<SEC-DOCUMENT>0000910472-12-000580.txt : 20120601
<SEC-HEADER>0000910472-12-000580.hdr.sgml : 20120601

<ACCEPTANCE-DATETIME>20120301154613

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000910472-12-000580

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		7

FILED AS OF DATE:		20120301

DATE AS OF CHANGE:		20120301


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Multi-Strategy Growth & Income Fund

		CENTRAL INDEX KEY:			0001523289

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22572

		FILM NUMBER:		12657210



	BUSINESS ADDRESS:	

		STREET 1:		450 WIRELESS BLVD.

		CITY:			HAUPPAUGE

		STATE:			NY

		ZIP:			11788

		BUSINESS PHONE:		631-470-2600



	MAIL ADDRESS:	

		STREET 1:		450 WIRELESS BLVD.

		CITY:			HAUPPAUGE

		STATE:			NY

		ZIP:			11788




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Multi-Strategy Growth & Income Fund

		CENTRAL INDEX KEY:			0001523289

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-174909

		FILM NUMBER:		12657211



	BUSINESS ADDRESS:	

		STREET 1:		450 WIRELESS BLVD.

		CITY:			HAUPPAUGE

		STATE:			NY

		ZIP:			11788

		BUSINESS PHONE:		631-470-2600



	MAIL ADDRESS:	

		STREET 1:		450 WIRELESS BLVD.

		CITY:			HAUPPAUGE

		STATE:			NY

		ZIP:			11788



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>n2a.htm
<DESCRIPTION>MULTI-STRATEGY GROWTH & INCOME FUND
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>GemCOm, LLC</TITLE>
<META NAME="author" CONTENT="Joseph Miola">
<META NAME="date" CONTENT="02/24/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#0000FF VLINK=#0000FF ALINK=#0000FF>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>As filed with the Securities and Exchange Commission on

March


<STRIKE></STRIKE>

1, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">1933 Act File No. 333-174909</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">1940 Act File No. 811-22572</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B> </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B> </P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt" align=center><B>FORM N-2</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#168;<FONT style="font-family:Arial"> REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </FONT></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Wingdings; font-size:11pt; float:left">&#254;<FONT style="font-family:Arial"> </FONT></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:11pt">PRE-EFFECTIVE AMENDMENT NO.

3


<STRIKE></STRIKE>

</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#168;<FONT style="font-family:Arial"> </FONT></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:11pt">POST-EFFECTIVE AMENDMENT NO. __</P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#168;<FONT style="font-family:Arial"> REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</FONT></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Wingdings; font-size:11pt; float:left">&#254;<FONT style="font-family:Arial"> </FONT></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:11pt">AMENDMENT NO.

3


<STRIKE></STRIKE>

</P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center><B>THE MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Principal Executive Offices</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>450 Wireless Boulevard, Hauppauge, NY &nbsp;11788</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>1-631-470-2600</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center><I>Agent for Service</I></P>
<P style="line-height:12pt; margin:0px; font-family:Arial; font-size:12pt" align=center>The Corporation Trust Company</P>
<P style="line-height:12pt; margin:0px; font-family:Arial; font-size:12pt" align=center>Corporation Trust Center</P>
<P style="line-height:12pt; margin:0px; font-family:Arial; font-size:12pt" align=center>1209 Orange Street</P>
<P style="line-height:12pt; margin:0px; font-family:Arial; font-size:12pt" align=center>Wilmington, Delaware &nbsp;19801</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Copies of information to:<BR>
</P>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=320 /><TD width=311.2 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign=top width=320 align="center"><P style="margin:0px; font-family:Arial; font-size:11pt" align=center>JoAnn Strasser, Esq.</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>Thompson Hine LLP<BR>
41 South High Street, 17th floor</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>Columbus, OH &nbsp;43215<BR>
(614) 469-3265</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=311.2 align="center"><P style="margin:0px; font-family:Arial; font-size:11pt" align=center>Emile R. Molineaux, Esq.</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>Gemini Fund Services, LLC</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>450 Wireless Boulevard</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>Hauppauge, NY &nbsp;11788</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=center>(631) 470-2616</P>
</TD></TR>
</TABLE>
</div>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><BR>
<B>Approximate Date of Proposed Public Offering: </B>As soon as practicable after the effective date of this Registration Statement. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>If any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. <FONT style="font-family:Wingdings">&#254;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=justify>The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</B></P>
<P style="margin:0px" align=center><BR></P>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=145.933 /><TD width=111.467 /><TD width=152.733 /><TD width=127.667 /><TD width=100.6 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign=top width=145.933><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Title of</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Securities</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Being</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Registered</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=111.467><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Amount</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Being</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Registered(1)</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=152.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Proposed Maximum</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Offering</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Price Per</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Unit</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=127.667><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Proposed Maximum</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Aggregate Offering Price</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=100.6><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Amount of</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Registration</P>
<P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Fee(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=145.933><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>Shares of Beneficial Interest</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=111.467><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>6,666,666.66</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=152.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>$15.00</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=127.667><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>$100,000,000</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=100.6><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>$11,610</P>
</TD></TR>
</TABLE>
</div>
<P style="margin:0px; font-family:Arial,Times New Roman">(1) A filing fee of $11,610 was previously paid to the Securities and Exchange Commission in connection with the registration of these shares.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>

