# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-26-001562
**Filing Date:** 2026-3
**Character Count:** 47689
**Document Hash:** 105a1bcd11a15fcd801206c95aaa48ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001562.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001580642-26-001562

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 26729214

**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:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Redwood Managed Volatility Fund (Series ID: S000042696)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000131991 | Redwood Managed Volatility Fund Class I | RWDIX           |
| C000131992 | Redwood Managed Volatility Fund Class N | RWDNX           |
| C000131993 | Redwood Managed Volatility Fund Class Y | RWDYX           |

**Redwood Managed Volatility Fund**

**SUMMARY PROSPECTUS** 

**March 1, 2026**

Class N RWDNX

Class I RWDIX

Class Y RWDYX

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, 2026, as supplemented to date, are incorporated by reference into this Summary Prospectus. You can obtain these documents, reports to shareholders, and other information about the Fund online at https://www.redwoodmutualfunds.com/funds/managed-volatility-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 Redwood Managed Volatility Fund (the "Fund") seeks a combination of total return and prudent management of portfolio downside volatility and downside loss.

**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.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Class<br> I** | **Class<br> N** | **Class<br> Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of original purchase price) |  |  |  |
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** |  |  |  |
| Management Fees | 1.25% | 1.25% | 1.25% |
| Distribution (12b-1) Fees |  | 0.25% |  |
| Other Expenses | 0.33% | 0.33% | 0.33% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.62% | 0.62% | 0.62% |
| **Total Annual Fund Operating Expenses<sup>(2)</sup>** | **2.20%** | **2.45%** | **2.20%** |

---

(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 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. In addition, the fees and
expenses shown in the table above and in the Expense Example that follows include the Fund's share of the fees and expenses of an
affiliated fund in which the Fund invests. However, to avoid charging duplicative fees, the Adviser voluntarily waives and/or reimburses
the Fund's Management Fee with respect to the amount of its net assets invested in such underlying affiliated fund. During the fiscal
year ended October 31, 2025, the amount waived and/or reimbursed by the Adviser with respect to investments in the underlying affiliated
fund was 0.14%. The amount of this waiver/reimbursement will fluctuate depending on the Fund's daily allocations to the underlying
affiliated fund.

***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** | $223 | $688 | $1180 | $2534 |
| **Class N** | $248 | $764 | $1306 | $2786 |
| **Class Y** | $223 | $688 | $1180 | $2534 |

---

**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, 2025, the Fund's portfolio turnover rate was 90% of the average value of its portfolio.

**Principal Investment Strategies:** To pursue its investment objective the Fund uses a trend-following strategy that seeks to identify the critical turning points in the markets for high yield bonds (also known as "junk bonds") and bank loans. The Fund's adviser, Redwood Investment Management, LLC ("Redwood" or the "Adviser") uses a quantitatively driven process that seeks to invest in diversified high yield bond, bank loan, and other fixed income exposures with similar characteristics when the high yield bond and bank loan markets are trending upwards, and short-term fixed income securities when the high yield bond and bank loan markets are trending downwards. By tactically allocating its investments, the Fund seeks to reduce its exposure to declines in the high yield bond and bank loan markets, thereby seeking to limit downside volatility and downside loss in down-trending markets.

The Fund's exposure to these asset classes will be achieved through investments in derivative instruments such as total return swaps, which may include swaps on either individual or baskets of underlying diversified high yield bond exchange-traded funds ("ETFs"), bank loan funds, multi-sector bond funds and other fixed income funds, and credit default swaps. A total return swap is a contract that exchanges a floating rate for the total return of a security or index in which a payer and receiver exchange the credit risk and market risk of an underlying asset for the payment of a fee. The payer owns the underlying asset, also called the reference asset, and agrees to pay the receiver the total return on the asset, including its market appreciation and coupons, while the receiver agrees to pay a set rate, which could be fixed or variable. If the reference asset depreciates, the receiver pays the depreciation to the payer because the payer has transferred default risk, credit deterioration risk and market risk to the receiver. The Fund's investments in total return swaps, where the Fund will pay a counterparty a set fee in exchange for the total return of a reference asset, will usually be on mutual funds or ETFs that are determined by the Adviser to be representative of the various fixed income classes described above. A credit default swap is a contract that enables an investor to buy or sell protection against a pre-determined issuer credit event. One party, acting as a 'protection buyer,' makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a 'protection seller,' in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a credit protection seller in a credit default swap contract, the Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a U.S. or non-U.S. corporate issuer on its debt obligations. In return for its obligation, the Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments, and would have no payment obligations to the counterparty. The Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

The Fund may also enter into credit default swap contracts as protection buyer in order to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s). The purchase of credit default swaps involves costs, which will reduce the Fund's return. In certain circumstances, credit default swaps could be used to assist in managing the duration of the Fund.

