Form N-CSRS Two Roads Shared Trust For: Apr 30

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July 9, 2018 3:15 PM EDT

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united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22718

Two Roads Shared Trust

(Exact name of registrant as specified in charter)

17605 Wright Street, Suite 102, Omaha, NE 68137

(Address of principal executive offices) (Zip code)

Richard Malinowski, Gemini Fund Services, LLC.

80 Arkay Drive Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 10/31

Date of reporting period: 4/30/18

Item 1. Reports to Stockholders.

(COVER PAGE)

Redwood Managed Volatility Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the periods ended April 30, 2018, compared to its benchmark:

			Annualized Three	Annualized Since
	Six Months	One Year	Years	Inception^(a)
Class I	(0.74)%	2.45%	4.39%	3.47%
Class N	(0.87)%	2.20%	4.14%	3.24%
Class Y	(0.74)%	2.44%	4.44%	3.58%
BofA ML 3-5 Yr Treasury Index ^(b)	(1.75)%	(1.43)%	0.35%	1.00%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waiver are 1.98% for Class I shares, 2.23% for Class N shares, and 1.98% for Class Y shares per the February 28, 2018 prospectus. The Fund’s advisor has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least March 1, 2019 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 1.67%, 1.92% and 1.43% of average daily net assets attributable to Class I, Class N and Class Y shares, respectively. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the advisor. 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood Managed Volatility Fund commenced operations on December 19, 2013.

(b)

BofA Merrill Lynch 3-5 Year Treasury Index is an unmanaged index which includes U.S. Treasury securities with maturities of 3 to 4.99 years. The index is produced by Bank of America Merrill Lynch, Pierce, Fenner & Smith, Inc. Investors can not invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Mutual Funds		91.7%
Exchange Traded Fund		4.4%
Cash and Other Assets Less Liabilities		3.9%
Total		100.0%

Redwood Managed Municipal Income Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Six Months	One Year	Since Inception^(a)
Class I	0.79%	4.01%	4.97%
Class N	0.55%	3.78%	4.69%
Bloomberg Barclays U.S. Municipal Bond Index ^(b)	(0.97)%	1.56%	2.99%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waiver are 1.87% for Class I shares and 2.12% for Class N shares per the February 28, 2018 prospectus, as supplemented. The Fund’s advisor has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least March 1, 2019 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 1.25% and 1.00% 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 advisor. 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood Managed Municipal Income Fund commenced operations on March 9, 2017.

(b)

The Bloomberg Barclays U.S. Municipal Bond Index 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. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Mutual Funds		84.3%
Cash and Other Assets Less Liabilities		15.7%
Total		100.0%

Redwood AlphaFactor^®Core Equity Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Six Months	One Year	Since Inception^(a)
Class I	2.90%	9.26%	10.51%
Class N	2.76%	9.11%	10.38%
Redwood AlphaFactor^® Focused Index ^(b)	3.41%	11.03%	12.09%
S&P 500 Total Return Index ^(c)	3.82%	13.27%	12.52%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waivers are 0.80% for Class I shares and 1.05% for Class N shares per the February 28, 2018 prospectus, as supplemented. The Fund’s advisor has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least March 1, 2019 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 1.05% and 0.80% 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 advisor. 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood AlphaFactor^® Core Equity Fund commenced operations on March 9, 2017.

(b)

The Redwood AlphaFactor^® Focused Index, the Fund advisor’s proprietary index, utilizes a quantitative factor-based investment methodology focused on the largest 3,000 U.S. common stocks based on market capitalization. The final selection of stocks is based on market characteristics including, but not limited to, liquidity and market capitalization. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

(c)

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.

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Retail		13.1%
Diversified Financial Services		9.8%
Lodging		9.8%
Oil&Gas		7.0%
REITS		6.5%
Internet		6.3%
Commercial Services		3.6%
Apparel		3.4%
Banks		3.4%
Home Builders		3.4%
Other/Cash and Equivalents		33.7%
Total		100.0%

Redwood AlphaFactor^®Tactical Core Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Six Months	One Year	Since Inception^(a)
Class I	2.55%	8.82%	10.06%
Class N	2.38%	8.64%	9.90%
Redwood AlphaFactor^® Tactical Focused Index ^(b)	3.41%	11.03%	12.10%
S&P 500 Total Return Index ^(c)	3.82%	13.27%	12.52%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waivers are 1.20% for Class I shares and 1.45% for Class N shares per the February 28, 2018 prospectus, as supplemented. The Fund’s advisor has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least March , 2019 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 advisor. 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood AlphaFactor^®Tactical Core Fund commenced operations on March 9, 2017.

(b)

The Redwood AlphaFactor^®Tactical Focused Index, the Fund advisor’s proprietary index, utilizes a quantitative factor-based investment methodology focused on the largest 3,000 U.S. common stocks based on market capitalization, with a tactical overlay that seeks to determine when equity exposure should be turned on or off. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

(c)

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Retail		13.0%
Diversified Financial Services		9.8%
Lodging		9.7%
Oil&Gas		6.9%
REITS		6.5%
Internet		6.2%
Commercial Services		3.5%
Banks		3.4%
Software		3.4%
Apparel		3.3%
Other/Cash and Equivalents		34.3%
Total		100.0%

Redwood AlphaFactor^®Tactical International Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Since Inception^(a)
Class I	(1.14)%
Class N	(1.18)%
Redwood AlphaFactor^® Tactical International Index ^(b)	2.69%
MSCI AC World Index ex-US Net ^(c)	2.84%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waivers are 1.20% for Class I shares and 1.45% for Class N shares per the November 1, 2017 prospectus, as supplemented. The Fund’s adviser has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least November 1, 2018 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood AlphaFactor^®Tactical International Fund commenced operations on November 2, 2017.

(b)

The Redwood AlphaFactor^®Tactical International Index, the Fund advisor’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. The Strategy also employs a multi-factor tactical risk management overlay that seeks to exit positions during periods identified by the advisor as above-average risk.

(c)

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.

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Banks		3.3%
Telecommunications		3.0%
Oil&Gas		2.0%
Pharmaceuticals		1.6%
Auto Manufacturers		1.6%
Computers		1.5%
Insurance		1.5%
Food		1.2%
Distribution/Wholesale		1.2%
Electric		0.9%
Other/Cash and Equivalents		82.2%
Total		100.0%

Redwood Systematic Macro Trend (“SMarT”) Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Since Inception^(a)
Class I	0.58%
Class N	0.45%
MS Category Avg-Tactical Allocation ^(b)	0.40%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waivers are 1.50% for Class I shares and 1.75% for Class N shares per the November 1, 2017 prospectus, as supplemented. The Fund’s adviser has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least November I, 2018 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. 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood Systematic Macro Trend (“SMarT”) Fund commenced operations on November 2, 2017.

(b)

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 Category – Tactical Allocation is the average of all funds defined categorized as Tactical Allocation by Morningstar.

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Exchange Traded Fund		79.6%
Electric		2.2%
REITS		1.7%
Oil&Gas		1.4%
Commercial Services		1.3%
Computers		1.3%
Pharmaceuticals		1.3%
Telecommunications		1.2%
Chemicals		0.8%
Food		0.8%
Other/Cash and Equivalents		8.4%
Total		100.0%

Redwood Activist Leaders^TM Fund

PORTFOLIO REVIEW

April 30, 2018 (Unaudited)

The Fund’s performance figures* for the period ended April 30, 2018, compared to its benchmark:

	Since Inception^(a)
Class I	5.04%
Class N	4.95%
Redwood Activist Leaders^TM Index ^(b)	6.94%
S&P 500 Total Return Index ^(c)	3.62%

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 investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses after expense waivers are 0.90% for Class I shares and 1.15% for Class N shares per the November 1, 2017 prospectus, as supplemented. The Fund’s adviser has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least November 1, 2018 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 1.15% and 0.90% 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. For performance information current to the most recent month-end, please call toll-free 1-855-733-3863.

(a)

Redwood Activist Leaders^TM Fund commenced operations on November 2, 2017.

(b)

Redwood Activist Leaders^TM Index, the Fund advisor’s proprietary index, focuses on stocks that are the target of shareholder activism utilizing a proprietary selection methodology built on the foundation of tracking public SEC 13D filings of Activist Leaders^TM as defined by the advisor.

(c)

PORTFOLIO ANALYSIS
April 30, 2018
		Percent of
		Net Assets
Software		11.6%
Commercial Services		8.6%
Pharmaceuticals		8.5%
Retail		8.5%
Miscellaneous Manufacturing		5.7%
Diversified Financial Services		5.6%
Food		5.6%
Internet		5.6%
Semiconductors		5.6%
Housewares		2.9%
Other/Cash and Equivalents		31.8%
Total		100.0%

Redwood Managed Volatility Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		EXCHANGE TRADED FUND - 4.4%
		DEBT FUND - 4.4%
	236,000	iShares iBoxx $High Yield Corporate Bond ETF	$	20,225,200
		TOTAL EXCHANGE TRADED FUND (Cost - $20,234,333)		20,225,200

		MUTUAL FUNDS - 70.1%
		DEBT FUNDS - 70.1%
	479,479	BlackRock Funds II - Floating Rate Income Portfolio - Institutional Shares	$	4,885,886
	323,588	Credit Suisse Floating Rate High Income Fund - Class I		2,216,579
	1,732,840	Dreyfus High Yield Fund - Institutional Shares		10,674,295
	9,820,092	Eaton Vance Income Fund of Boston- Institutional Shares		55,188,917
	761,161	Goldman Sachs High Yield Floating Rate Fund - Institutional Shares		7,352,814
	3,158,774	Invesco High Yield Fund - Retail Shares		12,982,562
	1,965,700	Janus High-Yield Fund - Institutional Shares		16,217,026
	12,221,275	JPMorgan High Yield Fund - Institutional Shares *		88,604,243
	1,644,238	Loomis Sayles Senior Floating Rate and Fixed Income Fund - Class Y		16,277,952
	1,867,313	Lord Abbett Floating Rate Fund - Class I		17,179,278
	14,243,385	MainStay High Yield Corporate Bond Fund - Institutional Shares		80,332,689
	3,720,358	MFS High Income Fund - Institutional Shares		12,425,996
	7,123	Salient Select Income Fund - Institutional Shares		146,020
		TOTAL MUTUAL FUNDS (Cost - $330,299,219)		324,484,257

		SHORT-TERM INVESTMENT - 21.7%
		MONEY MARKET FUND - 21.7%
	40,025,918	Blackrock Liquidity Funds T-Fund Portfolio - Institutional Class, 1.56%		40,025,918
	25,017,383	Goldman Sachs Financial Square Funds - Institutional Class, 1.61%		25,019,883
	35,013,166	Morgan Stanley Institutional Liquidity Fund - Institutional Class, 1.95%		35,027,168
		TOTAL SHORT-TERM INVESTMENT (Cost - $100,072,969)		100,072,969

		TOTAL INVESTMENTS - 96.2% (Cost - $450,606,521) (a)	$	444,782,426
		CASH, OTHER ASSETS AND LIABILITIES - NET - 3.8%		17,386,999
		TOTAL NET ASSETS - 100.0%	$	462,169,425

All or portion of this security is segregated as collateral for swaps.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $450,698,456 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	35,196
Unrealized depreciation:		(5,951,226	)
Net unrealized depreciation:	$	(5,916,030	)

See accompanying notes to financial statements.

Redwood Managed Volatility Fund

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

April 30, 2018

CREDIT DEFAULT SWAP

Notional		Upfront Premiums					Pay/Receive				Unrealized
Amount		Paid (Received)		Reference Entity	Counterparty	Expiration Date	Fixed Rate ^	Fixed Rate	Value		Gain (Loss)
$	5,000,000	$	332,188	CDX HYS30 SWAP 5YR PRC	Barclays	6/20/2023	Receive	5.00%	$	3,458	$	13,657
									$	3,458	$	13,657

	Unrealized
SCHEDULE OF SWAPS	Appreciation
LONG EQUITY SWAP CONTRACTS - 0.0%
Total return swap with Barclays Bank. The swap provides exposure to the total returns on a basket of mutual funds that is calculated on a daily basis. Under the terms of the swap, the Advisor has the ability to periodically adjust the notional level of the swap. The swap was effective on August 29, 2017 and is reset on a monthly basis. The swap has a termination date of August 30, 2018, unless earlier terminated. In addition, the Fund will receive the total return on the basket of mutual funds, including dividends and provide a fee to Barclays Bank, in the amount of LIBOR + 115 bps (Notional Amount $95,324,924)	$	—
TOTAL LONG EQUITY SWAP CONTRACTS	$	—

The following table represents the individual long postions and related values of equity securities held within the total return swap with Barclays Bank, these investments are not a direct holding of Redwood Managed Volatlity Fund:

Security	Shares		Value
BlackRock High Yield Municipal Fund Institutional Shares		10,378,500		79,303,814
Putnam High Yield Trust Fund Class Y		2,637,105		16,021,110
Total			$	95,324,924

See accompanying notes to financial statements.

Redwood Managed Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		SHORT-TERM INVESTMENT - 84.3%
		MONEY MARKET FUND - 84.3%
	49,565,965	Blackrock Liquidity Funds Municash Portfolio - Institutional Class, 1.48%	$	49,565,695
	983	JP Morgan Municipal Money Market Fund - Institutional Class, 1.53%		983
	11,016,231	JP Morgan Tax Free Money Market Fund - Institutional Class, 1.46%		11,016,231
		TOTAL SHORT-TERM INVESTMENT (Cost - $60,587,861)		60,582,909

		TOTAL INVESTMENTS - 84.3% (Cost - $60,587,861) (a)	$	60,582,909
		CASH, OTHER ASSETS AND LIABILITIES - NET - 15.7%		11,313,679
		TOTAL NET ASSETS - 100.0%	$	71,896,588

Non-Income producing security.

Variable rate security. Interest rate is as of April 30, 2018.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $60,587,861 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	—
Unrealized depreciation:		(4,952	)
Net unrealized depreciation:	$	(4,952	)

See accompanying notes to financial statements.

Redwood AlphaFactor^® Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		COMMON STOCK - 98.8%
		AEROSPACE & DEFENSE - 3.1%
	22,976	Spirit AeroSystems Holdings, Inc.	$	1,846,581

		APPAREL - 3.4%
	29,424	NIKE, Inc.		2,012,307

		AUTO MANUFACTURERS - 3.3%
	54,145	General Motors Co.		1,989,287

		BANKS - 3.4%
	61,529	Fifth Third Bancorp		2,040,917

		COMMERCIAL SERVICES - 3.6%
	43,001	CoreLogic, Inc. *		2,128,550

		COMPUTERS - 3.2%
	88,347	HP, Inc.		1,898,577

		DIVERSIFIED FINANCIAL SERVICES - 9.8%
	37,231	Lazard Ltd.		2,026,111
	47,988	Legg Mason, Inc.		1,905,124
	145,636	Navient Corp.		1,931,133
				5,862,368
		ENTERTAINMENT - 3.3%
	31,178	Six Flags Entertainment Corp.		1,971,697

		HEALTHCARE-SERVICES - 3.3%
	11,550	Cigna Corp.		1,984,521

		HOME BULIDERS - 3.4%
	65,996	PulteGroup, Inc.		2,003,639

		INSURANCE - 3.2%
	16,528	Erie Indemnity Co.		1,929,975

		INTERNET - 6.3%
	48,071	eBay, Inc. *		1,820,929
	16,427	VeriSign, Inc. *		1,928,858
				3,749,787
		LEISURE TIME - 3.1%
	44,834	Harley-Davidson, Inc.		1,844,022

		LODGING - 9.8%
	25,308	Hyatt Hotels Corp.		1,945,426
	14,294	Marriott International, Inc.		1,953,704
	16,910	Wyndham Worldwide Corp.		1,931,291
				5,830,421
		MISCELLANEOUS MANUFACTURING - 3.3%
	18,470	Carlisle Cos, Inc.		1,989,773

		OIL & GAS - 7.0%
	26,669	ConocoPhillips		2,148,269
	45,601	Marathon Petroleum Corp.		1,997,775
				4,146,044

See accompanying notes to financial statements.

