UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22922

Aspiration Funds
(Exact name of registrant as specified in charter)

4640 Admiralty Way, Marina Del Rey, California 90292

(Address of principal executive offices) (Zip code)

Matthew J. Beck

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802

(Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922

Date of fiscal year end: September 30

Date of reporting period: September 30, 2017

Annual Report 2017

September 30, 2017

Aspiration Redwood Fund

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Aspiration Redwood Fund (the "Fund"). The Fund's shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Fund nor the Fund's distributor is a bank.

The Aspiration Redwood Fund is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC, 27609. There is no affiliation between the Aspiration Redwood Fund, including its principals, and Capital Investment Group, Inc.

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Aspiration Redwood Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks: market risk, management risk, derivatives risk, equity securities risk, convertible securities risk, futures risk, investment company risk, leverage risk associated with financial instruments, focused investment risk, foreign investing risk, limited capitalization risk, and temporary defensive positions risk. More information about these risks and other risks can be found in the Fund's prospectus.

The performance information quoted in this Annual Report represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data current to the most recent month-end by visiting ncfunds.com.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at funds.aspiration.com/redwood/ or by calling the Advisor at 800-683-8529. The prospectus should be read carefully before investing.

This Annual Report was first distributed to shareholders on or about November 29, 2017.

For More Information on the Aspiration Redwood Fund:

See Our Web site at aspiration.com

Call Our Shareholder Services Group at 800-683-8529.

Dear Aspiration Redwood Fund Shareholder,

Two years ago, we launched the Aspiration Redwood Fund -- challenging a conventional wisdom among some on Wall Street that you had to sacrifice your values to make money.

Refusing to accept the status quo, we set out to demonstrate that you can in fact do well while doing good. And in these past two years, we have done just that¹:

	Outperformed the S&P 500 by 6%! (for the one-year period ending September 30, 2017)²

	Top 2% of all large cap equity funds in America (according to Morningstar for the one-year period ending September 30, 2017)³

	Five out of Five Globes for the top Sustainability rating (according to Morningstar as of September 30, 2017)⁴

	According to Barron's 2017 Funds with Sustainable Goals ranking, Aspiration is ranked #2! Among funds that had fewer than $300 million in assets!⁵

	100% fossil-fuel and firearm free!

While we are thrilled with what we've accomplished together, we are not content to rest on our laurels. We recognize that the stakes have never been higher for giving consumers and investors the ability to combine investment value and personal values.

That's why we are continuing our pledge to you. We promise to keep the Aspiration Redwood Fund 100% fossil-fuel and firearm free. And we promise to only invest in companies with sustainable environmental, workplace and governance practices to ensure we honor your values while helping build value in your portfolio.

Thank you again for your investment in the Aspiration Redwood Fund. We are proud to be a financial firm you trust and we promise to continue to put your needs first as we offer you innovative and sustainable financial services. If you ever have any questions, please contact us at hello@aspiration.com.

¹ One year performance returns and rankings referenced below are based on one year total return ending September 30, 2017 without assuming the maximum Pay What is Fair contribution. For more details, please refer to the important disclosures below.

² Please see the standard performance table illustrating the performance of the Fund, and please refer to the Morningstar ranking for the most recent performance information as compared to the S&P 500.

³ The Fund received the top two percent ranking from Morningstar based on a comparison of 1,307 funds within Morningstar's Large Blend category. The Fund's rating was based on one year total return performance from September 30, 2016 to September 30, 2017. The Large Blend category is comprised of US-based companies with a market capitalization of $10 billion or more.

⁴ The Fund received five out of five globes and a sustainability rating by Morningstar as of August 31, 2017, which is the most recent ranking information available. The rating is within the Morningstar Large Blend category based on a comparison of 1,390 funds for the one-year period ending September 30, 2017, which is the most recent ranking information available. Sustainalytics provides company-level analysis in the calculation of Morningstar's Sustainability Score based on information provided in the Fund's prospectus.

⁵ The Fund ranked number two according to Barron's List of Funds with Sustainable goals, but did not qualify for their primary rankings list. This ranking is based on one-year total return as of September 30, 2017 and includes 55 actively managed U.S. stock funds with a sustainable mandate, but with fewer than $300 million in assets or lower sustainability ratings.

And if you know someone who wants do well and do good, we'd appreciate your letting them know about Aspiration and the Aspiration Redwood Fund.

Best,

Andrei Cherny

CEO, Aspiration

(RCASP1117002)

Average Annual Total Returns (Unaudited) Period ended September 30, 2017	Three Months	Six Months	One Year	Since Inception *	Net Expense Ratio **	Gross Expense Ratio***
Aspiration Redwood Fund – Without maximum assumed contribution reduction	6.57%	9.76%	24.70%	17.27%	0.50%	9.50%
Aspiration Redwood Fund – With maximum assumed contribution reduction ****	4.57%	7.76%	22.70%	15.27%	0.50%	9.50%
S&P 500 Total Return Index	4.48%	7.71%	18.61%	13.93%	N/A	N/A

The performance data quoted above represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain more current performance data regarding the Fund, including performance data current to the Fund's most recent month-end, please visit aspiration.com or call the Fund at (800) 683-8529. Fee waivers and expenses reimbursements have positively impacted Fund performance.

*The Fund's inception date was November 16, 2015 for the Investor Class Shares.

**The Advisor has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Fund, under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund's total operating expenses (exclusive of interest, taxes, brokerage commissions, borrowing costs, fees and expenses of other investment companies in which the Fund invests, and other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business) to not more than 0.50% of the average daily net assets of the Fund for the current fiscal period. The current term of the Expense Limitation Agreement remains in effect until January 31, 2018. While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

***Gross expense ratio is from the Fund's Prospectus dated January 30, 2017.

****Contribution reduction assumes a maximum 2% management fee.

An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks: Market Risk, Management Risk, Derivatives Risk, Futures Risk, Leverage Risk Associated with Financial Instruments, Focused Investment Risk, Foreign Investing Risk, Limited Capitalization Risk, Temporary Defensive Positions, New Fund Risk. The use of futures contracts may cause the value of the Fund's shares to be more volatile. There is a risk that investing in a select group of securities could subject the fund to greater risk of loss and could be considerably more volatile than the fund's primary benchmark or other mutual funds that are diversified across a greater number of securities. More information about these risks can be found in the Fund's prospectus.