The derivative instruments in which the Fund invests may obtain their investment exposure from underlying securities of any maturity or quality, including securities rated below investment grade. The Fund may also gain exposure to the high yield bond and bank loan markets (both public and private debt) through direct investments in bonds or through investments in investment companies, including open-end mutual funds, ETFs, closed-end funds, including tender offer and interval funds and business development companies, and real estate investment trusts ("REITs"). The investment companies in which the Fund invests may invest in securities of any maturity or quality, including securities rated below investment grade. The bonds in which the Fund may directly invest may be of any maturity or quality, including securities rated below investment grade.

The Fund may gain exposure to foreign (non-U.S.) securities, including emerging market securities, to the extent the Fund invests in derivatives of other investment companies that hold securities of foreign (non-U.S.) issuers. The short-term fixed-income securities in which the Fund invests may include corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument, and cash. The Fund may also invest in money market funds or other investment companies whose assets are comprised primarily of short-term fixed income securities. The Fund may invest in short-term fixed income strategies of any maturity and credit quality, including securities rated below investment grade ("junk bonds"). The Fund may invest in affiliated and unaffiliated registered investment companies.

The Adviser employs a total return and downside volatility management investment approach, which seeks to reduce exposure to losses in the markets while capturing gains during up-trends in these markets. However, the Fund's downside volatility may be higher than the general global equity, fixed income, currency and commodity markets over short-term periods.

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 the Fund's assets (which includes the borrowed amount). The Fund may borrow money to enter into swap contracts that may leverage the Fund's portfolio to a significant degree. In addition, the Fund may engage in active and frequent trading.

**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.** 

**As with any fund, there is no guarantee that the Fund will achieve its goal.** 

&nbsp;&nbsp;&nbsp;&nbsp;· *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, military conflicts, acts
of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
tariffs, the spread of infectious illness or other public health threats, lack of liquidity in the bond 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 leverage, liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Certain derivatives require the Fund to pledge cash or liquid securities as margin or collateral,
a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post additional
margin or collateral if the value of the derivative position changes in a manner adverse to the Fund. 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. Changes in regulations relating to a fund's use of derivatives and related instruments may make derivatives more
costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *High-Yield Fixed Income Securities ("Junk Bonds") Risk.* The fixed income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such high-yield securities (commonly known as "junk bonds") are generally considered speculative because they present a greater risk of loss, including default, than higher quality fixed income securities. Junk bonds may experience more price volatility and a more limited market than the market for investment-grade fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. In addition, the Fund may
enter into swap agreements with only a single counterparty or with a limited number of counterparties, which may increase the Fund's
exposure to counterparty risk.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk.* The risk that investment strategies employed
by the Adviser in selecting investments for the Fund 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
allocations strategy may be unsuccessful and may cause the Fund to miss attractive investment opportunities while in a defensive position.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Managed Volatility Strategy Risk.* Securities purchased by
the Fund may exhibit higher price volatility than anticipated and the Fund may not be less volatile than the market as a whole. In addition,
there is no guarantee that the Adviser's managed volatility strategy will consistently minimize market impact or limit the Fund's
downside risk as intended. Further, the Fund's managed volatility strategy may expose the Fund to losses (some of which may be sudden)
that it would not have otherwise been exposed to if the Fund's investment program consisted only of holding securities directly.
Finally, while the Adviser's managed volatility strategy may limit the Fund's downside risk over time, the Fund also may experience
lesser gains in a rising market. The Fund is not required to engage in trades that manage volatility and may not choose to do so. The
Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's
net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· *Investment Companies Risk.* When a Fund invests in other investment companies (including open-end
mutual funds, closed-end funds or ETFs), it will bear additional expenses based on its pro rata share of the other investment company's
operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment
company generally reflects the risks of owning the underlying investments held by the investment company. The Fund will be indirectly
exposed to the risks of the portfolio assets held by the other investment company, which may include, but is not limited to, those of
debt securities, real estate industry, or other sectors, mortgage loans and participations and illiquid securities. A Fund may also incur
brokerage costs when it purchases and sells shares of investment companies. An exchange-traded closed end fund's or an ETF's
shares could trade at a significant premium or discount to its net asset value (NAV).

