0001552947
2013-10-25
2013-10-25
0001552947
trst:S000042694Member
2013-10-25
2013-10-25
0001552947
trst:S000042694Member
trst:C000131970Member
2013-10-25
2013-10-25
0001552947
trst:S000042694Member
trst:C000131971Member
2013-10-25
2013-10-25
0001552947
trst:S000042694Member
trst:C000131972Member
2013-10-25
2013-10-25
0001552947
trst:S000042694Member
trst:C000131973Member
2013-10-25
2013-10-25
0001552947
trst:S000042696Member
2013-10-25
2013-10-25
0001552947
trst:S000042696Member
trst:C000131991Member
2013-10-25
2013-10-25
0001552947
trst:S000042696Member
trst:C000131992Member
2013-10-25
2013-10-25
0001552947
trst:S000042696Member
trst:C000131993Member
2013-10-25
2013-10-25
0001552947
trst:S000042695Member
2013-10-25
2013-10-25
0001552947
trst:S000042695Member
trst:C000131974Member
2013-10-25
2013-10-25
0001552947
trst:S000042695Member
trst:C000131975Member
2013-10-25
2013-10-25
0001552947
trst:S000042695Member
trst:C000131976Member
2013-10-25
2013-10-25
0001552947
trst:S000042695Member
trst:C000131977Member
2013-10-25
2013-10-25
iso4217:USD
xbrli:pure
Other
2013-10-25
Two Roads Shared Trust
0001552947
false
trst
AWSFX
IWSFX
NWSFX
RWSFX
RWDIX
RWDNX
RWDYX
LPAUX
LPCUX
LPIUX
LPRUX
2013-10-25
2013-10-25
2013-11-01
<p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p>
<p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p>
<p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p>
<p style="margin: 0px"><b>Investment Objective:</b></p>
<p style="margin: 0px"><b>Investment Objective:</b></p>
<p style="margin: 0px"><b>Investment Objective:</b></p>
<p style="margin: 0px">The West Shore Real Return Income Fund (the “Fund”) seeks a combination of capital growth and current income.</p>
<p style="margin: 0px">The Redwood Managed Volatility Fund (the “Fund”) seeks a combination of total return and prudent management of portfolio downside volatility and downside loss.</p>
<p style="margin: 0px">The Larkin Point Equity Preservation Fund (the “Fund”) seeks capital preservation and capital appreciation with lower volatility than the broader equity market.</p>
<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>
<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>
<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and the section entitled <b>How to Purchase Shares</b> in this Prospectus.</p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and the section entitled <b>How to Purchase Shares</b> in this Prospectus.</p>
<p style="margin: 0px"><b>Shareholder Fees</b></p>
<p style="margin: 0px"><b>(fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Shareholder Fees</b></p>
<p style="margin: 0px"><b>(fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Shareholder Fees</b></p>
<p style="margin: 0px"><b>(fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
<p style="margin: 0px"><b>Portfolio Turnover:</b></p>
<p style="margin: 0px"><b>Portfolio Turnover:</b></p>
<p style="margin: 0px"><b>Portfolio Turnover:</b></p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.</p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.</p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.</p>
<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>
<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>
<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>
<p style="margin: 0px">To pursue its investment objective, the Fund utilizes three core investment strategies: domestic income, global income and alternative investments. The Adviser will select and determine the appropriate allocation of Fund assets to each strategy based on its evaluation of market opportunities, economic trends, and relative values. Although the Fund’s allocation to each strategy may vary over time, the Fund will typically allocate 30-50% of its total assets to domestic income investments, 30-50% of its total assets to global income investments, and up to 20% of its total assets to alternative investments.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>Domestic Income. </i>The Fund’s domestic income strategy focuses primarily on equity securities of established U.S. issuers believed to offer attractive dividend yields, the potential for capital appreciation and dividend growth, and lower relative risk. The types of equity securities in which the Fund typically invests include common stock, preferred stock, convertible securities, depositary receipts, warrants, and rights. The Fund may also invest in other types of equity securities, including real estate investment trusts (“REITs”) and master limited partnerships. The Fund may invest in securities of companies in any market sector and with market capitalizations of any size. The Fund may also invest directly or indirectly in debt securities issued by corporate and government issuers, including inflation-protected securities and asset-backed securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>Global Income. </i> The Fund’s global income strategy seeks to provide current income and preservation of capital through investments in foreign securities that the Adviser believes will provide returns that exceed the rate of inflation. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including issuers located in emerging market countries. The Fund’s global income strategy primarily invests in equity securities and fixed income securities, including common stock, preferred stock, convertible securities, warrants, rights, REITs, asset-backed securities, inflation-protected securities, and securities issued by foreign governments. The Fund’s global income strategy typically invests in securities in a number of different countries.