# EDGAR Filing Document

**Accession Number:** 0001830974
**File Stem:** 0001193125-26-081358
**Filing Date:** 2026-2
**Character Count:** 17554
**Document Hash:** b6ea98e3c1a33c72b3a7e847f702223d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081358.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081358

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26695996

**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 CAPITAL APPRECIATION FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARKETABLE SECURITIES (25.09%)** | **Type of Investment** | **Units / Shares** | **Cost** | **Fair Value** |
| **EXCHANGE-TRADED FUND (2.14%)** |  | | | |
| &nbsp;&nbsp;&nbsp;iShares MSCI ACWI ETF<sup>a</sup> | Exchange-traded fund | 22669 | $2751289 | $3207437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUND** |  |  | 2751289 | 3207437 |
| **MUTUAL FUNDS (22.95%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds New Perspective Fund F-3 | Mutual fund | 144426 | 9588408 | 10199329 |
| &nbsp;&nbsp;&nbsp;DFA Global Equity Portfolio - Institutional Class | Mutual fund | 279074 | 9837351 | 11065273 |
| &nbsp;&nbsp;&nbsp;GMO Quality Fund - Class VI<sup>a</sup> | Mutual fund | 375755 | 11373899 | 13151421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUTUAL FUNDS** |  |  | 30799658 | 34416023 |
| **TOTAL MARKETABLE SECURITIES** |  |  | 33550947 | 37623460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>PORTFOLIO FUNDS <sup>b, c</sup> (74.65%)</u>** | **Investment Strategy** | | | **Acquisition Date** |
| **PARTNERSHIP INTERESTS (74.65%)** |  | | |  |
| &nbsp;&nbsp;&nbsp;Accolade Partners VII-C, L.P.<sup>d</sup> | Private Equity | 1417500 | 1872879 | 12/7/2020 |
| &nbsp;&nbsp;&nbsp;Adams Street Partnership Fund-2008 Non-U.S. Fund, L.P. | Private Equity |  | 57857 | 1/3/2008 |
| &nbsp;&nbsp;&nbsp;AQR Delphi Long-Short Equity Fund, L.P. | Long/Short | 5500000 | 11584054 | 4/1/2020 |
| &nbsp;&nbsp;&nbsp;Black River Capital Partners Fund (Food) L.P.<sup>a</sup> | Private Equity | 3752573 | 1049321 | 8/5/2011 |
| &nbsp;&nbsp;&nbsp;Blackstone Life Sciences V L.P. | Private Equity | 4604680 | 6281948 | 1/10/2020 |
| &nbsp;&nbsp;&nbsp;Coatue Qualified Partners, L.P. | Long/Short | 3602256 | 10134733 | 11/1/2017 |
| &nbsp;&nbsp;&nbsp;Gavea Investment Fund IV A, L.P. | Private Equity | 1424075 | 232678 | 7/1/2011 |
| &nbsp;&nbsp;&nbsp;Industry Ventures Secondary X, L.P. | Venture Capital | 1180603 | 1823849 | 1/2/2024 |
| &nbsp;&nbsp;&nbsp;J. Goldman, L.P. | Long/Short | 1000000 | 1038301 | 7/1/2025 |
| &nbsp;&nbsp;&nbsp;KEPE Selling Fund II, L.P.<sup>a</sup> | Private Equity | 90245 | 90510 | 11/15/2024 |
| &nbsp;&nbsp;&nbsp;New Mountain Investments III, L.P.<sup>a</sup> | Buyout | 208517 | 194956 | 12/19/2007 |
| &nbsp;&nbsp;&nbsp;New Mountain Investments VII, L.P. | Buyout | 3543665 | 4307884 | 8/29/2024 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund X, L.P. | Private Credit |  | 1096290 | 2/4/2016 |
| &nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund Xb, L.P.<sup>a</sup> | Private Credit | 2693123 | 8355468 | 6/18/2018 |
| &nbsp;&nbsp;&nbsp;RA Capital Healthcare Fund, L.P. | Long/Short | 6000000 | 15633870 | 2/1/2019 |
| &nbsp;&nbsp;&nbsp;RA Capital Nexus Fund III, L.P. | Private Equity | 2000000 | 3187492 | 12/17/2021 |
| &nbsp;&nbsp;&nbsp;Revolution Ventures II, L.P. | Venture Capital | 3828240 | 3197366 | 10/24/2013 |
| &nbsp;&nbsp;&nbsp;Stripes V, L.P. | Private Equity | 9818729 | 14342152 | 7/7/2021 |
| &nbsp;&nbsp;&nbsp;The Children's Investment Fund L.P. | Long/Short | 3000000 | 12631888 | 11/1/2017 |
| &nbsp;&nbsp;&nbsp;Viking Global Opportunities L.P. | Long/Short | 10000000 | 14837449 | 1/1/2021 |
| &nbsp;&nbsp;&nbsp;Vintage V, L.P. | Buyout | 1969564 | 5568 | 8/20/2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PARTNERSHIP INTERESTS** |  | 65633770 | 111956513 |  |
| **TOTAL PORTFOLIO FUNDS** |  | 65633770 | 111956513 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENT (1.56%)** | **Type of Investment** | | |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.42%<sup>a,e</sup> | Money Market Fund | 2341642 | 2341642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  | 2341642 | 2341642 |
| **TOTAL INVESTMENTS (101.30%)** |  | $101526359 | $151921615 |
| Liabilities in excess of other assets (-1.30%) |  |  | (1955141) |
| **TOTAL NET ASSETS (100.00%)** |  |  | $149966474 |

