# EDGAR Filing Document

**Accession Number:** 0001594854
**File Stem:** 0001594854-23-000013
**Filing Date:** 2023-2
**Character Count:** 49108
**Document Hash:** 278a2bfc89e874d402c95a5c7ad664a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001594854-23-000013.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001594854-23-000013

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiration Funds
- **CENTRAL INDEX KEY:** 0001594854
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-192991
- **FILM NUMBER:** 23600160

**BUSINESS ADDRESS:**
- **STREET 1:** 4551 GLENCOE AVENUE
- **CITY:** MARINA DEL REY
- **STATE:** CA
- **ZIP:** 90292
- **BUSINESS PHONE:** 424-279-9351

**MAIL ADDRESS:**
- **STREET 1:** 4551 GLENCOE AVENUE
- **CITY:** MARINA DEL REY
- **STATE:** CA
- **ZIP:** 90292

As filed with the Securities and Exchange Commission on February 8 , 2023

File Nos. 333-192991 and 811-22922<br>

#### UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-1A

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| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Effective Amendment No. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-Effective Amendment No. 25  | ☒ |

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and/or

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 29  | ☒ |

---

(Check appropriate box or boxes)

**<u>Aspiration Funds</u>**<br> (Exact Name of Registrant as Specified in Charter)

**<u>4551 Glencoe Avenue, Marina Del Rey, CA 90292</u>**<br> (Address of Principal Executive Offices)

#### 800-683-8529
(Registrant's Telephone Number, including Area Code)

**The Corporation Trust Company<u>1209 Orange Street, Wilmington, DE 19801</u>**(Name and Address of Agent for Service)

#### With Copies to:

---

| | |
|:---|:---|
| **Mark Perlow, Esq.**<br> **Dechert, LLP<br> One Bush Street, Suite 1600<br> San Francisco, CA 94104** | **Tracie Coop, Esq.**<br> **The Nottingham Company**<br> **116 S. Franklin Street**<br> **Rocky Mount, NC 27802** |

---

------

#### This Post-Effective Amendment consists of the following:
1. Facing Sheet of the Registration Statement.

2. Explanatory Note.

3. Part C to the Registration Statement (including signature page) and certain exhibits to the Registration Statement.

This Post-Effective Amendment is being filed solely for the purpose of filing exhibits to the Registration Statement on Form N-1A. Parts A and B of [Post-Effective Amendment No. 24](https://www.sec.gov/ix?doc=/Archives/edgar/data/1594854/000159485423000002/n1a0123.htm) to the Registration Statements on Form N-1A filed on January 27, 2023 pursuant to Rule 485(b) under the Securities Act of 1933, as amended, are incorporated by reference herein.

