# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001597
**Filing Date:** 2023-3
**Character Count:** 37934
**Document Hash:** 7929b9a9bc225a44364cb62fe947632e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001597.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001580642-23-001597

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**EFFECTIVENESS DATE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 23742345

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Redwood Managed Municipal Income Fund (Series ID: S000056429)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000178523 | Redwood Managed Municipal Income Fund Class I | RWMIX           |
| C000178524 | Redwood Managed Municipal Income Fund Class N | RWMNX           |

**Redwood Managed Municipal Income Fund**

**SUMMARY PROSPECTUS** 

**March 1, 2023**

Class N RWMNX

Class I RWMIX

a series of Two Roads Shared Trust

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated March 1, 2023, as supplemented to date, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://www.redwoodmutualfunds.com/funds/managed-muni-fund. You can also obtain these documents at no cost by calling 1-(888) 617-1444 or by sending an email request to info@redwoodim.com.

**Investment Objective:** The Fund seeks to generate tax-efficient income, while focusing on managing downside risk.

**Fees and Expenses of the Fund:** 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 table and Example below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees<br> (fees paid directly from your investment)** | &nbsp;&nbsp;**Class<br> I** | &nbsp;&nbsp;**Class<br> N** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) for Shares Held Less Than One Year <br> (as a % of original purchase price) |  |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.31% | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**1.36%** | &nbsp;&nbsp;**1.61%** |
| &nbsp;&nbsp;Expense Waiver<sup>(2)</sup> | &nbsp;&nbsp;(0.01)% | &nbsp;&nbsp;(0.01)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver** | &nbsp;&nbsp;**1.35%** | &nbsp;&nbsp;**1.60%** |

---

(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the
expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred
by the Fund.

(2) The Fund's adviser has contractually agreed to
reduce the Fund's fees and/or absorb expenses of the Fund until at least March 1, 2024 to ensure that total annual Fund operating
expenses after expense waiver and reimbursement (exclusive of any taxes, front-end or contingent deferred loads, brokerage fees and commissions,
borrowing costs (such as interest and dividend expenses on securities sold short), expenses of other investment companies in which the
Fund may invest, and extraordinary expenses such as litigation) will not exceed 1.00% and 1.25% of average daily net assets attributable
to Class I and Class N shares, respectively. This agreement may be terminated by the Fund's Board of Trustees on 60 days'
written notice to the adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future
years on a rolling three-year basis (within three years of when the amount was waived or reimbursed) if such recoupment can be achieved
within the foregoing expense limits as well as any expense limitation that was in effect at the time the reimbursement was made.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem 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 (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $137 | $430 | $744 | $1634 |
| **Class N** | $163 | $507 | $875 | $1910 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended October 31, 2022, the Fund's portfolio turnover rate was 860% of the average value of its portfolio. The Increased portfolio turnover is due to extreme volatility in fixed income markets and multiple counter-trends during the year leading to exposure changes in the Fund.

**Principal Investment Strategies:** Under normal circumstances, the Fund will, directly or indirectly, invest at least 80% of its assets (including any borrowings for investment purposes) in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject certain investors to alternative minimum tax. Utilizing a quantitative and tactical approach, the Fund implements a strategy that seeks to hold a diversified portfolio of primarily high-yield municipal open-end mutual funds, closed-end funds, or ETFs when various risk measurements show the high yield municipal bond markets are trending upwards, and municipal money market securities or funds when the high yield municipal bond markets are trending downwards. Depending on market conditions, the Fund may be invested: (i) primarily in high yield municipal bond funds and other municipal fixed income funds with similar characteristics; (ii) primarily in short-term municipal money market fund securities; or (iii) a combination of (i) and (ii). The strategy can also invest in other fixed income assets classes such as, but not limited to, long-term, intermediate and short-term municipal funds and single state municipal funds. In performing its investment selection, the high-yield municipal asset class's directional trends are evaluated using quantitative models and inputs. Though it intends to invest primarily in the securities identified immediately above, the Fund may invest in debt securities of any credit quality or maturity. To seek greater investment exposure to the Fund's strategies, the Fund has the ability under federal law to leverage its portfolio by borrowing money from a bank in the amount of up to one-third of its assets (which includes the borrowed amount).

