Dear Partner,

Hazelton Capital Partners, LLC (the “Fund”) declined 1.6% from July 1, 2018 through September 30, 2018, gained 7.0% year-to-date, and has returned 144% since its inception in August 2009. By comparison, the S&P 500 gained 7.7% in the same quarter, gained 10.6% year-to-date, and has returned 238% since the Fund’s inception.

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