Kind 497 Two Roads Shared Belief

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

0001552947

false

trst

Two Roads Shared Trust

497

2022-06-13

2022-06-13

N-1A

2021-10-31

~ http://trst/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000059371Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

~ http://trst/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000059371Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

~ http://trst/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000059371Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

~ http://trst/role/BarChartData column period compact * column dei_LegalEntityAxis compact trst_S000059371Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

2020-06-30

2020-03-31

~ http://trst/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact trst_S000059371Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

0001552947

2022-06-13

2022-06-13

0001552947

trst:S000059371Member

trst:C000194765Member

2022-06-13

2022-06-13

0001552947

trst:S000059371Member

2022-06-13

2022-06-13

0001552947

trst:S000059371Member

trst:C000194765Member

rr:AfterTaxesOnDistributionsMember

2022-06-13

2022-06-13

0001552947

trst:S000059371Member

trst:C000194765Member

rr:AfterTaxesOnDistributionsAndSalesMember

2022-06-13

2022-06-13

0001552947

trst:S000059371Member

trst:AlerianMLPIndexReflectsNoDeductionForFeesExpensesOrTaxesMember

2022-06-13

2022-06-13

iso4217:USD

xbrli:pure

PROSPECTUS

March 1, 2022

as amended June 13, 2022 

Recurrent MLP &

Infrastructure Fund

Class I – Ticker:

RMLPX

www.recurrentadvisors.com

Tel. 1-833-RECURRENT (1-833-732-8773)

This Prospectus provides important information about

the Recurrent MLP & Infrastructure Fund (the “Fund”) that you should know before investing. Please read it carefully and

keep it for future reference.

These securities have not been approved or disapproved

by the Securities and Exchange Commission (“SEC”) nor has the SEC passed upon the accuracy or adequacy of this Prospectus.

Any representation to the contrary is a criminal offense.

TABLE OF CONTENTS

FUND SUMMARY

Investment Objective:

The Fund seeks total

return including substantial current income from a portfolio of MLP and energy infrastructure investments.

Fees and Expenses of the Fund:

This table describes

the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions

and other fees to financial intermediaries, which are not reflected in the table and Example below. More information about how to purchase

shares of the Fund is available in the section entitled HOW TO PURCHASE SHARES beginning on page 18 of this Prospectus and in the

Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Example:

This Example is intended to

help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

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 (except that the Example incorporates

any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or

lower, based upon these assumptions your costs would be:

Portfolio Turnover:

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. For the fiscal year ended

October 31, 2021, the Fund’s Portfolio Turnover rate was 22% of the average value of its portfolio.

Principal Investment Strategies:

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus

any borrowings for investment purposes) in energy infrastructure and master limited partnership (“MLP”) investments. The Fund’s

investments may include, but are not limited to:

Recurrent Investment Advisors,

LLC, the Fund’s investment advisor (“Recurrent” or the “Advisor”) focuses its investments on energy infrastructure,

which own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating,

transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing

of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services.

The Advisor’s investment process is strongly focused on company-level valuation analysis for determining security selection in the

Fund. The Fund’s investments may be of any capitalization size including a company’s first offering of stock to the public

in an initial public offering (IPO).

The Fund may invest 20% of

its net assets in sectors outside of energy infrastructure investments, including, without limitation, securities of corporations that

operate in the energy sector or that hold energy assets. The Fund may, when market signals warrant, take a defensive position, investing

all or a substantial portion of Fund assets in cash and/or cash equivalents.

The Fund is non-diversified

and may invest a larger percentage of its assets in fewer issuers than diversified mutual funds.

Principal Investment Risks:

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. An investment in the Fund is not guaranteed to achieve its investment

objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other

government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive

on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform

as well as other similar investments. Many factors affect the Fund’s net asset value and performance. Each risk summarized below

is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions

or other factors.

The Fund

may be subject to the risks described below through its own direct investments and indirectly through investments in underlying funds.

Local, state, regional,

national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions,

or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s net

asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market

closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’

reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market

volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect

effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market

volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health

crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets

around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a

single or small number of issuers.

Small and medium–sized companies

typically have less experienced management, narrower product lines, more limited financial resources, and less publicly available information

than larger companies. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may

experience higher failure rates than larger companies. Medium sized companies normally have a lower trading volume than larger companies,

which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

Performance:

The

bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing

in the Fund. The bar chart shows performance of the Fund’s Class I shares for each calendar year since the Fund’s inception.

The performance table compares the performance of the Fund’s shares to the performance of a broad-based market index. You should

be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the

future. Updated performance information is available at no cost by visiting www.recurrentadvisors.com or by calling 1-833-RECURRENT

(1-833-732-8773).

Performance

Bar Chart for the Calendar Year Ended December 31st:

Performance Table

Average Annual Total Returns

(For the year ended December 31, 2021)

After-tax returns were calculated using the historical

highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns

depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors

who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Investment Advisor: Recurrent Investment Advisors,

LLC serves as investment advisor to the Fund.

Portfolio Managers: The Fund is jointly managed

by Mark Laskin and Brad Olsen, each a Portfolio Manager and Principal of Recurrent. Messrs. Laskin and Olsen have managed the Fund since

its inception in November 2017.

Purchase and Sale of Fund Shares: You may purchase

and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, by telephone at 1-833-RECURRENT

(1-833-732-8773), or through your broker. Redemptions will be paid by automated clearing house funds (“ACH”), check or wire

transfer. The Fund or its Advisor may waive any of the minimum initial and subsequent investment amounts.

Tax Information: Dividends and capital gain

distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are

generally taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such

as an IRA or 401(k) plan.

Payments to Broker-Dealers and Other Financial

Intermediaries: If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund

and its related companies, including the Advisor, may pay the intermediary for the sale of Fund shares and related services. These payments

may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over

another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

ADDITIONAL

INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS

This section provides more detailed information about

the investment objectives, principal investment strategies and certain risks of investing in the Recurrent MLP & Infrastructure Fund.

This section also provides information regarding the Fund’s disclosure of portfolio holdings. The investment objective and the investment

strategies of the Fund are non-fundamental, which means that they may be changed without shareholder approval upon 60 days’ written

notice to shareholders. There is no assurance that the Fund will achieve its investment objective.