PART A - Prospectus

</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>

Part A of the Registrant&#146;s Pre-Effective Amendment No. 2 under the Securities Act of 1933 and Amendment No. 2 under the Investment Company Act of 1940, SEC Accession No. 0000910472-12-000415, filed on February 21, 2012, is incorporated by reference herein.

</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>

PART B - Statement of Additional Information

</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>

Part B of the Registrant&#146;s Pre-Effective Amendment No. 2 under the Securities Act of 1933 and Amendment No. 2 under the Investment Company Act of 1940, SEC Accession No. 0000910472-12-000415, filed on February 21, 2012, is incorporated by reference herein.

</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:6.133px; margin-bottom:6.133px; padding:4px; font-family:Arial,Times New Roman; font-size:11pt; border:3px double #000000" align=justify><B>

The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

</B>



</P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=center><B>

SUBJECT TO COMPLETION as amended March [_], 2012

</B>



</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt" align=center><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt" align=center><B>

FINANCIAL STATEMENTS

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=center>

January 31, 2012

</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt"><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

January 31, 2012

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

____________________________________________________________________________

</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="577"><TR height=0 style="font-size:0"><TD width=457.933 />
	<TD width=102 align="right" /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

ASSETS

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:24px; font-family:Arial; font-size:11pt">

Cash

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$100,000

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:24px; font-family:Arial; font-size:11pt">

Deferred Offering Costs

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

101,218

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:42px; font-family:Arial; font-size:11pt">

Total Assets

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

201,218

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt"><B>

LIABILITIES

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:24px; font-family:Arial; font-size:11pt">

Payable to Advisor for Offering Costs

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

101,218

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:42px; font-family:Arial; font-size:11pt">

Total Liabilities

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

101,218

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt"><B>

NET ASSETS

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$100,000

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt">

At January 31, 2012 the components of net assets were as follows:

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt">

Paid-in capital

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$100,000

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt">

Shares of beneficial interest outstanding,

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:12px; font-family:Arial; font-size:11pt">

10,000,000 shares authorized without par value

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

6,667

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt">

Net asset value per share

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$15.00

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84 align="right"><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=457.933><P style="margin:0px; font-family:Arial; font-size:11pt">

Maximum offering price per share ($15.00/.945)

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$15.87

</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

____________________________________________________________________________

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

See notes to financial statements.

