# EDGAR Filing Document

**Accession Number:** 0001830974
**File Stem:** 0001145549-25-056098
**Filing Date:** 2025-8
**Character Count:** 17470
**Document Hash:** f7ec58d11f426ecf46864aa6f8d336e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056098.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-056098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Capital Appreciation Fund
- **CENTRAL INDEX KEY:** 0001830974

**ORGANIZATION NAME:**
- **EIN:** 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:** 251274878

**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 Appreciation Fund
- **DATE OF NAME CHANGE:** 20250723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPIRIANT CAPITAL APPRECIATION FUND
- **DATE OF NAME CHANGE:** 20250718

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

## Nport-Ex

**ASPIRIANT RISK-MANAGED CAPITAL APPRECIATION FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (31.34%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUND (2.09%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI ACWI ETF<sup>a</sup> | Exchange-traded fund | 22669 | $2751289 | $2915233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUND** |  |  | 2751289 | 2915233 |
| **MUTUAL FUNDS (29.25%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds New Perspective Fund F-3 | Mutual fund | 190641 | 12656659 | 13321997 |
| &nbsp;&nbsp;&nbsp;DFA Global Equity Portfolio - Institutional Class | Mutual fund | 364560 | 12850739 | 13346538 |
| &nbsp;&nbsp;&nbsp;GMO Quality Fund - Class VI<sup>a</sup> | Mutual fund | 404194 | 11915105 | 14142747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 37422503 | 40811282 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 40173792 | 43726515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO FUNDS <sup>b, c</sup> (72.19%)** | **Investment Strategy** | | | **Acquisition Date** |
| **PARTNERSHIP INTERESTS (72.19%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accolade Partners VII-C, L.P.<sup>d</sup> | Private Equity | 1372500 | 1606001 | &nbsp;&nbsp;12/7/2020 |
| &nbsp;&nbsp;&nbsp;Adams Street Partnership Fund-2008 Non-U.S. Fund, L.P. | Private Equity |  | 56965 | &nbsp;&nbsp;1/3/2008 |
| &nbsp;&nbsp;&nbsp;AQR Delphi Long-Short Equity Fund, L.P. | Long/Short | 5500000 | 11084043 | &nbsp;&nbsp;4/1/2020 |
| &nbsp;&nbsp;&nbsp;Black River Capital Partners Fund (Food) L.P.<sup>a</sup> | Private Equity | 3918931 | 1690458 | &nbsp;&nbsp;8/5/2011 |
| &nbsp;&nbsp;&nbsp;Blackstone Life Sciences V L.P. | Private Equity | 3948509 | 5972455 | &nbsp;&nbsp;1/10/2020 |
| &nbsp;&nbsp;&nbsp;Coatue Qualified Partners, L.P. | Long/Short | 3602256 | 9685099 | &nbsp;&nbsp;11/1/2017 |
| &nbsp;&nbsp;&nbsp;Gavea Investment Fund IV A, L.P. | Private Equity | 1424075 | 222920 | &nbsp;&nbsp;7/1/2011 |
| &nbsp;&nbsp;&nbsp;Industry Ventures Secondary X, L.P. | Venture Capital | 800414 | 1233975 | &nbsp;&nbsp;1/2/2024 |
| &nbsp;&nbsp;&nbsp;KEPE Selling Fund II, L.P.<sup>a</sup> | Private Equity | 185904 | 186549 | &nbsp;&nbsp;11/15/2024 |
| &nbsp;&nbsp;&nbsp;New Mountain Investments III, L.P.<sup>a</sup> | Buyout | 208517 | 195266 | &nbsp;&nbsp;12/19/2007 |
| &nbsp;&nbsp;&nbsp;New Mountain Investments VII, L.P. | Buyout | 1794941 | 2104612 | &nbsp;&nbsp;8/29/2024 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund X, L.P. | Private Credit |  | 1280565 | &nbsp;&nbsp;2/4/2016 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund Xb, L.P.<sup>a</sup> | Private Credit | 3783849 | 8873736 | &nbsp;&nbsp;6/18/2018 |
| &nbsp;&nbsp;&nbsp;RA Capital Healthcare Fund, L.P. | Long/Short | 6000000 | 10245323 | &nbsp;&nbsp;2/1/2019 |
| &nbsp;&nbsp;&nbsp;RA Capital Nexus Fund III, L.P. | Private Equity | 2600000 | 3440346 | &nbsp;&nbsp;12/17/2021 |
| &nbsp;&nbsp;&nbsp;Revolution Ventures II, L.P. | Venture Capital | 3798083 | 3116005 | &nbsp;&nbsp;10/24/2013 |
| &nbsp;&nbsp;&nbsp;Stripes V, L.P. | Private Equity | 10056248 | 13338934 | &nbsp;&nbsp;7/7/2021 |
| &nbsp;&nbsp;&nbsp;The Children's Investment Fund L.P. | Long/Short | 3000000 | 11982758 | &nbsp;&nbsp;11/1/2017 |
| &nbsp;&nbsp;&nbsp;Viking Global Opportunities L.P. | Long/Short | 10000000 | 14316698 | &nbsp;&nbsp;1/1/2021 |
| &nbsp;&nbsp;&nbsp;Vintage V, L.P. | Buyout | 1997758 | 81451 | &nbsp;&nbsp;8/20/2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  | 63991985 | 100714159 |  |
| **TOTAL PORTFOLIO FUNDS** |  | 63991985 | 100714159 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENT (1.22%)** | **Type of Investment** | **Principal Amount** | | |
| &nbsp;&nbsp;&nbsp;UMB Bank, Money Market Special II, 4.19%<sup>a,e</sup> | Bank Deposit | $1701382 | 1701382 | 1701382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  |  | 1701382 | 1701382 |
| **TOTAL INVESTMENTS (104.75%)** |  |  | $105867159 | $146142056 |
| Liabilities in excess of other assets (-4.75%) |  |  |  | (6628222) |
| **TOTAL NET ASSETS (100.00%)** |  |  |  | $139513834 |