------

File Nos. 333-192991 and 811-22922

#### ASPIRATION FUNDS

#### PART C

#### OTHER INFORMATION

#### ITEM 28. Exhibits

---

| | |
|:---|:---|
| (a) | [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1594854/000111183014000389/fp0010724_ex9928a1.htm) dated May 12, 2014 ("Trust Instrument") is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A ("Registration Statement") filed on June 19, 2014. |
| (b) | [By-Laws](https://www.sec.gov/Archives/edgar/data/1594854/000153442413000521/f130824_ex99-28b.htm) are incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement filed on December 23, 2013. |
| (c) | [Articles III, V, and VI](https://www.sec.gov/Archives/edgar/data/1594854/000111183014000389/fp0010724_ex9928a1.htm) of the Trust Instrument define the rights of holders of the securities being registered and are incorporated herein by reference to Pre-Effective Amendment No. 2 to the Registration Statement filed on June 19, 2014. |
| (d)(1)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000013/advagmt.htm) dated January 24, 2014, as amended December 6, 2022, between the Registrant and Aspiration Fund Adviser, LLC, as investment advisor for the Aspiration Redwood Fund, is filed herewith. |
| (d)(2)(i) | [Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000053/subiaagmt.htm) dated August 12, 2015 between Aspiration Fund Adviser, LLC and UBS Global Asset Management (Americas) Inc., as sub-advisor for the Aspiration Redwood Fund, is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registration Statement filed on November 2, 2015. |
| (d)(2)(ii) | [Form of Amended Schedule A](https://www.sec.gov/Archives/edgar/data/1594854/000159485420000002/subadvagmt.htm) dated December 6, 2016 to the Investment Sub-Advisory Agreement dated August 12, 2015 between Aspiration Fund Adviser, LLC and UBS Global Asset Management (Americas) Inc., as sub-advisor for the Aspiration Redwood Fund, is incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement filed on January 28, 2020. |
| (e) | [Principal Underwriting Contract](https://www.sec.gov/Archives/edgar/data/1594854/000146441322000027/distagmt.htm) dated August 30, 2021 between the Registrant and Aspiration Financial LLC, as distributor for each series of the Trust, is incorporated by reference to Post-Effective Amendment No. 22 to the Registration Statement filed on January 28, 2022. |
| (f) | Not Applicable. |
| (g)(1)(i) | [Custody Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000053/custody.htm) dated December 18, 2014 between the Registrant and UMB Bank, n.a., as custodian for each series of the Registrant, is incorporated by reference to Post-Effective Amendment No. 6 to the Registration Statement filed on November 2, 2015. |
| (g)(1)(ii) | [Amended and Restated Appendix A](https://www.sec.gov/Archives/edgar/data/1594854/000159485420000002/custagmt.htm) to the Custody Agreement dated December 18, 2014 between the Registrant and UMB Bank, n.a., as custodian for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement filed on January 28, 2020. |
| (h)(1)(i) | [Fund Accounting and Administration Service Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000004/faagmt.htm) dated December 9, 2014 between the Registrant and The Nottingham Company, as administrator for each series of the Registrant, is incorporated by reference to Post-Effective Amendment No. 1 to the Registration Statement filed on January 26, 2015. |
| (h)(1)(ii) | [Amended Schedule 1](https://www.sec.gov/Archives/edgar/data/1594854/000159485421000004/schedule1_adminagmt.htm) dated December 10, 2019 to Fund Accounting and Administration Service Agreement between the Registrant and The Nottingham Company, as administrator for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 19 to the Registration Statement filed on January 28, 2021. |

