edge MSCI Min Vol Global ETF1 | 44,280,837 | ||||||
161,342 | iShares MSCI ACWI ETF | 10,095,169 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost 256,028,746) | 228,861,696 | |||||||
OPEN-END MUTUAL FUND — 20.4% | ||||||||
10,310,458 | GMO Quality Fund - Class VI4 | 213,529,585 | ||||||
TOTAL OPEN-END MUTUAL FUND | ||||||||
(Cost 219,019,496) | 213,529,585 | |||||||
PREFERRED STOCK — 0.1% | ||||||||
GERMANY — 0.1% | ||||||||
25,551 | Porsche Automobil Holding S.E. | 1,068,043 | ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost 1,509,782) | 1,068,043 | |||||||
PRIVATE FUND — 12.3% | ||||||||
RIEF Strategic Partners Fund LLC* | 129,309,930 | |||||||
TOTAL PRIVATE FUND | ||||||||
(Cost 136,000,000) | 129,309,930 | |||||||
SHORT-TERM INVESTMENTS — 27.8% | ||||||||
COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 4.1% | ||||||||
Collateral Investments5 | 42,853,421 | |||||||
26 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of | Value | |||||||
SHORT-TERM INVESTMENTS (Continued) | ||||||||
MONEY MARKET FUNDS — 23.7% | ||||||||
247,941,693 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.96%6 | $ | 247,941,693 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost 290,782,896) | 290,795,114 | |||||||
TOTAL INVESTMENTS — 108.0% | ||||||||
(Cost 1,157,746,592) | 1,131,186,036 | |||||||
�� | Liabilities in excess of other assets — (8.0)% | (83,344,331 | ) | |||||
TOTAL NET ASSETS — 100.0% | $ | 1,047,841,705 |
* | 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 $46,717,021. |
2 | Rounds to less than 0.05%. |
3 | Comprised of securities in separate entities or units of stapled securities that must be traded together. |
4 | Global equity fund. |
5 | Please refer to Note 2, Securities Lending, in the Notes to Financial Statements. |
6 | The rate is the annualized seven-day yield at period end. |
ADR — American Depository Receipt
ETF — Exchange-Traded Fund
LLC — Limited Liability Company
LP — Limited Partnership
PLC — Public Limited Company
REIT — Real Estate Investment Trust
See accompanying Notes to Financial Statements.
27 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS — 69.1% | ||||||||
ALABAMA — 1.1% | ||||||||
$ | 500,000 | Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 05/4/20201 2 | $ | 471,275 | ||||
3,855,000 | Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221 | 3,935,145 | ||||||
500,000 | County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023 | 557,940 | ||||||
1,080,000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292 | 969,754 | ||||||
2,605,000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2,942,764 | ||||||
1,500,000 | Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/20251 | 1,561,755 | ||||||
Southeast Alabama Gas Supply District | ||||||||
1,000,000 | 4.00%, 06/1/2049, Call 03/1/20241 | 1,035,430 | ||||||
1,710,000 | 1.91% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20243 | 1,697,295 | ||||||
475,000 | Tuscaloosa County Industrial Development Authority, 4.50%, 05/1/2032, Call 05/1/20294 | 453,639 | ||||||
1,900,000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2,378,876 | ||||||
16,003,873 | ||||||||
ALASKA — 0.1% | ||||||||
1,200,000 | Alaska Industrial Development & Export Authority, 3.50%, 12/1/2020, Call 05/4/2020 | 1,201,512 | ||||||
ARIZONA — 1.8% | ||||||||
Arizona Health Facilities Authority | ||||||||
1,500,000 | 4.00%, 01/1/2043, Call 01/1/2022 | 1,526,340 | ||||||
500,000 | 5.00%, 02/1/2043, Call 02/1/2023 | 529,430 | ||||||
Arizona Industrial Development Authority | ||||||||
1,180,000 | 4.00%, 03/1/20274 | 1,152,777 | ||||||
530,000 | 5.00%, 07/1/2047, Call 07/1/20274 | 489,948 | ||||||
2,000,000 | Arizona State University, 5.00%, 07/1/2042, Call 07/1/2026 | 2,364,800 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ARIZONA (Continued) | ||||||||
$ | 230,000 | Cahava Springs Revitalization District, 0.00%, 07/1/2041, Call 07/1/2027*4 5 | $ | 190,461 | ||||
City of Mesa Utility System Revenue | ||||||||
250,000 | 5.00%, 07/1/2034, Call 07/1/2028 | 311,938 | ||||||
2,000,000 | 5.00%, 07/1/2035, Call 07/1/2029 | 2,541,360 | ||||||
City of Phoenix Civic Improvement Corp. | ||||||||
2,000,000 | 5.00%, 07/1/2038, Call 07/1/2028 | 2,472,620 | ||||||
1,000,000 | 4.00%, 07/1/2045, Call 07/1/2029 | 1,082,480 | ||||||
1,500,000 | County of Pima, 4.00%, 07/1/2023 | 1,632,630 | ||||||
699,000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20254 | 656,074 | ||||||
Industrial Development Authority of the City of Phoenix | ||||||||
375,000 | 7.00%, 07/1/2022, Call 07/1/2020 | 380,333 | ||||||
645,000 | 5.00%, 10/1/2036, Call 10/1/2026 | 741,479 | ||||||
1,000,000 | 5.00%, 06/1/2042, Call 06/1/2022 | 1,042,230 | ||||||
Industrial Development Authority of the County of Pima | ||||||||
285,000 | 7.00%, 01/1/2022 | 282,432 | ||||||
500,000 | 6.75%, 03/1/2034, Call 03/1/2024 | 501,660 | ||||||
340,000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20224 | 341,629 | ||||||
1,000,000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20274 | 930,590 | ||||||
Maricopa County Industrial Development Authority | ||||||||
500,000 | 2.88%, 07/1/20214 | 491,955 | ||||||
120,000 | 5.00%, 07/1/2039, Call 07/1/20294 | 116,951 | ||||||
2,000,000 | Mohave County Unified School District No. 20 Kingman, BAM, 5.00%, 07/1/2025 | 2,323,560 | ||||||
740,000 | Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022 | 783,815 | ||||||
1,975,000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2,300,421 | ||||||
785,000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 869,395 | ||||||
26,057,308 |
28 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ARKANSAS — 0.1% | ||||||||
$ | 2,250,000 | Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 4 | $ | 2,026,125 | ||||
CALIFORNIA — 5.8% | ||||||||
1,000,000 | Bay Area Toll Authority, 5.96% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20263 | 1,048,440 | ||||||
California Community Housing Agency | ||||||||
1,000,000 | 5.00%, 08/1/2049, Call 08/1/20294 | 1,011,080 | ||||||
545,000 | 5.00%, 02/1/2050, Call 02/1/20304 | 551,295 | ||||||
1,000,000 | California County Tobacco Securitization Agency, 5.13%, 06/1/2038, Call 05/4/2020 | 1,000,240 | ||||||
California Health Facilities Financing Authority | ||||||||
155,000 | 5.00%, 08/15/2036, Call 08/15/2027 | 185,109 | ||||||
3,000,000 | 5.00%, 11/15/2048, Call 11/15/2027 | 3,555,030 | ||||||
5,000,000 | 4.00%, 08/15/2050, Call 08/15/2030 | 5,505,450 | ||||||
California Municipal Finance Authority | ||||||||
200,000 | 6.63%, 01/1/2032, Call 01/1/20224 | 203,146 | ||||||
500,000 | 7.00%, 06/1/2034, Call 06/1/2022 | 536,690 | ||||||
500,000 | 5.75%, 10/1/2034, Call 10/1/2021 | 504,010 | ||||||
905,000 | 5.00%, 10/1/2035, Call 10/1/2022 | 900,176 | ||||||
1,000,000 | 5.00%, 02/1/2037, Call 02/1/2027 | 1,124,420 | ||||||
50,000 | 5.00%, 10/1/2039, Call 10/1/20274 | 48,132 | ||||||
850,000 | 5.00%, 06/1/2046, Call 06/1/2026 | 890,299 | ||||||
1,000,000 | California Municipal Finance Authority, AGM, 4.00%, 12/31/2047, Call 06/30/20282 | 1,038,470 | ||||||
California Pollution Control Financing Authority | ||||||||
1,000,000 | 5.00%, 07/1/2037, Call 07/1/20222 4 | 1,003,290 | ||||||
650,000 | 7.50%, 12/1/2039, Call 12/1/20292 4 | 149,500 | ||||||
California School Finance Authority | ||||||||
700,000 | 5.00%, 08/1/2036, Call 08/1/20254 | 736,519 | ||||||
1,250,000 | 5.00%, 06/1/2040, Call 06/1/20274 | 1,267,187 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 1,000,000 | 5.00%, 08/1/2041, Call 08/1/20254 | $ | 1,047,680 | ||||
500,000 | 5.00%, 10/1/2042, Call 10/1/20224 | 513,630 | ||||||
350,000 | 6.75%, 11/1/2045, Call 11/1/20244 | 358,530 | ||||||
1,000,000 | California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024 | 1,132,020 | ||||||
California Statewide Communities Development Authority | ||||||||
435,000 | 5.25%, 12/1/2043, Call 06/1/20284 | 474,829 | ||||||
2,005,000 | 5.25%, 12/1/2044, Call 12/1/2024 | 2,137,250 | ||||||
1,000,000 | 5.50%, 12/1/2054, Call 12/1/2024 | 1,068,060 | ||||||
850,000 | California Statewide Communities Development Authority, AGM, 5.25%, 10/1/2043, Call 10/1/2024 | 957,661 | ||||||
640,000 | City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232 | 688,262 | ||||||
200,000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 215,260 | ||||||
City of Lathrop | ||||||||
500,000 | 5.00%, 09/2/2040, Call 09/2/2025 | 542,090 | ||||||
1,000,000 | 5.60%, 09/1/2049, Call 09/1/2026 | 1,013,020 | ||||||
1,000,000 | City of Los Angeles Department of Airports, 5.00%, 05/15/2047, Call 05/15/20272 | 1,141,650 | ||||||
320,000 | Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021 | 338,006 | ||||||
1,000,000 | County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028 | 1,200,720 | ||||||
700,000 | County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024 | 714,259 | ||||||
Foothill-Eastern Transportation Corridor Agency, AGM | ||||||||
2,000,000 | 0.00%, 01/15/2035 | 1,369,900 | ||||||
1,000,000 | 5.00%, 01/15/2042, Call 01/15/2024 | 1,115,320 | ||||||
Golden State Tobacco Securitization Corp. | ||||||||
2,000,000 | 5.30%, 06/1/2037, Call 06/1/2022 | 2,006,320 | ||||||
3,435,000 | 5.25%, 06/1/2047, Call 06/1/2022 | 3,367,021 | ||||||
1,000,000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1,061,610 |
29 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 1,000,000 | Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024 | $ | 1,138,570 | ||||
1,000,000 | Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022 | 1,042,190 | ||||||
500,000 | Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021 | 537,955 | ||||||
300,000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 415,515 | ||||||
National City Community Development Commission | ||||||||
500,000 | 5.75%, 08/1/2021 | 531,375 | ||||||
500,000 | 7.00%, 08/1/2032, Call 08/1/2021 | 539,000 | ||||||
240,000 | Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022 | 250,514 | ||||||
5,000,000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3,764,650 | ||||||
2,000,000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 2,366,760 | ||||||
1,000,000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023 | 1,100,200 | ||||||
2,000,000 | Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026 | 2,284,360 | ||||||
695,000 | Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024 | 804,421 | ||||||
2,500,000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 3,145,050 | ||||||
1,855,000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1,876,629 | ||||||
1,000,000 | San Diego Association of Governments South Bay Expressway Revenue, 5.00%, 07/1/2042, Call 07/1/2027 | 1,185,840 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport | ||||||||
2,500,000 | 5.00%, 05/1/2039, Call 05/1/20292 | 2,927,975 | ||||||
2,500,000 | 5.00%, 05/1/2046, Call 05/1/20262 | 2,771,700 | ||||||
2,000,000 | 5.00%, 05/1/2047, Call 05/1/2027 | 2,349,320 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 1,000,000 | San Francisco City & County Redevelopment Agency, 6.63%, 08/1/2041, Call 02/1/2021 | $ | 1,045,530 | ||||
2,100,000 | San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025 | 2,232,846 | ||||||
475,000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 286,501 | ||||||
500,000 | San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022 | 536,570 | ||||||
965,000 | San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024 | 1,111,140 | ||||||
Santa Ana Financing Authority, NATL-RE | ||||||||
500,000 | 6.25%, 07/1/2024 | 554,455 | ||||||
500,000 | 6.25%, 07/1/2024 | 557,660 | ||||||
450,000 | Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021 | 474,444 | ||||||
1,000,000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024 | 1,084,650 | ||||||
Southern California Public Power Authority | ||||||||
565,000 | 5.00%, 11/1/2029 | 670,101 | ||||||
1,390,000 | 5.00%, 11/1/2033 | 1,665,512 | ||||||
1,500,000 | State of California, 5.00%, 04/1/2028 | 1,906,365 | ||||||
1,000,000 | Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022 | 1,064,360 | ||||||
100,000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20274 | 103,049 | ||||||
1,000,000 | Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021 | 1,067,140 | ||||||
87,113,928 | ||||||||
COLORADO — 2.9% | ||||||||
500,000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024 | 481,780 | ||||||
Cathedral Pines Metropolitan District | ||||||||
580,000 | 5.00%, 12/1/2031, Call 12/1/2026 | 595,492 |
30 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
$ | 2,005,000 | 5.00%, 12/1/2046, Call 12/1/2026 | $ | 2,024,087 | ||||
Central Platte Valley Metropolitan District | ||||||||
625,000 | 5.63%, 12/1/2038, Call 12/1/2023 | 667,269 | ||||||
500,000 | 5.00%, 12/1/2043, Call 12/1/2023 | 506,475 | ||||||
2,000,000 | City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282 | 2,356,480 | ||||||
500,000 | City Center West Residential Metropolitan District, 6.25%, 12/1/2044, Call 05/4/2020 | 443,925 | ||||||
Colorado Educational & Cultural Facilities Authority | ||||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2025 | 550,420 | ||||||
550,000 | 4.75%, 04/1/2030, Call 04/1/2022 | 563,453 | ||||||
1,000,000 | 6.00%, 12/15/2037, Call 12/15/2024 | 956,860 | ||||||
460,000 | 5.00%, 10/1/2039, Call 10/1/20274 | 458,864 | ||||||
600,000 | 6.25%, 11/1/2040, Call 11/1/2020 | 606,474 | ||||||
Colorado Educational & Cultural Facilities Authority, MORAL OBLG | ||||||||
100,000 | 5.00%, 08/15/2034, Call 08/15/2024 | 110,131 | ||||||
500,000 | 4.00%, 10/1/2039, Call 10/1/2024 | 518,295 | ||||||
500,000 | 5.13%, 12/1/2039, Call 05/4/2020 | 499,985 | ||||||
1,000,000 | Colorado Educational & Cultural Facilities Authority, NATL, 5.25%, 03/1/2025 | 1,155,060 | ||||||
Colorado Health Facilities Authority | ||||||||
500,000 | 5.00%, 01/15/2035, Call 01/15/2026 | 593,100 | ||||||
500,000 | 5.00%, 06/1/2036, Call 06/1/2027 | 625,760 | ||||||
500,000 | 8.00%, 08/1/2043, Call 02/1/2024 | 530,905 | ||||||
1,295,000 | 5.00%, 08/1/2044, Call 08/1/2029 | 1,399,377 | ||||||
2,000,000 | 5.00%, 05/15/2045, Call 05/15/2025 | 2,249,200 | ||||||
2,000,000 | 4.00%, 08/1/2049, Call 08/1/2029 | 1,976,340 | ||||||
500,000 | Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024 | 510,330 | ||||||
500,000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024 | 467,865 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
Denver Convention Center Hotel Authority | ||||||||
$ | 500,000 | 5.00%, 12/1/2034, Call 12/1/2026 | $ | 508,190 | ||||
550,000 | 5.00%, 12/1/2040, Call 12/1/2026 | 552,211 | ||||||
�� | 1,470,000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023 | 1,602,506 | |||||
250,000 | Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020 | 253,337 | ||||||
1,000,000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 479,090 | ||||||
E-470 Public Highway Authority, NATL-RE | ||||||||
320,000 | 0.00%, 09/1/2028, Call 09/1/2020 | 202,794 | ||||||
480,000 | 0.00%, 09/1/2030 | 363,667 | ||||||
2,000,000 | Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028 | 2,537,680 | ||||||
1,010,000 | Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022 | 1,034,432 | ||||||
750,000 | Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024 | 717,352 | ||||||
1,790,000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 2,130,870 | ||||||
4,147 | Mount Carbon Metropolitan District, 7.00%, 06/1/2043 | 4,147 | ||||||
1,010,000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 1,168,812 | ||||||
1,000,000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024 | 924,460 | ||||||
1,080,000 | Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020 | 1,111,828 | ||||||
425,000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 508,576 | ||||||
Regional Transportation District | ||||||||
1,000,000 | 6.00%, 01/15/2041, Call 07/15/2020 | 1,006,120 | ||||||
4,000,000 | 5.00%, 11/1/2041, Call 11/1/2026 | 4,751,280 | ||||||
289,000 | Southglenn Metropolitan District, 3.00%, 12/1/2021 | 284,428 |
31 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
$ | 125,000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | $ | 142,609 | ||||
575,000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 584,326 | ||||||
1,000,000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1,203,490 | ||||||
42,920,132 | ||||||||
CONNECTICUT — 0.1% | ||||||||
500,000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 05/4/20202 | 465,175 | ||||||
90,000 | Connecticut State Health & Educational Facility Authority, 5.00%, 07/1/2037, Call 07/1/2027 | 102,948 | ||||||
1,000,000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20274 | 1,048,690 | ||||||
1,616,813 | ||||||||
DELAWARE — 0.3% | ||||||||
Delaware State Economic Development Authority | ||||||||
1,000,000 | 6.75%, 09/1/2035, Call 03/1/20254 | 1,030,590 | ||||||
900,000 | 5.00%, 08/1/2049, Call 08/1/2029 | 960,129 | ||||||
1,500,000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025 | 1,698,795 | ||||||
3,689,514 | ||||||||
DISTRICT OF COLUMBIA — 1.1% | ||||||||
District of Columbia | ||||||||
1,000,000 | 4.00%, 04/1/2033, Call 04/1/2026 | 1,093,780 | ||||||
1,500,000 | 5.00%, 06/1/2041, Call 06/1/2026 | 1,783,635 | ||||||
2,000,000 | District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028 | 2,444,480 | ||||||
Metropolitan Washington Airports Authority | ||||||||
1,000,000 | 5.00%, 10/1/2032, Call 10/1/20282 | 1,195,380 | ||||||
1,520,000 | 4.00%, 10/1/2036, Call 10/1/20262 | 1,618,253 | ||||||
1,820,000 | 5.00%, 10/1/2042, Call 10/1/20272 | 2,091,125 | ||||||
655,000 | 5.00%, 10/1/2044, Call 10/1/20242 | 720,795 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | ||||||||
750,000 | 4.00%, 10/1/2035, Call 10/1/2029 | 786,067 | ||||||
3,130,000 | 4.00%, 10/1/2044, Call 10/1/2029 | 3,208,626 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
DISTRICT OF COLUMBIA (Continued) | ||||||||