---

<sup>a</sup> All or a portion of this investment is made through the wholly owned subsidiary RMCA Subholding, LLC.

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

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

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

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

All investments are domiciled in the United States of America, except 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $147783900.27

**Total Liabilities:** $9449003.28

**Net Assets:** $138334896.99

**Cash Not Reported:** $1413000.00

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 6.65%                |

**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  | $522891.49               | $8618652.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Accolade Partners, L.P.                 | Accolade Partners VII-C, L.P.                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1606001 | OU      | $1606000.83   | 1.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund, L.P.     | Adams Street Partnership Fund - 2008 Non-U.S. Fund, L.P. | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     56965 | OU      | $56965.00     | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| American Funds New Perspective Fund     | American Funds New Perspective Fund F-3                  | CUSIP: 648018778<br>LEI: MVJJ5XRND2TZ5KBTXC77 | Long             |  | RF                | US        |    190641 | NS      | $13321997.20  | 9.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Stripes, LP                             | Stripes V, LP                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  13338934 | OU      | $13338934.00  | 9.64%             |  |  |  | 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        |  11982758 | OU      | $11982758.09  | 8.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Viking Global Opportunities LP          | Viking Global Opportunities LP                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  14316698 | OU      | $14316698.00  | 10.35%            |  |  |  | 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        |  11084043 | OU      | $11084043.00  | 8.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Black River Capital Partners Fund LP    | Black River Capital Partners Fund (Food) LP              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1373662 | OU      | $1373661.96   | 0.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blackstone Life Sciences L.P.           | Blackstone Life Sciences V L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5709430 | OU      | $5709429.78   | 4.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coatue Qualified Partners, LP           | Coatue Qualified Partners, LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   9685099 | OU      | $9685098.92   | 7.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DFA Global Equity Portfolio             | DFA Global Equity Portfolio I                            | CUSIP: 25434D674<br>LEI: N/A                  | Long             |  | RF                | US        |    364560 | NS      | $13346538.30  | 9.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Gavea Investment Fund L.P.              | Gavea Investment Fund IV-A L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | BR        |    222920 | OU      | $222920.00    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Quality                             | GMO Quality VI                                           | CUSIP: 362008229<br>LEI: 549300AFPJUDV7V43T32 | Long             |  | RF                | US        |    377793 | NS      | $13218992.00  | 9.56%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Quality                             | GMO Quality VI                                           | CUSIP: 362008229<br>LEI: 549300AFPJUDV7V43T32 | Long             |  | RF                | US        |     26401 | NS      | $923755.00    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Vintage Fund              | Goldman Sachs Vintage Fund V                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     81451 | OU      | $81450.72     | 0.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Industry Ventures Seconday, L.P.        | Industry Ventures Seconday X, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1233975 | OU      | $1233974.81   | 0.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| iShares MSCI ACWI ETF                   | iShares MSCI ACWI ETF                                    | CUSIP: 464288257<br>LEI: 549300KZ2WFTI4GQ7M77 | Long             |  | RF                | US        |     22669 | NS      | $2915233.40   | 2.11%             |  |  |  | No            | 1                  | On Loan: No      |
| KEPE Selling Fund, L.P.                 | KEPE Selling Fund II, L.P.                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    186549 | OU      | $186549.00    | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Money Market II Special                 | Money Market II Special                                  | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             |  | US        |   1701382 | PA      | $1701382.44   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| New Mountain Partners, L.P.             | New Mountain Partners III, L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    195266 | OU      | $195266.00    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| New Mountain Partners, L.P.             | New Mountain Partners VII, L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1765265 | OU      | $1765265.00   | 1.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree Opportunities Fund, L.P.        | Oaktree Opportunities Fund X, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1280565 | OU      | $1280565.00   | 0.93%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree Opportunities Fund, L.P.        | Oaktree Opportunities Fund Xb, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   8873736 | OU      | $8873736.00   | 6.41%             |  |  |  | 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        |  10245323 | OU      | $10245322.77  | 7.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RA Capital Nexus Fund, L.P.             | RA Capital Nexus Fund III, L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3180577 | OU      | $3180576.69   | 2.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Revolution Ventures, LP                 | Revolution Ventures II, LP                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3116005 | OU      | $3116005.00   | 2.25%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President