---

------

---

| | |
|:---|:---|
| (h)(1)(iii) | [Amended Appendix A](https://www.sec.gov/Archives/edgar/data/1594854/000159485421000004/appendixa_adminagmt.htm) dated June 10, 2020 to Fund Accounting and Administration Service Agreement between the Registrant and The Nottingham Company, as administrator for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 19 to the Registration Statement filed on January 28, 2021. |
| (h)(2)(i) | [Dividend Disbursing and Transfer Agent Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000053/taagmt.htm) dated December 9, 2014 between the Registrant and Nottingham Shareholder Services, LLC, as transfer agent for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registration Statement filed on November 2, 2015. |
| (h)(2)(ii) | [Amended Schedule 1](https://www.sec.gov/Archives/edgar/data/1594854/000159485420000002/ddtaagmt.htm) dated June 10, 2020 to the Dividend Disbursing and Transfer Agent Agreement between the Registrant and Nottingham Shareholder Services, LLC, as transfer agent for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 19 to the Registration Statement filed on January 28, 2021. |
| (h)(2)(iii) | [Amended Exhibit B](https://www.sec.gov/Archives/edgar/data/1594854/000159485421000004/exhibitb_taagmt.htm) dated June 10, 2020 to the Dividend Disbursing and Transfer Agent Agreement between the Registrant and Nottingham Shareholder Services, LLC, as transfer agent for each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 19 to the Registration Statement filed on January 28, 2021. |
| (h)(3) | [Expense Limitation Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485419000005/explimagmt.htm) dated December 11, 2018 between the Registrant and Aspiration Fund Adviser, LLC, is incorporated by reference to Post-Effective Amendment No. 14 to the Registration Statement filed on January 29, 2019. |
| (i)(1) | [Opinion and Consent of Counsel](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000053/opinion.htm) dated November 2, 2015 with respect to Aspiration Redwood Fund is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registration Statement filed on November 2, 2015. |
| (j)(1) | [Consent of Independent Public Accountants](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000013/kpmgconsent.htm) KPMG, LLP is filed herewith . |
| (j)(2) | [Consent of Independent Public Accountants](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/auditorconsent.htm) Tait , Weller & Baker LLP , is incorporated herein by reference to Post-Effective Amendment No. 24 to the Registration Statement filed on January 27, 2023 . |
| (k) | Not applicable. |
| (l)(1) | [Form of Initial Subscription Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485415000053/intagmt.htm) for the Aspiration Redwood Fund is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registration Statement filed on November 2, 2015. |
| (m) | [Distribution Plan](https://www.sec.gov/Archives/edgar/data/1594854/000159485420000002/distplan.htm) dated December 6, 2016 under Rule 12b-1 for each series of the Registrant is incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement filed on January 28, 2020. |
| (n) | Not applicable. |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1594854/000159485416000078/coe-aspiration.htm) for the Registrant is incorporated herein by reference to Post-Effective Amendment No. No. 8 to the Registration Statement filed on January 28, 2016. |
| (p)(2) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/coeadvisor.htm) for Aspiration Fund Adviser, LLC is incorporated herein by reference to Post-Effective Amendment No. 24 to the Registration Statement filed on January 27, 2023 . |
| (p)(3) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/coeubs.htm) for UBS Global Asset Management (Americas), Inc. is incorporated herein by reference to Post-Effective Amendment No. 24 to the Registration Statement filed on January 27, 2023 . |
| (p)(4) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/coe-aspfin.htm) for Aspiration Financial LLC is incorporated herein by reference to Post-Effective Amendment No. 24 to the Registration Statement filed on January 27, 2023 . |

---

------

---

| | |
|:---|:---|
| (q)(1) | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/poa.htm) dated December 21, 2022 for the Registrant, Coby King, David Kingsdale, Charles Daggs, Olivia Albrecht, Matthew Bergin, and Alexandra Horigan are incorporated herein by reference to Post-Effective Amendment No. 24 to the Registration Statement filed on January 27, 2023 . |

---

#### ITEM 29. Persons Controlled by or Under Common Control with the Registrant
No person is controlled by or under common control with the Registrant.

#### ITEM 30. Indemnification
Under Delaware law, Section 3817 of the Treatment of Delaware Statutory Trusts empowers Delaware business trusts to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions as may be set forth in the governing instrument of the business trust. The Registrant's Trust Instrument contains the following provisions:

**<u>Article VII. Section 2.</u>** <u>Indemnification and Limitation of Liability</u>. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, Advisor or Principal Underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and, as provided in Section 3 of this Article VII, the Trust out of its assets shall indemnify and hold harmless each and every Trustee and officer of the Trust from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to such Trustee's performance of his or her duties as a Trustee or officer of the Trust; provided that nothing herein contained shall indemnify, hold harmless or protect any Trustee or officer from or against any liability to the Trust or any Shareholder to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

**<u>Article VII. Section 3.</u>** <u>Indemnification.</u>

(a) Subject to the exceptions and limitations contained in Subsection (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, or has been, a Trustee or an officer, employee or agent of the Trust (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) ("Covered Person") shall be indemnified by the Trust or the appropriate Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Covered Person and against amounts paid or incurred by him in the settlement thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as used herein, the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorneys, fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

(b) No indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office, or (B) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the matter is not adjudicated by a court or other appropriate body, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office: by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

(d) To the maximum extent permitted by applicable law, expenses incurred in defending any proceeding may be advanced by the Trust before the disposition of the proceeding upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him to the Trust or applicable Series if it is ultimately determined that he is not entitled to indemnification under this Section; provided, however, that either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial-type inquiry) that there is reason to believe that such Covered Person will not be disqualified from indemnification under this Section.