More About MLPs

An MLP is an entity that,

if it satisfies a qualifying income test described below and in the Fund’s SAI, is classified as a partnership under the Code; the

partnership interests or “units” of which are traded on securities exchanges like shares of corporate stock. To be treated

as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as

interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage

of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities.

For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and

transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide.

A typical MLP consists of

a general partner and limited partners; however, some entities receiving partnership taxation treatment under the Code are established

as limited liability companies (LLCs). The general partner of an MLP manages the partnership, has an ownership stake in the partnership

and in some cases the general partners are eligible to receive an incentive distribution. The limited partners provide capital to the

partnership, receive common units of the partnership, have a limited role in the operation and management of the partnership and are entitled

to receive cash distributions with respect to their units. Currently, most MLPs operate in the energy, natural resources and real estate

sectors. Due to their partnership structure, MLPs generally do not pay income taxes. Thus, unlike investors in corporate securities, direct

MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends).

The Advisor believes that

MLPs may be attractive investments for several reasons, including: higher yields relative to most common equity and investment grade debt,

generally low correlation to other asset classes, cash flows that remain relatively stable regardless of broader market conditions, and

the potential for deferred taxation for taxable investors.

MLPs are generally publicly traded, are regulated

by the SEC and must make public filings like any publicly traded corporation.

The Fund may also invest in privately placed securities of publicly traded MLPs.

Investment Objective: The Fund seeks total

return including substantial current income from a portfolio of MLP and energy infrastructure investments.

Principal Investment Strategies:

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus

any borrowings for investment purposes) in energy infrastructure and MLP investments. The Fund’s investments may include, but are

not limited to:

The Advisor focuses its investments

on energy infrastructure and MLPs, which own and operate assets that are used in the energy sector, including assets used in exploring,

developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing,

refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or

that provide energy related equipment or services. The Fund’s investments may be of any capitalization size including a company’s

first offering of stock to the public in an IPO.

Many of the companies in

which the Fund invests operate oil, gas or petroleum facilities, or other facilities within the energy sector. The Fund intends to concentrate

its investments in the energy sector, with a focus on “midstream” energy infrastructure. Midstream companies are generally

engaged in the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of

natural gas, natural gas liquids, crude oil, refined products or coal. Midstream companies may also operate ancillary businesses including

marketing of energy products and logistical services. The Fund may also invest in “upstream” and “downstream”

MLPs. Upstream MLPs are primarily engaged in the exploration, recovery, development and production of crude oil, natural gas and natural

gas liquids. Downstream MLPs are primarily engaged in the processing, treatment, and refining of natural gas liquids and crude oil. The

MLPs in which the Fund invests may also engage in owning, managing and transporting alternative energy assets, including alternative fuels

such as ethanol, hydrogen and biodiesel.

The Fund may invest 20% of its net assets in sectors outside of energy

infrastructure investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy

assets.

The Fund may invest in other equity securities, including pooled investment

vehicles, exchange-traded notes, and exchange-traded funds that provide exposure to MLPs.

Although the Fund will generally

invest substantially all of its assets in accordance with its investment objective and principal investment strategies, the Fund may hold

cash or short-term cash equivalents, such as money market instruments, money market funds or treasury funds, for cash management purposes.

The percentage of the Fund’s assets invested in cash and short-term cash equivalents may vary and will depend on various factors, including

market conditions and purchases and redemptions of Fund shares.

The Fund is non-diversified

and may invest a larger percentage of its assets in fewer issuers than diversified mutual funds.

The Advisor’s investment

process is strongly focused on company-level valuation analysis for determining security selection in the Fund. The Advisor uses detailed

financial models of the midstream MLPs and energy infrastructure companies in the North American midstream universe to evaluate several

factors: 1) a midstream company’s historical return profile (as measured by returns on invested capital or ROIC); 2) a midstream

company’s prospective returns based on the publicly available information regarding future capital expenditure and financing plans.

With a view of a company’s past and expected future return performance, we form a view of a company’s “justified”

multiple of invested capital.

Generally, we believe a company’s

return profile should be reflected in its multiple of “enterprise value to invested capital” or EV/IC. By this methodology,

companies with returns higher than their costs of capital should trade at higher EV/IC multiples, while companies with lower returns should

trade at lower multiples.

While we will consider the

commodity price environment when making investment decisions, we emphasize that we do not use commodity views to drive investment decision

making, and believe that commodity-driven “bets” generally lead to inferior long-term performance. We believe that commodity

exposure will generally be reflected in more volatile and often lower returns on capital, which will in turn be reflected in market valuation.

Both more and less stable companies can present attractive opportunities for investment, depending on how their valuations compare to

what is “justified” by their historical return profile.

In addition to our core EV/IC

methodology, we will use our financial analysis tools to consider other company valuation metrics, such as EV/EBITDA, cash flow yields,

as well as financial attributes such as balance sheet strength, business mix, commodity price exposure.

Temporary Defensive Position

In response to adverse market, economic, political

or other conditions, the Fund may temporarily invest up to 100% of its total assets, without limitation, in high-quality short-term debt

securities, money market instruments and cash. These short-term debt securities and money market instruments include: shares of money

market mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase

agreements. While the Fund is in a temporary defensive position, the opportunity to achieve upside return may be limited.

Principal and Other Investment Risks:

As

with all funds, there is the risk that you could lose money through your investment in the Fund. An investment in the Fund is not guaranteed

to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency; and is subject to investment risks. The Adviser can not guarantee that the Fund will achieve

its objectives. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate

significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

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. It is important that investors closely review and understand these risks before

making an investment in the Fund. Additional information regarding the principal and certain other risks of investing in the Fund is provided

below. The Fund’s SAI, which is incorporated by reference into this Prospectus, includes more information about the Fund and its

investments and risks. The risks described in this Prospectus (and in the SAI) are not intended to include every potential risk of investing

in the Fund. The Fund could be subject to additional risks because the types of investments it makes may change over time.