$ | 1,000,000 | Washington Convention & Sports Authority, 5.00%, 10/1/2030, Call 10/1/2027 | $ | 1,161,380 | ||||
16,103,521 | ||||||||
FLORIDA — 5.2% | ||||||||
1,335,000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024 | 1,483,759 | ||||||
915,000 | Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022 | 962,809 | ||||||
870,000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023 | 876,490 | ||||||
100,000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 107,561 | ||||||
1,350,000 | Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 05/4/2020 | 1,337,459 | ||||||
Capital Trust Agency, Inc. | ||||||||
500,000 | 4.38%, 06/15/20274 | 497,075 | ||||||
760,000 | 5.35%, 07/1/2029, Call 07/1/2020 | 765,426 | ||||||
95,000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 101,479 | ||||||
500,000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023 | 524,865 | ||||||
City of Lakeland | ||||||||
540,000 | 5.00%, 09/1/2037, Call 09/1/2022 | 566,735 | ||||||
2,435,000 | 5.00%, 11/15/2045, Call 11/15/2024 | 2,742,516 | ||||||
1,000,000 | City of Tampa, 5.00%, 05/1/2037, Call 05/1/2028 | 1,236,780 | ||||||
500,000 | County of Bay, 5.00%, 09/1/2043, Call 09/1/2023 | 524,770 | ||||||
1,000,000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252 | 1,124,550 | ||||||
1,000,000 | County of Broward Port Facilities Revenue, 4.00%, 09/1/2039, Call 09/1/20292 | 1,118,810 | ||||||
2,350,000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2,746,375 | ||||||
1,500,000 | County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026 | 1,773,330 |
32 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 1,740,000 | County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2033, Call 10/1/20242 | $ | 1,915,566 | ||||
County of Palm Beach | ||||||||
3,000,000 | 5.00%, 05/1/2028, Call 05/1/2026 | 3,620,190 | ||||||
175,000 | 5.00%, 04/1/2039, Call 04/1/20294 | 177,917 | ||||||
65,000 | Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021 | 64,767 | ||||||
Florida Development Finance Corp. | ||||||||
750,000 | 6.25%, 07/1/2034, Call 07/1/2024 | 762,180 | ||||||
2,000,000 | 7.63%, 06/15/2041, Call 06/15/2021 | 2,152,940 | ||||||
500,000 | 8.50%, 06/15/2044, Call 06/15/2023 | 553,560 | ||||||
825,000 | 6.13%, 06/15/2046, Call 06/15/20254 | 846,953 | ||||||
5,000,000 | 6.50%, 01/1/2049, Call 05/4/20201 2 4 | 4,421,650 | ||||||
500,000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20284 | 479,475 | ||||||
1,000,000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022 | 1,088,030 | ||||||
500,000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024 | 512,345 | ||||||
Greater Orlando Aviation Authority | ||||||||
1,000,000 | 5.00%, 11/15/2036, Call 05/15/20232 | 972,450 | ||||||
1,665,000 | 5.00%, 10/1/2046, Call 10/1/20262 | 1,851,513 | ||||||
1,000,000 | Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026 | 1,179,640 | ||||||
2,000,000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282 | 2,288,160 | ||||||
2,000,000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2,428,020 | ||||||
8,000,000 | JEA Electric System Revenue, 4.11%, 10/1/2034, Call 04/3/20201 | 8,000,000 | ||||||
Lake Ashton Community Development District | ||||||||
125,000 | 5.00%, 05/1/2025 | 125,106 | ||||||
405,000 | 5.00%, 05/1/2037, Call 05/1/2025 | 389,679 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 1,675,000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025 | $ | 1,700,092 | ||||
Lee County Industrial Development Authority | ||||||||
100,000 | 5.75%, 06/15/2042, Call 06/15/2022 | 97,905 | ||||||
3,000,000 | 5.00%, 11/15/2049, Call 11/15/2026 | 3,158,430 | ||||||
2,000,000 | Lee Memorial Health System, 5.00%, 04/1/2044, Call 04/1/2029 | 2,340,980 | ||||||
910,000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 925,789 | ||||||
Mediterra South Community Development District | ||||||||
90,000 | 5.10%, 05/1/2031, Call 05/1/2022 | 95,728 | ||||||
385,000 | 5.00%, 05/1/2034, Call 05/1/2023 | 361,257 | ||||||
Miami Beach Health Facilities Authority | ||||||||
1,500,000 | 4.25%, 11/15/2034, Call 05/4/2020 | 1,527,915 | ||||||
1,000,000 | 5.00%, 11/15/2039, Call 11/15/2024 | 1,071,230 | ||||||
Miami-Dade County Industrial Development Authority | ||||||||
630,000 | 5.00%, 09/15/2034, Call 09/15/2024 | 671,063 | ||||||
320,000 | 5.25%, 09/15/2044, Call 09/15/2024 | 339,229 | ||||||
105,000 | 5.00%, 09/15/2044, Call 09/15/20274 | 112,610 | ||||||
Palm Beach County Health Facilities Authority | ||||||||
525,000 | 6.75%, 06/1/2024, Call 06/1/2022 | 552,237 | ||||||
850,000 | 5.00%, 12/1/2031, Call 12/1/2024 | 974,831 | ||||||
500,000 | 5.00%, 11/1/2043, Call 11/1/2022 | 532,015 | ||||||
750,000 | Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021 | 786,390 | ||||||
680,000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 809,989 | ||||||
1,500,000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1,772,100 |
33 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 1,000,000 | Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028 | $ | 1,208,880 | ||||
South Miami Health Facilities Authority | ||||||||
900,000 | 5.00%, 08/15/2042, Call 08/15/2027 | 1,034,712 | ||||||
1,650,000 | 5.00%, 08/15/2047, Call 08/15/2027 | 1,888,409 | ||||||
100,000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 108,920 | ||||||
2,000,000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2,211,800 | ||||||
135,000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20284 | 152,038 | ||||||
495,000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023 | 502,311 | ||||||
77,257,790 | ||||||||
GEORGIA — 2.0% | ||||||||
1,000,000 | Appling County Development Authority, 2.40%, 01/1/20381 | 1,000,000 | ||||||
Burke County Development Authority | ||||||||
1,500,000 | 2.05%, 10/1/20321 | 1,496,415 | ||||||
500,000 | 2.25%, 10/1/20321 | 492,165 | ||||||
1,000,000 | 4.13%, 11/1/2045, Call 02/1/2028 | 1,072,610 | ||||||
1,000,000 | 3.00%, 11/1/20451 | 1,006,360 | ||||||
Fulton County Development Authority | ||||||||
500,000 | 5.00%, 04/1/2037, Call 04/1/2027 | 594,290 | ||||||
1,000,000 | 6.50%, 04/1/2043, Call 04/1/2023 | 1,000,530 | ||||||
9,000,000 | Gainesville & Hall County Hospital Authority, 7.30%, 02/15/20471 | 9,000,000 | ||||||
130,000 | Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 06/1/2020 | 130,416 | ||||||
1,100,000 | Georgia Municipal Association, Inc., 4.00%, 12/1/2024 | 1,234,409 | ||||||
500,000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20274 | 481,800 | ||||||
1,470,000 | Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029 | 1,611,590 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
GEORGIA (Continued) | ||||||||
$ | 500,000 | Medical Center Hospital Authority, AGM, 5.00%, 08/1/2041, Call 08/1/2020 | $ | 506,390 | ||||
665,000 | Municipal Electric Authority of Georgia, 5.00%, 01/1/2038, Call 07/1/2028 | 758,905 | ||||||
5,000,000 | Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/20211 | 4,997,350 | ||||||
1,695,000 | Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024 | 1,828,464 | ||||||
600,000 | Thomasville Hospital Authority, 5.25%, 11/1/2035, Call 11/2/2020 | 614,574 | ||||||
2,500,000 | Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021 | 2,644,400 | ||||||
30,470,668 | ||||||||
GUAM — 0.1% | ||||||||
Guam Government Waterworks Authority | ||||||||
500,000 | 5.25%, 07/1/2033, Call 07/1/2023 | 511,990 | ||||||
1,000,000 | 5.00%, 07/1/2035, Call 07/1/2024 | 1,013,750 | ||||||
1,525,740 | ||||||||
HAWAII — 0.3% | ||||||||
500,000 | Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022 | 532,200 | ||||||
2,800,000 | State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028 | 3,406,760 | ||||||
1,000,000 | State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282 | 1,106,050 | ||||||
5,045,010 | ||||||||
IDAHO — 0.2% | ||||||||
Idaho Health Facilities Authority | ||||||||
300,000 | 4.38%, 07/1/2034, Call 07/1/20244 | 319,539 | ||||||
1,040,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,207,045 | ||||||
Idaho Housing & Finance Association | ||||||||
250,000 | 6.00%, 06/1/2038, Call 05/4/2020 | 250,252 | ||||||
370,000 | 6.00%, 07/1/2039, Call 07/1/20284 | 405,720 | ||||||
415,000 | 6.00%, 07/1/2049, Call 07/1/20284 | 448,553 | ||||||
565,000 | 6.00%, 07/1/2054, Call 07/1/20284 | 608,686 | ||||||
3,239,795 |
34 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS — 6.6% | ||||||||
Chicago Board of Education | ||||||||
$ | 1,000,000 | 5.00%, 12/1/2021 | $ | 1,011,180 | ||||
100,000 | 5.75%, 04/1/2034, Call 04/1/2027 | 107,209 | ||||||
1,000,000 | 6.10%, 04/1/2036, Call 04/1/2027 | 1,087,350 | ||||||
180,000 | 5.00%, 04/1/2037, Call 04/1/2027 | 183,114 | ||||||
500,000 | 5.00%, 04/1/2038, Call 04/1/2028 | 507,980 | ||||||
500,000 | 5.25%, 12/1/2039, Call 12/1/2024 | 506,150 | ||||||
575,000 | 5.00%, 12/1/2042, Call 12/1/2022 | 573,378 | ||||||
1,950,000 | 7.00%, 12/1/2044, Call 12/1/2025 | 2,142,543 | ||||||
1,100,000 | 6.00%, 04/1/2046, Call 04/1/2027 | 1,169,839 | ||||||
1,000,000 | Chicago Board of Education, NATL, 0.00%, 12/1/2022 | 916,570 | ||||||
Chicago O’Hare International Airport | ||||||||
500,000 | 5.00%, 07/1/2033, Call 07/1/20282 | 554,570 | ||||||
2,500,000 | 5.00%, 01/1/2046, Call 01/1/2025 | 2,742,375 | ||||||
680,000 | Chicago Park District, 5.00%, 11/15/2024 | 747,687 | ||||||
Chicago Transit Authority | ||||||||
475,000 | 5.25%, 12/1/2030, Call 12/1/2021 | 502,132 | ||||||
2,500,000 | 5.00%, 12/1/2046, Call 12/1/2026 | 2,746,275 | ||||||
City of Chicago | ||||||||
1,000,000 | 4.84%, 04/15/2028, Call 01/16/20234 | 992,970 | ||||||
1,000,000 | 5.00%, 01/1/2030 | 1,040,030 | ||||||
1,000,000 | 5.25%, 01/1/2035, Call 01/1/2021 | 980,020 | ||||||
1,000,000 | 5.50%, 01/1/2035, Call 01/1/2025 | 1,039,640 | ||||||
2,380,000 | 6.00%, 01/1/2038, Call 01/1/2027 | 2,559,357 | ||||||
500,000 | 5.50%, 01/1/2040, Call 01/1/2025 | 515,990 | ||||||
900,000 | 5.00%, 01/1/2041, Call 01/1/2022 | 960,885 | ||||||
1,000,000 | City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024 | 1,006,550 | ||||||
City of Chicago Wastewater Transmission Revenue | ||||||||
665,000 | 5.00%, 01/1/2034, Call 01/1/2025 | 755,107 | ||||||
3,000,000 | 5.00%, 01/1/2039, Call 01/1/2024 | 3,281,010 | ||||||
1,000,000 | City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024 | 1,147,690 | ||||||
County of Cook | ||||||||
1,000,000 | 5.25%, 11/15/2022, Call 11/15/2020 | 1,009,620 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
$ | 2,000,000 | 5.25%, 11/15/2033, Call 11/15/2020 | $ | 2,015,060 | ||||
1,500,000 | 6.75%, 10/15/2040, Call 10/15/20201 | 1,528,050 | ||||||
Illinois Educational Facilities Authority | ||||||||
2,000,000 | 4.50%, 11/1/2036, Call 11/1/2024 | 2,185,280 | ||||||
570,000 | 3.90%, 11/1/2036, Call 11/1/2027 | 634,473 | ||||||
Illinois Finance Authority | ||||||||
700,000 | 5.00%, 08/1/2026 | 764,274 | ||||||
235,000 | 5.00%, 08/15/2026, Call 08/15/2020 | 238,358 | ||||||
465,000 | 5.00%, 08/15/2026, Call 08/15/2020 | 471,264 | ||||||
425,000 | 5.00%, 08/1/2027 | 467,547 | ||||||
500,000 | 5.00%, 08/1/2028, Call 08/1/2027 | 548,045 | ||||||
2,135,000 | 5.00%, 03/1/2031, Call 03/1/2027 | 2,532,153 | ||||||
600,000 | 5.75%, 10/1/2032, Call 10/1/2022 | 626,604 | ||||||
670,000 | 5.00%, 03/1/2033, Call 03/1/2027 | 790,010 | ||||||
1,000,000 | 5.00%, 08/1/2033, Call 08/1/2024 | 1,159,420 | ||||||
315,000 | 5.00%, 02/15/2034, Call 02/15/2027 | 358,193 | ||||||
500,000 | 5.00%, 03/1/2034, Call 03/1/2027 | 587,805 | ||||||
2,000,000 | 4.00%, 07/1/2034, Call 01/1/2026 | 2,202,480 | ||||||
225,000 | 5.00%, 02/15/2037, Call 08/15/2027 | 245,912 | ||||||
1,695,000 | 4.00%, 07/1/2038, Call 07/1/2029 | 1,950,284 | ||||||
550,000 | 5.00%, 09/1/2042, Call 09/1/2024 | 619,536 | ||||||
1,925,000 | 5.00%, 09/1/2046, Call 09/1/2026 | 2,153,651 | ||||||
2,100,000 | 5.00%, 02/15/2047, Call 08/15/2027 | 2,255,127 | ||||||
1,135,000 | 4.00%, 06/1/2047, Call 06/1/2022 | 1,204,678 | ||||||
655,000 | 4.00%, 06/1/2047, Call 06/1/2022 | 676,923 | ||||||
1,000,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,048,690 | ||||||
1,000,000 | 6.00%, 10/1/2048, Call 10/1/2022 | 1,039,070 | ||||||
485,000 | Illinois Sports Facilities Authority, 5.00%, 06/15/2021 | 503,784 | ||||||
1,000,000 | Illinois Sports Facilities Authority, AGM, 5.25%, 06/15/2032, Call 06/15/2024 | 1,138,990 | ||||||
1,000,000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1,200,560 |
35 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
Metropolitan Pier & Exposition Authority | ||||||||
$ | 2,355,000 | 5.00%, 06/15/2050, Call 12/15/2029 | $ | 2,321,842 | ||||
530,000 | 5.00%, 06/15/2057, Call 12/15/2027 | 520,296 | ||||||
Metropolitan Pier & Exposition Authority, NATL | ||||||||
1,000,000 | 0.00%, 06/15/2029 | 757,530 | ||||||
3,300,000 | 0.00%, 12/15/2030 | 2,360,391 | ||||||
1,600,000 | Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022 | 1,613,152 | ||||||
1,905,000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 2,189,531 | ||||||
500,000 | Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022 | 513,255 | ||||||
Railsplitter Tobacco Settlement Authority | ||||||||
780,000 | 5.25%, 06/1/2021 | 813,002 | ||||||
3,000,000 | 5.00%, 06/1/2024 | 3,401,490 | ||||||
1,000,000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1,089,150 | ||||||
Sales Tax Securitization Corp. | ||||||||
2,000,000 | 5.00%, 01/1/2034, Call 01/1/2028 | 2,283,400 | ||||||
500,000 | 4.00%, 01/1/2038, Call 01/1/2030 | 517,425 | ||||||
1,000,000 | Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023 | 1,203,520 | ||||||
State of Illinois | ||||||||
1,000,000 | 5.00%, 11/1/2022 | 1,029,350 | ||||||
500,000 | 5.00%, 03/1/2024, Call 03/1/2022 | 511,195 | ||||||
1,000,000 | 5.00%, 11/1/2025 | 1,056,210 | ||||||
1,500,000 | 5.50%, 07/1/2026, Call 07/1/2023 | 1,568,100 | ||||||
1,000,000 | 5.00%, 11/1/2027 | 1,042,120 | ||||||
1,000,000 | 5.00%, 05/1/2028, Call 05/1/2024 | 1,025,900 | ||||||
2,000,000 | 3.00%, 06/15/2033, Call 06/15/2026 | 1,646,920 | ||||||
500,000 | 5.00%, 03/1/2037, Call 03/1/2022 | 502,455 | ||||||
1,000,000 | 4.25%, 12/1/2037, Call 12/1/2027 | 950,340 | ||||||
1,500,000 | 5.00%, 02/1/2039, Call 02/1/2024 | 1,509,735 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
$ | 105,000 | State of Illinois, AMBAC, 6.25%, 12/15/2020 | $ | 107,283 | ||||
2,000,000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2,012,780 | ||||||
615,000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20274 | 584,797 | ||||||
Will County Community High School District No. 210 Lincoln-Way | ||||||||
550,000 | 0.00%, 01/1/2031 | 402,451 | ||||||
250,000 | 0.00%, 01/1/2032 | 176,505 | ||||||
1,350,000 | Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024 | 1,245,955 | ||||||
1,000,000 | Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023 | 1,080,020 | ||||||
830,000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025 | 753,598 | ||||||
98,723,140 | ||||||||
INDIANA — 1.0% | ||||||||
1,820,000 | Ball State University, 5.00%, 07/1/2036, Call 07/1/2028 | 2,251,522 | ||||||
1,000,000 | City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222 | 913,710 | ||||||
Indiana Finance Authority | ||||||||
710,000 | 6.00%, 12/1/2026, Call 06/1/2020 | 642,713 | ||||||
2,000,000 | 5.00%, 02/1/2030, Call 02/1/2028 | 2,531,340 | ||||||
3,000,000 | 4.00%, 11/1/2033, Call 11/1/2027 | 3,399,750 | ||||||
1,340,000 | Indiana Municipal Power Agency, 5.00%, 01/1/2036, Call 07/1/2026 | 1,596,489 | ||||||
1,000,000 | Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/1/2049, Call 02/1/2029 | 1,197,030 | ||||||
1,960,000 | Michigan City School Building Corp., 5.00%, 01/15/2025 | 2,244,710 | ||||||
500,000 | Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232 | 521,465 | ||||||
15,298,729 | ||||||||
IOWA — 0.4% | ||||||||
Iowa Finance Authority | ||||||||
1,000,000 | 5.25%, 12/1/2025, Call 12/1/2023 | 1,023,650 | ||||||
2,520,000 | 4.75%, 08/1/2042, Call 08/1/2022 | 2,636,323 |
36 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
IOWA (Continued) | ||||||||
$ | 500,000 | Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021 | $ | 518,030 | ||||
Iowa Tobacco Settlement Authority | ||||||||
800,000 | 5.60%, 06/1/2034, Call 05/4/2020 | 791,152 | ||||||
410,000 | 5.38%, 06/1/2038, Call 05/4/2020 | 402,198 | ||||||
500,000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261 | 549,950 | ||||||
5,921,303 | ||||||||
KENTUCKY — 0.8% | ||||||||
Kentucky Economic Development Finance Authority | ||||||||
200,000 | 5.00%, 06/1/2037, Call 06/1/2027 | 222,360 | ||||||
2,600,000 | 5.00%, 01/1/2045, Call 07/1/2025 | 2,597,036 | ||||||
1,350,000 | 5.00%, 06/1/2045, Call 06/1/2027 | 1,444,581 | ||||||
765,000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 918,941 | ||||||
Kentucky Public Energy Authority | ||||||||
2,600,000 | 4.00%, 01/1/2049, Call 10/1/20241 | 2,604,602 | ||||||
1,950,000 | 4.00%, 12/1/2049, Call 03/1/20251 | 2,032,543 | ||||||
1,500,000 | 4.00%, 02/1/2050, Call 11/1/20271 | 1,576,230 | ||||||
1,000,000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1,189,330 | ||||||
12,585,623 | ||||||||
LOUISIANA — 1.1% | ||||||||
1,170,000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023 | 1,203,509 | ||||||
500,000 | Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021 | 511,960 | ||||||
1,500,000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1,824,735 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority | ||||||||
500,000 | 6.50%, 11/1/2035, Call 11/1/2020 | 501,110 | ||||||
1,205,000 | 5.00%, 10/1/2041, Call 10/1/2027 | 1,425,901 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1,173,580 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
LOUISIANA (Continued) | ||||||||
Louisiana Public Facilities Authority | ||||||||
$ | 1,000,000 | 5.00%, 12/15/2021 | $ | 1,063,840 | ||||
500,000 | 8.13%, 12/15/2033, Call 12/15/2023 | 519,750 | ||||||
