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Aspiriant Trust
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Aspiriant Risk-Managed Taxable Bond Fund
Aspiriant Risk-Managed Taxable Bond Fund
RMTBX
This annual shareholder report contains important information about the Aspiriant Risk-Managed Taxable Bond Fund ("Fund") for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/</span>. You can also request this information by contacting us at 1-877-997-9971.
https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/
1-877-997-9971
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-weight:normal;font-family:'arial';">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; width: 33%;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 26%;">Costs of a $10,000 investment<sup style="font-size:smaller"></sup></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 41%;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; width: 33%; vertical-align: bottom;">Aspiriant Risk-Managed Taxable Bond Fund<br/> (RMTBX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 26%; vertical-align: bottom;"><span style="float:none">$</span>27</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 41%; white-space: nowrap; vertical-align: bottom;">0.26<span>%</span></td> </tr> </table>
27
0.0026
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:14pt;">Management’s Discussion of Fund Performance</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">SUMMARY OF RESULTS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The Aspiriant Risk-Managed Taxable Bond Fund ("Taxable Bond Fund" or the "Fund") returned 5.54% for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Over the same period, Taxable Bond Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark"), returned 4.35%.<span style="white-space:nowrap"> </span> The Fund outperformance was driven in part by its allocations to corporate high-yield bonds and emerging market debt, which returned 7.01% (as measured by the<span style="white-space:nowrap"> </span>Bloomberg U.S. Corporate High Yield Index) and 9.40% (as measured by J.P. Morgan Emerging Markets Bond Index Global), respectively, for the year ended March 31, 2026.</div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE CONTRIBUTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Opportunistic underlying funds with exposures to emerging market debt</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Opportunistic underlying funds with exposures to direct lending</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Opportunistic underlying funds with exposures to higher yield issues</div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE DETRACTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Underlying funds with higher exposure to the long end of the yield curve</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.<span style="white-space:nowrap"> </span> Investors cannot invest directly in an index, although they can invest in their underlying securities.</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. </div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The Bloomberg U.S. Corporate High Yield Bond Index is an index that measures the USD-denominated, high yield, fixed-rate corporate bond market.<span style="white-space:nowrap"> </span> Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. </div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:14pt;">The J.P. Morgan Emerging Markets Bond Index Global is an independently maintained and widely published index comprised of U.S. dollar-denominated Eurobonds, traded loans, and legacy Brady bonds issued by sovereign and quasi-sovereign entities.</div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Performance</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1106585.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial';">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';"><span style="white-space:nowrap">Since<br/> Inception<sup style="font-size:smaller">*</sup></span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">Aspiriant Risk-Managed Taxable Bond Fund (RMTBX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.54<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.69<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">2.59<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">Bloomberg U.S. Aggregate Bond Index</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.35<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">0.31<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.92<span>%</span></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;border-bottom-color:initial;font-style:italic;font-size:8pt;border-bottom-style:none;border-bottom-width:initial;height:auto">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; width: 3pt; font-weight: normal; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; vertical-align: text-top;">
<div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;font-size:7.5pt;vertical-align:top;margin-bottom:0px;"><sup style="font-size:6pt;vertical-align:super">*</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 5pt;">
<div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;font-size:7.5pt;vertical-align:top;margin-bottom:0px;">Commenced operations as of the close of business on March 29, 2018.</div></td> </tr> </table>
Aspiriant Risk-Managed Taxable Bond Fund (RMTBX)
0.0554
0.0169
0.0259
Bloomberg U.S. Aggregate Bond Index
0.0435
0.0031
0.0192
2018-03-29
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">Visit <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-risk-managed-taxable-bond-fund-2/fund-performance/</span> for the most recent performance information.</div>
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Fund net assets</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>396,253,920</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total number of portfolio holdings</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">11</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total advisory fees paid (net)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>269,184</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">0<span>%</span></td> </tr> </table>
396253920
11
269184
0
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.<span style="white-space:nowrap"> </span> The Top Ten Holdings table may not reflect the total exposure to an issuer. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard Total Bond Market Index Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">30.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">PIMCO Income Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">16.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">DoubleLine Total Return Bond Fund - I Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">15.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">TCW MetWest Total Return Bond Fund - Plan Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">9.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">River Canyon Total Return Bond Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard Long-Term Treasury ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Emerging Country Debt Fund, Class VI</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">TPG Twin Brook Capital Income Fund - I Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">AG Direct Lending Fund IV Annex, LP</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard High-Yield Corporate Fund - Admiral Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">0.6<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1106590.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard Total Bond Market Index Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">30.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">PIMCO Income Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">16.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">DoubleLine Total Return Bond Fund - I Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">15.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">TCW MetWest Total Return Bond Fund - Plan Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">9.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">River Canyon Total Return Bond Fund - Institutional Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard Long-Term Treasury ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Emerging Country Debt Fund, Class VI</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">TPG Twin Brook Capital Income Fund - I Class</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">AG Direct Lending Fund IV Annex, LP</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Vanguard High-Yield Corporate Fund - Admiral Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">0.6<span>%</span></td> </tr> </table>
0.300
0.162
0.150
0.099
0.085
0.060
0.052
0.031
0.017
0.006
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.<span style="white-space:nowrap"> </span> The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.</div>
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.