The following section provides

additional information regarding certain of the principal risks identified under “Principal Risk Factors” in the Fund’s

summary along with additional risk information. The Fund may be subject to the risks described below through its own direct investments

and indirectly through investments in underlying funds.

risks of substantial losses as a result

of loss or destruction of commodity reserves; damage to or destruction of property, facilities and equipment; pollution and environmental

damage; and personal injury or loss of life. Any occurrence of such catastrophic events could bring about a limitation, suspension or

discontinuation of the operations of companies operating in the energy infrastructure industry. Companies operating in the energy infrastructure

industry may not be fully insured against all risks inherent in their business operations and therefore accidents and catastrophic events

could adversely affect such companies’ financial conditions and ability to pay distributions to shareholders.

COVID-19 has resulted

in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays

in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings, supply chain disruptions,

and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks

that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and

capital markets in ways that cannot necessarily be foreseen. On January 31, 2020, the UK exited from the EU (“Brexit”). There

is significant market uncertainty regarding Brexit’s ramifications, and the range and potential implications of possible political,

regulatory, economic, and market outcomes are difficult to predict. Brexit may cause greater market volatility and illiquidity, currency

fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK.

Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio securities to fall while

the price of other securities rise or remain unchanged.

Equity securities generally

have greater price volatility than fixed income securities, although under certain market conditions fixed income securities may have

comparable or greater price volatility. During a general downturn in the securities markets, multiple asset classes may decline in value

simultaneously. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Different sectors

of the market and different security types may react differently to such developments. Changes in value may be temporary or may last for

extended periods. The Fund may experience a substantial or complete loss on any individual security. Even when securities markets perform

well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. Market factors,

such as the demand for particular portfolio securities, may cause the price of certain portfolio securities to fall while the prices of

other securities rise or remain unchanged.

Local, state, regional,

national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions,

or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s net

asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market

closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’

reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market

volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect

effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market

volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health

crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets

around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a

single or small number of issuers.

resources activities, income and gain

from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards

and options with respect to commodities. If, as a result of a change in current law or a change in an MLP’s business, an MLP were

treated as a corporation for federal income tax purposes, such an MLP would be obligated to pay federal income tax on its income at the

corporate tax rates. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution

by the MLP would be reduced. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs. The amount

of cash that any MLP has available to pay its unit holders in the form of distributions/dividends depends on the amount of cash flow generated

from such company’s operations. Cash flow from operations will vary from quarter to quarter and is largely dependent on factors

affecting the MLP’s operations and factors affecting the energy, natural resources or real estate sectors in general. MLPs were

adversely impacted by the reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting

from the spread of the COVID-19 pandemic, which triggered an unprecedented sell-off of energy pipeline and midstream companies in 2020.

Recently, global oil prices have experienced significant volatility, including a period where an oil-price futures contract fell into

negative territory for the first time in history. Reduced production and continued oil price volatility may adversely impact the value

of the Fund’s investments in MLPs and energy infrastructure companies.

To the extent that the

Fund invests in the equity securities of an MLP classified as a partnership, the Fund will be required to include in its taxable income

the Fund’s allocable share of the income, gains, losses and deductions recognized by each such MLP and take into account its allocable

share of the MLP’s tax credits, regardless of whether the MLP distributes cash to the Fund. The portion of an MLP’s distributions

to the Fund, which is not derived from the MLP’s taxable income, generally will not be taxable unless the cash amount (or, in certain

cases, the value of marketable securities) distributed exceeds the Fund’s basis in its interest in the MLP. Distributions received

by the Fund from an MLP will reduce the Fund’s adjusted basis in its interest in the MLP, but not below zero. A reduced basis generally

will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes

on the sale of its interest in the MLP. Cash distributions from an MLP to the Fund (and, in certain cases, the value of marketable securities

distributed by an MLP to the Fund) in excess of the Fund’s basis in the MLP generally will result in capital gain for the Fund as

capital gain.

Historically, energy

and certain other MLPs have been able to offset a significant portion of their taxable income with tax deductions. The percentage of an

MLP’s income that is offset by the MLP’s tax deductions will fluctuate over time. For example, new acquisitions of depreciable

property by MLPs tend to generate accelerated depreciation and other tax deductions, and therefore a decline in acquisition activity by

such MLPs owned by the Fund could increase the Fund’s current tax liability. If the percentage of the income allocated to the Fund

that is offset by tax deductions declines, or the Fund’s portfolio turnover increases, the Fund could recognize increased taxable

income and the portion of the distributions paid by the Fund that is treated as tax-deferred return of capital would be reduced and the

portion treated as taxable dividend income would be increased. This generally would result in lower after-tax returns for shareholders.

If the amount of the Fund distribution to a U.S. shareholder exceeds the Fund’s current and accumulated earnings and profits, such

excess will be treated first as a tax-free return of capital to the extent of, and in reduction of, such U.S. shareholder’s tax

basis in the shares, and thereafter as capital gain. Any such capital gain will be long-term capital gain if such U.S. shareholder has

held the applicable shares for more than one year. The portion of the distribution received by the U.S. shareholder from the Fund that

constitutes a return of capital will decrease the U.S. shareholder’s tax basis in his or her Fund shares (but not below zero), which

will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the U.S. shareholder for

tax purposes on the later sale of such Fund shares.

Depreciation or other

cost recovery deductions passed through to the Fund from investments in MLPs in a given year generally will reduce the Fund’s taxable

income (and earnings and profits), but those deductions may be recaptured in the Fund’s taxable income (and earnings and profits)

in subsequent years when the MLPs dispose of their assets or when the Fund disposes of its interests in the MLPs. When deductions are

recaptured, distributions to the Fund’s shareholders may be taxable, even though the shareholders at the time of the distribution

might not have held shares in the Fund at the time the deductions were taken by the Fund, and even though the Fund’s shareholders

at the time of the distribution will not have corresponding economic gain on their shares at the time of the distribution.

• Volatility Risk. The Fund’s investments may appreciate
  
  or decrease significantly in value over short periods of time. The value of an investment in the Fund’s portfolio may fluctuate
  
  due to factors that affect markets generally or that affect a particular industry or sector. The value of an investment in the Fund’s
  
  portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund’s net asset value per share,
  
  including by causing it to experience significant increases or declines in value over short periods of time. Events or financial circumstances
  
  affecting individual investments, industries or sectors may increase the volatility of the Fund.

