UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22648
Aspiriant Trust
(Exact name of registrant as specified in charter)
11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Address of principal executive offices) (Zip code)
Robert J. Francais
Aspiriant Trust
11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Name and address of agent for service)
Registrant's telephone number, including area code: (310) 806-4000
Date of fiscal year end: Mar 31
Date of reporting period: September 30, 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
Semi-Annual Report
September 30, 2020
(Unaudited)
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
Summaries of Investments | 2 |
Schedules of Investments | 6 |
Statements of Assets and Liabilities | 36 |
Statements of Operations | 37 |
Statements of Changes in Net Assets | 38 |
Financial Highlights | 42 |
Notes to Financial Statements | 46 |
Other Information | 64 |
Expense Examples | 68 |
2 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Summary of Investments
As of September 30, 2020 (Unaudited)
Security Type/Sector | Percent of Total | |||
Common Stocks | ||||
Technology | 6.4 | % | ||
Financials | 3.5 | % | ||
Communications | 3.5 | % | ||
Health Care | 3.3 | % | ||
Consumer Discretionary | 3.0 | % | ||
Consumer Staples | 2.4 | % | ||
Industrials | 1.4 | % | ||
Other | 1.4 | % | ||
Total Common Stocks | 24.9 | % | ||
Exchange-Traded Fund | 9.9 | % | ||
Open-End Mutual Funds | 41.4 | % | ||
Preferred Stock | 0.0 | %1 | ||
Private Fund | 10.9 | % | ||
Short-Term Investments | 14.1 | % | ||
Total Investments | 101.2 | % | ||
Liabilities in excess of other assets | (1.2 | )% | ||
Total Net Assets | 100.0 | % |
1 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
3 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SUMMARY OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Security Type/Sector | Percent of Total | |||
Municipal Bonds | ||||
General | 14.0 | % | ||
Medical | 11.5 | % | ||
Transportation | 6.7 | % | ||
General Obligation | 6.5 | % | ||
Development | 5.4 | % | ||
Education | 4.8 | % | ||
Water | 4.5 | % | ||
Airport | 4.3 | % | ||
Higher Education | 3.4 | % | ||
School District | 2.8 | % | ||
Tobacco Settlement | 1.6 | % | ||
Housing | 1.3 | % | ||
Multifamily Housing | 1.3 | % | ||
Power | 1.2 | % | ||
Other | 4.0 | % | ||
Total Municipal Bonds | 73.3 | % | ||
Common Stock | 0.0 | %1 | ||
Closed-End Mutual Funds | 0.6 | % | ||
Open-End Mutual Fund | 10.3 | % | ||
Private Funds | 12.7 | % | ||
Short-Term Investment | 2.1 | % | ||
Total Investments | 99.0 | % | ||
Other assets less liabilities | 1.0 | % | ||
Total Net Assets | 100.0 | % |
1 | Rounds to less than 0.05%. |
See accompanying Notes to Financial Statements.
4 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SUMMARY OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Security Type/Sector | Percent of Total | |||
Open-End Mutual Funds | ||||
Global Allocation | 49.8 | % | ||
Global Macro | 2.1 | % | ||
Managed Futures | 2.0 | % | ||
Total Open-End Mutual Funds | 53.9 | % | ||
Exchange-Traded Fund | ||||
Real Asset | 10.3 | % | ||
Total Exchange-Traded Fund | 10.3 | % | ||
Private Funds | ||||
Global Allocation | 11.1 | % | ||
Merger Arbitrage | 8.4 | % | ||
Multi-Strategy | 2.4 | % | ||
Total Private Funds | 21.9 | % | ||
Short-Term Investment | 13.6 | % | ||
Total Investments | 99.7 | % | ||
Other assets less liabilities | 0.3 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
5 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
SUMMARY OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Security Type/Sector | Percent of Total | |||
Open-End Mutual Funds | ||||
Domestic | 95.6 | % | ||
Foreign | 3.3 | % | ||
Total Open-End Mutual Funds | 98.9 | % | ||
Short-Term Investment | 1.1 | % | ||
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.
6 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Schedule of Investments
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
COMMON STOCKS — 24.9% | ||||||||
AUSTRALIA — 0.1% | ||||||||
107,737 | Goodman Group - REIT | $ | 1,394,917 | |||||
1,818 | Newcrest Mining Ltd. | 41,225 | ||||||
1,436,142 | ||||||||
BELGIUM — 0.2% | ||||||||
15,142 | Colruyt S.A. | 982,665 | ||||||
11,339 | UCB S.A. | 1,287,812 | ||||||
2,270,477 | ||||||||
BERMUDA — 0.6% | ||||||||
34,077 | Arch Capital Group Ltd.* | 996,752 | ||||||
11,446 | Credicorp Ltd. | 1,419,189 | ||||||
2,589 | Everest Re Group Ltd. | 511,431 | ||||||
106,265 | Hongkong Land Holdings Ltd. | 395,905 | ||||||
17,813 | IHS Markit Ltd. | 1,398,499 | ||||||
36,147 | Marvell Technology Group Ltd. | 1,435,036 | ||||||
7,321 | RenaissanceRe Holdings Ltd. | 1,242,667 | ||||||
7,399,479 | ||||||||
CANADA — 0.4% | ||||||||
4,984 | Agnico Eagle Mines Ltd. | 396,776 | ||||||
1,330 | Bank of Nova Scotia1 | 55,209 | ||||||
35,310 | Dollarama, Inc. | 1,353,477 | ||||||
21,616 | Franco-Nevada Corp. | 3,017,161 | ||||||
4,459 | Toronto-Dominion Bank | 206,184 | ||||||
5,028,807 | ||||||||
CAYMAN ISLANDS — 1.0% | ||||||||
13,725 | Alibaba Group Holding Ltd. - ADR* | 4,034,875 | ||||||
139,000 | ANTA Sports Products Ltd. | 1,450,663 | ||||||
3,833 | Autohome, Inc. - ADR | 367,968 | ||||||
447 | Baidu, Inc. - ADR* | 56,586 | ||||||
30,689 | Huazhu Group Ltd. - ADR1 | 1,326,992 | ||||||
70,500 | Kingboard Holdings Ltd. | 233,242 | ||||||
1,237 | NetEase, Inc. - ADR | 562,427 | ||||||
18,508 | TAL Education Group - ADR* | 1,407,348 | ||||||
38,150 | Tencent Holdings Ltd. | 2,576,780 | ||||||
19,696 | Tencent Holdings Ltd. - ADR1 | 1,332,435 | ||||||
13,349,316 | ||||||||
CHILE — 0.0%2 | ||||||||
42,388 | Enel Americas S.A. - ADR | 273,826 | ||||||
CHINA — 0.3% | ||||||||
29,831 | China Construction Bank Corp. - ADR | 386,908 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CHINA (Continued) | ||||||||
140,380 | China Construction Bank Corp. - Class H | $ | 91,215 | |||||
175,500 | China Merchants Bank Co., Ltd. - Class H | 832,820 | ||||||
1,788,100 | China Telecom Corp. Ltd. | 537,231 | ||||||
3,983 | China Telecom Corp. Ltd. - ADR | 119,570 | ||||||
2,338,000 | Industrial & Commercial Bank of China Ltd. - Class H | 1,217,854 | ||||||
43,200 | Legend Holdings Corp. - Class H1 3 | 52,643 | ||||||
3,238,241 | ||||||||
DENMARK — 0.5% | ||||||||
9,221 | Coloplast A/S - Class B | 1,461,428 | ||||||
5,130 | Demant A/S* 1 | 160,883 | ||||||
9,245 | DSV PANALPINA A/S | 1,499,568 | ||||||
35,408 | Novo Nordisk A/S - ADR | 2,458,377 | ||||||
7,059 | Pandora A/S | 509,221 | ||||||
6,089,477 | ||||||||
FINLAND — 0.1% | ||||||||
17,157 | Kone Oyj - Class B | 1,506,445 | ||||||
FRANCE — 0.5% | ||||||||
18,103 | Cie Generale des Etablissements Michelin | 1,943,313 | ||||||
27,285 | Edenred | 1,224,993 | ||||||
542 | L’Oreal S.A. | 176,383 | ||||||
3,518 | LVMH Moet Hennessy Louis Vuitton S.E. | 1,646,075 | ||||||
255 | Pernod Ricard S.A. | 40,656 | ||||||
3,992 | Ubisoft Entertainment S.A.* | 359,791 | ||||||
15,143 | Worldline S.A./France* 3 | 1,239,958 | ||||||
6,631,169 | ||||||||
GERMANY — 0.2% | ||||||||
55,595 | Commerzbank A.G.* | 273,402 | ||||||
52,098 | Infineon Technologies A.G. | 1,468,423 | ||||||
4,820 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 1,225,328 | ||||||
2,967,153 | ||||||||
GUERNSEY — 0.2% | ||||||||
44,301 | Amdocs Ltd. | 2,543,320 | ||||||
HONG KONG — 1.0% | ||||||||
52 | AIA Group Ltd. | 517 |
7 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
HONG KONG (Continued) | ||||||||
177,000 | Bank of East Asia Ltd. | $ | 326,754 | |||||
41,846 | BOC Hong Kong Holdings Ltd. | 110,933 | ||||||
394,000 | China Merchants Port Holdings Co., Ltd. | 404,736 | ||||||
436,394 | China Mobile Ltd. | 2,801,338 | ||||||
956 | China Unicom Hong Kong Ltd. | 627 | ||||||
61,000 | CLP Holdings Ltd. | 569,573 | ||||||
670,800 | CSPC Pharmaceutical Group Ltd. | 1,309,434 | ||||||
2,177 | Hang Lung Properties Ltd. - ADR1 | 27,670 | ||||||
10 | Hang Seng Bank Ltd. | 148 | ||||||
142,000 | Henderson Land Development Co., Ltd. | 527,263 | ||||||
383,000 | HK Electric Investments and HK Electric Investments Ltd.4 | 395,972 | ||||||
888,000 | HKT Trust and HKT Ltd.4 | 1,178,649 | ||||||
30,500 | Hong Kong Exchanges & Clearing Ltd. | 1,435,741 | ||||||
369,558 | MTR Corp. Ltd. | 1,834,082 | ||||||
164,500 | Power Assets Holdings Ltd. | 867,040 | ||||||
25,000 | Sun Hung Kai Properties Ltd. | 322,163 | ||||||
490 | Swire Pacific Ltd. - Class A1 | 2,372 | ||||||
284,400 | Swire Properties Ltd. | 753,542 | ||||||
12,868,554 | ||||||||
INDIA — 0.2% | ||||||||
16,368 | Dr Reddy’s Laboratories Ltd. - ADR | 1,138,558 | ||||||
87,492 | Infosys Ltd. - ADR1 | 1,208,265 | ||||||
2,346,823 | ||||||||
IRELAND — 0.3% | ||||||||
3,799 | Accenture PLC - Class A | 858,536 | ||||||
7,142 | ICON PLC* | 1,364,765 | ||||||
11,569 | Trane Technologies PLC | 1,402,741 | ||||||
3,626,042 | ||||||||
ISRAEL — 0.2% | ||||||||
1,714 | Check Point Software Technologies Ltd.* 1 | 206,263 | ||||||
2,131 | Elbit Systems Ltd.1 | 256,359 | ||||||
8,283 | Nice Ltd. - ADR* | 1,880,490 | ||||||
2,343,112 | ||||||||
ITALY — 0.0%2 | ||||||||
6,434 | FinecoBank Banca Fineco S.p.A.* | 88,620 | ||||||
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN — 2.0% | ||||||||
35 | Astellas Pharma, Inc. | $ | 522 | |||||
1,400 | Bandai Namco Holdings, Inc. | 102,578 | ||||||
67 | Canon, Inc. | 1,111 | ||||||
14,700 | Denso Corp. | 644,327 | ||||||
3,200 | FamilyMart Co., Ltd. | 72,113 | ||||||
15,871 | FUJIFILM Holdings Corp. | 782,311 | ||||||
1,700 | Hamamatsu Photonics KK | 85,912 | ||||||
1,900 | Hirose Electric Co., Ltd. | 245,490 | ||||||
14,363 | Hoya Corp. | 1,621,817 | ||||||
10,000 | Itochu Corp. | 256,059 | ||||||
2,800 | Itochu Techno-Solutions Corp. | 106,219 | ||||||
188,880 | Japan Post Bank Co., Ltd. | 1,473,228 | ||||||
91,787 | KDDI Corp. | 2,308,586 | ||||||
5,200 | Kyocera Corp. | 297,734 | ||||||
5,000 | Makita Corp. | 239,297 | ||||||
2,900 | Maruichi Steel Tube Ltd. | 72,603 | ||||||
10,200 | MEIJI Holdings Co., Ltd. | 779,135 | ||||||
14,878 | Mitsubishi UFJ Financial Group, Inc. | 59,376 | ||||||
53,680 | Mizuho Financial Group, Inc. | 670,016 | ||||||
138,000 | Nippon Steel Corp.* | 1,302,780 | ||||||
74,000 | Nippon Telegraph & Telephone Corp. | 1,510,834 | ||||||
66,948 | Nippon Telegraph & Telephone Corp. - ADR | 1,383,146 | ||||||
5,800 | Nissin Foods Holdings Co., Ltd. | 544,898 | ||||||
900 | Nitori Holdings Co., Ltd. | 186,707 | ||||||
139,220 | NTT DOCOMO, Inc. | 5,115,795 | ||||||
800 | Obic Co., Ltd. | 140,690 | ||||||
14,266 | Otsuka Holdings Co., Ltd. | 604,384 | ||||||
4,569 | Secom Co., Ltd. | 418,134 | ||||||
40,000 | Sekisui House Ltd. | 708,829 | ||||||
34 | Shin-Etsu Chemical Co., Ltd. | 4,449 | ||||||
44,000 | Shizuoka Bank Ltd. | 303,871 | ||||||
2,550 | SMC Corp. | 1,422,484 | ||||||
34,500 | Sumitomo Mitsui Financial Group, Inc. | 964,648 | ||||||
14,041 | Suntory Beverage & Food Ltd. | 527,288 | ||||||
6 | Toyota Motor Corp. | 398 | ||||||
14,500 | Trend Micro, Inc. | 883,611 | ||||||
13 | Unicharm Corp. | 581 | ||||||
586 | Yamaguchi Financial Group, Inc. | 3,809 | ||||||
25,845,770 |
8 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JERSEY — 0.1% | ||||||||
37,258 | Experian PLC | $ | 1,399,946 | |||||
NETHERLANDS — 0.5% | ||||||||
4,914 | ASML Holding N.V. | 1,815,099 | ||||||
118,974 | Koninklijke Ahold Delhaize N.V. | 3,516,626 | ||||||
14,012 | Koninklijke Ahold Delhaize N.V. - ADR | 415,176 | ||||||
16,325 | Wolters Kluwer N.V. | 1,392,563 | ||||||
7,139,464 | ||||||||
NEW ZEALAND — 0.0%2 | ||||||||
174,948 | Spark New Zealand Ltd. | 545,891 | ||||||
NORWAY — 0.0%2 | ||||||||
3,840 | Yara International A.S.A. | 147,762 | ||||||
PHILIPPINES — 0.0%2 | ||||||||
5,236 | PLDT, Inc. - ADR1 | 141,634 | ||||||
SINGAPORE — 0.1% | ||||||||
12,622 | DBS Group Holdings Ltd. | 185,560 | ||||||
6,072 | DBS Group Holdings Ltd. - ADR | 359,766 | ||||||
76,000 | United Overseas Bank Ltd. | 1,070,627 | ||||||
1,615,953 | ||||||||
SOUTH KOREA — 0.0%2 | ||||||||
11,178 | POSCO - ADR | 467,911 | ||||||
4,334 | Woori Financial Group, Inc. - ADR1 | 95,695 | ||||||
563,606 | ||||||||
SPAIN — 0.1% | ||||||||
24,562 | Cellnex Telecom S.A.3 | 1,490,979 | ||||||
SWEDEN — 0.0%2 | ||||||||
5,731 | Industrivarden A.B. - A Shares* | 154,971 | ||||||
4,787 | L E Lundbergforetagen A.B. - B Shares* | 236,521 | ||||||
8,946 | Swedbank A.B.* | 140,055 | ||||||
531,547 | ||||||||
SWITZERLAND — 1.4% | ||||||||
880 | Alcon, Inc.* 1 | 50,116 | ||||||
1,365 | EMS-Chemie Holding A.G. | 1,226,405 | ||||||
6,065 | Garmin Ltd. | 575,326 | ||||||
173 | Givaudan S.A. | 746,981 | ||||||
7,031 | Logitech International S.A. | 543,567 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
SWITZERLAND (Continued) | ||||||||
21,577 | Nestle S.A. | $ | 2,567,923 | |||||
7,504 | Nestle S.A. - ADR | 894,890 | ||||||
4,401 | Novartis A.G. - ADR | 382,711 | ||||||
1,896 | Partners Group Holding A.G. | 1,743,949 | ||||||
5,586 | Roche Holding A.G. | 1,913,432 | ||||||
8,152 | Roche Holding A.G. - ADR | 348,987 | ||||||
4,525 | Schindler Holding A.G. | 1,228,075 | ||||||
6,279 | Sonova Holding A.G.* | 1,591,194 | ||||||
7,186 | Swisscom A.G. | 3,806,841 | ||||||
227 | Zurich Insurance Group A.G. | 79,158 | ||||||
2,010 | Zurich Insurance Group A.G. - ADR1 | 70,028 | ||||||
17,769,583 | ||||||||
TAIWAN — 0.9% | ||||||||
97,779 | Chunghwa Telecom Co., Ltd. - ADR1 | 3,542,533 | ||||||
100,668 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR1 | 8,161,154 | ||||||
66,650 | United Microelectronics Corp. - ADR | 319,254 | ||||||
12,022,941 | ||||||||
UNITED KINGDOM — 0.4% | ||||||||
17,531 | AstraZeneca PLC | 1,915,515 | ||||||
51,301 | Berkeley Group Holdings PLC | 2,796,559 | ||||||
5,848 | Burberry Group PLC | 117,219 | ||||||
5,302 | RELX PLC | 118,012 | ||||||
4,947,305 | ||||||||
UNITED STATES — 13.6% | ||||||||
12,537 | Activision Blizzard, Inc. | 1,014,870 | ||||||
3,966 | Adobe, Inc.* | 1,945,045 | ||||||
7,272 | Adtalem Global Education, Inc.* 1 | 178,455 | ||||||
18,860 | Advanced Micro Devices, Inc.* | 1,546,331 | ||||||
12,168 | Aflac, Inc. | 442,307 | ||||||
14,598 | Agilent Technologies, Inc. | 1,473,522 | ||||||
3,928 | Akamai Technologies, Inc.* | 434,201 | ||||||
796 | Allstate Corp. | 74,935 | ||||||
2,565 | Alphabet, Inc. - Class A* | 3,759,264 | ||||||
2,363 | Alphabet, Inc. - Class C* | 3,472,665 | ||||||
2,323 | Amazon.com, Inc.* | 7,314,500 | ||||||
7,842 | American Electric Power Co., Inc. | 640,927 | ||||||
13,524 | American National Group, Inc.1 | 913,276 | ||||||
6,443 | American Tower Corp. - REIT | 1,557,466 | ||||||
1,417 | Amgen, Inc. | 360,145 | ||||||
8,176 | Anthem, Inc. | 2,195,992 |
9 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
95,548 | Apple, Inc. | $ | 11,065,413 | |||||
32,623 | Ares Management Corp. - Class A | 1,318,622 | ||||||
21,722 | AT&T, Inc. | 619,294 | ||||||
417 | Atmos Energy Corp. | 39,861 | ||||||
1,127 | AutoZone, Inc.* | 1,327,200 | ||||||
18,892 | Avangrid, Inc. | 953,290 | ||||||
12,247 | BancorpSouth Bank1 | 237,347 | ||||||
6,902 | Baxter International, Inc. | 555,059 | ||||||
711 | Becton, Dickinson and Co. | 165,435 | ||||||
2,876 | Biogen, Inc.* | 815,864 | ||||||
1,736 | Bio-Rad Laboratories, Inc. - Class A* | 894,839 | ||||||
3,822 | Black Knight, Inc.* | 332,705 | ||||||
27,179 | Blackstone Group, Inc. - Class A | 1,418,744 | ||||||
12,129 | CDW Corp. | 1,449,779 | ||||||
51,584 | Cerner Corp. | 3,729,007 | ||||||
2,819 | Charter Communications, Inc. - Class A* 1 | 1,760,014 | ||||||
2,871 | Chemed Corp. | 1,379,085 | ||||||
5,174 | Church & Dwight Co., Inc. | 484,856 | ||||||
66,193 | Ciena Corp.* 1 | 2,627,200 | ||||||
28,313 | Cisco Systems, Inc. | 1,115,249 | ||||||
5,859 | CNX Resources Corp.* | 55,309 | ||||||
2,337 | Coca-Cola Co. | 115,378 | ||||||
3,107 | Consolidated Edison, Inc. | 241,725 | ||||||
5,302 | Costco Wholesale Corp. | 1,882,210 | ||||||
7,982 | Danaher Corp. | 1,718,764 | ||||||
24,020 | Dolby Laboratories, Inc. - Class A | 1,592,046 | ||||||
7,921 | Dollar General Corp. | 1,660,400 | ||||||
1,766 | DTE Energy Co. | 203,161 | ||||||
2,136 | Duke Energy Corp.1 | 189,164 | ||||||
1,698 | EchoStar Corp. - Class A* 1 | 42,263 | ||||||
23,093 | Electronic Arts, Inc.* | 3,011,558 | ||||||
19,365 | Eli Lilly & Co. | 2,866,407 | ||||||
8,156 | Equifax, Inc. | 1,279,676 | ||||||
34,795 | Equity Commonwealth - REIT | 926,591 | ||||||
9,381 | Exelon Corp. | 335,465 | ||||||
4,786 | Expeditors International of Washington, Inc. | 433,229 | ||||||
18,152 | Facebook, Inc. - Class A* | 4,754,009 | ||||||
12,459 | Fidelity National Information Services, Inc. | 1,834,089 | ||||||
5,145 | First Financial Bankshares, Inc. | 143,597 |
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
2,407 | First Financial Corp. | $ | 75,580 | |||||
5,776 | FleetCor Technologies, Inc.* | 1,375,266 | ||||||
17,400 | Flowers Foods, Inc. | 423,342 | ||||||
12,199 | FMC Corp. | 1,291,996 | ||||||
18,227 | Fortive Corp. | 1,389,080 | ||||||
16,392 | Fortune Brands Home & Security, Inc. | 1,418,236 | ||||||
8,293 | Global Payments, Inc. | 1,472,671 | ||||||
17,276 | GoDaddy, Inc.* | 1,312,458 | ||||||
1,395 | Hanover Insurance Group, Inc. | 129,986 | ||||||
9,645 | Home Depot, Inc. | 2,678,513 | ||||||
76,837 | Hormel Foods Corp. | 3,756,561 | ||||||
5,625 | Humana, Inc. | 2,328,132 | ||||||
78,520 | Intel Corp. | 4,065,766 | ||||||
4,696 | Intuit, Inc. | 1,531,882 | ||||||
21,650 | JM Smucker Co. | 2,501,008 | ||||||
9,344 | Johnson & Johnson | 1,391,135 | ||||||
16,873 | Kroger Co. | 572,163 | ||||||
6,463 | Lancaster Colony Corp. | 1,155,584 | ||||||
4,027 | Lockheed Martin Corp. | 1,543,469 | ||||||
10,271 | Lowe’s Cos., Inc. | 1,703,548 | ||||||
16,212 | LPL Financial Holdings, Inc. | 1,242,974 | ||||||
6,313 | Mastercard, Inc. - Class A | 2,134,867 | ||||||
13,081 | Match Group, Inc.* | 1,447,413 | ||||||
421 | McCormick & Co., Inc. | 81,716 | ||||||
7,071 | McDonald’s Corp. | 1,552,014 | ||||||
8,947 | Merck & Co., Inc. | 742,154 | ||||||
40,473 | Microsoft Corp. | 8,512,686 | ||||||
375 | Monster Beverage Corp.* | 30,075 | ||||||
2,858 | Motorola Solutions, Inc. | 448,163 | ||||||
1,128 | National HealthCare Corp.1 | 70,286 | ||||||
20,836 | Newmont Corp. | 1,322,044 | ||||||
211 | NextEra Energy, Inc. | 58,565 | ||||||
1,378 | NIKE, Inc. - Class B | 172,994 | ||||||
4,381 | Northrop Grumman Corp. | 1,382,162 | ||||||
374 | NVR, Inc.* | 1,527,087 | ||||||
318 | ONE Gas, Inc. | 21,945 | ||||||