An investor should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at funds.aspiration.com or by calling Shareholder Services at 800-683-8529. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.

Aspiration Fund Adviser, LLC is the adviser to the Aspiration Redwood Fund, which is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, North Carolina 27609, (800) 773-3863. There is no affiliation between Aspiration Fund Adviser, LLC, including its principals, and Capital Investment Group, Inc.

Aspiration Redwood Fund

Performance Update (Unaudited)

For the period from November 16, 2015 (Date of Initial Public Investment) through September 30, 2017

Comparison of the Change in Value of a $10,000 Investment

This graph assumes an initial investment of $10,000 at November 16, 2015 (Date of Initial Public Investment). All dividends and distributions are reinvested. This graph depicts the performance of the Aspiration Redwood Fund versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

Gross

Net

As of

One

Since

Inception

Expense

September 30, 2017

Year

Inception

Date

Ratio*

Aspiration Redwood Fund - With maximum

22.70%

15.27%

11/16/15

2.65%

0.50%

assumed contribution reduction**

Aspiration Redwood Fund - Without maximum

24.70%

17.27%

11/16/15

2.65%

0.50%

assumed contribution reduction

S&P 500 Total Return Index

18.61%

13.93%

N/A

The gross and net expense ratios shown are from the Fund's Financial Highlights as of September 30, 2017.

Contribution reduction assumes a maximum 2% management fee.

Performance quoted above represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Average annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of distributions.

Aspiration Redwood Fund

Schedule of Investments

As of September 30, 2017
			Shares		Value (Note 1)

COMMON STOCKS - 86.65%

	Consumer Discretionary - 14.92%
		Comcast Corp.	34,707	$	1,335,525
		Delphi Automotive PLC	8,087		795,761
		Newell Brands, Inc.	39,803		1,698,394
		The TJX Cos., Inc.	23,407		1,725,798
					5,555,478
	Financials - 21.65%
		American Express Co.	17,727		1,603,584
		Citigroup, Inc.	21,823		1,587,405
		JPMorgan Chase & Co.	16,994		1,623,097
		Marsh & McLennan Cos., Inc.	19,783		1,658,607
		Voya Financial, Inc.	39,948		1,593,526
					8,066,219
	Health Care - 17.37%
	*	Alnylam Pharmaceuticals, Inc.	7,779		913,955
	*	Celgene Corp.	7,273		1,060,549
		Cigna Corp.	8,589		1,605,628
		Eli Lilly & Co.	19,757		1,690,014
		UnitedHealth Group, Inc.	6,123		1,199,190
					6,469,336
	Industrials - 4.71%
		Johnson Controls International PLC	43,544		1,754,388
					1,754,388
	Information Technology - 23.98%
	*	Integrated Device Technology, Inc.	32,224		856,514
		Jabil, Inc.	36,749		1,049,184
		KLA-Tencor Corp.	8,692		921,352
	*	Micron Technology, Inc.	29,719		1,168,848
	*	ON Semiconductor Corp.	45,372		838,021
	*	PTC, Inc.	23,718		1,334,849
		Visa, Inc.	14,069		1,480,621
		Western Digital Corp.	14,835		1,281,744
					8,931,133
	Materials - 4.02%
		Ecolab, Inc.	11,655		1,498,949
					1,498,949

		Total Common Stocks (Cost $30,085,019)			32,275,503






					(Continued)

Aspiration Redwood Fund

Schedule of Investments - Continued

As of September 30, 2017
					Shares			Value (Note 1)

REAL ESTATE INVESTMENT TRUSTS - 4.26%

		Simon Property Group, Inc.			9,847		$	1,585,465
								1,585,465

		Total Real Estate Investment Trusts (Cost $1,564,374)						1,585,465

SHORT-TERM INVESTMENT - 6.43%
	§	Fidelity Institutional Money Market Funds - Treasury Portfolio, 0.93%			2,396,511			2,396,511

		Total Short-Term Investment (Cost $2,396,511)						2,396,511

Total Value of Investments (Cost $34,045,904) - 97.34%							$	36,257,479

Other Assets Less Liabilities - 2.66%								991,319

NET ASSETS - 100.00%							$	37,248,798

*	Non-income producing investment
§	Represents 7 day effective yield as of September 30, 2017






			Summary of Investments
				% of Net
			By Sector	Assets	Value
			Consumer Discretionary	14.92%	$	5,555,478
			Financials	21.65%	8,066,219
			Health Care	17.37%	6,469,336
			Industrials	4.71%	1,754,388
			Information Technology	23.98%	8,931,133
			Materials	4.02%	1,498,949
			Real Estate Investment Trusts	4.26%	1,585,465
			Short-Term Investment	6.43%	2,396,511
			Other Assets Less Liabilities	2.66%	991,319
			Total	100.00%	$	37,248,798







See Notes to Financial Statements

Aspiration Redwood Fund

Statement of Assets and Liabilities

As of September 30, 2017

Assets:
	Investments, at value (cost $34,045,904)		$	36,257,479
	Cash			199,860
	Receivables:
		From Advisor		210,536
		Fund shares sold		572,723
		Dividends		26,655
	Prepaid expenses:
		Registration and filing expenses		38,779
		Fund accounting fees		2,249

Total assets				37,308,281

Liabilities:
	Payables:
		Fund shares repurchased		9,543
	Accrued expenses:
		Professional fees		39,938
		Distribution and service fees - Investor Class Shares		6,576
		Compliance fees		1,125
		Administration fees		1,450
		Custody fees		51
		Distribution expenses		450
		Shareholder fulfillment expenses		350

Total liabilities				59,483

Net Assets			$	37,248,798

Net Assets Consist of:
	Paid in capital		$	33,362,010
	Accumulated undistributed net investment income			46,856
	Accumulated undistributed net realized gain on investments			1,628,357
	Net unrealized appreciation on investments			2,211,575

