April 30, 2019

Letter from the Board of Trustees

For some time, Bob Morse had been battling cancer to which he succumbed last week. Bob was an extraordinarily competent, capable and uniquely skilled financial manager with encyclopedic knowledge of the industry and with the highest ethical standards of personal integrity and honesty. At this time of mourning Bob’s death, we believe the Fund remains in good hands and through this letter express our total confidence to Fund shareholders of the management team.

Because of his illness, Bob had been grooming Rob Morse and Jian Wang to lead the Fund and who, in 2018, were named co-portfolio managers. While we were not aware of the severity of Bob’s illness, we were intimately aware of succession planning and delegation of increasing responsibilities to Rob and Jian. As the two independent directors of the Fund, we have total confidence in their abilities to continue utilizing Bob’s model with the same high standards that he so diligently applied in managing the CG Core Total Return Fund and before it, the Wall Street Fund.

We strongly recommend and ask that shareholders in the Fund continue to place their trust and confidence in Rob and Jian as well-prepared successors who hope to grow and make the Fund even more successful in the future. As a measure of that confidence, we elected Rob to the Board of Trustees and appointed him Fund Chairman at a special meeting. While there will not be another Bob Morse, Rob and Jian are indeed worthy successors. Even as we mourn Bob's passing and welcome Rob as our new Chair, we also want to stress that the investment objectives of the Fund and style of fund management remain unchanged.

Harlan K. Ullman, Ph.D.
Amb. Kurt D. Volker

Mutual fund investing involves risks, principal loss is possible. The CG Core Total Return Fund is distributed by Quasar Distributors, LLC.
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