2025-11-18
Aspiriant Risk-Managed Municipal Bond Fund
Aspiriant Risk-Managed Municipal Bond Fund
RMMBX
This annual shareholder report contains important information about the Aspiriant Risk-Managed Municipal Bond Fund ("Fund") for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(44, 88, 118); font-size: 9pt; font-family: 'arial'; font-weight: normal;">https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/</span>. You can also request this information by contacting us at 1-877-997-9971.
https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/
1-877-997-9971
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-weight: normal; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118);">Fund Expenses</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-weight: normal;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; font-weight: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; width: 33%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 26%; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<sup style="font-size: smaller;"></sup></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 41%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; font-weight: normal; text-align: left; font-family: 'Arial'; width: 33%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Aspiriant Risk-Managed Municipal Bond Fund<br/>(RMMBX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-weight: normal; font-family: 'Arial'; width: 26%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-weight: normal; font-family: 'Arial'; width: 41%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.34<span>%</span></td>
</tr>
</table>
35
0.0034
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118); margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(44, 88, 118);">SUMMARY OF RESULTS</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;">The Aspiriant Risk-Managed Municipal Bond Fund ("Municipal Bond Fund" or the "Fund") returned 3.78% for the fiscal year ended March 31, 2026.<span style="white-space: nowrap;"> </span> Over the same period, the Municipal Bond Fund's benchmark, the Bloomberg Municipal Bond Index (the "Benchmark"), returned 4.29%.<span style="white-space: nowrap;"> </span> High yield municipal bonds, as measured by the Bloomberg High Yield Municipal Bond Index, returned 2.35% for the one-year period ended March 31, 2026, underperforming investment grade bonds, as measured by the Benchmark.</div>
<div style="font-size: 9pt; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; color: rgb(44, 88, 118); margin: 10pt 0px 3pt 0px;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;"><span style="white-space: nowrap;"> </span> *<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Strong credit fundamentals across issuers</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;"><span style="white-space: nowrap;"> </span> *<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Persistent investor demand</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;"><span style="white-space: nowrap;"> </span> *<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Supportive credit environment</div>
<div style="font-size: 9pt; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; color: rgb(44, 88, 118); margin: 10pt 0px 3pt 0px;">TOP PERFORMANCE DETRACTORS</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;"><span style="white-space: nowrap;"> </span> *<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Credit quality positioning, especially overweight to higher yield bonds</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;"><span style="white-space: nowrap;"> </span> *<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Duration sensitivity</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;">The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.<span style="white-space: nowrap;"> </span> Investors cannot invest directly in an index, although they can invest in their underlying securities.</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;">The Bloomberg Municipal Bond Index is considered representative of the tax-exempt bond market.<span style="white-space: nowrap;"> </span> It includes most investment-grade tax-exempt bonds that are issued by state and local governments.<span style="white-space: nowrap;"> </span></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 14pt;">The Bloomberg High Yield Municipal Index measures the non-investment-grade and nonrated U.S. dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands).<span style="white-space: nowrap;"> </span> The index allows state and local general obligation, revenue, insured, and pre-refunded bonds; however, historically the index has been composed of mostly revenue bonds.<span style="white-space: nowrap;"> </span></div>
<div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118);">Fund Performance</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(44, 88, 118);">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'arial'; font-weight: normal; margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1106477.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Aspiriant Risk-Managed Municipal Bond Fund (RMMBX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.51<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.29<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.16<span>%</span></td>
</tr>
</table>
Aspiriant Risk-Managed Municipal Bond Fund (RMMBX)
0.0378
0.0124
0.0251
Bloomberg Municipal Bond Index
0.0429
0.0084
0.0216
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(44, 88, 118); font-size: 9pt; font-family: 'arial'; font-weight: normal;">https://aspiriantfunds.com/aspiriant-risk-managed-municipal-bond-fund/fund-performance/</span> for the most recent performance information.</div>
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-weight: normal;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,273,596,158</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">990</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,544,398</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">23<span>%</span></td>
</tr>
</table>
1273596158
990
2544398
0.23
<div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118);">Graphical Representation of Holdings</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.<span style="white-space: nowrap;"> </span> The Top Ten Holdings table may not reflect the total exposure to an issuer. The interest rates presented in the Top Ten Holdings are as of the reporting period end.</div>
