Fund Description

The fund is sub-advised by Redwood Investments, LLC, an affiliate of the Manager. Subject to the general supervision by the Fund's Board of Trustees, the Manager oversees Redwood, evaluates performance results, and reviews portfolio performance, compliance with investment guidelines and federal securities laws, and key personnel changes; Redwood manages day-to-day portfolio decisions. An all-cap, all-country, opportunistic equity fund, it generally holds fewer than 50 positions and invests at least 80% of net assets plus borrowings in global equities, including ADRs and GDRs, with significant foreign exposure across developed and emerging markets. It allocates across regions and at least three countries, may concentrate in a single sector, and may hold cash and cash equivalents up to 15%.