Total Net Assets			$	37,248,798
Shares Outstanding, no par value (unlimited authorized shares)				2,905,435
Net Asset Value, Maximum Offering Price and Redemption Price Per Share			$	12.82





See Notes to Financial Statements

Aspiration Redwood Fund

Statement of Operations

For the fiscal year ended September 30, 2017

Investment Income:
	Dividends		$	230,233

		Total Investment Income		230,233

Expenses:
	Transfer Agent fees (Note 2)			114,889
	Professional fees			103,385
	Distribution and service fees - Investor Class Shares (Note 3)			43,218
	Shareholder fulfillment expenses			34,294
	Custody fees (Note 2)			31,036
	Fund accounting fees (Note 2)			28,708
	Compliance fees (Note 2)			28,254
	Administration fees (Note 2)			25,890
	Insurance fees			15,715
	Registration and filing expenses			12,891
	Trustee fees and meeting expenses			12,500
	Distribution expenses (Note 2)			6,037
	Securities pricing fees			3,472

Total Expenses				460,289

	Expenses reimbursed by Advisor (Note 2)			(373,852)

		Net Expenses		86,437

Net Investment Income				143,796

Realized and Unrealized Gain on Investments:

	Net realized gain from investment transactions			1,760,751

	Net change in unrealized appreciation on investments			1,850,967

Net Realized and Unrealized Gain on Investments				3,611,718

Net Increase in Net Assets Resulting from Operations			$	3,755,514




See Notes to Financial Statements

Aspiration Redwood Fund

Statements of Changes in Net Assets


For the fiscal year or period ended September 30,			2017		2016 (a)

Operations:
	Net investment income	$	143,796	$	46,794
	Net realized gain from investment transactions		1,760,751		77,668
	Net change in unrealized appreciation on investments		1,850,967		360,608

Increase in Net Assets from Operations			3,755,514		485,070

Distributions to Shareholders:
	Net investment income		(143,796)		-
	Net realized gains		(210,062)		-

Decrease in Net Assets Resulting from Distributions			(353,858)		-

Beneficial Interest Transactions:
	Shares Sold		33,340,382		5,247,539
	Reinvested Dividends and Distributions		352,868		-
	Shares Repurchased		(5,009,301)		(569,416)

Net Increase in Beneficial Interest Transactions			28,683,949		4,678,123

Net Increase in Net Assets			32,085,605		5,163,193

Net Assets:
	Beginning of period		5,163,193		-
	End of period	$	37,248,798	$	5,163,193

Accumulated Undistributed Net Investment Income		$	46,856	$	46,794

Share Information:
	Shares Sold		2,815,417		535,179
	Reinvested Dividends and Distributions		32,522		-
	Shares Repurchased		(420,258)		(57,425)
	Net Increase in Shares of Beneficial Interest		2,427,681		477,754

(a)	For the fiscal period from November 16, 2015 (Date of Initial Public Investment) through September 30, 2016.





See Notes to Financial Statements

Aspiration Redwood Fund

Financial Highlights

For a share outstanding during the fiscal
year or period ended September 30,			2017		2016	(e)

Net Asset Value, Beginning of Period		$	10.81	$	10.00

Income from Investment Operations
	Net investment income		0.13		0.10
	Net realized and unrealized gain on investments		2.43		0.71

Total from Investment Operations			2.56		0.81

Less Distributions to Shareholders:
	Net investment income		(0.21)		-
	Net realized gains		(0.34)		-

Total Distributions			(0.55)		-

Net Asset Value, End of Period		$	12.82	$	10.81

Total Return (c)			22.70%		6.10%	(b)

Total Return (d)			24.70%		8.10%	(b)

Net Assets, End of Period (in thousands)		$	37,249	$	5,163

Ratios of:
Gross Expenses to Average Net Assets			2.65%		9.49%	(a)
Net Expenses to Average Net Assets			0.50%		0.50%	(a)
Net Investment Income to Average Net Assets			0.83%		1.90%	(a)

Portfolio turnover rate			131.83%		120.74%	(b)



(a)	Annualized
(b)	Not annualized.
(c)	Performance with maximum assumed contribution reduction of 2%. Contribution reduction assumes a maximum 2% management fee.
(d)	Performance without maximum assumed contribution reduction of 2%.
(e)	For the fiscal period from November 16, 2015 (Date of Initial Public Investment) through September 30, 2016.



See Notes to Financial Statements

Aspiration Redwood Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

The Aspiration Redwood Fund (the "Fund") is a series of the Aspiration Funds (the "Trust"). The Trust was organized as a Delaware statutory trust on October 16, 2013 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is a separate diversified series of the Trust and commenced operations on November 16, 2015. The investment objective of the Fund is to maximize total return, consisting of capital appreciation and current income. The Fund seeks to achieve its investment objective by investing in companies based on various financial factors and fundamental sustainability factors such as environmental, social, and governance performance of such companies. The Fund invests in securities, which include, but are not limited to, dividend-paying securities, common stock, preferred stock, shares of investment companies, convertible securities, warrants, and rights. The Fund may, but is not required to, use exchange-traded derivative instruments for risk management purposes or as part of the Fund's investment strategies.

The Fund currently has an unlimited number of authorized shares, which are divided into two classes - Investor Class Shares and Class C Shares. Each class of shares has equal rights as to assets of the Fund, and the classes are identical, except for differences in ongoing distribution and service fees and a contingent deferred sales charge on the Class C Shares. Both share classes are subject to distribution plan fees as described in Note 3. Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. As of September 30, 2017, no Class C Shares have been issued.

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 "Financial Services – Investment Companies."

Investment Valuation

The Fund's investments in securities are carried at fair value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the portfolio security is principally traded closes early or if trading of the particular portfolio security is halted during the day and does not resume prior to the Fund's net asset value calculation) or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees. A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

The Fund may invest in portfolios of open-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds. Open-ended funds are valued at their respective net asset values as reported by such investment companies.