</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt"><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

STATEMENT OF OPERATIONS (Unaudited)

</I></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

January 31, 2012

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

____________________________________________________________________________

</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="576"><TR height=0 style="font-size:0">
	<TD width=474 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

INVESTMENT INCOME

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84>
	<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=right>

$ &nbsp;&nbsp;-

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84>
	<P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; font-family:Arial; font-size:11pt"><B>

EXPENSES

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84>
	<P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; padding-left:24px; font-family:Arial; font-size:11pt">

Organizational expenses

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

18,889

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; padding-left:24px; font-family:Arial; font-size:11pt">

Less: Reimbursement from Advisor

</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

(18,889)

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84>
	<P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; font-family:Arial; font-size:11pt"><B>

NET EXPENSES

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:1px solid #000000" valign=top width=84>
	<P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

&nbsp;&nbsp;&nbsp;-

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=84>
	<P style="margin:0px; padding-left:9.6px; padding-right:9.6px; font-size:11pt" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=456><P style="margin:0px; font-family:Arial; font-size:11pt"><B>

NET INVESTMENT INCOME

</B></P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-bottom:3px double #000000" valign=top width=84>
	<P style="margin:0px; font-family:Arial; font-size:11pt" align=right>

$ &nbsp;&nbsp;-

</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

___________________________________________________________________________

</I></B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

See notes to financial statements.

</I></B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=127.667 /><TD width=255.333 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=127.667><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=255.333><P style="margin:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt"><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B><I>

NOTES TO FINANCIAL STATEMENTS (Unaudited)

</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

January 31, 2012

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt"><B>

____________________________________________________________________________

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

(1) ORGANIZATION

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Multi-Strategy Growth &amp; Income Fund (the &#147;Fund&#148;) is registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a non-diversified, closed-end management investment company. The Fund engages in a continuous offering of shares and operates as an interval fund that will offer to make quarterly repurchases of shares at net asset value. The Fund&#146;s Investment Advisor is RJL Capital Management, LLC (the &#147;Advisor&#148;).

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The investment objective of the Fund is to seek returns with an emphasis on income generation.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund was organized as a statutory trust on June 3, 2011 under the laws of the State of Delaware. The Fund had no operations from that date to January 31, 2012, other than those relating to organizational matters and the registration of its shares under applicable securities laws. The President of the Advisor purchased the initial shares at $15.00 per share on October 19, 2011.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund shares are offered subject to a maximum sales charge of 5.50% of the offering price.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

(2) SIGNIFICANT ACCOUNTING POLICIES

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

Basis of Presentation

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). The following is a summary of significant accounting policies used in preparing the financial statements.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

Organizational and Offering Costs

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

All costs incurred by the Fund in connection with its organization have been advanced by the Advisor subject to recoupment as described in Note 3. Organizational costs were charged to expenses as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized over a 12 month period using the straight line method.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

Use of Estimates

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates.

</P>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=127.667 /><TD width=255.333 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=127.667><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=255.333><P style="margin:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt" align=justify><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B><I>

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

January 31, 2012

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

____________________________________________________________________________

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

Federal Income Taxes

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund intends to qualify as a &#147;regulated investment company&#148; under Subchapter M of the Internal Revenue Code of 1986, as amended, and, if so qualified, will not be liable for federal income taxes to the extent earnings are distributed to shareholders on a timely basis.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

Indemnification

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. &nbsp;

</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

(3) INVESTMENT ADVISORY AND AFFILIATES

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

As compensation for its services, the Fund pays to the Advisor a monthly advisory fee at an annual rate of 0.75% of its average daily net assets.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Advisor, pursuant to an Expense Limitation Agreement (the &#147;Agreement&#148;) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until March 31, 2013 to ensure that Net Annual Operating Expenses (including organizational and offering expenses, but excluding interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) will not exceed 1.75% of the Fund&#146;s average daily net assets. The Agreement will allow the Advisor to recover amounts previously reimbursed for operating expenses to the Fund to the extent that the Fund&#146;s expense ratios fall below the above indicated expense limitations. The amounts that can be recovered will be limited to the difference between the actual expense ratio and the amount of the expense limitation. Under such agreement, the Advisor can only recover such amounts for a period of up to three years. As of January 31, 2012, the amount recoverable by the Advisor under the Agreement was $18,889.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

Northern Lights Distributors, LLC (the &quot;Distributor&quot;) is serving as the Fund's principal underwriter and acts as the distributor of the Fund's shares on a best efforts basis, subject to various conditions.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

(4) SHAREHOLDER SERVICES PLAN

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund has adopted a &quot;Shareholder Services Plan&quot; under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Under the Shareholder Services Plan, the Fund may incur expenses on an annual basis equal to 0.25% of its average net assets.