10,006 | PayPal Holdings, Inc.* | 1,971,482 | ||||||
6,841 | PepsiCo, Inc. | 948,163 | ||||||
61,378 | Pfizer, Inc. | 2,252,573 | ||||||
14,475 | Pinnacle West Capital Corp. | 1,079,111 | ||||||
6,463 | Procter & Gamble Co. | 898,292 |
10 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
16,457 | Progressive Corp. | $ | 1,557,984 | |||||
28,827 | Public Service Enterprise Group, Inc. | 1,582,891 | ||||||
10,706 | Republic Services, Inc. | 999,405 | ||||||
2,143 | ResMed, Inc. | 367,374 | ||||||
3,545 | Royal Gold, Inc. | 426,003 | ||||||
7,539 | salesforce.com, Inc.* | 1,894,701 | ||||||
57,659 | Schneider National, Inc. - Class B1 | 1,425,907 | ||||||
1,397 | Seattle Genetics, Inc.* | 273,379 | ||||||
5,344 | Stryker Corp. | 1,113,529 | ||||||
7,363 | Synopsys, Inc.* | 1,575,535 | ||||||
367 | Take-Two Interactive Software, Inc.* | 60,636 | ||||||
1,464 | Target Corp. | 230,463 | ||||||
17,363 | Teradyne, Inc. | 1,379,664 | ||||||
13,850 | Texas Instruments, Inc. | 1,977,641 | ||||||
10,664 | TJX Cos., Inc. | 593,452 | ||||||
12,970 | Tootsie Roll Industries, Inc.1 | 400,773 | ||||||
15,404 | TransUnion | 1,295,938 | ||||||
27,067 | Trustmark Corp. | 579,504 | ||||||
982 | Tyler Technologies, Inc.* | 342,286 | ||||||
10,224 | United States Cellular Corp.* | 301,915 | ||||||
7,456 | UnitedHealth Group, Inc. | 2,324,557 | ||||||
820 | Varian Medical Systems, Inc.* | 141,040 | ||||||
22,476 | Verizon Communications, Inc. | 1,337,097 | ||||||
5,596 | Vertex Pharmaceuticals, Inc.* | 1,522,783 | ||||||
15,712 | Visa, Inc. - Class A1 | 3,141,929 | ||||||
34,225 | Walmart, Inc. | 4,788,420 | ||||||
2,132 | WEC Energy Group, Inc. | 206,591 | ||||||
40,685 | Wells Fargo & Co. | 956,504 | ||||||
34,736 | Werner Enterprises, Inc. | 1,458,565 | ||||||
10,910 | Yum China Holdings, Inc. | 577,684 | ||||||
1,221 | Zoom Video Communications, Inc. - Class A* | 574,004 | ||||||
178,319,101 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost 262,693,313) | 326,488,485 | |||||||
EXCHANGE-TRADED FUND — 9.9% | ||||||||
1,415,368 | iShares Edge MSCI Min Vol Global ETF1 | 130,086,473 | ||||||
TOTAL EXCHANGE-TRADED FUND | ||||||||
(Cost 117,002,425) | 130,086,473 |
Number of | Value | |||||||
OPEN-END MUTUAL FUNDS — 41.4% | ||||||||
4,103,478 | Baillie Gifford Emerging Markets Equities Fund - Class K | $ | 91,876,876 | |||||
3,897,110 | GMO Emerging Markets Fund - Class VI | 121,122,183 | ||||||
13,288,167 | GMO Quality Fund - Class VI5 | 331,406,889 | ||||||
TOTAL OPEN-END MUTUAL FUNDS | ||||||||
(Cost 468,979,836) | 544,405,948 | |||||||
PREFERRED STOCK — 0.0%2 | ||||||||
GERMANY — 0.0%2 | ||||||||
1,239 | Porsche Automobil Holding S.E. | 73,710 | ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost 56,592) | 73,710 | |||||||
PRIVATE FUND — 10.9% | ||||||||
RIEF Strategic Partners Fund LLC* | 142,879,160 | |||||||
TOTAL PRIVATE FUND | ||||||||
(Cost 154,000,000) | 142,879,160 | |||||||
SHORT-TERM INVESTMENTS — 14.1% | ||||||||
COLLATERAL INVESTMENTS FOR SECURITIES ON LOAN — 1.3% | ||||||||
Collateral Investments6 | 16,632,444 | |||||||
MONEY MARKET FUNDS — 12.8% | ||||||||
168,186,421 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.16%7 | 168,304,151 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost 184,838,249) | 184,936,595 | |||||||
TOTAL INVESTMENTS — 101.2% | ||||||||
(Cost 1,187,570,415) | 1,328,870,371 | |||||||
Liabilities in excess of other assets — (1.2)% | (15,763,107 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,313,107,264 |
* | Non-income producing security. |
11 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
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 $21,599,713. |
2 | Rounds to less than 0.05%. |
3 | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
4 | Comprised of securities in separate entities or units of stapled securities that must be traded together. |
5 | Global equity fund. |
6 | Please refer to Note 2, Securities Lending, in the Notes to Financial Statements. |
7 | The rate is the annualized seven-day yield at period end. |
ADR – American Depository Receipt
ETF – Exchange-Traded Fund
LLC – Limited Liability Company
PLC – Public Limited Company
REIT – Real Estate Investment Trust
See accompanying Notes to Financial Statements.
12 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 73.3% | ||||||||
ALABAMA — 1.4% | ||||||||
$ | 500,000 | Alabama Industrial Development Authority, 6.45%, 12/1/2023, Call 11/2/20201 2 | $ | 500,005 | ||||
120,000 | Birmingham Airport Authority, BAM, 4.00%, 07/1/2039, Call 07/1/2030 | 137,454 | ||||||
3,855,000 | Black Belt Energy Gas District, 4.00%, 08/1/2047, Call 04/1/20221 | 4,072,499 | ||||||
500,000 | County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023 | 553,245 | ||||||
1,080,000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/20292 | 976,460 | ||||||
2,605,000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2,921,560 | ||||||
1,500,000 | Lower Alabama Gas District, 4.00%, 12/1/2050, Call 09/1/20251 | 1,718,670 | ||||||
3,500,000 | Mobile Downtown Redevelopment Authority, 0.13%, 05/1/2041, Call 11/2/20201 3 | 3,500,000 | ||||||
Southeast Alabama Gas Supply District | ||||||||
1,000,000 | 4.00%, 06/1/2049, Call 03/1/20241 | 1,107,740 | ||||||
1,710,000 | 0.95% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/20244 | 1,705,366 | ||||||
475,000 | Tuscaloosa County Industrial Development Authority, 4.50%, 05/1/2032, Call 05/1/20293 | 511,760 | ||||||
1,900,000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2,426,129 | ||||||
20,130,888 | ||||||||
ARIZONA — 1.9% | ||||||||
Arizona Health Facilities Authority | ||||||||
1,500,000 | 4.00%, 01/1/2043, Call 01/1/2022 | 1,537,830 | ||||||
500,000 | 5.00%, 02/1/2043, Call 02/1/2023 | 536,540 | ||||||
1,000,000 | 5.00%, 01/1/2044, Call 01/1/2024 | 1,100,160 | ||||||
Arizona Industrial Development Authority | ||||||||
1,180,000 | 4.00%, 03/1/20273 | 1,208,639 | ||||||
530,000 | 5.00%, 07/1/2047, Call 07/1/20273 | 563,941 | ||||||
2,000,000 | Arizona State University, 5.00%, 07/1/2042, Call 07/1/2026 | 2,374,780 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ARIZONA (Continued) | ||||||||
$ | 230,000 | Cahava Springs Revitalization District, 0.00%, 07/1/2041, Call 07/1/2027* 3 5 | $ | 177,100 | ||||
City of Mesa Utility System Revenue | ||||||||
250,000 | 5.00%, 07/1/2034, Call 07/1/2028 | 316,907 | ||||||
2,000,000 | 5.00%, 07/1/2035, Call 07/1/2029 | 2,580,720 | ||||||
2,000,000 | City of Phoenix Civic Improvement Corp., 5.00%, 07/1/2038, Call 07/1/2028 | 2,526,420 | ||||||
696,000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/20253 | 706,642 | ||||||
Industrial Development Authority of the City of Phoenix | ||||||||
645,000 | 5.00%, 10/1/2036, Call 10/1/2026 | 735,248 | ||||||
1,000,000 | 5.00%, 06/1/2042, Call 06/1/2022 | 1,035,270 | ||||||
Industrial Development Authority of the County of Pima | ||||||||
285,000 | 7.00%, 01/1/2022 | 288,748 | ||||||
500,000 | 6.75%, 03/1/2034, Call 03/1/2024 | 519,970 | ||||||
340,000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 09/1/20223 | 345,212 | ||||||
1,000,000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/20273 | 1,019,370 | ||||||
Maricopa County Industrial Development Authority | ||||||||
250,000 | 2.88%, 07/1/20213 | 250,518 | ||||||
120,000 | 5.00%, 07/1/2039, Call 07/1/20293 | 130,224 | ||||||
645,000 | Quechan Indian Tribe of Fort Yuma, 9.75%, 05/1/2025, Call 05/1/2022 | 680,398 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/2045, Call 06/1/2025 | 5,925,800 | ||||||
1,995,000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2,607,046 | ||||||
785,000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 883,203 | ||||||
28,050,686 | ||||||||
ARKANSAS — 0.2% | ||||||||
2,250,000 | Arkansas Development Finance Authority, 4.50%, 09/1/2049, Call 09/1/20262 3 | 2,277,473 |
13 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA — 6.7% | ||||||||
$ | 640,000 | Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024 | $ | 705,216 | ||||
1,000,000 | Bay Area Toll Authority, 1.37% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/20264 | 1,007,400 | ||||||
California Community Housing Agency | ||||||||
1,000,000 | 5.00%, 08/1/2049, Call 08/1/20293 | 1,113,540 | ||||||
545,000 | 5.00%, 02/1/2050, Call 02/1/20303 | 609,860 | ||||||
California County Tobacco Securitization Agency | ||||||||
955,000 | 5.13%, 06/1/2038, Call 11/2/2020 | 958,696 | ||||||
95,000 | 4.00%, 06/1/2049, Call 06/1/2030 | 105,954 | ||||||
California Health Facilities Financing Authority | ||||||||
155,000 | 5.00%, 08/15/2036, Call 08/15/2027 | 182,333 | ||||||
3,000,000 | 5.00%, 11/15/2048, Call 11/15/2027 | 3,583,320 | ||||||
5,000,000 | 4.00%, 08/15/2050, Call 08/15/2030 | 5,809,400 | ||||||
California Municipal Finance Authority | ||||||||
200,000 | 0.00%, 01/1/2032, Call 01/1/20223 5 | 196,644 | ||||||
500,000 | 7.00%, 06/1/2034, Call 06/1/2022 | 544,550 | ||||||
500,000 | 5.75%, 10/1/2034, Call 10/1/2021 | 508,125 | ||||||
905,000 | 5.00%, 10/1/2035, Call 10/1/2022 | 943,553 | ||||||
1,000,000 | 5.00%, 02/1/2037, Call 02/1/2027 | 1,165,220 | ||||||
50,000 | 5.00%, 10/1/2039, Call 10/1/20273 | 52,465 | ||||||
850,000 | 5.00%, 06/1/2046, Call 06/1/2026 | 935,748 | ||||||
1,000,000 | 4.00%, 12/31/2047, Call 06/30/20282 | 1,074,410 | ||||||
1,000,000 | California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/20222 3 | 1,041,920 | ||||||
California School Finance Authority | ||||||||
700,000 | 5.00%, 08/1/2036, Call 08/1/20253 | 787,780 | ||||||
1,250,000 | 5.00%, 06/1/2040, Call 06/1/20273 | 1,340,550 | ||||||
1,000,000 | 5.00%, 08/1/2041, Call 08/1/20253 | 1,113,950 | ||||||
500,000 | 5.00%, 10/1/2042, Call 10/1/20223 | 520,280 | ||||||
350,000 | 6.75%, 11/1/2045, Call 11/1/20243 | 379,176 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 1,000,000 | California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024 | $ | 1,158,270 | ||||
California Statewide Communities Development Authority | ||||||||
850,000 | 5.25%, 10/1/2043, Call 10/1/2024 | 949,705 | ||||||
435,000 | 5.25%, 12/1/2043, Call 06/1/20283 | 491,493 | ||||||
2,005,000 | 5.25%, 12/1/2044, Call 12/1/2024 | 2,160,769 | ||||||
2,000,000 | 4.00%, 04/1/2045, Call 04/1/2030 | 2,261,680 | ||||||
1,000,000 | 5.50%, 12/1/2054, Call 12/1/2024 | 1,081,980 | ||||||
640,000 | City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/20232 | 699,392 | ||||||
200,000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 226,732 | ||||||
City of Lathrop | ||||||||
500,000 | 5.00%, 09/2/2040, Call 09/2/2025 | 559,715 | ||||||
1,000,000 | 5.60%, 09/1/2049, Call 09/1/2026 | 1,054,620 | ||||||
City of Los Angeles Department of Airports | ||||||||
1,500,000 | 5.00%, 05/15/2034, Call 05/15/20282 | 1,827,750 | ||||||
1,000,000 | 5.00%, 05/15/2047, Call 05/15/20272 | 1,162,760 | ||||||
320,000 | Community Development Properties Los Angeles County, Inc., 5.25%, 09/1/2030, Call 09/1/2021 | 333,750 | ||||||
1,000,000 | County of Sacramento Airport System Revenue, 5.00%, 07/1/2036, Call 07/1/2028 | 1,227,910 | ||||||
700,000 | County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024 | 747,257 | ||||||
Foothill-Eastern Transportation Corridor Agency, AGM | ||||||||
2,000,000 | 0.00%, 01/15/2035 | 1,354,640 | ||||||
1,000,000 | 5.00%, 01/15/2042, Call 01/15/2024 | 1,101,650 | ||||||
Golden State Tobacco Securitization Corp. | ||||||||
2,000,000 | 5.30%, 06/1/2037, Call 06/1/2022 | 2,069,080 | ||||||
3,435,000 | 5.25%, 06/1/2047, Call 06/1/2022 | 3,548,080 | ||||||
1,000,000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1,084,690 | ||||||
1,000,000 | Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024 | 1,120,310 |
14 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 1,000,000 | Lammersville School District Community Facilities District, 5.30%, 09/1/2030, Call 09/1/2022 | $ | 1,062,960 | ||||
3,250,000 | Los Angeles Unified School District, 4.00%, 07/1/2044, Call 07/1/2030 | 3,814,623 | ||||||
500,000 | Lynwood Redevelopment Agency, 6.75%, 09/1/2026, Call 09/1/2021 | 526,420 | ||||||
300,000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 464,346 | ||||||
National City Community Development Commission | ||||||||
500,000 | 5.75%, 08/1/2021 | 523,275 | ||||||
500,000 | 7.00%, 08/1/2032, Call 08/1/2021 | 528,205 | ||||||
240,000 | Oxnard Financing Authority, 5.00%, 09/2/2033, Call 09/2/2022 | 253,109 | ||||||
5,000,000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 4,022,700 | ||||||
1,845,000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 2,198,133 | ||||||
1,000,000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023 | 1,116,050 | ||||||
2,000,000 | Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041, Call 05/15/2026 | 2,388,760 | ||||||
695,000 | Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024 | 799,549 | ||||||
2,500,000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 3,239,750 | ||||||
1,850,000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1,900,468 | ||||||
1,000,000 | San Diego Association of Governments South Bay Expressway Revenue, 5.00%, 07/1/2042, Call 07/1/2027 | 1,151,200 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport | ||||||||
2,500,000 | 5.00%, 05/1/2039, Call 05/1/20292 | 3,023,550 | ||||||
2,500,000 | 5.00%, 05/1/2046, Call 05/1/20262 | 2,839,750 | ||||||
2,000,000 | 5.00%, 05/1/2047, Call 05/1/2027 | 2,347,800 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
CALIFORNIA (Continued) | ||||||||
$ | 2,100,000 | San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025 | $ | 2,318,295 | ||||
475,000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 329,873 | ||||||
500,000 | San Marcos Public Facilities Authority, 5.00%, 09/1/2035, Call 09/1/2022 | 533,155 | ||||||
965,000 | San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024 | 1,123,289 | ||||||
Santa Ana Financing Authority, NATL-RE | ||||||||
415,000 | 6.25%, 07/1/2024 | 470,398 | ||||||
415,000 | 6.25%, 07/1/2024 | 471,540 | ||||||
450,000 | Santaluz Community Facilities District No. 2, 5.10%, 09/1/2030, Call 09/1/2021 | 469,782 | ||||||
1,000,000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024 | 1,090,180 | ||||||
Southern California Public Power Authority | ||||||||
565,000 | 5.00%, 11/1/2029 | 722,319 | ||||||
1,390,000 | 5.00%, 11/1/2033 | 1,844,113 | ||||||
1,500,000 | State of California, 5.00%, 04/1/2028 | 1,965,375 | ||||||
1,000,000 | Tejon Ranch Public Facilities Finance Authority, 5.25%, 09/1/2028, Call 09/1/2022 | 1,069,240 | ||||||
100,000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/20273 | 108,683 | ||||||
1,000,000 | Westminster Redevelopment Agency Successor Agency, 5.75%, 11/1/2036, Call 11/1/2021 | 1,043,950 | ||||||
96,663,163 | ||||||||
COLORADO — 3.1% | ||||||||
500,000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024 | 523,745 | ||||||
Cathedral Pines Metropolitan District | ||||||||
580,000 | 5.00%, 12/1/2031, Call 12/1/2026 | 619,869 | ||||||
2,005,000 | 5.00%, 12/1/2046, Call 12/1/2026 | 2,094,523 |
15 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
Central Platte Valley Metropolitan District | ||||||||
$ | 625,000 | 5.63%, 12/1/2038, Call 12/1/2023 | $ | 676,700 | ||||
500,000 | 5.00%, 12/1/2043, Call 12/1/2023 | 519,170 | ||||||
2,000,000 | City & County of Denver Airport System Revenue, 5.25%, 12/1/2043, Call 12/1/20282 | 2,409,340 | ||||||
Colorado Educational & Cultural Facilities Authority | ||||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2025 | 559,775 | ||||||
550,000 | 4.75%, 04/1/2030, Call 04/1/2022 | 564,834 | ||||||
1,000,000 | 6.00%, 12/15/2037, Call 12/15/2024 | 1,041,320 | ||||||
460,000 | 5.00%, 10/1/2039, Call 10/1/20273 | 483,819 | ||||||
Colorado Educational & Cultural Facilities Authority, MORAL OBLG | ||||||||
100,000 | 5.00%, 08/15/2034, Call 08/15/2024 | 111,533 | ||||||
1,000,000 | 5.00%, 03/15/2035, Call 03/15/2030 | 1,258,620 | ||||||
500,000 | 4.00%, 10/1/2039, Call 10/1/2024 | 528,095 | ||||||
500,000 | 5.13%, 12/1/2039, Call 11/2/2020 | 500,295 | ||||||
Colorado Health Facilities Authority | ||||||||
500,000 | 5.00%, 01/15/2035, Call 01/15/2026 | 579,615 | ||||||
500,000 | 5.00%, 06/1/2036, Call 06/1/2027 | 646,145 | ||||||
500,000 | 8.00%, 08/1/2043, Call 02/1/2024 | 531,270 | ||||||
1,295,000 | 5.00%, 08/1/2044, Call 08/1/2029 | 1,550,128 | ||||||
2,000,000 | 5.00%, 05/15/2045, Call 05/15/2025 | 2,225,980 | ||||||
2,000,000 | 4.00%, 08/1/2049, Call 08/1/2029 | 2,188,860 | ||||||
500,000 | Colorado High Performance Transportation Enterprise, 5.00%, 12/31/2047, Call 12/31/2024 | 541,520 | ||||||
500,000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024 | 474,550 | ||||||
Denver Convention Center Hotel Authority | ||||||||
500,000 | 5.00%, 12/1/2034, Call 12/1/2026 | 536,685 | ||||||
550,000 | 5.00%, 12/1/2040, Call 12/1/2026 | 584,694 | ||||||
1,470,000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023 | 1,575,046 | ||||||
250,000 | Denver International Business Center Metropolitan District No. 1, 5.38%, 12/1/2035, Call 12/1/2020 | 252,128 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
$ | 1,000,000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | $ | 524,080 | ||||
480,000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 408,144 | ||||||
2,000,000 | Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028 | 2,522,940 | ||||||
1,010,000 | Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 12/1/2022 | 1,044,178 | ||||||
750,000 | Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024 | 790,808 | ||||||
1,790,000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 2,162,714 | ||||||
3,951 | Mount Carbon Metropolitan District, 0.00%, 06/1/20435 | 3,951 | ||||||
1,010,000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 1,159,005 | ||||||
1,000,000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024 | 1,056,600 | ||||||
1,080,000 | Promenade Castle Rock Metropolitan District No. 1, 5.75%, 12/1/2039, Call 12/1/2020 | 1,114,960 | ||||||
1,000,000 | Public Authority for Colorado Energy, 6.50%, 11/15/2038 | 1,584,180 | ||||||
425,000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 510,340 | ||||||
Regional Transportation District | ||||||||
1,000,000 | 6.00%, 01/15/2041, Call 11/2/2020 | 1,001,980 | ||||||
4,000,000 | 5.00%, 11/1/2041, Call 11/1/2026 | 4,757,240 | ||||||
289,000 | Southglenn Metropolitan District, 3.00%, 12/1/2021 | 288,150 | ||||||
