OPERATING EXPENSE LIMITATION AGREEMENT, dated May 23, 2014

(Amended – August 25, 2014)

Appendix A

Fund/Share Class TCG Liquid Assets Government Money Market Fund	Operating Expense Limit
Institutional Shares	.25%
Service Shares	.30%
Investor A Shares	.35%
Investor B Shares	.40%
Investor C Shares	.45%

TCG Financial Series Trust III on behalf of TCG Liquid Assets Government Money Market Fund   By:   /s/Jorge Coloma Name:       Jorge Coloma Title: President TCG Financial Services, LLC       By: /s/ Vivian Coloma Name:       Vivian Coloma Title:President

Dated: August 25, 2014