The Fund may invest directly or indirectly in various types of derivatives, including swap contracts as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures. While Federal law limits the Fund's bank borrowings to one-third of the Fund's assets (which includes the borrowed amount), the use of derivatives is not limited the same manner. Federal law generally requires the Fund to segregate or "earmark" liquid assets or otherwise cover the market exposure of its derivatives, including swap contracts. The Fund may borrow money to enter into a swap contracts that may leverage the Fund's portfolio to a significant degree.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund's net asset value and performance.** **Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.**

**The Fund may be subject to the risks described below through its own direct investments and indirectly through investments in underlying funds.**

* *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk
that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions,
real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond
or other markets, volatility in the equities market or adverse investor sentiment and political events affect the securities markets.
U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.
Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single
issuer or market may adversely impact securities markets as a whole. Rates of inflation have recently risen. The value of assets or income
from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of
the Fund's assets can decline as can the value of the Fund's distributions. When the value of the Fund's investments
goes down, your investment in the Fund decreases in value and you could lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

* *Fixed Income Securities Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives
owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment
risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular
investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types
of investments. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity
may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates
may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed
income securities and could also result in increased redemptions for the Fund.

* *Municipal Bond Risk.* The underlying funds in
which the Fund may invest may be affected significantly by the economic, regulatory or political developments affecting the ability of
issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal
income tax to pay interest or repay principal. For example, the novel coronavirus (COVID-19) has significantly stressed the financial
resources of many municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and
could adversely impact the value of its bonds, which could negatively impact the performance of the Fund.

* *Management Risk.* The Fund's investment
strategies may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles
having similar investment strategies. Management risk includes the risk that the quantitative model used by the Adviser may not perform
as expected, particularly in volatile markets. In addition, the Fund's tactical asset allocation strategy may be unsuccessful and
may cause the Fund to miss attractive investment opportunities while in a defensive position.

* *High Yield Risk.* Investment
in or exposure to high yield (lower rated or below investment grade) debt instruments (also known as "junk bonds") may involve
greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are
considered predominantly speculative and are higher risk than investment grade debt instruments with respect to the issuer's continuing
ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes
than higher rated debt instruments.

* *Model Risk.* The Fund will
use model-based strategies that, while historically effective, may not be successful on an ongoing basis or could contain unknown errors,
which may result in a decline in the value of the Fund's shares. Any imperfections or limitations in a model could affect the ability
of the manager to implement strategies. By necessity, models make simplifying assumptions that limit their efficacy. Models relying on
historical market data can fail to predict future market events. Further, the data used in models may be inaccurate and/or it may not
include the most recent information about a company or a security. In addition, the model may not adequately take into account certain
factors, the data used in the model may be inaccurate, or the computer programming used to create quantitative models might contain one
or more errors. Such errors might never be detected or might be detected only after the Fund has sustained a loss (or reduced performance)
related to such errors. Moreover, during periods of increased volatility or changing market conditions, the commonality of portfolio holdings
and similarities between strategies of quantitative managers may amplify losses. An increasing number of market participants may rely
on models that are similar to those used by the Adviser, which may result in a substantial number of market participants taking the same
action with respect to an investment. Should one or more of these other market participants begin to divest themselves of one or more
portfolio holdings, the Fund could suffer significant losses. In addition, changes in underlying market conditions can adversely affect
the performance of a model.

* *Investment Companies and ETFs Risk.* When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based
on its pro rata share of the other investment company's or ETF's operating expenses, including the potential duplication of
management fees. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the
investment company or ETF holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.

* *Underlying Funds Risk.* The risk that the Fund's investment
performance and its ability to achieve its investment objective are directly related to the performance of the underlying funds in which
it invests. There can be no assurance that the Fund's investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

* *Active Trading Risk.* A
higher portfolio turnover due to active and frequent trading will result in higher transaction and brokerage costs that may result in
lower investment returns.

* *Asset Allocation Risk.* Asset allocation risk is the risk that
the selection by a manager of a fund in which the Fund invests and the allocation of the Fund's assets among the various asset classes
and market segments will cause the Fund to underperform other funds with similar investment objectives. The Fund's investment in
any one fund or asset class may exceed 25% of the Fund's total assets, which may cause it to be subject to greater risk than a more
diversified fund.

