Update from TFS Capital LLC

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The Board of Trustees for the TFS Funds has made the determination to liquidate the TFS mutual fund complex. All three of the mutual funds, TFS Market Neutral Fund (TFSMX), TFS Small Cap Fund (TFSSX), and TFS Hedged Futures Fund (TFSHX) were closed in October 2017.

All three funds added value over their lifetimes. Moreover, we are especially proud of our stewardship of your capital. We truly appreciate the trust you have placed in us to manage your assets. We are grateful to have had the opportunity to serve you.

Please see the letter the Portfolio Managers sent to investors announcing the closing for more details.

Kevin and Rich Gates can be reached at their new business, Elmagin Capital LLC.

Eric Newman can be reached at newmantfs@gmail.com