1,000,000 | 5.00%, 05/15/2035, Call 05/15/2025 | 1,159,960 | ||||||
885,000 | 6.50%, 07/1/2036, Call 07/1/20232 4 | 922,099 | ||||||
1,400,000 | 5.00%, 07/1/2042, Call 07/1/2027 | 1,648,878 | ||||||
1,500,000 | New Orleans Aviation Board, 5.00%, 01/1/2048, Call 01/1/20272 | 1,680,090 | ||||||
500,000 | New Orleans Aviation Board, AGM, 5.00%, 10/1/2035, Call 10/1/2028 | 616,695 | ||||||
1,260,000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282 | 1,498,770 | ||||||
1,000,000 | State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026 | 1,116,790 | ||||||
16,867,667 | ||||||||
MAINE — 0.4% | ||||||||
Maine Health & Higher Educational Facilities Authority | ||||||||
1,615,000 | 5.00%, 07/1/2035, Call 07/1/2027 | 1,857,056 | ||||||
700,000 | 5.00%, 07/1/2035, Call 07/1/2027 | 804,916 | ||||||
420,000 | 5.00%, 07/1/2040, Call 07/1/2020 | 423,633 | ||||||
1,500,000 | Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027 | 1,867,575 | ||||||
500,000 | Town of Rumford, 6.88%, 10/1/2026, Call 05/4/20202 | 473,525 | ||||||
5,426,705 | ||||||||
MARYLAND — 1.7% | ||||||||
City of Baltimore | ||||||||
2,500,000 | 5.00%, 07/1/2036, Call 01/1/2027 | 2,979,400 | ||||||
1,525,000 | 5.00%, 09/1/2036, Call 09/1/2027 | 1,508,408 | ||||||
1,000,000 | 5.00%, 09/1/2046, Call 09/1/2027 | 943,580 | ||||||
1,330,000 | County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026 | 1,429,152 | ||||||
1,600,000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024 | 1,741,088 | ||||||
4,750,000 | Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/20214 | 4,767,052 |
37 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MARYLAND (Continued) | ||||||||
$ | 1,000,000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292 | $ | 1,060,590 | ||||
Maryland Health & Higher Educational Facilities Authority | ||||||||
2,700,000 | 5.00%, 08/15/2038, Call 08/15/2023 | 2,952,855 | ||||||
1,000,000 | 5.00%, 07/1/2040, Call 07/1/2025 | 1,133,510 | ||||||
500,000 | 5.00%, 07/1/2045, Call 07/1/2025 | 563,120 | ||||||
Maryland Stadium Authority | ||||||||
2,000,000 | 5.00%, 05/1/2036, Call 05/1/2028 | 2,421,300 | ||||||
2,000,000 | 5.00%, 05/1/2046, Call 05/1/2026 | 2,292,640 | ||||||
1,000,000 | 5.00%, 05/1/2047, Call 05/1/2028 | 1,184,980 | ||||||
24,977,675 | ||||||||
MASSACHUSETTS — 0.8% | ||||||||
120,000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 115,295 | ||||||
1,500,000 | Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028 | 1,729,290 | ||||||
Massachusetts Development Finance Agency | ||||||||
600,000 | 5.00%, 07/1/2034, Call 07/1/2027 | 679,320 | ||||||
2,000,000 | 5.00%, 07/1/20381 | 2,253,620 | ||||||
1,000,000 | 4.00%, 07/1/2044, Call 01/1/2029 | 1,007,630 | ||||||
150,000 | 4.00%, 06/1/2049, Call 06/1/2029 | 155,403 | ||||||
Massachusetts Educational Financing Authority | ||||||||
1,500,000 | 5.00%, 01/1/20212 | 1,539,405 | ||||||
300,000 | 5.50%, 01/1/2022, Call 04/14/2020 | 300,345 | ||||||
115,000 | 6.00%, 01/1/2028, Call 04/14/2020 | 115,118 | ||||||
1,000,000 | 5.00%, 07/1/20282 | 1,219,550 | ||||||
1,000,000 | 5.00%, 07/1/20292 | 1,234,790 | ||||||
200,000 | 4.25%, 07/1/2046, Call 07/1/20262 | 214,478 | ||||||
1,000,000 | Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026 | 1,188,170 | ||||||
11,752,414 | ||||||||
MICHIGAN — 2.5% | ||||||||
500,000 | Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024 | 551,505 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MICHIGAN (Continued) | ||||||||
Grand Rapids Public Schools, AGM | ||||||||
$ | 1,170,000 | 5.00%, 05/1/2022 | $ | 1,260,476 | ||||
685,000 | 5.00%, 05/1/2024 | 785,181 | ||||||
1,000,000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1,185,460 | ||||||
275,000 | Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022 | 282,741 | ||||||
Michigan Finance Authority | ||||||||
275,000 | 5.00%, 06/1/2029, Call 05/4/2020 | 251,268 | ||||||
3,500,000 | 4.50%, 10/1/2029, Call 10/1/2024 | 3,863,125 | ||||||
1,165,000 | 5.00%, 07/1/2031, Call 07/1/2024 | 1,288,152 | ||||||
1,670,000 | 5.00%, 12/1/2032, Call 06/1/2022 | 1,805,871 | ||||||
2,500,000 | 5.00%, 10/1/2033, Call 10/1/2024 | 2,860,675 | ||||||
1,000,000 | 5.00%, 07/1/2034, Call 07/1/2025 | 1,148,260 | ||||||
500,000 | 5.00%, 07/1/2035, Call 07/1/2025 | 573,325 | ||||||
1,000,000 | 5.00%, 07/1/2039, Call 07/1/2024 | 1,092,140 | ||||||
1,000,000 | 5.00%, 11/15/2041, Call 11/15/2026 | 1,140,140 | ||||||
2,500,000 | 5.00%, 12/1/2047, Call 12/1/2022 | 2,749,675 | ||||||
855,000 | 5.00%, 12/1/2048, Call 12/1/2028 | 1,003,394 | ||||||
1,450,000 | Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024 | 1,627,393 | ||||||
1,000,000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 1,108,320 | ||||||
3,000,000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3,530,010 | ||||||
2,000,000 | Michigan State Hospital Finance Authority, 2.40%, 11/15/20471 | 2,029,280 | ||||||
935,000 | Michigan State Housing Development Authority, 2.34% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/20212 3 | 940,255 | ||||||
805,000 | Michigan Strategic Fund, 7.00%, 12/1/2030, Call 12/1/20231 2 4 | 853,799 | ||||||
250,000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022 | 246,573 | ||||||
500,000 | Summit Academy, 6.38%, 11/1/2035, Call 05/4/2020 | 493,900 | ||||||
Wayne County Airport Authority | ||||||||
2,000,000 | 5.00%, 12/1/2030, Call 12/1/20252 | 2,249,800 |
38 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MICHIGAN (Continued) | ||||||||
$ | 1,500,000 | 5.00%, 12/1/2037, Call 12/1/2027 | $ | 1,765,125 | ||||
36,685,843 | ||||||||
MINNESOTA — 0.7% | ||||||||
250,000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 | 253,755 | ||||||
70,000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20274 | 62,504 | ||||||
4,200,000 | City of Minneapolis/St Paul Housing & Redevelopment Authority, AGM, 0.70%, 08/15/2037, Call 04/3/20201 | 4,200,000 | ||||||
1,720,000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 4 | 1,691,861 | ||||||
Housing & Redevelopment Authority of The City of Saint Paul | ||||||||
1,000,000 | 5.00%, 11/15/2029, Call 11/15/2025 | 1,203,480 | ||||||
1,285,000 | 5.00%, 11/15/2030, Call 11/15/2025 | 1,546,472 | ||||||
415,000 | 5.50%, 09/1/2043, Call 09/1/2020 | 419,830 | ||||||
490,000 | World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021 | 511,707 | ||||||
9,889,609 | ||||||||
MISSISSIPPI — 0.0%6 | ||||||||
500,000 | Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 4 | 501,600 | ||||||
MISSOURI — 1.0% | ||||||||
City of Kansas City Sanitary Sewer System Revenue | ||||||||
600,000 | 5.00%, 01/1/2030, Call 01/1/2028 | 745,020 | ||||||
685,000 | 5.00%, 01/1/2032, Call 01/1/2028 | 845,872 | ||||||
350,000 | 5.00%, 01/1/2034, Call 01/1/2028 | 430,167 | ||||||
225,000 | Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 05/4/2020 | 225,448 | ||||||
Hannibal Industrial Development Authority | ||||||||
640,000 | 5.00%, 10/1/2042, Call 10/1/2027 | 738,618 | ||||||
445,000 | 5.00%, 10/1/2047, Call 10/1/2027 | 509,943 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MISSOURI (Continued) | ||||||||
Health & Educational Facilities Authority of the State of Missouri | ||||||||
$ | 685,000 | 4.00%, 02/15/2039, Call 02/15/2029 | $ | 769,625 | ||||
1,150,000 | 6.00%, 02/1/2041, Call 02/1/2021 | 1,170,228 | ||||||
1,000,000 | 5.00%, 11/15/2043, Call 05/15/2028 | 1,191,080 | ||||||
350,000 | 4.00%, 11/15/2049, Call 11/15/2027 | 379,761 | ||||||
Kansas City Industrial Development Authority | ||||||||
2,000,000 | 5.00%, 03/1/2039, Call 03/1/20292 | 2,260,100 | ||||||
3,000,000 | 5.00%, 03/1/2046, Call 03/1/20292 | 3,345,540 | ||||||
1,400,000 | Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025 | 1,659,196 | ||||||
14,270,598 | ||||||||
MONTANA — 0.1% | ||||||||
1,170,000 | Montana Facility Finance Authority, 5.00%, 07/1/2031, Call 07/1/2028 | 1,369,777 | ||||||
NEBRASKA — 0.3% | ||||||||
Central Plains Energy Project | ||||||||
1,875,000 | 5.00%, 09/1/2027, Call 09/1/2022 | 2,010,094 | ||||||
2,500,000 | 5.00%, 09/1/2032, Call 09/1/2022 | 2,680,125 | ||||||
250,000 | 5.25%, 09/1/2037, Call 09/1/2022 | 269,480 | ||||||
4,959,699 | ||||||||
NEVADA — 1.1% | ||||||||
240,000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 282,648 | ||||||
County of Clark | ||||||||
2,500,000 | 5.00%, 6/1/2043, Call 6/1/2028 | 3,060,300 | ||||||
5,100,000 | 5.00%, 05/1/2048, Call 06/1/2028 | 6,194,001 | ||||||
1,000,000 | Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024 | 1,067,380 | ||||||
1,000,000 | Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028 | 1,140,230 | ||||||
Las Vegas Valley Water District | ||||||||
2,000,000 | 5.00%, 06/1/2039, Call 12/1/2024 | 2,287,760 | ||||||
2,000,000 | 5.00%, 06/1/2041, Call 06/1/2026 | 2,303,660 | ||||||
595,000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20254 | 626,279 | ||||||
16,962,258 |
39 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW HAMPSHIRE — 0.4% | ||||||||
$ | 500,000 | New Hampshire Business Finance Authority, 4.13%, 01/20/2034 | $ | 529,455 | ||||
New Hampshire Health and Education Facilities Authority Act | ||||||||
2,000,000 | 5.00%, 07/1/2037, Call 07/1/2027 | 2,339,200 | ||||||
215,000 | 5.00%, 08/1/2037, Call 02/1/2028 | 259,329 | ||||||
3,000,000 | 5.00%, 07/1/2041, Call 01/1/2028 | 3,442,140 | ||||||
6,570,124 | ||||||||
NEW JERSEY — 2.4% | ||||||||
4,000,000 | Garden State Preservation Trust, AGM, 5.75%, 11/1/2028 | 4,997,360 | ||||||
New Jersey Economic Development Authority | ||||||||
600,000 | 5.13%, 09/15/2023, Call 08/20/20222 | 600,000 | ||||||
1,500,000 | 5.00%, 03/1/2024, Call 03/1/2023 | 1,569,210 | ||||||
1,000,000 | 5.25%, 09/1/2025, Call 03/1/2021 | 1,031,390 | ||||||
1,450,000 | 3.13%, 07/1/2029, Call 07/1/2027 | 1,394,856 | ||||||
1,000,000 | 3.38%, 07/1/2030, Call 07/1/2027 | 976,330 | ||||||
100,000 | 5.00%, 07/15/2032, Call 07/15/2027 | 107,811 | ||||||
1,000,000 | 5.00%, 06/15/2033, Call 06/15/2027 | 1,064,260 | ||||||
500,000 | 5.00%, 07/1/2033, Call 07/1/2027 | 532,245 | ||||||
280,000 | 6.00%, 10/1/2034, Call 10/1/20244 | 284,508 | ||||||
880,000 | 5.00%, 06/15/2036, Call 12/15/2026 | 925,910 | ||||||
350,000 | 6.30%, 10/1/2049, Call 10/1/20244 | 354,085 | ||||||
1,000,000 | New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024 | 1,063,860 | ||||||
500,000 | New Jersey Health Care Facilities Financing Authority, 5.75%, 07/1/2037, Call 05/4/2020 | 500,705 | ||||||
1,175,000 | New Jersey Health Care Facilities Financing Authority, AGM, 5.00%, 07/1/2046, Call 07/1/2025 | 1,238,521 | ||||||
New Jersey Higher Education Student Assistance Authority | ||||||||
1,000,000 | 5.00%, 12/1/20252 | 1,167,880 | ||||||
1,000,000 | 5.00%, 12/1/2027 | 1,232,580 | ||||||
500,000 | 5.00%, 12/1/2028, Call 06/1/20282 | 606,290 | ||||||
855,000 | 4.25%, 12/1/2047, Call 12/1/20262 | 920,262 | ||||||
1,195,000 | 4.00%, 12/1/2048, Call 06/1/20282 | 1,277,718 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW JERSEY (Continued) | ||||||||
$ | 4,470,000 | New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242 | $ | 4,741,955 | ||||
New Jersey Transportation Trust Fund Authority | ||||||||
1,850,000 | 5.00%, 12/15/2035, Call 12/15/2028 | 1,973,598 | ||||||
2,000,000 | 5.25%, 06/15/2043, Call 12/15/2028 | 2,134,980 | ||||||
805,000 | 5.00%, 06/15/2044, Call 06/15/2024 | 825,020 | ||||||
2,000,000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282 | 2,119,660 | ||||||
1,610,000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1,744,081 | ||||||
35,385,075 | ||||||||
NEW MEXICO — 0.2% | ||||||||
795,000 | County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 05/4/20202 | 787,408 | ||||||
810,000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023 | 820,222 | ||||||
1,020,000 | Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024 | 1,001,446 | ||||||
1,055,000 | Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 05/4/20204 | 1,024,996 | ||||||
3,634,072 | ||||||||
NEW YORK — 4.5% | ||||||||
450,000 | Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023 | 443,925 | ||||||
City of New York | ||||||||
2,000,000 | 5.00%, 03/1/2026, Call 03/1/2024 | 2,282,760 | ||||||
2,000,000 | 5.00%, 04/1/2040, Call 04/1/2028 | 2,412,280 | ||||||
9,000,000 | 0.85%, 12/1/2047, Call 04/3/20201 | 9,000,000 | ||||||
1,000,000 | Hempstead Town Local Development Corp., 6.24%, 02/1/2047, Call 02/1/2027 | 1,017,660 | ||||||
2,000,000 | Metropolitan Transportation Authority, 5.00%, 11/15/2033, Call 05/15/2028 | 2,266,000 |
40 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW YORK (Continued) | ||||||||
$ | 225,000 | Monroe County Industrial Development Corp., 5.00%, 01/1/2040, Call 01/1/2026 | $ | 208,719 | ||||
650,000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024 | 731,569 | ||||||
1,500,000 | New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 05/4/2020 | 1,473,285 | ||||||
1,000,000 | New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 05/4/2020 | 982,100 | ||||||
2,000,000 | New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028 | 2,451,740 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | ||||||||
1,000,000 | 4.00%, 11/1/2040, Call 11/1/2029 | 1,144,960 | ||||||
1,000,000 | 4.00%, 11/1/2042, Call 05/1/2029 | 1,133,670 | ||||||
New York City Water & Sewer System | ||||||||
1,500,000 | 5.00%, 06/15/2032, Call 06/15/2027 | 1,845,540 | ||||||
5,000,000 | 5.00%, 06/15/2047, Call 12/15/2022 | 5,409,250 | ||||||
910,000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 942,842 | ||||||
New York Liberty Development Corp. | ||||||||
1,000,000 | 5.25%, 10/1/2035 | 1,235,130 | ||||||
2,000,000 | 5.38%, 11/15/2040, Call 11/15/20244 | 2,070,460 | ||||||
1,000,000 | 5.00%, 11/15/2044, Call 11/15/20244 | 1,015,590 | ||||||
1,500,000 | 7.25%, 11/15/2044, Call 11/15/20244 | 1,590,015 | ||||||
New York State Dormitory Authority | ||||||||
5,000,000 | 4.00%, 02/15/2038, Call 02/15/2030 | 5,762,400 | ||||||
1,000,000 | 4.00%, 07/1/2040, Call 07/1/2029 | 1,073,100 | ||||||
2,000,000 | 5.00%, 02/15/2044, Call 02/15/2025 | 2,273,360 | ||||||
1,000,000 | 5.00%, 02/15/2045, Call 02/15/2025 | 1,136,680 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW YORK (Continued) | ||||||||
$ | 1,000,000 | 5.00%, 05/1/2048, Call 11/1/20231 | $ | 1,127,760 | ||||
1,500,000 | New York State Environmental Facilities Corp., 4.00%, 06/15/2049, Call 06/15/2029 | 1,684,035 | ||||||
1,000,000 | New York Transportation Development Corp., 5.25%, 01/1/2050, Call 07/1/20242 | 1,029,120 | ||||||
2,000,000 | Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021 | 2,147,560 | ||||||
Onondaga Civic Development Corp. | ||||||||
235,000 | 5.00%, 07/1/2040, Call 07/1/2025 | 250,186 | ||||||
500,000 | 5.00%, 07/1/2045, Call 07/1/2025 | 528,450 | ||||||
Port Authority of New York & New Jersey | ||||||||
590,000 | 5.50%, 12/1/2031, Call 12/1/2020 | 592,425 | ||||||
1,000,000 | 5.00%, 09/1/2037, Call 09/1/2028 | 1,238,080 | ||||||
4,500,000 | 5.00%, 10/15/2041, Call 10/15/2025 | 5,103,540 | ||||||
265,000 | 6.00%, 12/1/2042, Call 12/1/2020 | 268,389 | ||||||
1,500,000 | Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2045, Call 11/15/2025 | 1,731,885 | ||||||
970,000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 812,850 | ||||||
750,000 | Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024 | 778,005 | ||||||
290,000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 291,743 | ||||||
67,487,063 | ||||||||
NORTH CAROLINA — 0.1% | ||||||||
2,000,000 | North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022 | 2,146,040 | ||||||
NORTH DAKOTA — 0.2% | ||||||||
1,000,000 | County of Burleigh, 4.38%, 04/15/2026 | 999,200 | ||||||
2,000,000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 2,201,820 | ||||||
3,201,020 |
41 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
OHIO — 1.3% | ||||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||
$ | 990,000 | 4.00%, 06/1/2048, Call 06/1/2030 | $ | 1,062,666 | ||||
2,000,000 | 5.00%, 06/1/2055, Call 06/1/2030 | 1,777,500 | ||||||
1,000,000 | Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022 | 934,190 | ||||||
830,000 | City of Akron, 5.00%, 12/1/2026 | 959,314 | ||||||
400,000 | City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022 | 427,060 | ||||||
710,000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 793,389 | ||||||
500,000 | County of Allen Hospital Facilities Revenue, 5.00%, 06/1/2038, Call 06/1/2020 | 503,210 | ||||||
1,000,000 | County of Butler, 5.75%, 11/1/2040, Call 11/1/2020 | 1,026,770 | ||||||
500,000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025 | 502,920 | ||||||
2,330,000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2,772,910 | ||||||
2,665,000 | Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028 | 3,217,534 | ||||||
1,500,000 | Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 1,838,310 | ||||||
1,000,000 | Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022 | 1,083,880 | ||||||
2,395,000 | State of Ohio, 4.00%, 01/15/2039, Call 01/15/2030 | 2,628,848 | ||||||
19,528,501 | ||||||||
OKLAHOMA — 0.5% | ||||||||
940,000 | Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026 | 1,073,330 | ||||||
1,000,000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1,196,760 | ||||||
1,040,000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1,176,874 | ||||||
1,000,000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282 | 1,154,410 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
OKLAHOMA (Continued) | ||||||||
$ | 2,000,000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | $ | 2,157,800 | ||||
6,759,174 | ||||||||
OREGON — 0.2% | ||||||||
Oregon State Facilities Authority | ||||||||
1,000,000 | 5.00%, 04/1/2045, Call 04/1/2025 | 1,140,980 | ||||||
765,000 | 5.00%, 10/1/2046, Call 10/1/2026 | 869,981 | ||||||
1,000,000 | Port of Portland Airport Revenue, 5.00%, 07/1/2044, Call 07/1/20292 | 1,168,720 | ||||||
3,179,681 | ||||||||