Portfolio Holdings Disclosure

A description of the Fund’s policies regarding

the release of portfolio holdings information is available in the Fund’s SAI. Shareholders may request portfolio holdings schedules

at no charge by calling 1-833-RECURRENT (1-833-732-8773).

The Fund’s top ten portfolio holdings for each

calendar quarter are posted on the Fund’s website, www.recurrentfunds.com no later than ten business days after the end of each

calendar quarter. This posted information generally remains accessible until the Fund posts the information for the next calendar quarter

to the Fund’s website.

Changes of

Investment Policies

In accordance

with Rule 35d-1 under the 1940 Act, the Fund adopted a non-fundamental investment policy that it will, under normal market conditions,

invest at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure and master limited partnership

(“MLP”) investments. This requirement is applied at the time of investment. The 80% investment policy of the Fund may be changed

at any time by the Board of Trustees. Shareholders will be given written notice at least 60 days prior to any change by the Fund of its

80% investment policy.

MANAGEMENT

Investment Advisor

Recurrent Investment Advisors, LLC (“Recurrent”

or the “Advisor”), a Texas limited liability company with principal offices at 3801 Kirby Drive, Suite 654, Houston, TX 77098,

serves as the investment advisor for the Fund. The Advisor is a recently formed investment advisor registered with the U.S. Securities

and Exchange Commission (the “SEC”) and as of the date of this Prospectus, the Recurrent MLP & Infrastructure Fund is

the only series of the Trust for which it serves as investment advisor. Subject to the supervision of the Fund’s Board of Trustees,

the Advisor is responsible for managing the Fund’s investments, executing transactions and providing related administrative services

and facilities under an Investment Advisory Agreement between the Fund and the Advisor.

The Advisor has entered into an advisory agreement

with the Fund, whereby the Advisor is entitled to receive an annual fee equal to a 0.90% of the Fund’s average daily net assets.

In addition to investment advisory fees, the Fund

pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing

prospectuses and Statements of Additional Information to shareholders, certain financial accounting services, taxes or governmental fees,

custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder

reports and expenses of trustee and shareholders meetings. For the fiscal year ended October 31, 2021, the aggregate fee paid to the Advisor

was 0.90% of the Fund’s average daily net assets.

The Advisor has contractually agreed to reduce the

Fund’s fees and/or to make payments to limit Fund expenses until at least March 1, 2023 so that the total annual operating expenses

(exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs,

such as interest and dividend expenses on securities sold short; taxes; and extraordinary expenses, such as litigation expenses) of the

Fund do not exceed the following expense ratios:

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 as well as any expense limitation that was in effect

at the time the reimbursement was made.

A discussion regarding the basis for the Board of

Trustees’ approval of the investment advisory agreement with respect to the Fund is available in the Fund’s October 31, 2021

annual shareholder report.

Portfolio Managers

Mark Laskin, CFA is

the co-portfolio manager of the Recurrent MLP & Infrastructure Fund. Mr. Laskin joined Recurrent Investment Advisors, LLC in 2017

and has over 18 years of portfolio management experience. Prior to joining Recurrent Investment Advisors, LLC, Mr. Laskin was the Chief

Investment Officer at BP Capital Fund Advisors from 2013-2017, and was the Lead Portfolio Manager of the BP Capital TwinLine Energy Fund.

He served as a portfolio manager for Invesco and Morgan Stanley Investment Management (MSIM) from 2000 to 2013. During his tenure with

MSIM, Mr. Laskin served as Director of Equity Research and managed the Morgan Stanley Natural Resources Development Securities Fund. He

earned a B.A. from Swarthmore College and an M.B.A. in Finance from The Wharton School of Business, University of Pennsylvania.

Brad Olsen is the

Lead Portfolio Manager of the Recurrent MLP & Infrastructure Fund. Mr. Olsen joined Recurrent Investment Advisors, LLC in 2017 and

has over 11 years of portfolio management experience. Prior to joining Recurrent Investment Advisors, LLC, Mr. Olsen was the Lead Portfolio

Manager of BP Capital Fund Advisors’ BP Capital TwinLine MLP Fund. Mr. Olsen led Midstream research for Tudor, Pickering and Holt

& Co. (TPH & Co.), worked in investment roles at Eagle Global Advisors and Millennium International, and Strome Investment Management.

He began his career at UBS Investment Bank. He earned his B.A. in Philosophy, Political Science, and Slavic Studies from Rice University.

The Fund’s SAI provides additional information

about the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers’

ownership of securities in the Fund.

HOW SHARES

ARE PRICED

The net asset value (“NAV”) and offering

price (NAV plus any applicable sales charges) of each class of shares is determined at 4:00 p.m. (Eastern Time) on each day the New York

Stock Exchange (“NYSE”) is open for business. NAV is computed by determining, on a per class basis, the aggregate market value

of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets liabilities)/number of shares

= NAV). The NYSE is closed on weekends and Juneteenth, New Year’s Day, Martin Luther King, Jr. Day, President’s Day, Good

Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis,

the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination

of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for

the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading

on the NYSE on that day.

Generally, the Fund’s securities are valued

each day at the last quoted sales price on each security’s primary exchange. Securities traded or dealt in upon one or more securities

exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale

shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean

between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers’

Automated Quotation System (“NASDAQ”) National Market System for which market quotations are readily available shall be valued

using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign)

and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence

of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange

may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing

securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

In accordance

with procedures approved by the Board (“Valuation Procedures”), if market quotations are not readily available, securities

will be valued at their fair market value as determined in good faith by the Advisor in accordance with procedures approved by the Board

and evaluated by the Board as to the reliability of the fair value method used. In these cases, the Fund’s NAV will reflect certain

portfolio securities’ fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible

that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated

execution of these procedures to a fair value committee composed of one or more officers from each of the (i) Fund’s management,

(ii) administrator, and (iii) Advisor. The team may also enlist third party consultants such as an audit firm or financial officer of

a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and considers the determinations

reached by the fair value committee in ratifying the fair value committee’s application of the fair valuation methodologies employed.