500,000 | State of Colorado, 4.00%, 12/15/2039, Call 12/15/2030 | 598,925 | ||||||
125,000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 144,666 | ||||||
575,000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 604,268 |
16 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
COLORADO (Continued) | ||||||||
$ | 1,000,000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | $ | 1,215,560 | ||||
45,070,948 | ||||||||
CONNECTICUT — 0.3% | ||||||||
1,685,000 | City of Bridgeport , 5.00%, 06/1/2029 | 2,045,843 | ||||||
500,000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 11/2/20202 | 460,795 | ||||||
Connecticut State Health & Educational Facilities Authority | ||||||||
375,000 | 5.00%, 06/1/2033, Call 06/1/2030 | 480,251 | ||||||
90,000 | 5.00%, 07/1/2037, Call 07/1/2027 | 106,592 | ||||||
1,000,000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/20273 | 1,075,670 | ||||||
4,169,151 | ||||||||
DELAWARE — 0.3% | ||||||||
Delaware State Economic Development Authority | ||||||||
1,000,000 | 6.75%, 09/1/2035, Call 03/1/20253 | 1,075,860 | ||||||
900,000 | 5.00%, 08/1/2049, Call 08/1/2029 | 999,882 | ||||||
1,500,000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025 | 1,711,365 | ||||||
3,787,107 | ||||||||
DISTRICT OF COLUMBIA — 1.4% | ||||||||
District of Columbia | ||||||||
1,000,000 | 4.00%, 04/1/2033, Call 04/1/2026 | 1,190,750 | ||||||
1,500,000 | 5.00%, 06/1/2041, Call 06/1/2026 | 1,824,405 | ||||||
2,000,000 | District of Columbia Water & Sewer Authority, 5.00%, 10/1/2043, Call 04/1/2028 | 2,494,540 | ||||||
Metropolitan Washington Airports Authority | ||||||||
1,000,000 | 5.00%, 10/1/2032, Call 10/1/20282 | 1,234,610 | ||||||
1,520,000 | 4.00%, 10/1/2036, Call 10/1/20262 | 1,672,471 | ||||||
1,820,000 | 5.00%, 10/1/2042, Call 10/1/20272 | 2,141,685 | ||||||
655,000 | 5.00%, 10/1/2044, Call 10/1/20242 | 736,973 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | ||||||||
750,000 | 4.00%, 10/1/2035, Call 10/1/2029 | 851,948 | ||||||
615,000 | 6.50%, 10/1/2041, Call 10/1/2026 | 772,655 | ||||||
3,130,000 | 4.00%, 10/1/2049, Call 10/1/2029 | 3,432,264 | ||||||
2,000,000 | 4.00%, 10/1/2049, Call 10/1/2029 | 2,206,540 |
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 | $ | 1,103,500 | ||||
19,662,341 | ||||||||
FLORIDA — 5.4% | ||||||||
1,335,000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024 | 1,519,457 | ||||||
900,000 | Ave Maria Stewardship Community District, 6.70%, 05/1/2042, Call 05/1/2022 | 948,807 | ||||||
845,000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023 | 868,897 | ||||||
100,000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 109,411 | ||||||
1,350,000 | Capital Projects Finance Authority, NATL-RE, 5.00%, 10/1/2031, Call 11/2/2020 | 1,352,889 | ||||||
Capital Trust Agency, Inc. | ||||||||
500,000 | 4.38%, 06/15/20273 | 518,220 | ||||||
705,000 | 5.35%, 07/1/2029, Call 11/2/2020 | 707,545 | ||||||
95,000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 102,981 | ||||||
500,000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023 | 530,510 | ||||||
City of Lakeland | ||||||||
540,000 | 5.00%, 09/1/2037, Call 09/1/2022 | 562,934 | ||||||
2,435,000 | 5.00%, 11/15/2045, Call 11/15/2024 | 2,698,710 | ||||||
450,000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 542,142 | ||||||
City of Tampa | ||||||||
1,000,000 | 5.00%, 05/1/2037, Call 05/1/2028 | 1,253,840 | ||||||
520,000 | 4.00%, 07/1/2045, Call 07/1/2030 | 582,608 | ||||||
500,000 | County of Bay, 5.00%, 09/1/2043, Call 09/1/2023 | 526,425 | ||||||
1,000,000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/20252 | 1,146,730 | ||||||
1,000,000 | County of Broward Port Facilities Revenue, 4.00%, 09/1/2039, Call 09/1/20292 | 1,072,810 |
17 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 2,350,000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | $ | 2,821,363 | ||||
1,500,000 | County of Miami-Dade, 5.00%, 07/1/2043, Call 07/1/2026 | 1,826,130 | ||||||
County of Miami-Dade Aviation Revenue | ||||||||
1,000,000 | 5.00%, 10/1/2030, Call 10/1/20242 | 1,133,840 | ||||||
1,000,000 | 5.00%, 10/1/2032, Call 10/1/20242 | 1,127,210 | ||||||
4,240,000 | 5.00%, 10/1/2033, Call 10/1/20242 | 4,767,159 | ||||||
County of Palm Beach | ||||||||
3,000,000 | 5.00%, 05/1/2028, Call 05/1/2026 | 3,720,600 | ||||||
175,000 | 5.00%, 04/1/2039, Call 04/1/20293 | 175,361 | ||||||
500,000 | County of St. Lucie, 0.15%, 09/1/2028, Call 10/2/20201 | 500,000 | ||||||
30,000 | Fiddlers Creek Community Development District No. 1, 4.00%, 05/1/2021 | 30,126 | ||||||
Florida Development Finance Corp. | ||||||||
750,000 | 6.25%, 07/1/2034, Call 07/1/2024 | 803,273 | ||||||
2,000,000 | 7.63%, 06/15/2041, Call 06/15/2021 | 2,104,520 | ||||||
500,000 | 8.50%, 06/15/2044, Call 06/15/2023 | 563,500 | ||||||
825,000 | 6.13%, 06/15/2046, Call 06/15/20253 | 913,687 | ||||||
5,000,000 | 6.50%, 01/1/2049, Call 11/2/20201 2 3 | 4,333,050 | ||||||
500,000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/20283 | 490,975 | ||||||
1,000,000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 10/1/2022 | 1,066,990 | ||||||
500,000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024 | 527,045 | ||||||
Greater Orlando Aviation Authority | ||||||||
1,000,000 | 5.00%, 11/15/2036, Call 05/15/20232 | 1,010,940 | ||||||
1,665,000 | 5.00%, 10/1/2046, Call 10/1/20262 | 1,905,992 | ||||||
1,000,000 | Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026 | 1,214,940 | ||||||
2,000,000 | Highlands County Health Facilities Authority, 0.12%, 11/15/2035, Call 11/2/20201 | 2,000,000 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 2,000,000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/20282 | $ | 2,384,280 | ||||
2,000,000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2,311,900 | ||||||
Lake Ashton Community Development District | ||||||||
105,000 | 5.00%, 05/1/2025 | 112,298 | ||||||
405,000 | 5.00%, 05/1/2037, Call 05/1/2025 | 423,197 | ||||||
1,675,000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025 | 1,782,032 | ||||||
Lee County Industrial Development Authority | ||||||||
100,000 | 5.75%, 06/15/2042, Call 06/15/2022 | 101,364 | ||||||
2,000,000 | 5.00%, 11/15/2044, Call 11/15/2026 | 2,177,520 | ||||||
1,000,000 | 5.00%, 11/15/2049, Call 11/15/2026 | 1,084,160 | ||||||
2,000,000 | Lee Memorial Health System, 5.00%, 04/1/2044, Call 04/1/2029 | 2,428,760 | ||||||
880,000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 935,915 | ||||||
Mediterra South Community Development District | ||||||||
90,000 | 5.10%, 05/1/2031, Call 05/1/2022 | 95,135 | ||||||
385,000 | 5.00%, 05/1/2034, Call 05/1/2023 | 387,760 | ||||||
Miami Beach Health Facilities Authority | ||||||||
1,500,000 | 4.25%, 11/15/2034, Call 11/2/2020 | 1,501,830 | ||||||
1,000,000 | 5.00%, 11/15/2039, Call 11/15/2024 | 1,101,030 | ||||||
Miami-Dade County Industrial Development Authority | ||||||||
630,000 | 5.00%, 09/15/2034, Call 09/15/2024 | 677,420 | ||||||
320,000 | 5.25%, 09/15/2044, Call 09/15/2024 | 341,549 | ||||||
105,000 | 5.00%, 09/15/2044, Call 09/15/20273 | 114,550 | ||||||
Palm Beach County Health Facilities Authority | ||||||||
430,000 | 6.75%, 06/1/2024, Call 06/1/2022 | 471,491 |
18 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
FLORIDA (Continued) | ||||||||
$ | 850,000 | 5.00%, 12/1/2031, Call 12/1/2024 | $ | 1,014,016 | ||||
500,000 | 5.00%, 11/1/2043, Call 11/1/2022 | 521,315 | ||||||
750,000 | Pinellas County Educational Facilities Authority, 6.50%, 10/1/2031, Call 10/1/2021 | 776,048 | ||||||
680,000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 819,862 | ||||||
1,500,000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1,823,490 | ||||||
1,000,000 | Sarasota County Public Hospital District, 5.00%, 07/1/2041, Call 07/1/2028 | 1,204,140 | ||||||
South Miami Health Facilities Authority | ||||||||
900,000 | 5.00%, 08/15/2042, Call 08/15/2027 | 1,061,667 | ||||||
1,650,000 | 5.00%, 08/15/2047, Call 08/15/2027 | 1,932,150 | ||||||
100,000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 110,334 | ||||||
2,000,000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2,275,140 | ||||||
135,000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/20283 | 154,942 | ||||||
495,000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023 | 512,290 | ||||||
78,719,202 | ||||||||
GEORGIA — 1.4% | ||||||||
Burke County Development Authority | ||||||||
1,500,000 | 2.05%, 10/1/20321 | 1,524,975 | ||||||
500,000 | 2.25%, 10/1/20321 | 518,320 | ||||||
1,000,000 | 4.13%, 11/1/2045, Call 02/1/2028 | 1,110,890 | ||||||
1,000,000 | 3.00%, 11/1/20451 | 1,044,070 | ||||||
Fulton County Development Authority | ||||||||
500,000 | 5.00%, 04/1/2037, Call 04/1/2027 | 596,080 | ||||||
1,000,000 | 6.50%, 04/1/2043, Call 04/1/2023 | 1,150,070 | ||||||
130,000 | Georgia Housing & Finance Authority, 3.70%, 12/1/2025, Call 11/2/2020 | 130,296 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
GEORGIA (Continued) | ||||||||
$ | 1,100,000 | Georgia Municipal Association, Inc., 4.00%, 12/1/2024 | $ | 1,264,483 | ||||
500,000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/20273 | 519,575 | ||||||
1,470,000 | Main Street Natural Gas, Inc., 5.00%, 05/15/2034, Call 05/15/2029 | 1,785,712 | ||||||
665,000 | Municipal Electric Authority of Georgia, 5.00%, 01/1/2038, Call 07/1/2028 | 819,247 | ||||||
5,000,000 | Northwest Georgia Housing Authority, FHA 221(D4), 1.54%, 08/1/2022, Call 08/1/20211 | 5,046,350 | ||||||
1,695,000 | Private Colleges & Universities Authority, 5.00%, 04/1/2044, Call 04/1/2024 | 1,840,329 | ||||||
2,500,000 | Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.00%, 10/1/2041, Call 10/1/2021 | 2,620,775 | ||||||
19,971,172 | ||||||||
GUAM — 0.1% | ||||||||
Guam Government Waterworks Authority | ||||||||
500,000 | 5.25%, 07/1/2033, Call 07/1/2023 | 568,105 | ||||||
1,000,000 | 5.00%, 07/1/2035, Call 07/1/2024 | 1,104,220 | ||||||
1,672,325 | ||||||||
HAWAII — 0.4% | ||||||||
500,000 | Hawaii Housing Finance & Development Corp., 6.75%, 05/1/2047, Call 05/1/2022 | 523,575 | ||||||
2,800,000 | State of Hawaii, 5.00%, 01/1/2038, Call 01/1/2028 | 3,474,660 | ||||||
1,000,000 | State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/20282 | 1,166,260 | ||||||
5,164,495 | ||||||||
IDAHO — 0.2% | ||||||||
Idaho Health Facilities Authority | ||||||||
300,000 | 4.38%, 07/1/2034, Call 07/1/20243 | 325,029 | ||||||
1,040,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,242,800 | ||||||
Idaho Housing & Finance Association | ||||||||
370,000 | 6.00%, 07/1/2039, Call 07/1/20283 | 422,825 | ||||||
415,000 | 6.00%, 07/1/2049, Call 07/1/20283 | 467,734 | ||||||
565,000 | 6.00%, 07/1/2054, Call 07/1/20283 | 634,800 | ||||||
3,093,188 |
19 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS — 7.9% | ||||||||
Chicago Board of Education | ||||||||
$ | 1,000,000 | 5.00%, 12/1/2021 | $ | 1,035,250 | ||||
1,000,000 | 0.00%, 12/1/2022 | 956,510 | ||||||
100,000 | 5.75%, 04/1/2034, Call 04/1/2027 | 115,445 | ||||||
1,000,000 | 6.10%, 04/1/2036, Call 04/1/2027 | 1,185,450 | ||||||
180,000 | 5.00%, 04/1/2037, Call 04/1/2027 | 196,159 | ||||||
500,000 | 5.00%, 04/1/2038, Call 04/1/2028 | 549,585 | ||||||
500,000 | 5.25%, 12/1/2039, Call 12/1/2024 | 529,595 | ||||||
575,000 | 5.00%, 12/1/2042, Call 12/1/2022 | 584,033 | ||||||
1,950,000 | 7.00%, 12/1/2044, Call 12/1/2025 | 2,306,674 | ||||||
1,100,000 | 6.00%, 04/1/2046, Call 04/1/2027 | 1,274,119 | ||||||
Chicago O’Hare International Airport | ||||||||
500,000 | 5.00%, 07/1/2033, Call 07/1/20282 | 583,110 | ||||||
2,500,000 | 5.00%, 01/1/2046, Call 01/1/2025 | 2,851,700 | ||||||
680,000 | Chicago Park District, 5.00%, 11/15/2024 | 779,586 | ||||||
Chicago Transit Authority | ||||||||
475,000 | 5.25%, 12/1/2030, Call 12/1/2021 | 503,158 | ||||||
2,500,000 | 5.00%, 12/1/2046, Call 12/1/2026 | 2,872,350 | ||||||
675,000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 794,259 | ||||||
City of Chicago | ||||||||
1,000,000 | 4.84%, 04/15/2028, Call 01/16/20233 | 1,012,250 | ||||||
1,000,000 | 5.25%, 01/1/2035, Call 01/1/2021 | 1,002,930 | ||||||
1,000,000 | 5.50%, 01/1/2035, Call 01/1/2025 | 1,051,180 | ||||||
2,380,000 | 6.00%, 01/1/2038, Call 01/1/2027 | 2,603,363 | ||||||
500,000 | 5.50%, 01/1/2040, Call 01/1/2025 | 522,015 | ||||||
900,000 | 5.00%, 01/1/2041, Call 01/1/2022 | 954,369 | ||||||
1,000,000 | City of Chicago , 5.00%, 01/1/2027 | 1,077,070 | ||||||
1,000,000 | City of Chicago Motor Fuel Tax Revenue, 5.00%, 01/1/2029, Call 01/1/2024 | 1,041,320 | ||||||
City of Chicago Wastewater Transmission Revenue | ||||||||
1,960,000 | 5.00%, 01/1/2028, Call 01/1/2022 | 2,044,594 | ||||||
665,000 | 5.00%, 01/1/2034, Call 01/1/2025 | 756,790 | ||||||
3,000,000 | 5.00%, 01/1/2039, Call 01/1/2024 | 3,283,410 | ||||||
1,000,000 | City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024 | 1,148,240 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
County of Cook | ||||||||
$ | 1,000,000 | 5.25%, 11/15/2022, Call 11/15/2020 | $ | 1,005,310 | ||||
2,000,000 | 5.25%, 11/15/2033, Call 11/15/2020 | 2,008,080 | ||||||
1,500,000 | 6.75%, 10/15/2040, Call 10/15/20201 | 1,503,555 | ||||||
1,200,000 | County of Cook Sales Tax Revenue, 5.00%, 11/15/2033, Call 11/15/2027 | 1,441,524 | ||||||
Illinois Educational Facilities Authority | ||||||||
2,000,000 | 4.50%, 11/1/2036, Call 11/1/2024 | 2,218,260 | ||||||
570,000 | 3.90%, 11/1/2036, Call 11/1/2027 | 618,262 | ||||||
Illinois Finance Authority | ||||||||
700,000 | 5.00%, 08/1/2026 | 802,641 | ||||||
425,000 | 5.00%, 08/1/2027 | 492,885 | ||||||
500,000 | 5.00%, 08/1/2028, Call 08/1/2027 | 575,245 | ||||||
2,135,000 | 5.00%, 03/1/2031, Call 03/1/2027 | 2,581,300 | ||||||
600,000 | 5.75%, 10/1/2032, Call 10/1/2022 | 623,790 | ||||||
670,000 | 5.00%, 03/1/2033, Call 03/1/2027 | 802,372 | ||||||
1,000,000 | 5.00%, 08/1/2033, Call 08/1/2024 | 1,180,550 | ||||||
315,000 | 5.00%, 02/15/2034, Call 02/15/2027 | 380,955 | ||||||
500,000 | 5.00%, 03/1/2034, Call 03/1/2027 | 596,910 | ||||||
2,000,000 | 4.00%, 07/1/2034, Call 01/1/2026 | 2,275,220 | ||||||
225,000 | 5.00%, 02/15/2037, Call 08/15/2027 | 223,002 | ||||||
5,000,000 | 0.14%, 04/1/2038, Call 11/2/20201 | 5,000,000 | ||||||
1,695,000 | 4.00%, 07/1/2038, Call 07/1/2029 | 2,025,406 | ||||||
550,000 | 5.00%, 09/1/2042, Call 09/1/2024 | 612,420 | ||||||
1,925,000 | 5.00%, 09/1/2046, Call 09/1/2026 | 2,126,393 | ||||||
2,100,000 | 5.00%, 02/15/2047, Call 08/15/2027 | 2,002,329 | ||||||
1,135,000 | 4.00%, 06/1/2047, Call 06/1/2022 | 1,205,427 | ||||||
25,000 | 4.00%, 06/1/2047, Call 06/1/2022 | 26,551 | ||||||
630,000 | 4.00%, 06/1/2047, Call 06/1/2022 | 646,619 | ||||||
1,000,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,074,710 | ||||||
1,000,000 | 6.00%, 10/1/2048, Call 10/1/2022 | 1,033,410 | ||||||
Illinois Sports Facilities Authority | ||||||||
485,000 | 5.00%, 06/15/2021 | 494,676 | ||||||
1,000,000 | 5.25%, 06/15/2032, Call 06/15/2024 | 1,110,570 |
20 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
$ | 1,000,000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | $ | 1,211,180 | ||||
1,000,000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 1,107,770 | ||||||
Metropolitan Pier & Exposition Authority | ||||||||
2,355,000 | 5.00%, 06/15/2050, Call 12/15/2029 | 2,615,722 | ||||||
530,000 | 5.00%, 06/15/2057, Call 12/15/2027 | 576,709 | ||||||
Metropolitan Pier & Exposition Authority, NATL | ||||||||
1,000,000 | 0.00%, 06/15/2029 | 781,880 | ||||||
3,300,000 | 0.00%, 12/15/2030 | 2,421,837 | ||||||
1,600,000 | Metropolitan Pier & Exposition Authority, State Appropriation, 5.00%, 12/15/2028, Call 06/15/2022 | 1,670,592 | ||||||
1,905,000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 2,257,006 | ||||||
500,000 | Quad Cities Regional Economic Development Authority, 4.75%, 10/1/2032, Call 10/1/2022 | 517,110 | ||||||
Railsplitter Tobacco Settlement Authority | ||||||||
780,000 | 5.25%, 06/1/2021 | 804,570 | ||||||
3,000,000 | 5.00%, 06/1/2024 | 3,462,810 | ||||||
1,000,000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1,109,520 | ||||||
Sales Tax Securitization Corp. | ||||||||
2,000,000 | 5.00%, 01/1/2034, Call 01/1/2028 | 2,350,960 | ||||||
500,000 | 4.00%, 01/1/2038, Call 01/1/2030 | 545,115 | ||||||
750,000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 835,747 | ||||||
1,000,000 | Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023 | 1,205,690 | ||||||
State of Illinois | ||||||||
1,000,000 | 5.00%, 11/1/2021 | 1,027,010 | ||||||
750,000 | 5.38%, 05/1/2023 | 797,505 | ||||||
1,000,000 | 5.00%, 02/1/2025 | 1,078,760 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
ILLINOIS (Continued) | ||||||||
$ | 1,500,000 | 5.50%, 07/1/2026, Call 07/1/2023 | $ | 1,590,465 | ||||
1,000,000 | 5.00%, 11/1/2026 | 1,080,350 | ||||||
1,000,000 | 5.00%, 05/1/2028, Call 05/1/2024 | 1,052,450 | ||||||
2,000,000 | 3.00%, 06/15/2033, Call 06/15/2026 | 1,935,340 | ||||||
500,000 | 5.00%, 03/1/2037, Call 03/1/2022 | 506,875 | ||||||
1,000,000 | 4.25%, 12/1/2037, Call 12/1/2027 | 991,800 | ||||||
1,500,000 | 5.00%, 02/1/2039, Call 02/1/2024 | 1,528,980 | ||||||
2,000,000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2,202,680 | ||||||
1,500,000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1,669,620 | ||||||
615,000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/20273 | 627,847 | ||||||
1,415,000 | Village of Brookfield, 0.13%, 06/1/2038, Call 10/2/20201 | 1,415,000 | ||||||
1,350,000 | Will County Community High School District No. 210 Lincoln-Way, AGM, 0.00%, 01/1/2024 | 1,298,943 | ||||||
1,000,000 | Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027, Call 01/1/2023 | 1,071,840 | ||||||
Will County Community High School District No. 210 Lincoln-Way, BAM | ||||||||
550,000 | 0.00%, 01/1/2031 | 439,131 | ||||||
250,000 | 0.00%, 01/1/2032 | 192,848 | ||||||
830,000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025 | 794,302 | ||||||
115,078,850 | ||||||||
INDIANA — 1.4% | ||||||||
1,820,000 | Ball State University, 5.00%, 07/1/2036, Call 07/1/2028 | 2,270,541 | ||||||
1,000,000 | City of Rockport, 7.00%, 06/1/2028, Call 02/1/20222 | 969,980 | ||||||
Indiana Finance Authority | ||||||||
710,000 | 6.00%, 12/1/2026, Call 11/2/2020 | 675,885 | ||||||
2,000,000 | 5.00%, 02/1/2030, Call 02/1/2028 | 2,589,920 | ||||||
1,000,000 | 3.00%, 11/1/2030 | 997,740 | ||||||
1,000,000 | 3.00%, 11/1/2030 | 997,740 | ||||||
3,000,000 | 4.00%, 11/1/2033, Call 11/1/2027 | 3,442,110 | ||||||