PENNSYLVANIA — 4.0% | ||||||||
305,000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 321,052 | ||||||
95,000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023 | 96,743 | ||||||
450,000 | Berks County Industrial Development Authority, 5.00%, 05/15/2032, Call 05/15/2027 | 473,351 | ||||||
Chester County Industrial Development Authority | ||||||||
100,000 | 5.00%, 10/1/2034, Call 10/1/2024 | 105,461 | ||||||
280,000 | 5.38%, 10/15/2042, Call 10/15/2022 | 276,928 | ||||||
1,125,000 | Coatesville School District, AGM SAW, 5.00%, 08/1/2022 | 1,211,760 | ||||||
Commonwealth Financing Authority | ||||||||
1,825,000 | 5.00%, 06/1/2034, Call 06/1/2028 | 2,181,532 | ||||||
1,000,000 | 5.00%, 06/1/2035, Call 06/1/2028 | 1,192,190 | ||||||
2,160,000 | County of Chester, 4.00%, 11/15/2032, Call 11/15/2027 | 2,501,215 | ||||||
315,000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 433,160 | ||||||
1,000,000 | Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028 | 1,254,080 | ||||||
265,000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 300,171 |
42 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
PENNSYLVANIA (Continued) | ||||||||
$ | 9,900,000 | General Authority of Southcentral Pennsylvania, 1.10%, 06/1/2035, Call 04/3/20201 | $ | 9,900,000 | ||||
1,000,000 | Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022 | 1,072,320 | ||||||
2,000,000 | Manheim Township School District, 1.50% (1-Month USD Libor+ 42 basis points), 11/1/20213 | 2,004,820 | ||||||
Montgomery County Higher Education & Health Authority | ||||||||
365,000 | 4.00%, 09/1/2036, Call 09/1/2029 | 397,602 | ||||||
650,000 | 5.00%, 09/1/2037, Call 09/1/2028 | 751,153 | ||||||
Montgomery County Industrial Development Authority | ||||||||
1,100,000 | 5.00%, 11/15/2028, Call 05/15/2022 | 1,117,171 | ||||||
400,000 | 5.00%, 11/15/2029, Call 05/15/2022 | 405,920 | ||||||
290,000 | Montgomery County Industrial Development Authority, FHA, 5.00%, 08/1/2024, Call 08/1/2020 | 293,657 | ||||||
1,500,000 | Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024 | 1,723,260 | ||||||
250,000 | Pennsylvania Economic Development Financing Authority, 6.40%, 12/1/2038, Call 09/1/2025 | 274,408 | ||||||
Pennsylvania Higher Educational Facilities Authority | ||||||||
1,000,000 | 5.00%, 08/15/2027 | 1,246,960 | ||||||
600,000 | 5.80%, 07/1/2030, Call 07/1/2020 | 606,990 | ||||||
Pennsylvania Turnpike Commission | ||||||||
1,000,000 | 5.00%, 12/1/2033, Call 12/1/2024 | 1,138,110 | ||||||
2,000,000 | 5.00%, 12/1/2037, Call 12/1/2027 | 2,382,760 | ||||||
500,000 | 5.00%, 12/1/2041, Call 06/1/2026 | 583,725 | ||||||
2,000,000 | 5.00%, 12/1/2043, Call 12/1/2028 | 2,408,440 | ||||||
1,000,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,195,040 | ||||||
Philadelphia Authority for Industrial Development | ||||||||
795,000 | 5.00%, 05/1/2027, Call 05/1/2026 | 952,187 | ||||||
500,000 | 8.00%, 01/1/2033, Call 01/1/2023 | 532,060 | ||||||
500,000 | 6.88%, 06/15/2033, Call 06/15/2023 | 531,330 | ||||||
850,000 | 4.00%, 11/1/2037, Call 11/1/2029 | 933,938 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
PENNSYLVANIA (Continued) | ||||||||
$ | 1,000,000 | 6.60%, 11/1/2047, Call 11/1/2027 | $ | 915,100 | ||||
10,000,000 | 7.28%, 09/1/2050, Call 05/1/20201 | 10,000,000 | ||||||
440,000 | Quakertown General Authority, 4.00%, 07/1/2022 | 427,099 | ||||||
1,000,000 | School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026 | 1,161,490 | ||||||
1,000,000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 909,120 | ||||||
2,000,000 | Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027 | 2,481,600 | ||||||
1,150,000 | St. Mary Hospital Authority, 5.00%, 11/15/2023 | 1,298,200 | ||||||
275,000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282 | 271,766 | ||||||
500,000 | Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026 | 590,040 | ||||||
500,000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024 | 546,200 | ||||||
59,400,109 | ||||||||
PUERTO RICO — 0.1% | ||||||||
1,500,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 | 1,462,425 | ||||||
RHODE ISLAND — 0.3% | ||||||||
1,535,000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1,643,141 | ||||||
Rhode Island Health & Educational Building Corp. | ||||||||
1,000,000 | 6.00%, 09/1/2033, Call 09/1/2023 | 1,151,360 | ||||||
1,000,000 | 8.38%, 01/1/2046, Call 01/1/2021 | 1,053,730 | ||||||
3,848,231 | ||||||||
SOUTH CAROLINA — 1.1% | ||||||||
1,000,000 | City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023 | 1,108,680 | ||||||
2,000,000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2,265,420 |
43 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
SOUTH CAROLINA (Continued) | ||||||||
$ | 2,500,000 | Patriots Energy Group Financing Agency, 4.00%, 10/1/2048, Call 11/1/20231 | $ | 2,584,950 | ||||
South Carolina Jobs-Economic Development Authority | ||||||||
500,000 | 6.00%, 02/1/2035, Call 02/1/20232 4 | 433,915 | ||||||
1,000,000 | 5.00%, 11/1/2043, Call 05/1/2028 | 1,175,120 | ||||||
1,000,000 | South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021 | 1,068,510 | ||||||
2,000,000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282 | 2,355,540 | ||||||
South Carolina Public Service Authority | ||||||||
730,000 | 5.00%, 12/1/2055, Call 06/1/2025 | 802,555 | ||||||
1,015,000 | 5.25%, 12/1/2055, Call 12/1/2025 | 1,138,038 | ||||||
3,000,000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3,574,710 | ||||||
16,507,438 | ||||||||
SOUTH DAKOTA — 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority | ||||||||
555,000 | 5.00%, 09/1/2040, Call 09/1/2027 | 659,096 | ||||||
1,235,000 | 5.00%, 11/1/2045, Call 11/1/2025 | 1,404,244 | ||||||
2,063,340 | ||||||||
TENNESSEE — 1.3% | ||||||||
Chattanooga-Hamilton County Hospital Authority | ||||||||
500,000 | 5.00%, 10/1/2034, Call 10/1/2024 | 532,210 | ||||||
1,220,000 | 5.00%, 10/1/2044, Call 10/1/2024 | 1,287,649 | ||||||
Johnson City Health & Educational Facilities Board | ||||||||
500,000 | 6.50%, 07/1/2038, Call 07/1/2020 | 506,545 | ||||||
2,000,000 | 5.00%, 08/15/2042, Call 08/15/2022 | �� | 2,114,160 | |||||
Knox County Health Educational & Housing Facility Board | ||||||||
365,000 | 5.25%, 05/1/2025, Call 11/1/20244 | 336,848 | ||||||
45,000 | 6.00%, 05/1/2034, Call 11/1/20244 | 39,001 | ||||||
10,000,000 | Public Building Authority of Blount County Tennessee, 1.10%, 06/1/2034, Call 04/3/20201 | 10,000,000 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TENNESSEE (Continued) | ||||||||
Tennessee Energy Acquisition Corp. | ||||||||
$ | 1,055,000 | 5.00%, 02/1/2025 | $ | 1,139,537 | ||||
1,000,000 | 5.63%, 09/1/2026 | 1,142,130 | ||||||
1,000,000 | 4.00%, 05/1/2048, Call 02/1/20231 | 1,024,930 | ||||||
1,500,000 | 4.00%, 11/1/2049, Call 08/1/20251 | 1,560,540 | ||||||
19,683,550 | ||||||||
TEXAS — 6.7% | ||||||||
85,000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 76,785 | ||||||
320,000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 311,088 | ||||||
Central Texas Regional Mobility Authority | ||||||||
500,000 | 6.75%, 01/1/2041, Call 01/1/2021 | 520,725 | ||||||
2,000,000 | 5.00%, 01/1/2043, Call 01/1/2028 | 2,202,120 | ||||||
2,000,000 | City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028 | 2,353,460 | ||||||
City of Austin Airport System Revenue | ||||||||
1,000,000 | 5.00%, 11/15/2035, Call 11/15/20262 | 1,134,280 | ||||||
2,250,000 | 5.00%, 11/15/2044, Call 11/15/20242 | 2,463,975 | ||||||
1,000,000 | 5.00%, 11/15/2048, Call 11/15/20292 | 1,172,860 | ||||||
1,000,000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1,205,930 | ||||||
1,500,000 | City of Fort Worth, 5.00%, 03/1/2027, Call 03/1/2026 | 1,795,920 | ||||||
250,000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 271,003 | ||||||
1,000,000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1,131,740 | ||||||
750,000 | City of Houston Airport System Revenue, 5.00%, 07/15/2035, Call 07/15/20252 | 738,915 | ||||||
500,000 | City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021 | 526,905 | ||||||
1,450,000 | City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20224 | 1,420,782 | ||||||
750,000 | City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027 | 921,458 |
44 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
Clifton Higher Education Finance Corp. | ||||||||
$ | 500,000 | 5.00%, 08/15/2042, Call 08/15/2022 | $ | 525,945 | ||||
100,000 | 4.40%, 12/1/2047, Call 12/1/2022 | 100,599 | ||||||
1,500,000 | 4.60%, 12/1/2049, Call 12/1/2024 | 1,517,760 | ||||||
5,000,000 | County of Travis, 5.00%, 03/1/2036, Call 03/1/2029 | 6,373,850 | ||||||
3,000,000 | Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/20212 | 3,111,780 | ||||||
1,000,000 | Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023 | 1,100,980 | ||||||
315,000 | Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023 | 364,490 | ||||||
1,065,000 | El Paso Downtown Development Corp., 5.00%, 08/15/2026 | 1,262,334 | ||||||
3,000,000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 3,593,520 | ||||||
Harris County Cultural Education Facilities Finance Corp. | ||||||||
1,000,000 | 5.00%, 11/15/2022 | 1,095,090 | ||||||
3,000,000 | 4.00%, 10/1/2036, Call 10/1/2029 | 3,485,310 | ||||||
1,110,000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1,349,815 | ||||||
475,000 | Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022 | 533,976 | ||||||
500,000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/20212 4 | 511,690 | ||||||
New Hope Cultural Education Facilities Finance Corp. | ||||||||
600,000 | 4.75%, 04/1/2034, Call 04/1/2024 | 537,516 | ||||||
1,000,000 | 5.00%, 04/1/2039, Call 04/1/2024 | 889,620 | ||||||
2,505,000 | 5.00%, 07/1/2047, Call 07/1/2025 | 2,049,716 | ||||||
New Hope Cultural Education Facilities Finance Corp., AGM | ||||||||
375,000 | 5.00%, 07/1/2038, Call 07/1/2027 | 435,120 | ||||||
1,500,000 | 5.00%, 04/1/2046, Call 04/1/2024 | 1,650,930 | ||||||
2,200,000 | 5.00%, 07/1/2048, Call 07/1/2027 | 2,512,708 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
$ | 830,000 | Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022 | $ | 835,959 | ||||
1,050,000 | North Texas Municipal Water District, 5.00%, 06/1/2024 | 1,211,122 | ||||||
860,000 | Northside Independent School District, PSF, 1.75%, 06/1/2032, Call 04/24/20201 | 854,745 | ||||||
1,000,000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1,180,210 | ||||||
1,000,000 | Red River Health Facilities Development Corp., 0.00%, 12/15/2047, Call 12/1/2021*5 | 662,500 | ||||||
SA Energy Acquisition Public Facility Corp. | ||||||||
1,000,000 | 5.50%, 08/1/2021 | 1,036,980 | ||||||
290,000 | 5.50%, 08/1/2027 | 340,037 | ||||||
1,750,000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 2,050,755 | ||||||
1,000,000 | San Antonio Water System, 2.00%, 05/1/2043, Call 11/1/20211 | 1,005,740 | ||||||
State of Texas | ||||||||
2,000,000 | 5.00%, 10/1/2026, Call 10/1/2025 | 2,394,100 | ||||||
2,500,000 | 5.00%, 10/1/2036, Call 10/1/2025 | 2,950,375 | ||||||
4,295,000 | 5.00%, 04/1/2042, Call 04/1/2022 | 4,626,789 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. | ||||||||
1,000,000 | 4.20%, 09/1/2025, Call 09/1/2023 | 1,082,430 | ||||||
2,000,000 | 5.00%, 11/15/2038, Call 05/15/2023 | 2,168,280 | ||||||
1,430,000 | 5.00%, 07/1/2043, Call 01/1/2029 | 1,695,394 | ||||||
1,620,000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025 | 1,644,673 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. I | ||||||||
555,000 | 5.25%, 12/15/2025 | 633,605 | ||||||
145,000 | 6.25%, 12/15/2026 | 159,807 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III | ||||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2022 | 520,615 |
45 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
$ | 500,000 | 5.00%, 12/15/2031, Call 12/15/2022 | $ | 517,015 | ||||
Texas Private Activity Bond Surface Transportation Corp. | ||||||||
1,000,000 | 7.50%, 06/30/2032, Call 06/30/2020 | 1,009,240 | ||||||
500,000 | 4.00%, 12/31/2039, Call 12/31/2029 | 506,835 | ||||||
1,345,000 | 7.00%, 06/30/2040, Call 06/30/2020 | 1,354,966 | ||||||
1,000,000 | 5.00%, 12/31/2045, Call 12/31/20252 | 1,063,060 | ||||||
4,000,000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4,707,160 | ||||||
1,125,000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 447,098 | ||||||
Texas Water Development Board | ||||||||
1,500,000 | 4.00%, 10/15/2037, Call 10/15/2027 | 1,734,045 | ||||||
1,550,000 | 4.00%, 10/15/2038, Call 10/15/2029 | 1,831,030 | ||||||
5,000,000 | 5.00%, 04/15/2049, Call 10/15/2028 | 6,113,050 | ||||||
Town of Westlake | ||||||||
375,000 | 5.50%, 09/1/2025 | 364,065 | ||||||
200,000 | 6.13%, 09/1/2035, Call 09/1/2025 | 189,036 | ||||||
1,200,000 | Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026 | 1,348,116 | ||||||
99,489,527 | ||||||||
UTAH — 0.8% | ||||||||
County of Utah | ||||||||
200,000 | 5.00%, 05/15/2036, Call 05/15/2028 | 249,034 | ||||||
3,000,000 | 5.00%, 05/15/2043, Call 05/15/2021 | 3,102,540 | ||||||
Salt Lake City Corp. Airport Revenue | ||||||||
1,200,000 | 5.00%, 07/1/20262 | 1,387,272 | ||||||
1,000,000 | 5.25%, 07/1/2048, Call 07/1/20282 | 1,146,170 | ||||||
Utah Charter School Finance Authority | ||||||||
180,000 | 3.63%, 06/15/20214 | 177,610 | ||||||
1,200,000 | 4.50%, 07/15/20274 | 1,202,616 | ||||||
500,000 | 5.25%, 06/15/2037, Call 06/15/20274 | 469,240 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
UTAH (Continued) | ||||||||
$ | 4,000,000 | Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/20211 | $ | 3,997,880 | ||||
11,732,362 | ||||||||
VERMONT — 0.1% | ||||||||
500,000 | Vermont Educational & Health Buildings Financing Agency, 6.25%, 01/1/2041, Call 01/1/2021 | 518,525 | ||||||
1,400,000 | Vermont Student Assistance Corp., 5.00%, 06/15/20222 | 1,498,532 | ||||||
2,017,057 | ||||||||
VIRGINIA — 1.2% | ||||||||
715,000 | Celebrate North Community Development Authority, 0.00%, 03/1/2018*5 | 429,000 | ||||||
Chesapeake Bay Bridge & Tunnel District | ||||||||
2,000,000 | 5.00%, 11/1/2023 | 2,177,700 | ||||||
1,000,000 | 5.00%, 07/1/2046, Call 07/1/2026 | 1,097,700 | ||||||
1,425,000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 05/4/20202 4 | 1,428,491 | ||||||
2,000,000 | Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027 | 2,521,200 | ||||||
1,000,000 | Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028 | 1,249,010 | ||||||
Roanoke Economic Development Authority, AGM | ||||||||
5,000 | 5.00%, 07/1/2038, Call 07/1/20201 | 5,047 | ||||||
245,000 | 5.00%, 07/1/2038, Call 07/1/2020 | 247,342 | ||||||
Virginia Commonwealth Transportation Board | ||||||||
1,000,000 | 5.00%, 05/15/2028, Call 11/15/2027 | 1,254,200 | ||||||
2,500,000 | 4.00%, 05/15/2031, Call 05/15/2026 | 2,836,875 | ||||||
Virginia Small Business Financing Authority | ||||||||
500,000 | 6.00%, 01/1/2037, Call 07/1/20222 | 515,495 | ||||||
130,000 | 5.50%, 01/1/2042, Call 07/1/20222 | 132,045 | ||||||
1,000,000 | 5.00%, 12/31/2049, Call 06/30/20272 | 1,094,680 |
46 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
VIRGINIA (Continued) | ||||||||
$ | 2,250,000 | 5.00%, 12/31/2052, Call 06/30/20272 | $ | 2,458,125 | ||||
17,446,910 | ||||||||
WASHINGTON — 2.8% | ||||||||
2,000,000 | Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028 | 2,319,520 | ||||||
County of King Sewer Revenue | ||||||||
1,750,000 | 2.60%, 01/1/2043, Call 03/1/20211 | 1,767,237 | ||||||
1,500,000 | 5.00%, 07/1/2047, Call 01/1/2025 | 1,709,820 | ||||||
2,000,000 | Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028 | 2,457,080 | ||||||
King County Public Hospital District No. 4 | ||||||||
705,000 | 5.00%, 12/1/2038, Call 12/1/2025 | 720,813 | ||||||
1,000,000 | 7.00%, 12/1/2040, Call 12/1/2021 | 1,051,930 | ||||||
2,215,000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2,573,830 | ||||||
King County School District No. 406 Tukwila, School Bond Gty | ||||||||
2,190,000 | 4.00%, 12/1/2030, Call 06/1/2026 | 2,485,803 | ||||||
1,560,000 | 4.00%, 12/1/2031, Call 06/1/2026 | 1,761,053 | ||||||
155,000 | Ocean Shores Local Improvement District, 7.25%, 02/1/2031 | 189,832 | ||||||
1,500,000 | Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20292 | 1,710,975 | ||||||
State of Washington | ||||||||
2,000,000 | 5.00%, 08/1/2037, Call 08/1/2023 | 2,225,460 | ||||||
1,435,000 | 5.00%, 07/1/2039, Call 07/1/2028 | 1,740,239 | ||||||
1,000,000 | 5.00%, 06/1/2040, Call 06/1/2026 | 1,182,040 | ||||||
1,630,000 | 5.00%, 07/1/2042, Call 07/1/2029 | 1,996,147 | ||||||
1,710,000 | 5.00%, 07/1/2043, Call 07/1/2029 | 2,090,595 | ||||||
1,500,000 | 5.00%, 07/1/2044, Call 07/1/2029 | 1,829,205 | ||||||
220,000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 04/20/2020 | 215,096 | ||||||
Washington Health Care Facilities Authority | ||||||||
190,000 | 5.00%, 10/1/2032, Call 10/1/2028 | 237,705 | ||||||
500,000 | 5.00%, 08/15/2036, Call 08/15/2027 | 585,965 | ||||||
1,000,000 | 5.00%, 08/15/2037, Call 02/15/2028 | 1,169,040 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
WASHINGTON (Continued) | ||||||||
$ | 1,820,000 | 5.00%, 03/1/2038, Call 03/1/2025 | $ | 2,043,551 | ||||
500,000 | 5.00%, 08/1/2038, Call 08/1/2029 | 546,565 | ||||||
2,500,000 | 1.72% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/20223 | 2,510,775 | ||||||
Washington State Convention Center Public Facilities District | ||||||||
1,000,000 | 5.00%, 07/1/2043, Call 07/1/2028 | 1,209,060 | ||||||
1,250,000 | 5.00%, 07/1/2058, Call 07/1/2028 | 1,485,425 | ||||||
1,000,000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1,177,520 | ||||||
40,992,281 | ||||||||
WEST VIRGINIA — 0.2% | ||||||||
1,000,000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20274 | 1,020,670 | ||||||
1,000,000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1,242,080 | ||||||
2,262,750 | ||||||||
WISCONSIN — 1.0% | ||||||||
Public Finance Authority | ||||||||
