# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001598
**Filing Date:** 2023-3
**Character Count:** 39613
**Document Hash:** 7af6853e37a5d0cebb71fbe504794681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001598.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001580642-23-001598

**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:** 23742370

**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 Systematic Macro Trend ("SMarT") Fund (Series ID: S000059551)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000195032 | Redwood Systematic Macro Trend ("SMarT") Fund Class I | RWSIX           |
| C000195033 | Redwood Systematic Macro Trend ("SMarT") Fund Class N | RWSNX           |

**Redwood Systematic Macro Trend ("SMarT") Fund**

**SUMMARY PROSPECTUS** 

**March 1, 2023**

Class N RWSNX

Class I RWSIX

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/systematic-macro-trend. You can also obtain these documents at no cost by calling<br> 1-(888) 617-1444 or by sending an email request to info@redwoodim.com.

**Investment Objective:** The Fund seeks to generate capital appreciation while focusing on managing downside risk.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees<br> (fees paid directly from your investment)** | &nbsp;&nbsp;**Class<br> I** | &nbsp;&nbsp;**Class<br> N** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) for Shares Held Less Than One Year<br> (as a % of original purchase price) |  |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.07% | &nbsp;&nbsp;0.07% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**1.37%** | &nbsp;&nbsp;**1.62%** |

---

(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** | $139 | $434 | $750 | $1646 |
| **Class N** | $165 | $511 | $881 | $1922 |

---

**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 934% of the average value of its portfolio.

**Principal Investment Strategies:** Utilizing a quantitative and tactical approach, the Fund implements an investment strategy that seeks to hold a diversified portfolio of securities, exchange-traded funds ("ETFs"), open-end investment companies and/or closed-end investment companies ("underlying funds") within any of the following asset classes when, in the view of the Fund's adviser, Redwood Investment Management, LLC ("Redwood" or the "Adviser"), various risk measurements show the potential to produce positive returns: domestic and international small-cap equities; growth and income equities; preferred securities; convertible bonds; high yield bonds and leveraged loans; emerging market bonds; and real estate investment trusts. During periods that the Adviser identifies as above average

risk, the Fund's assets may be moved into money market, money market funds, or U.S. government security funds. In performing its investment selection, the Adviser evaluates directional trends using quantitative models and inputs. The Fund may invest up to 20% of its net assets in open-end investment companies or ETFs that invest primarily in emerging market debt. Though it intends to invest in the securities identified above, the Fund may also invest in debt securities of any credit quality or maturity and other equity securities.

The Adviser's quantitative strategy takes into account macro market data and other market-based inputs and metrics to seek to identify market trends. When making investment decisions for the Fund the portfolio managers consider both technical factors as well as an assessment of current market conditions and other factors.

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

**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.**

&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, inflation, changes in interest rate levels, lack of liquidity in the bond or other markets,
volatility in the equities markets or adverse 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. 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.

* *Equity Risk.* Equity securities
are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their
issuers change and unexpected trading activity among retail investors. Factors that may influence the price of equity securities include
developments affecting a specific company or industry, or changing economic, political or market conditions.

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

* *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. 

* *Quantitative Investing Risk.* The value of securities or other
investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance.
This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy
of historical data supplied by third parties, and changing sources of market returns.

* *Counterparty Risk.* The
risk that the Fund's counterparty to an over-the-counter derivative contract, such as a total return swap, may be unable or unwilling
to make timely principal, interest or settlement payments, or otherwise to honor its obligations. Counterparty risk is a type of credit
risk.

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

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

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

* *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S.
issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about
foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements;
smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments.
Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

* *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.

* *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 may exaggerate changes in the net asset
value of Fund shares and in the return on the Fund's portfolio. Borrowing will cost the Fund interest expense and other fees. The
costs of borrowing may reduce the Fund's return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous
to do so to satisfy its obligations.

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

* *Currency Risk.* The risk
that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund's investments
in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to,
foreign (non-U.S.) currencies.

* *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.

* *Emerging Markets Risk.* Investing in emerging markets involves not only the risks described herein with respect to investing in foreign securities,
but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that
can be expected to have less stability than those of developed countries. The typically small size of the markets may also result in a
lack of liquidity and in price volatility of these securities. Emerging markets are riskier than more developed markets because they tend
to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Investments in emerging
markets may be considered speculative and share the risks of foreign developed markets but to a greater extent. Emerging markets are more
likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging
financial markets have far lower trading volumes and less liquidity than developed markets, which may result in increased price volatility
of emerging market investments. The legal remedies for investors in emerging markets may be more limited than the remedies available in
the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be
limited. 

* *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.

* *Investment Companies and ETFs Risk.* When the Fund invests in
other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company's
or ETF's operating expenses, including the potential duplication of management fees. The risk of owning an investment company or
ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund also will incur brokerage
costs when it purchases and sells ETFs. During periods of market volatility, inverse ETFs may not perform as expected.