---

<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 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 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:** 2025-12-31

**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:** $152734807.86

**Total Liabilities:** $2517165.24

**Net Assets:** $150217642.62

**Cash Not Reported:** $379582.05

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 4.55%                |

**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  | $2837688.60              | $3493013.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| RA Capital Nexus Fund, L.P.             | RA Capital Nexus Fund III, L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3187492 | OU      | $3187492.47   | 2.12%             |  |  |  | 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        |  15633870 | OU      | $15633869.55  | 10.41%            |  |  |  | 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        |   8355468 | OU      | $8355468.00   | 5.56%             |  |  |  | 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        |   1096290 | OU      | $1096290.00   | 0.73%             |  |  |  | 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        |   4307884 | OU      | $4307884.10   | 2.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| New Mountain Partners, L.P.             | New Mountain Partners III, L.P.                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    194956 | OU      | $194956.00    | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KEPE Selling Fund, L.P.                 | KEPE Selling Fund II, L.P.                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     90510 | OU      | $90510.00     | 0.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| J. Goldman, L.P.                        | J. Goldman, L.P.                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1038301 | OU      | $1038300.71   | 0.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| iShares MSCI ACWI ETF                   | iShares MSCI ACWI ETF                                    | CUSIP: 464288257<br>LEI: 549300KZ2WFTI4GQ7M77 | Long             |  | RF                | US        |     22669 | NS      | $3207436.81   | 2.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Industry Ventures Secondary, L.P.       | Industry Ventures Secondary X, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1823849 | OU      | $1823848.68   | 1.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Goldman Sachs FS Govt #466              | Goldman Sachs FS Govt #466                               | CUSIP: 38141W265<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             |  | US        |   2341642 | PA      | $2341641.69   | 1.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Vintage Fund              | Goldman Sachs Vintage Fund V                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |      5568 | OU      | $5568.05      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GMO Quality                             | GMO Quality VI                                           | CUSIP: 362008229<br>LEI: 549300AFPJUDV7V43T32 | Long             |  | RF                | US        |     55690 | NS      | $1949158.00   | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Quality                             | GMO Quality VI                                           | CUSIP: 362008229<br>LEI: 549300AFPJUDV7V43T32 | Long             |  | RF                | US        |    320065 | NS      | $11202263.00  | 7.46%             |  |  |  | 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        |    232678 | OU      | $232678.00    | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DFA Global Equity Portfolio             | DFA Global Equity Portfolio I                            | CUSIP: 25434D674<br>LEI: N/A                  | Long             |  | RF                | US        |    279074 | NS      | $11065273.65  | 7.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Coatue Qualified Partners, LP           | Coatue Qualified Partners, LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  10134733 | OU      | $10134732.97  | 6.75%             |  |  |  | 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        |   6281949 | OU      | $6281948.52   | 4.18%             |  |  |  | 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        |   1300490 | OU      | $1300489.69   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Accolade Partners, L.P.                 | Accolade Partners VII-C, L.P.                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1872879 | OU      | $1872878.91   | 1.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Viking Global Opportunities LP          | Viking Global Opportunities LP                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  14837449 | OU      | $14837449.00  | 9.88%             |  |  |  | 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        |  12631888 | OU      | $12631888.05  | 8.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stripes, LP                             | Stripes V, LP                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  14342152 | OU      | $14342152.00  | 9.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Revolution Ventures, LP                 | Revolution Ventures II, LP                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3197366 | OU      | $3197366.22   | 2.13%             |  |  |  | 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        |  11584054 | OU      | $11584054.00  | 7.71%             |  |  |  | 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        |    144425 | NS      | $10199328.67  | 6.79%             |  |  |  | No            | 1                  | 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        |     57857 | OU      | $57857.00     | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Aspiriant Capital Appreciation Fund

**Signature:** /s/ Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** President