# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001596
**Filing Date:** 2023-3
**Character Count:** 33495
**Document Hash:** c6d0872ba294bae0f999c5c02e71f8e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001596.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001580642-23-001596

**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:** 23742331

**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 AlphaFactor Tactical International Fund (Series ID: S000059550)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000195030 | Redwood AlphaFactor Tactical International Fund Class I | RWILX           |
| C000195031 | Redwood AlphaFactor Tactical International Fund Class N | RWINX           |

**Redwood AlphaFactor<sup>®</sup> Tactical International Fund**

**SUMMARY PROSPECTUS** 

**March 1, 2023**

Class N RWINX

Class I RWIIX

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/alphafactor-international. You can also obtain these documents at no cost by calling 1-(888) 617-1444 or by sending an email request to info@redwoodim.com.

**Investment Objective:** The Fund seeks to generate long-term total return with capital preservation as a secondary objective.

**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> N** | &nbsp;&nbsp;**Class<br> I** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) for Shares Held Less Than One Year<br> (as a % of original purchase price) |  |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees | &nbsp;&nbsp;0.25% |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**1.54%** | &nbsp;&nbsp;**1.29%** |
| &nbsp;&nbsp;Expense Waiver<sup>(2)</sup> | &nbsp;&nbsp;(0.03)% | &nbsp;&nbsp;(0.03)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver** | &nbsp;&nbsp;**1.51%** | &nbsp;&nbsp;**1.26%** |

---

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

(2) The
Fund's adviser has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least March
1, 2024 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any taxes, short selling
expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses
of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.45% and 1.20%
of average daily net assets attributable to Class N and Class I shares, respectively. This agreement may be terminated by the Fund's
Board of Trustees on 60 days' written notice to the adviser. These fee waivers and expense reimbursements are subject to possible
recoupment from the Fund in future years on a rolling three-year basis (within the three years of when the amount was waived or reimbursed)
if such recoupment can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time
the reimbursement was made.

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $128 | $406 | $705 | $1554 |
| **Class N** | $154 | $484 | $837 | $1832 |

---

**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 413% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund employs an investment approach designed to track the performance of the Adviser's proprietary index, the Redwood AlphaFactor<sup>®</sup> Tactical International Index (the "International Index"). The International Index utilizes a quantitative, factor-based, investment methodology focused on large and middle capitalization common stocks of both developed and emerging markets outside of the United States, typically of companies with market capitalizations of greater than $2 billion. The methodology selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, dividend yield, volatility and debt/asset ratios. The International Index is rebalanced to equal weight on a quarterly basis, and reconstituted on a yearly basis. The Fund will be invested in a diversified portfolio of equity securities of developed international markets and emerging market countries or investments that are economically tied to equity securities (i.e., derivatives) such as American Depositary Receipts (ADRs), equity options, swaps, convertible bonds and warrants. In seeking to track the performance of the International Index, the Fund will typically hold approximately 100 stocks in its portfolio. However, the Fund may be invested in more or less than 100 stocks at any given time and may use other equity linked securities in pursuit of its investment strategies.

The strategy used by the International Index also employs a multi-factor tactical risk management overlay that seeks to identify periods of above-average risk. Under normal market conditions, the Fund will be invested in securities of countries outside of the United States or in investments that are economically tied to such foreign securities. In response to adverse market conditions, the Fund, in tracking the International Index, may be invested for temporary, defensive purposes in money market instruments such as treasury bills, certificates of deposit and commercial paper and other short-term instruments, money market funds, and in short- and intermediate-term U.S. or foreign Treasury bond or bond funds. Such investments can either be direct or through investments in other investment companies, including open-end mutual funds and exchange-traded funds ("ETFs"). The Fund will use Solactive, AG as its index provider.

The Fund uses a "passive" or indexing approach to attempt to approximate the investment performance of the International Index by investing in a portfolio of securities that generally replicates the International Index. The Fund may concentrate its investments in a particular country, region, industry or group of industries to the extent that the International Index concentrates in a country, region, industry or group of industries.

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**

* *Index Tracking Error Risk.* As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons.
For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not
be fully invested in the securities of the Index at all times, may deviate from the relative weightings of the Index or may hold securities
not included in the Index. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

* *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.

* *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.

* *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.

* *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 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. 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.

* *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.

* *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.

* *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.

* *Passive Investment Risk.* The Fund is managed
with a passive investment strategy, attempting to track the International Index. As a result, the Fund expects to hold constituent securities
of the International Index regardless of their current or projected performance, though the Fund may adopt a temporary defensive position
in response to adverse market, economic, political or other conditions. Maintaining investments in securities regardless of market conditions
or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.
The composition of an emerging market index generally will not weigh individual securities by investor protection considerations. Therefore,
to the extent the Fund tracks an emerging market index, it could invest in companies that lack transparency and other investor protections.
In addition, the Fund's return may not match or achieve a high degree of correlation with the return of the International Index
due to operating expenses, transaction costs, and cash flows.

* *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.

* *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.

* *Market Capitalization Risk.* The Fund's anticipated weighting towards larger-sized companies subjects the Fund to the risk that 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. 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. 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.

* *American Depositary Receipts Risk.* ADRs may
involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity and
more volatility, governmental regulations, and the potential for political and economic instability.

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

* *Derivatives Risk.* The derivative
instruments in which the Fund may invest 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. 

* *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.

* *Geographic and Sector* Risk*.* The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region or
economic sector, an adverse economic, business or political development or natural or other event, including war, terrorism, natural and
environmental disasters, epidemics, pandemics and other public health crises, affecting that region or sector may affect the value of
the Fund's investments more than if the Fund's investments were not so concentrated.

* *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.

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

 

* *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.

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

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

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

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarter: | 12/31/2020 | 15.60% |
| Lowest Quarter: | 06/20/2022 | -10.42% |

---

**Performance Table**

**Average Annual Total Returns**

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

---

| | | | |
|:---|:---|:---|:---|
| **Class I Shares** | **One Year** | **Five Years** | **Since Inception<sup>(1)</sup>** |
| Class I Return before taxes | -11.56% | 2.71% | 2.89% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions | -12.10% | 0.83% | 1.07% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions and Sale of Fund Shares | -6.78% | 1.38% | 1.54% |
| **Class N** Return before taxes | -11.56% | 1.80% | 2.00% |
| Redwood AlphaFactor<sup>®</sup> Tactical International Index<sup>(2)</sup> | -8.42% | 6.19% | 6.62% |
| MSCI AC World Index ex-US Net<sup>(3)</sup> | -16.00% | 0.88% | 1.33% |

---

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

(2) The Redwood AlphaFactor<sup>®</sup>
Tactical International Index, the Fund Adviser's proprietary index, utilizes a quantitative, factor-based, investment methodology
focused on large and middle capitalization stocks of both developed and emerging markets outside of the U.S. typically of companies with
market capitalizations of greater than $2 billion. 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 Morgan Stanley Capital International All Country
World Index Ex-U.S. (MSCI ACWI Ex-U.S.) is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI).
It is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI
All Country World Index Ex-U.S. includes both developed and emerging markets. Investors cannot invest directly in an index or benchmark.
Index returns are gross of any fees, brokerage commissions or other expenses of investing.

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

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

**Portfolio Manager:** The Fund is jointly managed by Michael Messinger, Portfolio Manager and Managing Partner of Redwood, Richard Duff, Portfolio Manager and Managing Partner of Redwood, and Michael Cheung, Portfolio Manager and Managing Partner of Redwood. Messrs. Messinger, Duff, and Cheung 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.

---

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