# EDGAR Filing Document

**Accession Number:** 0001830974
**File Stem:** 0001145549-23-012769
**Filing Date:** 2023-2
**Character Count:** 19141
**Document Hash:** 01a4457e9cc1f2b9a4a83965e7c84c8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012769.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012769

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASPIRIANT RISK-MANAGED CAPITAL APPRECIATION FUND
- **CENTRAL INDEX KEY:** 0001830974
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23619
- **FILM NUMBER:** 23680874

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPIRIANT RISK-MANAGED CAPITAL OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20201103

## Nport-Ex

**ASPIRIANT RISK-MANAGED CAPITAL APPRECIATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (14.24%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUND (0.14%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI ACWI ETF | Exchange-traded fund | 2049 | $123918 | $173919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUND** |  |  | 123918 | 173919 |
| **FOREIGN COLLECTIVE INVESTMENT FUND (3.08%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GMO Equity Dislocation Investment Fund - Class A | Foreign fund | 181626 | 4015948 | 3884978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |  | 4015948 | 3884978 |
| **MUTUAL FUNDS (11.02%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds New Perspective Fund F-3 | Mutual fund | 85230 | 3307135 | 4030513 |
| &nbsp;&nbsp;&nbsp;DFA Global Equity Portfolio I | Mutual fund | 374031 | 7645203 | 9855714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 10952338 | 13886227 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 15092204 | 17945124 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO FUNDS <sup>a, b</sup> (84.07%)** | **Investment Strategy** | **Units / Shares** | **Cost** | **Fair Value** | **Acquisition Date** |
| **MEMBERSHIP INTERESTS (8.43%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;D. E. Shaw All Country Global Alpha Extension Fund, LLC | Long/Short |  | $8000000 | $10414634 | 7/1/2018 |
| &nbsp;&nbsp;&nbsp;New Mountain Investments III, LLC | Buyout |  | 179363 | 210112 | 12/19/2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MEMBERSHIP INTERESTS** |  |  | 8179363 | 10624746 |  |
| **PARTNERSHIP INTERESTS (75.64%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accolade Partners VII-C, L.P.<sup>c</sup> | Private Equity |  | 1248750 | 1316425 | 12/7/2020 |
| &nbsp;&nbsp;&nbsp;Adams Street Partnership Fund-2008 Non-U.S. Fund, L.P. | Multi-Strategy |  | 1242400 | 2033057 | 1/3/2008 |