(e) Any repeal or modification of this Article VII by the Shareholders, or adoption or modification of any other provision of the Declaration or By-laws inconsistent with this Article, shall be prospective only, to the extent that such repeal, or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person with respect to any act or omission which occurred prior to such repeal, modification or adoption.

In addition, the Registrant has entered into the following agreements: Investment Advisory Agreements, Investment Sub-Advisory Agreements, and Distribution Agreements. These agreements provide indemnification for those entities and their respective affiliates. Certain personnel of the Advisors, Distributor or Administrator may serve as trustees and/or officers of the Trust.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust Instrument or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issues.

#### ITEM 31. Business and other Connections of the Investment Advisor
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aspiration Fund Adviser, LLC serves as the investment adviser to each series of the Registrant. The information required by this Item 31 regarding any other business, profession, vocation or employment of a substantial nature engaged in by Aspiration Fund Adviser, LLC and its directors, officers or partners during the past two years is included in Aspiration Fund Adviser, LLC's Form ADV filed with the SEC (File No. 801-80317) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) UBS Asset Management (Americas), Inc. serves as the investment sub-adviser to the Aspiration Redwood Fund. The information required by this Item 31 regarding any other business, profession, vocation or employment of a substantial nature engaged in by UBS Global Asset Management (Americas), Inc. and its directors, officers or partners during the past two years is included in UBS Global Asset Management (Americas), Inc.'s Form ADV filed with the SEC (File No. 801-34910) and is incorporated herein by reference.

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#### ITEM 32. Principal Underwriter
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aspiration Financial, LLC is underwriter and distributor for Aspiration Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Set forth below is information concerning each director and officer of the Distributor. The principal business address of the Distributor and each such person is 4551 Glencoe Avenue, Marina del Rey, CA 90292.

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| | | |
|:---|:---|:---|
| (1) | (2) | (3) |
| **** <br>**<u>Name</u>**<br> **** <br>| **Position and Offices**<br> **<u>With Underwriter</u>** | **Positions and Offices**<br> **<u>with Registrant</u>** |
| Mark Audrain | Chief Compliance Officer |  |
| Daniel Beaton | Principal Financial Officer |  |
| Matthew Bergin | Chief Executive Officer and Principal Operations Officer | Treasurer and Principal Accounting Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

#### ITEM 33. Location of Accounts and Records
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant maintains accounts, books and other documents required by Section 31(a) of the 1940 Act and the rules thereunder ("Records") at the offices of The Nottingham Company, 116 S. Franklin Street, Rocky Mount, NC 27802.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) UMB Bank, n.a. maintains all Records relating to its service as custodian to the Registrant at its offices located at 928 Grand Boulevard, 5th Floor, Kansas City, Missouri 64106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Nottingham Company maintains all Records related to its services as administrator and fund accountant to the Registrant at its offices located at 116 South Franklin Street, Rocky Mount, North Carolina 27802.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nottingham Shareholder Services, LLC maintains all Records related to its services as dividend disbursing and transfer agent to the Registrant at 116 South Franklin Street, Rocky Mount, North Carolina 27802.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Aspiration Fund Adviser, LLC maintains all Records related to its services as investment advisor for each series of the Registrant at its offices located at 4551 Glencoe Avenue, Marina Del Rey, CA 90292.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) UBS Asset Management (Americas), Inc. maintains all Records related to its services as investment sub-adviser to the Aspiration Redwood Fund at its offices located at 1285 Avenue of the Americas, New York, NY 10019.