The Fund may use independent pricing services to assist

in calculating the fair market value of the Fund’s securities. In addition, market prices for foreign securities are not determined

at the same time of day as the NAV for the Fund. In computing the NAV, the Fund values foreign securities held by the Fund at the latest

closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in

foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund’s

portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares,

the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund

calculates its NAV, the Advisor may need to price the security using the Fund’s fair value pricing guidelines. Without a fair value

price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation

of the Fund’s portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no

assurance that fair value pricing policies will prevent dilution of the Fund’s NAV by short term traders. The determination of fair

value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from

the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of the Fund’s assets

that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund’s NAV is calculated

based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances

under which those companies will use fair value pricing and the effects of using fair value pricing.

HOW TO PURCHASE

SHARES

Class I Shares:

Class I shares of the Fund are sold at NAV without

an initial sales charge and are not subject to 12b-1 distribution fees. This means that 100% of your initial investment is placed into

shares of the Fund. Class I shares require a minimum initial investment of $2,500 and the minimum subsequent investment is $500.

Class I shares are available to certain institutional

investors, and directly to certain individual investors as set forth below:

For accounts sold through financial intermediaries,

it is the primary responsibility of the financial intermediary to ensure compliance with eligibility requirements such as investor type

and investment minimums. An investor transacting through a broker acting as an agent for the investor may be required to pay a commission

and/or other forms of compensation to the broker. There is no investment minimum on reinvested

distributions, and the Fund may change investment minimums at any time. The Fund and the Advisor may each waive investment minimums at

their individual discretion. Class I shares may not be available for purchase in all states.

Purchasing Shares: You may purchase shares

of the Fund by sending a completed application form (the “Application”) to the following address:

The USA PATRIOT Act requires financial institutions,

including the Fund, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the

identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth, social security

number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Fund

in verifying your identity. Until such verification is made, the Fund may temporarily limit additional share purchases. In addition, the

Fund may limit additional share purchases or close an account if it is unable to verify a shareholder’s identity. As required by

law, the Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information

or documentation from you, to ensure that the information supplied by you is correct.

Purchase through Brokers: You may invest in

the Fund through brokers or agents who have entered into selling agreements with the Fund’s distributor. The brokers and agents

are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are authorized to designate other intermediaries

to receive purchase and redemption orders on the Fund’s behalf. The Fund will be deemed to have received a purchase or redemption

order when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment

minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of the Fund. Finally, various servicing agents

use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly

from the Fund. You should carefully read the program materials provided to you by your servicing agent.

Purchase by Wire: If you wish to wire money

to make an investment in the Fund, please call the Fund at 1-833-RECURRENT (1-833-732-8773) for wiring instructions and to

notify the respective Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally

accept wired funds for investment on the day received if they are received by the respective Fund’s designated bank before the close

of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

Automated Clearing House (ACH) Purchase: Current

shareholders may purchase additional shares via Automated Clearing House (“ACH”). To have this option added to your account,

please send a letter to the Fund requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic

institutions that are ACH members may be used for these transactions.

You may use ACH transactions for your initial purchase

of Fund shares, when opening an account online (maximum initial purchase of $250,000). ACH purchases will be effective at the closing

price per share on the business day after the order is placed. The Fund may alter, modify or terminate this purchase option at any time.

Shares purchased by ACH will not be available for

redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 15 days to clear.

Purchase through www.recurrentfunds.com: You

may purchase shares of the Fund and redeem the Fund’s shares through the website www.recurrentfunds.com. To establish Internet

transaction privileges you must enroll through the website. You automatically have the ability to establish Internet transaction privileges

unless you decline the privileges on your New Account Application or IRA Application. You will be required to enter into a user’s agreement

through the website in order to enroll in these privileges. In order to conduct Internet transactions, you must have telephone transaction

privileges. To purchase shares through the website you must also have ACH instructions on your account.

Redemption proceeds may be sent to you by check to

the address of record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial

institutions that are ACH members can be used for transactions through the website. Transactions through the website are subject to the

same minimums as other transaction methods.

You should be aware that the Internet is an unsecured,

unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the Internet and

equipment, software, systems, data and services provided by various vendors and third parties. While the Fund and its Service Providers

have established certain security procedures, the Fund, its distributor and its transfer agent cannot assure you that trading information

will be completely secure.

There may also be delays, malfunctions, or other inconveniences

generally associated with this medium. There also may be times when the website is unavailable for Fund transactions or other purposes.

Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Fund or its transfer agent, distributor

or adviser will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.

Automatic Investment Plan: You may participate

in the Fund’s Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it

in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers

of a minimum of $100 on specified days of each month into your established Fund account. Please contact the Fund at 1-833-RECURRENT (1-833-732-8773)

for more information about the respective Fund’s Automatic Investment Plan.

Minimum and Additional Investment Amounts: The

minimum initial investment for Class I shares is $2,500. The minimum additional investment for Class I shares is $500. There is no minimum

investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund. The Fund reserves the right

to waive or change any investment minimum requirement. These minimum investment requirements do not apply to investors who purchase shares

through certain advisory programs offered by financial intermediaries. Investors purchasing shares through these programs should consult

their financial intermediary for information about any minimum investment requirements.

The Fund, however, reserves the right, in its sole

discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn

on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an

account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and

the account number, to the above address. Make all checks payable to the Recurrent MLP & Infrastructure Fund. The Fund will not accept

payment in cash, including cashier’s checks or money orders. Also, to prevent check fraud, the Fund will not accept third party

checks, U.S. Treasury checks, credit card, checks, or starter checks for the purchase of shares. Redemptions

of Shares of the Fund purchased by check may be subject to a hold period until the check has been cleared by the issuing bank. To avoid

such holding periods, Shares may be purchased through a broker or by wire, as described in this section.

Note: Ultimus Fund Solutions, LLC, the Fund’s

transfer agent, will charge a $25 fee against a shareholder’s account, in addition to any loss sustained by the Fund, for any check

returned to the transfer agent for insufficient funds.

When Order is Processed: All shares will be

purchased at the NAV per share (plus applicable sales charges, if any) next determined after the Fund receives your application or request

in good order. All requests received in good order by the Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests

received after 4:00 p.m. (Eastern Time) will be processed on the next business day.