&nbsp;&nbsp;&nbsp;&nbsp;· *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. Active trading
of securities may also increase the Fund's realized capital gains and losses, which may affect the taxes you pay as a Fund shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Securities Risk.* When the Fund invests in fixed
income securities (or derivatives), 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. New regulations applicable to, and changing business
practices of, financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain
fixed income securities, which may reduce the liquidity and may increase the volatility for such fixed income securities. 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Total Return Swaps Risk.* Total return swap agreements may effectively add leverage to the Fund's
portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the
swap. The primary risks associated with total returns swaps are credit risks (if the counterparty fails to meet its obligations) and market
risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Bank Loan Risk.* The Fund's investments in secured and
unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans,
which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the
borrower for payment of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Default Swaps Risk.* A credit default swap enables an investor to buy or sell protection
against a credit event with respect to an issuer. Credit default swaps involve risks because they are difficult to value, are highly susceptible
to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default
by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The Fund bears
the loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty.
The maximum risk of loss for sell protection on a credit default swap is the notional value of the total underlying amount of the swap.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 the credit
rating of a debt security held by the Fund could have a similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Leveraging Risk.* To the extent the Fund uses leveraging techniques, its net asset value may be
more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of
the Fund's investments. Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount
invested. 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 or collateral 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. In stressed markets,
certain types of securities may suffer periods of illiquidity if they are 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. Illiquidity
may result from the absence of an established market for investments as well as legal, contractual or other restrictions on their resale
and other factors. For example, with respect to the Fund's investment in closed-end interval or tender offer funds, there may not
be a secondary market for the shares and limited liquidity is provided only through the Fund's regular or other board approved repurchase
offers. There is no guarantee that the Fund will be able to sell all of the shares it desires in a repurchase offer. Securities of companies
with smaller market capitalizations, foreign securities, or securities with substantial market and/or credit risk tend to have the greatest
exposure to liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. When the U.S. government and the Federal Reserve reduce market support activities, including by increasing interest rates, such
reductions 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. Although money market mutual
funds that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible
to lose money by investing in a stable NAV money market mutual 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Real Estate Investment Trusts ("REITs") Risk.* There is risk that investments in REITs
will make a Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general,
such as changes in interest rates, real estate values and property taxes, cash flows of underlying real estate assets, and the management
skill and creditworthiness of the issuer. REITs may be less diversified than other pools of securities, may have lower trading volumes
and may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITS), liquidity risk, and the possibility
of failing to qualify for special tax treatment under the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;· *Swaptions Risk.* A swaptions is an options contract on a swap agreement. These transactions give
a party the right (but not the obligation) to enter into new swap agreements or to shorten, extend, cancel or otherwise modify an existing
swap agreement at some designated future time on specified terms, in return for payment of the purchase price (the "premium")
of the option. The Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on
securities or other instruments. The writer of the contract receives the premium and bears the risk of unfavorable changes in the market
value on the underlying swap agreement. Swaptions can be bundled and sold as a package. These are commonly called interest rate caps,
floors and collars.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *U.S. Government Securities Risk.* Treasury obligations may differ in their interest rates, maturities,
times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees
of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government
will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S.
Government securities may be affected by changes in the credit rating of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;· *Valuation Risk.* The sale price that the Fund could receive for a portfolio security may differ
from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are
valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when
shareholders will not be able to purchase or sell the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;· *Yield Curve Risk.* This is the risk that there is an adverse shift in market interest rates of fixed
income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing
yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term
interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest
rates increases which means long-term bond prices decrease relative to short-term bond prices.

**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 Y shares for each calendar year since the Fund's inception. Class I and Class N shares, which are not presented in the bar chart, would have similar annual returns to Class Y 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 includes a comparison of the performance of the Fund over time to the performance of a broad-based market index, as well as a performance index which the Adviser believes better represents the Fund's investment strategy. 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<u>/</u> or by calling 1-855-RED-FUND (733-3863).

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

![](image_001.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter: | 6/30/2016 | 5.20% |
| Lowest Quarter: | 6/30/2022 | -6.89% |

---

**Performance Table**

**Average Annual Total Returns**

**(For the year ended December 31, 2025)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class Y Shares** | **One Year** | **Five Years** | **Ten Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Class Y Return before taxes | 4.67% | 0.25% | 2.55% | 1.86% |
| &nbsp;&nbsp;Class Y Return after taxes on Distributions | 2.64% | -1.66% | 0.66% | 0.16% |
| &nbsp;&nbsp;Class Y Return after taxes on Distributions and <br> Sale of Fund Shares | 2.73% | -0.63% | 1.15% | 0.69% |
| **Class I** Return before taxes | 4.76% | 0.15% | 2.47% | 1.75% |
| **Class N** Return before taxes | 4.38% | -0.10% | 2.21% | 1.50% |
|  **ICE BofA US Treasuries 3-5 Yr Index**<sup>(2)</sup><br> (reflects no deductions for fees, expenses or taxes) | 6.74% | 0.61% | 1.79% | 1.77% |
|  **Bloomberg U.S. Aggregate Bond Index**<sup>(3)</sup><br> (reflects no deductions for fees, expenses or taxes) | 4.23% | -0.36% | 2.01% | 2.19% |

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(1) The inception date of the Fund is December 19, 2013.

(2) The ICE BofA US Treasuries 3-5 Yr Index is an unmanaged index which includes U.S. Treasury securities
with maturities of 3 to 4.99 years. The index is produced by Bank of America Merrill Lynch, Pierce, Fenner & Smith, Inc. Investors
cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

(3) The Fund's regulatory broad-based benchmark is the Bloomberg U.S. Aggregate Bond Index. The Bloomberg
U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond
market. This includes, treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and
collateralized mortgage-backed securities. 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 Y 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 serves as investment adviser to the Fund.

**Portfolio Managers:** 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. Mr. Messinger has managed the Fund since its inception in December 2013 and Mr. Cheung has managed the Fund since 2016.

**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** |
| **I** | $2500 | $1000 |
| **N** | $10000 | $1000 |
| **Y** | $20000000 | $1000 |

---

**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, are generally taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**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.