<div style="font-size: 9pt; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(44, 88, 118); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MacKay Municipal Opportunities Fund, LP - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">iShares National Muni Bond ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MacKay Municipal Credit Opportunities Fund, LP - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">City of New York, 5.25%, 03/1/2053, Call 03/1/2034</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Illinois Finance Authority, 5.25%, 05/15/2048, Call 05/15/2033</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2048, Call 12/15/2032</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">County of Miami-Dade, 5.00%, 07/1/2038, Call 07/1/2026</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(44, 88, 118); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'arial'; font-weight: normal;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1106482.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-weight: normal; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(44, 88, 118); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MacKay Municipal Opportunities Fund, LP - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">iShares National Muni Bond ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MacKay Municipal Credit Opportunities Fund, LP - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">City of New York, 5.25%, 03/1/2053, Call 03/1/2034</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Illinois Finance Authority, 5.25%, 05/15/2048, Call 05/15/2033</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2048, Call 12/15/2032</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">County of Miami-Dade, 5.00%, 07/1/2038, Call 07/1/2026</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(203, 107, 45); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-weight: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td>
</tr>
</table>
0.082
0.070
0.021
0.004
0.004
0.003
0.003
0.003
0.003
0.003
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(44, 88, 118); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; font-weight: normal; margin-bottom: 10pt;">On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space: nowrap;"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.<span style="white-space: nowrap;"> </span> The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.</div>
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space: nowrap;"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.
2025-11-18
Aspiriant Defensive Allocation Fund
Aspiriant Defensive Allocation Fund
RMDFX
This annual shareholder report contains important information about the Aspiriant Defensive Allocation Fund ("Fund") for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/</span>. You can also request this information by contacting us at 1-877-997-9971.
https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/
1-877-997-9971
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-weight:normal;font-family:'arial';">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; width: 33%;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 26%;">Costs of a $10,000 investment<sup style="font-size:smaller"></sup></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 41%;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; width: 33%; vertical-align: bottom;">Aspiriant Defensive Allocation Fund<br/> (RMDFX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 26%; vertical-align: bottom;"><span style="float:none">$</span>22</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 41%; white-space: nowrap; vertical-align: bottom;">0.20<span>%</span></td> </tr> </table>
22
0.0020
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:14pt;">Management’s Discussion of Fund Performance</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">SUMMARY OF RESULTS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The Aspiriant Defensive Allocation Fund ("Defensive Allocation Fund" or the "Fund") returned 17.99% for the one-year period ended March 31, 2026.<span style="white-space:nowrap"> </span> Over the same period, the Fund's primary benchmark, the HFRI Fund of Funds Composite Index (the "Benchmark"), returned 11.62%.<span style="white-space:nowrap"> </span> Over the same period, the Bloomberg U.S. Aggregate Bond Index returned 4.35%.<span style="white-space:nowrap"> </span></div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE CONTRIBUTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Core Diversifiers with global asset allocation strategies that invest across a wide range of financial markets and geographies</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Underlying funds with allocations to global macro strategies</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Allocation to gold exchange-traded fund</div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE DETRACTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Allocation to event-driven strategies</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Allocation to actively traded convertible arbitrage/special situations strategies.</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.<span style="white-space:nowrap"> </span> Investors cannot invest directly in an index, although they can invest in their underlying securities.</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The HFRI Fund of Funds Composite Index is an index that is a global, equal-weighted index of Fund of Funds that report to HFR Database.</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:14pt;">The Bloomberg U.S. Aggregate Bond Index is a broad fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. </div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Performance</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1106549.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial';">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">10 Years</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">Aspiriant Defensive Allocation Fund (RMDFX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">17.99<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.37<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.47<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">HFRI Fund of Funds Composite Index</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">11.62<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.88<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.26<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">Bloomberg U.S. Aggregate Bond Index</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.35<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">0.31<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.70<span>%</span></td> </tr> </table>
Aspiriant Defensive Allocation Fund (RMDFX)
0.1799
0.0637
0.0547
HFRI Fund of Funds Composite Index
0.1162
0.0488
0.0526
Bloomberg U.S. Aggregate Bond Index
0.0435
0.0031
0.0170
