Monthly Performance
Quarterly Performance
As of 10/31/2017MonthYTD1 Year3 Year15 Year1Since Inception1,2

Aspiriant Risk-Managed Municipal Bond Fund (RMMBX)

0.10%4.99%1.87%3.24%3.68%5.34%

Bloomberg Barclays Municipal Bond Index

0.24%4.92%2.19%3.04%3.00%4.72%

Bloomberg Barclays 1-15 Year Municipal Bond Index

0.14%4.32%1.94%2.50%2.51%4.12%
As of 9/30/2017QuarterlyYTD1 Year3 Year15 Year1Since Inception1,2

Aspiriant Risk-Managed Municipal Bond Fund (RMMBX)

1.29%4.89%0.98%3.45%3.79%5.38%

Bloomberg Barclays Municipal Bond Index

1.06%4.66%0.87%3.19%3.01%4.74%

Bloomberg Barclays 1-15 Year Municipal Bond Index

0.93%4.17%0.97%2.63%2.52%4.15%

1 Annualized.
2 Fund inception date 8/1/2008.

The performance data quoted represents past performance and 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 information quoted. To obtain performance information current to the most recent month-end, please call 1-877-997-9971.

The Fund commenced investment operations on July 1, 2015, after the conversion of a private fund (the “Private Fund”) into shares of the Fund. The performance prior to the Fund’s inception is for the Private Fund, which commenced operations on August 1, 2008. The returns for the Private Fund reflect its performance prior to the conversion into the Fund. The Private Fund was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions under that Act, but if the Private Fund had been registered, it is possible the performance may have been adversely affected. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Private Fund.

The gross and net expense ratios are 0.52% and 0.49%, respectively.*

The adviser has contractually agreed to waive certain fees/expenses to the extent that they do not exceed 0.65%.  The adviser may recoup previously waived expenses that it assumed for up to two years from the end of the fiscal year in which the expenses were incurred. The adviser has also contractually agreed to waive its advisory fee from 0.27% to 0.24% through June 30, 2018.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. It includes most investment-grade tax-exempt bonds that are issued by state and local governments.  It is not possible to invest directly in an index.

The Bloomberg Barclays 1-15 Year Municipal Bond Index is an unmanaged index considered representative of tax-exempt bond market. It consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is not possible to invest directly in an index.

*Effective 7/1/2017.


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, underlying fund, 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 9/30/2017)

Number of Holdings

638 (as of 9/30/2017)

Dividends

Distributed Quarterly