 

* *Borrowing Risk.* Borrowing
for investment purposes creates leverage, which may increase the volatility of the Fund. Additionally, money borrowed will be subject
to certain costs, such as commitment fees and the cost of maintaining minimum average balances, as well as interest. Unless the income
and capital appreciation, if any, on securities acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish
the investment performance of the Fund.

* *Cash Positions Risk.* The
Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund's investment in cash or cash equivalent
securities increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more
fully invested.

* *Counterparty Risk.* The
stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions.
If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other
assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to
such counterparty.

* *Credit Risk.* The risk that
the Fund could lose money if the issuer or guarantor of a fixed income security or a derivative contract is unwilling or unable to make
timely payments to meet its contractual obligations. Changes in credit rating of a debt security held by the Fund could have a similar
effect.

* *Cybersecurity Risk.* There is risk to the Fund of an unauthorized
breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of
an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other Service Providers
and financial intermediaries ("Service Providers") to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or
its shareholders.

* *Derivatives Risk.* The derivative instruments in which the Fund
may invest may be more volatile than other instruments and may be subject to unanticipated market movements, which are potentially unlimited.
The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing
or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index,
and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there
can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which
it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

* *Gap Risk.* The Fund is subject
to the risk that a stock price or derivative value will change dramatically from one level to another with no trading in between and/or
before the Fund can exit the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock
price or derivative value to drop substantially from the previous day's closing price. Trading halts may lead to gap risk.

* *Leveraging Risk.* The use
of certain derivatives may increase leveraging risk and adverse changes in the value or level of the underlying asset, rate, or index
may result in a loss substantially greater than the amount paid for the derivative. The use of leverage may exaggerate any increase or
decrease in the net asset value, causing the Fund to be more volatile and small changes in the value of the underlying instrument may
produce disproportionate losses to the Fund. The use of leverage may increase expenses and increase the impact of a Fund's other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy
its obligations, to meet additional margin requirements or to meet collateral segregation or regulatory requirements resulting in increased
volatility of returns. Leverage, including borrowing, may cause the Fund to be more volatile than if the Fund had not been leveraged.

* *LIBOR Risk.* The Fund may invest in securities and other instruments whose interest payments are determined by references to the London Interbank
Offered Rate ("LIBOR"). The United Kingdom Financial Conduct Authority, which regulates LIBOR, previously announced that after
2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. ICE Benchmark Administration
Limited, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected
to cease publication of the remaining LIBOR settings on a representative basis after June 30, 2023. The U.S. Federal Reserve, based
on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market
participants and their regulators), has begun publishing Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight
U.S. Treasury repo rates, that is intended to replace U.S. dollar LIBOR. Actions by regulators have resulted in the establishment of alternative
reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity
in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a
significant concern. The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments to the
Fund's investments resulting from a substitute or alternate reference rate may adversely affect the Fund's performance and/or
net asset value. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, including
any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers of instruments in which the
Fund invests and financial markets generally.

 

* *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the
Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. Liquidity risk may be magnified in an environment of rising interest
rates or widening credit spreads in which investor redemptions from fixed income mutual funds may be higher than normal. In the past,
in stressed markets, certain types of securities suffered periods of illiquidity if disfavored by the market. These risks may increase
during periods of market turmoil, such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund's
performance. 

* *Market Events Risk.* There
has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the
past several years including what was experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government
and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial markets, including
by lowering interest rates to historically low levels. This and other government intervention may not work as intended, particularly if
the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the Federal Reserve have
recently reduced market support activities, including by lowering interest rates. Such reduction, including interest rate increases, could
negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the
Fund invests. Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and
increased volatility in the financial markets. The impact of these influences on the markets, and the practical implications for market
participants, may not be fully known for some time. 

* *Money Market Instrument Risk.* The value of money market instruments
may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund
is not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money by investing in a money market fund.
Recently, the SEC proposed amendments to money market fund rules that are intended to address potential systemic risks associated with
money market funds and to improve transparency for money market fund investors. The money market fund reforms may impact the structure,
operations and return potential of the money market funds in which the Fund invests.

* *Portfolio Turnover Risk .* The Fund may experience high portfolio turnover, including investments made on a shorter-term
basis, which may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result
in higher short-term capital gains taxable to shareholders.