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>Alternative Investments. </i>The Fund’s alternative investments strategy seeks to provide exposure to investments that have low to moderate correlation to traditional equity and fixed income investments. The Adviser also selects investments for the Fund’s alternative investments strategy to manage or hedge the Fund’s exposure to individual issuers and general market risk. The Fund typically gains exposure to alternative investments through investments in underlying funds, including private equity funds and hedge funds. The Fund may invest in underlying funds that provide exposure to a variety of investment styles, including market neutral and long/short strategies, and investment types. These underlying funds may invest, either directly or indirectly through derivatives (which may include swaps, futures, and options), in securities and instruments that may include, among others, raw materials, precious metals, other commodities, and other types of investments. In executing the Fund’s alternative investments strategy, the Adviser may allocate Fund assets among one or more underlying funds.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">In evaluating potential investments for the Fund, the Adviser takes into account quantitative and qualitative factors, including fundamental quality, earnings growth, dividend yield, relative value, and anticipated price appreciation. The Adviser may draw upon both internal and external resources to identify potential investments. Quantitative factors are identified through a proprietary computerized system that analyzes potential investments based on numerous criteria. Eligible securities are identified and further sorted by industry, region and country. The Adviser then measures each eligible security’s qualitative factors to determine the security’s target price. The Adviser will continue to apply this quantitative and qualitative analysis to monitor a security’s value relative to other portfolio securities to determine whether to continue to hold or sell a security held by the Fund. The Adviser seeks to identify investments that provide returns that exceed the rate of inflation (“real return”) and have the ability to maintain or enhance real value during periods of inflation.</p>
<p style="margin: 0px">To pursue its investment objective the Fund uses a proprietary trend-following model that seeks to identify the critical turning points in the markets for high yield bonds (also known as “junk bonds”) and leveraged and bank loans. The Fund’s advisor, Redwood Investment Management, LLC (“Redwood” or the “Adviser”) uses a quantitative program that seeks to invest in diversified high yield bond funds and leveraged and bank loan funds when the high yield bond and leveraged and bank loan markets are trending upwards and short-term fixed income securities when the high yield bond and leveraged and bank loan markets are trending downwards.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">Depending on market conditions, the Fund may be invested: (i) primarily in high yield bond funds and leveraged and bank loan funds; (ii) primarily in short-term fixed income securities; or (iii) a combination of high yield bond funds, leveraged and bank loan funds and short-term fixed income securities. By tactically allocating its investments between high yield bond funds, leveraged and bank loan funds and short-term fixed income securities, the Fund seeks to reduce its exposure to declines in the high yield bond and leveraged and bank loan markets, thereby limiting portfolio volatility in down-trending markets (“downside volatility”) and downside loss.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Adviser’s quantitative model takes into account macro market data and other market-based inputs and metrics to seek to identify market trends. When making investment decisions for the Fund the portfolio managers consider both the outputs of the model as well as an assessment of current market conditions and other factors. To seek greater investment exposure to the Fund’s strategies the Fund has the ability to leverage its portfolio by borrowing money in an amount of up to one-third of its assets.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Fund gains exposure to the high yield bond and leveraged and bank loan markets through investments in investment companies that invest in high yield bonds and leveraged and bank loans, including open-end mutual funds, exchange-traded funds (“ETFs”), and closed-end funds, including business development companies. The investment companies in which the Fund invests may invest in securities of any maturity or quality, including securities rated below investment grade. The Fund may gain exposure to foreign (non-U.S.) securities, including emerging market securities, to the extent the Fund invests in other investment companies that hold securities of foreign (non-U.S.) issuers. The short-term fixed-income securities in which the Fund invests may include corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument, and cash. The Fund may also invest in money market funds or other investment companies whose assets are comprised primarily of short-term fixed income securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Adviser employs a total return and downside volatility management investment approach, which seeks to reduce exposure to losses in the high yield bond and leveraged and bank loan markets while capturing gains during up-trends in these markets. The Adviser expects that the Fund’s performance generally will have a low correlation to the performance of the general global equity, fixed income, currency and commodity markets; however, the Fund’s performance may correlate to the performance of any one or more of those markets over short-term periods. The Fund may invest directly or indirectly in various types of derivatives, including credit default swaps, total return swaps and repurchase agreements as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Fund is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund.</p>