1,340,000 | Indiana Municipal Power Agency, 5.00%, 01/1/2036, Call 07/1/2026 | 1,592,268 |
21 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
INDIANA (Continued) | ||||||||
$ | 3,360,000 | Indianapolis Local Public Improvement Bond Bank, 4.00%, 01/1/2041, Call 01/1/2031 | $ | 4,028,237 | ||||
1,960,000 | Michigan City School Building Corp., 5.00%, 01/15/2025 | 2,284,164 | ||||||
500,000 | Town of Shoals, 7.25%, 11/1/2043, Call 11/1/20232 | 527,930 | ||||||
20,376,515 | ||||||||
IOWA — 0.6% | ||||||||
Iowa Finance Authority | ||||||||
1,000,000 | 5.25%, 12/1/2025, Call 12/1/2023 | 1,055,620 | ||||||
2,520,000 | 4.75%, 08/1/2042, Call 08/1/2022 | 2,573,475 | ||||||
3,000,000 | Iowa Finance Authority, GNMA/FNMA/FHLMC, 0.12%, 07/1/2049, Call 10/2/20201 | 3,000,000 | ||||||
500,000 | Iowa Higher Education Loan Authority, 6.00%, 10/1/2031, Call 10/1/2021 | 513,400 | ||||||
Iowa Tobacco Settlement Authority | ||||||||
800,000 | 5.60%, 06/1/2034, Call 11/2/2020 | 811,784 | ||||||
410,000 | 5.38%, 06/1/2038, Call 11/2/2020 | 416,039 | ||||||
500,000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/20261 | 606,990 | ||||||
8,977,308 | ||||||||
KENTUCKY — 0.8% | ||||||||
Kentucky Economic Development Finance Authority | ||||||||
200,000 | 5.00%, 06/1/2037, Call 06/1/2027 | 220,744 | ||||||
1,100,000 | 5.00%, 07/1/2040, Call 07/1/2025 | 1,165,318 | ||||||
1,350,000 | 5.00%, 06/1/2045, Call 06/1/2027 | 1,470,069 | ||||||
765,000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 898,232 | ||||||
Kentucky Public Energy Authority | ||||||||
2,600,000 | 4.00%, 01/1/2049, Call 10/1/20241 | 2,914,964 | ||||||
1,950,000 | 4.00%, 12/1/2049, Call 03/1/20251 | 2,209,877 | ||||||
1,500,000 | 4.00%, 02/1/2050, Call 11/1/20271 | 1,763,655 | ||||||
1,000,000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1,184,420 | ||||||
11,827,279 | ||||||||
LOUISIANA — 1.1% | ||||||||
1,165,000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023 | 1,205,635 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
LOUISIANA (Continued) | ||||||||
$ | 500,000 | Jefferson Parish Hospital Service District No. 2, 6.25%, 07/1/2031, Call 07/1/2021 | $ | 514,715 | ||||
1,500,000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1,823,760 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority | ||||||||
500,000 | 6.50%, 11/1/2035, Call 11/2/2020 | 501,700 | ||||||
1,205,000 | 5.00%, 10/1/2041, Call 10/1/2027 | 1,419,346 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1,156,070 | ||||||
Louisiana Public Facilities Authority | ||||||||
500,000 | 8.13%, 12/15/2033, Call 12/15/2023 | 535,080 | ||||||
1,000,000 | 5.00%, 05/15/2035, Call 05/15/2025 | 1,140,960 | ||||||
885,000 | 6.50%, 07/1/2036, Call 07/1/20232 3 | 925,993 | ||||||
1,400,000 | 5.00%, 07/1/2042, Call 07/1/2027 | 1,575,280 | ||||||
New Orleans Aviation Board | ||||||||
500,000 | 5.00%, 10/1/2035, Call 10/1/2028 | 608,800 | ||||||
1,500,000 | 5.00%, 01/1/2048, Call 01/1/20272 | 1,684,305 | ||||||
1,260,000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/20282 | 1,510,148 | ||||||
1,000,000 | State of Louisiana, 4.00%, 09/1/2032, Call 09/1/2026 | 1,146,770 | ||||||
15,748,562 | ||||||||
MAINE — 0.4% | ||||||||
Maine Health & Higher Educational Facilities Authority | ||||||||
1,000,000 | 5.00%, 07/1/2028, Call 07/1/2027 | 1,240,350 | ||||||
1,615,000 | 5.00%, 07/1/2035, Call 07/1/2027 | 1,859,560 | ||||||
700,000 | 5.00%, 07/1/2035, Call 07/1/2027 | 806,001 | ||||||
1,510,000 | Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027 | 1,922,426 | ||||||
500,000 | Town of Rumford, 6.88%, 10/1/2026, Call 11/2/20202 | 500,055 | ||||||
6,328,392 |
22 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MARYLAND — 1.7% | ||||||||
City of Baltimore | ||||||||
$ | 2,500,000 | 5.00%, 07/1/2036, Call 01/1/2027 | $ | 3,009,850 | ||||
1,500,000 | 5.00%, 09/1/2042, Call 09/1/2027 | 1,322,985 | ||||||
1,000,000 | 5.00%, 09/1/2046, Call 09/1/2027 | 880,900 | ||||||
1,330,000 | County of Prince George’s, 7.00%, 08/1/2048, Call 11/1/2026 | 1,527,691 | ||||||
1,600,000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024 | 1,731,936 | ||||||
4,750,000 | Maryland Community Development Administration Multi-Family Mortgage Revenue, 2.52%, 02/1/20213 | 4,771,185 | ||||||
1,000,000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/20292 | 1,076,940 | ||||||
Maryland Health & Higher Educational Facilities Authority | ||||||||
2,700,000 | 5.00%, 08/15/2038, Call 08/15/2023 | 2,963,763 | ||||||
1,000,000 | 5.00%, 07/1/2040, Call 07/1/2025 | 1,121,570 | ||||||
160,000 | 4.00%, 07/1/2040, Call 07/1/2030 | 178,698 | ||||||
500,000 | 5.00%, 07/1/2045, Call 07/1/2025 | 556,705 | ||||||
Maryland Stadium Authority | ||||||||
2,000,000 | 5.00%, 05/1/2036, Call 05/1/2028 | 2,443,480 | ||||||
2,000,000 | 5.00%, 05/1/2046, Call 05/1/2026 | 2,521,080 | ||||||
340,000 | 5.00%, 05/1/2047, Call 05/1/2028 | 454,267 | ||||||
660,000 | 5.00%, 05/1/2047, Call 05/1/2028 | 786,271 | ||||||
25,347,321 | ||||||||
MASSACHUSETTS — 1.0% | ||||||||
120,000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 124,693 | ||||||
1,500,000 | Commonwealth of Massachusetts, 4.00%, 05/1/2036, Call 05/1/2028 | 1,777,050 | ||||||
Massachusetts Development Finance Agency | ||||||||
600,000 | 5.00%, 07/1/2034, Call 07/1/2027 | 688,974 | ||||||
2,000,000 | 5.00%, 07/1/20381 | 2,304,360 | ||||||
1,000,000 | 4.00%, 07/1/2044, Call 01/1/2029 | 1,059,290 | ||||||
150,000 | 4.00%, 06/1/2049, Call 06/1/2029 | 161,102 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MASSACHUSETTS (Continued) | ||||||||
Massachusetts Educational Financing Authority | ||||||||
$ | 300,000 | 5.50%, 01/1/2022, Call 10/13/2020 | $ | 300,966 | ||||
115,000 | 6.00%, 01/1/2028, Call 10/13/2020 | 117,126 | ||||||
1,000,000 | 5.00%, 07/1/20282 | 1,211,000 | ||||||
1,000,000 | 5.00%, 07/1/20292 | 1,222,460 | ||||||
200,000 | 4.25%, 07/1/2046, Call 07/1/20262 | 209,346 | ||||||
3,000,000 | Massachusetts School Building Authority, 5.00%, 08/15/2037, Call 08/15/2025 | 3,583,950 | ||||||
1,000,000 | Massachusetts Water Resources Authority, 5.00%, 08/1/2040, Call 08/1/2026 | 1,217,400 | ||||||
13,977,717 | ||||||||
MICHIGAN — 2.5% | ||||||||
500,000 | Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024 | 561,185 | ||||||
Grand Rapids Public Schools, AGM | ||||||||
1,170,000 | 5.00%, 05/1/2022 | 1,256,065 | ||||||
685,000 | 5.00%, 05/1/2024 | 797,696 | ||||||
1,000,000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1,203,810 | ||||||
275,000 | Kentwood Economic Development Corp., 5.63%, 11/15/2041, Call 05/15/2022 | 282,972 | ||||||
Michigan Finance Authority | ||||||||
275,000 | 5.00%, 06/1/2029, Call 11/2/2020 | 253,459 | ||||||
3,500,000 | 4.50%, 10/1/2029, Call 10/1/2024 | 3,670,310 | ||||||
1,165,000 | 5.00%, 07/1/2031, Call 07/1/2024 | 1,276,491 | ||||||
1,670,000 | 5.00%, 12/1/2032, Call 06/1/2022 | 1,796,970 | ||||||
2,500,000 | 5.00%, 10/1/2033, Call 10/1/2024 | 2,903,400 | ||||||
1,000,000 | 5.00%, 07/1/2034, Call 07/1/2025 | 1,172,840 | ||||||
500,000 | 5.00%, 07/1/2035, Call 07/1/2025 | 585,410 | ||||||
1,000,000 | 5.00%, 07/1/2039, Call 07/1/2024 | 1,075,730 | ||||||
1,000,000 | 5.00%, 11/15/2041, Call 11/15/2026 | 1,174,880 | ||||||
2,500,000 | 5.00%, 12/1/2047, Call 12/1/2022 | 2,754,950 | ||||||
855,000 | 5.00%, 12/1/2048, Call 12/1/2028 | 1,041,450 | ||||||
1,450,000 | Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024 | 1,653,565 |
23 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MICHIGAN (Continued) | ||||||||
$ | 1,000,000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | $ | 1,127,880 | ||||
3,000,000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3,602,970 | ||||||
2,000,000 | Michigan State Hospital Finance Authority, 2.40%, 11/15/20471 | 2,099,420 | ||||||
925,000 | Michigan State Housing Development Authority, 1.21% (3-Month USD Libor+ 100 basis points), 04/1/2042, Call 04/1/20212 4 | 927,239 | ||||||
250,000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 05/1/2022 | 254,008 | ||||||
500,000 | Summit Academy, 6.38%, 11/1/2035, Call 11/2/2020 | 500,375 | ||||||
Wayne County Airport Authority | ||||||||
2,000,000 | 5.00%, 12/1/2030, Call 12/1/20252 | 2,347,660 | ||||||
1,500,000 | 5.00%, 12/1/2037, Call 12/1/2027 | 1,787,055 | ||||||
36,107,790 | ||||||||
MINNESOTA — 0.4% | ||||||||
250,000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 | 271,820 | ||||||
70,000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/20273 | 74,409 | ||||||
1,720,000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/20251 3 | 1,710,230 | ||||||
Housing & Redevelopment Authority of The City of Saint Paul | ||||||||
1,000,000 | 5.00%, 11/15/2029, Call 11/15/2025 | 1,234,580 | ||||||
1,285,000 | 5.00%, 11/15/2030, Call 11/15/2025 | 1,586,435 | ||||||
415,000 | 5.50%, 09/1/2043, Call 10/23/2020 | 420,437 | ||||||
490,000 | World Learner School of Chaska Charter School No. 4016, 8.00%, 12/1/2043, Call 12/1/2021 | 513,290 | ||||||
5,811,201 | ||||||||
MISSISSIPPI — 0.0%6 | ||||||||
500,000 | Mississippi Business Finance Corp., 5.00%, 02/1/20361 2 3 | 511,465 | ||||||
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
MISSOURI — 1.0% | ||||||||
City of Kansas City Sanitary Sewer System Revenue | ||||||||
$ | 600,000 | 5.00%, 01/1/2030, Call 01/1/2028 | $ | 768,090 | ||||
685,000 | 5.00%, 01/1/2032, Call 01/1/2028 | 866,710 | ||||||
350,000 | 5.00%, 01/1/2034, Call 01/1/2028 | 438,137 | ||||||
225,000 | Hanley Road Corridor Transportation Development District, 5.88%, 10/1/2036, Call 11/2/2020 | 225,522 | ||||||
Hannibal Industrial Development Authority | ||||||||
640,000 | 5.00%, 10/1/2042, Call 10/1/2027 | 743,232 | ||||||
445,000 | 5.00%, 10/1/2047, Call 10/1/2027 | 511,505 | ||||||
Health & Educational Facilities Authority of the State of Missouri | ||||||||
685,000 | 4.00%, 02/15/2039, Call 02/15/2029 | 784,489 | ||||||
1,150,000 | 6.00%, 02/1/2041, Call 02/1/2021 | 1,163,490 | ||||||
1,000,000 | 5.00%, 11/15/2043, Call 05/15/2028 | 1,202,810 | ||||||
350,000 | 4.00%, 11/15/2049, Call 11/15/2027 | 386,904 | ||||||
Kansas City Industrial Development Authority | ||||||||
980,000 | 5.00%, 03/1/2037, Call 03/1/20292 | 1,191,043 | ||||||
1,020,000 | 5.00%, 03/1/2039, Call 03/1/20292 | 1,230,426 | ||||||
3,000,000 | 5.00%, 03/1/2046, Call 03/1/20292 | 3,545,820 | ||||||
1,400,000 | Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025 | 1,662,990 | ||||||
14,721,168 | ||||||||
MONTANA — 0.1% | ||||||||
1,170,000 | Montana Facility Finance Authority, 5.00%, 07/1/2031, Call 07/1/2028 | 1,419,982 | ||||||
NEBRASKA — 0.3% | ||||||||
Central Plains Energy Project | ||||||||
1,875,000 | 5.00%, 09/1/2027, Call 09/1/2022 | 2,013,844 | ||||||
2,500,000 | 5.00%, 09/1/2032, Call 09/1/2022 | 2,685,125 | ||||||
250,000 | 5.25%, 09/1/2037, Call 09/1/2022 | 269,692 | ||||||
4,968,661 | ||||||||
NEVADA — 1.2% | ||||||||
240,000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 277,601 |
24 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEVADA (Continued) | ||||||||
$ | 800,000 | Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030 | $ | 1,053,240 | ||||
County of Clark | ||||||||
2,520,000 | 5.00%, 6/1/2043, Call 6/1/2028 | 3,056,231 | ||||||
5,100,000 | 5.00%, 05/1/2048, Call 06/1/2028 | 6,140,655 | ||||||
1,000,000 | Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024 | 1,069,960 | ||||||
1,000,000 | Las Vegas Convention & Visitors Authority, 5.00%, 07/1/2043, Call 07/1/2028 | 1,157,950 | ||||||
Las Vegas Valley Water District | ||||||||
2,025,000 | 5.00%, 06/1/2039, Call 12/1/2024 | 2,344,018 | ||||||
2,000,000 | 5.00%, 06/1/2041, Call 06/1/2026 | 2,404,480 | ||||||
595,000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/20253 | 618,128 | ||||||
18,122,263 | ||||||||
NEW HAMPSHIRE — 0.5% | ||||||||
495,622 | New Hampshire Business Finance Authority, 4.13%, 01/20/2034 | 535,693 | ||||||
New Hampshire Health and Education Facilities Authority Act | ||||||||
2,000,000 | 5.00%, 07/1/2037, Call 07/1/2027 | 2,257,040 | ||||||
215,000 | 5.00%, 08/1/2037, Call 02/1/2028 | 258,561 | ||||||
3,000,000 | 5.00%, 07/1/2041, Call 01/1/2028 | 3,631,860 | ||||||
6,683,154 | ||||||||
NEW JERSEY — 2.7% | ||||||||
4,000,000 | Garden State Preservation Trust, AGM, 5.75%, 11/1/2028 | 5,034,400 | ||||||
New Jersey Economic Development Authority | ||||||||
465,000 | 5.13%, 09/15/2023, Call 08/20/20222 | 476,676 | ||||||
1,500,000 | 5.00%, 03/1/2024, Call 03/1/2023 | 1,621,800 | ||||||
1,000,000 | 5.25%, 09/1/2025, Call 03/1/2021 | 1,016,280 | ||||||
890,000 | 3.13%, 07/1/2029, Call 07/1/2027 | 891,424 | ||||||
1,000,000 | 3.38%, 07/1/2030, Call 07/1/2027 | 1,008,690 | ||||||
100,000 | 5.00%, 07/15/2032, Call 07/15/2027 | 114,019 | ||||||
1,000,000 | 5.00%, 06/15/2033, Call 06/15/2027 | 1,131,370 | ||||||
500,000 | 5.00%, 07/1/2033, Call 07/1/2027 | 559,180 | ||||||
280,000 | 6.00%, 10/1/2034, Call 10/1/20243 | 296,257 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW JERSEY (Continued) | ||||||||
$ | 880,000 | 5.00%, 06/15/2036, Call 12/15/2026 | $ | 982,810 | ||||
350,000 | 6.30%, 10/1/2049, Call 10/1/20243 | 368,760 | ||||||
1,000,000 | New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024 | 1,117,380 | ||||||
New Jersey Health Care Facilities Financing Authority | ||||||||
500,000 | 5.75%, 07/1/2037, Call 11/2/2020 | 501,565 | ||||||
1,175,000 | 5.00%, 07/1/2046, Call 07/1/2025 | 1,300,749 | ||||||
New Jersey Higher Education Student Assistance Authority | ||||||||
1,000,000 | 5.00%, 12/1/20252 | 1,165,710 | ||||||
1,000,000 | 5.00%, 12/1/2027 | 1,231,150 | ||||||
500,000 | 5.00%, 12/1/2028, Call 06/1/20282 | 600,230 | ||||||
855,000 | 4.25%, 12/1/2047, Call 12/1/20262 | 900,520 | ||||||
1,195,000 | 4.00%, 12/1/2048, Call 06/1/20282 | 1,230,659 | ||||||
4,365,000 | New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/20242 | 4,720,224 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
1,800,000 | 0.00%, 12/15/2030 | 1,317,024 | ||||||
1,850,000 | 5.00%, 12/15/2035, Call 12/15/2028 | 2,122,745 | ||||||
2,000,000 | 5.25%, 06/15/2043, Call 12/15/2028 | 2,265,040 | ||||||
805,000 | 5.00%, 06/15/2044, Call 06/15/2024 | 863,322 | ||||||
2,000,000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/20282 | 2,196,400 | ||||||
1,610,000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1,947,263 | ||||||
2,000,000 | Union County Utilities Authority, County Guarantee, 5.25%, 12/1/2031, Call 12/1/20212 | 2,104,040 | ||||||
39,085,687 | ||||||||
NEW MEXICO — 0.3% | ||||||||
780,000 | County of Bernalillo, AMBAC, 5.45%, 06/1/2034, Call 11/2/20202 | 780,413 | ||||||
810,000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023 | 830,137 |
25 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW MEXICO (Continued) | ||||||||
$ | 1,020,000 | Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024 | $ | 1,030,629 | ||||
1,055,000 | Winrock Town Center Tax Increment Development District No. 1, 6.00%, 05/1/2040, Call 11/2/20203 | 1,061,182 | ||||||
3,702,361 | ||||||||
NEW YORK — 5.2% | ||||||||
450,000 | Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023 | 461,286 | ||||||
1,035,000 | City of Long Beach NY, 5.00%, 09/1/2027 | 1,238,647 | ||||||
City of New York | ||||||||
2,000,000 | 5.00%, 03/1/2026, Call 03/1/2024 | 2,306,420 | ||||||
2,000,000 | 5.00%, 04/1/2040, Call 04/1/2028 | 2,395,360 | �� | |||||
2,000,000 | County of Suffolk, 5.00%, 03/19/2021 | 2,037,520 | ||||||
Hempstead Town Local Development Corp. | ||||||||
1,000,000 | 5.66%, 02/1/2044, Call 02/1/2030 | 1,026,890 | ||||||
1,000,000 | 6.24%, 02/1/2047, Call 02/1/2027 | 1,059,820 | ||||||
Metropolitan Transportation Authority | ||||||||
1,240,000 | 5.00%, 05/15/2022 | 1,275,960 | ||||||
2,000,000 | 5.00%, 11/15/2033, Call 05/15/2028 | 2,116,680 | ||||||
225,000 | Monroe County Industrial Development Corp., 5.00%, 01/1/2040, Call 01/1/2026 | 234,554 | ||||||
650,000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024 | 722,534 | ||||||
475,000 | Nassau Health Care Corp., County Guarantee, 0.11%, 08/1/2029, Call 10/2/20201 | 475,000 | ||||||
1,500,000 | New York City Industrial Development Agency, AMBAC, 5.00%, 01/1/2031, Call 11/2/2020 | 1,500,195 | ||||||
1,000,000 | New York City Industrial Development Agency, FGIC, 5.00%, 03/1/2046, Call 11/2/2020 | 1,003,230 | ||||||
2,000,000 | New York City Transitional Finance Authority Building Aid Revenue, SAW, 5.00%, 07/15/2037, Call 07/15/2028 | 2,474,280 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW YORK (Continued) | ||||||||
$ | 1,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029 | $ | 1,142,790 | ||||
New York City Water & Sewer System | ||||||||
1,500,000 | 5.00%, 06/15/2032, Call 06/15/2027 | 1,878,645 | ||||||
5,000,000 | 5.00%, 06/15/2047, Call 12/15/2022 | 5,468,350 | ||||||
2,025,000 | 5.00%, 06/15/2048, Call 12/15/2027 | 2,466,308 | ||||||
830,000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 889,976 | ||||||
New York Liberty Development Corp. | ||||||||
1,000,000 | 5.25%, 10/1/2035 | 1,388,200 | ||||||
2,000,000 | 5.38%, 11/15/2040, Call 11/15/20243 | 2,071,880 | ||||||
1,000,000 | 5.00%, 11/15/2044, Call 11/15/20243 | 1,026,270 | ||||||
1,500,000 | 7.25%, 11/15/2044, Call 11/15/20243 | 1,559,100 | ||||||
New York State Dormitory Authority | ||||||||
1,485,000 | 4.00%, 07/1/2034, Call 07/1/2030 | 1,597,934 | ||||||
5,000,000 | 4.00%, 02/15/2038, Call 02/15/2030 | 5,814,900 | ||||||
1,000,000 | 4.00%, 07/1/2040, Call 07/1/2029 | 1,102,080 | ||||||
2,000,000 | 5.00%, 02/15/2044, Call 02/15/2025 | 2,298,400 | ||||||
1,000,000 | 5.00%, 02/15/2045, Call 02/15/2025 | 1,147,820 | ||||||
1,500,000 | New York State Urban Development Corp., 4.00%, 03/15/2045, Call 09/15/2030 | 1,721,850 | ||||||
New York Transportation Development Corp. | ||||||||
3,000,000 | 5.00%, 10/1/2035, Call 10/1/20302 | 3,244,350 | ||||||
1,000,000 | 5.25%, 01/1/2050, Call 07/1/20242 | 1,075,010 | ||||||
2,000,000 | Niagara Falls Bridge Commission, NATL, 6.25%, 10/1/2021 | 2,117,580 | ||||||
Onondaga Civic Development Corp. | ||||||||
235,000 | 5.00%, 07/1/2040, Call 07/1/2025 | 255,071 | ||||||
500,000 | 5.00%, 07/1/2045, Call 07/1/2025 | 538,095 |
26 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
NEW YORK (Continued) | ||||||||
Port Authority of New York & New Jersey | ||||||||
$ | 590,000 | 5.50%, 12/1/2031, Call 12/1/2020 | $ | 595,168 | ||||
1,000,000 | 5.00%, 09/1/2037, Call 09/1/2028 | 1,227,040 | ||||||