Fair Value Measurement

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1: quoted prices in active markets for identical securities

(Continued)

Aspiration Redwood Fund

Notes to Financial Statements

Level 2: other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

Level 3: significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of September 30, 2017 for the Fund's assets measured at fair value:

Aspiration Redwood Fund
Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets
Common Stocks*	$	32,275,503	$	32,275,503	$	-	$	-
Real Estate Investment Trusts		1,585,465		1,585,465		-		-
Short-Term Investment		2,396,511		2,396,511		-		-
Total Assets	$	36,257,479	$	36,257,479	$	-	$	-

* Refer to the Schedule of Investments for a breakdown by sector.

(a) The Fund had no transfers into or out of Level 1, 2, or 3 during the fiscal year ended September 30, 2017. It is the Fund's policy to record transfers at the end of the reporting period.

Concentrations of Risk

The Fund seeks to achieve its investment objective by investing primarily in dividend-paying securities, common stock, preferred stock, shares of investment companies, convertible securities, warrants, and rights. The Fund may, but is not required to, use exchange-traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts with value dependent upon, or derived from, the value of an underlying asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. The derivatives in which the Fund may invest include futures and forward currency agreements. These derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets. The principal risks of investing in the Fund include: market risk, management risk, derivatives risk, equity securities risk, convertible securities risk, futures risk, investment company risk, leverage risk associated with financial instruments, focused investment risk, foreign investing risk, limited capitalization risk, and temporary defensive positions. The Fund held no derivatives as of and for the fiscal year ended September 30, 2017.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion/amortization of discounts and premiums. Realized gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

(Continued)

Aspiration Redwood Fund

Notes to Financial Statements – Continued

Expenses

The Fund bears expenses incurred specifically on its behalf as well as a portion of Trust level expenses, which are allocated according to methods reviewed by the Board of Trustees ("Trustees").

Distributions

The Fund may declare and distribute dividends from net investment income (if any) annually. Distributions from capital gains (if any) are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

2. Transactions with Related Parties and Service Providers

Advisor

Aspiration Fund Adviser, LLC (the "Advisor") does not impose a set fee to manage individual shareholder accounts. Instead, the shareholders may pay the Advisor a fee to manage their individual accounts in the amount they believe is fair, ranging from 0% to 2% of their net assets. Only clients of the Advisor may invest in the Fund. Those Advisor clients must establish an advisory relationship and open an individual account with the Advisor before investing in the Fund. The Fund is responsible for its own operating expenses. For the fiscal year ended September 30, 2017, no advisory fees were incurred by the Fund.

The Advisor has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Fund, under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund's total operating expenses (exclusive of interest, taxes, dividends, litigation and indemnification expenses, brokerage commissions, borrowing costs, fees and expenses of other investment companies in which the Fund invests, and other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business) to not more than 0.50% of the average daily net assets of the Fund for the current fiscal year. The current term of the Expense Limitation Agreement remains in effect until January 31, 2018. While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

For the fiscal year ended September 30, 2017, the Advisor reimbursed the Fund $373,852, all of which was related to other reimbursements during the fiscal year ended September 30, 2017, and is subject to recoupment on or before September 30, 2020, provided that the annual expense ratio does not exceed 0.50%. Prior year reimbursements for the initial period ended September 30, 2016 consisted of the Advisor reimbursing the Fund $221,727, of which $46,772 related to offering costs expensed during the period ended September 30, 2016, and $174,955 was related to other reimbursements, which are subject to recoupment on or before September 30, 2019 provided that the annual expense ratio does not exceed 0.50%.

Sub-Advisor

UBS Asset Management (Americas), Inc. (the "Sub-Advisor") is responsible for management of the Fund's investment portfolio according to the Fund's investment objective, policies, and restrictions. The Sub-Advisor is subject to the authority of the Board of Trustees and oversight by the Advisor. The Sub-Advisor is entitled to receive an annual sub-advisory fee, paid by the Advisor – not the Fund – for advisory services provided to the Fund, according to a formula. In addition, the Advisor and Sub-Advisor each donate 10% of their respective fees to charity. The Advisor will donate 10% of its fees after deducting the sub-advisory fee paid to the Sub-Advisor, and the Sub-Advisor will donate 10% of its fees after receiving its fees from the Advisor.

(Continued)

Aspiration Redwood Fund

Notes to Financial Statements – Continued

Administrator

The Nottingham Company serves as the Fund's Administrator (the "Administrator"). The Fund pays a monthly fee to the Administrator based upon the average daily net assets of the Fund and subject to a minimum of $2,000 per month. The Fund incurred $25,890 of fees by the Administrator for the fiscal year ended September 30, 2017.

Fund Accounting Services

The Nottingham Company serves as the Fund's Fund Accounting Services Provider. Under the terms of the Fund Accounting and Administration Agreement, the Fund Accounting Service Provider calculates the daily net asset value per share and maintains the financial books and records for the Fund. The Fund incurred $28,708 of fees by The Nottingham Company for the fiscal year ended September 30, 2017.

Compliance Services

Cipperman Compliance Services, LLC provides services as the Trust's Chief Compliance Officer. Cipperman Compliance Services, LLC is entitled to receive customary fees from the Fund for their services pursuant to the Compliance Services agreement with the Fund. The Fund incurred $28,254 in compliance fees for fiscal year ended September 30, 2017.

Custodian

UMB Bank, N.A. provides services as the Fund's custodian. For its services, the Custodian is entitled to receive compensation from the Fund pursuant to the Custodian's fee arrangements with the Fund. The Fund paid $31,036 in custody fees for the fiscal year ended September 30, 2017.

Transfer Agent

Nottingham Shareholder Services, LLC ("Transfer Agent"), an affiliate of The Nottingham Company, serves as transfer, dividend paying, and shareholder servicing agent for the Fund. For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent's fee arrangements with the Fund. The Fund paid $114,889 to the Transfer Agent for the fiscal year ended September 30, 2017.

Distributor

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's principal underwriter and distributor. The Distributor receives $5,000 per year paid in monthly installments for services provided and expenses assumed. Additional expenses may be incurred for processing fees during the year. The Fund incurred $6,037 in distribution expenses for the fiscal year ended September 30, 2017.

Officers and Trustees of the Trust

As of September 30, 2017, certain officers of the Trust were also officers of the Administrator. Trustees and an officer are also officers of the Advisor.

