Systematic Macro Trend (“SMarT^®”) Fund

Equity

NAV as of 10/16/25

	$ Daily Nav	$ Day Change	Week High	Week Low
Class I	16.4	0.02	16.4	16.23

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month-end, please call Fund administrator's shareholder services toll-free at (855)733-3863. 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 Fund's total annual operating expense ratio for Class I is 1.69%.

Objective

The Redwood Systematic Macro Trend (“SMarT^®”) Fund seeks to generate capital appreciation while focusing on managing downside risk.

Highlights

Seeks to invest in exposure of domestic and or international small-cap equities, growth and income equities, preferred stock, convertible bond, high-yield bond and leveraged loan, emerging market bonds, and or real estate investment trusts.
Equity hybrid strategy or relative value strategy, meant as an alternative to traditional moderate risk strategies.
Utilizes a quantitative research approach that seeks to identify periods of heightened risk of significant loss to move exposure to the safety of money market or short term U.S. government security funds.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Redwood Systematic Macro Trend Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-855-733-3863. The prospectus should be read carefully before investing. The Redwood Systematic Macro Trend Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Redwood Investment Management, LLC is not affiliated with Northern Lights Distributors, LLC.

Risk Disclosure

Investing involves risk, including loss of principal. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses. For a full list of risks, please refer to the prospectus

High-Yield Bonds: Portfolios that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income prices will fall.

The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund's gains or losses. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

A Fund’s direct or indirect investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities that can adversely affect the Fund’s performance. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets.

Small- cap investing involves greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.

Definitions

Small-Cap Equities: Small-cap equities are stocks of companies with relatively small market capitalizations, typically between $300 million and $2 billion.

Growth Equities: Growth equities are stocks of companies expected to deliver above-average revenue or earnings growth, often reinvesting in expansion and, in some cases, not yet generating positive profits, with the expectation of strong future growth.

Income Equities: Income equities are stocks of companies that pay relatively high and consistent dividends, typically chosen for their ability to generate steady income rather than capital appreciation.

Preferred Stock: Preferred stock is a class of equity that typically pays fixed dividends and has priority over common stock in dividend payments and liquidation but generally lacks voting rights.

Convertible Bond: Convertible bond is a type of debt security that can be converted into a predetermined number of shares of the issuing company’s common stock, offering both fixed income and potential equity upside.

Leveraged Loan: Leveraged loans are a type of loan extended to companies with higher levels of debt or lower credit ratings, typically offering higher interest rates to compensate for the increased credit risk.

Emerging Market Bonds: Emerging market bonds are debt securities issued by governments or corporations in developing countries, typically offering higher yields to compensate for increased economic, political, and currency risks.

Real Estate Investment Trusts: Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate and are required to distribute most of their taxable income to shareholders as dividends.

Equity Hybrid Strategy: Equity Hybrid Strategy refers to an investment approach that combines traditional equity exposure with other components—such as fixed income, options, or alternative assets—to balance growth potential with risk management.

Relative Value Strategy: Relative Value Strategy is an investment approach that seeks to capitalize on pricing inefficiencies between related securities, aiming to generate returns with lower sensitivity to broad market movements.

Fund Advisor

Redwood is an investment advisor to registered mutual funds, ETF, separately managed accounts, subadvisory accounts, unified managed accounts, and model portfolios. Redwood is an Investment Advisor registered with the SEC under the 1940 Advisor’s Act. Such registration with SEC does not imply certain level of skill or training and no inference to contrary should be made. To learn more about the Fund Advisor, click here.