775,000 | 5.00%, 07/1/20222 | 791,639 | ||||||
1,000,000 | 4.00%, 07/1/2027, Call 07/1/2024 | 1,043,860 | ||||||
500,000 | 5.75%, 02/1/2035, Call 02/1/2025 | 483,980 | ||||||
880,000 | 5.00%, 06/15/2037, Call 06/15/20244 | 841,755 | ||||||
535,000 | 5.00%, 07/1/2037, Call 07/1/2024 | 569,807 | ||||||
1,000,000 | 6.50%, 12/1/2037, Call 12/1/20274 | 985,100 | ||||||
500,000 | 5.00%, 06/15/2039, Call 06/15/20264 | 472,240 | ||||||
500,000 | 5.75%, 04/1/2042, Call 04/1/2022 | 513,155 | ||||||
1,000,000 | 5.00%, 07/1/2042, Call 07/1/20222 | 1,011,780 | ||||||
165,000 | 6.00%, 07/15/2042, Call 07/15/2022 | 173,676 | ||||||
450,000 | 5.50%, 03/1/2045, Call 03/1/20254 | 447,678 | ||||||
1,000,000 | 5.63%, 07/1/2045, Call 07/1/20254 | 944,010 | ||||||
194,116 | 3.75%, 07/1/2051, Call 03/15/20281 4 | 136,095 | ||||||
Public Finance Authority, ACA | ||||||||
7,186 | 0.00%, 01/1/20464 | 181 | ||||||
7,085 | 0.00%, 01/1/20474 | 172 | ||||||
7,034 | 0.00%, 01/1/20484 | 169 | ||||||
6,984 | 0.00%, 01/1/20494 | 164 |
47 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
WISCONSIN (Continued) | ||||||||
$ | 6,882 | 0.00%, 01/1/20504 | $ | 156 | ||||
7,540 | 0.00%, 01/1/20514 | 169 | ||||||
7,490 | 0.00%, 01/1/20524 | 161 | ||||||
7,388 | 0.00%, 01/1/20534 | 157 | ||||||
7,338 | 0.00%, 01/1/20544 | 152 | ||||||
7,237 | 0.00%, 01/1/20554 | 147 | ||||||
7,135 | 0.00%, 01/1/20564 | 143 | ||||||
7,085 | 0.00%, 01/1/20574 | 138 | ||||||
6,984 | 0.00%, 01/1/20584 | 133 | ||||||
6,933 | 0.00%, 01/1/20594 | 130 | ||||||
6,882 | 0.00%, 01/1/20604 | 125 | ||||||
6,781 | 0.00%, 01/1/20614 | 120 | ||||||
6,730 | 0.00%, 01/1/20624 | 116 | ||||||
6,629 | 0.00%, 01/1/20634 | 112 | ||||||
6,579 | 0.00%, 01/1/20644 | 110 | ||||||
6,528 | 0.00%, 01/1/20654 | 105 | ||||||
6,427 | 0.00%, 01/1/20664 | 99 | ||||||
83,706 | 0.00%, 01/1/20674 | 1,197 | ||||||
University of Wisconsin Hospitals & Clinics | ||||||||
1,405,000 | 5.00%, 04/1/2038, Call 04/1/2023 | 1,484,425 | ||||||
1,000,000 | 5.00%, 04/1/2043, Call 10/1/2028 | 1,089,230 | ||||||
3,000,000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3,564,000 | ||||||
400,000 | Wisconsin Health & Educational Facilities Authority, 5.50%, 08/15/2030, Call 08/15/2020 | 406,372 | ||||||
14,962,958 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost 1,002,650,398) | 1,030,224,057 |
Number of | ||||||||
COMMON STOCK — 0.0%6 | ||||||||
32,171 | Energy Harbor Corp.* | 410,180 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost 965,130) | 410,180 |
Number of Shares | Value | |||||||
CLOSED-END MUTUAL FUNDS — 0.6% | ||||||||
8,184 | BlackRock Long-Term Municipal Advantage Trust | $ | 91,824 | |||||
53,753 | BlackRock MuniVest Fund, Inc. | 435,399 | ||||||
31,817 | BlackRock MuniYield Quality Fund, Inc. | 462,937 | ||||||
72,299 | BNY Mellon Municipal Income, Inc. | 594,298 | ||||||
127,431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 913,680 | ||||||
30,359 | BNY Mellon Strategic Municipals, Inc. | 226,174 | ||||||
23,539 | DTF Tax-Free Income, Inc. | 328,369 | ||||||
87,593 | DWS Municipal Income Trust | 944,252 | ||||||
17,462 | Invesco Advantage Municipal Income Trust II | 179,335 | ||||||
17,008 | Invesco Municipal Opportunity Trust | 194,742 | ||||||
23,118 | Invesco Municipal Trust | 270,481 | ||||||
11,819 | Invesco Trust for Investment Grade Municipals | 142,892 | ||||||
8,572 | Neuberger Berman Municipal Fund, Inc. | 125,580 | ||||||
37,184 | Pioneer Municipal High Income Advantage Trust | 378,533 | ||||||
123,034 | Pioneer Municipal High Income Trust | 1,392,745 | ||||||
108,960 | Western Asset Managed Municipals Fund, Inc. | 1,303,162 | ||||||
8,866 | Western Asset Municipal Partners Fund, Inc. | 121,110 | ||||||
TOTAL CLOSED-END MUTUAL FUNDS | ||||||||
(Cost 9,138,881) | 8,105,513 | |||||||
OPEN-END MUTUAL FUND — 15.7% | ||||||||
16,368,773 | Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | 234,237,147 | ||||||
TOTAL OPEN-END MUTUAL FUND | ||||||||
(Cost 229,705,514) | 234,237,147 | |||||||
PRIVATE FUNDS — 13.3% | ||||||||
MacKay Municipal Credit Opportunities Fund, LP* | 36,776,997 | |||||||
MacKay Municipal Opportunities Fund, LP* | 161,374,805 | |||||||
TOTAL PRIVATE FUNDS | ||||||||
(Cost 175,000,000) | 198,151,802 | |||||||
48 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT — 1.4% | ||||||||
21,298,702 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.96%7 | $ | 21,298,702 | |||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 21,295,929) | 21,298,702 | |||||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost 1,438,755,852) | 1,492,427,401 | |||||||
Liabilities in excess of other assets — (0.1)% | (1,716,374 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,490,711,027 |
* | Non-income producing security. |
1 | Variable rate security. |
2 | Alternative Minimum Tax eligible security. |
3 | Floating rate security. |
4 | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
5 | Security is in default. |
6 | Rounds to less than 0.05%. |
7 | The rate is the annualized seven-day yield at period end. |
AGC — Assured Guaranty Corporation
AGM — Assured Guaranty Municipal
AGM-CR — Assured Guaranty Municipal Custodial Receipts
AMBAC — American Municipal Bond Assurance Corporation
BAM — Build America Mutual Assurance Company
FGIC — Financial Guaranty Insurance Corporation
FHA — Federal Housing Administration
LP — Limited Partnership
NATL — National Public Finance Guarantee Corporation
NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance
OBLG — Obligation
PSF — Permanent School Fund Guaranteed
SAW — State Aid Withholding
SIFMA — Securities Industry and Financial Markets Association
See accompanying Notes to Financial Statements.
49 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS
As of March 31, 2020
Number of | Value | |||||||
OPEN-END MUTUAL FUNDS — 56.1% | ||||||||
ALTERNATIVE DIVERSIFIERS — 4.4% | ||||||||
2,736,033 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | $ | 25,718,711 | |||||
855,877 | GMO SGM Major Markets Fund - Class VI | 27,524,993 | ||||||
53,243,704 | ||||||||
CORE/ALTERNATIVE DIVERSIFIERS — 51.7% | ||||||||
14,682,683 | GMO Benchmark-Free Allocation Fund - Class IV1 | 333,296,902 | ||||||
2,129,115 | GMO Global Asset Allocation Fund - Class III | 59,359,743 | ||||||
14,454,125 | JPMorgan Global Allocation Fund - Class R6 | 236,469,487 | ||||||
629,126,132 | ||||||||
TOTAL OPEN-END MUTUAL FUNDS | ||||||||
(Cost 769,018,641) | 682,369,836 | |||||||
EXCHANGE-TRADED FUND — 6.5% | ||||||||
REAL ASSET — 6.5% | ||||||||
5,274,527 | iShares Gold Trust* | 79,487,122 | ||||||
TOTAL EXCHANGE-TRADED FUND | ||||||||
(Cost 76,999,612) | 79,487,122 | |||||||
PRIVATE FUNDS — 22.6% | ||||||||
ALTERNATIVE DIVERSIFIERS — 11.4% | ||||||||
Elliott Associates, LP - Class C* | 3,528,003 | |||||||
Millennium International, Ltd. - Class GG* | 24,724,835 | |||||||
Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* | 110,469,511 | |||||||
138,722,349 | ||||||||
CORE DIVERSIFIERS — 11.2% | ||||||||
All Weather Portfolio Limited* | 125,182,041 | |||||||
D. E. Shaw Orienteer International Fund, LP* | 10,835,250 | |||||||
136,017,291 | ||||||||
TOTAL PRIVATE FUNDS | ||||||||
(Cost 273,117,934) | 274,739,640 |
Number of | Value | |||||||
SHORT-TERM INVESTMENT — 14.0% | ||||||||
170,953,732 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.96%2 | $ | 170,953,732 | |||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 170,982,923) | 170,953,732 | |||||||
TOTAL INVESTMENTS — 99.2% | ||||||||
(Cost 1,290,119,110) | 1,207,550,330 | |||||||
Other assets less liabilities — 0.8% | 9,657,265 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,217,207,595 |
* | Non-income producing security. |
1 | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov. |
2 | The rate is the annualized seven-day yield at period end. |
ETF — Exchange-Traded Fund
LP — Limited Partnership
See accompanying Notes to Financial Statements.
50 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
SCHEDULE OF INVESTMENTS
As of March 31, 2020
Number of | Value | |||||||
OPEN-END MUTUAL FUNDS — 98.3% | ||||||||
CORE — 93.8% | ||||||||
6,183,119 | DoubleLine Total Return Bond Fund - I Class | $ | 64,551,760 | |||||
9,514,152 | MetWest Total Return Bond Fund - Plan Class1 | 99,518,035 | ||||||
3,600,801 | PIMCO Income Fund - Institutional Class | 39,464,777 | ||||||
4,946,149 | Vanguard Total Bond Market Index Fund - Institutional Class | 56,089,328 | ||||||
259,623,900 | ||||||||
OPPORTUNISTIC — 4.5% | ||||||||
261,055 | GMO Emerging Country Debt Fund - Class IV | 6,051,250 | ||||||
1,240,166 | Vanguard High-Yield Corporate Fund - Admiral Shares | 6,523,273 | ||||||
12,574,523 | ||||||||
TOTAL OPEN-END MUTUAL FUNDS | ||||||||
(Cost 269,423,375) | 272,198,423 | |||||||
SHORT-TERM INVESTMENT — 1.7% | ||||||||
4,653,750 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.96%2 | 4,653,750 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 4,651,854) | 4,653,750 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost 274,075,229) | 276,852,173 | |||||||
Liabilities in excess of other assets — (0.0)%3 | (107,917 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 276,744,256 |
1 | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements is available from the SEC’s EDGAR database at www.sec.gov. |
2 | The rate is the annualized seven-day yield at period end. |
3 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
51 |
ASPIRIANT TRUST
Statements of Assets and Liabilities
As of March 31, 2020
Risk-Managed | Risk-Managed | Defensive | Risk-Managed | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $1,157,746,592, $1,438,755,852, $1,290,119,110 and $274,075,229, respectively) | $ | 1,131,186,036 | $ | 1,492,427,401 | $ | 1,207,550,330 | $ | 276,852,173 | ||||||||
Cash | — | 489,042 | — | — | ||||||||||||
Foreign currency, at value (cost $68,468, $0, $0 and $0, respectively) | 67,331 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | — | 9,000,000 | — | ||||||||||||
Fund shares sold | 349,937 | 2,310,925 | 789,907 | 62,985 | ||||||||||||
Dividends and interest | 1,494,717 | 13,193,609 | 193,890 | 10,657 | ||||||||||||
Other prepaid expenses | 12,372 | 17,040 | 17,391 | 23,268 | ||||||||||||
Total assets | 1,133,110,393 | 1,508,438,017 | 1,217,551,518 | 276,949,083 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 9,999,945 | 14,175,957 | — | — | ||||||||||||
Securities lending collateral | 42,853,421 | — | — | — | ||||||||||||
Fund shares redeemed | 1,063,326 | 2,953,413 | 25,674 | 60,015 | ||||||||||||
Due to Custodian | 30,888,529 | — | — | — | ||||||||||||
Due to Adviser | 141,349 | 275,845 | 105,920 | 19,757 | ||||||||||||
Accrued fund accounting fees | 82,018 | 113,056 | 72,609 | 18,973 | ||||||||||||
Accrued administrative servicing fees | 35,508 | 39,034 | 10,472 | 7,406 | ||||||||||||
Accrued fund administration fees | 22,414 | 32,505 | 26,416 | 6,095 | ||||||||||||
Accrued Trustees’ fees | 15,530 | 15,530 | 15,530 | 15,530 | ||||||||||||
Accrued custody fees | 13,181 | 7,827 | 3,690 | 1,241 | ||||||||||||
Accrued transfer agent fees and expenses | 6,243 | 6,168 | 6,284 | 6,116 | ||||||||||||
Accrued Chief Compliance Officer fees | 1,270 | 1,270 | 1,270 | 1,270 | ||||||||||||
Accrued other expenses | 145,954 | 106,385 | 76,058 | 68,424 | ||||||||||||
Total liabilities | 85,268,688 | 17,726,990 | 343,923 | 204,827 | ||||||||||||
NET ASSETS | $ | 1,047,841,705 | $ | 1,490,711,027 | $ | 1,217,207,595 | $ | 276,744,256 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital (unlimited shares authorized, no par value) | $ | 1,071,237,645 | $ | 1,469,173,017 | $ | 1,341,260,331 | $ | 273,515,040 | ||||||||
Total distributable earnings (losses) | (23,395,940 | ) | 21,538,010 | (124,052,736 | ) | 3,229,216 | ||||||||||
NET ASSETS APPLICABLE TO OUTSTANDING SHARES | $ | 1,047,841,705 | $ | 1,490,711,027 | $ | 1,217,207,595 | $ | 276,744,256 | ||||||||
SHARES ISSUED AND OUTSTANDING | 92,720,661 | ^ | 147,433,254 | 129,823,080 | 27,321,531 | |||||||||||
NET ASSET VALUE PER SHARE | $ | 11.30 | ^ | $ | 10.11 | $ | 9.38 | $ | 10.13 |
^ | Advisor Shares |
See accompanying Notes to Financial Statements.
52 |
ASPIRIANT TRUST
Risk-Managed | Risk-Managed | |||||||||||||||
One Month | Year Ended | One Month | Year Ended | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends (net of foreign withholding taxes of $119,187, $502,388, $0 and $0, respectively) | $ | 1,370,391 | $ | 22,793,346 | $ | 588,762 | $ | 8,556,148 | ||||||||
Interest | 159,318 | 2,868,059 | 2,987,323 | 34,990,350 | ||||||||||||
Securities lending income | 13,742 | 191,187 | — | — | ||||||||||||
Total investment income | 1,543,451 | 25,852,592 | 3,576,085 | 43,546,498 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 215,989 | 2,868,418 | 355,630 | 4,101,281 | ||||||||||||
Administrative services fees | 89,994 | 1,195,181 | 131,714 | 1,519,001 | ||||||||||||
Audit fees | 53,000 | 321,404 | 44,800 | 446,858 | ||||||||||||
Fund accounting fees | 25,416 | 288,131 | 38,092 | 366,169 | ||||||||||||
Fund administration fees | 21,494 | 69,045 | 31,443 | 55,628 | ||||||||||||
Custody fees | 4,836 | 57,255 | 2,632 | 30,824 | ||||||||||||
Trustees’ fees and expenses | 3,811 | 55,160 | 3,811 | 68,168 | ||||||||||||
Registration fees | 3,427 | 45,000 | 5,151 | 45,000 | ||||||||||||
Transfer agent fees and expenses | 3,184 | 37,622 | 3,076 | 36,165 | ||||||||||||
Legal fees | 2,915 | 29,898 | 2,878 | 30,858 | ||||||||||||
Chief Compliance Officer fees | 1,270 | 15,000 | 1,270 | 15,000 | ||||||||||||
Shareholder reporting fees | 1,118 | 13,006 | 974 | 13,006 | ||||||||||||
Insurance fees | 1,101 | 11,400 | 1,101 | 13,300 | ||||||||||||
Regulatory services | 863 | 11,371 | 1,127 | 9,647 | ||||||||||||
Other expenses | 3,211 | 62,842 | 856 | 10,659 | ||||||||||||
Total expenses | 431,629 | 5,080,733 | 624,555 | 6,761,564 | ||||||||||||
Less: Advisory fees waived | (71,959 | ) | (956,092 | ) | (79,027 | ) | (911,393 | ) | ||||||||
Less: Administrative services fees waived | (53,996 | ) | (636,568 | ) | (92,203 | ) | (1,063,307 | ) | ||||||||
Net expenses | 305,674 | 3,488,073 | 453,325 | 4,786,864 | ||||||||||||
Net investment income | 1,237,777 | 22,364,519 | 3,122,760 | 38,759,634 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (7,750,477 | ) | 1,166,274 | (2,980,787 | ) | 1,976,907 | ||||||||||
Foreign currency translations | (7,622 | ) | (173,702 | ) | — | — | ||||||||||
Capital gain distributions | — | 16,178,798 | 71 | 1,776 | ||||||||||||
Total net realized gain (loss) | (7,758,099 | ) | 17,171,370 | (2,980,716 | ) | 1,978,683 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (109,579,687 | ) | (23,936,135 | ) | (75,292,400 | ) | 101,146,423 | |||||||||
Foreign currency translations | 508 | 5,031 | — | — | ||||||||||||
Total net change in unrealized appreciation (depreciation) | (109,579,179 | ) | (23,931,104 | ) | (75,292,400 | ) | 101,146,423 | |||||||||
Net realized and unrealized gain (loss) | (117,337,278 | ) | (6,759,734 | ) | (78,273,116 | ) | 103,125,106 | |||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | (116,099,501 | ) | $ | 15,604,785 | $ | (75,150,356 | ) | $ | 141,884,740 |
See accompanying Notes to Financial Statements.
53 |
ASPIRIANT TRUST
Statements of Operations (Continued)
Defensive | Risk-Managed | |||||||||||||||
One Month | Year Ended | One Month | Year Ended | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 760,292 | $ | 27,004,264 | $ | 781,810 | $ | 8,970,113 | ||||||||
Interest | 193,702 | 3,751,707 | 11,674 | 208,152 | ||||||||||||
Total investment income | 953,994 | 30,755,971 | 793,484 | 9,178,265 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 106,481 | 1,329,560 | 61,806 | 637,920 | ||||||||||||
Administrative services fees | 106,481 | 1,329,560 | 24,722 | 255,169 | ||||||||||||
Audit fees | 28,158 | 291,199 | 26,225 | 70,773 | ||||||||||||
Fund accounting fees | 23,178 | 320,526 | 6,582 | 61,208 | ||||||||||||
Fund administration fees | 25,426 | 33,653 | 5,900 | 35,349 | ||||||||||||
Custody fees | 1,299 | 16,870 | 400 | 4,831 | ||||||||||||
Trustees’ fees and expenses | 3,811 | 85,531 | 3,811 | 74,024 | ||||||||||||
Registration fees | 4,927 | 51,000 | 3,402 | 45,000 | ||||||||||||
Transfer agent fees and expenses | 3,181 | 37,563 | 3,066 | 36,102 | ||||||||||||
Legal fees | 4,439 | 51,551 | 2,852 | 30,561 | ||||||||||||
Chief Compliance Officer fees | 1,270 | 15,000 | 1,270 | 15,000 | ||||||||||||
Shareholder reporting fees | 1,152 | 13,006 | 932 | 13,006 | ||||||||||||
Insurance fees | 1,101 | 10,300 | 1,101 | 10,300 | ||||||||||||
Regulatory services | 872 | 11,634 | 872 | 9,133 | ||||||||||||
Other expenses | 1,356 | 10,530 | 618 | 7,296 | ||||||||||||
Total expenses | 313,132 | 3,607,483 | 143,559 | 1,305,672 | ||||||||||||
Less: Advisory fees waived | — | — | (42,028 | ) | (433,786 | ) | ||||||||||
Less: Administrative services fees waived | (95,833 | ) | (1,196,606 | ) | (17,306 | ) | (178,619 | ) | ||||||||
Net expenses | 217,299 | 2,410,877 | 84,225 | 693,267 | ||||||||||||
Net investment income | 736,695 | 28,345,094 | 709,259 | 8,484,998 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (8,522,305 | ) | 638,139 | 371,300 | (90,334 | ) | ||||||||||
Capital gain distributions | — | 108,652 | — | 675,397 | ||||||||||||
Total net realized gain (loss) | (8,522,305 | ) | 746,791 | 371,300 | 585,063 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (103,851,777 | ) | 18,394,502 | (10,725,595 | ) | 13,266,656 | ||||||||||
Total net change in unrealized appreciation (depreciation) | (103,851,777 | ) | 18,394,502 | (10,725,595 | ) | 13,266,656 | ||||||||||
Net realized and unrealized gain (loss) | (112,374,082 | ) | 19,141,293 | (10,354,295 | ) | 13,851,719 | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | (111,637,387 | ) | $ | 47,486,387 | $ | (9,645,036 | ) | $ | 22,336,717 |
See accompanying Notes to Financial Statements.