<p style="margin: 0px">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities or investments that are economically tied to equity securities. The Fund is not managed relative to a particular index and has flexibility to allocate assets to different types of investments and sectors. The principal investments of the Fund include exchange-traded funds (“ETFs”), equity securities and related derivative instruments, including options and futures contracts. The Fund’s investments in ETFs and derivative instruments will be counted toward the 80% policy discussed above to the extent such investments have economic characteristics similar to the equity securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">To pursue its investment objective, the Fund employs two strategies:</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px; text-indent: 20pt">• A Hedged Equity Strategy; and</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px; text-indent: 20pt">• A Hedged Income Strategy.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px; text-indent: 20pt"><i>Hedged Equity Strategy</i></p>
<p style="margin: 0px"><i> </i></p>
<p style="margin: 0px">In general, the Fund will directly invest in ETFs that track broad-based indices such as the S&P 500 Index.  However, the Fund may also invest in ETFs that hold more narrow underlying investments such as high dividend stocks or investments in particular industry sectors. In addition, the Fund will invest in futures contracts that reference broad-based indices such as the S&P 500 Index in lieu of direct investments in ETFs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">In an effort to manage market and volatility risks associated with its equity strategy, the Fund will maintain a continuous and systematic investment in long-term put options. The Fund anticipates investing in long-term put options which may be tied to ETFs, equity securities or futures contracts held by the Fund. The Fund may also purchase “index put options” that are directly tied to the S&P 500 Index or other equity market indices. If the market price for an ETF or equity security held by the Fund falls below the exercise price of a corresponding put option held by the Fund, the Fund may exercise the put option and sell such ETF or equity security at the put option exercise price, thereby setting a floor on the amount of depreciation the Fund may realize. When the Fund chooses to hedge its equity strategy investments through purchases of “index put options” not directly tied to ETFs, equity securities or futures contracts held by the Fund, the Fund’s performance may be adversely impacted by the lack of direct, negative correlation between the Fund’s direct equity investment and the put protection. In addition, the Fund may lose the entire premium paid for a put option if the underlying security does not decrease in value, which may result in lower returns during certain periods than if the Fund had not hedged its equity portfolio by purchasing put options.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px; text-indent: 20pt"><i>Hedged Income Strategy</i></p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">To generate additional income, the Fund sells short-term (generally two or three month) put and call options on equity indices such as S&P 500 Index and other U.S. equity indices or ETFs. The Fund systematically sells short-term put and call options typically expiring on the same date and with the same strike price (referred to as “short straddles”) or different strike prices (referred to as “short strangles”). The short straddle or strangle positions most often are purchased (covered) prior to expiration (or when the relative prices breach a pre-determined limit). New short sales most often occur to reset the strike price closer to the current price of the underlying equity index or ETF price, or to lengthen the days to expiration. Short straddles and short strangles are economically similar strategies. Using either short straddles or short strangles, the Fund will seek to profit during periods when market prices of the applicable reference asset(s) are relatively stable by taking on exposure to losses in the event of high market volatility or rapid decrease in price of the applicable reference asset(s).</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">Furthermore, in an effort to reduce market and volatility risks associated with its income strategy, in all instances in which option straddles or strangles are sold short, the Fund simultaneously purchases or maintains additional put options, with a strike price at or below that on the puts sold short, and with a term to expiration equal to or greater than that of the corresponding short straddles or strangles. The Fund executes this additional risk-mitigation in an effort to offset potential losses on written options from a rapid drop in underlying equity market prices.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Adviser further monitors the overall level of equity market volatility, and specifically, the level of volatility implied in option prices. During periods where the Adviser assesses that the underlying equity market is too volatile or transactions costs are unfavorable, the Adviser may temporarily suspend the Fund’s income strategy while continuing with the Fund’s equity strategy.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Fund actively trades options and other portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance. In addition, active trading of options and other portfolio investments may lead to higher taxes if Fund shares are held in a taxable account.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund.</p>