</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:14pt" align=justify><B>

THE MULTI-STRATEGY GROWTH &amp; INCOME FUND

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B><I>

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

January 31, 2012

</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

____________________________________________________________________________

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt" align=justify><B>

(5) SUBSEQUENT EVENTS

</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:28.8px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><B>PART C &#150; Other Information</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 25</U>. <U>Financial Statements and Exhibits</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">1. Financial Statements</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:108px; font-family:Arial,Times New Roman; font-size:12pt; float:left">Part A:</P>
<P style="margin:0px; padding-left:108px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">None.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:108px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">Part B:</P>
<P style="margin:0px; padding-left:108px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Report of Independent Registered Public Accounting Firm<BR>
Statement of Assets and Liabilities, Statement of Operations, and Notes to Financial Statements

 as of October 19, 2011.  Statement of Assets and Liabilities, Statement of Operations, and Notes to Financial Statements as of Jannuary 31, 2012.

</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">2. Exhibits</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; float:left">a.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Agreement and Declaration of Trust*</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">a.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(2) Certificate of Trust*</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">b.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">By-Laws**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">c. </P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Voting Trust Agreements: None</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">d.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">&nbsp;Instruments Defining Rights of Security Holders. See Article III, &quot;Shares&quot; and Article V &quot;Shareholders' Voting Powers and Meetings&quot; of the Registrant's Agreement and Declaration of Trust. See also, Article 12, &quot;Meetings&quot; of shareholders of the Registrant's By-Laws.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">e.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Dividend reinvestment plan: None. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">f.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Rights of subsidiaries long-term debt holders: Not applicable.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">g.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Investment Advisory Agreement**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">(2) Sub-Advisory Agreement**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; float:left">h.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Underwriting Agreement**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">(2) Shareholder Servicing Plan and Agreement**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt">(3) Selling Agreement Form**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; float:left">i.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Bonus, profit sharing, pension and similar arrangements for Fund Trustees and Officers: None. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">j.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Custodian Agreement**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">k.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Fund Services Agreement (Administration, Accounting and Transfer Agency)**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">(2) Compliance Consulting Agreement**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt">(3) Expense Limitation Agreement**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; float:left">l.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Opinion and Consent of Counsel**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">l.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(2) Consent of Counsel (filed herewith)</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">m.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Non-resident Trustee Consent to Service of Process: Not applicable</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">n.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Consent of Independent Registered Public Accounting Firm (filed herewith)</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">o.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Omitted Financial Statements: None</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">p.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Initial Capital Agreement**</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">q.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Model Retirement Plan: None</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">r.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">(1) Code of Ethics-Fund**</P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">(2) Code of Ethics-Adviser** </P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt">(3) Code of Ethics-sub-adviser** </P>
<P style="margin:0px; padding-left:72px; font-family:Arial,Times New Roman; font-size:12pt">(4) Code of Ethics-Principal Underwriter/Distributor** </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Arial,Times New Roman; font-size:12pt; float:left">s.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Powers of Attorney**</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">* Previously filed on June 15, 2011, as an exhibit to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">** Previously filed on November 16, 2011, as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 26</U>. <U>Marketing Arrangements</U></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt">Not Applicable.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 27</U>. <U>Other Expenses of Issuance and Distribution (estimated)</U></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=180.733 /><TD width=116.733 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">SEC Registration fees</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=right>$11,610</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">FINRA fees</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>$0</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">Legal fees</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>

$30,571


<STRIKE></STRIKE>

</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">Blue Sky fees</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>$42,886</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">Miscellaneous fees</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>$15,151</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">Printing</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right><U>$1,000</U></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180.733><P style="margin:0px; font-family:Arial; font-size:12pt">Total</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=116.733><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>