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">Visit <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-defensive-allocation-fund/fund-performance-2/</span> for the most recent performance information.</div>
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Fund net assets</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>1,058,284,293</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total number of portfolio holdings</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">14</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total advisory fees paid (net)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>1,007,848</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">13<span>%</span></td> </tr> </table>
1058284293
14
1007848
0.13
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.<span style="white-space:nowrap"> </span> The Top Ten Holdings table may not reflect the total exposure to an issuer. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Benchmark-Free Allocation Fund - Class IV</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">26.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">12.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares Gold Trust</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">8.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Lazard Rathmore Alternative Fund - Class E</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Victory Pioneer Multi-Asset Income Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">JPMorgan Global Allocation Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Millennium International, Ltd. - Class GG</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Equity Dislocation Investment Fund - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Elliott Associates, LP - Class C Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.4<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1106554.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Benchmark-Free Allocation Fund - Class IV</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">26.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">12.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares Gold Trust</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">8.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Lazard Rathmore Alternative Fund - Class E</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Victory Pioneer Multi-Asset Income Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">JPMorgan Global Allocation Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Millennium International, Ltd. - Class GG</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Equity Dislocation Investment Fund - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Elliott Associates, LP - Class C Shares</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.4<span>%</span></td> </tr> </table>
0.260
0.126
0.088
0.069
0.066
0.062
0.061
0.060
0.058
0.044
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.<span style="white-space:nowrap"> </span> The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.</div>
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.
2025-11-18
Aspiriant Risk-Managed Equity Allocation Fund
Advisor class
RMEAX
This annual shareholder report contains important information about the Aspiriant Risk-Managed Equity Allocation Fund ("Fund") for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/</span>. You can also request this information by contacting us at 1-877-997-9971.
https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/
1-877-997-9971
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-weight:normal;font-family:'arial';">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; width: 33%;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 26%;">Costs of a $10,000 investment<sup style="font-size:smaller"></sup></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; vertical-align: bottom; width: 41%;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial'; width: 33%; vertical-align: bottom;">Aspiriant Risk-Managed Equity Allocation Fund<br/> (Advisor class/RMEAX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 26%; vertical-align: bottom;"><span style="float:none">$</span>31</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; width: 41%; white-space: nowrap; vertical-align: bottom;">0.29<span>%</span></td> </tr> </table>
31
0.0029
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:14pt;">Management’s Discussion of Fund Performance</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">SUMMARY OF RESULTS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The Aspiriant Risk-Managed Equity Allocation Fund ("Equity Allocation Fund" or the "Fund") returned 11.94% for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Over the same period, Equity Allocation Fund's benchmark, the MSCI ACWI Index, returned 20.01% and MSCI ACWI Minimum Volatility Index returned 3.86%. </div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE CONTRIBUTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Underlying funds with allocations to emerging markets</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Underlying funds with allocations to international developed markets<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span><i> </i><span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span><i> </i></div><div style="font-size:9pt;margin-bottom:3pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-top:10pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);">TOP PERFORMANCE DETRACTORS</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Underlying funds with a low volatility mandate</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Private funds with long/short exposures</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;"> <span style="white-space:nowrap"> </span> *<span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span> Sub-advisers and underlying funds with quality strategies</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The below-referenced indices do not reflect the deduction of fees and taxes associated with a mutual fund, such as investment management and fund accounting fees.<span style="white-space:nowrap"> </span> Investors cannot invest directly in an index, although they can invest in their underlying securities.</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets. </div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:14pt;">MSCI ACWI Minimum Volatility Index is composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.</div>