* *Rules*-*Based Strategy Risk.* A rules-based investment strategy may not be successful on an ongoing basis or could contain unknown errors. In addition, the
data used may be inaccurate or the computer programming used to create a rules-based investment strategy might contain one or more errors.
Moreover, during periods of increased volatility or changing market conditions the commonality of portfolio holdings and similarities
between strategies of rules-based managers may amplify losses. 

* *Swap Risk.* Swap agreements
are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will
not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated
by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment
strategies and the Fund may not be able to seek to achieve its investment objective.

* *Taxability Risk.* There is no guarantee that all of the Fund's
income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by the Fund or an underlying fund
in which it invests could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue
Service or state tax authorities, or non-compliant conduct of a bond issuer. The Fund or an underlying fund in which it invests may sell
securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in the Fund's
value. In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements
may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements
necessary to pay out exempt-interest dividends to its shareholders, the income distributions resulting from all of its investments, including
its municipal securities, may be subject to federal income tax when received by shareholders.

* *U.S. Government Securities Risk.* The U.S. government is not obligated
to provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain
U.S. government securities purchased by the Fund may not be backed by the full faith and credit of the United States. It is possible that
the issuers of such securities will not have the funds to meet their payment obligations in the future.

* *Volatility Risk*. The Fund's
investments may appreciate or decrease significantly in value over short periods of time. The value of an investment in the Fund's
portfolio may fluctuate due to events or factors that affect industries, sectors or markets generally or that affect a particular
investment, industry or sector. The value of an investment in the Fund's portfolio may also
be more volatile than the market as a whole. This volatility may affect the Fund's net asset value per share, including by causing
it to experience significant increases or declines in value over short periods of time. Events or financial circumstances affecting individual
investments, industries or sectors may increase the volatility of the Fund.

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class I shares for each calendar year since the Fund's inception. Class N shares, which are not presented in the bar chart, would have similar annual returns to Class I shares because the Classes are invested in the same portfolio of securities and would differ only to the extent that the Classes do not have the same expenses. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting https://www.redwoodmutualfunds.com/ or by calling 1-855-RED-FUND (733-3863).

**Performance Bar Chart For Calendar Year Ended December 31st:**

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarter: | 3/31/2019 | 3.91% |
| Lowest Quarter: | 6/30/2022 | -5.78% |

---

**Performance Table**

**Average Annual Total Returns**

**(For the year ended December 31, 2022)**

---

| | | | |
|:---|:---|:---|:---|
| **Class I Shares** | **One Year** | **Five Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Class I Return before taxes | -9.66% | 0.82% | 1.83% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions | -9.66% | -0.05% | 0.88% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions and Sale of Fund Shares | -5.62% | 0.47% | 1.18% |
| **Class N** Return before taxes | -9.27% | 0.50% | 1.53% |
| Bloomberg U.S. Municipal Bond Index<sup>(2)</sup> | -8.53% | 1.25% | 1.92% |

---

(1) The inception date of the Fund is March 9, 2017.

(2) The Bloomberg U.S. Municipal Bond Index covers the
U.S. dollar denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue
bonds. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other
expenses of investing.

After-tax returns are shown for Class I shares only, and after-tax returns for other classes will vary. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Redwood Investment Management, LLC (the "Adviser") serves as investment adviser to the Fund.

**Portfolio Manager:** The Fund is jointly managed by Michael Messinger, Portfolio Manager and Managing Partner of Redwood, and Michael Cheung, Portfolio Manager and Managing Partner of Redwood. Messrs. Messinger and Cheung have managed the Fund since its inception in March 2017.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, by telephone at 1-855-RED-FUND (733-3863), or through your broker. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts.

---

| | | |
|:---|:---|:---|
| **Class** | **Minimum Investment** | **Minimum Investment** |
| **Class** | **Initial** | **Subsequent** |
| **N** | $10000 | $1000 |
| **I** | $2500 | $1000 |

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**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, may be taxable to you at either ordinary income or capital gains tax rates. However, the Fund anticipates that substantially all of its income dividends will be "exempt-interest dividends" that are generally exempt from regular federal income taxes. In certain instances, dividends paid by the Fund, while exempt from regular federal income tax, may be subject to the federal alternative minimum tax ("AMT") for certain investors. State and local income taxes may apply to all or a portion of the exempt-interest dividends paid by the Fund. Tax-exempt institutions, IRAs and other tax advantaged retirement accounts will not gain an additional benefit through investment in the Fund because such investors are already tax-exempt.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.