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          <admin>
            <adminName>Ultimus Fund Services, LLC</adminName>
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          </admin>
        </admins>
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          <broker>
            <brokerName>VIRTU FINANCIAL</brokerName>
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          <principalTransaction>
            <principalName>BANK OF AMERICA MERRILL LYNCH</principalName>
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          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
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            <principalName>GOLDMAN SACHS</principalName>
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          <principalTransaction>
            <principalName>JP MORGAN</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>SuperFund Managed Futures Strategy Fund</mgmtInvFundName>
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        <mgmtInvLei>5493008U162MDADN7P55</mgmtInvLei>
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          <sharesOutstanding sharesOutstandingClassName="SuperFund Managed Futures Strategy Fund Class A" sharesOutstandingClassId="C000126910" sharesOutstandingTickerSymbol="SUPRX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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          <foreignInvestment foreignSubsidiaryName="Superfund Managed Futures Strategy (Cayman) Fund Ltd." foreignSubsidiaryLei="549300IZ4F3MEMMD6O66"/>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SuperFund Advisors, Inc.</investmentAdviserName>
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            <investmentAdviserLei>549300IIUQWAAFP41G69</investmentAdviserLei>
            <investmentAdviserCountry>GD</investmentAdviserCountry>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>84-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
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            <idNumberDesc>Filing Number</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
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          </admin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalAggregatePurchase>0.00</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>LeaderShares AlphaFactor Tactical Focused ETF</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="LeaderShares AlphaFactor Tactical Focused ETF" sharesOutstandingClassId="C000218404" sharesOutstandingTickerSymbol="LSAT"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
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            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Redwood Investment Management, LLC</investmentAdviserName>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Brown Brothers Harriman &amp; Co.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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            <shareholderServiceAgentName>Brown Brothers Harriman &amp; Co.</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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          <principalTransaction>
            <principalName>Bank of America Merrill Lynch</principalName>
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      <managementInvestmentQuestion>
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        <investmentAdvisers>
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            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Anfield Universal Fixed Income Fund</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Anfield Universal Fixed Income Fund Class C" sharesOutstandingClassId="C000124331" sharesOutstandingTickerSymbol="AFLKX"/>
          <sharesOutstanding sharesOutstandingClassName="Anfield Universal Fixed Income Fund Class I" sharesOutstandingClassId="C000124332" sharesOutstandingTickerSymbol="AFLIX"/>
          <sharesOutstanding sharesOutstandingClassName="Anfield Universal Fixed Income Fund Class A" sharesOutstandingClassId="C000124329" sharesOutstandingTickerSymbol="AFLEX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Anfield Capital Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-77714</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000165211</investmentAdviserCrdNo>
            <investmentAdviserLei>549300IIUQWAAFP41G69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>Filling Number</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Interactive Brokers LLC</custodianName>
            <custodianLei>50OBSE5T5521O6SMZR28</custodianLei>
            <custodianStateCountry custodianState="US-CT" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05829</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Services, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>Filing number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MISCHLER FINANCIAL GROUP</brokerName>
            <brokerFileNo>8-48067</brokerFileNo>
            <brokerCrdNo>000037818</brokerCrdNo>
            <brokerLei>2549004IPXPSM9EJFC92</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>350.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>350.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BOND POINT</principalName>
            <principalFileNo>8-68357</principalFileNo>
            <principalCrdNo>000151300</principalCrdNo>
            <principalLei>549300U2HYPGZB6HDP95</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>75726824.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMORGAN CHASE</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4589388.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BROWN BROTHERS &amp; HARRIMAN (BBH)</principalName>
            <principalFileNo>8-69731</principalFileNo>
            <principalCrdNo>000282732</principalCrdNo>
            <principalLei>5493006KMX1VFTPYPW14</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>4919091.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>National Alliance Securities, LLC</principalName>
            <principalFileNo>8-48723</principalFileNo>
            <principalCrdNo>000039455</principalCrdNo>
            <principalLei>549300Q8AVM3P2CCKI12</principalLei>
            <principalStateCountry principalState="US-NV" principalCountry="US"/>
            <principalTotalPurchaseSale>2702992.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STIFEL NICOLAUS</principalName>
            <principalFileNo>8-1447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>5WUVMA08EYG4KEUPW589</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>1007544.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>88945839.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>124775989.48000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Affinity World Leaders Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000060111</mgmtInvSeriesId>
        <mgmtInvLei>549300LWEPBJF1WUB306</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Affinity World Leaders Equity ETF" sharesOutstandingClassId="C000196754" sharesOutstandingTickerSymbol="WLDR"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.72000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-1.39000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.67000000</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.67000000</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Regents Park Funds, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-108885</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000284684</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Affinity Investment Advisors, LLC</subAdviserName>
            <subAdviserFileNo>801-42015</subAdviserFileNo>
            <subAdviserCrdNo>000108278</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Brown Brothers Harriman &amp; Co</transferAgentName>
            <transferAgentFileNo>084-06077</transferAgentFileNo>
            <transferAgentLei>5493006KMX1VFTPYPW14</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Brown Brothers Harriman &amp; Co</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493006KMX1VFTPYPW14</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>LEI</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Services, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>Filing number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CITIBANK</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>E57ODZWZ7FF32TWEFA76</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9745.22000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Loop Capital</brokerName>
            <brokerFileNo>8-50140</brokerFileNo>
            <brokerCrdNo>000043098</brokerCrdNo>
            <brokerLei>254900D61FNOB9ELRV34</brokerLei>
            <brokerCountry>IE</brokerCountry>
            <grossCommission>13969.18000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>23714.40000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>JPMorgan Chase</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10254051.46000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>10254051.46000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>35949775.42000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Redwood Managed Volatility Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000042696</mgmtInvSeriesId>