1,000,000 | 4.00%, 07/15/2040, Call 07/15/20302 | 1,122,630 | ||||||
4,535,000 | 5.00%, 10/15/2041, Call 10/15/2025 | 5,265,543 | ||||||
265,000 | 6.00%, 12/1/2042, Call 12/1/2020 | 267,311 | ||||||
Triborough Bridge & Tunnel Authority | ||||||||
1,500,000 | 5.00%, 11/15/2045, Call 11/15/2025 | 1,761,465 | ||||||
3,405,000 | 5.00%, 11/15/2049, Call 11/15/2030 | 4,293,535 | ||||||
970,000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 1,006,879 | ||||||
750,000 | Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024 | 811,327 | ||||||
290,000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 303,514 | ||||||
75,787,397 | ||||||||
NORTH CAROLINA — 0.2% | ||||||||
2,000,000 | North Carolina Medical Care Commission, 5.00%, 12/1/2033, Call 12/1/2022 | 2,137,440 | ||||||
500,000 | University of North Carolina at Chapel Hill, 0.10%, 12/1/2025, Call 11/2/20201 | 500,000 | ||||||
2,637,440 | ||||||||
NORTH DAKOTA — 0.2% | ||||||||
800,000 | County of Burleigh, 4.38%, 04/15/2026 | 813,544 | ||||||
2,000,000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 2,178,020 | ||||||
2,991,564 | ||||||||
OHIO — 1.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||
990,000 | 4.00%, 06/1/2048, Call 06/1/2030 | 1,082,921 | ||||||
2,000,000 | 5.00%, 06/1/2055, Call 06/1/2030 | 2,129,180 | ||||||
1,000,000 | Butler County Port Authority, 6.00%, 12/1/2043, Call 12/1/2022 | 993,710 | ||||||
830,000 | City of Akron, 5.00%, 12/1/2026 | 948,333 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
OHIO (Continued) | ||||||||
$ | 400,000 | City of Cleveland Airport System Revenue, 5.00%, 01/1/2031, Call 01/1/2022 | $ | 424,164 | ||||
1,000,000 | City of Middleburg Heights OH, 4.00%, 08/1/2041, Call 08/1/2031 | 1,091,140 | ||||||
710,000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 808,378 | ||||||
2,000,000 | County of Hamilton, 5.00%, 09/15/2045, Call 03/15/2030 | 2,394,600 | ||||||
500,000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025 | 523,465 | ||||||
2,330,000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2,810,469 | ||||||
1,615,000 | Ohio State University, 0.10%, 06/1/2035, Call 11/2/20201 | 1,615,000 | ||||||
2,665,000 | Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/2037, Call 02/15/2028 | 3,232,139 | ||||||
1,500,000 | Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 1,861,110 | ||||||
750,000 | Ohio Water Development Authority Water Pollution Control Loan Fund, 4.38%, 06/1/20331 | 755,625 | ||||||
1,000,000 | Southeastern Ohio Port Authority, 5.75%, 12/1/2032, Call 12/1/2022 | 1,049,340 | ||||||
2,395,000 | State of Ohio, 4.00%, 01/15/2039, Call 01/15/2030 | 2,739,018 | ||||||
24,458,592 | ||||||||
OKLAHOMA — 0.5% | ||||||||
940,000 | Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026 | 1,095,504 | ||||||
1,000,000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1,220,080 | ||||||
1,040,000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1,210,435 | ||||||
1,000,000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/20282 | 1,180,130 | ||||||
2,000,000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 2,204,620 | ||||||
6,910,769 |
27 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
OREGON — 0.3% | ||||||||
$ | 1,000,000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | $ | 1,154,230 | ||||
Oregon State Facilities Authority | ||||||||
1,000,000 | 5.00%, 04/1/2045, Call 04/1/2025 | 1,099,120 | ||||||
45,000 | 5.00%, 10/1/2046, Call 10/1/2026 | 56,919 | ||||||
720,000 | 5.00%, 10/1/2046, Call 10/1/2026 | 820,764 | ||||||
Port of Portland Airport Revenue | ||||||||
450,000 | 4.00%, 07/1/2040, Call 07/1/2030 | 515,070 | ||||||
1,000,000 | 5.00%, 07/1/2044, Call 07/1/20292 | 1,192,990 | ||||||
4,839,093 | ||||||||
PENNSYLVANIA — 3.6% | ||||||||
305,000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 327,601 | ||||||
95,000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023 | 100,264 | ||||||
450,000 | Berks County Industrial Development Authority, 5.00%, 05/15/2032, Call 05/15/2027 | 492,062 | ||||||
Chester County Industrial Development Authority | ||||||||
100,000 | 5.00%, 10/1/2034, Call 10/1/2024 | 107,525 | ||||||
780,000 | 5.38%, 10/15/2042, Call 10/15/2022 | 800,912 | ||||||
1,000,000 | City of Philadelphia Airport Revenue, 5.25%, 06/15/2028, Call 11/2/20202 | 1,007,610 | ||||||
Coatesville School District, AGM SAW | ||||||||
105,000 | 5.00%, 08/1/2022 | 114,083 | ||||||
1,020,000 | 5.00%, 08/1/2022 | 1,101,967 | ||||||
Commonwealth Financing Authority | ||||||||
1,825,000 | 5.00%, 06/1/2034, Call 06/1/2028 | 2,269,825 | ||||||
1,000,000 | 5.00%, 06/1/2035, Call 06/1/2028 | 1,240,390 | ||||||
2,180,000 | County of Chester, 4.00%, 11/15/2032, Call 11/15/2027 | 2,581,992 | ||||||
315,000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 447,070 | ||||||
1,000,000 | Delaware Valley Regional Finance Authority, AMBAC, 5.50%, 08/1/2028 | 1,293,430 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
PENNSYLVANIA (Continued) | ||||||||
$ | 265,000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | $ | 294,860 | ||||
1,000,000 | Hospitals & Higher Education Facilities Authority of Philadelphia, 5.63%, 07/1/2036, Call 07/1/2022 | 1,059,400 | ||||||
2,000,000 | Manheim Township School District, 0.53% (1-Month USD Libor+ 42 basis points), 11/1/20214 | 1,988,880 | ||||||
Montgomery County Higher Education & Health Authority | ||||||||
365,000 | 4.00%, 09/1/2036, Call 09/1/2029 | 404,792 | ||||||
650,000 | 5.00%, 09/1/2037, Call 09/1/2028 | 772,856 | ||||||
Montgomery County Industrial Development Authority | ||||||||
1,100,000 | 5.00%, 11/15/2028, Call 05/15/2022 | 1,186,262 | ||||||
400,000 | 5.00%, 11/15/2029, Call 05/15/2022 | 431,368 | ||||||
1,500,000 | Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024 | 1,759,845 | ||||||
Pennsylvania Economic Development Financing Authority | ||||||||
250,000 | 6.40%, 12/1/2038, Call 09/1/2025 | 208,248 | ||||||
300,000 | 10.00%, 12/1/2040, Call 06/1/20303 | 315,270 | ||||||
300,000 | 10.00%, 12/1/2040, Call 06/1/20302 3 | 315,270 | ||||||
1,000,000 | 4.00%, 04/15/2045, Call 04/15/2030 | 1,123,980 | ||||||
1,000,000 | Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027 | 1,277,860 | ||||||
Pennsylvania Turnpike Commission | ||||||||
1,000,000 | 5.00%, 12/1/2033, Call 12/1/2024 | 1,143,850 | ||||||
2,000,000 | 5.00%, 12/1/2037, Call 12/1/2027 | 2,385,660 | ||||||
500,000 | 5.00%, 12/1/2041, Call 06/1/2026 | 585,625 | ||||||
2,000,000 | 5.00%, 12/1/2043, Call 12/1/2028 | 2,410,300 | ||||||
1,000,000 | 5.00%, 12/1/2047, Call 12/1/2027 | 1,189,860 | ||||||
9,000,000 | 0.11%, 12/1/2050, Call 10/2/20201 | 9,000,000 | ||||||
Philadelphia Authority for Industrial Development | ||||||||
795,000 | 5.00%, 05/1/2027, Call 05/1/2026 | 979,082 | ||||||
500,000 | 8.00%, 01/1/2033, Call 01/1/2023 | 546,590 |
28 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
PENNSYLVANIA (Continued) | ||||||||
$ | 500,000 | 6.88%, 06/15/2033, Call 06/15/2023 | $ | 542,585 | ||||
850,000 | 4.00%, 11/1/2037, Call 11/1/2029 | 964,520 | ||||||
1,000,000 | 6.60%, 11/1/2047, Call 11/1/2027 | 1,053,560 | ||||||
300,000 | Quakertown General Authority, 4.00%, 07/1/2022 | 295,563 | ||||||
1,000,000 | School District of Philadelphia, SAW, 5.00%, 09/1/2038, Call 09/1/2026 | 1,186,210 | ||||||
1,000,000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 1,002,870 | ||||||
2,090,000 | Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027 | 2,602,656 | ||||||
1,150,000 | St. Mary Hospital Authority, 5.00%, 11/15/2023 | 1,299,891 | ||||||
275,000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/20282 | 289,597 | ||||||
500,000 | Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026 | 606,565 | ||||||
500,000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024 | 549,275 | ||||||
51,657,881 | ||||||||
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 | 1,589,385 | ||||||
RHODE ISLAND — 0.3% | ||||||||
1,535,000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1,675,760 | ||||||
Rhode Island Health & Educational Building Corp. | ||||||||
1,000,000 | 6.00%, 09/1/2033, Call 09/1/2023 | 1,164,610 | ||||||
1,000,000 | 8.38%, 01/1/2046, Call 01/1/2021 | 1,020,220 | ||||||
3,860,590 | ||||||||
SOUTH CAROLINA — 1.2% | ||||||||
1,000,000 | City of Columbia Waterworks & Sewer System Revenue, 5.00%, 02/1/2043, Call 02/1/2023 | 1,112,290 | ||||||
2,000,000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2,299,080 |
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 | $ | 2,764,925 | ||||
South Carolina Jobs-Economic Development Authority | ||||||||
500,000 | 6.00%, 02/1/2035, Call 02/1/20232 3 | 397,260 | ||||||
1,000,000 | 5.00%, 11/1/2043, Call 05/1/2028 | 1,198,100 | ||||||
1,000,000 | South Carolina Jobs-Economic Development Authority, AGM, 6.25%, 08/1/2034, Call 08/1/2021 | 1,050,180 | ||||||
2,000,000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20282 | 2,418,600 | ||||||
South Carolina Public Service Authority | ||||||||
730,000 | 5.00%, 12/1/2055, Call 06/1/2025 | 824,601 | ||||||
1,015,000 | 5.25%, 12/1/2055, Call 12/1/2025 | 1,172,264 | ||||||
3,000,000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3,493,980 | ||||||
16,731,280 | ||||||||
SOUTH DAKOTA — 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority | ||||||||
555,000 | 5.00%, 09/1/2040, Call 09/1/2027 | 660,466 | ||||||
1,235,000 | 5.00%, 11/1/2045, Call 11/1/2025 | 1,423,313 | ||||||
2,083,779 | ||||||||
TENNESSEE — 0.7% | ||||||||
Chattanooga-Hamilton County Hospital Authority | ||||||||
500,000 | 5.00%, 10/1/2034, Call 10/1/2024 | 545,700 | ||||||
1,220,000 | 5.00%, 10/1/2044, Call 10/1/2024 | 1,309,584 | ||||||
2,000,000 | Johnson City Health & Educational Facilities Board, 5.00%, 08/15/2042, Call 08/15/2022 | 2,089,180 | ||||||
Knox County Health Educational & Housing Facility Board | ||||||||
365,000 | 0.00%, 05/1/2025, Call 11/1/20243 5 | 292,000 | ||||||
45,000 | 0.00%, 05/1/20345 | 36,000 | ||||||
Tennessee Energy Acquisition Corp. | ||||||||
1,055,000 | 5.00%, 02/1/2025 | 1,243,265 | ||||||
1,000,000 | 5.63%, 09/1/2026 | 1,219,990 | ||||||
1,000,000 | 4.00%, 05/1/2048, Call 02/1/20231 | 1,077,200 |
29 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TENNESSEE (Continued) | ||||||||
$ | 1,500,000 | 4.00%, 11/1/2049, Call 08/1/20251 | $ | 1,711,020 | ||||
9,523,939 | ||||||||
TEXAS — 6.5% | ||||||||
85,000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 87,736 | ||||||
320,000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 327,005 | ||||||
2,000,000 | Central Texas Regional Mobility Authority, 5.00%, 01/1/2043, Call 01/1/2028 | 2,392,200 | ||||||
2,000,000 | City of Arlington, AGM, 5.00%, 02/15/2048, Call 02/15/2028 | 2,311,180 | ||||||
City of Austin Airport System Revenue | ||||||||
1,000,000 | 5.00%, 11/15/2035, Call 11/15/20262 | 1,167,280 | ||||||
2,250,000 | 5.00%, 11/15/2044, Call 11/15/20242 | 2,513,317 | ||||||
1,000,000 | 5.00%, 11/15/2048, Call 11/15/20292 | 1,192,780 | ||||||
1,000,000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1,214,520 | ||||||
250,000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 277,210 | ||||||
1,000,000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1,163,490 | ||||||
City of Houston Airport System Revenue | ||||||||
1,000,000 | 4.75%, 07/1/20242 | 1,011,660 | ||||||
750,000 | 5.00%, 07/15/2035, Call 07/15/20252 | 754,125 | ||||||
500,000 | City of Houston Hotel Occupancy Tax & Special Revenue, 5.25%, 09/1/2028, Call 09/1/2021 | 508,950 | ||||||
1,425,000 | City of Lewisville, 6.00%, 09/1/2037, Call 09/1/20223 | 1,458,858 | ||||||
750,000 | City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027 | 941,108 | ||||||
Clifton Higher Education Finance Corp. | ||||||||
500,000 | 5.00%, 08/15/2042, Call 08/15/2022 | 523,045 | ||||||
100,000 | 4.40%, 12/1/2047, Call 12/1/2022 | 101,713 | ||||||
1,500,000 | 4.60%, 12/1/2049, Call 12/1/2024 | 1,557,975 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
$ | 5,000,000 | County of Travis, 5.00%, 03/1/2036, Call 03/1/2029 | $ | 6,459,950 | ||||
3,000,000 | Dallas/Fort Worth International Airport, 5.00%, 11/1/2042, Call 11/1/20212 | 3,151,980 | ||||||
1,000,000 | Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023 | 1,170,400 | ||||||
300,000 | Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023 | 329,055 | ||||||
1,065,000 | El Paso Downtown Development Corp., 5.00%, 08/15/2026 | 1,264,879 | ||||||
3,000,000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 3,758,070 | ||||||
3,000,000 | Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029 | 3,544,560 | ||||||
1,110,000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1,354,333 | ||||||
475,000 | Jefferson County Industrial Development Corp., 8.25%, 07/1/2032, Call 07/1/2022 | 535,829 | ||||||
500,000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 10/1/20212 3 | 529,510 | ||||||
New Hope Cultural Education Facilities Finance Corp. | ||||||||
600,000 | 4.75%, 04/1/2034, Call 04/1/2024 | 543,678 | ||||||
1,000,000 | 5.00%, 04/1/2039, Call 04/1/2024 | 900,530 | ||||||
2,505,000 | 5.00%, 07/1/2047, Call 07/1/2025 | 2,079,150 | ||||||
New Hope Cultural Education Facilities Finance Corp., AGM | ||||||||
375,000 | 5.00%, 07/1/2038, Call 07/1/2027 | 430,541 | ||||||
1,500,000 | 5.00%, 04/1/2046, Call 04/1/2024 | 1,613,760 | ||||||
2,200,000 | 5.00%, 07/1/2048, Call 07/1/2027 | 2,481,930 | ||||||
830,000 | Newark Higher Education Finance Corp., 5.00%, 06/15/2037, Call 06/15/2022 | 846,642 | ||||||
1,050,000 | North Texas Municipal Water District, 5.00%, 06/1/2024 | 1,230,716 | ||||||
1,000,000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1,141,290 |
30 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
$ | 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 | 1,041,040 | ||||||
290,000 | 5.50%, 08/1/2027 | 368,793 | ||||||
1,750,000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 2,061,027 | ||||||
State of Texas | ||||||||
2,000,000 | 5.00%, 10/1/2026, Call 10/1/2025 | 2,457,220 | ||||||
2,515,000 | 5.00%, 10/1/2036, Call 10/1/2025 | 3,034,498 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. | ||||||||
1,000,000 | 4.20%, 09/1/2025, Call 09/1/2023 | 1,093,740 | ||||||
2,000,000 | 5.00%, 11/15/2038, Call 05/15/2023 | 2,174,360 | ||||||
1,430,000 | 5.00%, 07/1/2043, Call 01/1/2029 | 1,735,949 | ||||||
1,620,000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025 | 1,680,588 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. I | ||||||||
555,000 | 5.25%, 12/15/2025 | 674,125 | ||||||
2,145,000 | 6.25%, 12/15/2026 | 2,530,735 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III | ||||||||
500,000 | 5.00%, 12/15/2028, Call 12/15/2022 | 538,875 | ||||||
500,000 | 5.00%, 12/15/2031, Call 12/15/2022 | 535,320 | ||||||
Texas Private Activity Bond Surface Transportation Corp. | ||||||||
500,000 | 4.00%, 12/31/2037, Call 12/31/2029 | 564,160 | ||||||
1,110,000 | 5.00%, 12/31/2040, Call 12/31/20252 | 1,191,108 | ||||||
4,000,000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4,766,400 | ||||||
1,125,000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 503,663 | ||||||
Texas Water Development Board | ||||||||
1,500,000 | 4.00%, 10/15/2037, Call 10/15/2027 | 1,767,915 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
TEXAS (Continued) | ||||||||
$ | 2,000,000 | 4.00%, 08/1/2038, Call 08/1/2030 | $ | 2,435,800 | ||||
1,550,000 | 4.00%, 10/15/2038, Call 10/15/2029 | 1,872,694 | ||||||
5,000,000 | 5.00%, 04/15/2049, Call 10/15/2028 | 6,298,850 | ||||||
Town of Westlake | ||||||||
300,000 | 5.50%, 09/1/2025 | 304,308 | ||||||
200,000 | 6.13%, 09/1/2035, Call 09/1/2025 | 201,842 | ||||||
1,200,000 | Uptown Development Authority, 5.00%, 9/1/2036, Call 9/1/2026 | 1,363,920 | ||||||
94,730,385 | ||||||||
UTAH — 0.8% | ||||||||
County of Utah | ||||||||
200,000 | 5.00%, 05/15/2036, Call 05/15/2028 | 250,000 | ||||||
3,000,000 | 5.00%, 05/15/2043, Call 05/15/2021 | 3,091,200 | ||||||
Salt Lake City Corp. Airport Revenue | ||||||||
1,200,000 | 5.00%, 07/1/20262 | 1,454,196 | ||||||
1,000,000 | 5.25%, 07/1/2048, Call 07/1/20282 | 1,183,680 | ||||||
Utah Charter School Finance Authority | ||||||||
100,000 | 3.63%, 06/15/20213 | 100,658 | ||||||
1,100,000 | 4.50%, 07/15/20273 | 1,133,385 | ||||||
500,000 | 5.38%, 06/15/2048, Call 06/15/20273 | 544,515 | ||||||
4,000,000 | Utah Housing Corp., 1.54%, 08/1/2022, Call 08/1/20211 | 4,038,760 | ||||||
11,796,394 | ||||||||
VERMONT — 0.1% | ||||||||
1,400,000 | Vermont Student Assistance Corp., 5.00%, 06/15/20222 | 1,481,858 | ||||||
VIRGINIA — 1.0% | ||||||||
715,000 | Celebrate North Community Development Authority, 0.00%, 03/1/2018* 5 | 429,000 | ||||||
1,000,000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1,134,260 | ||||||
680,000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 11/2/20202 3 | 682,448 |
31 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
VIRGINIA (Continued) | ||||||||
$ | 2,000,000 | Hampton Roads Sanitation District, 5.00%, 10/1/2030, Call 10/1/2027 | $ | 2,572,160 | ||||
1,000,000 | Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028 | 1,247,980 | ||||||
Virginia Commonwealth Transportation Board | ||||||||
1,000,000 | 5.00%, 05/15/2028, Call 11/15/2027 | 1,299,350 | ||||||
2,500,000 | 4.00%, 05/15/2031, Call 05/15/2026 | 2,885,450 | ||||||
Virginia Small Business Financing Authority | ||||||||
130,000 | 5.50%, 01/1/2042, Call 07/1/20222 | 136,161 | ||||||
2,000,000 | 5.00%, 07/1/2049, Call 01/1/20222 | 2,058,280 | ||||||
2,250,000 | 5.00%, 12/31/2052, Call 06/30/20272 | 2,525,602 | ||||||
14,970,691 | ||||||||
WASHINGTON — 2.9% | ||||||||
2,000,000 | Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028 | 2,365,660 | ||||||
County of King Sewer Revenue | ||||||||
1,750,000 | 2.60%, 01/1/2043, Call 03/1/20211 | 1,764,228 | ||||||
1,500,000 | 5.00%, 07/1/2047, Call 01/1/2025 | 1,749,330 | ||||||
2,000,000 | Energy Northwest, 5.00%, 07/1/2032, Call 07/1/2028 | 2,581,320 | ||||||
King County Public Hospital District No. 4 | ||||||||
705,000 | 5.00%, 12/1/2038, Call 12/1/2025 | 728,589 | ||||||
1,000,000 | 7.00%, 12/1/2040, Call 12/1/2021 | 1,022,250 | ||||||
2,215,000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2,626,348 | ||||||
King County School District No. 406 Tukwila, School Bond Gty | ||||||||
2,190,000 | 4.00%, 12/1/2030, Call 06/1/2026 | 2,532,253 | ||||||
1,560,000 | 4.00%, 12/1/2031, Call 06/1/2026 | 1,789,866 | ||||||
