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Redwood Fund (JTRIX)

Daily Price as of 4/21/17

10.38 0.03 0.29

Management Team

No Photo Available
Todd G. Hawthorne

Managed fund since inception
Joined subadvisor in 2014
Began business career in 1997

Top Holdings (%)

as of 3/31/17
Citigroup, Inc. 9.08
Delta Air Lines, Inc. 5.79
Diamondback Energy, Inc. 5.18
Apple, Inc. 4.33
Walgreens Boots Alliance, Inc. 3.90
Legg Mason, Inc. 3.64
Time Warner, Inc. 3.46
Celgene Corp. 3.36
Microsoft Corp. 3.15
Comcast Corp. 3.07
The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers.

Goal and Strategy

The fund seeks long-term capital appreciation with reduced volatility and meaningful downside protection relative to the S&P 500 Index by investing in U.S. equity securities and selling call options against those equity securities.

Average Annual Total Returns1

Month-End Performance (%) as of 3/31/17
QTD YTD 1YR 3YR 5YR Life of Fund
(not annualized)
Quarter-End Performance (%) as of 3/31/17
QTD YTD 1YR 3YR 5YR Life of Fund
(not annualized)

Cumulative Returns

Month-End Performance (%) as of 3/31/17
QTD YTD 1YR 3YR 5YR Life of Fund

The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Performance figures assume that all distributions are reinvested.

Performance shown is for the share class indicated only. The performance of other share classes will vary. The Fund Operating Expenses are 1.33%.

Morningstar Rating3

Overall Rating

As of 3/31/17 the Fund was rated 2 stars out of 75 funds and 1 stars out of 25 funds for the 3- and 5-year periods, respectively.

Overall Rating is based on the 3-, 5- and 10-year Morningstar Risk-Adjusted Returns and accounts for variation in a fund's monthly performance. Other classes may be rated differently.

The funds have experienced negative performance for various time periods, including but not limited to, the three, five or ten-year periods for which the Morningstar "star" ratings are issued.

For each managed product (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history, Morningstar calculates a Morningstar rating based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10.0% of funds in each category, the next 22.5%, 35.0%, 22.5%, and bottom 10.0% receive 5, 4, 3, 2, or 1 star(s), respectively. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The rating formula most heavily weights the three year rating, using the following calculation: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. Past performance does not guarantee future results.

1 09/29/11 is the inception date for the oldest class of shares, Class NAV shares. Class A, C, I and R6 shares were first offered on 6/27/14; returns prior to these dates are those of Class NAV shares that have been recalculated to apply the gross fees and expenses of Class A, C, I and R6 shares.
2 As of the most recent month end. The Morningstar Style Box™ reveals the fund’s investment style.

For equity funds, the vertical axis shows the market capitalization, or size, of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
3 Morningstar proprietary ratings reflect risk-adjusted performance through the most recent month end. The ratings are subject to change every month.