<p> REDWOOD EMERGING MARKETS DIVIDEND Quarterly Summary of Investment Portfolio (As at March 31, 2015)</p><p>Asset Class Breakdown % of NAV Top 25 Holdings % of NAV Equities 75.4 Cash & Cash Equivalents 12.2 ETFs 12.4 Ishares MSCI India ETF 8.2 Cash & Cash Equivalents 12.2 China Mobile Limited 4.3 Total Net Asset Value 100.0 OTP Bank PLC 4.1 Samsung Electronics Co., Ltd. 4 Sector Allocation % of NAV Sanlam Limited 3.7 Cash & Cash Equivalents 12.2 iShares India 50 ETF 3.2 Consumer Discretionary 12.1 Taiwan Semiconductor Manufacturing 3.1 Consumer Staples 3.6 Powszechny Zaklad Ubezpieczen SA 2.9 Financials 27.7 Metropolitan Bank & Trust Co. 2.8 Industrials 3.4 Porto Seguro SA 2.7 Information Technology 12.2 SK Hynix Inc. 2.6 Materials 2.3 Pou Chen Corporation 2.6 Telecommunication Services 9.9 Aksa Akrilik Kimya Sanayii AS 2.5 US ETF 12.4 Nampak Limited 2.3 Utilities 4.2 National Bank of Abu Dhabi 2.1 Total Net Asset Value 100.0 Samsung Fire & Marine Insurance Co Ltd 2.1 Aboitiz Power Corporation 2 Geographic Allocation % of NAV Merry Electronics Co., Ltd. 1.9 Brazil 5.9 Administradora de Fondos de Pensiones 1.9 Cash & Cash Equivalents 12.2 Anadolu Hayat Emeklilik AS 1.9 Chile 4.9 NCsoft Corp. 1.8 Finland 0.7 KT&G Corporation 1.8 Hong Kong 4.3 PT Telekomunikasi Indonesia (Persero)Tbk 1.7 Hungary 4.1 Nexen Tire Corporation 1.5 Indonesia 1.7 Total Net Asset Value 81.4 Korea 13.8 Malaysia 0.8 Morocco 0.4 Philippines 6.2 Poland 3.6 Portugal 0.7 South Africa 6.9 Sweden 1.5 Taiwan 10.3 Thailand 0.6 Turkey 5.6 UAE 3.4 United States 12.4 Total Net Asset Value 100.0 As of March 31, 2015, 100% of the investments in the fund are long only. </p><p>Total Net Asset Value </p><p>Total Net Asset Value of the Fund as at March 31, 2015 was $53,146,992.14. The Net Asset Value for each of Series A and F was $6,308,250.41 and $46,744,702.710 respectively. </p><p>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.</p>