* *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 and small changes in the value of
the underlying instrument may produce disproportionate losses to the Fund and 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. The use of leverage may increase expenses and increase the impact of a Fund's other risks. The use of leverage also may
cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations, to meet additional
margin requirements or to meet 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 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 bases after June 30, 2023.
The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised
of major derivative market participants and their regulators), has begun publishing Secured Overnight Financing Rate (SOFR), a broad measure
of secured overnight U.S. Treasury repo rates, that is intended to replace U.S. dollar LIBOR. Actions by regulators have resulted in the
establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates,
but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at
the time of transition remain a significant concern. The unavailability of LIBOR presents risks to the Fund, including the risk that any
pricing or adjustments to the Fund's investments resulting from a substitute or alternate reference rate may adversely affect the
Fund's performance and/or net asset value. It remains uncertain how such changes would be implemented and the effects such changes
would have on the Fund, including any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers
of instruments in which the Fund invests and financial markets generally.

* *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the
Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. 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 Capitalization Risk.* The Fund's anticipated weighting
towards small-sized companies subjects the Fund to the risk that small and medium–sized companies typically have less experienced
management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. Because
the Fund may invest in companies of any size, its share price could be more volatile than a Fund that invests only in large companies.
Larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods,
and that they may be less capable of responding quickly to competitive challenges and industry changes.

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

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

* *Preferred Securities Risk.* Preferred
securities can decrease in value for a variety of reasons, including decreases in response to the activities of an individual company
or in response to general market and/or economic conditions. The market value of all securities, including preferred securities, is based
upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's
worth. Preferred securities may be less liquid than common securities and may be subject to more fluctuations in market value, due to
changes in market participants' perceptions of the issuer's ability to continue to pay dividends, than debts of the same issuer.

* *Real Estate Investment Trusts Risk.* There is risk that investments in real estate investment trusts (REITs) will make the Fund more susceptible to risks associated
with the ownership of real estate and with the real estate industry in general. 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. A REIT
is a company that derives at least 75% of its gross income from (a) rents from real property, (b) interests in real property or interest
on obligations secured by mortgages, (c) the sale or other disposition of real property, (d) dividends, distributions or other gains from
investments in other REITs, I abatements or tax refunds on real property, (f) income and gain derived from certain foreclosure property,
(g) amounts received or accrued for entering into agreements to make loans secured by mortgages on real property or to purchase or lease
property, and (h) certain other qualified temporary investment income. A REIT must also receive 95% of its gross income from (a) dividends,
(b) interest, (c) gain from the sale or other disposition of stock, securities, and real property, and (d) any source described in clauses
(a) through (h) in the preceding sentence. To the extent an investment meets the qualifications of a REIT under the Internal Revenue Code
of 1986, as amended, the REIT will not be taxed on distributions made to the Fund. In the event an investment fails to qualify as a REIT,
the REIT will be subject to tax as a C corporation at U.S. federal income tax rates (currently, at a flat rate of 21%). The resulting
corporate taxes could reduce the Fund's net assets, the amount of income available for distribution and the amount of our distributions.

* *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.

* *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.

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

* *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.

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

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

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

![](image_001.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter: | 12/31/2020 | 16.76% |
| Lowest Quarter: | 03/31/2022 | -9.55% |

---

**Performance Table**

**Average Annual Total Returns**

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

---

| | | | |
|:---|:---|:---|:---|
| **Class I Shares** | **One Year** | **Five Years** | **Since<br> Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;Class I Return before taxes | -6.13% | 7.82% | 7.79% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions | -7.32% | 6.10% | 6.07% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions and Sale of Fund Shares | -3.55% | 5.54% | 5.51% |
| **Class N** Return before taxes | -6.36% | 7.57% | 7.55% |
| MS Category Avg-Tactical Allocation Index<sup>(2)</sup> | -15.63% | 1.87% | 2.22% |
| **Composite Index<sup>(3)</sup>** | -16.72% | 2.98% | 3.36% |
| S&P 500 Total Return Index<sup>(4)</sup> | -18.11% | 9.42% | 9.95% |
| Bloomberg Aggregate Bond Index<sup>(5)</sup> | -16.25% | -1.66% | -1.34% |

---

(1) The inception date of the Fund is November 2, 2017.

(2) The MS Category Avg-Tactical Allocation Index, Tactical
asset allocation strategy is the process by which the asset of a fund is changed on a short-term basis to take advantage of perceived
differences in relative values of the various asset classes. The MS CategoryAvg. Tactical Allocation Index is the average of all funds
categorized as Tactical Allocation by Morningstar. Investors cannot invest directly in an index or benchmark. Index returns are gross
of any fees, brokerage commissions other expenses of investing.

(3) The Composite Index represents
a blend of 40% S&P 500 Total Return Index and 60% Bloomberg Global Aggregate Bond Index. The Composite Index has comparable return
characteristics as the Fund and shows how the Fund's performance directly compares to a blend of the returns of broad-based indices
widely recognized in the industry. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage
commissions or other expenses of investing.

(4) Standard and Poor's 500 Total Return Index is
a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes
in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark.
Index returns are gross of any fees, brokerage commissions or other expenses of investing.

(5) The Bloomberg Global Aggregate Bond Index is a measure
of global investment grade debt from twenty-four local currency markets. This multi -currency benchmark includes treasury, government-related,
corporate, and securitized fixed-rate bonds from both developed and emerging markets issuers. Investors cannot invest directly in an index
or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

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

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

**Portfolio 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, and Richard Duff, Portfolio Manager and Managing Partner of Redwood. Messrs. Messinger, Cheung and Duff have managed the Fund since its inception in November 2017.

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

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