54 |
ASPIRIANT TRUST
Statements of Changes in Net Assets
Risk-Managed | ||||||||||||
One Month | Year Ended | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 1,237,777 | $ | 22,364,519 | $ | 20,709,124 | ||||||
Net realized gain (loss) on investments and foreign currency | (7,758,099 | ) | 17,171,370 | 27,803,792 | ||||||||
Net change in unrealized (depreciation) on investments and foreign currency | (109,579,179 | ) | (23,931,104 | ) | (19,980,835 | ) | ||||||
Change in net assets resulting from operations | (116,099,501 | ) | 15,604,785 | 28,532,081 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS^: | ||||||||||||
Change in net assets resulting from distributions to shareholders | — | (57,177,625 | ) | (47,741,084 | ) | |||||||
CAPITAL SHARE TRANSACTIONS^: | ||||||||||||
Shares sold | 49,116,897 | 159,635,340 | 252,721,636 | |||||||||
Shares issued for reinvestment of distributions | — | 53,944,736 | 45,836,890 | |||||||||
Shares redeemed | (32,224,422 | ) | (161,327,911 | ) | (182,829,069 | ) | ||||||
Change in net assets resulting from capital stock transactions | 16,892,475 | 52,252,165 | 115,729,457 | |||||||||
Change in net assets | $ | (99,207,026 | ) | $ | 10,679,325 | $ | 96,520,454 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,147,048,731 | 1,136,369,406 | 1,039,848,952 | |||||||||
End of period | $ | 1,047,841,705 | $ | 1,147,048,731 | $ | 1,136,369,406 | ||||||
TRANSACTIONS IN SHARES^: | ||||||||||||
Shares sold | 4,383,059 | 11,874,459 | 19,397,633 | |||||||||
Shares issued for reinvestment of distributions | — | 3,981,161 | 3,781,922 | |||||||||
Shares redeemed | (2,826,869 | ) | (11,984,824 | ) | (14,229,075 | ) | ||||||
Change in shares outstanding | 1,556,190 | 3,870,796 | 8,950,480 |
^ | Represents Advisor Shares transactions for Aspiriant Risk-Managed Equity Allocation Fund. |
See accompanying Notes to Financial Statements.
55 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Risk-Managed | ||||||||||||
One Month | Year Ended | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 3,122,760 | $ | 38,759,634 | $ | 38,877,416 | ||||||
Net realized gain (loss) on investments | (2,980,716 | ) | 1,978,683 | (3,230,963 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments | (75,292,400 | ) | 101,146,423 | 13,304,826 | ||||||||
Change in net assets resulting from operations | (75,150,356 | ) | 141,884,740 | 48,951,279 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | (12,523,265 | ) | (52,274,438 | ) | (42,322,343 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 17,731,792 | 231,232,483 | 398,761,895 | |||||||||
Shares issued for reinvestment of distributions | 12,140,563 | 50,453,475 | 40,734,369 | |||||||||
Shares redeemed | (77,948,372 | ) | (174,014,067 | ) | (267,783,284 | ) | ||||||
Change in net assets resulting from capital stock transactions | (48,076,017 | ) | 107,671,891 | 171,712,980 | ||||||||
Change in net assets | $ | (135,749,638 | ) | $ | 197,282,193 | $ | 178,341,916 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,626,460,665 | 1,429,178,472 | 1,250,836,556 | |||||||||
End of period | $ | 1,490,711,027 | $ | 1,626,460,665 | $ | 1,429,178,472 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 1,720,752 | 22,306,523 | 39,875,359 | |||||||||
Shares issued for reinvestment of distributions | 1,193,762 | 4,895,860 | 4,086,565 | |||||||||
Shares redeemed | (7,774,836 | ) | (16,831,913 | ) | (26,801,410 | ) | ||||||
Change in shares outstanding | (4,860,322 | ) | 10,370,470 | 17,160,514 |
See accompanying Notes to Financial Statements.
56 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Defensive Allocation Fund | ||||||||||||
One Month | Year Ended | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 736,695 | $ | 28,345,094 | $ | 22,743,121 | ||||||
Net realized gain (loss) on investments | (8,522,305 | ) | 746,791 | (8,572,861 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments | (103,851,777 | ) | 18,394,502 | (37,122,319 | ) | |||||||
Change in net assets resulting from operations | (111,637,387 | ) | 47,486,387 | (22,952,059 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | — | (51,465,241 | ) | (42,680,454 | ) | |||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 29,892,927 | 216,182,315 | 487,945,866 | |||||||||
Shares issued for reinvestment of distributions | — | 48,896,956 | 40,797,764 | |||||||||
Shares redeemed | (45,126,488 | ) | (156,807,757 | ) | (347,156,797 | ) | ||||||
Change in net assets resulting from capital stock transactions | (15,233,561 | ) | 108,271,514 | 181,586,833 | ||||||||
Change in net assets | $ | (126,870,948 | ) | $ | 104,292,660 | $ | 115,954,320 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,344,078,543 | 1,239,785,883 | 1,123,831,563 | |||||||||
End of period | $ | 1,217,207,595 | $ | 1,344,078,543 | $ | 1,239,785,883 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 3,130,561 | 20,620,368 | 47,008,593 | |||||||||
Shares issued for reinvestment of distributions | — | 4,652,422 | 4,171,550 | |||||||||
Shares redeemed | (4,756,045 | ) | (14,948,800 | ) | (33,930,883 | ) | ||||||
Change in shares outstanding | (1,625,484 | ) | 10,323,990 | 17,249,260 |
See accompanying Notes to Financial Statements.
57 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Risk-Managed | ||||||||||||
One Month | Year Ended | Period Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 709,259 | $ | 8,484,998 | $ | 4,009,426 | ||||||
Net realized gain (loss) on investments | 371,300 | 585,063 | 1,340 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (10,725,595 | ) | 13,266,656 | 235,883 | ||||||||
Change in net assets resulting from operations | (9,645,036 | ) | 22,336,717 | 4,246,649 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | (2,122,242 | ) | (8,508,325 | ) | (3,127,613 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 6,471,189 | 102,476,725 | 232,378,791 | |||||||||
Shares issued for reinvestment of distributions | 1,969,730 | 7,935,700 | 2,991,318 | |||||||||
Shares redeemed | (20,326,949 | ) | (30,199,687 | ) | (30,132,711 | ) | ||||||
Change in net assets resulting from capital stock transactions | (11,886,030 | ) | 80,212,738 | 205,237,398 | ||||||||
Change in net assets | $ | (23,653,308 | ) | $ | 94,041,130 | $ | 206,356,434 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 300,397,564 | 206,356,434 | — | |||||||||
End of period | $ | 276,744,256 | $ | 300,397,564 | $ | 206,356,434 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 632,833 | 10,013,387 | 23,412,185 | |||||||||
Shares issued for reinvestment of distributions | 194,830 | 775,940 | 303,627 | |||||||||
Shares redeemed | (2,024,380 | ) | (2,937,482 | ) | (3,049,409 | ) | ||||||
Change in shares outstanding | (1,196,717 | ) | 7,851,845 | 20,666,403 |
* | Commenced operations as of the close of business on March 29, 2018. |
See accompanying Notes to Financial Statements.
58 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Financial Highlights - ADVISOR SHARES
Per share income and capital changes for a share outstanding throughout each period.
One Month | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.58 | $ | 13.02 | $ | 13.27 | $ | 11.77 | $ | 10.50 | $ | 11.53 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.01 | 0.25 | 0.26 | 0.25 | 0.19 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | (1.29 | ) | (0.05 | ) | 0.08 | 1.61 | 1.34 | (0.99 | ) | |||||||||||||||
Total from investment operations | (1.28 | ) | 0.20 | 0.34 | 1.86 | 1.53 | (0.84 | ) | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.30 | ) | (0.26 | ) | (0.29 | ) | (0.20 | ) | (0.00 | )(1) | |||||||||||||
From net realized gain | — | (0.34 | ) | (0.33 | ) | (0.07 | ) | (0.06 | ) | (0.19 | ) | |||||||||||||
Total distributions | — | (0.64 | ) | (0.59 | ) | (0.36 | ) | (0.26 | ) | (0.19 | ) | |||||||||||||
Net assets value, end of period | $ | 11.30 | $ | 12.58 | $ | 13.02 | $ | 13.27 | $ | 11.77 | $ | 10.50 | ||||||||||||
Total return | (10.17 | )%(2) | 1.17 | % | 2.83 | % | 15.80 | % | 14.63 | % | (7.33 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,047,842 | $ | 1,147,049 | $ | 1,136,369 | $ | 1,039,849 | $ | 761,664 | $ | 381,654 | ||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Total expenses before expense waiver | 0.48 | %(3) | 0.42 | % | 0.44 | % | 0.44 | % | 0.59 | % | 1.05 | % | ||||||||||||
Expense waiver | (0.14 | )%(3) | (0.13 | )% | (0.14 | )% | (0.16 | )% | (0.08 | )% | (0.04 | )% | ||||||||||||
Total expenses after expense waiver | 0.34 | %(3) | 0.29 | % | 0.30 | % | 0.28 | % | 0.51 | % | 1.01 | % | ||||||||||||
Net investment income | 1.38 | %(3) | 1.87 | % | 1.90 | % | 2.05 | % | 2.02 | % | 1.40 | % | ||||||||||||
Portfolio turnover rate | 3 | %(2) | 28 | % | 79 | % | 38 | % | 89 | % | 83 | % |
(1) | Rounds to less than 0.005. |
(2) | Not annualized. |
(3) | Annualized. |
See accompanying Notes to Financial Statements.
59 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
One Month | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.68 | $ | 10.07 | $ | 10.03 | $ | 10.00 | $ | 10.23 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.02 | 0.27 | 0.30 | 0.28 | 0.28 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.50 | ) | 0.70 | 0.06 | 0.05 | (0.22 | ) | 0.18 | ||||||||||||||||
Total from investment operations | (0.48 | ) | 0.97 | 0.36 | 0.33 | 0.06 | 0.38 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.09 | ) | (0.36 | ) | (0.32 | ) | (0.30 | ) | (0.28 | ) | (0.15 | ) | ||||||||||||
From net realized gain | — | — | — | (0.00 | )(1) | (0.01 | ) | — | ||||||||||||||||
Total distributions | (0.09 | ) | (0.36 | ) | (0.32 | ) | (0.30 | ) | (0.29 | ) | (0.15 | ) | ||||||||||||
Net assets value, end of period | $ | 10.11 | $ | 10.68 | $ | 10.07 | $ | 10.03 | $ | 10.00 | $ | 10.23 | ||||||||||||
Total return | (4.55 | )%(2) | 9.79 | % | 3.71 | % | 3.35 | % | 0.60 | % | 3.86 | %(2) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,490,711 | $ | 1,626,461 | $ | 1,429,178 | $ | 1,250,837 | $ | 982,429 | $ | 678,272 | ||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Total expenses before expense waiver | 0.47 | %(3) | 0.45 | % | 0.46 | % | 0.46 | % | 0.51 | % | 0.61 | %(3) | ||||||||||||
Expense waiver | (0.13 | )%(3) | (0.13 | )% | (0.12 | )% | (0.11 | )% | (0.07 | )% | (0.07 | )%(3) | ||||||||||||
Total expenses after expense waiver | 0.34 | %(3) | 0.32 | % | 0.34 | % | 0.35 | % | 0.44 | % | 0.54 | %(3) | ||||||||||||
Net investment income | 2.37 | %(3) | 2.55 | % | 2.96 | % | 2.80 | % | 2.85 | % | 3.32 | %(3) | ||||||||||||
Portfolio turnover rate | 6 | %(2) | 24 | % | 16 | % | 28 | % | 20 | % | 0 | %(1)(2) |
* | Commenced operations as of the close of business on July 1, 2015. |
(1) | Rounds to less than 0.005. |
(2) | Not annualized. |
(3) | Annualized. |
See accompanying Notes to Financial Statements.
60 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
One Month | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.23 | $ | 10.24 | $ | 10.82 | $ | 10.29 | $ | 9.77 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.00 | (1) | 0.22 | 0.21 | 0.15 | 0.11 | 0.00 | (1) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.85 | ) | 0.17 | (0.39 | ) | 0.61 | 0.53 | (0.23 | ) | |||||||||||||||
Total from investment operations | (0.85 | ) | 0.39 | (0.18 | ) | 0.76 | 0.64 | (0.23 | ) | |||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.40 | ) | (0.22 | ) | (0.16 | ) | (0.12 | ) | — | ||||||||||||||
From net realized gain | — | — | (0.18 | ) | (0.07 | ) | (0.00 | )(1) | — | |||||||||||||||
Total distributions | — | (0.40 | ) | (0.40 | ) | (0.23 | ) | (0.12 | ) | — | ||||||||||||||
Net assets value, end of period | $ | 9.38 | $ | 10.23 | $ | 10.24 | $ | 10.82 | $ | 10.29 | $ | 9.77 | ||||||||||||
Total return | (8.31 | )%(2) | 3.69 | % | (1.46 | )% | 7.44 | % | 6.54 | % | (2.30 | )%(2) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,217,208 | $ | 1,344,079 | $ | 1,239,786 | $ | 1,123,832 | $ | 567,711 | $ | 127,729 | ||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Total expenses before expense waiver | 0.29 | %(3) | 0.27 | % | 0.28 | % | 0.30 | % | 0.35 | % | 0.78 | %(3) | ||||||||||||
Expense waiver | (0.09 | )%(3) | (0.09 | )% | (0.09 | )% | (0.08 | )% | (0.07 | )% | (0.07 | )%(3) | ||||||||||||
Total expenses after expense waiver | 0.20 | %(3) | 0.18 | % | 0.19 | % | 0.22 | % | 0.28 | % | 0.71 | %(3) | ||||||||||||
Net investment income | 0.69 | %(3) | 2.13 | % | 1.88 | % | 1.63 | % | 1.55 | % | (0.20 | )%(3) | ||||||||||||
Portfolio turnover rate | 3 | %(2) | 10 | % | 29 | % | 37 | % | 16 | % | 0 | %(2) |
* | Commenced operations as of the close of business on December 14, 2015. |
(1) | Rounds to less than 0.005. |
(2) | Not annualized. |
(3) | Annualized. |
See accompanying Notes to Financial Statements.
61 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
One Month | Year Ended | Period Ended | ||||||||||
Net asset value, beginning of period | $ | 10.53 | $ | 9.99 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income | 0.03 | 0.33 | 0.26 | |||||||||
Net realized and unrealized gain (loss) on investments | (0.35 | ) | 0.56 | (0.05 | ) | |||||||
Total from investment operations | (0.32 | ) | 0.89 | 0.21 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | (0.08 | ) | (0.35 | ) | (0.22 | ) | ||||||
Total distributions | (0.08 | ) | (0.35 | ) | (0.22 | ) | ||||||
Net assets value, end of period | $ | 10.13 | $ | 10.53 | $ | 9.99 | ||||||
Total return | (3.06 | )%(1) | 9.02 | % | 2.16 | %(1) | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in thousands) | $ | 276,744 | $ | 300,398 | $ | 206,356 | ||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||
Total expenses before expense waiver | 0.58 | %(2) | 0.51 | % | 0.60 | %(2) | ||||||
Expense waiver | (0.24 | )%(2) | (0.24 | )% | (0.24 | )%(2) | ||||||
Total expenses after expense waiver | 0.34 | %(2) | 0.27 | % | 0.36 | %(2) | ||||||
Net investment income | 2.87 | %(2) | 3.33 | % | 3.46 | %(2) | ||||||
Portfolio turnover rate | 5 | %(1) | 4 | % | 0 | %(1) |
* | Commenced operations as of the close of business on March 29, 2018. |
(1) | Not annualized. |
(2) | Annualized. |
See accompanying Notes to Financial Statements.
62 |
ASPIRIANT TRUST
March 31, 2020
1. | ORGANIZATION |
Aspiriant Trust, which was organized on November 22, 2011, is a Delaware statutory trust registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company (the “Trust”). The Trust currently consists of the following four diversified portfolios: Aspiriant Risk-Managed Equity Allocation Fund (the “Equity Allocation Fund”), which commenced operations on April 4, 2013, Aspiriant Risk-Managed Municipal Bond Fund (the “Municipal Bond Fund”), which commenced operations on July 1, 2015, Aspiriant Defensive Allocation Fund (the “Defensive Allocation Fund”), which commenced operations on December 14, 2015, and Aspiriant Risk-Managed Taxable Bond Fund (the “Taxable Bond Fund”, together with the Equity Allocation Fund, the Municipal Bond Fund, and the Defensive Allocation Fund, each individually referred to as a “Fund” or collectively, the “Funds”), which commenced operations on March 29, 2018. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Municipal Bond Fund, the Defensive Allocation Fund, and the Taxable Bond Fund have each established, offered and issued only one class of shares. The Funds’ investment objectives are as follows:
The Equity Allocation Fund – The investment objective of the Equity Allocation Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Equity Allocation Fund seeks to achieve its investment goal by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The types of equity securities the Fund will invest in include common stock, preferred stock, and depositary receipts. The Fund also may invest in securities that provide exposure to equity securities (i.e. rights, warrants, and investment company shares). The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund may invest in companies of any market capitalization. The adviser and sub-advisers generally will consider selling securities when other securities are identified that may result in a better opportunity.
The Municipal Bond Fund – The investment objective of the Municipal Bond Fund is to seek total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal circumstances, the Municipal Bond Fund seeks to achieve its investment goal by investing at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam), which may include a focus on the California municipal securities market. The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds, exchange-traded funds (“ETFs”) and private funds that invest primarily in securities of the types in which the Municipal Bond Fund may invest directly.
The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in underlying funds (the “Underlying Funds”) and may, to a limited extent, invest in separately managed accounts (“SMAs”), which are private portfolios of securities for individual accounts. The Fund seeks to provide a return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures, including investments that focus on a specialized asset class (i.e., long-short strategies).
63 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
1. | ORGANIZATION (Continued) |
The Defensive Allocation Fund’s exposures may include global equities, global fixed income, market neutral, global macro, managed futures, relative value, long/short equity, long/short debt, merger arbitrage, convertible arbitrage, security arbitrage, managed futures, derivatives and other non-traditional strategies.
The Taxable Bond Fund – The investment objective of the Taxable Bond Fund is to maximize long-term total return. The Fund invests primarily in Underlying Funds and may, to a limited extent, invest in SMAs. To achieve its investment objective, under normal market conditions, the Fund invests through Underlying Funds and SMAs at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds and other fixed income securities. The Fund intends to allocate its assets to Underlying Funds and SMAs that primarily invest in various types of bonds and other securities, typically government and agency bonds, corporate bonds, notes, mortgage-related and asset-backed securities, collateralized debt obligations, zero coupon bonds, bank loans, money market instruments, repurchase agreements, swaps, futures, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating. The Underlying Funds and SMAs may invest in the U.S. and abroad, including international and emerging markets, and may purchase securities of any credit rating and varying maturities issued by domestic and foreign corporations, entities and governments.
Aspiriant, LLC (the “Adviser”) serves as the investment adviser to the Funds. The Board of Trustees (“Trustees”) of the Trust (the “Board”) has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.
