# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001595
**Filing Date:** 2023-3
**Character Count:** 43965
**Document Hash:** a2eeb7dbaf3191eabed98d74c2eb704b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001595.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001580642-23-001595

**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:** 23742326

**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 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, 2023**

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, 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-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 | 0.31% | 0.28% | 0.28% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.04% | 0.04% | 0.04% |
| Total Annual Fund Operating Expenses | **1.60%** | **1.82%** | **1.57%** |

---

(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.

***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** | $163 | $505 | $871 | $1900 |
| **Class N** | $185 | $573 | $985 | $2137 |
| **Class Y** | $160 | $496 | $855 | $1867 |

---

**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 15% 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 principally 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 funds, high yield bond indices, high yield bond ETFs, bank loan funds, multi-sector bond funds and other fixed income funds or ETFs, 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 exposure to the different asset classes will be achieved principally through 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, which will usually be indices, mutual funds or exchange traded funds (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 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 invest in short-term fixed income strategies of any maturity and credit quality, including securities rated below investment grade ("junk bonds"). The Fund may not invest in money market funds or other 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.

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, credit default swaps, and swaptions. The Fund may borrow money to enter into a 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 achieve its goal.** 

* *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.

* *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. Derivative instruments may be more volatile than other instruments
and may be subject to unanticipated market movements, which are potentially unlimited. Certain derivatives require the Fund to make margin
payments, a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post
additional margin 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.
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.

* *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.

 

* *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. Transactions in certain types of swaps (including credit default swaps)
are also required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's
counterparty is a clearing house, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of
a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives
through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and
receive payments from a clearing house through their accounts at clearing members. Clearing members guarantee performance of their clients'
obligations to the clearing house. In contrast to bilateral derivatives transactions, following a period of advance notice to the Fund,
clearing members generally can require termination of existing cleared derivatives transactions at any time and increases in margin above
the margin that it required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements
for existing transactions and to terminate transactions. Any such increase or termination could interfere with the ability of the Fund
to pursue its investment strategy. Also, the Fund is subject to execution risk if it enters into a derivatives transaction that is required
to be cleared (or that the Adviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's
behalf. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept
for clearing all transactions submitted for clearing that are within credit limits specified by the clearing members in advance, the Fund
could be subject to this execution risk if the Fund submits for clearing transactions that exceed such credit limits, if the clearing
house does not accept the transactions for clearing, or if the clearing members do not comply with their agreement to clear such transactions.
In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value
of the transaction after the time of the transaction. In addition, new regulations could, among other things, restrict the Fund's
ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives
no longer available to the Fund or increasing margin or capital requirements. If the Fund is not able to enter into a particular derivatives
transaction, the Fund's investment performance and risk profile could be adversely affected as a result.

* *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.

* *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.

* *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. 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.

* *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. 

* *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.

* *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.

* *Fixed Income 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. 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.

* *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.

* *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).

* *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.

* *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.

* *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.

* *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.

* *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.

 

* *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.

* *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 requirements 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. The utilization of
an alternative reference rate, or the transition process to an alternative reference rate, may adversely affect the fund's performance.
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. 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 increasing 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.

* *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.

* *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.

* *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.

**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 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 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% |

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**Performance Table**

**Average Annual Total Returns**

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

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| | | | |
|:---|:---|:---|:---|
| **Class Y Shares** | **One Year** | **Five Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Class Y Return before taxes | -11.05% | -1.33% | 1.09% |
| &nbsp;&nbsp;Class Y Return after taxes on Distributions | -11.05% | -2.71% | -0.35% |
| &nbsp;&nbsp;Class Y Return after taxes on Distributions and Sale of Fund Shares | -6.54% | -1.52% | 0.26% |
| **Class I** Return before taxes | -11.18% | -1.45% | 0.98% |
| **Class N** Return before taxes | -11.39% | -1.70% | 0.74% |
|  **Bank of America** Merrill Lynch 3-5 Year Treasury Index<sup>(2)</sup><br> (reflects no deductions for fees, expenses or taxes) | -7.84% | 0.45% | 0.88% |

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

(2) The Bank of America Merrill Lynch 3-5 Year Treasury
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.

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.

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| | | |
|:---|:---|:---|
| **Class** | **Minimum Investment** | **Minimum Investment** |
| **Class** | **Initial** | **Subsequent** |
| **I** | $2500 | $1000 |
| **N** | $10000 | $1000 |
| **Y** | $20000000 | $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, 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.