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Fund Performance</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="font-size:9pt;margin-top:0px;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;color:rgb(44, 88, 118);">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1106513.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; text-align: left; font-family: 'Arial';">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial';">10 Years</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">Aspiriant Risk-Managed Equity Allocation Fund (Advisor class/RMEAX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">11.94<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">7.80<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">8.29<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-weight: bold; font-family: 'Arial';">MSCI ACWI Net</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">20.01<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">9.49<span>%</span></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">11.33<span>%</span></td> </tr> </table>
Aspiriant Risk-Managed Equity Allocation Fund (Advisor class/RMEAX)
0.1194
0.0780
0.0829
MSCI ACWI Net
0.2001
0.0949
0.1133
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">Visit <span style="text-decoration-line:underline;color:rgb(44, 88, 118);font-size:9pt;font-family:'arial';font-weight:normal">https://aspiriantfunds.com/aspiriant-risk-managed-equity-allocation-fund/fund-performance/</span> for the most recent performance information.</div>
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-weight:normal;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Fund net assets</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>1,283,088,169</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total number of portfolio holdings</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">119</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Total advisory fees paid (net)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>2,168,575</td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; text-align: left; font-weight: bold; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">21<span>%</span></td> </tr> </table>
1283088169
119
2168575
0.21
<div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.<span style="white-space:nowrap"> </span> The Top Ten Holdings table may not reflect the total exposure to an issuer. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Quality Fund - Class VI</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">33.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Schwab Fundamental Emerging Markets Equity ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">7.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">RIEF Strategic Partners Fund LLC - Series SB</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">7.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Baillie Gifford Emerging Markets Equities Fund - Class K</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Equity Dislocation Investment Fund - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">AQR Large Cap Defensive Style Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Viking Global Equities LP - Class H Interests</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares MSCI Global Min Vol Factor ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares MSCI ACWI ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">2.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Microsoft Corp.</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.1<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';font-weight:normal;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1106518.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-weight:normal;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(44, 88, 118);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Quality Fund - Class VI</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">33.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Schwab Fundamental Emerging Markets Equity ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">7.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">RIEF Strategic Partners Fund LLC - Series SB</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">7.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Baillie Gifford Emerging Markets Equities Fund - Class K</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">5.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">GMO Equity Dislocation Investment Fund - Class A</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">AQR Large Cap Defensive Style Fund - Class R6</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">4.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Viking Global Equities LP - Class H Interests</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares MSCI Global Min Vol Factor ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(203, 107, 45);border-bottom-style:solid;border-bottom-width:0.5pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">iShares MSCI ACWI ETF</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">2.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-weight: normal; text-align: left; font-family: 'Arial';">Microsoft Corp.</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-weight: normal; font-family: 'Arial'; white-space: nowrap;">1.1<span>%</span></td> </tr> </table>
0.334
0.077
0.074
0.050
0.048
0.040
0.039
0.031
0.023
0.011
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:20pt;">Material Fund Changes</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:7.5pt;">Effective October 31, 2025, Aperio Group, LLC no longer serves as a sub-adviser to the Fund.<span style="white-space:nowrap"> </span> There were no changes to the Fund's investment objective or principal investment strategies as a result of this change, except for the elimination of the utilization of a tax-managed approach.</div>
<div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(44, 88, 118);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-weight:normal;margin-bottom:10pt;">On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.<span style="white-space:nowrap"> </span> The selection of Tait does not reflect any disagreements with Deloitte or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Deloitte.</div>
On November 18, 2025, the Audit Committee of the Board of Trustees of Aspiriant Trust (the "Board") appointed Tait, Weller & Baker LLP ("Tait") to serve as the independent registered public accounting firm to audit the financial statements of the Aspiriant Risk-Managed Taxable Bond Fund, Aspiriant Risk-Managed Municipal Bond Fund, Aspiriant Defensive Allocation Fund and Aspiriant Risk-Managed Equity Allocation Fund (the "Funds") for the fiscal year ended March 31, 2026.<span style="white-space:nowrap"> </span> Previously, Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm to the Funds.
2025-11-18
Commenced operations as of the close of business on March 29, 2018.