155,000 | Ocean Shores Local Improvement District, 7.25%, 02/1/2031 | 190,290 | ||||||
1,500,000 | Port of Seattle, 5.00%, 04/1/2044, Call 04/1/20292 | 1,776,915 | ||||||
State of Washington | ||||||||
2,000,000 | 5.00%, 08/1/2037, Call 08/1/2023 | 2,245,280 | ||||||
1,435,000 | 5.00%, 07/1/2039, Call 07/1/2028 | 1,786,345 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
WASHINGTON (Continued) | ||||||||
$ | 1,000,000 | 5.00%, 06/1/2040, Call 06/1/2026 | $ | 1,216,270 | ||||
1,630,000 | 5.00%, 07/1/2042, Call 07/1/2029 | 2,050,931 | ||||||
1,710,000 | 5.00%, 07/1/2043, Call 07/1/2029 | 2,147,196 | ||||||
1,500,000 | 5.00%, 07/1/2044, Call 07/1/2029 | 1,872,165 | ||||||
195,000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 10/19/2020 | 195,154 | ||||||
Washington Health Care Facilities Authority | ||||||||
500,000 | 5.00%, 08/15/2032, Call 08/15/2027 | 563,605 | ||||||
190,000 | 5.00%, 10/1/2032, Call 10/1/2028 | 238,593 | ||||||
1,000,000 | 5.00%, 08/15/2037, Call 02/15/2028 | 1,211,100 | ||||||
1,820,000 | 5.00%, 03/1/2038, Call 03/1/2025 | 2,067,010 | ||||||
500,000 | 5.00%, 08/1/2038, Call 08/1/2029 | 609,725 | ||||||
2,500,000 | 1.20% (1-Month USD Libor+ 110 basis points), 01/1/2042, Call 01/1/20224 | 2,515,500 | ||||||
525,000 | Washington Higher Education Facilities Authority, 4.00%, 05/1/2045, Call 05/1/2030 | 577,164 | ||||||
Washington State Convention Center Public Facilities District | ||||||||
1,000,000 | 5.00%, 07/1/2043, Call 07/1/2028 | 1,124,480 | ||||||
1,250,000 | 5.00%, 07/1/2058, Call 07/1/2028 | 1,387,825 | ||||||
1,000,000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1,206,870 | ||||||
42,142,262 | ||||||||
WEST VIRGINIA — 0.2% | ||||||||
1,000,000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/20273 | 1,031,570 | ||||||
1,000,000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1,257,810 | ||||||
2,289,380 | ||||||||
WISCONSIN — 1.0% | ||||||||
Public Finance Authority | ||||||||
435,000 | 5.00%, 07/1/20222 | 450,825 | ||||||
890,000 | 4.00%, 07/1/2027, Call 07/1/2024 | 953,688 | ||||||
500,000 | 5.75%, 02/1/2035, Call 02/1/2025 | 517,940 | ||||||
880,000 | 5.00%, 06/15/2037, Call 06/15/20243 | 903,250 |
32 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
WISCONSIN (Continued) | ||||||||
$ | 535,000 | 5.00%, 07/1/2037, Call 07/1/2024 | $ | 573,830 | ||||
1,000,000 | 6.50%, 12/1/2037, Call 12/1/20273 | 865,320 | ||||||
500,000 | 5.00%, 06/15/2039, Call 06/15/20263 | 517,505 | ||||||
500,000 | 5.75%, 04/1/2042, Call 04/1/2022 | 513,545 | ||||||
1,000,000 | 5.00%, 07/1/2042, Call 07/1/20222 | 1,020,110 | ||||||
165,000 | 6.00%, 07/15/2042, Call 07/15/2022 | 172,316 | ||||||
450,000 | 5.50%, 03/1/2045, Call 03/1/20253 | 469,094 | ||||||
1,000,000 | 5.63%, 07/1/2045, Call 07/1/20253 | 1,031,150 | ||||||
345,000 | 6.38%, 01/1/2048, Call 01/1/20283 | 280,488 | ||||||
Public Finance Authority, ACA | ||||||||
7,186 | 0.00%, 01/1/20463 5 | 180 | ||||||
7,085 | 0.00%, 01/1/20473 5 | 170 | ||||||
7,034 | 0.00%, 01/1/20483 5 | 166 | ||||||
6,984 | 0.00%, 01/1/20493 5 | 161 | ||||||
6,882 | 0.00%, 01/1/20503 5 | 152 | ||||||
7,540 | 0.00%, 01/1/20513 5 | 163 | ||||||
194,116 | 0.00%, 07/1/20513 5 | 123,171 | ||||||
7,490 | 0.00%, 01/1/20523 5 | 156 | ||||||
7,388 | 0.00%, 01/1/20533 5 | 150 | ||||||
7,338 | 0.00%, 01/1/20543 5 | 145 | ||||||
7,237 | 0.00%, 01/1/20553 5 | 140 | ||||||
7,135 | 0.00%, 01/1/20563 5 | 135 | ||||||
7,085 | 0.00%, 01/1/20573 5 | 130 | ||||||
6,984 | 0.00%, 01/1/20583 5 | 125 | ||||||
6,933 | 0.00%, 01/1/20593 5 | 122 | ||||||
6,882 | 0.00%, 01/1/20603 5 | 116 | ||||||
6,781 | 0.00%, 01/1/20613 5 | 111 | ||||||
6,730 | 0.00%, 01/1/20623 5 | 107 | ||||||
6,629 | 0.00%, 01/1/20633 5 | 103 | ||||||
6,579 | 0.00%, 01/1/20643 5 | 100 | ||||||
6,528 | 0.00%, 01/1/20653 5 | 96 | ||||||
6,427 | 0.00%, 01/1/20663 5 | 90 | ||||||
83,706 | 0.00%, 01/1/20673 5 | 1,082 | ||||||
University of Wisconsin Hospitals & Clinics | ||||||||
1,405,000 | 5.00%, 04/1/2038, Call 04/1/2023 | 1,514,604 | ||||||
1,000,000 | 5.00%, 04/1/2043, Call 10/1/2028 | 1,209,370 |
Principal | Value | |||||||
MUNICIPAL BONDS (Continued) | ||||||||
WISCONSIN (Continued) | ||||||||
$ | 3,000,000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | $ | 3,604,770 | ||||
14,724,876 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost 1,005,754,355) | 1,062,435,370 | |||||||
Number of | ||||||||
COMMON STOCK — 0.0%6 | ||||||||
32,339 | Energy Harbor Corp.* | 756,732 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost 965,130) | 756,732 | |||||||
CLOSED-END MUTUAL FUNDS — 0.6% | ||||||||
8,184 | BlackRock Long-Term Municipal Advantage Trust | 96,571 | ||||||
53,753 | BlackRock MuniVest Fund, Inc. | 466,576 | ||||||
31,817 | BlackRock MuniYield Quality Fund, Inc. | 509,390 | ||||||
72,299 | BNY Mellon Municipal Income, Inc. | 623,940 | ||||||
127,431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 928,972 | ||||||
30,359 | BNY Mellon Strategic Municipals, Inc. | 251,373 | ||||||
23,539 | DTF Tax-Free Income, Inc. | 339,903 | ||||||
87,593 | DWS Municipal Income Trust | 970,531 | ||||||
17,462 | Invesco Advantage Municipal Income Trust II | 188,764 | ||||||
17,008 | Invesco Municipal Opportunity Trust | 207,838 | ||||||
23,118 | Invesco Municipal Trust | 277,647 | ||||||
11,819 | Invesco Trust for Investment Grade Municipals | 146,792 | ||||||
8,572 | Neuberger Berman Municipal Fund, Inc. | 132,009 | ||||||
37,184 | Pioneer Municipal High Income Advantage Trust | 406,049 | ||||||
123,034 | Pioneer Municipal High Income Trust | 1,424,734 | ||||||
108,960 | Western Asset Managed Municipals Fund, Inc. | 1,328,222 | ||||||
8,866 | Western Asset Municipal Partners Fund, Inc. | 127,405 | ||||||
TOTAL CLOSED-END MUTUAL FUNDS | ||||||||
(Cost 9,138,880) | 8,426,716 |
33 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020 (Unaudited)
Number of Shares | Value | |||||||
OPEN-END MUTUAL FUND — 10.3% | ||||||||
10,187,377 | Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | $ | 149,754,453 | |||||
TOTAL OPEN-END MUTUAL FUND | ||||||||
(Cost 142,264,718) | 149,754,453 | |||||||
PRIVATE FUNDS — 12.7% | ||||||||
MacKay Municipal Credit Opportunities Fund, LP* | 31,293,416 | |||||||
MacKay Municipal Opportunities Fund, LP* | 152,636,311 | |||||||
TOTAL PRIVATE FUNDS | ||||||||
(Cost 153,897,758) | 183,929,727 | |||||||
SHORT-TERM INVESTMENT — 2.1% | ||||||||
29,949,779 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.16%7 | 29,970,743 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 29,962,337) | 29,970,743 | |||||||
TOTAL INVESTMENTS — 99.0% | ||||||||
(Cost 1,341,983,178) | 1,435,273,741 | |||||||
Other assets less liabilities — 1.0% | 14,585,045 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,449,858,786 |
* | Non-income producing security. |
1 | Variable rate security. |
2 | Alternative Minimum Tax eligible security. |
3 | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
4 | Floating rate security. |
5 | Security is in default. |
6 | Rounds to less than 0.05%. |
7 | The rate is the annualized seven-day yield at period end. |
AGC — Assured Guaranty Corporation
AGM — Assured Guaranty Municipal
AGM-CR — Assured Guaranty Municipal Custodial Receipts
AMBAC — American Municipal Bond Assurance Corporation
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.
34 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
OPEN-END MUTUAL FUNDS — 53.9% | ||||||||
ALTERNATIVE DIVERSIFIERS — 4.1% | ||||||||
2,736,033 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | $ | 29,029,311 | |||||
855,876 | GMO SGM Major Markets Fund - Class VI | 27,807,433 | ||||||
56,836,744 | ||||||||
CORE/ALTERNATIVE DIVERSIFIERS — 49.8% | ||||||||
14,682,683 | GMO Benchmark-Free Allocation Fund - Class IV1 | 365,011,496 | ||||||
1,041,050 | GMO Global Asset Allocation Fund - Class III | 33,407,305 | ||||||
14,467,959 | JPMorgan Global Allocation Fund - Class R6 | 284,150,711 | ||||||
682,569,512 | ||||||||
TOTAL OPEN-END MUTUAL FUNDS | ||||||||
(Cost 732,863,629) | 739,406,256 | |||||||
EXCHANGE-TRADED FUND — 10.3% | ||||||||
REAL ASSET — 10.3% | ||||||||
7,858,569 | iShares Gold Trust* | 141,375,656 | ||||||
TOTAL EXCHANGE-TRADED FUND | ||||||||
(Cost 119,999,514) | 141,375,656 | |||||||
PRIVATE FUNDS — 21.9% | ||||||||
ALTERNATIVE DIVERSIFIERS — 10.8% | ||||||||
Elliott Associates, LP - Class C* | 3,721,415 | |||||||
Millennium International, Ltd. - Class GG* | 28,574,762 | |||||||
Water Island Merger Arbitrage Institutional Commingled Fund, LP - Class A* | 115,895,322 | |||||||
148,191,499 | ||||||||
CORE DIVERSIFIERS — 11.1% | ||||||||
All Weather Portfolio Limited* | 139,637,594 | |||||||
D. E. Shaw Orienteer International Fund, LP* | 11,823,419 | |||||||
151,461,013 | ||||||||
TOTAL PRIVATE FUNDS | ||||||||
(Cost 273,117,934) | 299,652,512 |
Number of | Value | |||||||
SHORT-TERM INVESTMENT — 13.6% | ||||||||
185,741,113 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.16%2 | $ | 185,871,131 | |||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 185,813,433) | 185,871,131 | |||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost 1,311,794,510) | 1,366,305,555 | |||||||
Other assets less liabilities — 0.3% | 4,773,664 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,371,079,219 |
* | 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. |
LP — Limited Partnership
See accompanying Notes to Financial Statements.
35 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
SCHEDULE OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Number of | Value | |||||||
OPEN-END MUTUAL FUNDS — 98.9% | ||||||||
CORE — 93.8% | ||||||||
6,290,764 | DoubleLine Total Return Bond Fund - I Class | $ | 67,562,806 | |||||
11,430,170 | MetWest Total Return Bond Fund - Plan Class1 | 124,931,753 | ||||||
2,629,447 | PIMCO Income Fund - Institutional Class | 30,790,821 | ||||||
3,607,266 | Vanguard Total Bond Market Index Fund - Institutional Class | 41,916,436 | ||||||
265,201,816 | ||||||||
OPPORTUNISTIC — 5.1% | ||||||||
357,878 | GMO Emerging Country Debt Fund - Class IV | 9,358,516 | ||||||
871,024 | Vanguard High-Yield Corporate Fund - Admiral Shares | 5,034,517 | ||||||
14,393,033 | ||||||||
TOTAL OPEN-END MUTUAL FUNDS | ||||||||
(Cost 265,813,760) | 279,594,849 | |||||||
SHORT-TERM INVESTMENT — 1.1% | ||||||||
3,243,288 | JPMorgan Prime Money Market Fund - Institutional Shares, 0.16%2 | 3,245,558 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost 3,244,380) | 3,245,558 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost 269,058,140) | 282,840,407 | |||||||
Liabilities in excess of other assets — (0.0)%3 | (43,938 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 282,796,469 |
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.
36 |
ASPIRIANT TRUST
Statements of Assets and Liabilities
As of September 30, 2020 (Unaudited)
Risk-Managed | Risk-Managed | Defensive | Risk-Managed | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $1,187,570,415, $1,341,983,178, $1,311,794,510 and $269,058,140, respectively) | $ | 1,328,870,371 | $ | 1,435,273,741 | $ | 1,366,305,555 | $ | 282,840,407 | ||||||||
Cash | 2,448 | 999,583 | — | — | ||||||||||||
Foreign currency, at value (cost $16,281, $0, $0 and $0, respectively) | 16,280 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | 7,000,000 | — | — | ||||||||||||
Investments purchased in advance | — | — | 5,000,000 | — | ||||||||||||
Fund shares sold | 349,910 | — | 36,277 | 56,955 | ||||||||||||
Dividends and interest | 936,705 | 13,449,938 | 25,928 | — | ||||||||||||
Other receivables | 3,526 | — | — | — | ||||||||||||
Other prepaid expenses | 29,421 | 45,266 | 40,401 | 36,675 | ||||||||||||
Total assets | 1,330,208,661 | 1,456,768,528 | 1,371,408,161 | 282,934,037 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 6,212,010 | — | — | ||||||||||||
Securities lending collateral | 16,632,444 | — | — | — | ||||||||||||
Fund shares redeemed | 11,895 | 135,030 | 10,015 | — | ||||||||||||
Due to Adviser | 165,048 | 259,505 | 110,392 | 19,779 | ||||||||||||
Accrued fund accounting fees | 111,441 | 148,101 | 97,297 | 26,274 | ||||||||||||
Accrued administrative servicing fees | 41,376 | 36,680 | 10,914 | 7,410 | ||||||||||||
Accrued fund administration fees | 24,893 | 29,098 | 26,259 | 5,826 | ||||||||||||
Accrued custody fees | 18,882 | 10,856 | 5,442 | 1,606 | ||||||||||||
Accrued Trustees’ fees | 12,423 | 12,423 | 12,423 | 12,423 | ||||||||||||
Accrued transfer agent fees and expenses | 6,300 | 5,968 | 6,230 | 5,980 | ||||||||||||
Accrued Chief Compliance Officer fees | 1,271 | 1,271 | 1,271 | 1,271 | ||||||||||||
Accrued other expenses | 75,424 | 58,800 | 48,699 | 56,999 | ||||||||||||
Total liabilities | 17,101,397 | 6,909,742 | 328,942 | 137,568 | ||||||||||||
NET ASSETS | $ | 1,313,107,264 | $ | 1,449,858,786 | $ | 1,371,079,219 | $ | 282,796,469 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital (unlimited shares authorized, no par value) | $ | 1,174,926,521 | $ | 1,390,759,422 | $ | 1,360,084,956 | $ | 267,932,805 | ||||||||
Total distributable earnings | 138,180,743 | 59,099,364 | 10,994,263 | 14,863,664 | ||||||||||||
NET ASSETS APPLICABLE TO OUTSTANDING SHARES | $ | 1,313,107,264 | $ | 1,449,858,786 | $ | 1,371,079,219 | $ | 282,796,469 | ||||||||
SHARES ISSUED AND OUTSTANDING | 101,318,980 | ^ | 140,035,782 | 131,466,681 | 26,839,963 | |||||||||||
NET ASSET VALUE PER SHARE | $ | 12.96 | ^ | $ | 10.35 | $ | 10.43 | $ | 10.54 |
^ | Advisor Shares |
See accompanying Notes to Financial Statements.
37 |
ASPIRIANT TRUST
Statements of Operations
For the Six Months Ended September 30, 2020 (Unaudited)
Risk-Managed | Risk-Managed | Defensive | Risk-Managed | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends (net of foreign withholding taxes of $307,324, $0, $0 and $0, respectively) | $ | 6,637,125 | $ | 2,893,593 | $ | 768,086 | $ | 4,033,551 | ||||||||
Interest | 238,564 | 17,714,172 | 331,246 | 17,262 | ||||||||||||
Securities lending income | 79,092 | — | — | — | ||||||||||||
Total investment income | 6,954,781 | 20,607,765 | 1,099,332 | 4,050,813 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 1,476,829 | 2,069,052 | 657,076 | 377,874 | ||||||||||||
Administrative services fees | 615,334 | 766,309 | 657,076 | 151,148 | ||||||||||||
Fund accounting fees | 161,056 | 223,085 | 142,408 | 39,876 | ||||||||||||
Fund administration fees | 146,898 | 182,972 | 156,870 | 36,094 | ||||||||||||
Audit fees | 35,344 | 20,143 | 14,575 | 16,209 | ||||||||||||
Custody fees | 29,743 | 17,453 | 8,454 | 2,377 | ||||||||||||
Legal fees | 24,573 | 14,629 | 15,583 | 14,654 | ||||||||||||
Trustees’ fees and expenses | 23,580 | 23,580 | 23,072 | 23,580 | ||||||||||||
Transfer agent fees and expenses | 18,799 | 17,712 | 18,557 | 17,833 | ||||||||||||
Registration fees | 12,897 | 25,377 | 21,865 | 22,599 | ||||||||||||
Shareholder reporting fees | 7,877 | 7,531 | 7,974 | 7,300 | ||||||||||||
Chief Compliance Officer fees | 7,500 | 7,500 | 7,500 | 7,500 | ||||||||||||
Insurance fees | 7,233 | 7,233 | 7,233 | 7,233 | ||||||||||||
Regulatory services | 5,802 | 6,650 | 5,150 | 5,150 | ||||||||||||
Other expenses | 8,828 | 5,027 | 4,870 | 3,570 | ||||||||||||
Total expenses | 2,582,293 | 3,394,253 | 1,748,263 | 732,997 | ||||||||||||
Less: Advisory fees waived | (492,049 | ) | (459,780 | ) | — | (256,954 | ) | |||||||||
Less: Administrative services fees waived | (369,196 | ) | (536,433 | ) | (591,373 | ) | (105,806 | ) | ||||||||
Net expenses | 1,721,048 | 2,398,040 | 1,156,890 | 370,237 | ||||||||||||
Net investment income (loss) | 5,233,733 | 18,209,725 | (57,558 | ) | 3,680,576 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (21,807,783 | ) | 4,441,960 | (4,378,823 | ) | 671,211 | ||||||||||
Foreign currency translations | (71,039 | ) | — | — | — | |||||||||||
Capital gain distributions | 10,344,377 | — | 2,403,555 | 81,919 | ||||||||||||
Total net realized gain (loss) | (11,534,445 | ) | 4,441,960 | (1,975,268 | ) | 753,130 | ||||||||||
Net change in unrealized appreciation on: | ||||||||||||||||
Investments | 167,860,512 | 39,619,014 | 137,079,825 | 11,005,323 | ||||||||||||
Foreign currency translations | 16,883 | — | — | — | ||||||||||||
Total net change in unrealized appreciation | 167,877,395 | 39,619,014 | 137,079,825 | 11,005,323 | ||||||||||||
Net realized and unrealized gain | 156,342,950 | 44,060,974 | 135,104,557 | 11,758,453 | ||||||||||||
Net Increase in Net Assets from Operations | $ | 161,576,683 | $ | 62,270,699 | $ | 135,046,999 | $ | 15,439,029 |
See accompanying Notes to Financial Statements.
38 |
ASPIRIANT TRUST
Statements of Changes in Net Assets
Risk-Managed | ||||||||||||
Six Months | One Month | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 5,233,733 | $ | 1,237,777 | $ | 22,364,519 | ||||||
Net realized gain (loss) on investments and foreign currency | (11,534,445 | ) | (7,758,099 | ) | 17,171,370 | |||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 167,877,395 | (109,579,179 | ) | (23,931,104 | ) | |||||||
Change in net assets resulting from operations | 161,576,683 | (116,099,501 | ) | 15,604,785 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS2: | ||||||||||||
Change in net assets resulting from distributions to shareholders | — | — | (57,177,625 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS2: | ||||||||||||
Shares sold | 217,733,514 | 49,116,897 | 159,635,340 | |||||||||
Shares issued for reinvestment of distributions | — | — | 53,944,736 | |||||||||
Shares redeemed | (114,044,638 | ) | (32,224,422 | ) | (161,327,911 | ) | ||||||
Change in net assets resulting from capital stock transactions | 103,688,876 | 16,892,475 | 52,252,165 | |||||||||
Change in net assets | $ | 265,265,559 | $ | (99,207,026 | ) | $ | 10,679,325 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,047,841,705 | 1,147,048,731 | 1,136,369,406 | |||||||||
End of period | $ | 1,313,107,264 | $ | 1,047,841,705 | $ | 1,147,048,731 | ||||||
TRANSACTIONS IN SHARES2: | ||||||||||||
Shares sold | 17,871,078 | 4,383,059 | 11,874,459 | |||||||||
Shares issued for reinvestment of distributions | — | — | 3,981,161 | |||||||||
Shares redeemed | (9,272,759 | ) | (2,826,869 | ) | (11,984,824 | ) | ||||||
Change in shares outstanding | 8,598,319 | 1,556,190 | 3,870,796 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Represents Advisor Shares transactions for Aspiriant Risk-Managed Equity Allocation Fund. |
See accompanying Notes to Financial Statements.
