Aspiriant Risk-Managed Municipal Bond Fund

Investment Objective

The Aspiriant Risk-Managed Municipal Bond Fund seeks total return on investment through income exempt from regular federal income taxes and through capital appreciation.

Strategies

The Fund invests at least 80% of its total assets in municipal securities that pay interest that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issues by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands, and Guam), which may include a focus on the California municipal securities market. The Fund may invest in bonds of any maturity and duration and may invest significantly in high yield municipal securities. The Fund may invest in all types of municipal securities, including general obligation bonds, revenue bonds, and participation interests in municipal leases.


Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1.877.997.9971 and should be read carefully prior to investing.

An investment in the Fund is subject to risks and you could lose money on your investment in the Fund. The Fund is exposed to the same risks that are associated with investing in underlying municipal securities owned by the Fund. The Fund is subject to interest rate risk; as interest rates rise, bond prices generally fall. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk.

The use of derivatives involves substantial financial risks and transaction costs. Certain derivatives may be illiquid. The Fund’s use of inverse floaters may magnify the potential for losses. The Fund periodically engages in portfolio leverage and when doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.

Investing in securities of non-U.S. issuers or U.S. issues with significant non-U.S. operations may present more risk due to the inherent risks associated with political, social, and economic development abroad and different legal, regulatory, and tax environments. A strong U.S. dollar relative to other currencies will adversely affect the value of the Fund’s portfolio.

Income may be subject to the alternative minimum tax.

These and other risk considerations, such as preferred securities, call, income, municipal lease obligations, political and economic, and zero coupon bond risks, are described in detail in the Fund’s prospectus.

Aspiriant Risk-Managed Municipal Bond Fund is distributed by UMB Distribution Services, LLC

Quick Facts

Ticker Symbol

RMMBX

CUSIP

04537J102

NAV

NA

Inception Date

8/1/2008

Fund Assets

$1.1 Billion
(as of 8/31/2017)

Number of Holdings

586 (as of 6/30/2017)

Dividends

Distributed Quarterly