        <mgmtInvLei>5493004KDV8G1BPN8666</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Redwood Managed Volatility Fund Class N" sharesOutstandingClassId="C000131992" sharesOutstandingTickerSymbol="RWDNX"/>
          <sharesOutstanding sharesOutstandingClassName="Redwood Managed Volatility Fund Class I" sharesOutstandingClassId="C000131991" sharesOutstandingTickerSymbol="RWDIX"/>
          <sharesOutstanding sharesOutstandingClassName="Redwood Managed Volatility Fund Class Y" sharesOutstandingClassId="C000131993" sharesOutstandingTickerSymbol="RWDYX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Redwood Investment Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-78563</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000153139</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-AZ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>84-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank N.A.</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-05829</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Jane Street Execution Services, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>289762961.38000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>213800H14XVWOV87OI72</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>86860.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BTIG LLC</principalName>
            <principalFileNo>008-65473</principalFileNo>
            <principalCrdNo>000122225</principalCrdNo>
            <principalLei>549300GTG9PL6WO3EC51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>41279450.19000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>331129271.57000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>233170658.73016429</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>LeaderShares Dynamic Yield ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000072292</mgmtInvSeriesId>
        <mgmtInvLei>549300PZDL5J5L6SSD29</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="LeaderShares Dynamic Yield ETF" sharesOutstandingClassId="C000228396" sharesOutstandingTickerSymbol="DYLD"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Redwood Investment Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-78563</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000153139</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-AZ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Brown Brothers Harriman &amp; Co.</transferAgentName>
            <transferAgentFileNo>85-69731</transferAgentFileNo>
            <transferAgentLei>5493006KMX1VFTPYPW14</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Brown Brothers Harriman &amp; Co.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493006KMX1VFTPYPW14</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of America Merrill Lynch</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8096542.37000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jane Street Execution Services, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>149792546.38000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>157889088.75000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>101171599.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>LeaderShares AlphaFactor US Core Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061956</mgmtInvSeriesId>
        <mgmtInvLei>5493004EL9ZWSS4W8I04</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="LeaderShares AlphaFactor US Core Equity ETF" sharesOutstandingClassId="C000200720" sharesOutstandingTickerSymbol="LSAF"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00110000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00890000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.01780000</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.01780000</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Redwood Investment Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-78563</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000153139</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-AZ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Brown Brothers Harriman &amp; Co.</transferAgentName>
            <transferAgentFileNo>85-69731</transferAgentFileNo>
            <transferAgentLei>5493006KMX1VFTPYPW14</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Brown Brothers Harriman &amp; Co.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493006KMX1VFTPYPW14</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Virtu Americas, LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>96322.63000000</grossCommission>
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        </brokers>
        <aggregateCommission>96322.63000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Virtu Americas, LLC</principalName>
            <principalFileNo>8-68193</principalFileNo>
            <principalCrdNo>000149823</principalCrdNo>
            <principalLei>549300RA02N3BNSWBV74</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>253877613.47000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of America Merrill Lynch</principalName>
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            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>12317842.58000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>Citadel Securities</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>6166222.91000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>272361678.96000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>160828109.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Recurrent MLP &amp; Infrastructure Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000059371</mgmtInvSeriesId>
        <mgmtInvLei>5493004TRGCEC6T80E91</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Recurrent MLP &amp; Infrastructure Fund Class I" sharesOutstandingClassId="C000194765" sharesOutstandingTickerSymbol="RMLPX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Recurrent Investment Advisors, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-110728</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000288694</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-TX" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>84-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05829</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
            <adminLei>84-05829</adminLei>
            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JPMorgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>46060.00000000</grossCommission>
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          <broker>
            <brokerName>Sanford Financial Services</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-MI" brokerCountry="US"/>
            <grossCommission>3700.00000000</grossCommission>
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          <broker>
            <brokerName>Instinet, Inc.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000038485</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>32230.00000000</grossCommission>
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          <broker>
            <brokerName>Goldman Sachs</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>140569.00000000</grossCommission>
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        </brokers>
        <aggregateCommission>222559.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2909176.00000000</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>2909176.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>515035039.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Redwood Systematic Macro Trend</mgmtInvFundName>
        <mgmtInvSeriesId>S000059551</mgmtInvSeriesId>
        <mgmtInvLei>549300F1Q0765F384F04</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Redwood Systematic Macro Trend Fund Class N" sharesOutstandingClassId="C000195033" sharesOutstandingTickerSymbol="RWSNX"/>
          <sharesOutstanding sharesOutstandingClassName="Redwood Systematic Macro Trend Fund Class I" sharesOutstandingClassId="C000195032" sharesOutstandingTickerSymbol="RWSIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Redwood Investment Management, LLC</investmentAdviserName>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
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          </pricingService>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <fundTypes>
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        <isForeignSubsidiary>N</isForeignSubsidiary>
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        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
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        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))</relyOnRuleType>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
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