$101,218


<STRIKE></STRIKE>

</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><U>Item 28</U>. <U>Persons Controlled by or Under Common Control with Registrant</U></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>None, except that as of February

29,


<STRIKE></STRIKE>

 2012, the Fund and Adviser are under the indirect common control of Raymond J. Lucia, Jr. </P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 29</U>. <U>Number of Holders of Securities as of February </U><U>

29,

</U><U>

<STRIKE></STRIKE>

</U><U> 2012</U>:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0">
	<TD width=342.933 style="border-bottom-style: solid; border-bottom-width: 1px" />
	<TD width=218.6 style="border-bottom-style: solid; border-bottom-width: 1px" /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=342.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center><U>Title of Class</U></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>Shares of Beneficial Ownership.</P>
</TD>
	<TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=218.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center><U>Number of Record Holders</U></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>1</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><U>Item 30</U>. <U>Indemnification</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>Reference is made to Article VIII Section 2 of the Registrant's Agreement and Declaration of Trust (the &quot;Declaration of Trust&quot;), filed as Exhibit (a)(2) hereto, and to Section 8 of the Registrant's Underwriting Agreement, to be filed as Exhibit (h)(1) hereto. The Registrant hereby undertakes that it will apply the indemnification provisions of the Declaration of Trust and Underwriting Agreement in a manner consistent with Release 40-11330 of the Securities and Exchange Commission (the &quot;SEC&quot;) under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect. &nbsp;The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee, or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.</P><P style="margin:0px" align=justify><BR></P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>Insofar as indemnification for liability arising under the Securities Act of 1933 (the &quot;1933 Act&quot;) may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. </P><P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><U>Item 31</U>. <U>Business and Other Connections of Investment Adviser and Sub-Adviser </U></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>A description of any other business, profession, vocation, or employment of a substantial nature in which the investment adviser or sub-adviser of the Registrant, and each member, director, executive officer, or partner of any such investment adviser or sub-adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or director, is set forth in the Registrant's prospectus in the section entitled &quot;Management of the Fund.&quot; Information as to the members and officers of the Adviser is included in its Form ADV as filed with the SEC (File No. 801-72595), and is incorporated herein by reference. &nbsp;Information as to the members and officers of the sub-adviser is included in its Form ADV as filed with the SEC (File No. 801-67188), and is incorporated herein by reference.</P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 32</U>. <U>Location of Accounts and Records</U></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>Gemini Fund Services, LLC, the Fund's administrator, maintains certain required accounting related and financial books and records of the Registrant at 450 Wireless Boulevard, Hauppauge, New York &nbsp;11788. The other required books and records are maintained by the Adviser at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128; by the Custodian at 350 California Street, 6th Floor San Francisco, California &nbsp;94104; and by the sub-adviser at 655 W. Broadway, 12th Floor, San Diego, CA 92101 and 6935 Flanders Drive, San Diego, CA 92121.</P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 33</U>. <U>Management Services</U> </P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt">Not Applicable.</P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt"><U>Item 34</U>. <U>Undertakings</U></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>1. The Registrant undertakes to suspend the offering of shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the net asset value of the Fund declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net asset value of the Fund increases to an amount greater than its net proceeds as stated in the prospectus.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>2. The Registrant undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement: (a) (i) to include any prospectus required by Section 10(a)(3) of the 1933 Act; (ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. (b) &nbsp;For the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) The Registrant undertakes to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (d) The Registrant undertakes that, for the purpose of determining liability under the 1933 Act, if the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the 1933 Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; <I>provided however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. (e) The Registrant undertakes that, for the purpose of determining liability under the 1933 Act, in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the 1933 Act; (ii) the portion of any advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and (iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>3. For purposes of determining any liability under the Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 497(h) under the 1933 Act shall be deemed to be part of this registration statement as of the time it was declared effective. The Registrant undertakes that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>4. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, the Registrant's statement of additional information.</P>
<P style="margin:0px" align=center><BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this amendment to its registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus and State of Ohio on the