39 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Risk-Managed | ||||||||||||
Six Months | One Month | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 18,209,725 | $ | 3,122,760 | $ | 38,759,634 | ||||||
Net realized gain (loss) on investments and foreign currency | 4,441,960 | (2,980,716 | ) | 1,978,683 | ||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 39,619,014 | (75,292,400 | ) | 101,146,423 | ||||||||
Change in net assets resulting from operations | 62,270,699 | (75,150,356 | ) | 141,884,740 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | (24,709,345 | ) | (12,523,265 | ) | (52,274,438 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 119,911,228 | 17,731,792 | 231,232,483 | |||||||||
Shares issued for reinvestment of distributions | 23,908,799 | 12,140,563 | 50,453,475 | |||||||||
Shares redeemed | (222,233,622 | ) | (77,948,372 | ) | (174,014,067 | ) | ||||||
Change in net assets resulting from capital stock transactions | (78,413,595 | ) | (48,076,017 | ) | 107,671,891 | |||||||
Change in net assets | $ | (40,852,241 | ) | $ | (135,749,638 | ) | $ | 197,282,193 | ||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,490,711,027 | 1,626,460,665 | 1,429,178,472 | |||||||||
End of period | $ | 1,449,858,786 | $ | 1,490,711,027 | $ | 1,626,460,665 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 11,742,612 | 1,720,752 | 22,306,523 | |||||||||
Shares issued for reinvestment of distributions | 2,320,620 | 1,193,762 | 4,895,860 | |||||||||
Shares redeemed | (21,460,704 | ) | (7,774,836 | ) | (16,831,913 | ) | ||||||
Change in shares outstanding | (7,397,472 | ) | (4,860,322 | ) | 10,370,470 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
See accompanying Notes to Financial Statements.
40 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Defensive Allocation Fund | ||||||||||||
Six Months | One Month | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income (loss) | $ | (57,558 | ) | $ | 736,695 | $ | 28,345,094 | |||||
Net realized gain (loss) on investments | (1,975,268 | ) | (8,522,305 | ) | 746,791 | |||||||
Net change in unrealized appreciation (depreciation) on investments | 137,079,825 | (103,851,777 | ) | 18,394,502 | ||||||||
Change in net assets resulting from operations | 135,046,999 | (111,637,387 | ) | 47,486,387 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | — | — | (51,465,241 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 172,361,420 | 29,892,927 | 216,182,315 | |||||||||
Shares issued for reinvestment of distributions | — | — | 48,896,956 | |||||||||
Shares redeemed | (153,536,795 | ) | (45,126,488 | ) | (156,807,757 | ) | ||||||
Change in net assets resulting from capital stock transactions | 18,824,625 | (15,233,561 | ) | 108,271,514 | ||||||||
Change in net assets | $ | 153,871,624 | $ | (126,870,948 | ) | $ | 104,292,660 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 1,217,207,595 | 1,344,078,543 | 1,239,785,883 | |||||||||
End of period | $ | 1,371,079,219 | $ | 1,217,207,595 | $ | 1,344,078,543 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 17,090,523 | 3,130,561 | 20,620,368 | |||||||||
Shares issued for reinvestment of distributions | — | — | 4,652,422 | |||||||||
Shares redeemed | (15,446,922 | ) | (4,756,045 | ) | (14,948,800 | ) | ||||||
Change in shares outstanding | 1,643,601 | (1,625,484 | ) | 10,323,990 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
See accompanying Notes to Financial Statements.
41 |
ASPIRIANT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Risk-Managed | ||||||||||||
Six Months | One Month | Year Ended | ||||||||||
CHANGES IN NET ASSETS FROM: | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 3,680,576 | $ | 709,259 | $ | 8,484,998 | ||||||
Net realized gain on investments | 753,130 | 371,300 | 585,063 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 11,005,323 | (10,725,595 | ) | 13,266,656 | ||||||||
Change in net assets resulting from operations | 15,439,029 | (9,645,036 | ) | 22,336,717 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Change in net assets resulting from distributions to shareholders | (3,804,581 | ) | (2,122,242 | ) | (8,508,325 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 44,713,231 | 6,471,189 | 102,476,725 | |||||||||
Shares issued for reinvestment of distributions | 3,517,823 | 1,969,730 | 7,935,700 | |||||||||
Shares redeemed | (53,813,289 | ) | (20,326,949 | ) | (30,199,687 | ) | ||||||
Change in net assets resulting from capital stock transactions | (5,582,235 | ) | (11,886,030 | ) | 80,212,738 | |||||||
Change in net assets | $ | 6,052,213 | $ | (23,653,308 | ) | $ | 94,041,130 | |||||
NET ASSETS: | ||||||||||||
Beginning of period | 276,744,256 | 300,397,564 | 206,356,434 | |||||||||
End of period | $ | 282,796,469 | $ | 276,744,256 | $ | 300,397,564 | ||||||
TRANSACTIONS IN SHARES: | ||||||||||||
Shares sold | 4,283,153 | 632,833 | 10,013,387 | |||||||||
Shares issued for reinvestment of distributions | 334,960 | 194,830 | 775,940 | |||||||||
Shares redeemed | (5,099,681 | ) | (2,024,380 | ) | (2,937,482 | ) | ||||||
Change in shares outstanding | (481,568 | ) | (1,196,717 | ) | 7,851,845 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
See accompanying Notes to Financial Statements.
42 |
ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
Financial Highlights - ADVISOR SHARES
Per share income and capital changes for a share outstanding throughout each period.
Six Months | One Month | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.30 | $ | 12.58 | $ | 13.02 | $ | 13.27 | $ | 11.77 | $ | 10.50 | $ | 11.53 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income | 0.05 | 0.01 | 0.25 | 0.26 | 0.25 | 0.19 | 0.15 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | 1.61 | (1.29 | ) | (0.05 | ) | 0.08 | 1.61 | 1.34 | (0.99 | ) | ||||||||||||||||||
Total from investment operations | 1.66 | (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 | )2 | ||||||||||||||||
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 | $ | 12.96 | $ | 11.30 | $ | 12.58 | $ | 13.02 | $ | 13.27 | $ | 11.77 | $ | 10.50 | ||||||||||||||
Total return | 14.69 | %3 | (10.17 | )%3 | 1.17 | % | 2.83 | % | 15.80 | % | 14.63 | % | (7.33 | )% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,313,107 | $ | 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 | 0.42 | %4 | 0.48 | %4 | 0.42 | % | 0.44 | % | 0.44 | % | 0.59 | % | 1.05 | % | ||||||||||||||
Expense waiver | (0.14 | )%4 | (0.14 | )%4 | (0.13 | )% | (0.14 | )% | (0.16 | )% | (0.08 | )% | (0.04 | )% | ||||||||||||||
Total expenses after expense waiver | 0.28 | %4 | 0.34 | %4 | 0.29 | % | 0.30 | % | 0.28 | % | 0.51 | % | 1.01 | % | ||||||||||||||
Net investment income | 0.85 | %4 | 1.38 | %4 | 1.87 | % | 1.90 | % | 2.05 | % | 2.02 | % | 1.40 | % | ||||||||||||||
Portfolio turnover rate | 41 | %3 | 3 | %3 | 28 | % | 79 | % | 38 | % | 89 | % | 83 | % |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Rounds to less than 0.005. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
43 |
ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
Six Months | One Month | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.11 | $ | 10.68 | $ | 10.07 | $ | 10.03 | $ | 10.00 | $ | 10.23 | $ | 10.00 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income | 0.12 | 0.02 | 0.27 | 0.30 | 0.28 | 0.28 | 0.20 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.29 | (0.50 | ) | 0.70 | 0.06 | 0.05 | (0.22 | ) | 0.18 | |||||||||||||||||||
Total from investment operations | 0.41 | (0.48 | ) | 0.97 | 0.36 | 0.33 | 0.06 | 0.38 | ||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||
From net investment income | (0.17 | ) | (0.09 | ) | (0.36 | ) | (0.32 | ) | (0.30 | ) | (0.28 | ) | (0.15 | ) | ||||||||||||||
From net realized gain | — | — | — | — | (0.00 | )3 | (0.01 | ) | — | |||||||||||||||||||
Total distributions | (0.17 | ) | (0.09 | ) | (0.36 | ) | (0.32 | ) | (0.30 | ) | (0.29 | ) | (0.15 | ) | ||||||||||||||
Net assets value, end of period | $ | 10.35 | $ | 10.11 | $ | 10.68 | $ | 10.07 | $ | 10.03 | $ | 10.00 | $ | 10.23 | ||||||||||||||
Total return | 4.07 | %4 | (4.55 | )%4 | 9.79 | % | 3.71 | % | 3.35 | % | 0.60 | % | 3.86 | %4 | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,449,859 | $ | 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 | 0.44 | %5 | 0.47 | %5 | 0.45 | % | 0.46 | % | 0.46 | % | 0.51 | % | 0.61 | %5 | ||||||||||||||
Expense waiver | (0.13 | )%5 | (0.13 | )%5 | (0.13 | )% | (0.12 | )% | (0.11 | )% | (0.07 | )% | (0.07 | )%5 | ||||||||||||||
Total expenses after expense waiver | 0.31 | %5 | 0.34 | %5 | 0.32 | % | 0.34 | % | 0.35 | % | 0.44 | % | 0.54 | %5 | ||||||||||||||
Net investment income | 2.37 | %5 | 2.37 | %5 | 2.55 | % | 2.96 | % | 2.80 | % | 2.85 | % | 3.32 | %5 | ||||||||||||||
Portfolio turnover rate | 12 | %4 | 6 | %4 | 24 | % | 16 | % | 28 | % | 20 | % | 0 | %3 4 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Commenced operations as of the close of business on July 1, 2015. |
3 | Rounds to less than 0.005. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
44 |
ASPIRIANT DEFENSIVE ALLOCATION FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
Six Months | One Month | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.38 | $ | 10.23 | $ | 10.24 | $ | 10.82 | $ | 10.29 | $ | 9.77 | $ | 10.00 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income | 0.00 | 3 | 0.00 | 3 | 0.22 | 0.21 | 0.15 | 0.11 | 0.00 | 3 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.05 | (0.85 | ) | 0.17 | (0.39 | ) | 0.61 | 0.53 | (0.23 | ) | ||||||||||||||||||
Total from investment operations | 1.05 | (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 | )3 | — | ||||||||||||||||||
Total distributions | — | — | (0.40 | ) | (0.40 | ) | (0.23 | ) | (0.12 | ) | — | |||||||||||||||||
Net assets value, end of period | $ | 10.43 | $ | 9.38 | $ | 10.23 | $ | 10.24 | $ | 10.82 | $ | 10.29 | $ | 9.77 | ||||||||||||||
Total return | 11.19 | %4 | (8.31 | )%4 | 3.69 | % | (1.46 | )% | 7.44 | % | 6.54 | % | (2.30 | )%4 | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,371,079 | $ | 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 | 0.27 | %5 | 0.29 | %5 | 0.27 | % | 0.28 | % | 0.30 | % | 0.35 | % | 0.78 | %5 | ||||||||||||||
Expense waiver | (0.09 | )%5 | (0.09 | )%5 | (0.09 | )% | (0.09 | )% | (0.08 | )% | (0.07 | )% | (0.07 | )%5 | ||||||||||||||
Total expenses after expense waiver | 0.18 | %5 | 0.20 | %5 | 0.18 | % | 0.19 | % | 0.22 | % | 0.28 | % | 0.71 | %5 | ||||||||||||||
Net investment income (loss) | (0.01 | )%5 | 0.69 | %5 | 2.13 | % | 1.88 | % | 1.63 | % | 1.55 | % | (0.20 | )%5 | ||||||||||||||
Portfolio turnover rate | 3 | %4 | 3 | %4 | 10 | % | 29 | % | 37 | % | 16 | % | 0 | %4 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Commenced operations as of the close of business on December 14, 2015. |
3 | Rounds to less than 0.005. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
45 |
ASPIRIANT RISK-MANAGED TAXABLE BOND FUND
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout each period.
Six Months | One Month | Year Ended | Period Ended | |||||||||||||
Net asset value, beginning of period | $ | 10.13 | $ | 10.53 | $ | 9.99 | $ | 10.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.13 | 0.03 | 0.33 | 0.26 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.42 | (0.35 | ) | 0.56 | (0.05 | ) | ||||||||||
Total from investment operations | 0.55 | (0.32 | ) | 0.89 | 0.21 | |||||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.14 | ) | (0.08 | ) | (0.35 | ) | (0.22 | ) | ||||||||
Total distributions | (0.14 | ) | (0.08 | ) | (0.35 | ) | (0.22 | ) | ||||||||
Net assets value, end of period | $ | 10.54 | $ | 10.13 | $ | 10.53 | $ | 9.99 | ||||||||
Total return | 5.39 | %3 | (3.06 | )%3 | 9.02 | % | 2.16 | %3 | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 282,796 | $ | 276,744 | $ | 300,398 | $ | 206,356 | ||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||
Total expenses before expense waiver | 0.48 | %4 | 0.58 | %4 | 0.51 | % | 0.60 | %4 | ||||||||
Expense waiver | (0.24 | )%4 | (0.24 | )%4 | (0.24 | )% | (0.24 | )%4 | ||||||||
Total expenses after expense waiver | 0.24 | %4 | 0.34 | %4 | 0.27 | % | 0.36 | %4 | ||||||||
Net investment income | 2.43 | %4 | 2.87 | %4 | 3.33 | % | 3.46 | %4 | ||||||||
Portfolio turnover rate | 14 | %3 | 5 | %3 | 4 | % | 0 | %3 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Commenced operations as of the close of business on March 29, 2018. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
46 |
ASPIRIANT TRUST
Notes to Financial Statements
September 30, 2020 (Unaudited)
1. | ORGANIZATION |
Aspiriant Trust, which was organized on November 22, 2011, is a Delaware statutory trust registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company (the “Trust”). The Trust currently consists of the following four diversified portfolios: Aspiriant Risk-Managed Equity Allocation Fund (the “Equity Allocation Fund”), which commenced operations on April 4, 2013, Aspiriant Risk-Managed Municipal Bond Fund (the “Municipal Bond Fund”), which commenced operations on July 1, 2015, Aspiriant Defensive Allocation Fund (the “Defensive Allocation Fund”), which commenced operations on December 14, 2015, and Aspiriant Risk-Managed Taxable Bond Fund (the “Taxable Bond Fund”, together with the Equity Allocation Fund, the Municipal Bond Fund, and the Defensive Allocation Fund, each individually referred to as a “Fund” or collectively, the “Funds”), which commenced operations on March 29, 2018. The Equity Allocation Fund has established two classes of shares: Advisor Shares and Institutional Shares. Only Advisor Shares have been offered and issued to date. The Municipal Bond Fund, the Defensive Allocation Fund, and the Taxable Bond Fund have each established, offered and issued only one class of shares. The Funds’ investment objectives are as follows:
The Equity Allocation Fund - The investment objective of the Equity Allocation Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Equity Allocation Fund seeks to achieve its investment goal by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The types of equity securities the Fund will invest in include common stock, preferred stock, and depositary receipts. The Fund also may invest in securities that provide exposure to equity securities (i.e. rights, warrants, and investment company shares). The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund may invest in companies of any market capitalization. The adviser and sub-advisers generally will consider selling securities when other securities are identified that may result in a better opportunity.
The Municipal Bond Fund - The investment objective of the Municipal Bond Fund is to seek total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal circumstances, the Municipal Bond Fund seeks to achieve its investment goal by investing at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam), which may include a focus on the California municipal securities market. The Municipal Bond Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax. The Municipal Bond Fund may invest in bonds of any maturity and duration. The Municipal Bond Fund may invest in securities of other investment companies, including open-end and closed-end funds, exchange-traded funds (“ETFs”) and private funds that invest primarily in securities of the types in which the Municipal Bond Fund may invest directly.
The Defensive Allocation Fund – The investment objective of the Defensive Allocation Fund is to achieve long-term investment returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. Under normal circumstances, the Defensive Allocation Fund seeks to achieve its investment objective by investing primarily in underlying funds (the “Underlying Funds”) and may, to a limited extent, invest in separately managed accounts (“SMAs”), which are private portfolios of securities for individual accounts. The Fund seeks to provide a return that has lower volatility
47 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
1. | ORGANIZATION (Continued) |
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).
The Defensive Allocation Fund’s exposures may include global equities, global fixed income, market neutral, global macro, managed futures, relative value, long/short equity, long/short debt, merger arbitrage, convertible arbitrage, security arbitrage, managed futures, derivatives and other non-traditional strategies.
The Taxable Bond Fund – The investment objective of the Taxable Bond Fund is to maximize long-term total return. The Fund invests primarily in Underlying Funds and may, to a limited extent, invest in SMAs. To achieve its investment objective, under normal market conditions, the Fund invests through Underlying Funds and SMAs at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds and other fixed income securities. The Fund intends to allocate its assets to Underlying Funds and SMAs that primarily invest in various types of bonds and other securities, typically government and agency bonds, corporate bonds, notes, mortgage-related and asset-backed securities, collateralized debt obligations, zero coupon bonds, bank loans, money market instruments, repurchase agreements, swaps, futures, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating. The Underlying Funds and SMAs may invest in the U.S. and abroad, including international and emerging markets, and may purchase securities of any credit rating and varying maturities issued by domestic and foreign corporations, entities and governments.
Aspiriant, LLC (the “Adviser”) serves as the investment adviser to the Funds. The Board of Trustees (“Trustees”) of the Trust (the “Board”) has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.
(a) | Securities Valuations |
Securities are valued at market value as of the regularly scheduled close of trading (generally 4:00 p.m. Eastern time) on each business day when the New York Stock Exchange (“NYSE”) is open. Securities listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter (“OTC”) market are valued on the basis of the last sales price as reported by NASDAQ®. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ®. Securities for which market quotations are not readily available and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board. Debt securities including listed issues, are valued by using an evaluated mean price furnished by an independent pricing service, which may use matrix and valuation models as necessary to formulate its prices.
48 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
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
49 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
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 September 30, 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 | $ | — | $ | 1,436,142 | $ | — | $ | — | $ | 1,436,142 | ||||||||||
Belgium | — | 2,270,477 | — | — | 2,270,477 | |||||||||||||||
Bermuda | 7,003,574 | 395,905 | — | — | 7,399,479 | |||||||||||||||
Canada | 5,028,807 | — | — | — | 5,028,807 | |||||||||||||||
Cayman Islands | 9,088,631 | 4,260,685 | — | — | 13,349,316 | |||||||||||||||
Chile | 273,826 | — | — | — | 273,826 | |||||||||||||||
China | 506,478 | 2,731,763 | — | — | 3,238,241 | |||||||||||||||
Denmark | 2,458,377 | 3,631,100 | — | — | 6,089,477 | |||||||||||||||
Finland | — | 1,506,445 | — | — | 1,506,445 | |||||||||||||||
France | — | 6,631,169 | — | — | 6,631,169 | |||||||||||||||
Germany | — | 2,967,153 | — | — | 2,967,153 | |||||||||||||||
Guernsey | 2,543,320 | — | — | — | 2,543,320 | |||||||||||||||
Hong Kong | 27,670 | 12,840,884 | — | — | 12,868,554 | |||||||||||||||
India | 2,346,823 | — | — | — | 2,346,823 | |||||||||||||||
Ireland | 3,626,042 | — | — | — | 3,626,042 | |||||||||||||||
Israel | 2,343,112 | — | — | — | 2,343,112 | |||||||||||||||
Italy | — | 88,620 | — | — | 88,620 | |||||||||||||||
Japan | 1,383,146 | 24,462,624 | — | — | 25,845,770 | |||||||||||||||
Jersey | — | 1,399,946 | — | — | 1,399,946 | |||||||||||||||
Netherlands | 415,176 | 6,724,288 | — | — | 7,139,464 | |||||||||||||||
New Zealand | — | 545,891 | — | — | 545,891 | |||||||||||||||
Norway | — | 147,762 | — | — | 147,762 | |||||||||||||||
Philippines | 141,634 | — | — | — | 141,634 | |||||||||||||||
Singapore | 359,766 | 1,256,187 | — | — | 1,615,953 | |||||||||||||||
South Korea | 563,606 | — | — | — | 563,606 | |||||||||||||||
Spain | — | 1,490,979 | — | — | 1,490,979 | |||||||||||||||
Sweden | — | 531,547 | — | — | 531,547 | |||||||||||||||
Switzerland | 2,865,625 | 14,903,958 | — | — | 17,769,583 | |||||||||||||||
Taiwan | 12,022,941 | — | — | — | 12,022,941 | |||||||||||||||
United Kingdom | — | 4,947,305 | — | — | 4,947,305 |
50 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
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 States | $ | 178,319,101 | $ | — | $ | — | $ | — | $ | 178,319,101 | ||||||||||
Exchange-Traded Fund | 130,086,473 | — | — | — | 130,086,473 | |||||||||||||||
Open-End Mutual Funds | 544,405,948 | — | — | — | 544,405,948 | |||||||||||||||
Preferred Stock | ||||||||||||||||||||
Germany | — | 73,710 | — | — | 73,710 | |||||||||||||||
Private Fund | — | — | — | 142,879,160 | 142,879,160 | |||||||||||||||
Short-Term Investments | 168,304,151 | 16,632,444 | — | — | 184,936,595 | |||||||||||||||
Total Investments | $ | 1,074,114,227 | $ | 111,876,984 | $ | — | $ | 142,879,160 | $ | 1,328,870,371 |
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 September 30, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Fund - Long/Short Equity (a) | $ | 142,879,160 | N/A | Indefinite | Monthly | 2 | N/A | |||||||||||||||||
$ | 142,879,160 | 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 September 30, 2020:
Private Fund | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
RIEF Strategic Partners Fund LLC | 10.9% | 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 |
51 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the inputs used, as of September 30, 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 | $ | — | $ | 1,062,435,370 | $ | — | $ | — | $ | 1,062,435,370 | ||||||||||
Common Stock | 756,732 | — | — | — | 756,732 | |||||||||||||||
Closed-End Mutual Funds | 8,426,716 | — | — | — | 8,426,716 | |||||||||||||||
Open-End Mutual Fund | 149,754,453 | — | — | — | 149,754,453 | |||||||||||||||
Private Funds | — | — | — | 183,929,727 | 183,929,727 | |||||||||||||||
Short-Term Investment | 29,970,743 | — | — | — | 29,970,743 | |||||||||||||||
Total Investments | $ | 188,908,644 | $ | 1,062,435,370 | $ | — | $ | 183,929,727 | $ | 1,435,273,741 |
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 September 30, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Funds - Fixed Income Relative-Value (a) | $ | 183,929,727 | N/A | Indefinite | Monthly - Quarterly | 30 - 65 | N/A - 25% investor level gate, if redemptions exceed 25% of total fund’s assets | |||||||||||||||||
$ | 183,929,727 | 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. |
52 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Municipal Bond Fund’s net assets as of September 30, 2020:
Private Fund | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
MacKay Municipal Opportunities Fund, LP | 10.5% | Fixed Income Relative-Value | The net asset value will be the value of all assets of the fund (including accrued interest and dividends) less all of the liabilities of the fund. | Monthly | N/A |
The following is a summary of the inputs used, as of September 30, 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 | $ | 56,836,744 | $ | — | $ | — | $ | — | $ | 56,836,744 | ||||||||||
Core/Alternative Diversifiers | 682,569,512 | — | — | — | 682,569,512 | |||||||||||||||
Exchange-Traded Fund: | ||||||||||||||||||||
Real Asset | 141,375,656 | — | — | — | 141,375,656 | |||||||||||||||
Private Funds: | ||||||||||||||||||||
Alternative Diversifiers | — | — | — | 148,191,499 | 148,191,499 | |||||||||||||||
Core Diversifiers | — | — | — | 151,461,013 | 151,461,013 | |||||||||||||||
Short-Term Investment | 185,871,131 | — | — | — | 185,871,131 | |||||||||||||||
Total Investments | $ | 1,066,653,043 | $ | — | $ | — | $ | 299,652,512 | $ | 1,366,305,555 |
53 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
Certain investments valued using the NAV as a practical expedient in which the 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 September 30, 2020:
Investment | Fair Value | Unfunded | Remaining | Redemption | Notice | Redemption | ||||||||||||||||||
Private Funds – | ||||||||||||||||||||||||
Merger Arbitrage (a) | $ | 115,895,322 | N/A | Indefinite | Daily | 3 business days | N/A | |||||||||||||||||
Multi-Strategy (b) | 32,296,177 | $ | 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) | 151,461,013 | N/A | Indefinite | Monthly | 5-10 business days | N/A | ||||||||||||||||||
$ | 299,652,512 | $ | 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. |
54 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Fair Value Measurements and Disclosures (Continued) |
The following is a summary of the fair value as percentage of net assets, and liquidity provisions for investments valued using the NAV as a practical expedient constituting greater than 5% of the Defensive Allocation Fund’s net assets as of September 30, 2020:
Private Funds | Fair Value | Investment | Valuation Policy of | Redemption | Redemption |
Water Island Merger Arbitrage Institutional Commingled Fund, LP – Class A | 8.4% | 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 | 10.2% | 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 September 30, 2020, in valuing the Taxable Bond Fund’s assets:
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Open-End Mutual Funds: | ||||||||||||||||
Core | $ | 265,201,816 | $ | — | $ | — | $ | 265,201,816 | ||||||||
Opportunistic | 14,393,033 | — | — | 14,393,033 | ||||||||||||
Short-Term Investment | 3,245,558 | — | — | 3,245,558 | ||||||||||||
Total Investments | $ | 282,840,407 | $ | — | $ | — | $ | 282,840,407 |
(c) | Security Transactions and Related Investment Income |
Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Dividend income and distributions to shareholders are recorded on ex-dividend dates. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution. Realized gains and losses on investments and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes.