#### ITEM 34. Management Services
None.

#### ITEM 35. Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Aspiration Fund Adviser, LLC (the "Adviser") will disclose to the Trust's Board of Trustees the amount of
 aggregate investment advisory fees it receives from clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The aggregate amount of advisory fees received by the Adviser will be disclosed in the 15(c) and in shareholder reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any change to the advisory fee structure with respect to client investments will be implemented by amending the
 advisory agreements in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Adviser will permit clients to invest new money even if the investor continues to pay an advisory fee of
 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Adviser will provide to investors information about the range of fees voluntarily paid by other investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Adviser will provide to investors information about advisory fees paid by other funds in the industry peer
 group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The advisory fee structure will be described in the Adviser's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Total return or yield of the Aspiration Redwood Fund calculated in accordance with various items of Form N-1A
 (including any advertisements) will also reflect a reduction for an assumed payment of a 2% annual fee.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended ("Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this amendment to the registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, State of North Carolina on this 8 <sup>th</sup> day of February , 2023.

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| | |
|:---|:---|
| ASPIRATION FUNDS | ASPIRATION FUNDS |
| By: | <u>/s/ Tracie A. Coop\*</u> |
|  | Tracie A. Coop |
|  | Attorney-in-Fact |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>/s/ Coby King\*</u> | Trustee | February 8 , 2023 |
| Coby King |  |  |
| <u>/s/ David Kingsdale\*</u> | Trustee and Chairman | February 8 ,2023 |
| David Kingsdale |  |  |
| <u>/s/ Charles Daggs\*</u> | Trustee | February 8 , 2023 |
| Charles Daggs |  |  |
| <u>/s/ Olivia Albrecht\*</u><br> Olivia Albrecht | President, Principal Executive Officer, and Principal Financial Officer | February 8 , 2023 |
| <u>/s/ Matthew Bergin\*</u><br> Matthew Bergin | Treasurer and Principal Accounting Officer | February 8 , 2023 |

---

---

| |
|:---|
| <u>/s/ Tracie A. Coop</u> |
| \*By: Tracie A. Coop |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-in-Fact pursuant to [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000002/poa.htm) dated December 21, 2022 filed on January 27, 2023 . |

---

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Exhibit Index

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| | | |
|:---|:---|:---|
| (d)(1)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000013/advagmt.htm) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000013/advagmt.htm) |
| (j)(1) | (j)(1) | [Consent of Independent Public Accountants](https://www.sec.gov/Archives/edgar/data/1594854/000159485423000013/kpmgconsent.htm) KPMG, LLP |

---

## Ex-99.D

Exhibit (d)(1)(i)

#### INVESTMENT ADVISORY AGREEMENT
**AGREEMENT** made this 24<sup>th</sup> day of January, 2014, as amended December 6, 2022, between Aspiration Funds (the "Trust"), a Delaware statutory trust having its principal place of business at 4551 Glencoe Avenue, Marina Del Rey, California 90292, on behalf of the Fund(s) listed on Schedule A, and Aspiration Fund Adviser, LLC (the "Investment Adviser"), an investment adviser having its principal place of business at 4551 Glencoe Avenue, Marina Del Rey, California 90292.

**WHEREAS**, the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

**WHEREAS**, the Investment Adviser is registered with the Securities and Exchange Commission (the "Commission") under the Investment Advisers Act of 1940, as amended; and

**WHEREAS**, the Trust desires to retain the Investment Adviser to furnish investment advisory and administrative services to certain investment portfolios of the Trust and may retain the Investment Adviser to serve in such capacity with respect to certain additional investment portfolios of the Trust, all as now or hereafter may be identified in Schedule A hereto as such Schedule may be amended from time to time (each investment portfolio is individually referred to herein as a "Fund" and collectively as the "Funds") and the Investment Adviser represents that it is willing and possesses legal authority to so furnish such services without violation of applicable laws and regulations;

