Redwood Investment Management LLC

Item 5: Fees and Compensation
Below is information on the fees paid to Redwood for the various arrangements listed in Item 4 above. Redwood provides
investment advice on a fee-only basis.

    A. Affiliated Redwood Funds Fees
For our affiliated funds, Redwood is paid the following:
    • Redwood Managed Volatility Fund: an annual management fee of 1.25% of the daily net assets.
    • Redwood Managed Municipal Income Fund: an annual management fee of 0.70% of the daily net assets.
    • Redwood Systematic Macro Trend (“SMarT”) Fund: an annual management fee of 1.00% of the daily net assets.
    • Redwood AlphaFactor® Tactical International Fund: an annual management fee of 0.90% of the daily net assets.
    • LeaderShares® AlphaFactor® US Core Equity ETF: an annual management fee of 0.75% of the daily net assets.
    • LeaderShares® AlphaFactor® Tactical Focused ETF: an annual management fee of 0.99% of the daily net assets.
    • LeaderShares® Dynamic Yield ETF: an annual management fee of 0.75% of the daily net assets.
    • Redwood Private Real Estate Debt Fund: an annual management fee of 1.75% of the daily managed assets.

Fees for the Redwood Funds listed above are paid monthly in arrears and are based on the assets of each of the specific
Redwood Funds portfolio. Specific management fee and related expense information may be found in the prospectuses
and statements of additional information for the Redwood Funds, which should be read carefully before investing. No
performance fees are charged to the Redwood Funds.

Mutual funds generally offer multiple share classes available for investment based upon certain eligibility and/or purchase
requirements. Redwood Mutual Funds institutional share classes are specifically designed for purchase by investors who
meet certain specified eligibility criteria, including, for example, whether an account meets certain minimum dollar
amount thresholds (e.g., most notably, class I, N and Y shares 1). N share classes have a higher expense ratio than I and Y
share classes. Redwood will continuously monitor and review these selections to ensure that investments are done in the
best interest of the client.

Redwood conducts periodic reviews of client holdings in mutual fund investments to ensure the appropriateness of mutual
fund share class selections and whether alternative mutual fund share class selections are available that might be more
appropriate given the client’s particularized investment objectives and circumstances and monitoring of expenses imposed
on mutual fund clients. The appropriateness of a particular mutual fund share class selection is dependent upon a range of
different considerations, including but not limited to: the asset-based advisory fee that is charged, whether transaction
charges are applied to the purchase or sale of mutual funds, the overall cost structure of the advisory program, operational
considerations associated with accessing or offering particular share classes (including the presence of selling agreements

1 Please note that N class mutual fund shares offered by Redwood have a 12b-1 fee assessed, while the Class I and Y shares do not. Please refer to the
respective prospectuses for important additional information. A prospectus can be obtained by contacting us at operations@redwoodim.com.

Redwood Investment Management, LLC                                                                          March 31, 2026
Form ADV Part 2A

with the mutual fund sponsors and Redwood’s ability to access particular share classes through the custodian), share class
eligibility requirements; and the availability of revenue sharing, distribution fees, shareholder servicing fees or other
compensation associated with offering a particular class of shares. Please contact your representative for more information
about share class eligibility.

     B. Sub-Advisory Fees
Redwood is paid an annual fee from each TPA for its sub-advisory services, which is negotiable and varies based upon the
strategies and services provided by the Firm. In most cases, the fee will be paid monthly or quarterly in advance or arrears
(as specified in each sub-advisory agreement) and will be based on a percentage of each TPA’s client account assets sub-
advised and managed by Redwood. The TPA is responsible for calculating the sub-advisory fee and compensates
Redwood in accordance with the terms outlined within the sub-advisory agreement. Currently, all compensation comes
directly from the TPA and is not deducted from the TPA clients’ accounts by Redwood pursuant to the terms outlined in
the Sub-advisory Agreements.

As referenced in Item 4, Redwood includes Redwood Funds as securities in the Sub-advisory Portfolios, when Redwood
believes it is appropriate. Currently, Redwood is compensated directly from the TPA. Thus, Redwood will receive both a
sub-advisory fee from the adviser as well as a management fee as the manager of the Redwood Funds. This presents a
conflict of interest since Redwood receives additional management fees that it would not have otherwise received but for
its role as manager of the Redwood Funds. Moreover, the primary owner and principal of Redwood, Michael Messinger,
will be receiving an economic benefit directly. Redwood and Mr. Messinger attempt to mitigate this conflict by only
doing what is in the sub-advisory clients’ best interest. Please see Item 10 for additional information.

The TPA’s Sub-advisory client will be assessed additional fees and expenses by the TPA trading platform (as applicable),
and the TPA’s advisory fee, which are further detailed in the TPA’s Form ADV Part 2A Brochure.

In addition, Sub-advisory accounts will incur certain fees or charges imposed by third-parties other than Redwood in
connection with investments or recommendations made by the Firm. These fees and charges are separate and distinct from
...

Item 7: Types of Clients
Redwood provides discretionary investment advice to certain individuals, high net worth individuals, pension and profit-
sharing plans, trusts, estates, corporations, other investment advisory firms, affiliated mutual funds, ETFs, and closed-end
funds (including interval funds). Redwood also provides model portfolios to other investment advisors and serves as a
sub-advisor to other investment advisers. For additional information on minimums and clients please see Items 4 and 5
above.

Redwood acts as a fiduciary under ERISA and the Internal Revenue Code when providing investment advice to retirement
investors, including plan participants and IRA holders. When offering rollover or similar recommendations, Redwood
follows the Department of Labor’s current fiduciary guidance under PTE 2020-02, which requires acting in the client’s
best interest, disclosing conflicts, and meeting specific documentation and compliance obligations. Additional disclosures
are provided to clients at or before the time of such recommendations. Generally, these disclosures are contained in this
Form ADV Part 2A, the client agreement and/or in separate ERISA disclosure documents and are designed to enable the
ERISA plan’s fiduciary to: (1) determine the reasonableness of all compensation received; (2) identify any potential
conflicts of interests; and (3) satisfy reporting and disclosure requirements to plan participants.