¹ Inception dates of the funds are as follows: Redwood Managed Volatility Fund has an inception date of December 19, 2013. Redwood Managed Volatility Portfolio has an inception date of January 15, 2015. Redwood Managed Municipal Income Fund, and Redwood AlphaFactor^® Tactical Core Fund have an inception date of March 9, 2017. Redwood AlphaFactor^® Tactical International Fund, Redwood Systematic Macro Trend (“SMarT^®”) Fund, and Redwood Activist Leaders^® Fund have an inception date of November 1, 2017.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investors shares, when redeemed, may be worth more or less than their original cost.

The Redwood Managed Volatility Fund’s total annual operating expense ratio for Class I, Class N, and Class Y is 1.57%, 1.84%, and 1.58%, respectively. The Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until March 1, 2023 to ensure that the total annual fund operating expenses after fee waiver (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 expense such as litigation) will not exceed 1.67%, 1.92%, and 1.43% for Class I, Class N, and Class Y, respectively, subject to possible recoupment from the Fund in future years.

The Redwood Managed Municipal Income Fund’s total annual operating expense ratio for Class I and Class N are 1.62% and 1.87%, respectively. 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, 2023 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% and 1.25% 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 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.

The Redwood AlphaFactor^® Tactical International Fund total annual fund operating expense ratio for Class N and Class I are 1.51% and 1.26%, respectively. 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, 2023 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.

The Redwood Systematic Macro Trend (“SMarT^®”) Fund total annual fund operating expense ratio for Class N and Class I are 1.37% and 1.62% respectively. 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, 2023 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 1.55% and 1.30% of average daily net assets attributable to Class N and Class I shares, respectively.

Please review each respective fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 855-733-3863.