<STRIKE></STRIKE>

1st day of

March


<STRIKE></STRIKE>

 2012.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px; padding-left:132px; font-family:Arial,Times New Roman; font-size:12pt">THE MULTI-STRATEGY GROWTH &amp; INCOME FUND</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:132px; width:192px; font-family:Arial,Times New Roman; font-size:12pt; float:left">By: </P>
<P style="margin:0px; padding-left:132px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt"><U>/s/ JoAnn M. Strasser</U></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:132px; width:192px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">Name:</P>
<P style="margin:0px; padding-left:132px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">JoAnn M. Strasser </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:132px; width:192px; font-family:Arial,Times New Roman; font-size:12pt; clear:left; float:left">Title:</P>
<P style="margin:0px; padding-left:132px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">Attorney-in-Fact*</P>
<P style="margin:0px; padding-left:132px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">*Pursuant to Powers of Attorney</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed below by the following persons in the capacities and on the dates.</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=211.867 /><TD width=266.867 /><TD width=172.733 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>Name</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>Title</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>Date</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial; font-size:12pt">Mark J. Riedy **</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial; font-size:12pt">Trustee</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial; font-size:12pt">

March


<STRIKE></STRIKE>

1, 2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial; font-size:12pt">Ira J. Miller **</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial; font-size:12pt">Trustee</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial; font-size:12pt">

March


<STRIKE></STRIKE>

1, 2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial; font-size:12pt">John D. Frager **</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial; font-size:12pt">Trustee</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial; font-size:12pt">

March


<STRIKE></STRIKE>

1, 2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial; font-size:12pt">Raymond J. Lucia, Jr.**</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial; font-size:12pt">Trustee, President<BR>
and Principal Executive Officer</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial; font-size:12pt">

March


<STRIKE></STRIKE>

1, 2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=211.867><P style="margin:0px; font-family:Arial; font-size:12pt" align=justify>Brent R. Rivard **</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=266.867><P style="margin:0px; font-family:Arial; font-size:12pt">Treasurer<BR>
and Principal Financial Officer</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=172.733><P style="margin:0px; font-family:Arial; font-size:12pt">

March


<STRIKE></STRIKE>

1, 2012</P>
</TD></TR>
</TABLE>
<p style="font-family: Arial; font-size: 12pt; margin: 0px">&nbsp;</p>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:48px; font-family:Arial,Times New Roman; font-size:12pt; float:left">**By:</P>
<P style="line-height:14pt; margin:0px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt"><U>/s/ JoAnn M. Strasser</U> &nbsp;