| &nbsp;&nbsp;&nbsp;AQR Delphi Long-Short Equity Fund, L.P. | Long/Short |  | 4500000 | 5786319 | 4/1/2020 |
| &nbsp;&nbsp;&nbsp;Black River Capital Partners Fund (Food) L.P. | Private Equity |  | 4453615 | 2627892 | 8/5/2011 |
| &nbsp;&nbsp;&nbsp;Blackstone Life Sciences V L.P. | Private Equity |  | 1947117 | 2004718 | 1/10/2020 |
| &nbsp;&nbsp;&nbsp;Capital Dynamics Champion Ventures VII | Venture Capital |  | 2084384 | 6401987 | 2/16/2012 |
| &nbsp;&nbsp;&nbsp;Centerbridge Special Credit Partners | Private Credit |  |  | 21977 | 10/27/2009 |
| &nbsp;&nbsp;&nbsp;Coatue Qualified Partners, L.P. | Long/Short |  | 3629822 | 6089300 | 11/1/2017 |
| &nbsp;&nbsp;&nbsp;Gavea Investment Fund IV A, L.P. | Private Equity |  | 1424075 | 213310 | 7/1/2011 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Vintage Fund V, L.P. | Buyout |  | 2035142 | 185669 | 8/20/2008 |
| &nbsp;&nbsp;&nbsp;Kayne Anderson Energy Fund V (QP), L.P. | Private Equity |  | 2899211 | 1193550 | 7/1/2009 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund X, L.P. | Private Credit |  | 694500 | 2012297 | 2/4/2016 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund Xb, L.P. | Private Credit |  | 6500000 | 9902217 | 6/18/2018 |
| &nbsp;&nbsp;&nbsp;RA Capital Heathcare Fund, L.P. | Long/Short |  | 6000000 | 8333507 | 2/1/2019 |
| &nbsp;&nbsp;&nbsp;RA Capital Nexus Fund III, L.P. | Private Equity |  | 1200000 | 1162304 | 12/17/2021 |
| &nbsp;&nbsp;&nbsp;Renaissance Institutional Diversified Global Equities Onshore Fund L.P. | Long/Short |  | 7909049 | 6184800 | 7/1/2018 |
| &nbsp;&nbsp;&nbsp;Revolution Ventures II, L.P. | Venture Capital |  | 3449131 | 4779840 | 10/24/2013 |
| &nbsp;&nbsp;&nbsp;Stripes V, L.P. | Private Equity |  | 9377871 | 13851934 | 7/7/2021 |
| &nbsp;&nbsp;&nbsp;The Children's Investment Fund L.P. | Long/Short |  | 5000000 | 8250500 | 11/1/2017 |
| &nbsp;&nbsp;&nbsp;Two Sigma China Core Equity Fund, L.P. | Hedge Fund |  | 3000000 | 2441501 | 5/1/2021 |
| &nbsp;&nbsp;&nbsp;Viking Global Opportunities L.P. | Long/Short |  | 10000000 | 10502705 | 1/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  |  | 78595067 | 95295809 |  |
| **TOTAL PORTFOLIO FUNDS** |  |  | 86774430 | 105920555 |  |
| **SHORT-TERM INVESTMENT (6.84%)** | **Type of Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio I, 4.06%<sup>d</sup> | Money Market Fund | 8614831 | 8614831 | 8614831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  |  | 8614831 | 8614831 |  |
| **TOTAL INVESTMENTS (105.15%)** |  |  | $110481465 | $132480510 |  |
| Liabilities in excess of other assets (-5.15%) |  |  |  | (6485880) |  |
| **TOTAL NET ASSETS (100.00%)** |  |  |  | $125994630 |  |

