# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-26-001566
**Filing Date:** 2026-3
**Character Count:** 42651
**Document Hash:** 716c5667d081306a5e44848ce5a78bea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001566.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001580642-26-001566

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 26729326

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

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

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

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

**Redwood Managed Municipal Income Fund**

**SUMMARY PROSPECTUS** 

**March 1, 2026**

Class N RWMNX

Class I RWMIX

a series of Two Roads Shared Trust

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated March 1, 2026, as supplemented to date, are incorporated by reference into this Summary Prospectus. You can obtain these documents, reports to shareholders, and other information about the Fund online at https://www.redwoodmutualfunds.com/funds/managed-muni-fund. You can also obtain these documents at no cost by calling 1-(888) 617-1444 or by sending an email request to info@redwoodim.com.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees <br> (fees paid directly from your investment)** | &nbsp;&nbsp;**Class<br> I** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) for Shares Held Less Than One Year <br> (as a % of original purchase price) |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (expenses that you pay each year as a percentage of the value of your investment)** |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses<sup>(2)</sup>** | &nbsp;&nbsp;**1.70%** |
| &nbsp;&nbsp;Expense Waiver<sup>(3)</sup> | &nbsp;&nbsp;(0.06)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver** | &nbsp;&nbsp;**1.64%** |

---

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

(2) The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial
highlights because the financial statements include only the direct operating expenses incurred by the Fund. In addition, the fees and
expenses shown in the table above and the Expense Example that follows include the Fund's share of the fees and expenses of an affiliated
fund in which the Fund invests. However, to avoid charging duplicative fees, the Adviser voluntarily waives and/or reimburses the Fund's
Management Fee with respect to the amount of its net assets invested in such underlying affiliated fund. During the fiscal year ended
October 31, 2025, the amount waived and/or reimbursed by the Adviser with respect to investments in the underlying affiliated fund was
0.10%. The amount of this waiver/reimbursement will fluctuate depending on the Fund's daily allocations to the underlying affiliated
fund.

(3) 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, 2027, to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive
of any taxes, front-end or contingent deferred loads, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses
on securities sold short), expenses of other investment companies in which the Fund may invest, and extraordinary expenses such as litigation)
will not exceed 1.00% of average daily net assets attributable to Class I. This agreement may be terminated by the Fund's Board
of Trustees on 60 days' written notice to the adviser. These fee waivers and expense reimbursements are subject to possible recoupment
from the Fund in future years on a rolling three-year basis (within three years of when the amount was waived or reimbursed) if such recoupment
can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the reimbursement
was made.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $167 | $530 | $917 | $2004 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 596% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the Fund will, directly or indirectly, invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject the investors to alternative minimum tax. Utilizing a quantitative and tactical approach, the Fund implements a strategy that seeks to hold a diversified portfolio of primarily high-yield municipal open-end mutual funds, closed-end funds, or ETFs when various risk measurements show the high yield municipal bond markets are trending upwards, and municipal money market securities or funds when the high yield municipal bond markets are trending downwards. Depending on market conditions, the Fund may be invested: (i) primarily in high yield municipal bond funds and other municipal fixed income funds with similar characteristics; (ii) primarily in short-term municipal money market fund securities; or (iii) a combination of (i) and (ii). The strategy can also invest in other fixed income assets classes such as, but not limited to, long-term, intermediate and short-term municipal funds and single state municipal funds. In performing its investment selection, the high-yield municipal asset class's directional trends are evaluated using quantitative models and inputs. Though it intends to invest primarily in the securities identified immediately above, the Fund may invest in debt securities of any credit quality or maturity. In addition to high yield municipal bond markets, the Fund may also have exposure to the U.S. fixed income markets (including private debt) by investing up to 20% of its assets in other investment companies that are not municipal funds, including open-end mutual funds, ETFs, closed-end funds (including tender offer and interval funds and business development companies), and real estate investment trusts ("REITs"). The investment companies in which the Fund invests may invest in securities of any maturity or quality, including securities rated below investment grade. The Fund may invest in affiliated and unaffiliated investment companies.

To seek greater investment exposure to the Fund's strategies, the Fund has the ability under federal law to leverage its portfolio by borrowing money from a bank in the amount of up to one-third of its assets (which includes the borrowed amount). The Fund may invest directly or indirectly in various types of derivatives, including swap contracts as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures. The Fund may borrow money to enter into swap contracts that may leverage the Fund's portfolio to a significant degree.

