REDWOOD EQUITY GROWTH CLASS

Quarterly Summary of Investment Portfolio

(As at March 31, 2016)

Asset Class Breakdown / % of NAV / Top 25 Holdings / % of NAV
Bonds / 76.76 / CASH & EQUIVALENTS / 23.24
Cash & Cash Equivalents / 23.24 / US TREASURY N/B / 15.46
Total Net Asset Value / 100.0 / US TREASURY N/B / 10.70
US TREASURY N/B / 8.21
FANNIEMAE-ACES / 1.40
Sector Allocation / % of NAV / FANNIEMAE-ACES / 1.23
Treasury / 33.80 / FORD MOTOR CREDIT CO LLC / 1.19
Government Related / 3.90 / DEVON ENERGY CORPORATION / 1.13
Mortgage-Backed / 5.00 / BANK OF THE WEST AUTO TRUST / 1.10
Asset-Backed / 5.30 / MARATHON OIL CORP / 1.02
Consumer Investment Grade / 23.66 / IPALCO ENTERPRISES INC / 0.99
Corporate High-Yield / 5.10 / UBS AG STAMFORD CT / 0.99
Cash & Equivalents / 23.24 / PETROLEOS DE VENEZUELA / 0.95
Total Net Asset Value / 100.0 / ALLY FINANCIAL INC / 0.79
ENERGY TRANSFER PARTNERS / 0.79
FORD MOTOR CREDIT CO LLC / 0.78
CITIGROUP INC / 0.77
MANUF & TRADERS TRUST CO / 0.76
ALLY FINANCIAL INC / 0.74
HSBC USA INC / 0.74
VERIZON COMMUNICATIONS / 0.74
PETROBRAS GLOBAL FINANCE / 0.73
Geographic Allocation / % of NAV / CAPITAL ONE BANK USA / 0.70
United States / 76.76 / HERTZ VEHICLE FINANCING / 0.70
Cash & Equivalents / 23.24 / HERTZ VEHICLE FINANCING / 0.68
Total Net Asset Value / 100.0 / Total Net Asset Value / 76.50

Total Net Asset Value

Total Net Asset Value of the Fund as at March 31, 2016 was $122,380,790.75. The Net Asset Value for each of Series A, Series F, Series X, Series Y was $27,101,541.78, $44,785,696.15, $17,971,669.33, and $32,340,218.02 respectively.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available. For more information please call 1-877-313-7011 or visit our website at www.redwoodasset.com.