<p style="margin: 0px"><b>Principal Investment Risks:</b></p>
<p style="margin: 0px"><b>Principal Investment Risks:</b></p>
<p style="margin: 0px"><b>Principal Investment Risks:</b></p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.</b></p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Asset-Backed Securities Risk. </i>The risks of investing in asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Commodities Risk. </i>Exposure to commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture, and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Credit Risk. </i>The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Currency Risk. </i>The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Derivatives Risk. </i>The derivative instruments in which the Fund may invest either directly or through an underlying fund, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Emerging Markets Risk. </i>The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Equity Risk. </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Fixed Income Risk. </i>When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Foreign (Non-U.S.) Investment Risk. </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Hedge Fund Risk. </i>The Fund may invest in private investment funds, or “hedge funds,” which pursue alternative investment strategies. Certain investment instruments and techniques that a hedge fund may use are speculative and involve a high degree of risk. Because of the speculative nature of a hedge fund’s investments and trading strategies, the Fund may suffer a significant or complete loss of its invested capital in one or more hedge funds. A shareholder will also bear fees and expenses charged by the underlying funds in addition to the Fund’s direct fees and expenses. In addition, interests in a hedge fund are likely to be illiquid.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Hedging Transactions Risk. </i>The Adviser from time to time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Because the characteristics of many securities change as markets change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Investment Companies and Exchange-Traded Funds (“ETFs”) Risk. </i>When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF generally reflects the risks of owning the underlying investments the ETF holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Issuer-Specific Risk. </i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Limited History of Operations. </i>The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Liquidity Risk. </i>Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market. The Fund is also exposed to liquidity risk through its investment in underlying funds that hold illiquid securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Management Risk. </i>The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Market Risk. </i>Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Real Estate Investment Trusts (“REITs”) Risk. </i>The Fund is subject to risks related to investment in REITs, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Sovereign Debt Risk. </i>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• U.S. Government Securities Risk. </i>Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.</p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.</b></p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Asset-Backed Securities Risk. </i>The risks of investing in asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Bank Loan Risk. </i>The Fund’s investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Borrowing Risk. </i>Borrowing for investment purposes creates leverage, which may increase the volatility of the Fund. Additionally, money borrowed will be subject to certain costs, such as commitment fees and the cost of maintaining minimum average balances, as well as interest. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish the investment performance of the Fund.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Credit Risk. </i>The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Currency Risk. </i>The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Derivatives Risk. </i>The derivative instruments in which the Fund may invest either directly or through an underlying fund, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Emerging Markets Risk. </i>The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Fixed Income Risk. </i>When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Foreign (Non-U.S.) Investment Risk. </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• High-Yield Fixed Income Securities Risk. </i>The fixed income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality fixed income securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Investment Companies and Exchange-Traded Funds (“ETFs”) Risk. </i>When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF generally reflects the risks of owning the underlying investments the ETF holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Issuer-Specific Risk. </i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Leveraging Risk. </i>The use of leverage, such as borrowing for investment purposes, will magnify the Fund’s gains or losses.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Limited History of Operations</i>. The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Liquidity Risk. </i>Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Management Risk. </i>The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Market Risk. </i>Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Model Risk. </i>The Fund will use model-based strategies that, while historically effective, may not be successful on an ongoing basis or could contain unknown errors. In addition, the data used in models may be inaccurate.