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

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

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

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility,

exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield Fixed Income Securities ("Junk Bonds") Risk.* Investment in or exposure to
high yield (lower rated or below investment grade) debt instruments (also known as "junk bonds") may involve greater levels
of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly
speculative and are higher risk than investment grade debt instruments with respect to the issuer's continuing ability to make principal
and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt
instruments. Junk bonds may experience more price volatility and a more limited market than the market for investment-grade fixed income
securities.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· *Active Trading Risk.* A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. Active trading of securities may also increase
the Fund's realized capital gains and losses, which may affect the taxes you pay as a Fund shareholder.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· *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. 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile
than other instruments and may be subject to unanticipated market movements, which are potentially unlimited. The risks associated with
investments in derivatives also include leverage, liquidity, interest rate, market, credit and management risks, mispricing or improper
valuation. Certain derivatives require the Fund to pledge cash or liquid securities as margin or collateral, a form of security deposit
intended to protect against nonperformance of the derivatives contract. The Fund may have to post additional margin or collateral if the
value of the derivative position changes in a manner adverse to the Fund. Changes in the market value of a derivative may not correlate
perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Changes in regulations
relating to a fund's use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives,
or otherwise adversely affect the value or performance of derivatives and the Fund. In addition, if a derivative is being used for hedging
purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency
against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 from the investment. Usually such movements occur
when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day's
closing price. Trading halts may lead to gap risk.

&nbsp;&nbsp;&nbsp;&nbsp;· *Leveraging Risk.* To the extent the Fund uses leveraging techniques, its net asset value may be
more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of
the Fund's investments. Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount
invested. The use of certain derivatives may increase leveraging risk and adverse changes in the value or level of the underlying asset,
rate, or index may result in a loss substantially greater than the amount paid for the derivative. The use of leverage may exaggerate
any increase or decrease in the net asset value, causing the Fund to be more volatile and small

changes in the value of the underlying instrument may produce disproportionate losses to the Fund. The use of leverage may increase expenses and increase the impact of a Fund's other risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations, to meet additional margin or collateral or regulatory requirements resulting in increased volatility of returns. Leverage, including borrowing, may cause the Fund to be more volatile than if the Fund had not been leveraged.

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult
to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly
requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. 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 stressed markets, certain types of securities may suffer periods of illiquidity if they are
disfavored by the market. These risks may increase during periods of market turmoil, such as that experienced in 2020 with COVID-19, and
could have a negative effect on the Fund's performance. Illiquidity may result from the absence of an established market for investments
as well as legal, contractual, or other restrictions on their resale and other factors. For example, with respect to the Fund's
investment in closed-end interval or tender offer funds, there may not be a secondary market for the shares and limited liquidity is provided
only through the Fund's regular or other board approved repurchase offers. Securities of companies with smaller market capitalizations
or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. There is no guarantee that
the Fund will be able to sell all of the shares it desires in a repurchase offer.

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

&nbsp;&nbsp;&nbsp;&nbsp;· *Money Market Instrument Risk.* The value of money market instruments may be affected by changing
interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not insured or guaranteed
by the FDIC or any other government agency. It is possible to lose money by investing in a money market fund. Although money market mutual
funds that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible
to lose money by investing in a stable NAV money market mutual fund. Moreover, SEC rules require prime money market mutual funds to use
floating NAVs that do not preserve the value of the Fund's investment at $1.00 per share. Recently, the SEC proposed amendments
to money market fund rules that are intended to address potential systemic risks associated with money market funds and to improve transparency
for money market fund investors. The money market fund reforms may impact the structure, operations and return potential of the money
market funds in which the Fund invests.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· *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. Additionally, the U.S. government and its agencies and instrumentalities
do not guarantee the market values of their securities, which may fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

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

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class I shares for each calendar year since the Fund's inception. The performance table includes a comparison of 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: | 12/31/2023 | 5.80% |
| Lowest Quarter: | 6/30/2022 | -5.78% |

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**Performance Table**

**Average Annual Total Returns**

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

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| | | | |
|:---|:---|:---|:---|
|  <br> **Class I Shares** | **One Year** | **Five Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Class I Return before taxes | -1.97% | -0.29% | 1.72% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions | -3.11% | -1.30% | 0.66% |
| &nbsp;&nbsp;Class I Return after taxes on Distributions and Sale of Fund Shares | -1.17% | -0.44% | 0.99% |
|  **Bloomberg U.S. Municipal Bond Index<sup>(2)</sup>**<br> (reflects no deduction for fees, expenses, or taxes) | 4.25% | 0.80% | 2.58% |

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

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

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

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

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

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

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

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

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