Redwood AlphaFactor^® Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

Shares			Fair Value
		PACKAGING & CONTAINERS - 3.4%
	45,601	Sealed Air Corp.	$	1,999,604

		REITS - 6.5%
	166,438	Retail Properties of America, Inc.		1,920,695
	78,709	STORE Capital Corp.		1,985,828
				3,906,523
		RETAIL - 13.1%
	42,662	Foot Locker, Inc.		1,837,879
	50,425	Signet Jewelers Ltd.		1,960,524
	29,832	Walgreens Boots Alliance, Inc.		1,982,336
	22,928	Yum! Brands, Inc.		1,997,029
				7,777,768
		SOFTWARE - 3.4%
	30,876	CDK Global, Inc.		2,014,350

		TOTAL COMMON STOCK (Cost - $60,743,462)		58,926,711

		TOTAL INVESTMENTS -98.9% (Cost - $60,743,462) (a)	$	58,926,711
		CASH, OTHER ASSETS AND LIABILITIES - NET - 1.1%		650,263
		TOTAL NET ASSETS - 100.0%	$	59,576,974

Non-Income producing security.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $60,745,603 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	1,560,993
Unrealized depreciation:		(3,379,885	)
Net unrealized depreciation:	$	(1,818,892	)

See accompanying notes to financial statements.

Redwood AlphaFactor^®Tactical Core Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		COMMON STOCK - 97.8%
		AEROSPACE & DEFENSE - 3.1%
	30,703	Spirit AeroSystems Holdings, Inc.	$	2,467,600

		APPAREL - 3.3%
	39,533	NIKE, Inc.		2,703,662

		AUTO MANUFACTURERS - 3.3%
	72,807	General Motors Co.		2,674,929

		BANKS - 3.4%
	82,657	Fifth Third Bancorp		2,741,733

		COMMERCIAL SERVICES - 3.5%
	57,835	CoreLogic, Inc. *		2,862,832

		COMPUTERS - 3.2%
	118,623	HP, Inc.		2,549,208

		DIVERSIFIED FINANCIAL SERVICES - 9.8%
	50,159	Lazard Ltd.		2,729,653
	64,511	Legg Mason, Inc.		2,561,087
	195,684	Navient Corp.		2,594,770
				7,885,510
		ENTERTAINMENT - 3.3%
	41,931	Six Flags Entertainment Corp.		2,651,716

		HEALTHCARE-SERVICES - 3.3%
	15,537	Cigna Corp.		2,669,567

		HOME BUILDERS - 3.3%
	88,532	PulteGroup, Inc.		2,687,832

		INSURANCE - 3.2%
	22,224	Erie Indemnity Co.		2,595,097

		INTERNET - 6.2%
	64,655	eBay, Inc. *		2,449,131
	22,068	VeriSign, Inc. *		2,591,225
				5,040,356
		LEISURE TIME - 3.1%
	60,328	Harley-Davidson, Inc.		2,481,291

		LODGING - 9.7%
	33,996	Hyatt Hotels Corp.		2,613,273
	19,250	Marriott International, Inc.		2,631,090
	22,775	Wyndham Worldwide Corp.		2,601,133
				7,845,496
		MISCELLANEOUS MANUFACTURING - 3.3%
	24,907	Carlisle Cos, Inc.		2,683,231

See accompanying notes to financial statements.

Redwood AlphaFactor^® Tactical Core Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

Shares			Fair Value
		OIL & GAS - 6.9%
	44,136	ConocoPhillips	$	2,890,908
	35,860	Marathon Petroleum Corp.		2,686,273
				5,577,181
		PACKAGING & CONTAINERS - 3.3%
	61,357	Sealed Air Corp.		2,690,504

		REITS - 6.5%
	224,100	Retail Properties of America, Inc.		2,586,114
	105,923	STORE Capital Corp.		2,672,437
				5,258,551
		RETAIL - 12.9%
	57,403	Foot Locker, Inc.		2,472,921
	67,630	Signet Jewelers Ltd.		2,629,454
	40,117	Walgreens Boots Alliance, Inc.		2,665,775
	30,859	Yum! Brands, Inc.		2,687,819
				10,455,969
		SOFTWARE - 3.4%
	41,498	CDK Global, Inc.		2,707,328

		TOTAL COMMON STOCK (Cost - $81,659,334)		79,229,593

		TOTAL INVESTMENTS - 98.1% (Cost - $81,659,334) (a)	$	79,229,593
		CASH, OTHER ASSETS AND LIABILITIES - NET - 2.3%		1,575,550
		TOTAL NET ASSETS - 100.0%	$	80,805,143

Non-Income producing security.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $81,658,777 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	2,088,603
Unrealized depreciation:		(4,517,787	)
Net unrealized depreciation:	$	(2,429,184	)

See accompanying notes to financial statements.

Redwood AlphaFactor^®Tactical International Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		COMMON STOCK - 24.7%
		AIRLINES - 0.5%
	11,629	Deutsche Lufthansa AG - ADR	$	338,055

		APPAREL - 0.5%
	12,256	Gildan Activewear, Inc.		357,017

		AUTO MANUFACTURERS - 1.6%
	19,774	Nissan Motor Co Ltd. - ADR		416,243
	22,200	Subaru Corp. - ADR		372,960
	3,015	Toyota Motor Corp. - ADR		394,905
				1,184,108
		AUTO PARTS & EQUIPMENT - 0.5%
	6,852	Magna International, Inc.		404,268

		BANKS - 3.2%
	4,191	Banco de Chile - ADR		410,718
	44,457	Banco Santander Brasil SA - ADR		481,914
	11,879	Banco Santander Chile - ADR		392,363
	5,868	Bank of Nova Scotia		360,647
	20,325	Danske Bank A/S - ADR		353,858
	4,799	Royal Bank of Canada		364,964
				2,364,464
		CHEMICALS - 0.6%
	6,113	Sinopec Shanghai Petrochemical Co. Ltd. - ADR		403,580

		COMMERCIAL SERVICES - 0.4%
	58,378	Cielo SA - ADR		320,495

		COMPUTERS - 1.4%
	32,909	BlackBerry Ltd. *		344,557
	7,024	CGI Group, Inc. *		406,690
	3,096	Check Point Software Technologies Ltd. *		298,795
				1,050,042
		DISTRIBUTION & WHOLESALE - 1.2%
	10,921	ITOCHU Corp. - ADR		438,959
	1,281	Mitsui & Co. Ltd. - ADR		463,088
				902,047
		DIVERSIFIED FINANCIAL SERVICES - 0.5%
	17,407	CI Financial Corp.		366,156

		ELECTRIC - 0.9%
	22,251	CPFL Energia SA - ADR		304,616
	14,876	RWE AG - ADR *		356,429
				661,045
		ENERGY-ALTERNATIVE SOURCES - 0.4%
	12,989	Vestas Wind Systems A/S - ADR		279,848

		FOOD - 1.2%
	19,895	Koninklijke Ahold Delhaize NV - ADR		477,480
	7,296	Loblaw Cos Ltd.		372,826
				850,306
		FOREST PRODUCTS & PAPER - 0.6%
	12,892	UPM-Kymmene OYJ - ADR		462,436

		INSURANCE - 1.5%
	22,612	China Life Insurance Co. Ltd. - ADR		318,829
	731	Fairfax Financial Holdings Ltd.		405,910
	89,653	SCOR SE - ADR		359,508
				1,084,247
		LEISURE TIME - 0.5%
	5,875	Carnival PLC - ADR		379,819

See accompanying notes to financial statements.

Redwood AlphaFactor^®Tactical International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

Shares			Fair Value
		OFFICE & BUSINESS EQUIPMENT - 0.5%
	10,154	Canon, Inc. - ADR	$	348,384

		OIL & GAS - 1.9%
	4,997	China Petroleum & Chemical Corp. - ADR		487,407
	5,558	PetroChina Co. Ltd. - ADR *		409,124
	37,274	Petroleo Brasileiro SA - ADR *		490,153
				1,386,684
		PHARMACEUTICALS - 1.6%
	28,406	Astellas Pharma, Inc. - ADR		415,012
	4,711	Novartis AG - ADR		361,286
	7,657	Novo Nordisk A/S - ADR		359,420
				1,135,718
		REAL ESTATE - 0.5%
	8,647	Daito Trust Construction Co, Ltd. - ADR		362,828

		RETAIL - 0.5%
	20,562	HUGO BOSS AG - ADR		387,388

		SOFTWARE - 0.5%
	1,318	NetEase, Inc. - ADR		338,818

		TELECOMMINICATIONS - 3.1%
	21,886	BT Group PLC - ADR		377,534
	28,574	KDDI Corp. - ADR		382,892
	109,604	Koninklijke KPN NV - ADR		334,840
	7,875	Nippon Telegraph & Telephone Corp. - ADR		372,645
	15,653	NTT DOCOMO, Inc. - ADR		394,143
	17,498	Telenor ASA - ADR		387,231
				2,249,285
		WATER - 0.6%
	41,234	Cia de Saneamento Basico do Estado de Sao Paulo - ADR		411,515

		TOTAL COMMON STOCK (Cost - $18,378,840)		18,028,553

		SHORT-TERM INVESTMENT - 47.9%
		MONEY MARKET FUND - 47.9%
	4,000,000	BlackRock Liquidity Funds T-Fund Portfolio - Institutional Class, 1.56%		4,000,000
	299,400	Goldman Sachs Financial Square Funds - Prime Obligations Fund - Institutional Class, 1.61%		3,000,000
	27,988,804	Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, 1.95%		28,000,000
		TOTAL SHORT-TERM INVESTMENT (Cost - $35,000,000)		35,000,000

		TOTAL INVESTMENTS - 72.6% (Cost - $53,378,840) (a)	$	53,028,553
		CASH, OTHER ASSETS AND LIABILITIES - NET - 27.4%		20,078,509
		TOTAL NET ASSETS - 100.0%	$	73,107,062

Non-Income producing security.

ADR - American Depositary Receipt.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $53,378,840 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	119,208
Unrealized depreciation:		(469,495	)
Net unrealized depreciation:	$	(350,287	)

TOTAL RETURN SWAPS
								Unrealized
Number of			Notional Amount at			Termination		Appreciation/
Shares		Reference Entity	April 30, 2018		Interest Rate Payable	Date	Counterparty	(Depreciation)
	3,723	Aena Ord Aena Sme Sa	$	639,820	LIBOR + 0.350%	12/31/2018	Barclay’s	$	(3,418	)
	1,452,000	Agricultural Bank Of China-h		6,568,703	LIBOR + 0.400%	12/31/2018	Barclay’s		(12,702	)
	716,000	Air China Air China Ltd.		7,612,655	LIBOR + 0.400%	12/31/2018	Barclay’s		(14,905	)
	17,600	Asahi Glass Co Ltd.		78,349,348	LIBOR + 0.350%	12/31/2018	Barclay’s		13,595
	23,600	Astellas Pharma, Inc.		37,343,932	LIBOR + 0.350%	12/31/2018	Barclay’s		4,696
	2,085,896	Banco De Chile		356,073	LIBOR + 1.500%	12/31/2018	Barclay’s		(11,212	)
	36,997	Banco Santander Brasil		428,336	LIBOR + 1.500%	12/31/2018	Barclay’s		(24,296	)
	3,942,521	Banco Santander Chile		343,286	LIBOR + 1.500%	12/31/2018	Barclay’s		(15,615	)
	4,885	Bank Nova Scoti Bank Of Nova Scotia		300,119	LIBOR + 0.450%	12/31/2018	Barclay’s		240
	1,371,000	Bank Of China Ltd.		5,830,863	LIBOR + 0.400%	12/31/2018	Barclay’s		7,430
	82,517	Bb Seguridade Participacoes		691,265	LIBOR + 1.500%	12/31/2018	Barclay’s		(41,271	)

See accompanying notes to financial statements.

Redwood AlphaFactor^®Tactical International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