Effective March 1, 2020, the fiscal year end of the Funds has been changed from February 28 to March 31 as approved by the Board on November 7, 2019.
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.
64 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(a) | Securities Valuations (Continued) |
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, limited liability companies and exempted companies, are typically valued using NAV as a practical expedient, as reported by the private funds’ managers and their agents, when the NAV is calculated in a manner consistent with measurement principles in FASB ASC Topic 946 for investment companies. Such values are calculated according to the valuation policies of the particular private fund. Investments in private funds are subject to the terms of the private funds’ offering documents. Valuations of the private funds may be subject to estimates and are net of management, performance incentive fees or allocations payable to the private funds’ managers as required by the private funds’ offering documents.
The Board oversees the Trust’s Valuation Committee, whose actions are reported to the Board at least quarterly and more frequently, if appropriate.
(b) | Fair Value Measurements and Disclosures |
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those investments. These inputs are summarized into three broad levels as described below:
● | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities; |
● | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or |
● | Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
The Trust measures the fair value of its investments in private funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date
65 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
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.
The following is a summary of the inputs used, as of March 31, 2020, in valuing the Equity Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:
Assets | Level 1 | Level 2 | Level 3 | NAV Practical | Total | |||||||||||||||
Common Stock | ||||||||||||||||||||
Australia | $ | — | $ | 1,941,739 | $ | — | $ | — | $ | 1,941,739 | ||||||||||
Austria | — | 149,920 | — | — | 149,920 | |||||||||||||||
Belgium | — | 2,262,788 | — | — | 2,262,788 | |||||||||||||||
Bermuda | 3,267,096 | 998,729 | — | — | 4,265,825 | |||||||||||||||
Canada | 8,081,957 | — | — | — | 8,081,957 | |||||||||||||||
Chile | 256,871 | — | — | — | 256,871 | |||||||||||||||
China | 1,039,345 | 2,089,806 | — | — | 3,129,151 | |||||||||||||||
Curacao | 5,506 | — | — | — | 5,506 | |||||||||||||||
Denmark | 2,131,561 | 2,735,740 | — | — | 4,867,301 | |||||||||||||||
Finland | — | 41,101 | — | — | 41,101 | |||||||||||||||
France | 62,514 | 2,918,193 | — | — | 2,980,707 | |||||||||||||||
Germany | 50,675 | 2,320,114 | — | — | 2,370,789 | |||||||||||||||
Guernsey | 3,397,641 | — | — | — | 3,397,641 | |||||||||||||||
Hong Kong | 291,101 | 12,898,536 | — | — | 13,189,637 | |||||||||||||||
India | 1,378,431 | — | — | — | 1,378,431 | |||||||||||||||
Ireland | 1,956,289 | — | — | — | 1,956,289 | |||||||||||||||
Israel | 2,107,503 | 1,491,281 | — | — | 3,598,784 | |||||||||||||||
Italy | — | 1,325,920 | — | — | 1,325,920 | |||||||||||||||
Japan | 1,581,312 | 33,584,840 | — | — | 35,166,152 | |||||||||||||||
Jersey | — | 1,897,311 | — | — | 1,897,311 | |||||||||||||||
Netherlands | — | 4,161,376 | — | — | 4,161,376 | |||||||||||||||
New Zealand | — | 1,826,873 | — | — | 1,826,873 | |||||||||||||||
Norway | — | 2,342,110 | — | — | 2,342,110 | |||||||||||||||
Philippines | 107,652 | — | — | — | 107,652 | |||||||||||||||
Portugal | — | 343,190 | — | — | 343,190 | |||||||||||||||
Singapore | 387,773 | 1,801,820 | — | — | 2,189,593 | |||||||||||||||
South Korea | 1,374,222 | — | — | — | 1,374,222 | |||||||||||||||
Spain | — | 150,271 | — | — | 150,271 | |||||||||||||||
Sweden | — | 1,785,181 | — | — | 1,785,181 | |||||||||||||||
Switzerland | 2,408,214 | 12,022,671 | — | — | 14,430,885 | |||||||||||||||
Taiwan | 7,065,452 | — | — | — | 7,065,452 |
66 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
Assets | Level 1 | Level 2 | Level 3 | NAV Practical | Total | |||||||||||||||
Common Stock (Continued) | ||||||||||||||||||||
United Kingdom | $ | — | $ | 8,728,483 | $ | — | $ | — | $ | 8,728,483 | ||||||||||
United States | 130,852,560 | — | — | — | 130,852,560 | |||||||||||||||
Exchange-Traded Funds | 228,861,696 | — | — | — | 228,861,696 | |||||||||||||||
Open-End Mutual Fund | 213,529,585 | — | — | — | 213,529,585 | |||||||||||||||
Preferred Stock | ||||||||||||||||||||
Germany | — | 1,068,043 | — | — | 1,068,043 | |||||||||||||||
Private Fund | — | — | — | 129,309,930 | 129,309,930 | |||||||||||||||
Short-Term Investments | 247,941,693 | 42,853,421 | — | — | 290,795,114 | |||||||||||||||
Total Investments | $ | 858,136,649 | $ | 143,739,457 | $ | — | $ | 129,309,930 | $ | 1,131,186,036 |
Certain investments valued using the NAV as a practical expedient in which the Equity Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Equity Allocation Fund and their attributes as of March 31, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Fund – Long/Short Equity(a) | $ | 129,309,930 | N/A | Indefinite | Monthly | 2 | N/A | |||||||||||||||||
$ | 129,309,930 | N/A |
(a) | This category includes funds that employ long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempt to achieve capital appreciation. |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Equity Allocation Fund’s net assets as of March 31, 2020:
Private Fund | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
RIEF Strategic Partners Fund LLC | 12.3% | Long/Short Equity | The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |
67 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the inputs used, as of March 31, 2020, in valuing the Municipal Bond Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investments:
Assets | Level 1 | Level 2 | Level 3 | NAV Practical | Total | |||||||||||||||
Municipal Bonds | $ | — | $ | 1,030,224,057 | $ | — | $ | — | $ | 1,030,224,057 | ||||||||||
Common Stock | 410,180 | — | — | — | 410,180 | |||||||||||||||
Closed-End Mutual Funds | 8,105,513 | — | — | — | 8,105,513 | |||||||||||||||
Open-End Mutual Fund | 234,237,147 | — | — | — | 234,237,147 | |||||||||||||||
Private Funds | — | — | — | 198,151,802 | 198,151,802 | |||||||||||||||
Short-Term Investment | 21,298,702 | — | — | — | 21,298,702 | |||||||||||||||
Total Investments | $ | 264,051,542 | $ | 1,030,224,057 | $ | — | $ | 198,151,802 | $ | 1,492,427,401 |
Certain investments valued using the NAV as a practical expedient in which the Municipal Bond Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Municipal Bond Fund and their attributes as of March 31, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Funds - Fixed Income Relative-Value (a) | $ | 198,151,802 | N/A | Indefinite | Monthly - Quarterly | 30 - 65 | N/A - 25% investor level gate, if redemptions exceed 25% of total fund’s assets | |||||||||||||||||
$ | 198,151,802 | N/A |
(a) | This category includes funds that apply both a top-down overlay and bottom-up credit research in the construction of U.S. tax exempt and taxable portfolios. |
68 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of March 31, 2020:
Private Fund | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
MacKay Municipal Opportunities Fund, LP | 10.8% | Fixed Income Relative-Value | The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |
The following is a summary of the inputs used, as of March 31, 2020, in valuing the Defensive Allocation Fund’s assets. Investments valued using NAV as practical expedient are listed in a separate column to permit reconciliation to the totals in the Schedule of Investment:
Assets | Level 1 | Level 2 | Level 3 | NAV Practical | Total | |||||||||||||||
Open-End Mutual Funds: | ||||||||||||||||||||
Alternative Diversifiers | $ | 53,243,704 | $ | — | $ | — | $ | — | $ | 53,243,704 | ||||||||||
Core/Alternative Diversifiers | 629,126,132 | — | — | — | 629,126,132 | |||||||||||||||
Exchange-Traded Fund: | ||||||||||||||||||||
Real Asset | 79,487,122 | — | — | — | 79,487,122 | |||||||||||||||
Private Funds: | ||||||||||||||||||||
Alternative Diversifiers | — | — | — | 138,722,349 | 138,722,349 | |||||||||||||||
Core Diversifiers | — | — | — | 136,017,291 | 136,017,291 | |||||||||||||||
Short-Term Investment | 170,953,732 | — | — | — | 170,953,732 | |||||||||||||||
Total Investments | $ | 932,810,690 | $ | — | $ | — | $ | 274,739,640 | $ | 1,207,550,330 |
69 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
Certain investments valued using the NAV as a practical expedient in which the Defensive Allocation Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, redemption frequency and gates. The following is a listing of these investments held by the Defensive Allocation Fund and their attributes as of March 31, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Funds – | ||||||||||||||||||||||||
Merger Arbitrage (a) | $ | 110,469,511 | N/A | Indefinite | Daily | 3 business days | N/A | |||||||||||||||||
Multi-Strategy (b) | 28,252,838 | $ | 31,651,200 | Indefinite | Quarterly-Semi-annual | 60-90 calendar days | 1) 0%-20% fund-level gate.
2) 5%-12.5% investor-level gate per cycle.
3) Commitment lock-up of the earlier of (a) July 1, 2022 or (b) the date that is six months after the call date on which the commitment is fully drawn. | |||||||||||||||||
Risk Parity (c) | 136,017,291 | N/A | Indefinite | Monthly | 5-10 business days | N/A | ||||||||||||||||||
$ | 274,739,640 | $ | 31,651,200 |
(a) | This category includes the funds that primarily focus on definitive merger arbitrage opportunities and aim to capture idiosyncratic spread returns by investing in securities of, and financial instruments relating to, companies subject to publicly announced mergers and acquisitions. |
(b) | This category includes the funds that intend to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies. |
(c) | This category includes the funds that hold a globally diversified portfolio with approximately equal risk allocations across equities, developed market sovereign bonds, credit (e.g., corporate and emerging country debt) and inflation hedges (e.g., commodities and inflation linked sovereign debt), and some relative value positions to drive outperformance or fund alpha. |
70 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of March 31, 2020:
Private Funds | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A | 9.1% | Merger Arbitrage | The net asset value will be the value of all assets of the fund less all of the liabilities of the fund. | Daily | N/A |
All Weather Portfolio Limited | 10.3% | Risk Parity | The net asset value will be the value of all assets of the fund less all of the liabilities of the fund. | Monthly | N/A |
The following is a summary of the inputs used, as of March 31, 2020, in valuing the Taxable Bond Fund’s assets:
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Open-End Mutual Funds: | ||||||||||||||||
Core | $ | 259,623,900 | $ | — | $ | — | $ | 259,623,900 | ||||||||
Opportunistic | 12,574,523 | — | — | 12,574,523 | ||||||||||||
Short-Term Investment | 4,653,750 | — | — | 4,653,750 | ||||||||||||
Total Investments | $ | 276,852,173 | $ | — | $ | — | $ | 276,852,173 |
(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.
71 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(d) | Foreign Currency and Risk |
i. | Assets and liabilities — Translated at the closing rate of exchange as of 4:00 p.m. Eastern time on March 31, 2020. |
ii. | Purchases and sales of investment securities, income and expenses are recorded at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred). |
The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments on the Statements of Operations.
Reported net realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rate.
Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.
(e) | Securities Lending |
The Funds may participate in a securities lending program, providing portfolio securities to brokers, dealers, and financial institutions. When the Funds participate in securities lending they will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. As collateral, the Funds receive cash (“Cash Collateral”) or securities, such as various government securities or common stocks listed on certain indices (“Non-Cash Collateral”) in return for the securities and records a corresponding payable for collateral due to the respective broker. The amount of collateral received is maintained at a minimum level of 102% of the prior day’s market value on securities loaned. Investment transactions, including securities on loan and the related collateral, are recorded on a trade date basis. Cash collateral is reinvested in money market funds and, with other entities participating in the securities lending program, in short term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates). The valuation of collateral is discussed in “Securities Valuations” in Note 2 of the Notes to the Financial Statements. When the Funds lend their portfolio securities, they are subject to the risk that they may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Funds may lose certain investment opportunities. The Funds also are subject to the risks associated with the investments received as collateral from the borrower.
72 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(e) | Securities Lending (Continued) |
For the period from March 1, 2020 through March 31, 2020, the Municipal Bond Fund, Defensive Allocation Fund and Taxable Bond Fund had not participated in a securities lending program. The Equity Allocation Fund’s securities on loan were appropriately collateralized at March 31, 2020. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of March 31, 2020:
Description | PAR | Value | ||||||
Money Market Fund with The Goldman Sachs Group, Inc., 0.43%, 04/1/2020* | $ | 10,000,000 | $ | 10,000,000 | ||||
Money Market Fund with Wells Fargo & Company, 0.39%, 04/1/2020* | 10,000,000 | 10,000,000 | ||||||
Money Market Fund with Morgan Stanley, 0.32%, 04/1/2020* | 5,000,000 | 5,000,000 | ||||||
Repurchase Agreement with Citigroup Global Markets, Inc., 0.01%, 04/1/2020*# | 5,000,000 | 5,000,000 | ||||||
Repurchase Agreement with Natixis, New York, 0.01%, 04/1/2020*# | 4,860,369 | 4,860,369 | ||||||
Domestic CD with DZ Bank AG, New York, 0.95%, 06/10/2020* | 2,000,000 | 2,000,000 | ||||||
Time Deposit with National Bank of Canada, 0.15%, 04/7/2020* | 2,000,000 | 2,000,000 | ||||||
Time Deposit with ABN Amro Bank, 0.08%, 04/1/2020* | 1,000,000 | 1,000,000 | ||||||
Funding Agreement with United of Omaha Life Insurance, 0.89%, 04/30/2020* | 1,000,000 | 1,000,000 | ||||||
Domestic CD with Bank of Nova Scotia, Houston, 0.50%, 07/10/2020* | 1,000,000 | 999,393 | ||||||
Commercial Paper with Mont Blanc, 2.03%, 04/8/2020* | 1,000,000 | 993,659 | ||||||
Total | $ | 42,860,369 | $ | 42,853,421 |
* | The rate shown is the annualized 7-day yield as of March 31, 2020. |
# | The repurchase agreements are collateralized by various fixed income U.S. Government Agency and U.S. Treasury securities in the amount of $10,057,580. |
As of March 31, 2020, the Equity Allocation Fund held Non-Cash Collateral in the amount of $5,080,489 which consisted of U.S. Treasury securities.
The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statements of Operations is net of these expenses. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Equity Allocation Fund paid $11,660 and $81,918, respectively, to JPM from securities lending revenue.
73 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(f) | Distributions to Shareholders |
The Municipal Bond Fund and Taxable Bond Fund intend to pay dividends from net investment income at least quarterly. The Equity Allocation Fund and Defensive Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of each individual Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
(g) | Amortization |
Discounts on securities purchased are amortized over the life of the respective securities. Premiums on securities purchased are amortized over the life of the respective security, unless the security has a non-contingent call feature, in which case the premium is amortized to the earliest call date.
(h) | Use of Estimates |
The preparation of the financial statements in conformity with U.S. GAAP requires the Funds to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds believe that the estimates utilized in preparing the financial statements are reasonable and prudent, however, actual results could differ from these estimates.
(i) | Guarantees and Indemnifications |
In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.
(j) | Federal Income Taxes |
Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing each Fund’s tax return to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.
74 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
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 its federal income tax filings. The open tax years include the current year plus the prior three tax years, or all years if the Funds have been in existence for less than three years. As of and during the period from March 1, 2020 through March 31, 2020, the Funds did not record a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS |
(a) | Investment Advisory Fees |
The Adviser provides investment advisory services to the Funds pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Trust. In consideration for such services the Funds will pay the Adviser a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears. Pursuant to an administrative services agreement (the “Administration Agreement”) with the Trust, the Adviser is entitled to a fee based on the average daily net assets, computed and accrued daily and paid monthly in arrears, for providing administrative services to the Funds that include the selection and monitoring of investment sub-advisers, negotiation of investment sub-advisory agreements, data gathering regarding investments, liaison with outside service providers such as the administrator, transfer agent, custodian, auditors and accountants, creation of investor communications, and other such activities.
Equity Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.24% of the Equity Allocation Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.24% to 0.16% through June 30, 2020. The advisory fee waiver is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $71,959 and $956,092, respectively, of its advisory fee for the Equity Allocation Fund.
Under the Administration Agreement, the Equity Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. The Adviser voluntarily waived expenses at a rate of 0.05% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.05% of average daily net assets. Effective November 7, 2019, the Adviser has contractually agreed to waive expenses at a rate of 0.06% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.04% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $53,996 and $636,568, respectively, under the Administration Agreement.
Municipal Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.27% of the Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.27% to 0.21% through June 30, 2020. The advisory fee waiver is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $79,027 and $911,393, respectively, of its advisory fee for the Municipal Bond Fund.
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued) |
(a) | Investment Advisory Fees (Continued) |
Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, the waiver became contractual. The Adviser waived expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $92,203 and $1,063,307, respectively, under the Administration Agreement.
Defensive Allocation Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.10% of the Defensive Allocation Fund’s average daily net assets.
Under the Administration Agreement, the Defensive Allocation Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, the waiver became contractual. The Adviser waived expenses at a rate of 0.09% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.01% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $95,833 and $1,196,606, respectively, under the Administration Agreement.
Taxable Bond Fund – For the advisory services it provides pursuant to the Advisory Agreement, the Adviser is entitled to a fee calculated at an annual rate of 0.25% of the Taxable Bond Fund’s average daily net assets. The Adviser has contractually agreed, however, to waive its advisory fee from 0.25% to 0.08% through June 30, 2020. The advisory fee waiver is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $42,028 and $433,786, respectively, of its advisory fee for the Taxable Bond Fund.
Under the Administration Agreement, the Taxable Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Prior to November 7, 2019, the Adviser had agreed to voluntarily waive a portion of the administrative services fee under the Administration Agreement. Effective November 7, 2019, that waiver became contractual. The Adviser waived expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver, voluntary or contractual, is not subject to recoupment. For the period from March 1, 2020 through March 31, 2020 and the year ended February 29, 2020, the Adviser waived $17,306 and $178,619, respectively, under the Administration Agreement.
(b) | Sub-Advisory Fees |
Aperio Group, LLC and Acadian Asset Management LLC serve as the sub-advisers of the Equity Allocation Fund. Nuveen Asset Management, LLC and Wells Capital Management Inc. serve as the sub-advisers of the Municipal Bond Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued) |
(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 October 1, 2019, each Trustee receives an annual retainer of $60,000, as well as $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. For the period July 1, 2018, through September 30, 2019, the annual retainer was $50,000. The Chair of the Audit Committee is paid an additional $7,500 per year. Effective January 1, 2020, each Trustee who is a member of the Valuation Committee is paid an additional $2,000 per year.
4. | INVESTMENT TRANSACTIONS |
For the period from March 1, 2020 through March 31, 2020, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:
Other than | U.S. Government Securities | |||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||
Equity Allocation Fund | $ | 29,021,002 | $ | 88,767,761 | $ | — | $ | — | ||||||||
Municipal Bond Fund | 1,550,790 | 68,000,000 | 95,062,710 | 23,083,654 | ||||||||||||
Defensive Allocation Fund | 37,759,939 | 45,494,409 | — | — | ||||||||||||
Taxable Bond Fund | 12,781,598 | 16,700,000 | — | — |
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
4. | INVESTMENT TRANSACTIONS (Continued) |
For the year ended February 29, 2020, cost of purchases and proceeds from sales and dispositions of portfolio securities, other than short-term investments, were as follows:
Other than | U.S. Government Securities | |||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||
Equity Allocation Fund | $ | 346,918,495 | $ | 289,237,329 | $ | — | $ | — | ||||||||
Municipal Bond Fund | 105,656,138 | 184,380,914 | 310,556,303 | 161,304,352 | ||||||||||||
Defensive Allocation Fund | 202,268,875 | 118,200,514 | — | — | ||||||||||||
Taxable Bond Fund | 82,483,451 | 10,530,000 | — | — |
5. | FEDERAL TAX INFORMATION |
At March 31, 2020, the cost of investments on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows:
| Equity | Municipal | Defensive | Taxable | ||||||||||||
Cost of investments | $ | 1,162,072,150 | $ | 1,463,739,926 | $ | 1,314,993,597 | $ | 274,075,481 | ||||||||
Gross unrealized appreciation | $ | 42,949,327 | $ | 44,361,151 | $ | 3,396,481 | $ | 8,467,008 | ||||||||
Gross unrealized depreciation | (73,835,441 | ) | (15,673,676 | ) | (110,839,748 | ) | (5,690,316 | ) | ||||||||
Net unrealized appreciation/ (depreciation) on investments | $ | (30,886,114 | ) | $ | 28,687,475 | $ | (107,443,267 | ) | $ | 2,776,692 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on investment transactions.