Good Order: When making a purchase request,

make sure your request is in good order. “Good order” means your purchase request includes:

Retirement Plans: You may purchase shares of

the Fund for your individual retirement plans. Please call the Fund at 1-833-RECURRENT (1-833-732-8773) for the most current listing and

appropriate disclosure documentation on how to open a retirement account.

HOW TO REDEEM

SHARES

Redeeming Shares: If you hold shares directly

through an account with the Fund, you may redeem all or any portion of the shares credited to your account by submitting a written request

for redemption to:

Redemptions by Telephone: The telephone redemption

privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this

in the appropriate area on your account application or you must write to the Fund and instruct it to remove this privilege from your account.

The proceeds, which are equal to number of shares times NAV less any applicable deferred sales charges or redemption fees, will be sent

by mail to the address designated on your account or sent electronically, via ACH or wire, directly to your existing account in a bank

or brokerage firm in the United States as designated on your application. To redeem by telephone, call the Fund at 1-833-RECURRENT (1-833-732-8773).

The redemption proceeds normally will be sent by mail or electronically within three business days after receipt of your telephone instructions.

During periods of high market activity, you may encounter

higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior

to market close. Neither the Fund nor its transfer agent will be held liable if you are unable to place your trade due to high call volume.

The Fund reserves the right to suspend the telephone

redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30

days. Neither the Fund, its transfer agent, nor its respective affiliates will be liable for complying with telephone instructions they

reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required

to bear the risk of any such loss. The Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone

instructions are genuine. If the Fund and/or the transfer agent do not employ these procedures, they may be liable to you for losses due

to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior

to acting upon telephone instructions, providing written confirmation of the transactions and/or tape recording telephone instructions.

Redemptions through Broker: If shares of the

Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares

of the applicable Fund. The servicing agent may charge a fee for this service.

Redemptions by Wire: You may request that your

redemption proceeds be wired directly to your bank account. The Fund’s transfer agent imposes a $15 fee for each wire redemption

and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

Systematic Withdrawal Plan: If your individual

account, IRA or other qualified plan account has a current account value of at least $10,000, you may participate in the Fund’s

Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use of electronic

funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $100 on specified days of each month into your

established bank account. Please contact the Fund at

1-833-RECURRENT (1-833-732-8773) for more information about the Fund’s Automatic Withdrawal Plan.

Sources of Redemption Payments and Redemptions

in Kind: It is expected that payment of redemption proceeds will normally be made from uninvested cash or short-term investments,

or proceeds from the sale of portfolio securities. It is possible that stressed market conditions or large shareholder redemptions may

result in the need for utilization of the Fund’s ability to redeem in kind in order to meet shareholder redemption requests. The

Fund reserves the right to honor requests for redemption or repurchase orders made by a shareholder during any 90-day period by making

payment in whole or in part in portfolio securities (“redemption in kind”) if the amount of such a request is large enough

to affect operations (if the request is greater than the lesser of $250,000 or 1% of the respective Fund’s net assets at the beginning

of the 90-day period). The securities will be chosen by the Fund and valued using the same procedures as used in calculating the Fund’s

NAV. A shareholder may incur transaction expenses in converting these securities to cash.

When Redemptions are Sent: Once the Fund receives

your redemption request in “good order” as described below, it will issue a check based on the next determined NAV following

your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of

a request in “good order.” If you purchase shares using a check and soon after request a redemption, your redemption proceeds,

which are payable at the next determined NAV following the receipt of your redemption request in “good order”, as described

below, will not be sent until the check used for your purchase has cleared your bank.

Good Order: Your redemption request will be

processed if it is in “good order.” To be in good order, the following conditions must be satisfied:

When You Need Medallion Signature Guarantees:

If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing

to the Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from

unauthorized account transfers. You will need your signature guaranteed if:

Signatures may be guaranteed by any eligible guarantor

institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing

agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation,

fiduciary or other organization. A notary public cannot guarantee signatures.

Retirement Plans: If you own an IRA or other

retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in

your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

Low Balances: If at any time your account balance

falls below $2,000 ($1,000 for retirement accounts), the Fund may notify you that, unless the account is brought up to at least $2,000

($1,000 for retirement accounts) within 30 days of the notice, your account could be closed. After the notice period, the Fund may redeem

all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account

balance drops below $2,000 ($1,000 for retirement accounts) due to a decline in NAV.

FREQUENT PURCHASES

AND REDEMPTIONS OF FUND SHARES

The Fund discourages and does not accommodate

market timing. Frequent trading into and out of the Fund can harm the Fund’s shareholders by disrupting that Fund’s investment

strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Fund

is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Fund’s

Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need

to adjust their Fund investments as their financial needs or circumstances change. The Fund currently uses several methods to reduce the

risk of market timing. These methods include:

Though these methods involve judgments that are inherently

subjective and involve some selectivity in their application, the Fund seeks to make judgments and applications that are consistent with

the interests of the Fund’s shareholders.

Based on the frequency of redemptions in your account,

the Advisor or transfer agent may in its sole discretion determine that your trading activity is detrimental to the Fund as described

in the Fund’s Market Timing Trading Policy and elect to (i) reject or limit the amount, number, frequency or method for requesting

future purchases into the Fund and/or (ii) reject or limit the amount, number, frequency or method for requesting future exchanges or

redemptions out of the Fund.

The Fund reserves the right to reject or restrict

purchase requests for any reason, particularly when the shareholder’s trading activity suggests that the shareholder may be engaged

in market timing or other disruptive trading activities. Neither the Fund nor the Advisor will be liable for any losses resulting from

rejected purchase orders. The Advisor may also bar an investor who has violated these policies (and the investor’s financial adviser)

from opening new accounts with the Fund.

Although the Fund attempts to limit disruptive trading

activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee

that the Fund will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of the

Fund. While the Fund will encourage financial intermediaries to apply the respective Fund’s Market Timing Trading Policy to their

customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading activity or enforce the respective

Fund’s Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, the Fund

may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus

accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically,

unless the financial intermediaries have the ability to apply the Fund’s Market Timing Trading Policy to their customers through

such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing,

the Fund may not be able to determine whether trading by customers of financial intermediaries is contrary to the Fund’s Market

Timing Trading Policy. Brokers maintaining omnibus accounts with the Fund have agreed to provide shareholder transaction information to

the extent known to the broker to the Fund upon request. If the Fund or its transfer agent or shareholder servicing agent suspects there

is market timing activity in the account, the Fund will seek full cooperation from the service provider maintaining the account to identify

the underlying participant. At the request of the Advisor, the service providers may take immediate action to stop any further short-term

trading by such participants.