(d) | Foreign Currency and Risk |
i. | Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on September 30, 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). |
55 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(d) | Foreign Currency and Risk (Continued) |
The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments on the Statement of Operations.
Reported net realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rate.
Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.
(e) | Securities Lending |
The Funds may participate in a securities lending program, providing portfolio securities to brokers, dealers, and financial institutions. When the Funds participate in securities lending they will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. As collateral, the Funds receive cash (“Cash Collateral”) or securities, such as various government securities or common stocks listed on certain indices (“Non-Cash Collateral”) in return for the securities and records a corresponding payable for collateral due to the respective broker. The amount of collateral received is maintained at a minimum level of 102% of the prior day’s market value on securities loaned. Investment transactions, including securities on loan and the related collateral, are recorded on a trade date basis. Cash collateral is reinvested in money market funds and, with other entities participating in the securities lending program, in short term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates). The valuation of collateral is discussed in “Securities Valuations” in Note 2 of the Notes to the Financial Statements. When the Funds lend their portfolio securities, they are subject to the risk that they may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Funds may lose certain investment opportunities. The Funds also are subject to the risks associated with the investments received as collateral from the borrower.
For the six months ended September 30, 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 September 30, 2020. Cash Collateral received as part of the Equity Allocation Fund’s securities lending program was invested in the following securities as of September 30, 2020:
Description | PAR | Value | ||||||
Money Market Fund with The Goldman Sachs Group, Inc., 0.13%, 10/1/2020* | $ | 5,000,000 | $ | 5,000,000 | ||||
Repurchase Agreement with Bank of America Securities, Inc., 0.06%, 10/1/2020*# | 4,132,444 | 4,132,444 | ||||||
Time Deposit with National Bank of Canada, 0.15%, 10/7/2020* | 2,000,000 | 2,000,000 | ||||||
Money Market Fund with Fidelity, 0.09%, 10/1/2020* | 1,500,000 | 1,500,000 |
56 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(e) | Securities Lending (Continued) |
Description | PAR | Value | ||||||
Repurchase Agreement with BMO Capital Markets, 0.28%, 10/1/2020*# | $ | 1,000,000 | $ | 1,000,000 | ||||
Money Market Fund with Wells Fargo & Company, 0.10%, 10/1/2020* | 1,000,000 | 1,000,000 | ||||||
Money Market Fund with BlackRock, 0.15%, 10/1/2020* | 1,000,000 | 1,000,000 | ||||||
Funding Agreement with United of Omaha Life Insurance, 0.35%, 10/30/2020* | 500,000 | 500,000 | ||||||
Money Market Fund with Alliance Bernstein, 0.11%, 10/1/2020* | 500,000 | 500,000 | ||||||
Total | $ | 16,632,444 | $ | 16,632,444 |
* | The rate shown is the annualized 7-day yield as of September 30, 2020. |
# | The repurchase agreements are collateralized by various fixed income U.S. Treasury Securities and Equities in the amount of $5,315,103. |
As of September 30, 2020, the Equity Allocation Fund held Non-Cash Collateral in the amount of $5,489,106 which consisted of U.S. Treasury Securities.
The Equity Allocation Fund pays a portion of net revenue from securities lending to JPMorgan Chase Bank, N.A. (“JPM”) for its services as the securities lending agent. The securities lending income as shown in the Statement of Operations is net of these expenses. For the six months ended September 30, 2020, the Equity Allocation Fund paid $23,225 to JPM from securities lending revenue.
(f) | Distributions to Shareholders |
The Municipal Bond Fund and Taxable Bond Fund intend to pay dividends from net investment income at least quarterly. The Equity Allocation Fund and Defensive Allocation Fund intend to pay dividends from net investment income at least annually. The Funds intend to distribute all or substantially all of their net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Funds distinguish between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to 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.
57 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(h) | Use of Estimates |
The preparation of the financial statements in conformity with U.S. GAAP requires the Funds to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds believe that the estimates utilized in preparing the financial statements are reasonable and prudent, however, actual results could differ from these estimates.
(i) | Guarantees and Indemnifications |
In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.
(j) | Federal Income Taxes |
Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing each Fund’s tax return to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.
The Income Tax Statement requires management of the Funds to analyze all open tax years for all major jurisdictions, which the Funds consider to be its federal income tax filings. The open tax years include the current year plus the prior three tax years, or all years if the Funds have been in existence for less than three years. As of and during the six months ended September 30, 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
58 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued) |
(a) | Investment Advisory Fees (Continued) |
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, 2021. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2020, the Adviser waived $492,049 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. 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 is not subject to recoupment. For the six months ended September 30, 2020, the Adviser waived $369,196 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, 2021. The advisory fee waiver is not subject to recoupment. For the six months ended September 30, 2020, the Adviser waived $459,780 of its advisory fee for the Municipal Bond Fund.
Under the Administration Agreement, the Municipal Bond Fund agreed to pay the Adviser at an annual rate of 0.10% of average daily net assets. Effective November 7, 2019, the Adviser has contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2020, the Adviser waived $536,433 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. Effective November 7, 2019, the Adviser has contractually agreed to waive 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 is not subject to recoupment. For the six months ended September 30, 2020, the Adviser waived $591,373 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, 2021. The advisory fee waiver is not subject to recoupment. During the six months ended September 30, 2020, the Adviser waived $256,954 of its advisory fee for the Taxable Bond Fund.
59 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (Continued) |
(a) | Investment Advisory Fees (Continued) |
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. Effective November 7, 2019, the Adviser has contractually agreed to waive expenses at a rate of 0.07% of average daily net assets such that the Fund was incurring a net administrative services fee at an annual rate of 0.03% of average daily net assets. The administrative services waiver is not subject to recoupment. For the six months ended September 30, 2020, the Adviser waived $105,806 under the Administration Agreement.
(b) | Sub-Advisory Fees |
Aperio Group, LLC serves as a sub-adviser of the Equity Allocation Fund. Prior to June 10, 2020, Acadian Asset Management LLC served as a sub-adviser to the Equity Allocation Fund. Effective June 4, 2020, Wellington Management Company LLP began serving as a sub-adviser for the Equity Allocation Fund. Nuveen Asset Management, LLC and Wells Capital Management Inc. serve as the sub-advisers of the Municipal Bond Fund. The Adviser pays a portion of its advisory fee to the sub-advisers for sub-advisory services they provide to the Funds.
(c) | Custodian Fees |
JPM serves as custodian of the Trust’s assets and is responsible for maintaining custody of the Funds’ cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits.
(d) | Fund Accounting Fees |
JPM also serves as the Trust’s fund accounting agent.
(e) | Administration Fees |
UMB Fund Services, Inc. (“UMBFS”) serves as the Trust’s administrator and provides various administrative services necessary for the operations of the Trust including facilitating general Fund management; supervising the maintenance of each individual Fund’s general ledger, the preparation of the Funds’ financial statements, the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports.
(f) | Transfer Agent Fees |
UMBFS also serves as a Trust’s Transfer Agent and dividend disbursing agent.
(g) | Trustees’ Fees |
Certain Trustees and officers of the Trust are officers of the Adviser. Each Trustee receives an annual retainer of $60,000, as well as $2,000 for each telephonic meeting that he or she attends, plus reimbursement of related expenses. 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.
60 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
4. | INVESTMENT TRANSACTIONS |
For the six months ended September 30, 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 | $ | 583,354,224 | $ | 425,694,356 | $ | — | $ | — | ||||||||
Municipal Bond Fund | 19,688,364 | 134,000,000 | 150,873,440 | 141,828,402 | ||||||||||||
Defensive Allocation Fund | 43,264,765 | 32,000,000 | — | — | ||||||||||||
Taxable Bond Fund | 39,526,709 | 43,800,000 | — | — |
5. | FEDERAL TAX INFORMATION |
At September 30, 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 | $ | 1,190,740,201 | $ | 1,367,962,244 | $ | 1,336,518,578 | $ | 269,083,175 | ||||||||
Gross unrealized appreciation | $ | 155,937,897 | $ | 74,153,412 | $ | 51,293,445 | $ | 14,845,683 | ||||||||
Gross unrealized depreciation | (17,807,727 | ) | (6,841,915 | ) | (21,506,468 | ) | (1,088,451 | ) | ||||||||
Net unrealized appreciation/ (depreciation) on investments | $ | 138,130,170 | $ | 67,311,497 | $ | 29,786,977 | $ | 13,757,232 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on investment transactions.
U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the fiscal tax year ended February 29, 2020, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings/(losses) as follows:
Increase/(Decrease) | ||||||||
| Paid-In Capital | Total Distributable | ||||||
Equity Allocation Fund | $ | (1,075 | ) | $ | 1,075 | |||
Municipal Bond Fund | (341,587 | ) | 341,587 | |||||
Defensive Allocation Fund | (719 | ) | 719 | |||||
Taxable Bond Fund | — | — |
61 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
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 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
62 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
5. | FEDERAL TAX INFORMATION (Continued) |
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 | Year Ended | Year Ended | |||||||||
Tax-exempt dividends | $ | 12,523,265 | $ | 52,274,438 | $ | 42,322,343 | ||||||
Total distributions paid | $ | 12,523,265 | $ | 52,274,438 | $ | 42,322,343 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
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 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
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 | Year 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 |
1 | Effective March 1, 2020, the fiscal year end changed from February 28 to March 31. |
2 | Commenced operations as of the close of business on March 29, 2018. |
63 |
ASPIRIANT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2020 (Unaudited)
5. | FEDERAL TAX INFORMATION (Continued) |
As of February 29, 2020, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:
Not Subject to Expiration | ||||||||
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 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 first half of 2021.
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.
64 |
ASPIRIANT TRUST
Other Information
September 30, 2020 (Unaudited)
APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ASPIRIANT TRUST
At a meeting held on April 23, 2020 and April 29, 2020, the Board considered the renewal of (1) the Trust’s advisory agreement with the Adviser, on behalf of the Funds, (2) the sub-advisory agreement between the Adviser and Aperio Group, LLC (“Aperio”) with respect to Equity Allocation Fund, and (3) the sub-advisory agreements between the Adviser and each of Nuveen Asset Management, LLC (“Nuveen”) and Wells Capital Management, Inc. (“WellsCap”; together with Aperio and Nuveen, the “Sub-Advisers”) with respect to the Municipal Bond Fund.
After the initial two-year term, the agreements must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. Each year after the initial term, the Board calls and holds a meeting to decide whether to continue the agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-Advisers.
In considering whether to renew the Trust’s advisory and sub-advisory agreements, the Trustees requested and reviewed materials from the Adviser and Sub-Advisers to help the Trustees evaluate the Adviser’s and Sub-Advisers’ fees under the agreements. Representatives from the Adviser provided an overview of its advisory business and discussed its investment personnel, investment processes, and investment experience. The Board discussed the written materials from the Adviser and Sub-Advisers, the Adviser’s oral presentation, and other relevant information that the Board received, and considered the approval of the agreements in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.
Nature, Extent, and Quality of Services
In considering the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser to each Fund, as applicable, the Board reviewed, among other things, the Adviser’s and each Sub-Adviser’s personnel, experience, and compliance program. The Board considered the background and experience of the Adviser’s and each Sub-Adviser’s senior management and the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s and each Sub-Adviser’s organizational structure, investment operations, and other relevant information, including information relating to the financial condition of the Adviser and each Sub-Adviser to determine whether adequate resources were available to continue to provide a high level of service to the Funds. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser and each Sub-Adviser, as applicable.
Performance
The Board reviewed information regarding the performance of each Fund for various periods, as well as peer group and benchmark comparative performance. The Board also reviewed information regarding the portion of the Equity Allocation Fund managed by Aperio, and the portions of the Municipal Bond Fund managed by Nuveen and WellsCap, respectively. The Board noted periods of outperformance and underperformance relative to each Fund’s comparative index and Morningstar fund universe. The Board concluded that, within the context of its full deliberations, it was satisfied with the performance of each Fund generally and the portions of the Funds managed by Aperio, WellsCap and Nuveen, as applicable.
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Other Information (Continued)
September 30, 2020 (Unaudited)
Cost of Services
The Board reviewed information regarding the Funds’ advisory and sub-advisory fees, observing that the advisory fee for each of the Equity Allocation Fund and Defensive Allocation Fund was lower than the advisory fees of 90% of funds in its respective Morningstar fund universe. The Board noted that the advisory fee for the Municipal Bond Fund was lower than the advisory fees of 80% of funds in its Morningstar fund universe. The Board also noted that the advisory fee for the Taxable Bond Fund was lower than the advisory fees of 70% of funds in its Morningstar fund universe. The Trustees observed that the Adviser does not manage any other client accounts using the same strategies as the Funds, and, therefore, they did not have a basis for comparing the Funds’ advisory fees to those of other clients of the Adviser. The Board noted that the Adviser is responsible for paying the Sub-Advisers out of the advisory fee it receives from the applicable Funds. The Board further noted that the net expense ratio of each of the Equity Allocation Fund, Municipal Bond Fund and Defensive Allocation Fund, respectively, was in the lowest 10%, 40% and 20% of funds in its respective Morningstar category. The Board also observed that Taxable Bond Fund’s net expense ratio was in the highest 20% of funds in its Morningstar fund universe, noting that Taxable Bond Fund was still growing its asset base. With respect to those assets of the Funds that the Adviser invests in underlying funds, the Board noted that the Funds’ advisory fees are based on services that the Adviser provides to the Funds that are in addition to, and not duplicative of, the services provided to an underlying fund by its adviser. The Board concluded that each Fund’s advisory fee and, if applicable, sub-advisory fees are fair and reasonable in light of the services that each Fund receives.
Profitability
The Board reviewed information about the profitability of each Fund to the Adviser and to the Sub-Advisers, as applicable, and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Fund. The Board noted that the Adviser reimburses to its clients that are also shareholders of a Fund all net ordinary income that it receives from such Fund. Recognizing the difficulty in evaluating an investment adviser’s profitability with respect to the funds it manages in the context of an adviser with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board determined that the level of profitability of the Adviser and Sub-Advisers was within the range the Board considered reasonable.
Economies of Scale
The Board considered the potential for economies of scale, noting that the Sub-Advisers’ fee schedules include breakpoints and that the Adviser had been decreasing its fee over time with respect to the Equity Allocation Fund and Municipal Bond Fund, and currently was contractually waiving a portion of its fee with respect to the Equity Allocation Fund, Municipal Bond Fund and Taxable Bond Fund, thereby reducing the amount that it retains after paying the Sub-Advisers, if applicable. The Board concluded that the Funds’ shareholders were benefitting from any economies of scale realized by the Adviser with respect to the Funds.
Ancillary Benefits
The Board noted the benefits received by the Adviser and the Sub-Advisers as a result of their relationships with the Funds (other than advisory and sub-advisory fees), including the intangible benefits of their association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the Adviser’s and Sub-Advisers’ fees are fair and reasonable in light of the services provided to the Funds and approved the continuation of the agreements.
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Other Information (Continued)
September 30, 2020 (Unaudited)
APPROVAL OF SUB-ADVISORY AGREEMENT WITH WELLINGTON MANAGEMENT COMPANY LLP FOR ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND
At a special meeting held on May 27, 2020, the Board considered the approval of a sub-advisory agreement between the Adviser and Wellington Management Company LLP (“Wellington”) with respect to Equity Allocation Fund.
After its initial two-year term, the agreement must be approved annually (i) by the vote of the Trustees or by a vote of the shareholders of the Equity Allocation Fund and (ii) by the vote of a majority of the Trustees who are not parties to the agreement or “interested persons” of any party thereto, as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to continue the agreement for an additional one-year term. In preparation for such meetings, the Board will request and review a wide variety of information from Wellington.
Prior to and at the May meeting, the Trustees requested and reviewed materials to help the Trustees evaluate Wellington’s fee under the agreement. Representatives from Wellington provided an overview of their advisory business and discussed their investment personnel, investment processes, and investment experience. The Board discussed the written materials, Wellington’s oral presentations, and other relevant information that the Board received, and considered the approval of the agreement in light of this information. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board are addressed in more detail below.
Nature, Extent, and Quality of Services
In considering the nature, extent, and quality of the services to be provided by Wellington to the Equity Allocation Fund, the Board reviewed the background and experience of Wellington’s senior management. The Board also considered information pertaining to Wellington’s organizational structure, investment operations, and other relevant information, including information relating to the financial condition of Wellington to determine whether adequate resources were available to provide a high level of service to the Equity Allocation Fund. The Board reviewed information regarding the qualifications, backgrounds, and responsibilities of the portfolio manager proposed to be responsible for the day-to-day management of Wellington’s portion of the Equity Allocation Fund. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services to be provided to the Equity Allocation Fund by Wellington.
Performance
The Board reviewed the comparable account composite performance provided by Wellington, noting periods of outperformance relative to the composite’s comparative index. The Board concluded that, within the context of its full deliberations, Equity Allocation Fund should be in a position to benefit from the expertise of Wellington in managing its comparable accounts.
Costs of Services
The Board reviewed the proposed sub-advisory fee, noting that it was Wellington’s standard fee to manage assets using the strategy it would use to manage its portion of the Equity Allocation Fund. The Board noted that the Adviser would be responsible for paying Wellington out of the advisory fee it receives from the Equity Allocation Fund. The Board concluded that the proposed fee was fair and reasonable in light of the services that the Equity Allocation Fund expects to receive.
Economies of Scale
The Board considered the potential for economies of scale and noted that Wellington’s fee schedule includes breakpoints.
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Other Information (Continued)
September 30, 2020 (Unaudited)
Ancillary Benefits
The Board noted the potential benefits to be received by Wellington as a result of its relationship with the Equity Allocation Fund (other than sub-advisory fees), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Equity Allocation Fund’s performance.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the agreement are fair and reasonable; (ii) concluded that the fee to be paid to Wellington is fair and reasonable in light of the services that it will provide to the Equity Allocation Fund; and (iii) agreed to approve the agreement for an initial term of two years.
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ASPIRIANT TRUST
Expense Examples
September 30, 2020 (Unaudited)
As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses of each Fund. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of each Fund or an asset-based management fee. The following Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020 to September 30, 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 | $ 1,000.00 | $ 1,146.90 | 0.28% | $ 1.50 |
Hypothetical | $ 1,000.00 | $ 1,023.60 | 0.28% | $ 1.41 |
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ASPIRIANT TRUST
EXPENSE EXAMPLES (Continued)
September 30, 2020 (Unaudited)
Municipal Bond Fund | Beginning | Ending | Annualized | Expense Paid |
Actual | $ 1,000.00 | $ 1,040.70 | 0.31% | $ 1.60 |
Hypothetical | $ 1,000.00 | $ 1,023.44 | 0.31% | $ 1.58 |
Defensive Allocation Fund | Beginning | Ending | Annualized | Expense Paid |
Actual | $ 1,000.00 | $ 1,111.90 | 0.18% | $ 0.93 |
Hypothetical | $ 1,000.00 | $ 1,024.12 | 0.18% | $ 0.89 |
Taxable Bond Fund | Beginning | Ending | Annualized | Expense Paid |
Actual | $ 1,000.00 | $ 1,053.90 | 0.24% | $ 1.26 |
Hypothetical | $ 1,000.00 | $ 1,023.78 | 0.24% | $ 1.24 |
(1) | Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/365 (to reflect the half-year period). |
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
Aperio Group, LLC
Three Harbor Drive, Suite 315
Sausalito, CA 94965
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Wellington Managment Company LLP
280 Contress Street
Boston, MA 02210
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
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-end Management Investment Companies
Not applicable to open-end investment companies.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes to report.
Item 11. Controls and Procedures
(a) | The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits
(a) | (1) | Code of Ethics. Not applicable. |
(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 | 12/8/2020 |
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 | 12/8/2020 | |
By | /s/ Douglas S. Hendrickson | |
Title | Douglas S. Hendrickson, Treasurer and Principal Financial Officer | |
Date | 12/8/2020 |