3. Distribution and Service Fees

The Trustees, including a majority of the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act and who have no direct or indirect financial interest in such plan or in any agreement related to such plan, adopted a distribution plan pursuant to Rule 12b-1 of the 1940 Act (the "Plan"). The 1940 Act regulates the manner in which a regulated investment company may assume expenses of distributing and promoting the sales of its shares and servicing of its shareholder accounts. The Plan provides that the Fund may incur certain expenses, which may not exceed 0.25% per annum of the average daily net assets of the Investor Class Shares and 1.00% per annum of the average daily net assets of the Class C Shares for each year elapsed subsequent to adoption of the Plan, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel or other expenses reasonably intended to result in sales of shares of the Fund or support servicing of shareholder accounts. For the fiscal year ended September 30, 2017, $43,218 in distribution and service fees were incurred by the Investor Class Shares of the Fund.

(Continued)

Aspiration Redwood Fund

Notes to Financial Statements – Continued

4. Purchases and Sales of Investment Securities

For the fiscal year ended September 30, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Purchases of Securities	Proceeds from Sales of Securities
$47,467,674	$22,072,696

5. Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. There were no such reclassifications as of September 30, 2017.

Management reviewed the Fund's tax positions taken on federal income tax returns for the open tax year/period ended September 30, 2017 and September 30, 2016. As of and during the fiscal year ended September 30, 2017, the Fund does not have a liability for uncertain tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended September 30, 2017, the Fund did not incur any interest or penalties.

The Fund identifies its major tax jurisdictions as U.S. Federal and the State of California where the Trust makes significant investments.

Distributions during the fiscal years ended were characterized for tax purposes as follows:

	September 30, 2017	September 30, 2016
Ordinary Income	$ 353,858	$ -

At September 30, 2017, the tax-basis cost of investments and components of distributable earnings were as follows:

Cost of Investments	$	34,048,530

Gross Unrealized Appreciation	$	2,498,308
Gross Unrealized Depreciation		(289,359)
Net Unrealized Appreciation		2,208,949

Undistributed Net Investment Income		1,506,039
Undistributed Capital Gains		171,800

Accumulated Earnings	$	3,886,788

The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax deferral of losses from wash sales.

6. Beneficial Ownership

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of September 30, 2017, there were no control persons of the Fund.

(Continued)

Aspiration Redwood Fund

Notes to Financial Statements – Continued

7. Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects risk of loss to be remote.

8. Subsequent Events

In accordance with GAAP, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Aspiration Redwood Fund

(a series of Aspiration Funds)

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Aspiration Redwood Fund (the "Fund"), a series of Aspiration Funds, as of September 30, 2017, and the related statement of operations for the year ended, and the statements of changes in net assets and the financial highlights for each of the two periods in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Aspiration Redwood Fund as of September 30, 2017, the results of its operations, the changes in its net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 29, 2017

Aspiration Redwood Fund

Additional Information

(Unaudited)

1. Proxy Voting Policies and Voting Record

A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Disclosure Policy are included as Appendix B to the Fund's Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30 is available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at sec.gov.

2. Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at sec.gov. You may review and make copies at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 800-SEC-0330. You may also obtain copies without charge, upon request, by calling the Fund at 800-773-3863.

3. Tax Information

We are required to advise you within 60 days of the Fund's fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Fund's fiscal year ended September 30, 2017.

During the fiscal year ended September 30, 2017, the Fund paid $143,796 ordinary income distributions and $210,062 in short-term capital gain distributions.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

4. Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2017 through September 30, 2017.

Actual Expenses – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Investor Class Shares	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,097.60	$2.63
	$1,000.00	$1,022.56	$2.54

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by 184/365 (to reflect the initial period).

5. Approval of Investment Advisory Agreement

The Advisor supervises the Fund's investments by overseeing the Sub-Advisor, who manages the Fund's daily activity, pursuant to an Investment Advisory Agreement. At a quarterly meeting of the Fund's Board of Trustees on December 6, 2016, the Trustees approved the Investment Advisory Agreement through December 29, 2017. In considering whether to approve the Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Advisor; (ii) investment performance of the Fund and Advisor; (iii) the costs of the services to be provided and profits to be realized by the Advisor and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors; (v) the Advisor's practice regarding brokerage and portfolio transactions; and (vi) the Advisor's practices regarding conflicts of interest.

At the meeting, the Trustees reviewed various informational materials including, without limitation, the Investment Advisory Agreement for the Fund; a memorandum from the Advisor to the Trustees containing information about the Advisor, its business, its financial strength and capability, its personnel, its services to the Fund, and comparative expense ratio information for other mutual funds with a strategy similar to the Fund; the Advisor's Form ADV; and a memorandum from the Trustees' legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. The Trustees noted that the Fund does not pay an advisory fee to the Advisor. The Trustees also noted that only clients of the Advisor may invest in the Fund, and that such clients have the discretion to pay the Advisor a fee in an amount they deem to be fair and reasonable. The Trustees took into account the Expense Limitation Agreement pursuant to which the Advisor has agreed to reimburse the Fund's operating expenses to the extent necessary to limit the Fund's total annual operating expenses to 0.50% of the Fund's average daily net assets through January 31, 2018. It was noted that the Expense Limitation Agreement also permits the Advisor to recoup any expense reimbursements from the Fund for a period of three years following such reimbursement, provided such recoupment does not cause the Fund's total annual operating expenses to exceed 0.50% of the Fund's average daily net assets.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees considered the responsibilities of the Advisor under the Investment Advisory Agreement. The Trustees reviewed the services being provided by the Advisor to the Fund, including, without limitation, the quality of its investment advisory services since the Fund's inception; its procedures for assuring compliance with the Fund's investment objectives, policies, and limitations; its coordination of services for the Fund among the Fund's service providers; and its efforts to promote the Fund, grow Fund assets, and assist in the distribution of Fund shares. The Trustees reviewed the duties of the Advisor relative to the oversight of the Fund's investment portfolio and the Fund's investment strategy. The Trustees discussed the respective services that are provided by the Advisor and noted that the Advisor is responsible for managing each Fund's assets. The Trustees noted that the principal executive officer of the Fund is an employee of the Advisor and serves without additional compensation from the Fund. After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor's business, the Advisor's compliance programs, and the Advisor's Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate for the Fund.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

In considering the investment performance of the Fund and Advisor, the Trustees compared the performance of the Fund with the performance of its benchmark index, comparable funds with similar objectives managed by other investment advisors, and applicable peer group data. The Trustees also considered the consistency of the Advisor's management of the Fund with its investment objectives, policies, and limitations. After reviewing the investment performance of the Fund, the Advisor's experience managing the Fund and other advisory accounts, the Advisor's historical investment performance, and other factors, the Board concluded that the investment performance of the Fund and the Advisor was satisfactory.