**NOW, THEREFORE**, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment</u>. The Trust hereby appoints the Investment Adviser to act as investment adviser to the Fund(s) for the period and on the terms set forth in this Agreement. The Investment Adviser accepts such appointment and agrees to
 furnish the services herein set forth for the compensation herein provided. Additional investment portfolios may from time to time be added to those covered by this Agreement by the parties executing a new Schedule A, which shall become
 effective upon its execution and shall supersede any Schedule A having an earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delivery of Documents</u>. The Trust has furnished the Investment Adviser with copies, properly certified or authenticated, of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust's Certificate of Trust, filed with the Delaware Secretary of State on October 22, 2013, and any and all amendments thereto or restatements thereof (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's Agreement and Declaration of Trust, executed as of October 16, 2013, and any and all amendments thereto or restatements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trust's By-Laws and any and all amendments thereto or restatements thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resolutions of the Trust's Board of Trustees authorizing the appointment of the Investment Adviser and approving this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trust's Notification of Registration on Form N-8A under the 1940 Act, as filed with the Commission, and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Trust's Registration Statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act"), and under the 1940 Act as filed with the Commission and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the most recent Prospectus, Summary Prospectus and Statement of Additional Information of each of the Funds (such Prospectus, Summary Prospectus and Statement of Additional Information, as presently in effect, and all amendments and supplements thereto, are herein collectively referred to as the "Prospectus").

The Trust will furnish the Investment Adviser from time to time with copies of all amendments of or supplements to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Management</u>. Subject to the supervision of the Trust's Board of Trustees, the Investment Adviser will provide a continuous investment program for the Fund(s), including investment research and management with respect to all securities
 and investments and cash equivalents in the Fund(s). The Investment Adviser will determine from time to time what securities and other investments will be purchased, retained or sold by the Trust with respect to the Fund(s). The
 Investment Adviser will provide the services under this Agreement in accordance with each Fund's investment objectives, policies, and restrictions as stated in the Prospectus and resolutions of the Trust's Board of Trustees. The
 Investment Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same skill and care in providing such services as it uses in providing services to its other accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will conform with all applicable Rules and Regulations of the Commission under the 1940 Act and, in addition, will conduct its activities under this Agreement in accordance with any applicable regulations of any governmental authority pertaining to the investment advisory activities of the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will place or cause to be placed orders for a Fund either directly with the issuer or with any broker or dealer. Subject to the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, the Investment Adviser may effect securities transactions which cause the Fund to pay an amount of commission in excess of the amount of commission another broker or dealer would have charged, provided that the Investment Adviser determined in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer utilized by the Investment Adviser. However, a broker or dealer's sale or promotion of Fund shares shall not be a factor considered by the Investment Adviser or its personnel responsible for selecting brokers or dealers to effect securities transactions on behalf of the Fund(s), nor shall the Investment Adviser enter into any agreement or understanding under which it will direct brokerage transactions or revenue generated by those transactions to brokers or dealers to pay for distribution of Fund shares. In no instance will portfolio securities be purchased from or sold to the Trust's principal underwriter, the Investment Adviser, or any affiliated person of the Trust, the Trust's principal underwriter, or the Investment Adviser, except to the extent permitted by the 1940 Act and the Commission;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will maintain all books and records with respect to the securities transactions of the Fund(s) and will furnish the Trust's Board of Trustees with such periodic and special reports as the Board may request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will treat confidentially and as proprietary information of the Trust all records and other information relative to the Trust and the Fund(s), including a Fund's portfolio holdings, and prior, present, or potential shareholders, and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities, or when so requested by the Trust.