For U.S. GAAP purposes the Funds changed their year-end from February 29, 2020 to March 31, 2020, and for tax purposes the Funds did not change their fiscal year. U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the fiscal tax year ended February 29, 2020, permanent differences in book and tax accounting were reclassified to paid-in capital and total distributable earnings/ (losses) as follows:
Increase/(Decrease) | ||||||||
| Paid-In Capital | Total Distributable | ||||||
Equity Allocation Fund | $ | (1,075 | ) | $ | 1,075 | |||
Municipal Bond Fund | (341,587 | ) | 341,587 | |||||
Defensive Allocation Fund | (719 | ) | 719 | |||||
Taxable Bond Fund | — | — |
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
5. | FEDERAL TAX INFORMATION (Continued) |
As of February 29, 2020, the components of total distributable earnings/(losses) on a tax basis were as follows:
| Equity | Municipal | Defensive | Taxable | ||||||||||||
Undistributed ordinary income | $ | 92,257 | $ | 670,482 | $ | 8,458,037 | $ | 1,370,837 | ||||||||
Undistributed tax-exempt income | — | 9,314,544 | — | — | ||||||||||||
Undistributed long-term capital gains | 13,983,609 | — | — | 123,370 | ||||||||||||
Tax Accumulated earnings | 14,075,866 | 9,985,026 | 8,458,037 | 1,494,207 | ||||||||||||
Accumulated capital and other losses | (61,414 | ) | (5,110,767 | ) | (17,281,896 | ) | — | |||||||||
Unrealized appreciation/(depreciation) on investments | 78,693,573 | 104,337,372 | (3,591,490 | ) | 13,502,287 | |||||||||||
Unrealized depreciation on foreign currency | (4,464 | ) | — | — | — | |||||||||||
Total distributable earnings/(losses) | $ | 92,703,561 | $ | 109,211,631 | $ | (12,415,349 | ) | $ | 14,996,494 |
The tax character of the distributions paid by the Equity Allocation Fund during the period from March 1, 2020 through March 31, 2020 and the years ended February 29, 2020 and February 28, 2019, is as follows:
| One Month | Year Ended | Year Ended | |||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | — | $ | 26,934,025 | $ | 21,560,225 | ||||||
Net long-term capital gains | — | 30,243,600 | 26,180,859 | |||||||||
Total taxable distributions | — | 57,177,625 | 47,741,084 | |||||||||
Total distributions paid | $ | — | $ | 57,177,625 | $ | 47,741,084 |
The tax character of the distributions paid by the Municipal Bond Fund during the period from March 1, 2020 through March 31, 2020 and the years ended February 29, 2020 and February 28, 2019, is as follows:
One Month Period Ended March 31, 2020 | Year Ended February 29, 2020 | Year Ended February 28, 2019 | ||||||||||
Tax-exempt dividends | $ | 12,523,265 | $ | 52,274,438 | $ | 42,322,343 | ||||||
Total distributions paid | $ | 12,523,265 | $ | 52,274,438 | $ | 42,322,343 |
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
5. | FEDERAL TAX INFORMATION (Continued) |
The tax character of the distributions paid by the Defensive Allocation Fund during the period from March 1, 2020 through March 31, 2020 and the years ended February 29, 2020 and February 28, 2019, is as follows:
| One Month | Year Ended | Year Ended | |||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | — | $ | 51,465,241 | $ | 24,858,733 | ||||||
Net long-term capital gains | — | — | 17,821,721 | |||||||||
Total taxable distributions | — | 51,465,241 | 42,680,454 | |||||||||
Total distributions paid | $ | — | $ | 51,465,241 | $ | 42,680,454 |
The tax character of the distributions paid by the Taxable Bond Fund during the period from March 1, 2020 through March 31, 2020 and the years ended February 29, 2020 and February 28, 2019, is as follows:
| One Month | Year Ended | Period Ended | |||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | 2,122,242 | $ | 8,508,325 | $ | 3,127,613 | ||||||
Total taxable distributions | 2,122,242 | 8,508,325 | 3,127,613 | |||||||||
Total distributions paid | $ | 2,122,242 | $ | 8,508,325 | $ | 3,127,613 |
* | Commenced operations as of the close of business on March 29, 2018. |
As of February 29, 2020, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:
Not Subject to Expiration | ||||||||
Short-Term | Long-Term | |||||||
Municipal Bond Fund | $ | 2,345,887 | $ | 2,764,880 | ||||
Defensive Allocation Fund | 10,108,081 | 7,173,815 |
6. | SUBSEQUENT EVENTS |
Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no subsequent events that required adjustment to our disclosure in the financial statements, except for the events listed below.
On September 26, 2019, the Board of Trustees of Aspiriant Trust has approved the proposed reorganization of Defensive Allocation Fund into a newly created closed-end fund also called Aspiriant Defensive Allocation Fund (the “Acquiring Fund”) that will operate as an interval fund. The purpose of the reorganization is to give shareholders
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ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
6. | SUBSEQUENT EVENTS (Continued) |
the opportunity to pursue the same basic investment strategy while investing in a fund that can take increased advantage of less liquid investment opportunities such as hedge funds and private funds. Defensive Allocation Fund and the Acquiring Fund have the same investment objective and substantially similar principal investment strategies. The proposed reorganization is expected to be a tax-free transaction for federal income tax purposes and is subject to certain conditions including approval by shareholders of the Fund. If approved by shareholders, the reorganization is expected to occur at the second half of 2020.
In early 2020, an outbreak of the novel strain of coronavirus (COVID-19) emerged globally. As a result, there have been mandates from federal, state and local authorities resulting in an overall decline in economic activity. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time.
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ASPIRIANT TRUST
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of Aspiriant Trust and the Aspiriant Risk-Managed Equity Allocation Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund, and Aspiriant Risk-Managed Taxable Bond Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of the Aspiriant Risk-Managed Equity Allocation Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund, and Aspiriant Risk-Managed Taxable Bond Fund (collectively, the “Funds”), each portfolios of the series constituting Aspiriant Trust, including the schedules of investments, as of March 31, 2020, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2020, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Funds | Statements of | Statements of Changes | Financial Highlights |
Aspiriant Risk-Managed Equity Allocation Fund | For the one-month period ended March 31, 2020 and the year ended February 29, 2020 | For the one-month period ended March 31, 2020 and the two years in the period ended February 29, 2020 | For the one-month period ended March 31, 2020 and the five years in the period ended February 29, 2020 |
Aspiriant Risk-Managed Municipal Bond Fund | For the one-month period ended March 31, 2020 and the year ended February 29, 2020 | For the one-month period ended March 31, 2020 and the two years in the period ended February 29, 2020 | For the one-month period ended March 31, 2020, the four years in the period ended February 29, 2020, and the period from July 1, 2015 (commencement of operations) through February 29, 2016 |
Aspiriant Defensive Allocation Fund | For the one-month period ended March 31, 2020 and the year ended February 29, 2020 | For the one-month period ended March 31, 2020 and the two years in the period ended February 29, 2020 | For the one-month period ended March 31, 2020, the four years in the period ended February 29, 2020, and for the period from December 14, 2015 (commencement of operations) through February 29, 2016 |
Aspiriant Risk-Managed Taxable Bond Fund | For the one-month period ended March 31, 2020 and the year ended February 29, 2020 | For the one-month period ended March 31, 2020, the year ended February 29, 2020 and the period from March 29, 2018 (commencement of operations) through February 28, 2019 | For the one-month period ended March 31, 2020, the year ended February 29, 2020, and for the period from March 29, 2018 (commencement of operations) through February 28, 2019 |
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ASPIRIANT TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Milwaukee, WI
May 27, 2020
We have served as the auditor of one or more Aspiriant investment companies since 2012.
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ASPIRIANT TRUST
March 31, 2020 (Unaudited)
QUALIFIED DIVIDEND INCOME
Pursuant to Section 854 of the Internal Revenue Code of 1986, the Equity Allocation Fund, Municipal Bond Fund, Defensive Allocation Fund, and Taxable Bond Fund designate income dividends of 85.75%, 0%, 22.62% and 0%, respectively, as qualified dividend income paid during the period ended February 29, 2020.
CORPORATE DIVIDENDS RECEIVED DEDUCTION
As of February 29, 2020, dividends paid by the Equity Allocation Fund, Municipal Bond Fund, Defensive Allocation Fund, and Taxable Bond Fund which are not designated as capital gain distributions, should be multiplied by 41.02%, 0%, 3.64% and 0%, respectively, to arrive at the amount eligible for the corporate dividend received deduction.
LONG-TERM CAPITAL GAINS DESIGNATION
Pursuant to IRC 852 (b)(3) of the Internal Revenue Code, the Equity Allocation Fund hereby designates $30,243,600 as long-term capital gains distributed during the period ended February 29, 2020.
TAX-EXEMPT INCOME DESIGNATION
For Federal income tax purposes, the Municipal Bond Fund designates tax-exempt dividends of $52,274,438, or the amount determined to be necessary, for the period ended February 29, 2020.
PROXY VOTING POLICIES AND PROCEDURES
For a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, please call 1-877-997-9971 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov as well as the Funds’ website at www.aspiriantfunds.com.
Information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30 is available without charge, upon request, by calling 1-877-997-9971 or by accessing the website of the U.S. Securities and Exchange Commission.
DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds file complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
STATEMENT REGARDING THE FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
The Funds have adopted a liquidity risk management program. The program’s principal objectives are to support each Fund’s compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations timely. During the period covered by the report, the program supported the Fund’s ability to honor redemption requests timely and the Adviser’s management of each Fund’s liquidity profile, including during any periods of market volatility and net redemptions. In this regard, the program includes a number of elements that support the management or assessment of liquidity risk, including an assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect an assessment of their relative liquidity under current market conditions. There can be no assurance that the program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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ASPIRIANT TRUST
March 31, 2020 (Unaudited)
As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses of each Fund. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of each Fund or an asset-based management fee. The following Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Actual Expenses are based on an investment of $1,000 invested on March 1, 2020 and held for the entire period ending March 31, 2020. The Hypothetical Example is based on an investment of $1,000 invested on October 1, 2019 and held for the entire period ending March 31, 2020.
ACTUAL EXPENSES
The first line of the following table under each Fund’s name titled “Actual” provides information about actual account value and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the following table under each Fund’s name titled “Hypothetical” provides information about hypothetical account value and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any costs that may be associated with investing in each Fund through a financial intermediary. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any costs associated with investing through a financial intermediary were included, your costs would have been higher.
Equity Allocation Fund | Beginning | Ending | Annualized | Expense Paid |
Actual(1) | $ 1,000.00 | $ 898.30 | 0.34% | $ 0.27 |
Hypothetical(2) | $ 1,000.00 | $ 1,023.29 | 0.34% | $ 1.72 |
Municipal Bond Fund | Beginning | Ending | Annualized | Expense Paid |
Actual(1) | $ 1,000.00 | $ 954.50 | 0.34% | $ 0.29 |
Hypothetical(2) | $ 1,000.00 | $ 1,023.28 | 0.34% | $ 1.74 |
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ASPIRIANT TRUST
EXPENSE EXAMPLES (Continued)
March 31, 2020 (Unaudited)
Defensive Allocation Fund | Beginning | Ending | Annualized | Expense Paid |
Actual(1) | $ 1,000.00 | $ 916.90 | 0.20% | $ 0.17 |
Hypothetical(2) | $ 1,000.00 | $ 1,023.98 | 0.20% | $ 1.04 |
Taxable Bond Fund | Beginning | Ending | Annualized | Expense Paid |
Actual(1) | $ 1,000.00 | $ 969.40 | 0.34% | $ 0.28 |
Hypothetical(2) | $ 1,000.00 | $ 1,023.29 | 0.34% | $ 1.73 |
(1) | Expenses are equal to the annualized expense ratios for the period from March 1, 2020 through March 31, 2020, multiplied by the average account value over the period, multiplied by the number of days in the period 31/366 (to reflect partial period). |
(2) | Expenses are equal to the annualized expense ratios for the period from October 1, 2019 through March 31, 2020, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the one-half year period). |
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ASPIRIANT TRUST
March 31, 2020 (Unaudited)
Set forth below are the names, ages, positions with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust, as well as information about each officer of the Trust. The business address of each Trustee and officer is 11100 Santa Monica Blvd, Suite 600, Los Angeles, CA 90025.
Independent Trustees | |||||
Name and Age | Position(s) | Term of | Principal Occupations | Number of | Other |
Michael D. LeRoy | Trustee | Indefinite; since 2012 | Principal, Crown Capital Advisors LLC (2000-present) | 4 | Member Board of Directors and Chairman of the Board, The Rockport Company, LLC (2017-2019) |
Robert D. Taylor | Trustee | Indefinite; since 2012 | Partner, Centinela Capital Partners, LLC (2006-present) | 4 | None |
Interested Trustee | |||||
Name and Age | Position(s) | Term of | Principal Occupations | Number of | Other |
Robert M. Wagman* | Trustee/Chairman | Indefinite; since 2013 | Retired (2015-present); Managing Director of Investment Management Services, Aspiriant, LLC (2013-2015) | 4 | None |
* | Mr. Wagman is considered an interested person because he has had a material business or professional relationship with the Adviser within the past two years. |
The Statement of Additional Information (SAI) includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling toll-free 1-877-997-9971.
87 |
ASPIRIANT TRUST
TRUSTEES AND OFFICERS (Continued)
March 31, 2020 (Unaudited)
Officers | |||
Name and Age | Position(s) Held | Term of | Principal Occupations During Past Five Years |
Robert J. Francais | President | Indefinite; since 2013 | Chief Executive Officer, Aspiriant, LLC (2010-present), Chief Operating Officer, Aspiriant, LLC (2008-2009) |
John D. Allen | Vice President | Indefinite; since 2014 | Chief Investment Officer, Aspiriant, LLC (2014-present); Client Relationship Manager, Grantham, Mayo, Van Otterloo (2009-2014) |
Michael H. Kossman | Vice President | Indefinite; since 2012 | Chief Operating Officer (2012 -present), Chief Compliance Officer (2008-present), Chief Financial Officer (2008-2012), Aspiriant, LLC |
Douglas S. Hendrickson | Treasurer | Indefinite; since 2016 | Chief Financial Officer, Aspiriant, LLC (2016 - present); Acting Chief Financial Officer, Cetera Financial Group (2016-2016); Group Chief Financial Officer, Investor Services Division, Charles Schwab (2013-2015); Head of Corporate Planning, Profitability Analysis and Management Reporting, Charles Schwab (2011-2013) |
Benjamin D. Schmidt | Assistant Treasurer; Secretary, Chief Compliance Officer; Anti-Money Laundering Officer | Indefinite; since 2015 | Director, Aspiriant, LLC (2015-present); AVP Fund Administration, UMB Fund Services, Inc. (2000-2015) |
88 |
ASPIRIANT TRUST
FACTS | WHAT DOES ASPIRIANT FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depends on the product or service you have with us. This information can include:
● Social Security number ● Account balances ● Account transactions ● Transaction history ● Wire transfer instructions ● Checking account information
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Aspiriant Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information. | Does Aspiriant Funds share? | Can you limit this sharing? |
For our everyday business purposes – | Yes | No |
For marketing purposes – | No | Do Not Share |
For joint marketing with other financial companies. | No | Do Not Share |
For our affiliates’ everyday business purposes – | Yes | No |
For our affiliates’ everyday business purposes – | No | Do Not Share |
For our affiliates to market to you. | No | Do Not Share |
For nonaffiliates to market to you. | No | Do Not Share |
Questions? | Call 1.877.997.9971 |
89 |
ASPIRIANT TRUST
PRIVACY POLICY (Continued)
Who we are | |
Who is providing this notice? | Aspiriant Funds |
What we do | |
How does Aspiriant Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
With respect to online privacy, we employ certain internet and email specific practices to maintain the security of your online sessions, including but not limited to firewall barriers, encryption and authentication procedures. |
How does Aspiriant Funds collect my personal information? | We collect you personal information, for example, when you:
● Open an account ● Provide account information ● Give us your contact information ● Make a wire transfer ● Tell us where to send the money
We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only:
● Sharing for affiliates’ everyday business purposes – information about your creditworthiness ● Affiliates from using your information to market to you ● Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account unless you tell us otherwise. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
● Aspiriant Funds has no affiliates. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● Aspiriant Funds does not share with nonaffiliates so they can market to you. ● Nonaffiliates we share with can include: attorneys, accountants, custodians, brokers, service providers, banks and other financial advisors and institutions. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● Aspiriant Funds does not jointly market. |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Advisor Shares (Ticker RMEAX)
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
(Ticker RMMBX)
ASPIRIANT DEFENSIVE ALLOCATION FUND
(Ticker RMDFX)
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
(Ticker RMTBX)
Each, a series of Aspiriant Trust
INVESTMENT ADVISER
Aspiriant, LLC
11100 Santa Monica Blvd., Suite 600
Los Angeles, CA 90025
SUB-ADVISERS
Acadian Asset Management LLC
260 Franklin Street
Boston, MA 02110
Aperio Group, LLC
Three Harbor Drive, Suite 315
Sausalito, CA 94965
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Wells Capital Management, Inc.
525 Market Street, 10th Floor
San Francisco, CA 94105
AUDITORS
Deloitte & Touche LLP
555 East Wells Street
Milwaukee, WI 53202
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
CUSTODIAN
JPMorgan Chase Bank, N.A.
Seaport Center, 70 Fargo Street
Boston, MA 02210-1950
DISTRIBUTOR
UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, WI 53212
TRANSFER AGENT
UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Item 2. Code of Ethics
The Registrant has adopted a code of ethics (the “Code”), as that term is defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. A copy of the Code is attached as an exhibit. There were no amendments to the Code or waivers from the provisions of the Code.
Item 3. Audit Committee Financial Expert
The Registrant’s board has determined that Mr. Michael D. LeRoy possess the technical attributes to qualify as an “audit committee financial expert” serving on the Registrant’s audit committee and designated Mr. LeRoy as “audit committee financial expert.” Mr. LeRoy is independent under the standards set forth in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
The aggregate fees billed for professional services by the principal accountant during the Registrant’s last three fiscal years are as follows:
(a) Audit Fees for Registrant.
Fiscal year ended February 28, 2019 | $143,000 |
Fiscal year ended February 29, 2020 | $147,000 |
Fiscal year ended March 31, 2020 | $110,000 |
(b) Audit-Related Fees for Registrant. These fees were billed by the Registrant’s independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements.
Fiscal year ended February 28, 2019 | None |
Fiscal year ended February 29, 2020 | $18,623 |
Fiscal year ended March 31, 2020 | None |
(c) Tax Fees for Registrant. These fees were billed for professional services rendered by the Registrant’s independent auditors for tax compliance, tax advice, and tax planning.
Fiscal year ended February 28, 2019 | $31,250 |
Fiscal year ended February 29, 2020 | $32,250 |
Fiscal year ended March 31, 2020 | None |
(d) All Other Fees.
Fiscal year ended February 28, 2019 | None |
Fiscal year ended February 29, 2020 | None |
Fiscal year ended March 31, 2020 | None |
The aggregate fees billed for the past three fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.
Fiscal year ended February 28, 2019 | None |
Fiscal year ended February 29, 2020 | None |
Fiscal year ended March 31, 2020 | None |
(e) Audit Committee’s pre-approval policies and procedures.
(1) The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant’s investment adviser or any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.
(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
(b) Not applicable.
(c) 100%
(d) Not applicable.
(f) None.
(g) Non-Audit Fees Billed for Registrant
None.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-end Management Investment Companies
Not applicable to open-end investment companies.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes to report.
Item 11. Controls and Procedures
(a) | The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits
(a) | (1) | Code of Ethics as required by Item 2.Filed herewith. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.Not applicable to open-end investment companies. |
(4) | There was no change in the Registrant’s independent public accountant for the period covered by this report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant | Aspiriant Trust | |
By | /s/ Robert J. Francais | |
Title | Robert J. Francais, President and Principal Executive Officer | |
Date | June 5, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Robert J. Francais | |
Title | Robert J. Francais, President and Principal Executive Officer | |
Date | June 5, 2020 | |
By | /s/ Douglas S. Hendrickson | |
Title | Douglas S. Hendrickson, Treasurer and Principal Financial Officer | |
Date | June 5, 2020 |