In considering the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Fund, including any benefits derived by the Advisor from the relationship with the Fund, the Trustees first noted that the management fee for the Fund is 0% of average daily net assets, with shareholders being made up entirely of clients of the Advisor, and that these clients pay the Advisor directly, rather than through the Fund via a management fee. The Trustees noted that the clients of the Advisor may choose to pay the Advisor between 0% and 2%. The Trustees reviewed the Advisor's staffing, personnel, and methods of operating; the education and experience of the Advisor's personnel; the Advisor's compliance program; the financial condition of the Advisor; the level of commitment to the Fund and the Advisor by the principals of the Advisor; the asset level of the Fund; the overall expenses of the Fund, including certain prior fee waivers and reimbursements by the Advisor; and the nature and frequency of advisory fee payments. The Trustees reviewed the financial statements for the Advisor and discussed the financial stability and profitability of the firm. The Trustees discussed the Fund's Expense Limitation Agreement, including the nature and scope of the cost allocation for such fees. The Trustees also considered potential benefits for the Advisor in managing the Fund, including promotion of the Advisor's name and the ability for the Advisor to place small accounts into the Fund. The Trustees then compared the fees and expenses of the Fund (including the management fees) to other funds comparable in terms of the type of funds, the nature of their investment strategy, and their style of investment management, among other factors. Following this comparison and upon further consideration and discussion of the foregoing, the Board concluded that, due to the Advisor's receipt of payment directly from its clients, the lack of fee to be paid to the Advisor by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Advisor and that it reflected charges that were within a range of what could have been negotiated at arm's length.

In considering the extent to which economies of scale are realized as the Fund grows and whether the advisory fee level reflects these economies of scale for the benefit of the Fund's investors, the Trustees first noted that the Fund does not have a traditional advisory fee. Instead, the Trustees noted that shareholders would benefit from their ability to individually allocate between 0.00% and 2.00% of the net asset value of their account per year as payment to the Advisor. The Trustees then reviewed the Fund's operational history and noted that the size of the Fund had not provided an opportunity to realize economies of scale. The Trustees noted that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future. Following further discussion of the Fund's asset level and expectations for growth, the Board determined that the Fund's fee arrangements were fair and reasonable at the present time in relation to the nature and quality of the services provided by the Advisor.

In considering the Advisor's practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisor's standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions and in particular for supervising the Sub-Advisor's practices. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; and that the Advisor does not currently allocate portfolio transactions to broker-dealers affiliated with the Advisor or to broker-dealers that provide research, statistical, or other services (soft dollars). After further review and discussion, the Board determined that the Advisor's practices regarding brokerage and portfolio transactions were satisfactory.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

In considering the Advisor's practices regarding possible conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund; and the substance and administration of the Advisor's code of ethics. Following further consideration and discussion, the Board indicated that the Advisor's standards and practices relating to the identification and mitigation of possible conflicts of interests were satisfactory.

The Advisor also has undertaken to disclose the aggregate amount of advisory fees received by the Advisor and, as of September 30, 2017, the aggregate amount of advisory fees was $98,151. The fees are paid directly to the Advisor by its clients.

Based upon all of the foregoing considerations, and after further discussion and careful review, the Board of Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreement for the Fund.

6. Approval of Sub-Investment Advisory Agreement

The Sub-Advisor manages the Fund's daily activity pursuant to a Sub-Investment Advisory Agreement. At a quarterly meeting of the Fund's Board of Trustees on December 6, 2016, the Trustees approved the Sub-Investment Advisory Agreement through December 29, 2017. In considering whether to approve the Sub-Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Advisor; (ii) investment performance of the Fund and Sub-Advisor; (iii) the costs of the services to be provided and profits to be realized by the Sub-Advisor and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors; (v) the Sub-Advisor's practice regarding brokerage and portfolio transactions; and (vi) the Sub-Advisor's practices regarding conflicts of interest.

The Trustees also reviewed the Sub- Advisor's Form ADV, experience, profitability with respect to the Fund, its financial strength and capability, and other pertinent information. The Board also reviewed, among other things, the copy of the Sub-Investment Advisory Agreement.

In considering the nature, extent, and quality of the services provided by the Sub-Advisor,the Trustees considered the responsibilities of the Sub-Advisor under the Sub- Investment Advisory Agreement. The Trustees reviewed the services being provided by the Sub-Advisor to the Fund including, without limitation, the quality of its investment advisory services since the Fund's inception (including research and recommendations with respect to portfolio securities); its procedures for formulating investment recommendations and assuring compliance with the Fund's investment objectives and limitations; its coordination of services for the Fund among the Fund's service providers; and its efforts to promote the Fund, grow the Fund's assets, and assist in the distribution of Fund shares. After reviewing the foregoing information and further information in the memorandum from the Sub-Advisor (e.g., descriptions of the Sub-Advisor's business, the Sub-Advisor's compliance program, and the Sub-Advisor's Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Sub-Advisor were satisfactory and adequate for the Fund.

In considering the investment performance of the Fund and Sub-Advisor, the Trustees compared the performance of the Fund with the performance of its benchmark index, comparable funds with similar objectives managed by other investment advisors, and applicable peer group data (e.g., Lipper peer group average). The Trustees also considered the consistency of the Sub-Advisor's management of the Fund with its investment objective, policies and limitations. The Trustees noted that the Fund had performed better than its index since inception, over the past six months, three months, and one month. It was also noted that the Fund was in the top quartile of its Lipper peer group. After reviewing the short-term investment performance of the Fund, the Sub-Advisor's experience managing the Fund, the Sub-Advisor's historical investment performance, and other factors, the Board concluded that the investment performance of the Fund and the Sub-Advisor was satisfactory.