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Non-Diversified Portfolio Risk. </i>The Fund is “non-diversified,” and thus may invest its assets in a smaller number of companies or instruments than many other funds. As a result, an investment in the Fund has the risk that changes in the value of a single security may have a significant effect on the Fund’s value.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• U.S. Government Securities Risk. </i>Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.</p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.</b></p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Active Trading Risk. </i>A higher portfolio turnover due to active and frequent trading will result in higher transactional and brokerage costs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Credit Risk. </i>The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Derivatives Risk. </i>The derivative instruments in which the Fund may invest either directly or through an underlying fund, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• ETF Risk. </i>ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are also subject to specific risks, depending on the nature of the fund.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Equity Risk. </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Futures Contract Risk. </i>Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by a Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk and index tracking risk (in the case of stock index futures).</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Hedging Transactions Risk. </i>The Adviser from time to time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Because the characteristics of many securities change as markets change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Index Risk. </i>If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Issuer-Specific Risk. </i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Leveraging Risk. </i>The use of leverage, such as that embedded in derivatives such as options, will magnify the Fund’s gains or losses.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Limited History of Operations. </i>The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Liquidity Risk. </i>Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. The Fund is also exposed to liquidity risk through its investment in underlying funds that hold illiquid securities.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Management Risk. </i>The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Market Risk. </i>Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Non-Diversification Risk. </i>A non-diversified fund’s greater investment in a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer. A decline in the value of or default by a single security in the non-diversified fund’s portfolio may have a greater negative effect than a similar decline or default by a single security in a diversified portfolio.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Options Risk. </i>Because the Fund employs options as a key component of the Fund’s investment strategy, the Fund is subject to the risk that option prices change in ways not expected by the Adviser. The effect of volatility is the most subjective and impacted by supply and demand factors. Volatility can have a significant impact on the time value portion of an option’s premium. Volatility is a measure of risk (uncertainty), or variability of price of an option’s underlying equity security. Higher volatility estimates reflect greater expected fluctuations (in either direction) in underlying price levels. Because the Fund both buys and sells options, there is a risk that changes in volatility assumptions are not consistent or correlated for options of various terms to expiration. </p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Put Option Risk. </i>When the Fund purchases a put option with respect to an underlying portfolio equity security (or ETF, futures contract or broad-based index), in exchange for the payment of a premium, the put option holder runs the risk of losing the entire amount paid for the option in a relatively short period of time. The purchase of options also involves the risk that the counterparty to the option will not fulfill its contractual obligations.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Short Selling Risk. </i>The Fund will engage in short selling and short position derivative activities using options, which are significantly different from the investment activities commonly associated with long-only stock funds. Positions in shorted equity securities and derivatives are speculative and more risky than “long” positions (purchases) because the cost of the replacement equity security or derivative is unknown. You should be aware that any strategy that includes selling equity securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund’s return, and may result in higher taxes.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Tax Risk. </i>The Fund expects to generate premiums from its sale of call options. These premiums typically will result in short-term capital gains for federal income tax purposes. In addition, stocks that are hedged with put options may not be eligible for long term capital gains. The Fund is not designed for investors seeking a tax efficient investment.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px"><i>• Written Options Risk. </i>The Fund will incur a loss as a result of a sold option (also referred to as a short position) if the price of the sold option instrument increases in value between the date when the Fund writes the option and the date on which the Fund purchases an offsetting position. Written call options may limit the Fund’s participation in equity market gains and written put options may magnify the Fund’s losses during periods in which the equity market experiences losses.</p>
