Prospectus by Investment Company - Form 497

ASPIRATION FUNDS

Aspiration Redwood Fund (the "Fund")

Supplement dated October 10, 2024 to the Summary Prospectus, Prospectus and Statement of Additional Information ("SAI"), each dated February 1, 2024

This supplement supersedes and replaces the supplement previously filed for the Fund on August 15, 2024.

As part of a management-led buyout, on February 11, 2024, Aspiration Partners Inc. ("Aspiration Partners"), the parent entity of Aspiration Fund Adviser, LLC ("Aspiration"), and MFP Capital Group, Inc. ("MFP Capital Group"), the parent entity of Mission Investment Advisors LLC (the "New Adviser"), entered into a purchase agreement pursuant to which Aspiration Partners agreed to sell certain assets related to Aspiration Partners' consumer finance business to MFP Capital Group, including the Aspiration brand and the intellectual property and technology held by Aspiration Partners (the "Transaction"), subject to the satisfaction of certain conditions set forth in the agreement.

In anticipation of the Transaction, the Board of Trustees approved a new investment advisory agreement (the "New Investment Advisory Agreement") between Aspiration Funds, on behalf of the Fund, and the New Adviser, subject to approval by shareholders. In addition, the Board approved a new sub-investment advisory agreement (the "New Sub-Investment Advisory Agreement", and together with the New Investment Advisory Agreement, the "Agreements") with UBS Asset Management (Americas) Inc. (the "Sub-Adviser"), also subject to shareholder approval, and a new expense limitation agreement that took effect upon shareholder approval of the New Advisory Agreement. Shareholders of the Fund approved the Agreements at a special meeting of shareholders held on October 4, 2024.

The material terms of the Agreements are identical to those of the previous agreements, except for the management fee structure and the sub-advisory fee schedule. No changes were proposed to the level of services that are currently provided to the Fund. The Sub-Adviser will continue to serve as the sub-adviser to the Fund under the oversight of the New Adviser, and Joseph Elegante and Adam Jokich, the current portfolio managers, will continue to serve as portfolio managers of the Fund. No changes will be made to the Fund's investment objectives or principal investment strategies.

Effective immediately, the following information supplements and supersedes any contrary information contained in the Summary Prospectus, Prospectus and SAI:

The investment adviser to the Fund and the management fee payable to the investment adviser are changed as described below:

Mission Financial Advisors LLC, located at 1100 Sansome Street, San Francisco, CA 94111, serves as the investment adviser to the Fund. The New Adviser is a wholly owned subsidiary of MFP Capital Group, Inc., also located at 1100 Sansome Street, San Francisco, CA 94111. The New Adviser provides oversight of the Sub-Adviser's investment performance, operations, and compliance through due diligence reviews and policies and procedures. As of September 30, 2024, the New Adviser did not have assets under management.

The New Adviser is entitled under the New Advisory Agreement to receive an advisory fee, quarterly in arrears, from the Fund at an annual rate of 0.50% of the Fund's average daily net assets. Under the previous advisory agreement, the previous investment adviser was entitled to an annual advisory fee of 0.00% of the Fund's average daily net assets. The previous investment adviser did not impose a set fee to manage individual advisory accounts with respect to the Fund. Instead, advisory clients were permitted to pay the previous investment adviser a fee in the amount they believe is fair to manage their individual advisory accounts (or "Pay What Is Fair"), and only clients of the previous investment adviser were permitted to invest in the Fund. Shareholders in the Fund are no longer required to be clients of the Fund's investment adviser.

The sub-advisory fee payable to the Sub-Adviser is changed as described below:

Under the New Sub-Investment Advisory Agreement, the New Adviser will pay the Sub-Adviser a sub-advisory fee, quarterly in arrears, at an annual rate based on the average daily nets asset of the Fund of 0.17% on the first $175 million of net assets, and 0.15% on assets over $175 million. Under the previous sub-investment advisory agreement, the Sub-Adviser was entitled to 50% of the advisory fees received by the previous investment adviser in respect of the Fund on the first $250 million, 30% of the advisory fees received by the previous investment adviser on the next $750 million, and 20% of the advisory fees received by the previous investment adviser on the amounts thereafter.

The Expense Limitation Agreement is changed as described below:

The New Adviser has entered into an expense limitation agreement ("Agreement") with the Fund under which it has agreed to waive or reduce its management fees and assume other expenses of the Fund in an amount that limits the Fund's Total Annual Fund Operating Expenses to 1.35% ("Maximum Operating Expense Limit"). The New Adviser will do this by reimbursing the Fund for certain direct expenses and fees, such as transfer agency, custodial, auditing and legal fees. The Fund also incurs certain indirect expenses, and expenses paid by the Fund when it invests as a shareholder in underlying investment companies. The New Adviser has not agreed to waive or reimburse brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments, borrowing costs, taxes, or extraordinary expenses, such as litigation and indemnification expenses. Because the New Adviser is not obligated under the Agreement to pay these expenses, the Fund's total annual fund operating expenses may actually exceed the Maximum Operating Expense Limit. The Agreement is in effect through January 31, 2026, unless earlier terminated by a majority of the Board of Trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended, or a majority vote of the outstanding voting securities of the Trust. Any fees or expenses waived or reimbursed by the New Adviser are subject to repayment by the Fund within three years following the date on which waiver or reimbursement occurred if the Fund is able to make the repayment without exceeding its current Maximum Operating Expense Limit or the Maximum Operating Expense Limit in place at the time of the waiver and/or reimbursement. Prior to the date that the New Advisory Agreement was approved by shareholders, the Maximum Operating Expense Limit was 0.95%. Prior to April 1, 2023, the Maximum Operating Expense Limit was 0.50%.

The "Fees and Expenses" section of the Summary Prospectus and Prospectus is deleted in its entirety and replaced with the following:

Fees and Expenses: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

^1. Restated to reflect current fees

^2. Distribution and/or Service (12b-1) Fees are less than 0.00%.

The "Example" section of the Summary Prospectus and Prospectus is deleted in its entirety and replaced with the following:

Example: The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time period indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

All references to Fund shares being available only to clients of the Fund's investment adviser are deleted in their entirety.

All references to the Fund's investment adviser and sub-adviser donating 10% of their earnings to charity are deleted.

The address of Aspiration Funds is changed as described below:

The address of Aspiration Funds is 1100 Sansome Street, San Francisco, California 94111.

Investors Should Retain This Supplement for Future Reference