								Unrealized
Number of			Notional Amount at			Termination		Appreciation/
Shares		Reference Entity	April 30, 2018		Interest Rate Payable	Date	Counterparty	(Depreciation)
	27,324	Blackberry Ord Blackberry Ltd.	$	282,829	LIBOR + 0.450%	12/31/2018	Barclay’s	$	3,284
	19,529	Boliden Ord Boliden Ab		5,728,863	LIBOR + 0.350 - 0.450%	12/31/2018	Barclay’s		25,425
	28,600	Brother Industries Ltd.		70,948,464	LIBOR + 0.350%	12/31/2018	Barclay’s		(33,151	)
	91,523	Bt Group Bt Group Plc		218,914	LIBOR + 0.500%	12/31/2018	Barclay’s		12,602
	8,400	Canon Ord Canon, Inc.		32,809,140	LIBOR + 0.350%	12/31/2018	Barclay’s		(9,150	)
	4,780	Carnival Carnival Plc		215,406	LIBOR + 0.400%	12/31/2018	Barclay’s		13,837
	64,000	Catcher Technology Co. Ltd.		786,891	LIBOR + 0.750%	12/31/2018	Barclay’s		(71,853	)
	413,000	Cathay Financial Holding Co.		756,001	LIBOR + 0.750%	12/31/2018	Barclay’s		(10,117	)
	120,852	Ccr Sa		439,470	LIBOR + 1.500%	12/31/2018	Barclay’s		(23,523	)
	5,848	Cgi Group, Inc. - Class A		340,098	LIBOR + 0.450%	12/31/2018	Barclay’s		(1,124	)
	2,579	Check Point Sof Check Point Software Tech		262,701	LIBOR + 0.450%	12/31/2018	Barclay’s		(14,130	)
	93,000	China Life Insurance Co.		2,056,955	LIBOR + 0.400%	12/31/2018	Barclay’s		4,382
	706,000	China Minsheng Banking		5,367,930	LIBOR + 0.400%	12/31/2018	Barclay’s		(19,007	)
	138,600	China Pacific Insurance Gr		4,942,393	LIBOR + 0.400%	12/31/2018	Barclay’s		(13,190	)
	422,000	China Petroleum & Chemical		3,132,422	LIBOR + 0.400%	12/31/2018	Barclay’s		13,069
	286,000	China Shenhua Energy Co.		5,720,400	LIBOR + 0.400%	12/31/2018	Barclay’s		(20,495	)
	14,139	Ci Financial Corp.		305,088	LIBOR + 0.450%	12/31/2018	Barclay’s		(7,456	)
	34,185	Cia Saneamento Basico De Sp		344,830	LIBOR + 1.500%	12/31/2018	Barclay’s		(1,624	)
	47,936	Cielo Sa		280,333	LIBOR + 1.500%	12/31/2018	Barclay’s		(16,386	)
	6,999	Covestro Ord Covestro Ag		554,425	LIBOR + 0.500%	12/31/2018	Barclay’s		(31,541	)
	36,732	CPFL ENERGIA SA		266,276	LIBOR + 1.500%	12/31/2018	Barclay’s		(12,458	)
	1,067,000	Ctbc Financial Holding Co. Ltd.		787,853	LIBOR + 0.750%	12/31/2018	Barclay’s		(22,465	)
	1,800	Daito Trust Construct Co Ltd.		34,629,867	LIBOR + 0.350%	12/31/2018	Barclay’s		(16,454	)
	8,487	Danske Bank Ord Danske Bank A/s		1,869,381	LIBOR + 0.350%	12/31/2018	Barclay’s		(6,997	)
	9,676	Deutsche Luftha Deutsche Lufthansa-reg		253,718	LIBOR + 0.350%	12/31/2018	Barclay’s		(24,312	)
	1,232,901	Ecopetrol Sa		1,352,233	LIBOR + 1.500%	12/31/2018	Barclay’s		2,058
	3,188,239	Enel Americas Sa		763,833	LIBOR + 1.500%	12/31/2018	Barclay’s		(34,770	)
	292,551	Eregli Demir Ve Celik Fabrik		3,060,347	LIBOR + 1.000%	12/31/2018	Barclay’s		(26,959	)
	607	Fairfax Financial Hldgs Ltd.		318,800	LIBOR + 0.450%	12/31/2018	Barclay’s		17,378
	290,000	Far Eastone Telecomm Co. Ltd.		782,766	LIBOR + 0.750%	12/31/2018	Barclay’s		(15,267	)
	224,000	Formosa Chemicals & Fibre		857,778	LIBOR + 0.750%	12/31/2018	Barclay’s		(29,803	)
	194,000	Formosa Petrochemical Corp.		796,197	LIBOR + 0.750%	12/31/2018	Barclay’s		(492	)
	10,197	Gildan Activewear, Inc.		299,920	LIBOR + 0.450%	12/31/2018	Barclay’s		(2,804	)
	132,300	Gudang Garam Tbk Pt		745,682	LIBOR + 0.850%	12/31/2018	Barclay’s		(87,235	)
	13,329	Hexagon B Ord Hexagon Ab-b Shs		6,548,388	LIBOR + 0.500%	12/31/2018	Barclay’s		25,308
	20,000	Hitachi Construction Machine		81,522,101	LIBOR + 0.350%	12/31/2018	Barclay’s		(17,289	)
	3,483	Hugo Boss N Ord Hugo Boss Ag -ord		259,098	LIBOR + 0.500%	12/31/2018	Barclay’s		14,016
	69,953	Husqvarna B Ord Husqvarna Ab-b Shs		5,357,826	LIBOR + 0.450%	12/31/2018	Barclay’s		62,656
	18,100	Itochu Corp.		38,130,459	LIBOR + 0.350%	12/31/2018	Barclay’s		14,149
	23,600	Jardine C&c Jardine Cycle & Carriage Ltd		844,307	LIBOR + 0.400%	12/31/2018	Barclay’s		(27,382	)
	11,800	Kddi Corp.		32,829,571	LIBOR + 0.350%	12/31/2018	Barclay’s		16,440
	20,830	KINNEVIK AB - B		6,362,859	LIBOR + 0.400%	12/31/2018	Barclay’s		27,572
	16,501	Koninklijke Aho Koninklijke Ahold Delhaize N		326,847	LIBOR + 0.400%	12/31/2018	Barclay’s		3,509
	89,942	Kpn Kon Ord Koninklijke Kpn Nv		221,527	LIBOR + 0.400%	12/31/2018	Barclay’s		12,100
	7,464	Kt&g Corp.		708,825	LIBOR + 0.600 - 0.650%	12/31/2018	Barclay’s		(26,189	)
	6,172	Loblaw Companies Ltd.		313,336	LIBOR + 0.450%	12/31/2018	Barclay’s		663
	5,712	Magna Internati Magna International, Inc.		344,651	LIBOR + 0.450%	12/31/2018	Barclay’s		(7,204	)
	426,200	Misc Bhd		792,240	LIBOR + 0.850%	12/31/2018	Barclay’s		(15,310	)
	66,900	Mitsubishi Chemical Holdings		68,440,854	LIBOR + 0.350%	12/31/2018	Barclay’s		9,533
	21,300	Mitsui & Co. Ltd.		39,496,104	LIBOR + 0.350%	12/31/2018	Barclay’s		23,482
	57,077	Mol Hungarian O Mol Hungarian Oil And Gas Pl		169,628,963	LIBOR + 0.450 - 1.000%	12/31/2018	Barclay’s		6,464
	1,098	Netease, Inc. -ADR		309,660	LIBOR + 0.450%	12/31/2018	Barclay’s		(27,783	)
	6,500	Nippon Telegraph & Telephone		33,251,803	LIBOR + 0.350%	12/31/2018	Barclay’s		5,047
	32,900	Nissan Motor Co. Ltd.		36,969,171	LIBOR + 0.350%	12/31/2018	Barclay’s		8,074
	3,910	Novartis N Ord Novartis Ag-reg		304,563	LIBOR + 0.350%	12/31/2018	Barclay’s		(5,029	)

See accompanying notes to financial statements.

Redwood AlphaFactor^®Tactical International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

								Unrealized
Number of			Notional Amount at			Termination		Appreciation/
Shares		Reference Entity	April 30, 2018		Interest Rate Payable	Date	Counterparty	(Depreciation)
	6,344	Novo Nordisk B Novo Nordisk A/s-b	$	1,910,883	LIBOR + 0.400%	12/31/2018	Barclay’s	$	(9,882	)
	13,100	Ntt Docomo, Inc.		36,597,263	LIBOR + 0.350%	12/31/2018	Barclay’s		4,660
	11,371	Omv Ord Omv Ag		548,512	LIBOR + 0.400 - 0.450%	12/31/2018	Barclay’s		44,818
	264,000	Pegatron Corp.		650,995	LIBOR + 0.750%	12/31/2018	Barclay’s		(31,646	)
	56,034	Petrobras - Petroleo Bras		405,035	LIBOR + 1.500%	12/31/2018	Barclay’s		(8,072	)
	476,000	Petrochina Co. Ltd.		2,640,372	LIBOR + 0.400%	12/31/2018	Barclay’s		14,550
	371,856	Pgnig Ord Polskie Gornictwo Naftowe I		2,250,510	LIBOR + 0.450 - 1.000%	12/31/2018	Barclay’s		12,900
	19,329	Pknorlen Ord Polski Koncern Naftowy Orlen		1,731,855	LIBOR + 0.450 - 1.000%	12/31/2018	Barclay’s		39
	269,700	Ptt Exploration & Prod-for		1,007,356	LIBOR + 0.850%	12/31/2018	Barclay’s		136,757
	291,500	Ptt Global Chemical Pcl-for		903,417	LIBOR + 0.850%	12/31/2018	Barclay’s		850
	552,000	Ptt Pcl/foreign		970,455	LIBOR + 0.850%	12/31/2018	Barclay’s		8,049
	143,500	Public Bank Berhad		891,472	LIBOR + 0.850%	12/31/2018	Barclay’s		(21,948	)
	3,997	Royal Bank Of C Royal Bank Of Canada		308,831	LIBOR + 0.450%	12/31/2018	Barclay’s		(4,784	)
	12,408	Rwe Ord Rwe Ag		249,824	LIBOR + 0.400%	12/31/2018	Barclay’s		(4,209	)
	5,756	Samsung Life Insurance Co. Ltd.		619,686	LIBOR + 0.600 - 0.650%	12/31/2018	Barclay’s		10,128
	7,478	Scor Ord Scor Se		256,130	LIBOR + 0.350%	12/31/2018	Barclay’s		(5,764	)
	94,400	Siam Cement Pub Co.		1,495,475	LIBOR + 0.850%	12/31/2018	Barclay’s		(97,113	)
	520,000	Sinopec Shanghai Petrochem-h		2,548,832	LIBOR + 0.400%	12/31/2018	Barclay’s		22,240
	9,200	Subaru Corp.		33,095,970	LIBOR + 0.350%	12/31/2018	Barclay’s		6,603
	51,269	Svenska Handels Svenska Handelsbanken-a Shs		5,048,869	LIBOR + 0.350 - 0.450%	12/31/2018	Barclay’s		(2,933	)
	18,141	Swedish Match O Swedish Match Ab		6,961,790	LIBOR + 0.400%	12/31/2018	Barclay’s		21,068
	191,000	Taiwan Mobile Co. Ltd.		721,572	LIBOR + 0.750%	12/31/2018	Barclay’s		(15,564	)
	14,631	Telenor Ord Telenor Asa		2,641,867	LIBOR + 0.900%	12/31/2018	Barclay’s		(5,274	)
	231,000	Thai Oil Pcl-foreign		684,291	LIBOR + 0.850%	12/31/2018	Barclay’s		4,881
	20,900	Toho Co. Ltd.		75,352,860	LIBOR + 0.350%	12/31/2018	Barclay’s		9,839
	5,000	Toyota Motor Toyota Motor Corp.		34,276,338	LIBOR + 0.350%	12/31/2018	Barclay’s		14,616
	326,000	Uni-president Enterprises Co.		791,575	LIBOR + 0.750%	12/31/2018	Barclay’s		(3,618	)
	10,716	United Internet United Internet Ag-reg Share		567,127	LIBOR + 0.500%	12/31/2018	Barclay’s		10,442
	267,100	United Tractors Tbk Pt		693,018	LIBOR + 0.850%	12/31/2018	Barclay’s		(39,084	)
	10,745	Upm Kymmene Ord Upm-kymmene Oyj		309,289	LIBOR + 0.400%	12/31/2018	Barclay’s		11,223
	3,597	Vestas Wind Sys Vestas Wind Systems A/s		1,510,032	LIBOR + 0.400%	12/31/2018	Barclay’s		(11,679	)
	548,000	Weichai Power Co. Ltd.		5,282,501	LIBOR + 0.400%	12/31/2018	Barclay’s		(34,195	)
	684,000	Yanzhou Coal Mining Co.		7,053,134	LIBOR + 0.400%	12/31/2018	Barclay’s		(31,588	)
		Total		1,074,682,893					(449,049	)

See accompanying notes to financial statements.

Redwood Systematic Macro Trend (“SMarT”) Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		COMMON STOCK - 19.6%
		AGRICULTURE - 0.7%
	3,599	Altria Group, Inc.	$	201,940
	2,189	Philip Morris International, Inc.		179,498
				381,438
		AUTO MANUFACTURERS - 0.4%
	5,771	General Motors Co.		212,027

		BIOTECHNOLOGY - 0.4%
	2,856	Gilead Sciences, Inc.		206,289

		CHEMICALS - 0.8%
	1,402	Air Products & Chemicals, Inc.		227,531
	5,423	CF Industries Holdings, Inc.		210,412
				437,943
		COMMERCIAL SERVICES - 1.3%
	8,937	H&R Block, Inc.		247,108
	6,977	Nielsen Holdings PLC		219,427
	11,454	Western Union Co.		226,216
				692,751
		COMPUTERS - 1.2%
	9,619	HP, Inc.		206,712
	1,452	International Business Machines Corp.		210,482
	4,214	Seagate Technology PLC		243,948
				661,142
		DIVERSIFIED FINANCIAL SERVICES - 0.4%
	17,398	Navient Corp.		230,697

		ELECTRIC - 2.1%
	20,680	AES Corp.		253,123
	8,408	CenterPoint Energy, Inc.		212,975
	7,913	PPL Corp.		230,268
	5,762	SCANA Corp.		211,869
	5,313	Southern Co.		245,036
				1,153,271
		ELECTRONICS - 0.4%
	3,806	Garmin Ltd.		223,298

		FOOD - 0.7%
	4,480	General Mills, Inc.		195,955
	3,393	Kraft Heinz Co.		191,297
				387,252
		FOREST PRODUCTS & PAPER - 0.4%
	3,787	International Paper Co.		195,258

		HAND/MACHINE TOOLS - 0.4%
	1,428	Snap-on, Inc.		207,417

		HEALTHCARE-PRODUCTS - 0.3%
	7,200	Patterson Cos, Inc.		167,616

		HOUSEWARES - 0.4%
	2,042	Kimberly-Clark Corp.		211,429

		MISCELLANEOUS MANUFACTURING - 0.8%
	2,795	Eaton Corp PLC		209,709
	16,194	General Electric Co.		227,850
				437,559

See accompanying notes to financial statements.

Redwood Systematic Macro Trend (“SMarT”) Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

Shares			Fair Value
		OIL & GAS - 1.4%
	2,018	Chevron Corp.	$	252,472
	3,465	Helmerich & Payne, Inc.		240,991
	3,432	Occidental Petroleum Corp.		265,156
				758,619
		PACKAGING & CONTAINERS - 0.8%
	1,885	Packaging Corp of America		218,076
	3,433	WestRock Co.		203,096
				421,172
		PHARMACEUTICALS - 1.3%
	3,279	Cardinal Health, Inc.		210,413
	4,212	Merck & Co., Inc.		247,960
	6,215	Pfizer, Inc.		227,531
				685,904
		PIPELINES - 0.8%
	3,956	ONEOK, Inc.		238,230
	8,147	Williams Cos, Inc.		209,622
				447,852
		REITS - 1.8%
	10,467	HCP, Inc.		244,509
	2,639	Mid-America Apartment Communities, Inc.		241,363
	4,687	Ventas, Inc.		241,005
	4,359	Welltower, Inc.		232,945
				959,822
		RETAIL - 0.4%
	7,715	Macy’s, Inc.		239,705

		SEMICONDUCTORS - 0.3%
	3,464	QUALCOMM, Inc.		176,699

		TELECOMMUNICATIONS - 1.3%
	6,224	AT&T, Inc.		203,525
	12,844	CenturyLink, Inc.		238,642
	4,745	Verizon Communications, Inc.		234,166
				676,333
		TOYS, GAMES & HOBBIES - 0.4%
	14,412	Mattel, Inc.		213,298

		TRANSPORTATION - 0.5%
	2,152	United Parcel Service, Inc.		244,252

		TOTAL COMMON STOCK (Cost - $11,109,651)		10,629,043

		EXCHANGE TRADED FUNDS - 79.7%
		EQUITY FUNDS - 20.3%
	35,260	iShares Core S&P Small-Cap ETF		2,743,933
	74,696	Schwab International Small-Cap Equity ETF		2,751,054
	23,181	Vanguard FTSE All World ex-US Small-Cap ETF		2,772,679
	18,348	Vanguard Small-Cap ETF		2,705,780
				10,973,446
		DEBT FUNDS - 59.4%
	124,264	iShares iBoxx $ High Yield Corporate Bond ETF		10,649,425
	282,644	iShares US Preferred Stock ETF		10,494,572
	211,742	SPDR Bloomberg Barclays Convertible Securities		10,892,009
				32,036,006
		TOTAL EXCHANGE TRADED FUNDS (Cost - $43,693,832)		43,009,452

		TOTAL INVESTMENTS - 99.4% (Cost - $54,803,483) (a)	$	53,638,495
		CASH, OTHER ASSETS AND LIABILITIES - NET - 0.6%		342,090
		TOTAL NET ASSETS - 100.0%	$	53,980,585

Non-Income producing security.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $54,803,483 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	277,385
Unrealized depreciation:		(1,442,373	)
Net unrealized depreciation:	$	(1,164,988	)

See accompanying notes to financial statements.