In considering the costs of the services provided and profits realized by the Sub-Advisor and its affiliates from the relationship with the Fund, the Trustees first noted that the fee for the Fund under the Sub-Investment Advisory Agreement was a percentage of fees received by the Advisor, calculated after the Advisor's 10% donation to charity. The Trustees evaluated the Sub-Advisor's staffing, personnel, and methods of operating; the education and experience of the Sub-Advisor's personnel; the Sub-Advisor's compliance program; the financial condition of the Sub-Advisor; the level of commitment to the Fund and the Sub-Advisor by the principals of the Sub-Advisor; the asset level of the Fund; and the overall expenses of the Fund, including certain prior fee waivers and reimbursements by the Sub-Advisor and the nature and frequency of advisory fee payments. The Trustees also considered potential benefits for the Sub-Advisor in managing the Fund, including promotion of the Sub-Advisor's name and the potential for the Sub-Advisor to generate soft dollars from Fund trades that may benefit the Sub-Advisor's other clients. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. Following this comparison and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Sub-Advisor by the Fund were fair and reasonable in relation to the nature and quality of the services provided by the Sub-Advisor and that they reflected charges that were within a range of what could have been negotiated at arm's length.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

In considering the extent to which economies of scale are realized as the Fund grows and whether the sub-advisory fee levels reflect these economies of scale for the benefit of the Fund's investors, the Trustees reviewed the Fund's operational history and noted that the size of the Fund had not provided an opportunity to realize economies of scale. The Trustees noted that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future. Following further discussion of the Fund's asset levels, expectations for growth, and fee levels, the Board determined that the Fund's fee arrangements were fair and reasonable at the present time in relation to the nature and quality of the services provided by the Sub-Advisor.

In considering the Sub-Advisor's practices regarding brokerage and portfolio transactions, the Trustees reviewed the Sub-Advisor's standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any allocation of portfolio business to persons affiliated with the Sub-Advisor; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). After further review and discussion, the Board determined that the Sub-Advisor's practices regarding brokerage and portfolio

transactions were satisfactory.

In considering the Sub-Advisor's practices regarding possible conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Sub-Advisor's other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Sub-Advisor's code of ethics. Following further consideration and discussion, the Board indicated that the Sub-Advisor's standards and practices relating to the identification and mitigation of possible conflicts of interests were satisfactory.

7. Special Meeting of the Shareholders

A Special Meeting of Shareholders of the Aspiration Redwood Fund was called for August 21, 2017 at 10:00 a.m. Pacific Time at the offices of Aspiration Fund Adviser, LLC, 4551 Glencoe Avenue, Marina Del Ray, CA 90292.

The Notice of the Special Meeting of Shareholders was mailed on or about May 25, 2017 to all shareholders of the Funds of record as of the close of business on May 12, 2017 (the "Record Date"). The Proxy Statement accompanying the Notice, the Proxy Cards, and the Ballot Counts from the Chief Compliance Officer were all reviewed at the Special Meeting of the Shareholders. Copies of these documents will be maintained with the records of the Trust. As of the Record Date, there were 1,753,943.154 shares of the Aspiration Redwood Fund that were outstanding and entitled to vote at the meeting.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

711,696.389 shares of the Aspiration Redwood Fund were present by proxy at the meeting. The shares present by proxy at the meeting exceeded one-third of the outstanding shares of the Fund as of the Record Date and, accordingly, a quorum was present for the Fund for purposes of transaction of business at the meeting.

Approval of the proposal submitted to the Fund's shareholders required the approval of a "plurality of the outstanding voting shares" entitled to vote thereon. Thereafter, upon motion duly made and seconded, the item was submitted to the shareholders of the Fund for consideration.

The first item of business was to consider a proposal to shareholders of the Funds to approve a proposal to elect five (5) trustees to the Board of Trustees (the "Board") of the Trust. For the Aspiration Redwood Fund, 711,696.389 shares had been voted in favor of the item, no shares had been voted against the item, and no shares had abstained from voting on the item.

Since plurality of the shares of the Fund present voted in favor of the item, the proposal to elect five (5) trustees to the Board of Trustees of the Trust was approved.

There being no further business to come before the meeting, the same, upon motion duly made and seconded, was adjourned.

8. Information about Trustees and Officers

The business and affairs of the Fund and the Trust are managed under the direction of the Board of Trustees of the Trust. Information concerning the Trustees and officers of the Trust and Fund is set forth below. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as their resignation, death, or otherwise as specified in the Trust's organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust's organizational documents. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Fund at 1-800-773-3863. The address of each Trustee and officer, unless otherwise indicated below, is 116 South Franklin Street, Rocky Mount, North Carolina 27804. The Independent Trustees each received aggregate compensation of $12,500 during the fiscal year ended September 30, 2017 from the Fund for their services to the Fund and Trust.

Name, Age and Address	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
Coby A. King (1960) 116 South Franklin Street Rocky Mount, NC 27804	Independent Trustee	Since 01/2016	President and Chief Executive Officer of High Point Strategies, LLC (Public Affairs Consulting) since 2013; Lobbyist for Ek & Ek, LLC (Public Affairs Consulting) from 2012 – 2013; Senior Vice President at MWW Group, Inc. (Public Affairs Consulting) from 2008 – 2012.	2	None

David L. Kingsdale
(1963)
116 South Franklin Street
Rocky Mount, NC 27804

Independent Trustee

Since 10/2014

Chief Executive Officer of Millennium Dance Media, LLC since 2010; Owner of DLK, Inc. (media consulting agency) since 2005.

The Giving Back Fund; Prime Access Capital.