March


<STRIKE></STRIKE>

1, 2012</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-family:Arial,Times New Roman; font-size:12pt; clear:left">JoAnn M. Strasser</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-family:Arial,Times New Roman; font-size:12pt">**Attorney-in-Fact &#150; Pursuant to Powers of Attorney.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
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<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=center>EXHIBIT INDEX</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=487 /><TD width=80 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign=bottom width=487><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">Description</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=80><P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=center>Exhibit<BR>
Number </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=487><P style="margin:0px; font-family:Arial; font-size:12pt">Consent of Counsel </P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=80><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>99(l)(2) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=487><P style="margin:0px; font-family:Arial; font-size:12pt">Consent of Independent Registered Public Accounting Firm </P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=80><P style="margin:0px; font-family:Arial; font-size:12pt" align=center>99(n) </P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:11.467px"><BR></P>
<P style="margin-top:0px; margin-bottom:11.467px"><BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=127.667 /><TD width=255.333 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=127.667><P style="margin:0px">&nbsp;</P></TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=255.333><P style="margin:0px">&nbsp;</P></TD></TR>
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<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="Joseph Miola">
<META NAME="date" CONTENT="02/29/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#0000FF VLINK=#0000FF ALINK=#0000FF>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px; font-family:Arial; font-size:11pt">
<img src="legalopinion002.gif" alt="[legalopinion002.gif]" align=left></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px; font-family:Arial; font-size:11pt">&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px; font-family:Arial; font-size:11pt">&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px; font-family:Arial; font-size:11pt">&nbsp;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px; font-family:Arial,Times New Roman; font-size:11pt">March 1, 2012</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:15.867px"><BR></P>
<P style="line-height:14pt; margin:0px; font-family:Arial,Times New Roman; font-size:11pt">The Multi-Strategy Growth &amp; Income Fund</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt">450 Wireless Boulevard</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:11pt">Hauppauge, NY &nbsp;11788</P>
<P style="line-height:14pt; margin-top:6.133px; margin-bottom:15.867px; font-family:Arial,Times New Roman; font-size:11pt">Re: The Multi-Strategy Growth &amp; Income Fund, File Nos. 333-174909 and 811-22572</P>
<P style="line-height:14pt; margin-top:6.133px; margin-bottom:15.867px; font-family:Arial,Times New Roman; font-size:11pt">Gentlemen:</P>
<P style="margin:0px; text-indent:48px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>A legal opinion (the &quot;Legal Opinion&quot;) that we prepared was filed with Pre-Effective Amendment No. 1 to The Multi-Strategy Growth &amp; Income Fund Registration Statement. &nbsp;We hereby give you our consent to incorporate by reference the Legal Opinion into Pre-Effective Amendment No. 3 under the Securities Act of 1933 (Amendment No. 3 under the Investment Company Act of 1940) (the &quot;Amendment&quot;) and consent to all references to us in the Amendment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:14.667px; font-family:Arial,Times New Roman; font-size:11pt">Very truly yours,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:14.667px; font-family:Arial,Times New Roman; font-size:11pt"><U>/s/ THOMPSON HINE LLP</U></P>
<P style="line-height:14pt; margin-top:0px; margin-right:-475.133px; margin-bottom:-2px; width:616px; font-family:Arial,Times New Roman; font-size:11pt; float:left">THOMPSON HINE LLP</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:475.133px; font-family:Arial,Times New Roman; font-size:8pt; float:left" align=right>JMS</P>
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<DOCUMENT>
<TYPE>EX-99.2N OTH CONSENT
<SEQUENCE>4
<FILENAME>exhibit9928n.htm
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<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="JMiola">
<META NAME="date" CONTENT="03/01/2012">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#0000FF VLINK=#0000FF ALINK=#0000FF>
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<P style="margin:0px; font-size:12pt" align=center><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>We consent to the references to our firm in the Pre-Effective Amendment to the Registration<FONT style="font-size:13pt"> </FONT>Statement on<FONT style="font-size:19pt"> </FONT>Form<FONT style="font-size:18pt"> </FONT>N-2<FONT style="font-size:18pt"> </FONT>of The Multi-Strategy Growth &amp; Income Fund (&#147;the Fund&#148;)<FONT style="font-size:18pt"> </FONT>and<FONT style="font-size:18pt"> </FONT>to<FONT style="font-size:18pt"> </FONT>the<FONT style="font-size:18pt"> </FONT>use<FONT style="font-size:18pt"> </FONT>of<FONT style="font-size:18pt"> </FONT>our<FONT style="font-size:16pt"> </FONT>report<FONT style="font-size:16pt"> </FONT>dated<FONT style="font-size:16pt"> </FONT>October 28, 2011<FONT style="font-size:16pt"> </FONT>on the statement of assets and liabilities and the related statement of operations as of October 19, 2011 of the Fund. Such financial statements appear in the Fund's Statement of Additional Information.</P>