Redwood Activist Leaders^TM Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

April 30, 2018

Shares			Fair Value
		COMMON STOCK - 99.5%
		AUTO MANUFACTURERS - 2.8%
	29,686	Navistar International Corp. *	$	1,033,370

		AUTO PARTS & EQUIPMENT- 2.9%
	16,864	Adient PLC		1,033,595

		CHEMICALS - 2.8%
	102,083	Platform Specialty Products Corp. *		1,027,976

		COMMERCIAL SERVICES - 8.6%
	8,754	Automatic Data Processing, Inc.		1,033,672
	47,401	Hertz Global Holdings, Inc. *		1,038,082
	60,552	Travelport Worldwide Ltd.		1,037,861
				3,109,615
		DIVERSIFIED FINANCIAL SERVICES - 5.7%
	5,081	Alliance Data Systems Corp.		1,031,697
	89,290	SLM Corp.		1,025,049
				2,056,746
		FOOD - 5.7%
	17,137	Pinnacle Foods, Inc.		1,035,075
	16,496	Sysco Corp.		1,031,660
				2,066,735
		HEALTHCARE-PRODUCTS - 2.8%
	14,777	Baxter International, Inc.		1,027,001

		HEALTHCARE-SERVICES - 2.8%
	22,433	MEDNAX, Inc. *		1,029,899

		HOUSEWARES - 2.9%
	37,566	Newell Brands, Inc.		1,037,949

		INTERNET - 5.7%
	36,108	Cars.com, Inc. *		1,028,356
	23,088	Imperva, Inc. *		1,033,188
				2,061,544
		MACHINERY-CONSTRUCTION & MINING - 2.8%
	28,142	Terex Corp.		1,027,746

		MACHINERY-DIVERSIFIED - 2.8%
	53,908	Welbilt, Inc. *		1,032,877

		MISCELLANEOUS MANUFACTURING - 5.7%
	15,449	Pentair PLC		1,039,409
	32,184	Trinity Industries, Inc.		1,025,704
				2,065,113

See accompanying notes to financial statements.

Redwood Activist Leaders^TMFund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

April 30, 2018

Shares			Fair Value
		OFFICE & BUSINESS EQUIPMENT - 2.8%
	33,035	Xerox Corp.	$	1,038,951

		PHARMACEUTICALS - 8.5%
	164,549	Depomed, Inc. *		1,033,368
	9,820	Herbalife Ltd. *		1,038,269
	13,227	Perrigo Co PLC		1,033,558
				3,105,195
		PIPELINES - 2.9%
	17,784	Cheniere Energy, Inc. *		1,034,317

		REITS - 2.8%
	51,218	Forest City Realty Trust, Inc.		1,027,433

		RETAIL - 8.5%
	2,457	Chipotle Mexican Grill, Inc.		1,040,122
	11,439	Jack in the Box, Inc.		1,026,078
	10,065	Tiffany & Co.		1,034,984
				3,101,184
		SAVINGS & LOANS - 2.8%
	76,619	Investors Bancorp, Inc.		1,024,396

		SEMICONDUCTORS - 5.7%
	51,549	Marvell Technology Group Ltd.		1,034,073
	9,831	NXP Semiconductors NV *		1,031,272
				2,065,345
		SOFTWARE - 11.5%
	14,539	Akamai Technologies, Inc. *		1,041,719
	8,532	athenahealth, Inc. *		1,044,914
	15,885	CDK Global, Inc.		1,036,337
	14,873	CommVault Systems, Inc.		1,040,366
				4,163,336

		TOTAL COMMON STOCK (Cost - $37,590,271)		36,170,323

		TOTAL INVESTMENTS - 99.5% (Cost - $37,590,271) (a)	$	36,170,323
		CASH, OTHER ASSETS AND LIABILITIES - NET - 0.5%		177,438
		TOTAL NET ASSETS - 100.0%	$	36,347,761

Non-Income producing security.

(a)

Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $37,590,271 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:	$	922,577
Unrealized depreciation:		(2,342,525	)
Net unrealized depreciation:	$	(1,419,948	)

See accompanying notes to financial statements.

Redwood Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2018

	Redwood Managed			Redwood Managed			Redwood AlphaFactor^®			Redwood AlphaFactor^®
	Volatility Fund			Municipal Income Fund			Core Equity Fund			Tactical Core Fund
Assets:
Investment Securities:
At Cost	$	450,606,521		$	60,587,861		$	60,743,462		$	81,659,334
At Value		444,782,426			60,582,909			58,926,711			79,229,593
Cash		16,481,530			11,317,094			636,386			1,589,123
Receivable for Fund Shares Sold		482,702			4,416			6,151			15,015
Dividends and Interest Receivable		1,201,594			67,725			18,049			23,580
Receivable from Related Parties		41,374			—			—			—
Prepaid Expenses and Other Assets		204,114			42,790			54,087			45,069
Total Assets		463,193,740			72,014,934			59,641,384			80,902,380

Liabilities:
Distribution (12b-1) Fees Payable		4,370			35			35			183
Investment Advisory Fees Payable		355,885			37,507			19,303			58,106
Payable for Fund Shares Redeemed		664,060			74,237			33,275			29,807
Payable to Related Parties		—			5,641			8,056			7,339
Accrued Expenses and Other Liabilities		—			926			3,741			1,802
Total Liabilities		1,024,315			118,346			64,410			97,237
Net Assets	$	462,169,425		$	71,896,588		$	59,576,974		$	80,805,143

Class I Net Assets	$	60,377,900		$	71,730,021		$	59,403,421		$	80,009,838
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		3,994,806			4,653,025			3,582,382			4,846,997
Net Asset Value (Net Assets/Shares Outstanding), Offering and Redemption Price Per Share	$	15.11		$	15.42		$	16.58		$	16.51

Class N Net Assets	$	18,430,038		$	166,567		$	173,553		$	795,305
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		1,221,388			10,600			10,481			48,216
Net Asset Value (Net Assets/Shares Outstanding), Offering and Redemption Price Per Share	$	15.09		$	15.71		$	16.56		$	16.49

Class Y Net Assets	$	383,361,487
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		25,240,853
Net Asset Value (Net Assets/Shares Outstanding), Offering and Redemption Price Per Share	$	15.19

Net Assets Consist Of:
At April 30, 2018 Net Assets consisted of:
Paid-in-Capital	$	477,407,579		$	71,912,907		$	56,002,930		$	77,862,661
Accumulated Net Investment Income (Loss)		(1,050,307	)		(20,341	)		213,005			15,629
Accumulated Net Realized Gain (Loss) from Security Transactions		(8,961,259	)		8,974			5,177,790			5,356,594
Net Unrealized Loss from Security Transactions and Swaps		(5,226,588	)		(4,952	)		(1,816,751	)		(2,429,741	)
Net Assets	$	462,169,425		$	71,896,588		$	59,576,974		$	80,805,143

The accompanying notes are an integral part of these financial statements.

Redwood Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2018

	Redwood AlphaFactor^®			Redwood Systematic			Redwood Activist
	Tactical International Fund			Macro Trend “SMarT” Fund			Leaders^TMFund
Assets:
Investment Securities:
At Cost	$	53,378,840		$	54,803,483		$	37,590,271
At Value		53,028,553			53,638,495			36,170,323
Cash		20,266,651			480,704			618,460
Receivable for securities sold		—			—			4,031,951
Deposit at broker		40,945			—			—
Receivable for Fund Shares Sold		10,746			5,152			5,496
Dividends and Interest Receivable		255,991			16,064			5,819
Receivable from Related Parties		3,271			—			—
Prepaid Expenses and Other Assets		6,847			2,230			—
Total Assets		73,613,004			54,142,645			40,832,049

Liabilities:
Payable for Investments Purchased		—			—			4,384,630
Distribution (12b-1) Fees Payable		32			26			14
Unrealized Depreciation on Swap Contracts		424,004			—			—
Investment Advisory Fees Payable		55,030			42,324			10,918
Payable for Fund Shares Redeemed		25,049			117,081			83,056
Payable to Related Parties		—			2,441			227
Accrued Expenses and Other Liabilities		1,827			188			5,443
Total Liabilities		505,942			162,060			4,484,288
Net Assets	$	73,107,062		$	53,980,585		$	36,347,761

Class I Net Assets	$	72,951,092		$	53,842,472		$	36,281,193
Shares of Beneficial Interest Outstanding(no par value; unlimited shares authorized)		4,925,693			3,608,052			2,303,885
Net Asset Value (Net Assets/Shares Outstanding), Offering and Redemption Price Per Share	$	14.81		$	14.92		$	15.75

Class N Net Assets	$	155,970		$	138,113		$	66,568
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		10,534			9,260			4,230
Net Asset Value (Net Assets/Shares Outstanding), Offering and Redemption Price Per Share	$	14.81		$	14.92		$	15.74

Net Assets Consist Of:
At April 30, 2018, Net Assets consisted of:
Paid-in-Capital	$	76,417,601		$	55,116,003		$	37,220,446
Accumulated Net Investment Income (Loss)		13,077			(4,148	)		(4,482	)
Accumulated Net Realized Gain (Loss) from Security Transactions		(2,579,107	)		33,718			551,745
Net Unrealized Loss from Security Transactions and Swaps		(744,509	)		(1,164,988	)		(1,419,948	)
Net Assets	$	73,107,062		$	53,980,585		$	36,347,761

The accompanying notes are an integral part of these financial statements.

Redwood Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended April 30, 2018

	Redwood Managed			Redwood Managed			Redwood AlphaFactor^®			Redwood AlphaFactor^®
	Volatility Fund			Municipal Income Fund			Core Equity Fund			Tactical Core Fund
Investment Income:
Dividend Income (Less: Foreign Withholding Tax $0, $0, $2,052, $2,284)	$	4,704,967		$	787,328		$	723,077		$	894,949
Interest Income		453,033			150,809			2,628			3,487
Misc. Fees Income		—			—			—			—
Total Investment Income		5,158,000			938,137			725,705			898,436

Expenses:
Investment Advisory Fees		2,886,012			223,800			151,995			342,081
Distribution (12b-1) Fees		28,833			94			82			628
Shareholder Service Fee		130,181			8,796			8,279			9,727
Line of Credit		—			81,335			—			—
Administrative Fees		76,669			22,409			21,713			31,854
Transfer Agent Fees		79,993			5,326			4,910			5,210
Fund Accounting Fees		26,639			16,419			16,179			17,966
Legal fees		12,665			9,503			9,363			9,363
Custody Fees		21,009			3,335			3,106			3,375
Registration Fees		28,553			13,369			13,369			13,229
Chief Compliance Officer Fees		8,275			2,396			2,177			2,279
Audit Fees		8,235			10,814			10,738			10,738
Printing Expense		17,973			4,512			4,512			4,539
Trustees’ Fees		6,053			3,956			3,956			3,886
Insurance Expense		9,616			1,177			1,163			1,285
Miscellaneous Expenses		7,361			1,851			1,987			2,107
Total Expenses		3,348,067			409,092			253,529			458,267
Fees Recaptured (Reimbursed) by the Advisor		24,957			(7,258	)		(10,175	)		(910	)
Net Expenses		3,373,024			401,834			243,354			457,357

Net Investment Income (Loss)		1,784,976			536,303			482,351			441,079

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) from Security Transactions:
Investments		(688,366	)		170,357			5,180,079			5,357,309
Swap Contracts		2,673,276			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(8,480,648	)		(522,414	)		(3,704,528	)		(4,513,697	)
Swap Contracts		385,770			—			—			—
Net Realized and Unrealized Gain (Loss) on Investments		(6,109,968	)		(352,057	)		1,475,551			843,612

Net Increase in Net Assets Resulting From Operations	$	(4,324,992	)	$	184,246		$	1,957,902		$	1,284,691

The accompanying notes are an integral part of these financial statements.

Redwood Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended April 30, 2018

	Redwood AlphaFactor^®			Redwood Systematic			Redwood Activist
	Tactical International Fund*			Macro Trend “SMarT” Fund*			Leaders^TMFund *
Investment Income:
Dividend Income (Less: Foreign Withholding Tax $23,634, $0, $0)	$	326,279		$	656,388		$	103,135
Interest Income		53,945			3,709			3,026
Misc. Fees Income		—			379			511
Total Investment Income		380,224			660,476			106,672

Expenses:
Investment Advisory Fees		213,779			177,718			69,885
Distribution (12b-1) Fees		74			64			31
Shareholder Service Fee		5,929			4,566			3,085
Administrative Fees		3,968			3,056			2,102
Transfer Agent Fees		2,513			2,379			2,243
Fund Accounting Fees		10,271			10,156			10,044
Legal fees		9,401			9,448			9,448
Custody Fees		3,289			3,051			2,895
Registration Fees		10,548			10,690			10,542
Chief Compliance Officer Fees		3,569			3,569			2,719
Audit Fees		9,151			9,156			9,145
Printing Expense		4,818			4,516			4,502
Trustees’ Fees		4,884			4,883			4,884
Insurance Expense		533			530			533
Miscellaneous Expenses		978			978			978
Total Expenses		283,705			244,760			133,036
Fees Recaptured (Reimbursed) by the Advisor		(20	)		(11,728	)		(27,270	)
Net Expenses		283,685			233,032			105,766

Net Investment Income (Loss)		96,539			427,444			906

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) from Security Transactions:
Investments		(998,605	)		33,718			551,745
Total Return Swap Contracts		(1,580,502	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments and Foreign Exchange Transactions		(352,565	)		(1,164,988	)		(1,419,948	)
Total Return Swap Contracts		(391,944	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments		(3,323,616	)		(1,131,270	)		(868,203	)

Net Increase in Net Assets Resulting From Operations	$	(3,227,077	)	$	(703,826	)	$	(867,297	)

Funds commenced operations on November 2, 2017

The accompanying notes are an integral part of these financial statements.

Redwood Managed Volatility Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Period Ended			Year Ended
	April 30, 2018			October 31, 2017
	(Unaudited)
Operations:
Net Investment Income	$	1,784,976		$	9,689,696
Net Realized Gain on Investments and Swaps		1,984,910			22,695,489
Distibutions from underlying investment companies		—			2,631
Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps		(8,094,878	)		(9,730,124	)
Net Increase in Net Assets Resulting From Operations		(4,324,992	)		22,657,692

Distributions to Shareholders From:
Net Investment Income:
Class I		(3,195,153	)		(2,219,427	)
Class N		(1,087,519	)		(998,314	)
Class Y		(16,632,412	)		(10,142,992	)
Total Distributions to Shareholders		(20,915,084	)		(13,360,733	)

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		16,217,639			53,683,615
Distributions Reinvested		2,706,073			1,922,673
Redemption Fee Proceeds		2,681			4,549
Cost of Shares Redeemed		(30,260,589	)		(25,875,524	)
Total From Capital Transactions: Class I		(11,334,196	)		29,735,313

Class N Shares:
Proceeds from Shares Issued		4,437,219			13,559,437
Distributions Reinvested		1,057,767			889,047
Redemption Fee Proceeds		909			2,127
Cost of Shares Redeemed		(10,212,686	)		(14,891,652	)
Total From Capital Transactions: Class N		(4,716,791	)		(441,041	)

Class Y Shares:
Proceeds from Shares Issued		88,379,012			212,836,145
Distributions Reinvested		14,981,197			8,632,584
Redemption Fee Proceeds		15,242			21,222
Cost of Shares Redeemed		(50,158,018	)		(86,670,307	)
Total From Capital Transactions: Class Y		53,217,433			134,819,644

Total Increase in Net Assets		11,926,370			173,410,875

Nets Assets:
Beginning of Period		450,243,055			276,832,180
End of Period	$	462,169,425		$	450,243,055

Accumulated Net Investment Income at End of Period	$	(1,050,307	)	$	18,079,801

SHARE ACTIVITY
Class I:
Shares Sold		1,047,357			3,431,327
Shares Reinvested		176,855			126,126
Shares Redeemed		(1,966,712	)		(1,653,918	)
Net increase / (decrease) in shares of beneficial interest outstanding		(742,501	)		1,903,535
Class N:
Shares Sold		286,046			872,031
Shares Reinvested		69,227			58,513
Shares Redeemed		(669,331	)		(945,510	)
Net increase / (decrease) in shares of beneficial interest outstanding		(314,058	)		(14,966	)
Class Y:
Shares Sold		5,663,079			13,574,254
Shares Reinvested		974,649			562,824
Shares Redeemed		(3,243,295	)		(5,516,930	)
Net increase / (decrease) in shares of beneficial interest outstanding		3,394,432			8,620,148

The accompanying notes are an integral part of these financial statements.