(Continued)

Aspiration Redwood Fund

Additional Information

(Unaudited)

Name, Age and Address	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Thomas L. Soto (1963) 116 South Franklin Street Rocky Mount, NC 27804	Independent Trustee	Since 08/2017	Founder and Managing Partner of Frontier Impact Capital (Private Equity Investment) since 2016; previously, Managing Director of TCW (Private Equity Investment) from 2013 – 2016; Founder and Managing Partner of Caton Equity (Private Equity Investment) from 2007 – 2013.	2	None.
Interested Trustees
Andrei Cherny (1975) 116 South Franklin Street Rocky Mount, NC 27804	Interested Trustee, Principal Executive Officer and President	Trustee Since 08/2017; President Since 2/2014	Chief Executive Officer of Aspiration Partners, LLC since 2013; Investor since 2009; previously, Managing Director and Senior Analyst for Burston-Marsteller (Public Relations and Communications) from 2011 – 2013.	2	Board Member and President for Democracy: a Journal of Ideas.
Alexandra Horigan (1983) 116 South Franklin Street Rocky Mount, NC 27804	Interested Trustee	Since 08/2017	Vice President of Operations of Aspiration Partners, Inc. since 2012.	2	None.
Other Officers
Matthew J. Beck (1988) 116 South Franklin Street Rocky Mount, NC 27804	Secretary	Since 06/2016	General Counsel of The Nottingham Company since 2014.	n/a	n/a
Ashley E. Harris (1984) 116 South Franklin Street Rocky Mount, NC 27804	Treasurer, Principal Financial Officer and Assistant Secretary of the Trust	Since 12/2014	Fund Accounting Manager and Financial Reporting, The Nottingham Company since 2008.	n/a	n/a
Ryan DelGuidice (1990) 480 East Swedesford Rd Wayne, PA 19087	Chief Compliance Officer	Since 12/2014	Manager of Cipperman Compliance Services since 2013; Regulatory Administration Associate of BNY Mellon.	n/a	n/a

Aspiration Redwood Fund

is a series of

Aspiration Funds

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:

Nottingham Shareholder Services, LLC	Aspiration Fund Adviser, LLC
116 South Franklin Street	4551 Glencoe Avenue
Post Office Box 69	Marina Del Rey, CA 90292
Rocky Mount, North Carolina 27802-0069

Telephone:	Telephone:

800-773-3863	800-683-8529

World Wide Web @:	World Wide Web @:

ncfunds.com	aspiration.com

Item 2.	CODE OF ETHICS.

(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to its Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer(s), or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)	There have been no substantive amendments during the period covered by this report.

(d)	The registrant has not granted, during the period covered by this report, any waivers, including an implicit waiver.

(f)(1)	A copy of the code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer is filed pursuant to Item 12.(a)(1) below.


Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.

At this time, the registrant believes that the collective knowledge and experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.


Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)	Audit Fees – Audit fees billed for the registrant for the fiscal years ended September 30, 2016 and September 30, 2017 are reflected in the table below. These amounts represent aggregate fees billed by the registrant's independent accountant, Cohen & Company, Ltd. ("Accountant"), in connection with the annual audits of the registrant's financial statements and for services normally provided by the Accountant in connection with the registrant's statutory and regulatory filings.

Fund	2016	2017
Aspiration Redwood Fund	$13,500	$14,000

(b)	Audit-Related Fees – There were no additional fees billed in the fiscal years ended September 30, 2016 and September 30, 2017 for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the registrant's financial statements that were not reported under paragraph (a) of this Item.


(c)	Tax Fees – The tax fees billed in the fiscal years ended for September 30, 2016 and September 30, 2017 for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion of the fund's federal, state, and excise tax returns and assistance with distribution calculations.

CODE OF ETHICS FOR PEO AND PFO

I. Covered Officers/Purpose of the Code

The code of ethics (this "Code") for Aspiration Funds (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

	honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

	full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

	compliance with applicable laws and governmental rules and regulations;

	the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

	accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment adviser (the "investment adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

	not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

	not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

	not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

	report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

	service as a director on the board of any public company;

	the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;



the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

	any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter, administrator or any affiliated person thereof; and



a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III. Disclosure and Compliance

I.	each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

II.	each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

III.

each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

IV.	it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

	upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

	annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

	not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

	notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advise of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers¹ will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

	the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

	if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

	any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");



if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

	the Board will be responsible for granting waivers, as appropriate; and

	any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment adviser's and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

__________________________

¹ For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

VII. Confidentiality

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

VIII. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: February 24, 2014

(d)	All Other Fees –There were no other fees billed by the Accountant which were not disclosed in Items (a) through (c) above during the fiscal years.

(e)(1)	The registrant's Board of Trustees pre-approved the engagement of the Accountant for the last fiscal year at an audit committee meeting of the Board of Trustees called for such purpose and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant.

(2)	There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not Applicable.

(g)	Aggregate non-audit fees billed by the Accountant to the registrant for services rendered during the fiscal years ended September 30, 2016 and September 30, 2017 were $3,000 and $3,300 respectively. There were no non-audit fees billed by the Accountant for services rendered to the registrant's investment adviser, or any other entity controlling, controlled by, or under common control with the registrant's investment adviser.

(h)	Not applicable.


Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.


Item 6.	SCHEDULE OF INVESTMENTS.

A copy of the schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


Item 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


Item 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.


Item 11.	CONTROLS AND PROCEDURES.

(a)	The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.

(b)	There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.


Item 12.	EXHIBITS.

(a)(1)	Code of Ethics required by Item 2 of Form N-CSR is filed herewith as Exhibit 12.(a)(1).

(a)(2)	Certifications required by Item 12.(a)(2) of Form N-CSR are filed herewith as Exhibit 12.(a)(2).

(a)(3)	Not applicable.

(b)	Certifications required by Item 12.(b) of Form N-CSR are filed herewith as Exhibit 12.(b).

By: (Signature and Title)	/s/ Andrei Cherny
Date: December 7, 2017	Andrei Cherny President and Principal Executive Officer
	Aspiration Redwood Fund

By: (Signature and Title)	/s/ Andrei Cherny
Date: December 7, 2017	Andrei Cherny President and Principal Executive Officer
	Aspiration Redwood Fund

By: (Signature and Title)	/s/ Ashley E. Harris
Date: December 8, 2017	Ashley E. Harris Treasurer and Principal Financial Officer
	Aspiration Redwood Fund