<P style="margin:0px" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P style="margin:0px" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<img src="exhibit9928n001.jpg" alt="[exhibit9928n001.jpg]" align=middle height=63 width=155></P>
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<FONT style="font-size:12pt"><B>BBD, LLP</B></FONT></P>
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<P style="margin:0px; font-size:11pt" align=justify><B>Philadelphia, Pennsylvania</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>February 29, 2012</B></P>
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>8
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<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="Joseph Miola">
<META NAME="date" CONTENT="02/29/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#0000FF VLINK=#0000FF ALINK=#0000FF>
<A NAME="LetterDate"></A><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:0px; font-family:Arial,Times New Roman" align=left><B>The Multi-Strategy Growth &amp; Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Lights Distributors, LLC</B></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; padding-left:0px; text-indent:0px; font-family:Arial,Times New Roman">March 1, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Securities and Exchange Commission</P>
<P style="margin:0px; font-family:Arial,Times New Roman">Public Filing Desk</P>
<P style="margin:0px; font-family:Arial,Times New Roman">100 F Street, N.E.</P>
<P style="margin:0px; font-family:Arial,Times New Roman">Washington, D.C. 20549</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial,Times New Roman; float:left">Re:</P>
<P style="margin:0px; text-indent:-2px; font-family:Arial,Times New Roman">The Multi-Strategy Growth &amp; Income Fund</P>
<P style="margin:0px; text-indent:96px; font-family:Arial,Times New Roman; clear:left">1933 Act File No. 333-174909</P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:96px; font-family:Arial,Times New Roman">1940 Act File No. 811-22572</P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:48px; font-family:Arial,Times New Roman">Ladies and Gentlemen:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-family:Arial,Times New Roman" align=justify>On behalf of The Multi-Strategy Growth &amp; Income Fund (the &quot;Registrant&quot;), we hereby electronically file, Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2. &nbsp;The purpose of this filing is to provide updated financial statements in response to SEC Staff comments. &nbsp;</P>
<P style="line-height:14pt; margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-family:Arial,Times New Roman" align=justify>On behalf of the Registrant and Northern Lights Distributors, LLC, the Registrant's principal underwriter, the Registrant hereby requests acceleration of the effective date of the Amendment to the Registrant's Registration Statement on the date submitted or, in the alternative, acceleration to the earliest possible time after the date submitted.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Arial,Times New Roman" align=justify>The Registrant has authorized me to convey to you that the Registrant acknowledges the following:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial,Times New Roman; float:left">1.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>The Registrant is responsible for the adequacy and accuracy of the disclosure in the filings reviewed by the staff;</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial,Times New Roman; float:left">2.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Staff comments or changes to disclosure in response to staff comments in a filing reviewed by the staff do not foreclose the Commission from taking any action with respect to the filing; </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial,Times New Roman; float:left">3.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>The action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective does not relieve the Registrant from its full responsibility for the accuracy and adequacy of the disclosure in the filing; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:51.333px; width:95.333px; font-family:Arial,Times New Roman; float:left">4.</P>
<P style="margin:0px; padding-left:95.333px; text-indent:-2px; font-family:Arial,Times New Roman">The Registrant may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; text-indent:48px; font-family:Arial,Times New Roman">If you have any questions or additional comments, please call please contact JoAnn M. Strasser at (614) 469-3265 or Parker Bridgeport at (614) 469-3238. </P>
<P style="line-height:14pt; margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-family:Arial,Times New Roman">Very truly yours,</P>
<P style="line-height:12pt; margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:336px; font-family:Arial,Times New Roman; float:left">The Multi-Strategy Growth &amp; Income Fund</P>
<P style="line-height:14pt; margin:0px; text-indent:-2px; font-family:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Lights Distributors, LLC</P>
<P style="line-height:12pt; margin:0px; clear:left"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:48px; font-family:Arial,Times New Roman; float:left">By:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:336px; font-family:Arial,Times New Roman; float:left"><U>/s/ Brent R. Rivard</U> </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; width:48px; font-family:Arial,Times New Roman; float:left">By:</P>
<P style="line-height:14pt; margin:0px; text-indent:-2px; font-family:Arial,Times New Roman"><U>/s/ Brian Nielsen</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:432px; font-family:Arial,Times New Roman; clear:left; float:left">Brent R. Rivard</P>
<P style="line-height:14pt; margin:0px; text-indent:-2px; font-family:Arial,Times New Roman">Brian Nielsen</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:432px; font-family:Arial,Times New Roman; clear:left; float:left">Treasurer</P>
<P style="line-height:14pt; margin:0px; text-indent:-2px; font-family:Arial,Times New Roman">President and Secretary</P>
<P style="line-height:14pt; margin:0px; clear:left"><BR></P>
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