---

<sup>a</sup> Portfolio Funds are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>b</sup> Non-income producing security.

<sup>c</sup> Affiliated investment for which ownership exceeds 5% of the investment's capital.

<sup>d</sup> The rate is the annualized seven-day yield at period end.

All investments are in the United States of America, except GMO Equity Dislocation Investment Fund - Class A which is domiciled in Ireland and Gavea Investment Fund IV A, L.P. which is domiciled in Brazil.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aspiriant Risk-Managed Capital Appreciation Fund

- **b. Investment Company Act file number:** 811-23619

- **c. CIK number of Registrant:** 0001830974

- **d. LEI of Registrant:** 254900BEES5GJ4776782

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aspiriant Risk-Managed Capital Appreciation Fund

- **c. LEI of Series:** 254900BEES5GJ4776782

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $135737652.06

**Total Liabilities:** $9743022.02

**Net Assets:** $125994630.04

**Cash Not Reported:** $2149943.61

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 5.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $626266.08               | $6252673.42                                |

### Schedule of Portfolio Investments

| Name                                                                  | Title                                                                 | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Two Sigma China Core Equity Fund                                      | Two Sigma China Core Equity Fund                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2441501 | OU      | $2441501.00   | 1.94%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RA Capital Healthcare Fund, L.P.                                      | RA Capital Healthcare Fund, L.P.                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8333507 | OU      | $8333507.17   | 6.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Children's Investment Fund, L.P.                                  | The Children's Investment Fund, L.P.                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8250500 | OU      | $8250500.00   | 6.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stripes V, LP                                                         | Stripes V, LP                                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  13851933 | OU      | $13851933.42  | 10.99%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Revolution Ventures II, LP                                            | Revolution Ventures II, LP                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4779840 | OU      | $4779840.17   | 3.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Renaissance Institutional Diversified Global Equities Onshore Fund LP | Renaissance Institutional Diversified Global Equities Onshore Fund LP | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6184799 | OU      | $6184799.41   | 4.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| iShares MSCI ACWI ETF (ACWI)                                          | iShares MSCI ACWI ETF (ACWI)                                          | CUSIP: 464288257<br>LEI: N/A | Long             |  | RF                | US        |      2049 | NS      | $173919.12    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Vintage Fund V                                          | Goldman Sachs Vintage Fund V                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    185669 | OU      | $185669.14    | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree Opportunities Fund Xb, L.P.                                   | Oaktree Opportunities Fund Xb, L.P.                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9902217 | OU      | $9902217.00   | 7.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree Opportunities Fund X, L.P.                                    | Oaktree Opportunities Fund X, L.P.                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2012297 | OU      | $2012297.00   | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| New Mountain Partners III, L.P.                                       | New Mountain Partners III, L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    210112 | OU      | $210112.00    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kayne Anderson Energy Fund V (QP), L.P.                               | Kayne Anderson Energy Fund V (QP), L.P.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1193550 | OU      | $1193550.20   | 0.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RA Capital Nexus Fund III, L.P.                                       | RA Capital Nexus Fund III, L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1162304 | OU      | $1162304.24   | 0.92%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Equity Dislocation Investment Fund - Class A (GMEDIAU)            | GMO Equity Dislocation Investment Fund - Class A (GMEDIAU)            | CUSIP: 999999999<br>LEI: N/A | Long             |  | RF                | US        |    181626 | NS      | $3884978.09   | 3.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Government Portfolio                                         | Fidelity Government Portfolio - Class Institutional                   | CUSIP: 316175108<br>LEI: N/A | Long             | STIV             | RF                | US        |   8614831 | PA      | $8614831.34   | 6.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital Dynamics Champion Ventures VII                                | Capital Dynamics Champion Ventures VII                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6401987 | OU      | $6401986.81   | 5.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DFA Global Equity Portfolio I (DGEIX)                                 | DFA Global Equity Portfolio I (DGEIX)                                 | CUSIP: 25434D674<br>LEI: N/A | Long             |  | RF                | US        |    374031 | NS      | $9855714.00   | 7.82%             |  |  |  | No            | 1                  | On Loan: No      |
| D.E. Shaw All Country Global Alpha Extension Fund, L.L.C.             | D.E. Shaw All Country Global Alpha Extension Fund, L.L.C.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  10414634 | OU      | $10414634.00  | 8.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coatue Qualified Partners, LP                                         | Coatue Qualified Partners, LP                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6089300 | OU      | $6089300.03   | 4.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Centerbridge Special Credit Partners                                  | Centerbridge Special Credit Partners                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     21977 | OU      | $21977.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blackstone Life Sciences V L.P.                                       | Blackstone Life Sciences V L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2004718 | OU      | $2004718.04   | 1.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Gavea Investment Fund IV-A L.P.                                       | Gavea Investment Fund IV-A L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    213310 | OU      | $213310.00    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Black River Capital Partners Fund (Food) LP                           | Black River Capital Partners Fund (Food) LP                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2627892 | OU      | $2627891.54   | 2.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AQR Delphi Long-Short Equity Fund, L.P.                               | AQR Delphi Long-Short Equity Fund, L.P.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5786319 | OU      | $5786319.00   | 4.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| American Funds New Perspective Fund F-3 (FNPFX)                       | American Funds New Perspective Fund F-3 (FNPFX)                       | CUSIP: 648018778<br>LEI: N/A | Long             |  | RF                | US        |     85230 | NS      | $4030512.75   | 3.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Adams Street Partnership Fund - 2008 Non-U.S. Fund, L.P.              | Adams Street Partnership Fund - 2008 Non-U.S. Fund, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2033057 | OU      | $2033057.31   | 1.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Viking Global Opportunities LP                                        | Viking Global Opportunities LP                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  10502705 | OU      | $10502705.00  | 8.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Accolade Partners VII-C, L.P.                                         | Accolade Partners VII-C, L.P.                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1316425 | OU      | $1316425.12   | 1.04%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-21

**Name of Applicant:** Aspiriant Risk-Managed Capital Appreciation Fund

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Treasurer