Redwood Managed Municipal Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Period Ended			Period Ended
	April 30, 2018			October 31, 2017*
	(Unaudited)
Operations:
Net Investment Income	$	536,303		$	756,083
Net Realized Loss on Investments		170,357			(161,383	)
Net Change in Unrealized Appreciation on Investments		(522,414	)		517,462
Net Increase in Net Assets Resulting From Operations		184,246			1,112,162

Distributions to Shareholders From:
Net Investment Income:
Class I		(608,816	)		(724,026	)
Class N		(288	)		—
Total Distributions to Shareholders		(609,104	)		(724,026	)

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		32,824,439			54,314,387
Distributions Reinvested		608,816			723,960
Cost of Shares Redeemed		(7,903,957	)		(8,801,803	)
Total From Capital Transactions: Class I		25,529,298			46,236,544

Class N Shares:
Proceeds from Shares Issued		191,772			15
Distributions Reinvested		288			—
Cost of Shares Redeemed		(24,607	)		—
Total From Capital Transactions: Class N		167,453			15

Total Increase in Net Assets		25,271,893			46,624,695

Nets Assets:
Beginning of Period		46,624,695			—
End of Period	$	71,896,588		$	46,624,695

Accumulated Net Investment Income at End of Period	$	(20,341	)	$	52,460

SHARE ACTIVITY
Class I:
Shares Sold		2,107,788			3,543,545
Shares Reinvested		39,332			46,748
Shares Redeemed		(510,326	)		(574,061	)
Net increase in shares of beneficial interest outstanding		1,636,793			3,016,232
Class N:
Shares Sold		12,143			1
Shares Reinvested		18			—
Shares Redeemed		(1,562	)		—
Net increase in shares of beneficial interest outstanding		10,599			1

Fund commenced operations on March 9, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Core Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Period Ended			Period Ended
	April 30, 2018			October 31, 2017*
	(Unaudited)
Operations:
Net Investment Income	$	482,351		$	245,624
Net Realized Gain on Investments		5,180,079			437,003
Net Change in Unrealized Appreciation on Investments		(3,704,528	)		1,887,777
Net Increase in Net Assets Resulting From Operations		1,957,902			2,570,404

Distributions to Shareholders From:
From net realized gains:
Class I		(439,091	)		—
Class N		(200	)		—
Net Investment Income
Class I		(535,635	)		—
Class N		(240	)		—
Total Distributions to Shareholders		(975,166	)		—

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		23,754,028			57,027,797
Distributions Reinvested		974,037			—
Cost of Shares Redeemed		(22,150,377	)		(3,755,724	)
Total From Capital Transactions: Class I		2,577,688			53,272,073

Class N Shares:
Proceeds from Shares Issued		195,025			15
Distributions Reinvested		440			—
Cost of Shares Redeemed		(21,407	)		—
Total From Capital Transactions: Class N		174,058			15

Total Increase in Net Assets		3,734,482			55,842,492

Nets Assets:
Beginning of Period		55,842,492			—
End of Period	$	59,576,974		$	55,842,492

Accumulated Net Investment Income at End of Period	$	213,005		$	266,529

SHARE ACTIVITY
Class I:
Shares Sold		1,391,563			3,651,945
Shares Reinvested		57,061			—
Shares Redeemed		(1,283,808	)		(234,378	)
Net increase in shares of beneficial interest outstanding		164,816			3,417,567
Class N:
Shares Sold		11,716			1
Shares Reinvested		26			—
Shares Redeemed		(1,262	)		—
Net increase in shares of beneficial interest outstanding		10,480			1

Fund commenced operations on March 9, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Tactical Core Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Period Ended			Period Ended
	April 30, 2018			October 31, 2017*
	(Unaudited)
Operations:
Net Investment Income	$	441,079		$	167,490
Net Realized Gain on Investments		5,357,309			470,358
Net Change in Unrealized Appreciation on Investments		(4,513,697	)		2,083,956
Net Increase in Net Assets Resulting From Operations		1,284,691			2,721,804

Distributions to Shareholders From:
From net realized gains:
Class I		(468,913	)		—
Class N		(2,160	)		—
Net Investment IncomeL
Class I		(611,204	)		—
Class N		(2,645	)		—
Total Distributions to Shareholders		(1,084,922	)		—

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		31,303,208			63,553,094
Distributions Reinvested		1,076,875			—
Cost of Shares Redeemed		(14,371,905	)		(4,478,930	)
Total From Capital Transactions: Class I		18,008,178			59,074,164

Class N Shares:
Proceeds from Shares Issued		600,313			276,315
Distributions Reinvested		4,805			—
Cost of Shares Redeemed		(80,205	)		—
Total From Capital Transactions: Class N		524,913			276,315

Total Increase in Net Assets		18,732,860			62,072,283

Nets Assets:
Beginning of Period		62,072,283			—
End of Period	$	80,805,143		$	62,072,283

Accumulated Net Investment Income at End of Period	$	15,629		$	188,399

SHARE ACTIVITY
Class I:
Shares Sold		1,842,694			4,066,484
Shares Reinvested		63,160			—
Shares Redeemed		(845,790	)		(279,552	)
Net increase in shares of beneficial interest outstanding		1,060,064			3,786,932
Class N:
Shares Sold		35,587			17,030
Shares Reinvested		282			—
Shares Redeemed		(4,682	)		—
Net increase in shares of beneficial interest outstanding		31,186			17,030

Fund commenced operations on March 9, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Tactical International Fund

STATEMENT OF CHANGES IN NET ASSETS

	For the Period
	November 2, 2017
	Through April 30, 2018*
	(Unaudited)
Operations:
Net Investment Income	$	96,539
Net Realized Gain on Investments		(2,579,107	)
Net Change in Unrealized Appreciation on Investments		(744,509	)
Net Increase in Net Assets Resulting From Operations		(3,227,077	)

Distributions to Shareholders From:
Net Investment IncomeL
Class I		(83,328	)
Class N		(134	)
Total Distributions to Shareholders		(83,462	)

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		79,250,244
Distributions Reinvested		83,327
Cost of Shares Redeemed		(3,073,497	)
Total From Capital Transactions: Class I		76,260,074

Class N Shares:
Proceeds from Shares Issued		175,889
Distributions Reinvested		134
Cost of Shares Redeemed		(18,496	)
Total From Capital Transactions: Class N		157,527

Total Increase in Net Assets		73,107,062

Nets Assets:
Beginning of Period		—
End of Period	$	73,107,062

Accumulated Net Investment Income at End of Period	$	(4,482	)

SHARE ACTIVITY
Class I:
Shares Sold		5,123,468
Shares Reinvested		5,609
Shares Redeemed		(203,384	)
Net increase in shares of beneficial interest outstanding		4,925,693
Class N:
Shares Sold		11,752
Shares Reinvested		9
Shares Redeemed		(1,226	)
Net increase in shares of beneficial interest outstanding		10,534

Fund commenced operations on November 2, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood Systematic Macro Trend (“SMarT”) Fund

STATEMENT OF CHANGES IN NET ASSETS

	For the Period
	November 2, 2017
	Through April 30, 2018*
	(Unaudited)
Operations:
Net Investment Income	$	427,444
Net Realized Gain on Investments		33,718
Net Change in Unrealized Appreciation on Investments		(1,164,988	)
Net Increase in Net Assets Resulting From Operations		(703,826	)

Distributions to Shareholders From:
Net Investment IncomeL
Class I		(431,030	)
Class N		(562	)
Total Distributions to Shareholders		(431,592	)

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		56,894,663
Distributions Reinvested		431,030
Cost of Shares Redeemed		(2,349,256	)
Total From Capital Transactions: Class I		54,976,437

Class N Shares:
Proceeds from Shares Issued		153,671
Distributions Reinvested		562
Cost of Shares Redeemed		(14,667	)
Total From Capital Transactions: Class N		139,566

Total Increase in Net Assets		53,980,585

Nets Assets:
Beginning of Period		—
End of Period	$	53,980,585

Accumulated Net Investment Income at End of Period	$	(4,148	)

SHARE ACTIVITY
Class I:
Shares Sold		3,735,612
Shares Reinvested		28,766
Shares Redeemed		(156,325	)
Net increase in shares of beneficial interest outstanding		3,608,052
Class N:
Shares Sold		10,195
Shares Reinvested		38
Shares Redeemed		(972	)
Net increase in shares of beneficial interest outstanding		9,260

Fund commenced operations on November 2, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood Activist Leaders^TM Fund

STATEMENT OF CHANGES IN NET ASSETS

	For the Period
	November 2, 2017
	Through April 30, 2018*
	(Unaudited)
Operations:
Net Investment Income	$	906
Net Realized Gain on Investments		551,745
Net Change in Unrealized Appreciation on Investments		(1,419,948	)
Net Increase in Net Assets Resulting From Operations		(867,297	)

Distributions to Shareholders From:
Net Investment IncomeL
Class I		(5,385	)
Class N		(2	)
Total Distributions to Shareholders		(5,387	)

Capital Transactions:
Class I Shares:
Proceeds from Shares Issued		38,649,049
Distributions Reinvested		5,385
Cost of Shares Redeemed		(1,500,366	)
Total From Capital Transactions: Class I		37,154,068

Class N Shares:
Proceeds from Shares Issued		73,450
Distributions Reinvested		2
Cost of Shares Redeemed		(7,075	)
Total From Capital Transactions: Class N		66,377

Total Increase in Net Assets		36,347,761

Nets Assets:
Beginning of Period		—
End of Period	$	36,347,761

Accumulated Net Investment Income at End of Period	$	(4,482	)

SHARE ACTIVITY
Class I:
Shares Sold		2,398,221
Shares Reinvested		334
Shares Redeemed		(94,671	)
Net increase in shares of beneficial interest outstanding		2,303,885
Class N:
Shares Sold		4,674
Shares Reinvested		—
Shares Redeemed		(444	)
Net increase in shares of beneficial interest outstanding		4,230

Fund commenced operations on November 2, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood Managed Municipal Income Fund

STATEMENT OF CASH FLOWS (Unaudited)

For the Period Ended April 30, 2018

Cash flows from operating activities:
Net Increase in net assets resulting from operations	$	184,246
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments		(22,433,533	)
Sales of investments		46,759,277
Return of capital distributions from investments
Net purchases of short term securities		(60,344,242	)
Net realized loss from investments, net of capital gain distributions		(170,357	)
Net change in unrealized appreciation on investments		522,414

Changes in assets and liabilities
(Increase)/Decrease in assets:
Dividends and Interest Receivable		(67,049	)
Prepaid Expenses and Other Assets		(19,407	)
Increase/(Decrease) in liabilities:
Investment Advisory Fees Payable		13,479
Payable to Related Parties		2,203
Accrued Interest Payable		(26,285	)
Distribution (12b-1) Fees Payable		35
Other Accrued Expenses		(19,717	)
Net cash used in operating activities		(35,598,936	)

Cash flows from financing activities:
Proceeds from shares issued (Net, receivable fund shares sold)		54,309,986
Payments on shares redeemed (Net, payable fund shares redeemed)		(8,727,566	)
Cash distributions paid, net reinvestment		(66	)
Borrowing, Line of Credit		—
Net cash provided by financing activities		45,582,354

Net increase in cash		9,983,418
Cash at beginning of period		1,333,676
Cash at end of period	$	11,317,094

Supplemental disclosure of non-cash activity:
Non cash financing activities not included herein consists of reinvestment of dividends	$	723,960

Fund commenced operations on March 9, 2017.

The accompanying notes are an integral part of these financial statements.

Redwood Managed Volatility Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented

	Class I
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	April 30, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	15.95		$	15.66		$	14.60		$	15.28		$	15.00
Activity from Investment Operations:
Net Investment Income (a)		0.21			0.43			0.40			0.13			0.22
Net Gain (Loss) from Investments (Both Realized and Unrealized)		(0.34	)		0.51			1.00			(0.65	)		0.35
Total From Operations		(0.13	)		0.94			1.40			(0.52	)		0.57
Less Distributions:
From Net Investment Income		(0.71	)		(0.65	)		(0.34	)		(0.16	)		(0.29	)
Total Distributions		(0.71	)		(0.65	)		(0.34	)		(0.16	)		(0.29	)
Paid-in-Capital from Redemption Fees (f)		0.00			0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	15.11		$	15.95		$	15.66		$	14.60		$	15.28
Total Return (b)		(0.74	)% (d)		6.24	%		9.72	%		(3.39	)%		3.83	% (d)
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	60,378		$	75,575		$	44,383		$	48,132		$	31,129
Ratio of Expenses to Average Net Assets (e)		1.43	% (c)		1.43	%		1.52	%		1.73	%		1.79	% (c)
Ratio of Net Investment Income to Average Net Assets (e)(g)		2.80	% (c)		2.72	%		2.71	%		0.88	%		2.58	% (c)
Portfolio Turnover Rate		151	% (d)		110	%		111	%		519	%		358	% (d)

	Class N
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	April 30, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	15.94		$	15.65		$	14.58		$	15.28		$	15.00
Activity from Investment Operations:
Net Investment Income (a)		0.19			0.38			0.36			0.10			0.23
Net Gain (Loss) from Investments (Both Realized and Unrealized)		(0.33	)		0.52			1.01			(0.66	)		0.33
Total From Operations		(0.14	)		0.90			1.37			(0.56	)		0.56
Less Distributions:
From Net Investment Income		(0.71	)		(0.61	)		(0.30	)		(0.14	)		(0.28	)
Total Distributions		(0.71	)		(0.61	)		(0.30	)		(0.14	)		(0.28	)
Paid-in-Capital from Redemption Fees (f)		0.00			0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	15.09		$	15.94		$	15.65		$	14.58		$	15.28
Total Return (b)		(0.87	)% (d)		5.99	%		9.51	%		(3.69	)%		3.71	% (d)
Ratios/Supplemental Data
Net Assets, End of Period (000s)	$	18,430		$	24,473		$	24,263		$	20,107		$	14,863
Ratio of Expenses to Average Net Assets (e)		1.68	% (c)		1.68	%		1.77	%		1.99	%		2.04	% (c)
Ratio of Net Investment Income to Average Net Assets (e)(g)		2.53	% (c)		2.42	%		2.46	%		0.68	%		2.33	% (c)
Portfolio Turnover Rate		151	% (d)		110	%		111	%		519	%		358	% (d)

Class I and Class N commenced operations on December 19, 2013.