TAX STATUS,

DIVIDENDS AND DISTRIBUTIONS

Dividends and Distributions: Income dividends

are derived from net investment income (i.e., interest and other income, less any related expenses) the Fund earns from its portfolio

securities and other investments. Capital gain distributions are derived from gains realized when the Fund sells a portfolio security.

Long-term capital gains are derived from gains realized when the Fund sells a portfolio security it has owned for more than one year,

and short-term capital gains are derived from gains realized when a portfolio security was owned for one year or less. The Fund must report

to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Fund has chosen average cost as its

standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which

specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position

is not sold at one time. Shareholders may, however, choose a method other than the Fund’s standing method at the time of their purchase

or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for

their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully

review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that

are required when reporting these amounts on their federal income tax returns.

You may change the manner

in which your dividends are paid at any time by writing to:

Recurrent MLP & Infrastructure

Fund

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, Nebraska 68154

The Fund currently anticipates

distributing to its shareholders quarterly at a rate that is approximately equal to the distribution rate the Fund receives from the energy

infrastructure companies in which it invests, including income, if any.

All distributions of the Fund are reinvested in additional

shares, unless you elect to receive distributions in cash. For federal and state income tax purposes, distributions are treated the same

whether they are received in cash or reinvested. Shares become entitled to receive distributions on the day after the shares are issued.

If you elect to receive distributions in cash and the U.S. Postal Service cannot deliver your check, or if a check remains uncashed for

six months, the Fund reserve the right to reinvest the distribution check in your account at the Fund’s then current NAV and to

reinvest all subsequent distributions.

You may change the manner in which your dividends are paid at any time

by writing to:

Recurrent MLP & Infrastructure

Fund

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, Nebraska 68154

Taxes

The following is a summary of certain United States

tax considerations relevant under current law, which may be subject to change in the future. Except where otherwise indicated, the summary

assumes you are a U.S. citizen or resident or otherwise subject to U.S. federal income tax. If an entity or arrangement treated as a partnership

for U.S. federal income tax purposes holds shares of the Fund, the U.S. federal income tax treatment of a partner in such partnership

generally will depend upon the status of the partner and activities of the partnership. You should consult your tax adviser for further

information regarding federal, state, local and/or foreign tax consequences relevant to your specific situation. Additional information

about taxes is available in the Fund’s SAI.

The Fund contemplates distributing as dividends each

year substantially all of its taxable income, including its net capital gain (the excess of net long-term capital gain over net short-term

capital loss). Except as otherwise noted below, you will generally be subject to federal income tax on Fund distributions to you regardless

whether they are paid in cash or reinvested in additional shares. Fund distributions attributable to short-term capital gains and net

investment income will generally be taxable to you as ordinary income, except as discussed below.

Distributions attributable to the net capital gain

of the Fund generally are taxable to you as long-term capital gain, regardless of how long you have held your shares. The maximum long-term

capital gain rate applicable to individuals, estates and trusts is currently 23.8% (which includes a 3.8% Medicare tax on certain investment

company taxable income (e.g., ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions

or other taxable dispositions of Fund shares) if such person’s “modified adjusted gross income” (in the case of an individual)

or “adjusted gross income” (in the case of an estate or trust) exceed certain threshold amounts).

Distributions of “qualifying dividends”

will also generally be taxable to you at long-term capital gain rates, as long as certain requirements are met. In general, if 95% or

more of the gross income of the Fund (other than net capital gain) consists of dividends received from domestic corporations or “qualified”

foreign corporations (“qualifying dividends”), then all distributions paid by the Fund to individual shareholders will be

taxed at long-term capital gain rates. But if less than 95% of the gross income of the Fund (other than net capital gain) consists of

qualifying dividends, then distributions paid by the Fund to individual shareholders will be qualifying dividends only to the extent they

are derived from qualifying dividends earned by the Fund. For the lower rates to apply, you must have owned your Fund shares for at least

61 days during the 121-day period beginning on the date that is 60 days before the Fund’s ex-dividend date (and the Fund will need

to have met a similar holding period requirement with respect to the shares of the corporation paying the qualifying dividend). The amount

of the Fund’s distributions that qualify for this favorable treatment may be reduced as a result of the Fund’s securities

lending activities (if any), a high portfolio turnover rate or investments in debt securities or non-qualified foreign corporations.

Distributions from the Fund will generally be taxable

to you in the taxable year in which they are paid, with one exception. Distributions declared by the Fund in October, November or December

and paid in January of the following year are taxed as though they were paid on December 31. You will be notified annually of the tax

status of distributions to you.

A portion of distributions attributable to investments

in U.S. corporations paid by the Fund to shareholders who are corporations may also qualify for the dividends-received deduction for corporations,

subject to certain holding period requirements and debt financing limitations. The amount of such dividends qualifying for this deduction

may, however, be reduced as a result of the Fund’s securities lending activities (if any), by a high portfolio turnover rate or

by investments in debt securities.

You should note that if you purchase shares just before

a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will be taxed on the entire amount of

the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. This adverse tax

result is known as “buying into a dividend.”

You will generally recognize taxable gain or loss

for federal income tax purposes on a sale, exchange or redemption of your shares based on the difference between your tax basis in the

shares and the amount you receive for them. Generally, you will recognize long-term capital gain or loss if you have held your Fund

shares for over twelve months at the time you dispose of them.

Any loss realized on shares held for six months or

less will be treated as a long term capital loss to the extent of any capital gain dividends that were received on the shares. Additionally,

any loss realized on a disposition of shares of the Fund may be disallowed under “wash sale” rules to the extent the shares

disposed of are replaced with other shares of the Fund within a period of 61 days beginning 30 days before and ending 30 days after the

shares are disposed of, such as pursuant to a dividend reinvestment in shares of the Fund.