The Investment Adviser may, subject to the approval of the Trust's Board of Trustees, appoint a sub-adviser to provide the services contemplated hereunder; provided, however, that the Investment Adviser shall not be relieved of any of its obligations under this Agreement by the appointment of such sub-adviser and provided further, that the Investment Adviser shall be responsible, to the extent provided in Section 8 hereof for all acts of such sub-adviser as if such acts were its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services Not Exclusive</u>. The investment management services furnished by the Investment Adviser hereunder are not to be deemed exclusive, and the Investment Adviser shall be free to furnish similar services to others so long as its services
 under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Books and Records</u>. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Investment Adviser hereby agrees that all records which it maintains for the Fund(s) are the property of the Trust and further agrees to surrender
 promptly to the Trust any of such records upon the Trust's request. The Investment Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. During the term of this Agreement, the Investment Adviser will pay all expenses incurred by it in connection with its activities under this Agreement other than the cost of securities (including brokerage
 commissions, if any, taxes, borrowing costs (such as dividend expenses on securities sold short and interest)) purchased for the Fund. The Investment Adviser shall not be obligated under this Agreement to pay expenses of or for the Trust
 or any Fund not expressly assumed by the Investment Adviser in this Section 6 or as the Investment Adviser may voluntarily assume by separate written agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation</u>. For the services provided and the expenses assumed pursuant to this Agreement, the Fund(s) will pay the Investment Adviser and the Investment Adviser will accept as full compensation therefor a fee as set forth on
 Schedule A hereto. The obligation of the Fund(s) to pay the above-described fee to the Investment Adviser will begin as of the date of the initial public sale of shares in the Fund(s). The fee attributable to a Fund shall be the
 obligation of that particular Fund and not of any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u>. The Investment Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the performance of this Agreement, except a loss resulting from a breach
 of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser in the performance of its duties or from reckless
 disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Duration and Termination</u>. This Agreement will become effective with respect to each Fund listed on Schedule A as of the date first written above (or, if a particular Fund is not in existence on that date, on the date a registration statement
 relating to that Fund becomes effective with the Commission), provided that it shall have been approved by vote of a majority of the outstanding voting securities of such Fund, in accordance with the requirements under the 1940 Act, and,
 unless sooner terminated as provided herein, shall continue in effect until January 24, 2016. Thereafter, if not terminated, this Agreement shall continue in effect as to a particular Fund for successive one-year terms, provided that
 such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Trust's Board of Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast
 in person at a meeting called for the purpose of voting on such approval, and (b) by the vote of a majority of the Trust's Board of Trustees or by the vote of a majority of all votes attributable to the outstanding shares of such Fund. 
 Notwithstanding the foregoing, this Agreement may be terminated as to a particular Fund at any time on 60 days' written notice, without the payment of any penalty, by the Trust (by vote of the Trust's Board of Trustees or by vote of a
 majority of the outstanding voting securities of such Fund) or by the Investment Adviser. This Agreement will immediately terminate in the event of its assignment. As used in this Agreement, the terms "majority of the outstanding voting
 securities", "interested persons" and "assignment" shall have the same meanings as ascribed to such terms in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Investment Adviser's Representations</u>. The Investment Adviser hereby represents and warrants that it is willing and possesses all requisite legal authority to provide the services contemplated by this Agreement without
 violation of applicable law and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Use of Name.</u> The Trust and the Investment Adviser acknowledge that all rights to the name "Aspiration" or any variation thereof belong to Aspiration Partners LLC ("Aspiration Partners"). Aspiration Partners has consented to the use by
 the Trust and by each Fund to the identifying word "Aspiration" in the name of the Trust and of each Fund. Such consent is conditioned upon the Trust's employment of an affiliate of Aspiration Partners as investment adviser to the Trust
 and to each Fund. There is no charge to the Trust for the consent to use this name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality.</u> Without the prior consent of the other party, no party shall disclose Confidential Information (as defined below) of any other party received in connection with the services provided under this Agreement. The receiving
 party shall use the same degree of care as it uses to protect its own confidential information of like nature, but no less than a reasonable degree of care, to maintain in confidence the Confidential Information of the disclosing party.
 The foregoing provisions shall not apply to any information that (i) is, at the time of disclosure, or thereafter becomes, part of the public domain through a source other than the receiving party, (ii) is subsequently learned from a
 third party that, to the knowledge of the receiving party, is not under an obligation of confidentiality to the disclosing party, (iii) was known to the receiving party at the time of disclosure, or (iv) is generated independently by the
 receiving party, or (v) is disclosed pursuant to applicable law, subpoena, applicable professional standards, request of a governmental or regulatory agency, or other process after reasonable notice to the other party. The parties further
 agree that a breach of this provision would irreparably damage the other party and accordingly agree that each of them is entitled, in addition to all other remedies at law or in equity, to an injunction or injunctions without bond or
 other security to prevent breaches of this provision.