<p style="margin: 0px"><b>Performance:</b></p>
<p style="margin: 0px"><b>Performance:</b></p>
<p style="margin: 0px"><b>Performance:</b></p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Updated performance information will be available at no cost by visiting www.westshorefunds.com or by calling 1-855-WSFUNDS (973-8637).</p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Updated performance information will be available at no cost by visiting www.redwoodmutualfund.com or by calling 1-855-RED-FUND (733-3863).</p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.larkinpointfunds.com or by calling 1-855-852-8998.</p>
0.0100
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
0.0000
0.0575
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0575
0.0000
0.0000
0.0000
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
0.0040
0.0000
0.0025
0.0050
0.0000
0.0025
0.0000
0.0025
0.0100
0.0000
0.0050
0.0100
0.0100
0.0100
0.0100
0.0150
0.0150
0.0150
0.0105
0.0105
0.0105
0.0105
-0.0050
-0.0050
-0.0050
-0.0050
-0.0017
-0.0017
-0.0066
-0.0053
-0.0053
-0.0053
-0.0053
0.0290
0.0250
0.0275
0.0300
0.0276
0.0301
0.0276
0.0258
0.0333
0.0233
0.0283
1377
731
806
880
840
914
794
1284
975
677
827
804
203
228
253
262
287
213
771
283
183
233
<div style="display: none">~ http://tworoadssharedtrust.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000042694Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000042696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000042695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000042694Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000042696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000042695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000042694Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000042696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://tworoadssharedtrust.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000042695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="margin: 0px">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</p>
<p style="margin: 0px">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</p>
25000
25000
<p style="margin: 0px">Based on estimated amounts for the current fiscal year.</p>
<p style="margin: 0px">Based on estimated amounts for the current fiscal year.</p>
<p style="margin: 0px">Based on estimated amounts for the current fiscal year.</p>
<p style="margin: 0px">Based on estimated amounts for the current fiscal year.</p>
<p style="margin: 0px">Based on estimated amounts for the current fiscal year.</p>
2015-02-28
2015-02-28
2015-02-28
<p style="margin: 0px">Although the Fund’s allocation to each strategy may vary over time, the Fund will typically allocate 30-50% of its total assets to domestic income investments, 30-50% of its total assets to global income investments, and up to 20% of its total assets to alternative investments.</p>
<p style="margin: 0px">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities or investments that are economically tied to equity securities.</p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b></p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b></p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b></p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.</p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.</p>
<p style="margin: 0px">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.</p>
www.westshorefunds.com
www.redwoodmutualfund.com
www.larkinpointfunds.com
1-855-WSFUNDS (973-8637)
1-855-RED-FUND (733-3863)
1-855-852-8998
<p style="margin: 0px"></i>The Fund is “non-diversified,” and thus may invest its assets in a smaller number of companies or instruments than many other funds. As a result, an investment in the Fund has the risk that changes in the value of a single security may have a significant effect on the Fund’s value.</p>
<p style="margin: 0px">A non-diversified fund’s greater investment in a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer. A decline in the value of or default by a single security in the non-diversified fund’s portfolio may have a greater negative effect than a similar decline or default by a single security in a diversified portfolio.</p>
Based on estimated amounts for the current fiscal year.
The Fund's Adviser has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least February 28, 2015 to ensure that total annual Fund operating expenses after fee 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 2.15%, 1.75%, 2.00% and 2.25% of average daily net assets attributable to Class A, Class I, Class N and Class R 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.
The Fund's Adviser has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least February 28, 2015 to ensure that total annual Fund operating expenses after fee 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 1.99%, 2.24% and 1.50% 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 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.
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.
The Fund's Adviser has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least February 28, 2015 to ensure that total annual Fund operating expenses after fee 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 1.95%, 2.70%, 1.70% and 2.20% of average daily net assets attributable to Class A, Class C, Class I and Class R 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.