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Total returns for periods less than one year are not annualized.

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Amount is less than 0.005 per share.

(g)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

Redwood Managed Volatility Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented

	Class Y
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	April 30, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	16.03		$	15.74		$	14.66		$	15.32		$	15.00
Activity from Investment Operations:
Net Investment Income (a)		0.22			0.43			0.40			0.17			0.39
Net Gain (Loss) from Investments (Both Realized and Unrealized)		(0.35	)		0.51			1.02			(0.66	)		0.22
Total From Operations		(0.13	)		0.94			1.42			(0.49	)		0.61
Less Distributions:
From Net Investment Income		(0.71	)		(0.65	)		(0.34	)		(0.17	)		(0.29	)
Total Distributions		(0.71	)		(0.65	)		(0.34	)		(0.17	)		(0.29	)
Paid-in-Capital from Redemption Fees (h)		0.00			0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	15.19		$	16.03		$	15.74		$	14.66		$	15.32
Total Return (b)		(0.74	)% (d)		6.20	%		9.82	%		(3.25	)%		4.10	% (d)
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	383,361		$	350,196		$	208,186		$	207,455		$	219,812
Ratio of gross expenses to average net assets (e)		1.47	% (c)(f)		1.43	%		1.52	% (f)		1.72	% (f)		1.79	% (c)(f)
Ratio of net expenses to average net assets (e)		1.45	% (c)(g)		1.50	%		1.50	%		1.50	%		1.50	% (c)
Ratio of Net Investment Income to Average Net Assets (e)(i)		2.81	% (c)		2.72	%		2.69	%		1.15	%		2.87	% (c)
Portfolio Turnover Rate		151	% (d)		110	%		111	%		519	%		358	% (d)

Class Y commenced operations on December 19, 2013.

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Advisor not absorbed a portion of Fund expenses, total returns would have been lower. In periods where the Advisor recaptures a portion of the Funds expenses tot returns would have been higher. Total returns for periods less than one year are not annualized.

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Advisor.

(g)

Represents the ratio of expenses to average net assets inclusive of the Advisor’s recapture of waived/expense reimbursed fees from prior periods.

(h)

Amount is less than 0.005 per share.

(i)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

Redwood Managed Municipal Income Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class I
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	15.46		$	15.00
Activity from Investment Operations:
Net Investment Income (a)		0.13			0.37
Net Gain from Investments (Both Realized and Unrealized)		(0.02	)		0.37
Total From Operations		0.11			0.74
Less Distributions:
From Net Investment Income		(0.15	)		(0.28	)
Total Distributions		(0.15	)		(0.28	)
Net Asset Value, End of Period	$	15.42		$	15.46
Total Return (b,d)		0.79	%		4.93	% (h)
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	71,730		$	46,625
Ratio of Gross Expenses to Average Net Assets including interest expense (c,e)		1.28	%		1.44	%
Ratio of Net Expenses to Average Net Assets including interest expense (c,e)		1.25	%		1.23	%
Ratio of Gross Expenses to Average Net Assets excluding interest expense (c,e)		1.02	%		1.22	%
Ratio of Net Expenses to Average Net Assets excluding interest expense (c,e)		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets (c,e,f)		1.71	%		3.77	%
Portfolio Turnover Rate (d)		58	%		24	%

	Class N			Class N
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	15.72		$	15.00
Activity from Investment Operations:
Net Investment Income (a)		0.02			—
Net Gain from Investments (Both Realized and Unrealized)		0.07			0.72
Total From Operations		0.09			0.72
Less Distributions:
From Net Investment Income		(0.10	)		—
Total Distributions		(0.10	)		—
Net Asset Value, End of Period	$	15.71		$	15.72
Total Return (b,d)		0.55	%		4.80	% (h)
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	167		$	16	(g)
Ratio of Gross Expenses to Average Net Assets including interest expense (c,e)		1.35	%		1.69	%
Ratio of Net Expenses to Average Net Assets including interest expense (c,e)		1.33	%		1.48	%
Ratio of Gross Expenses to Average Net Assets excluding interest expense (c,e)		1.27	%		1.47	%
Ratio of Net Expenses to Average Net Assets excluding interest expense (c,e)		1.25	%		1.25	%
Ratio of Net Investment Income to Average Net Assets (c,e,f)		0.25	%		0.00	%
Portfolio Turnover Rate (d)		58	%		24	%

Fund commenced operations on March 9, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

(g)

Amount is actual; not presented in thousands

(h)

Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Core Equity Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class I
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	16.34		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.13			0.11
Net Gain from Investments (Both Realized and Unrealized)		0.35			1.23
Total From Operations		0.48			1.34
Less Distributions:
From Net Investment Income		(0.13	)		—
From Net Realized Gains		(0.11	)		—
Total Distributions		(0.24	)		—
Net Asset Value, End of Period	$	16.58		$	16.34
Total Return (b,d)		2.90	%		8.93	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	59,403		$	55,842
Ratio of Expenses to Average Net Assets (c,e)		0.83	%		1.00	%
Ratio of Net Expenses to Average Net Assets (c,e)		0.80	%		0.80	%
Ratio of Net Investment Income to Average Net Assets (c,e,f)		1.59	%		1.12	%
Portfolio Turnover Rate (d)		126	%		8	%

	Class N			Class N
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	16.34		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.06			—
Net Gain from Investments (Both Realized and Unrealized)		0.40			1.34
Total From Operations		0.46			1.34
Less Distributions:
From Net Investment Income		(0.13	)		—
From Net Realized Gains		(0.11	)		—
Total Distributions		(0.24	)		—
Net Asset Value, End of Period	$	16.56		$	16.34
Total Return (b,d)		2.76	%		8.93	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	174		$	16	(g)
Ratio of Expenses to Average Net Assets (c,e)		1.11	%		1.25	%
Ratio of Net Expenses to Average Net Assets (c,e)		1.05	%		1.05	%
Ratio of Net Investment Income to Average Net Assets (c,e,f)		0.69	%		0.00	%
Portfolio Turnover Rate (d)		126	%		8	%

Fund commenced operations on March 9, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

(g)

Amount is actual; not presented in thousands

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Tactical Core Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class I
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	16.32		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.10			0.07
Net Gain from Investments (Both Realized and Unrealized)		0.32			1.25
Total From Operations		0.42			1.32
Less Distributions:
From Net Investment Income		(0.13	)		—
From Net Realized Gains		(0.10	)		—
Total Distributions		(0.23	)		—
Net Asset Value, End of Period	$	16.51		$	16.32
Total Return (b,d)		2.55	%		8.80	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	80,010		$	61,794
Ratio of Expenses to Average Net Assets (c,e)		1.20	%		1.37	%
Ratio of Net Expenses to Average Net Assets (c,e)		1.20	%		1.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets (c,e,f)		1.16	%		0.71	%
Portfolio Turnover Rate (d)		102	%		8	%

	Class N			Class N
	For the Period Ended			For the Period Ended
	April 30, 2018			October 31, 2017 *
	(Unaudited)

Net Asset Value, Beginning of Period	$	16.32		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.07			(0.14	)
Net Gain from Investments (Both Realized and Unrealized)		0.32			1.46
Total From Operations		0.39			1.32
Less Distributions:
From Net Investment Income		(0.12	)		—
From Net Realized Gains		(0.10	)		—
Total Distributions		(0.22	)		—
Net Asset Value, End of Period	$	16.49		$	16.32
Total Return (b,d)		2.38	%		8.80	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	795		$	278	(g)
Ratio of Expenses to Average Net Assets (c,e)		1.46	%		1.62	%
Ratio of Net Expenses to Average Net Assets (c,e)		1.45	%		1.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets (c,e,f)		0.82	%		(1.33	)%
Portfolio Turnover Rate (d)		102	%		8	%

Fund commenced operations on March 9, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

(g)

Amount is actual; not presented in thousands

The accompanying notes are an integral part of these financial statements.

Redwood AlphaFactor^® Tactical International Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class N
	For the Period			For the Period
	November 2, 2017			November 2, 2017
	Through April 30, 2018*			Through April 30, 2018*
	(Unaudited)			(Unaudited)

Net Asset Value, Beginning of Period	$	15.00		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.05			0.08
Net Gain from Investments (Both Realized and Unrealized)		(0.22	)		(0.26	)
Total From Operations		(0.17	)		(0.18	)
Less Distributions:
From Net Investment Income		(0.02	)		(0.01	)
Total Distributions		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	14.81		$	14.81
Total Return (b,d)		(1.14	)%		(1.18	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	72,951		$	156
Ratio of Expenses to Average Net Assets (c,e)		1.18	%		1.52	%
Ratio of Net Expenses to Average Net Assets (c,e)		1.18	%		1.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets (c,e,f)		0.73	%		1.07	%
Portfolio Turnover Rate (d)		285	%		285	%

Fund commenced operations on November 2, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

Redwood Systematic Macro Trend (“SMarT”) Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class N
	For the Period			For the Period
	November 2, 2017			November 2, 2017
	Through April 30, 2018*			Through April 30, 2018*
	(Unaudited)			(Unaudited)

Net Asset Value, Beginning of Period	$	15.00		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		0.18			0.11
Net Gain from Investments (Both Realized and Unrealized)		(0.26	)		(0.19	)
Total From Operations		(0.08	)		(0.08	)
Net Asset Value, End of Period	$	14.92		$	14.92
Total Return (b,d)		0.58	%		0.45	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	53,842		$	138
Ratio of Expenses to Average Net Assets (c,e)		1.37	%		1.61	%
Ratio of Net Expenses to Average Net Assets (c,e)		1.30	%		1.55	%
Ratio of Net Investment Income (Loss) to Average Net Assets (c,e,f)		2.39	%		1.43	%
Portfolio Turnover Rate (d)		11	%		11	%

Fund commenced operations on November 2, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

Redwood Activist Leaders^TM Fund

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

	Class I			Class N
	For the Period			For the Period
	November 2, 2017			November 2, 2017
	Through April 30, 2018*			Through April 30, 2018*
	(Unaudited)			(Unaudited)

Net Asset Value, Beginning of Period	$	15.00		$	15.00
Activity from Investment Operations:
Net Investment Income (Loss) (a)		—			(0.01	)
Net Gain from Investments (Both Realized and Unrealized)		0.75			0.75
Total From Operations		0.75			0.74
Net Asset Value, End of Period	$	15.75		$	15.74
Total Return (b,d)		5.04	%		4.95	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s)	$	36,281		$	67	(g)
Ratio of Expenses to Average Net Assets (c,e)		1.13	%		1.33	%
Ratio of Net Expenses to Average Net Assets (c,e)		0.90	%		1.15	%
Ratio of Net Investment Income (Loss) to Average Net Assets (c,e,f)		0.01	%		(0.18	)%
Portfolio Turnover Rate (d)		48	%		48	%

Fund commenced operations on November 2, 2017

(a)

Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

(e)

Does not include expenses of other investment companies in which the Fund invests.

(f)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

(g)

Amount is actual; not presented in thousands

The accompanying notes are an integral part of these financial statements.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

April 30, 2018

ORGANIZATION

Redwood Managed Volatility Fund (the “Managed Volatility Fund”), Redwood Managed Municipal Income Fund (the “Municipal Income Fund”), Redwood AlphaFactor^®Core Equity Fund (the “Core Equity Fund”), Redwood AlphaFactor^®Tactical Core Fund (the “Tactical Core Fund”), Redwood Activist Leaders Fund (the “Activist Leader Fund”), Redwood AlphaFactor^® Tactical International Fund (the “Tactical International Fund”), Redwood Systematic Macro Trend Fund (the “SMarT Fund” and collectively (the “Funds”) are each a series of shares of beneficial interest of the Two Roads Shared Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, open-end management investment companies. The Managed Volatility Fund commenced investment operations on December 19, 2013. The Municipal Income Fund, Core Equity Fund, and Tactical Core Fund commenced operations on March 9, 2017. The Activist Leaders Fund, Tactical International Fund, and SMarT Fund commenced operations on November 2, 2017. The Managed Volatility Fund’s investment objective is to seek a combination of total return and prudent management of portfolio downside volatility and downside loss. The Municipal Income Fund seeks to generate tax-efficient income, while focusing on managing downside risk. The Core Equity Fund seeks to generate long-term total return. The Tactical Core Fund seeks to generate long-term total return with capital preservation as a secondary objective. The Activist Leader Fund seeks to generate long-term capital growth. The Tactical International Fund seeks to generate long-term total return with capital preservation as a secondary objective. The SMarT Fund seeks to generate capital appreciation while focusing on managing downside risk.

The Managed Volatility Fund offers Class I, Class N and Class Y shares. The Municipal Income Fund, Core Equity Fund, Tactical Core Fund, Activist Leader Fund, Tactical International Fund, and SMarT Fund each offer Class I and Class N shares. All classes are sold at NAV and the shares of the Managed Volatility Fund are subject to a 1.00% redemption fee on redemptions made with 30 days of the original purchase. Each share class represents an interest in the same assets of the Funds and classes are identical except for differences in their fees and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds’ income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services Investment Companies”.

Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean between the last bid and ask prices on the day of valuation. Total return swaps on exchange-listed securities shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation on each underlying exchange-listed security. Exchange listed swaps shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Valuation of Underlying Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

Open-end funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Advisor. The team may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process. As noted above, the fair value team is composed of one or more representative from each of the (i) Trust, (ii) administrator, and (iii) Advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Advisor, the prices or values available do not represent the fair value of the instrument; factors which may cause the Advisor to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds’ calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the Advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds’ holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2018 for the Funds’ assets and liabilities measured at fair value:

Redwood Managed Volatility Fund

Assets	Level 1		Level 2			Level 3		Total
Exchange Traded Funds	$	20,225,200	$	—		$	—	$	20,225,200
Mutual Funds		324,484,257		—			—		324,484,257
Short Term Investments		100,072,969		—			—		100,072,969
Derivatives
Swaps *		—		—			—		—
Total Assets	$	444,782,426	$	—		$	—	$	444,782,426

Redwood Managed Municipal Income Fund

Assets	Level 1		Level 2			Level 3		Total
Short Term Investments	$	60,582,909		—			—	$	60,582,909
Total Assets	$	60,582,909	$	—		$	—	$	60,582,909

Redwood AlphaFactor^®Core Equity Fund

Assets	Level 1		Level 2			Level 3		Total
Common Stock	$	58,926,711		—			—	$	58,926,711
Total Assets	$	58,926,711	$	—		$	—	$	58,926,711

Redwood AlphaFactor^® Tactical Core Fund

Assets	Level 1		Level 2			Level 3		Total
Common Stock	$	79,229,594		—			—	$	79,229,594
Total Assets	$	79,229,594	$	—		$	—	$	79,229,594

Redwood AlphaFactor^® Tactical International Fund

Assets	Level 1		Level 2			Level 3		Total
Common Stock	$	18,028,553		—			—	$	18,028,553
Short Term Investments		35,000,000		—			—		35,000,000
Derivatives
Swaps		—		(449,049	)		—		(449,049	)
Total Assets	$	53,028,553	$	(449,049	)	$	—	$	52,579,504

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

Redwood Activist Leaders Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	36,170,323		—		—	$	36,170,323
Total Assets	$	36,170,323	$	—	$	—	$	36,170,323

Redwood Systematic Macro Trend (“SMarT”) Fund

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	43,009,452	$	—	$	—	$	43,009,452
Common Stock	$	10,629,043		—		—	$	10,629,043
Total Assets	$	53,638,495	$	—	$	—	$	53,638,495

The Funds did not hold any Level 3 securities during the period.