If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

The Fund (or relevant broker or financial adviser)

is required to compute and report to the IRS and furnish to Fund shareholders cost basis information when such shares are sold or exchanged.

The Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or

choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial

adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain

information with respect to the available methods and elections for your account. You should carefully review the cost basis information

provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts

on your federal and state income tax returns. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted

cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

One major exception to the preceding tax principles

is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA (or other tax qualified plan) will not be currently

taxable unless such shares were acquired with borrowed funds.

If you (i) fail to provide a correct taxpayer identification

number in the manner required; (ii) are subject to backup withholding by the IRS for failure to properly include on your return payments

of taxable interest or dividends; or (iii) fail to certify that you are not subject to backup withholding when required to do so or that

you are an “exempt recipient,” the IRS may, in certain cases, require the Fund to withhold a percentage of dividends or redemption

or exchange proceeds. The current backup withholding rate is 24%.

Generally, nonresident aliens, foreign corporations

and other foreign investors are subject to 30% withholding tax on dividends paid by a U.S. corporation, although the rate may be reduced

for an investor that is a qualified resident of a foreign country with an applicable tax treaty with the United States (provided that

the shareholder furnishes the Fund with a properly completed Form W-8BEN or W-8BEN-E, as applicable, to establish entitlement for

these treaty benefits). In the case of a regulated investment company such as the Fund, however, certain categories of dividends are exempt

from the 30% withholding tax. These generally include dividends attributable to the Fund’s net capital gains (the excess of net

long-term capital gains over net short-term capital loss), dividends attributable to the Fund’s interest income from U.S. obligors

and dividends attributable to net short-term capital gains of the Fund.

Foreign shareholders will generally not be subject

to U.S. tax on gains realized on the sale, exchange or redemption of shares in the Fund, except that a nonresident alien individual who

is present in the United States for 183 days or more in a calendar year will be taxable on such gains and on capital gain dividends from

the Fund.

In contrast, if a foreign investor conducts a trade

or business in the United States and the investment in the Fund is effectively connected with that trade or business, then the foreign

investor’s income from the Fund will generally be subject to U.S. federal income tax at graduated rates in a manner similar to the

income of a U.S. citizen or resident.

The Fund will also generally be required to withhold

30% tax on certain payments to foreign entities that do not provide a Form W-8BEN-E that evidences their compliance with, or exemption

from, specified information reporting requirements under the Foreign Account Tax Compliance Act. While withholding described in this paragraph

would have applied also to payments of gross proceeds from the sale or other disposition of shares on or after January 1, 2019, recently

proposed Treasury regulations eliminate such withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these

proposed Treasury regulations until final Treasury regulations are issued.

All foreign investors should consult their own tax

advisers regarding the tax consequences in their country of residence of an investment in the Fund.

You may also be subject to state and local taxes on

distributions, sales, exchanges and redemptions. State income taxes may not apply, however, to any portions of the Fund’s distributions,

if any, that are attributable to interest on U.S. government securities or interest on securities of the particular state or localities

within the state in which you live. You should consult your tax adviser regarding the tax status of distributions in your state and locality.

DISTRIBUTION

OF SHARES

Distributor: Northern Lights Distributors,

LLC, located at 4221 North 203rd Street, Ste. 100, Elkhorn, Nebraska 68022 (the “Distributor”), is the distributor

for the shares of the Fund. Northern Lights Distributors, LLC is a registered broker-dealer and member of the Financial Industry Regulatory

Authority, Inc. (“FINRA”). Shares of the Fund are offered on a continuous basis.

Additional Compensation to Financial Intermediaries:

The Advisor, the Distributor and their affiliates may, at their own expense and out of their own legitimate profits, provide additional

cash payments to financial intermediaries in connection with the sale or retention of Fund shares, including affiliates of the Advisor.

Financial intermediaries include brokers, dealers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators

and others. These payments are generally made to financial intermediaries that promote the sale of Fund shares, provide shareholder or

administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial

intermediary management representatives, inclusion of the Fund on a sales list, including a preferred or select sales list, or other sales

programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services

to Fund shareholders. The level of payments made to financial intermediaries in any given year will vary.

To the extent permitted by Securities and Exchange

Commission and FINRA rules and other applicable laws and regulations, the Advisor, the Distributor and their affiliates may, from time

to time, provide promotional incentives to certain investment firms. Such incentives may, at the Advisor’s, the Distributor’s

or their affiliates’ discretion, be limited to investment firms who allow their individual selling representatives to participate

in such additional commissions.

Householding: To reduce expenses, the Fund

mails only one copy of the Prospectus and each annual and semi-annual report (or, if applicable, each notice of electronic accessibility

thereof) to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the

Fund at 1-833-RECURRENT (1-833-732-8773) on days the Fund is open for business or contact your financial institution. The Fund

will begin sending you individual copies thirty days after receiving your request.

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help

you understand the Fund’s financial performance for each period of the Fund’s operations. Certain information reflects financial

results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an

investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from

the financial statements audited by RSM US LLP, whose report, along with the Fund’s financial statements and related notes, are

included in the Fund’s October 31, 2021 annual report, which is available upon request and incorporated by reference in the SAI.

Per Share Data and Ratios for a Share of Beneficial

Interest Outstanding Throughout Each Period

PRIVACY

NOTICE

What we do

Definitions

Recurrent MLP & Infrastructure Fund

Additional information about the Fund is included

in the Fund’s SAI. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The

SAI provides more details about the Fund’s policies and management. Additional information about the Fund’s investments is

available in the Fund’s annual and semi-annual reports to shareholders. In the Fund’s annual report, you will find a discussion

of the market conditions and investment strategies that significantly affected the Fund’s performance during its last fiscal year.

To obtain a free copy of the SAI and the annual and

semi-annual reports to shareholders, or other information about the Fund, or to make shareholder inquiries about the Fund, please call

1-833-732-8773. The SAI, annual and semi-annual reports and other information relating to the Fund can be found, free of charge, at

www.recurrentadvisors.com.

You may also write to:

Recurrent MLP & Infrastructure Fund

c/o Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022

Reports and

other information about the Fund are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies of

the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: (email protected)

Investment Company Act File # 811-22718