For the purpose of this Agreement, Confidential Information shall mean NPPI (as defined below), any information identified by either party as "Confidential" and/or "Proprietary" or which, under all of the circumstances, ought reasonably to be treated as confidential and/or proprietary, or any nonpublic information obtained hereunder concerning the other party.

Nonpublic personal information relating to shareholders of the Trust ("NPPI") provided by, or at the direction of, the Trust to the Adviser, or collected or retained by the Investment Adviser in the course of performing its duties and responsibilities under this Agreement shall remain the sole property of the Trust. The Investment Adviser shall not give, sell or in any way transfer such Confidential Information to any person or entity, other than affiliates of the Investment Adviser except in connection with the performance of the Investment Adviser's duties and responsibilities under this Agreement, at the direction of the Trust or as required or permitted by law (including applicable anti-money laundering laws). The Investment Adviser represents, warrants and agrees that it has in place and will maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of records and information relating to shareholders of the Trust. The Investment Adviser represents to the Trust that it has adopted a statement of its privacy policies and practices as required by Regulation S-P and agrees to provide the Trust with a copy of that statement annually.

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The parties agree to comply with any and all regulations promulgated by the Securities and Exchange Commission or other applicable laws regarding the confidentiality of shareholder information.

The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment of this Agreement</u>. No provision of this Agreement may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board, including a majority of the
 trustees who are not interested persons of the Adviser or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (if required under interpretations of the 1940 Act by the Securities and Exchange
 Commission or its staff) by vote of the holders of a majority of the outstanding voting securities of the Fund to which the amendment relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law</u>. This Agreement shall be governed by and its provisions shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Miscellaneous</u>. A copy of the Certificate of Trust is on file with the Secretary of State of Delaware, and notice is hereby given that this Agreement is executed by the Trust on behalf of the Fund(s) by an officer of the
 Trust as an officer and not individually and that the obligations of or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and
 property belonging to the Trust.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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| | |
|:---|:---|
| **Aspiration Funds** | **Aspiration Funds** |
| By: | <u>/s/ Charles Daggs</u> |
|  | Charles Daggs, Independent Trustee and Chairman of the Board |
| **Aspiration Fund Adviser, LLC** | **Aspiration Fund Adviser, LLC** |
| By: | <u>/s/ Olivia Albrecht</u> |
|  | Olivia Albrecht, President |

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#### SCHEDULE A

#### TO THE

#### INVESTMENT ADVISORY AGREEMENT

#### BETWEEN ASPIRATION FUNDS

#### AND

#### ASPIRATION FUND ADVISER, LLC
*(updated December 6, 2022)*

<br> ---

| | |
|:---|:---|
| <u>Name of Fund</u> | <u>Compensation</u> |
| Aspiration Redwood Fund | Annual rate of 0.00% of the average daily net assets of the Fund. |

---

---

| | |
|:---|:---|
| **Aspiration Funds** | **Aspiration Funds** |
| By: | <u>/s/ Charles Daggs</u> |
|  | Charles Daggs, Independent Trustee and Chairman of the Board |
| **Aspiration Fund Adviser, LLC** | **Aspiration Fund Adviser, LLC** |
| By: | <u>/s/ Olivia Albrecht</u> |
|  | Olivia Albrecht, President |

---

## Ex-99.J

#### Exhibit (j)(1) <br>

#### <br>

#### Consent of Independent Registered Public Accounting Firm
We consent to the use of our report, dated November 29, 2021, with respect to the financial statements of the Aspiration Redwood Fund, a series of the Aspiration Funds, as of September 30, 2021, incorporated herein by reference and to the reference to our firm under the heading Independent Registered Public Accounting Firm in the Statement of Additional Information.

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Los Angeles, California

February 8, 2023