There were no transfers into or out of Levels during the year. It is the Funds’ policy to recognize transfers into or out of any Level at the end of the reporting period.

Appreciation of swap contracts is reported in the above table.

Swap Agreements – The Managed Volatility Fund, Municipal Income Fund, SMarT Fund and Tactical International Fund may enter into various swap transactions for investment purposes or to manage interest rate, currency, or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, securities, or in a “basket” of securities representing a particular index or market segment. Realized gains and losses from the decrease in notional value of the swap are recognized on trade date. Each Fund’s obligations are accrued daily and offset by any amounts owed to the Fund.

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

The Managed Volatility Fund and the Tactical International Fund maintain a control account with the value of the collateral to be not less than 25% of an Equity Notional Amount (notional being value of swap +/- amount owed to Barclays Bank for that month). As of April 30, 2018 the notional value of the swap was $95,324,924 for the Managed Volatility Fund and $1,074,682,893 for the Tactical International Fund. The maximum risk of loss is the cash flows to be received from the counterparty until next valuation date (not the contract’s remaining life), which is monthly. The average notional value of the basket swaps that the Managed Volatility Fund invested in during the period ended April 30, 2018 was $122,213,670, and for the Tactical International Fund was $203,524,327.

Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations – The following is a summary of the location of derivative investments in the Statement of Assets and Liabilities as of April 30, 2018:

Derivative Investment Type		Location on the Statement of Assets and Liabilities
Total Return Swap Contracts		Unrealized Appreciation (Depreciation) on Swap Contracts

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

The following table sets forth the fair value of derivative contracts by primary risk exposure as of April 30, 2018:

Managed Volatility Fund			Tactical International Fund

Assets Derivatives Investment Value			Liability Derivatives Investment Value
Derivative Investment Type	Equity Risk		Derivative Investment Type	Equity Risk
Total Return Swap Contracts	$	—	Total Return Swap Contracts	$	(424,004	)

The following is a summary of the location of derivative investments on the Statements of Operations for the period ended April 30, 2018:

Derivative Investment Type		Location of Gain/Loss on Derivative
Total Return Swap Contracts		Net realized gain (loss) on Total Return Swap Contracts
		Net change in unrealized appreciation (depreciation) on Total Return Swap Contracts

The following is a summary of the realized gain (loss) and changes in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the period ended April 30, 2018:

Managed Volatility Fund

Realized gain/(loss) on derivatives recognized in the Statement of Operations
				Total for the
				Period Ended
Derivative Investment Type	Equity Risk			April 30, 2018
Total Return Swap Contracts	$	2,673,276		$	2,673,276

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
				Total for the
				Period Ended
Derivative Investment Type	Equity Risk			April 30, 2018
Total Return Swap Contracts	$	385,770		$	385,770

Tactical International Fund

Realized gain/(loss) on derivatives recognized in the Statement of Operations
				Total for the
				Period Ended
Derivative Investment Type	Equity Risk			April 30, 2018
Total Return Swap Contracts	$	(1,580,502	)	$	(1,580,502	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
				Total for the
				Period Ended
Derivative Investment Type	Equity Risk			April 30, 2018
Total Return Swap Contracts	$	(391,944	)	$	(391,944	)

The notional value of the derivative instruments outstanding as of April 30, 2018 as disclosed in the Portfolio of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Fund.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

Offsetting of Financial Assets and Derivative Assets – The following tables presents the Funds’ asset and liability derivatives available for offset under a master netting arrangement net of collateral pledged as of April 30, 2018.


Managed Volatility Fund

								Gross Amounts Not Offset in the
Assets								Statement of Assets & Liabilities
				Gross Amounts		Net Amounts of
	Gross Amounts of			Offset in the		Assets Presented in
	Recognized Assets			Statement of Assets &		the Statement of		Financial		Cash Collateral
Description	(Liabilities)(1)			Liabilities		Assets & Liabilities		Instruments		Pledged		Net Amount
Total Return Swap Contracts	$	—		$	—	$	—	$	—	$	—	$	—
Total	$	—		$	—	$	—	$	—	$	—	$	—

Tactical International Fund

								Gross Amounts Not Offset in the
Assets								Statement of Assets & Liabilities
				Gross Amounts		Net Amounts of
	Gross Amounts of			Offset in the		Assets Presented in
	Recognized Assets			Statement of Assets &		the Statement of		Financial		Cash Collateral
Description	(Liabilities) (1)			Liabilities		Assets & Liabilities		Instruments		Pledged		Net Amount
Total Return Swap Contracts	$	(424,004	)	$	—	$	—	$	—	$	—	$	(424,004	)
Total	$	(424,004	)	$	—	$	—	$	—	$	—	$	(424,004	)

(1)

Swap contracts at value as presented in the Portfolio of Investments.

The Funds’ investments in securities, financial instruments and derivatives expose them to various risks, certain of which are discussed below. Please refer to each fund’s Prospectus and Statement of Additional Information for a full listing of risks associated with the funds’ investments.

Equity Risk – The Core Equity Fund, Tactical Core Fund, Activist Leader Fund, Tactical International Fund, and SMarT Fund are subject to equity risk. The market value of equities, such as common stocks or equity related investments, such as futures and options, may decline due to general market conditions, such as political or macroeconomic factors. Additionally, equities may decline in value due to specific factors affecting a related industry or industries. Equity securities are susceptible volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Each equity security and equity related investments generally have greater market price volatility than fixed income securities.

Investment Companies and Exchange Traded Funds (“ETFs”) Risk – The Funds may invest in other investment companies, including ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. When a 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. A Fund also will incur brokerage costs when it purchases and sells ETFs.

Market Risk – Overall securities market risk may affect the value of individual instruments in which a Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

Municipal Bond Risk – The underlying funds in which the Municipal Income 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 issuer at the time of issuance, exempt from federal income tax to pay interest or repay principal.

Security Transactions and Related Income – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income are declared and distributed monthly for Managed Volatility Fund, Municipal Income Fund, Activist Leaders Fund, Tactical International Fund and SMarT Fund. Core Equity Fund and Tactical Core Fund make distributions annually. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on ex dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Federal Income Taxes It is the Funds’ policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended October 31, 2015 to October 31, 2017 for the Managed Volatility Fund, and the open tax years ended October 31, 2017 for the Municipal Income Fund, Core Equity Fund and Tactical Core Fund. or expected to be taken in the Funds’ October 31, 2018 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, Nebraska and foreign jurisdictions where the Funds make significant investments; however the Funds are not aware of any tax positions for which it is reasonably expected that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. Generally tax authorities can examine tax returns filed since inception.

Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term investments, for the period ended April 30, 2018: amounted to the following:

Fund	Purchases		Sales
Managed Volatility Fund	$	529,072,135	$	494,158,858
Municipal Income Fund		22,325,912		78,435,108
Core Equity Fund		76,609,849		75,318,759
Tactical Core Fund		92,021,345		76,047,126
Tactical International Fund		110,618,618		91,256,611
Activist Leaders Fund		49,630,571		12,592,045
SMarT Fund		58,925,979		4,156,215

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Advisory Fees – Redwood Investment Management, LLC serves as the Funds’ Investment Advisor (the “Advisor”). Pursuant to investment advisory agreements with the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of average daily net assets as follows:

Fund		Management Fee
Managed Volatility Fund		1.25%
Municipal Income Fund		0.70%
Core Equity Fund		0.50%
Tactical Core Fund		0.90%
Tactical International Fund		0.90%
Activist Leaders Fund		0.60%
SMarT Fund		1.00%

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Funds, until at least March 1, 2019 for Managed Volatility Fund, Municipal Income Fund, Core Equity Fund, Tactical Core Fund and until at least November 1, 2018 for Activist Leader Fund, Tactical International Fund and SMarT Fund to ensure that Total Annual Fund Operating Expenses after fee waiver and/or 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 Funds may invest, or extraordinary expenses such as litigation) will not exceed the expense limitations of the Funds’ average daily net assets for each Fund’s share classes, as listed in the table below, subject to possible recoupment from the Funds in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. No recoupment amount will be paid to the Advisor in any fiscal quarter unless the Board has determined in advance that a recoupment is in the best interest of the applicable Fund and its shareholders. The expense limitations are as follows:

Fund	Expense Limitation
	Class I			Class N			Class Y
Managed Volatility Fund		1.67	%		1.92	%		1.43	%
Municipal Income Fund		1.00	%		1.25	%
Core Equity Fund		0.80	%		1.05	%
Tactical Core Fund		1.20	%		1.45	%
Tactical International Fund		1.20	%		1.45	%
Activist Leaders Fund		0.90	%		1.15	%
SMarT Fund		1.30	%		1.55	%

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

For the period ended April 30, 2018, the Advisor recaptured $24,957 of previously waived fees for Class Y of the Managed Volatility Fund. During the period ended April 30, 2018, the Advisor reimbursed $7,258, $10,175, $910, $20, $11,728, and 27,270 to the Municipal Income Fund, Core Equity Fund, Tactical Core Fund, Tactical International Fund, SMarT Fund and Activist Leaders Fund, respectively. Cumulative expenses subject to recapture will expire on October 31 of the following years:

			Managed						AlphaFactor®				Systematic Macro
	Managed		Municipal Income		AlphaFactor^®		AlphaFactor^®		Tactical		Activist		Trend (“SMarT”)
Year	Volatility Fund		Fund		Core Equity Fund		Tactical Core Fund		International Fund		Leaders Fund		Fund
2018	$	508,041	$	—	$	—	$	—	$	—	$	—	$	—
2019		32,501		—		—		—		—		—		—
2020		—		45,756		43,905		39,609		—		—		—

The Board has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to Class N shares of each of the Funds. The Plan provides that a monthly service and/or distribution fee is calculated by the Funds at an annual rate of 0.25% of its average daily net assets for Class N and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Funds’ shareholder accounts not otherwise required to be provided by the Advisor. During the period ended April 30, 2018, Class N paid $28,883, $94, $82, $628, $74, $64, and $31 in distribution fees for the Managed Volatility Fund, Municipal Income Fund, Core Equity Fund, Tactical Core Fund, Tactical International Fund, SMarT Fund and Activist Leader Fund respectively.

The Distributor acts as each Fund’s principal underwriter in a continuous public offering of each Fund’s share classes.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Gemini Fund Services, LLC (“GFS”) – GFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with GFS, the Funds pay GFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of GFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC (“Blu Giant”), an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

LINE OF CREDIT

The Municipal Income Fund has a secured a bank line of credit through BNP Paribas (“the Bank”) for purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Under the terms of the agreement, the Fund pays an interest rate of the 3 month LIBOR plus 125 basis points. During the period ended April 30, 2018, the Fund incurred $47,500 of interest expense related to the borrowings. Average interest rate during the period ended April 30, 2018 was 3.00%. The Line of Credit was utilized for 56 days during the period, while the largest outstanding borrowing during the period ended April 30, 2018 was $11,021,215. As of April 30, 2018, the Fund had no outstanding borrowings.

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

REDEMPTION FEES

Prior to March 1, 2018, Managed Volatility Fund could assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sold their shares after holding them for less than 30 days. The redemption fee was paid directly to the Fund in which the short-term redemption fee occurred. For the period ended April 30, 2018, the Managed Volatility Fund assessed $2,681 on Class I shares, $909 on Class N shares, and $15,242 on Class Y shares in redemption fees. Effective March 1, 2018, the Managed Volatility Fund removed the short term redemption fee.

DISTRIBUTION TO SHAREHOLDERS & TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the following years was as follows:

	For the period ended October 31, 2017:

	Ordinary		Long-Term		Tax-Exempt
Portfolio	Income		Capital Gains		Income		Total
Redwood Managed Volatility Fund	$	13,360,733	$	—	$	—	$	13,360,733
Redwood Managed Municipal Income Fund		15,639		—		708,387		724,026
Redwood AlphaFactor Core Equity Fund		—		—		—		—
Redwood AlphaFactor Tactical Core Equity Fund		—		—		—		—

	For the period ended October 31, 2016:

	Ordinary		Long-Term		Exempt
Portfolio	Income		Capital Gains		Income		Total
Redwood Managed Volatility Fund	$	5,558,485	$	—	$	—	$	5,558,485

As of October 31, 2017, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Undistributed		Post October		Capital Loss			Other		Unrealized		Total
	Ordinary		Ordinary		Long-Term		Loss and		Carry			Book/Tax		Appreciation/		Accumulated
Portfolio	Tax-Exempt Income		Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Redwood Managed Volatility Fund	$	—	$	18,291,539	$	—	$	—	$	(10,854,234	)	$	—	$	2,564,618	$	10,001,923
Redwood Managed Municipal Income Fund		51,327		1,133		—		—		(161,383	)		—		517,462		408,539
Redwood AlphaFactor^® Core Equity Fund				705,673		—		—		—			—		1,885,636		2,591,309
Redwood AlphaFactor^® Tactical Core Equity Fund				659,314		—		—		—			—		2,083,399		2,742,713

The difference between book basis and tax basis undistributed net investment income, accumulated net realized loss, and unrealized appreciation from investments is primarily attributable to the mark to market treatment of swaps and tax deferral of losses on wash sales.

At October 31, 2017, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total
Redwood Managed Volatility Fund	$	10,447,224	$	407,010	$	10,854,234
Redwood Managed Municipal Income Fund		161,383		—		161,383
Redwood AlphaFactor^® Core Equity Fund		—		—		—
Redwood AlphaFactor^® Tactical Core Equity Fund		—		—		—

Redwood Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2018

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and swaps, resulted in reclassifications for the period ended October 31, 2017 as follows:

	Paid			Undistributed		Undistributed
	In			Ordinary		Long-Term
Portfolio	Capital			Income (Loss)		Gains (Loss)
Redwood Managed Volatility Fund	$	—		$	12,649,298	$	(12,649,298	)
Redwood Managed Municipal Income Fund		(20,403	)		20,403		—
Redwood AlphaFactor^® Core Equity Fund		(20,905	)		20,905		—
Redwood AlphaFactor^® Tactical Core Equity Fund		(20,909	)		20,909		—

UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

The Managed Volatility Fund, the Municipal Income Fund, SMarT Fund and the Tactical International Fund invest in other investment companies. Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk and high yield risk. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds’ direct fees and expenses. The other Funds may also invest in investment companies. Such investments would subject the Funds to similar risks.

The performance of the Municipal Income Fund will be directly affected by the performance of the Blackrock Liquidity Funds Municash Portfolio Institutional Class and the performance of the Tactical International Fund may be directly affected by the performance of the Morgan Stanley Institutional Liquidity Funds – Prime Portfolio. The financial statements of these Funds, including the portfolio of investments, can be found at the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Managed Municipal Fund and Tactical International Fund’s financial statements. As of April 30, 2018, the percentage of the Managed Municipal Fund’s net assets invested in the Blackrock Liquidity Funds Municash Portfolio Institutional Class was 68.9% and the percentage of the Tactical International Fund’s net assets invested in Morgan Stanley Institutional Liquidity Funds Prime Portfolio was 38.3%.

BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2018, TD Ameritrade held approximately 33.3%, 69.2%, 53.6%, 48.7%, 50.1%, 56.3% and 49.7% of the voting securities of the Managed Volatility Fund, Municipal Income Fund, Core Equity Fund, Tactical Core Fund, Tactical International Fund, SMarT Fund, and Activist Leader Fund respectively. As of April 30, 2018, Charles Schwab held approximately 26.4%, 44.6%, 44.1%, 47.4%, 42.2% and 48.8% of the voting securities of the Municipal Income Fund, Core Equity Fund, Tactical Core Fund, Tactical International Fund, SMarT Fund and Activist Leader Fund respectively.

10.

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

Redwood Funds

EXPENSE EXAMPLES (Unaudited)

April 30, 2018

As a shareholder of the Funds you incur two types of costs: (1) transaction costs (such as front-end loads and redemption fees) and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1 fees) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

This example is based on an investment of $1,000 invested for the period of time beginning November 1, 2017 and held through April 30, 2018.

Actual Expenses: The “Actual Expenses” column in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes: The “Hypothetical” column in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as front-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


					Hypothetical
			Actual		(5% return before expenses)

	Fund’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account Value	Account Value	Paid During	Account Value	Paid During
Class I	Expense Ratio	11/1/17	4/30/18	Period*	4/30/18	Period*
Redwood Managed Volatility Fund	1.43%	$1,000.00	$992.60	$7.08	$1,017.69	$7.17
Redwood Managed Municipal Income Fund	1.51%	$1,000.00	$1,007.90	$7.51	$1,017.32	$7.54
Redwood AlphaFactor^® Core Equity Fund	0.80%	$1,000.00	$1,029.00	$4.02	$1,020.83	$4.01
Redwood AlphaFactor^® Tactical Core Fund	1.20%	$1,000.00	$1,025.50	$6.03	$1,018.84	$6.01
Redwood AlphaFactor^® Tactical International Fund**	1.18%	$1,000.00	$988.60	$5.74	$1,018.75	$5.83
Redwood Systematic Macro Trend “SMarT” Fund**	1.28%	$1,000.00	$1,005.80	$6.29	$1,018.25	$6.33
Redwood Activist Leader Fund**	0.89%	$1,000.00	$1,050.40	$4.45	$1,020.18	$4.38

Class N
Redwood Managed Volatility Fund	1.68%	$1,000.00	$991.30	$8.30	$1,016.45	$8.41
Redwood Managed Municipal Income Fund	1.48%	$1,000.00	$1,005.50	$7.36	$1,017.46	$7.40
Redwood AlphaFactor^® Core Equity Fund	1.05%	$1,000.00	$1,027.60	$5.28	$1,019.59	$5.26
Redwood AlphaFactor^® Tactical Core Fund	1.45%	$1,000.00	$1,023.80	$7.28	$1,017.60	$7.25
Redwood AlphaFactor^® Tactical International Fund**	1.45%	$1,000.00	$988.20	$7.11	$1,017.45	$7.13
Redwood Systematic Macro Trend “SMarT” Fund**	1.52%	$1,000.00	$1,004.50	$7.57	$1,017.05	$7.53
Redwood Activist Leader Fund**	1.13%	$1,000.00	$1,049.50	$5.75	$1,018.97	$5.60

Class Y
Redwood Managed Volatility Fund	1.47%	$1,000.00	$992.60	$7.24	$1,017.53	$7.33

Expenses are equal to the average account value over the period, multiplied by the Funds’ annualized expense ratio, multiplied by the number of days in the period ended April 30, 2018 (181) divided by the number of days in the fiscal year (365).

Funds commenced November 2, 2017. Expenses are equal to the average account value over the period, multiplied by the

Funds’ annualized expense ratio, multiplied by the number of days in the period ended April 30, 2018 (179) divided by the number of days in the fiscal year (365).

Redwood Funds

SUPPLEMENTAL INFORMATION (Unaudited)

April 30, 2018

Approval of Advisory Agreement – Redwood Funds

At a meeting held on September 18-19, 2017 (the “Meeting”), the Board of Trustees (the “Board”) of Two Roads Shared Trust (the “Trust”), each of whom is not an “interested person” of the Trust (the “Independent Trustees” or “Trustees”), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”), considered the approval of an investment advisory agreement (the “Agreement”) between Redwood Investment Management, LLC (“Redwood” or the “Advisor”) and the Trust, on behalf of Redwood Activist Leaders™ Fund, Redwood AlphaFactor^® Tactical International Fund and Redwood Systematic Macro Trend (“SMarT”) Fund (each a “Fund” and collectively, the “Redwood Funds”), each a series of the Trust.

In connection with the Board’s consideration of the Agreement, the Board received written materials in advance of the Meeting, which included information regarding: (i) nature, extent, and quality of services to be provided to the Redwood Funds by Redwood; (ii) a description of the Advisor’s investment management personnel; (iii) an overview of the Advisor’s operations and financial condition; (iv) a description of the Advisor’s brokerage practices (including any soft dollar arrangements); (v) a comparison of the Redwood Funds’ advisory fees and overall expenses with those of comparable mutual funds; (vi) the anticipated level of profitability from the Advisor’s fund-related operations; (vii) the Advisor’s compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security and (viii) independent reports prepared by Morningstar analyzing the proposed fees and expenses of the Redwood Funds as compared to other mutual funds with similar investment strategies.

Throughout the process, including at the meeting, the Board had numerous opportunities to ask questions of and request additional materials from Redwood. During the Meeting, the Board was advised by, and met, in executive session with, the Board’s independent legal counsel, and received a memorandum from such independent counsel regarding their responsibilities under applicable law.

Matters considered by the Board in connection with its approval of the Agreement included, among others, the following:

Nature, Extent and Quality of Services. The Board reviewed materials provided by Redwood related to the Advisory Agreement with the Trust with respect to each of the Funds, including the Advisory Agreement, a description of the manner in which investment decisions are made and executed, a description of the financial condition of Redwood, an overview of the personnel that service the Funds and their respective responsibilities, Redwood’s compliance policies and procedures, including a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b), a written risk assessment of Redwood’s compliance program, information about Redwood’s investment strategies and risk management processes, and independent reports prepared by Morningstar, an independent third party data provider, analyzing the proposed fees and expenses of each of the Funds as compared to other mutual funds with similar investment strategies.

In reaching its conclusions, the Board considered the experience and qualifications of Redwood’s management team, noting a continuation of the core staff that has managed Redwood’s other mutual fund offerings, and Redwood’s adherence to its compliance policies and procedures and expansion of the firm and staff. The Board considered that the investment strategies proposed to be used in the Funds employ quantitative and tactical investment elements and require a significant level of sophistication to execute. The Board also considered the operation of and robustness of Redwood’s compliance program. The Board concluded that Redwood had sufficient quality and depth of personnel, resources, investment methodologies and compliance policies and procedures to perform its duties under the Advisory Agreement with respect to each of the Funds and that the nature, overall quality and extent of the management services to be provided by Redwood to the Funds was expected to be satisfactory.

Performance. The Board noted that Redwood did not currently manage any accounts comparable to the Redwood Activist Leaders Fund or the Redwood AlphaFactor Tactical International Fund. The Board reviewed hypothetical performance data for the underlying strategy of the Redwood Activist Leaders Fund, as well as

Redwood Funds

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

April 30, 2018

information relating to the Redwood AlphaFactor strategy. The Board considered that while the hypothetical model performance does not reflect actual performance returns, it also considered the performance returns of a separate account and a proprietary tracking account utilizing a substantially similar strategy as that of the Redwood Systematic Macro Trend (“SMarT”) Fund. The Board noted that the comparable accounts outperformed the Fund’s Morningstar Tactical Allocation category for the one- and three-year periods beginning January 1, 2014 through June 30, 2017. The Board took into account Redwood’s presentation and its performance with respect to its other mutual funds in the Trust and concluded that Redwood was expected to obtain an acceptable level of investment returns to the respective shareholders of each of the Funds.

Fees and Expenses. As to the costs of the services to be provided by Redwood, the Board considered a comparison, compiled by Morningstar, of each Redwood Fund’s proposed advisory fee and estimated operating expenses with those of certain peer funds with similar investment objectives and strategies (each a “Peer Group”) and with those of other funds in the respective Morningstar category for each Fund as selected by Morningstar.

With respect to the Redwood Activist Leaders Fund, among other data, the Board noted that the proposed advisory fee was lower than the median of the Peer Group and of the Fund’s expected Morningstar category (Large Blend Category). With respect to the Redwood AlphaFactor Tactical International Fund, the Board noted, among other data, that the proposed advisory fee was higher than the median of its Peer Group and of its expected Morningstar category (Foreign Large Blend Category), but was not the highest. With respect to the Redwood Systematic Macro Trend (“SMarT”) Fund, the Board noted, among other data, that the proposed advisory fee was equal to the median of the Peer Group and higher than the median of its expected Morningstar category (Tactical Allocation) as selected by Morningstar. The Board noted that each of the proposed advisory fees was within the range of its respective Morningstar category.

The Board considered that the Redwood Activist Leaders Fund’s estimated total operating expenses were below the median of its Peer Group and above the median of its expected Morningstar category; that the Redwood AlphaFactor Tactical International Fund’s estimated total operating expenses were above the median of its Peer Group and expected Morningstar category; and that the estimated total operating expenses of the Redwood Systematic Macro Trend (“SMarT”) Fund were below the median of its Peer Group and above that of its expected Morningstar category. The Board took into account that Redwood had agreed to reimburse expenses to limit net annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses) to 1.15%, and 0.90% for Class N and Class I shares, respectively, of the Redwood Activist Leaders Fund, 1.45% and 1.20% for Class N and I shares, respectively for the Redwood AlphaFactor Tactical International Fund, and 1.55% and 1.30% for Class N and Class I Shares, respectively, for the Redwood Systematic Macro Trend (“SMarT”) Fund. The Board also noted that Redwood currently did not manage any other accounts or funds where a management fee is charged that are similarly managed as the Redwood Funds.

With respect to Redwood Systematic Macro Trend (“SMarT”) Fund, the Board, comprised only of Independent Trustees, also determined that the services provided by Redwood under the Advisory Agreement were in addition to, rather than duplicative of, the advisory services provided to the underlying funds in which the Fund would invest.

The Board concluded that the proposed contractual advisory fees in respect of each Fund was not unreasonable.

Profitability. The Board considered Redwood’s anticipated profitability with respect to each of the Funds and whether such profits, if any, would be reasonable in light of the services proposed to be provided to each of the Funds. The Board considered an estimated profitability analysis prepared by Redwood and concluded that, based on the Funds’ expected initial asset levels and the estimated costs of advising each of the Funds, Redwood’s anticipated level of profitability, if any, from its relationship with each of the Funds was not excessive.

Redwood Funds

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

April 30, 2018

Economies of Scale. The Board considered whether Redwood would realize economies of scale with respect to its providing advisory service to each of the Funds. The Board considered that although each Fund’s current advisory fee does not include breakpoints at this time, the Funds’ future shareholders should benefit from each Fund’s growth. The Board considered that at current and projected asset levels for the initial term of the Advisory Agreement, economies of scale were not a relevant consideration and would consider whether economies of scale exist in the future once the Funds have been in operation.

Other Benefits. The Board considered the character and amount of other direct and incidental benefits to be received by Redwood from its association with the Funds. The Board considered that Redwood believes expanding its offering of mutual funds will increase Redwood’s ability to cross-sell its funds. Redwood did not anticipate receiving any other direct, indirect or ancillary material “fall-out” benefits from its relationship with the Funds.

Conclusion. The Board, having requested and received such information from Redwood as it believed reasonably necessary to evaluate the terms of the proposed Advisory Agreement, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, determined that approval of the Advisory Agreement for an initial two-year term was in the best interests of each of the Funds and their respective shareholders. In considering the proposed Advisory Agreement with respect to each Fund, the Board did not identify any one factor as all important and each Trustee may have placed different weight on different factors.

PRIVACY NOTICE

FACTS	WHAT DOES TWO ROADS SHARED TRUST DO WITH YOUR PERSONAL INFORMATION

Why?	Financial companies choose how they share your personal information.

	Federal law gives consumers the right to limit some but not all sharing.

	Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	THE TYPES OF PERSONAL INFORMATION WE COLLECT AND SHARE DEPENDS ON THE PRODUCT OR SERVICE THAT YOU HAVE WITH US. THIS INFORMATION CAN INCLUDE:

	● Social Security number and income

	● Account transactions and transaction history

	● Investment experience and purchase history

	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reason Two Roads Shared Trust chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does Two Roads Shared Trust share?	Can you limit this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	YES	NO
For our marketing purposes –	NO	We do not share
to offer our products and services to you
For joint marketing with other financial companies	NO	We do not share


For our affiliates’ everyday business purposes –	NO	We do not share
information about your transactions and experiences

For our affiliates’ everyday business purposes –	NO	We do not share
information about your creditworthiness
For our affiliates to market to you	NO	We do not share

For nonaffiliates to market to you	NO	We do not share

Questions?

Call 1-402-895-1600

What we do

How does Two Roads Shared Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

	Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Two Roads Shared Trust	We collect your personal information, for example, when you
collect my personal information?
	● open an account or give us contact information

	● provide account information or give us your income information

	● make deposits or withdrawals from your account

	We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only

	● sharing for affiliates’ everyday business purposes – information about your creditworthiness

	● affiliates from using your information to market to you

	● sharing for nonaffiliates to market to you

	State laws and individual companies may give you additional rights to limit sharing

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.

	● Two Roads Shared Trust has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.

	● Two Roads Shared Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliates financial companies that together market financial products or services to you.

	● Two Roads Shared Trust does not jointly market.

Proxy Voting Policy

Information regarding how the Funds vote proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-855-852-8998 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Portfolio Holdings

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-855-733-3863.

Investment Advisor

Redwood Investment Advisor, LLC

1117 S. Robertson Boulevard

Los Angeles, CA 90035

Administrator

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, NY 11788

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Two Roads Shared Trust

By James Colantino	/s/James Colantino
President/Principal Executive Officer,
Date: July 2, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

By James Colantino	/s/James Colantino
President/Principal Executive Officer
Date: July 2, 2018

By Laura Szalyga	/s/ Laura Szalyga
Treasurer/Principal Financial Officer
Date: July 2, 2018

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, James Colantino, certify that:

I have reviewed this report on Form N-CSR of the Redwood Funds (a series of Two Roads Shared Trust the “registrant”);

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 2, 2018	/s/ James Colantino
	James Colantino
	Principal Executive Officer/President

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Laura Szalyga, certify that:

I have reviewed this report on Form N-CSR of the Redwood Funds (a series of Two Roads Shared Trust (the “registrant”);

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 2, 2018	/s/ Laura Szalyga
	Laura Szalyga
	Principal Financial Officer/Treasurer

certification

James Colantino, Principal Executive Officer/President, and Laura Szalyga, Principal Financial Officer/Treasurer of Two Roads Shared Trust (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2018 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President Principal Financial Officer/Treasurer

Two Roads Shared Trust Two Roads Shared Trust

/s/ James Colantino /s/ Laura Szalyga

James Colantino Laura Szalyga

Date: July 2, 2018 Date: July 2, 2018

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Two Roads Shared Trust and will be retained by Two Roads Shared Trust and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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