<SEC-DOCUMENT>0000910472-12-000707.txt : 20120309
<SEC-HEADER>0000910472-12-000707.hdr.sgml : 20120309
<ACCEPTANCE-DATETIME>20120309155526
ACCESSION NUMBER:		0000910472-12-000707
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20120309
DATE AS OF CHANGE:		20120309
EFFECTIVENESS DATE:		20120309

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:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		12680632

	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:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-174909
		FILM NUMBER:		12680633

	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>486BPOS
<SEQUENCE>1
<FILENAME>multistrategy486bpos.htm
<DESCRIPTION>486BPOS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="Joseph Miola">
<META NAME="date" CONTENT="03/07/2012">
</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
9,

 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; float:left"><FONT style="font-family:Arial; font-size:11pt">

<STRIKE></STRIKE>

</FONT><FONT style="font-family:Wingdings; font-size:11pt">

&#168;

</FONT><FONT style="font-family:Arial; font-size:11pt"> </FONT></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:11pt">PRE-EFFECTIVE AMENDMENT NO.

<STRIKE></STRIKE>


_

</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; clear:left; float:left"><FONT style="font-family:Arial; font-size:11pt">

<STRIKE></STRIKE>

</FONT><FONT style="font-family:Wingdings; font-size:11pt">

&#254;

</FONT><FONT style="font-family:Arial; font-size:11pt"> </FONT></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:11pt">POST-EFFECTIVE AMENDMENT NO.

<STRIKE></STRIKE>


1

</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.

<STRIKE></STRIKE>


4

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

<STRIKE><BR></STRIKE>

</FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><B>Approximate Date of Proposed Public Offering: </B>As soon as practicable after the effective date of this Registration Statement.

<STRIKE></STRIKE>

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

<STRIKE><BR>
</STRIKE>

</FONT><FONT style="font-family:Arial,Times New Roman; font-size:12pt">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><FONT style="font-family:Wingdings; font-size:12pt">&#254;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="font-family:Arial; font-size:12pt">

<STRIKE></STRIKE>

</FONT><FONT style="font-family:Arial; font-size:12pt">

It is proposed that this filing will become effective (check applicable box):

</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt" align=justify>

&#168;

<FONT style="font-family:Arial; font-size:12pt">

 when declared effective pursuant to section 8(c), or as follows:

</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt" align=justify>

&#254;

<FONT style="font-family:Arial; font-size:12pt">

 immediately upon filing pursuant to paragraph (b) of Rule 486.

</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt" align=justify>

&#168;

<FONT style="font-family:Arial; font-size:12pt">

 on (date) pursuant to paragraph (b) of Rule 486.

</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt" align=justify>

&#168;

<FONT style="font-family:Arial; font-size:12pt">

 60 days after filing pursuant to paragraph (a) of Rule 486.

</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt" align=justify>

&#168;

<FONT style="font-family:Arial; font-size:12pt">

 on (date) pursuant to paragraph (a) of Rule 486.

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

EXPLANATORY NOTE

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

This Post-Effective Amendment to the Registration Statement on Form N-2 is being filed solely for the purpose of filing an exhibit.

</P>
<P style="margin:0px" align=justify><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; font-family:Arial,Times New Roman; font-size:12pt" align=justify><B>PART C &#150; Other Information</B></P>
<P style="margin:0px"><BR></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 January 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.

<STRIKE></STRIKE>

</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">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

<STRIKE></STRIKE>


 (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; 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

<STRIKE></STRIKE>


***

</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

<STRIKE></STRIKE>


***

</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; font-family:Arial,Times New Roman; font-size:12pt">

*** Previously filed on March 1, 2012, as an exhibit to Pre-Effective Amendment No. 3 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=81.2 /></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=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=81.2><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=81.2><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=81.2><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>$30,571</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=81.2><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=81.2><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=81.2><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=81.2><P style="margin:0px; font-family:Arial; font-size:12pt" align=right>$101,218</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,&nbsp; as of

<STRIKE></STRIKE>


March 8,

 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 </U><U>

<STRIKE></STRIKE>

</U><U>

March 8,

</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" align=center>&nbsp;</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

, as amended (the &quot;Securities Act&quot;),

 and the Investment Company Act of 1940,

as amended (the &quot;1940 Act&quot;),

the Registrant

, The Multi-Strategy Growth &amp; Income Fund, certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 486(b) under the Securities Act and

 has duly caused this

<STRIKE></STRIKE>


Post-Effective Amendment No. 1 under the Securities Act and Amendment No. 4 under the 1940 Act

 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>


8th

 day of March 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/ </U><U>

<STRIKE></STRIKE>

</U><U>

Michael V. Wible

</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:

<STRIKE></STRIKE>

</P>
<P style="margin:0px; padding-left:132px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:12pt">

Michael V. Wible

 </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
	 8,

 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
	8 ,

 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
	8 ,

 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
	8 ,

 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
	8 ,

 2012</P>
</TD></TR>
</TABLE>
<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/ </U><U>

<STRIKE></STRIKE>

</U><U>

Michael V. Wible

</U> March

<STRIKE></STRIKE>

8 ,

 2012</P>
<P style="line-height:14pt; margin:0px; text-indent:96px; clear:left"><FONT style="font-family:Arial,Times New Roman; font-size:12pt">

<STRIKE></STRIKE>

</FONT><FONT style="font-family:Arial,Times New Roman; font-size:12pt">

Michael V. Wible

</FONT></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>
<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-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 style="font-family:Arial; font-size:12pt">

<STRIKE></STRIKE>

</FONT><FONT style="font-family:Arial; font-size:12pt">

Sub-Advisory Agreement

</FONT></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(

<STRIKE></STRIKE>


g

)(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 style="font-family:Arial; font-size:12pt">

<STRIKE><BR></STRIKE>

</FONT></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">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px" align=center><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>
</BODY>
<!-- EDGAR Validation Code: 5BD89F43 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2G ADVSR CONTR
<SEQUENCE>2
<FILENAME>subadvisoryagreement.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="JMiola">
<META NAME="date" CONTENT="03/02/2012">
</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-top:24px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=center><B><U>SUBADVISORY AGREEMENT</U></B></P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial,Times New Roman; font-size:12pt" align=justify>THIS AGREEMENT, as amended March
8, 2012 with effect as of the 11<SUP>th</SUP> day of November, 2011, by and between RJL Capital Management, LLC (the &#147;Adviser&#148;), a California limited liability company registered under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;), and <FONT style="font-family:Times New Roman">FIRST ALLIED ASSET MANAGEMENT, INC.</FONT><FONT style="font-family:Arial">, a corporation organized under the laws of Delaware (the &#147;Subadviser&#148;) and also registered under the Advisers Act, with respect to The Multi-Strategy Growth &amp; Income Fund (the &#147;Fund&#148; or the &quot;Trust&quot;).</FONT></P>
<P style="margin-top:0px; margin-bottom:16px; font-family:Arial; font-size:12pt" align=center>WITNESSETH:</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial; font-size:12pt" align=justify>WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) as a closed-end management investment company under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;);</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial; font-size:12pt" align=justify>WHEREAS, the Adviser has, pursuant to an Investment Advisory Agreement with the Trust dated as of the 12<SUP>th</SUP> day of October, 2011 (the &#147;Advisory Agreement&#148;), been retained to act as investment adviser for the Fund.;</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial; font-size:12pt" align=justify>WHEREAS, the Adviser represents that the Advisory Agreement permits the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial; font-size:12pt" align=justify>WHEREAS, the Adviser desires to retain Subadviser to assist it in the provision of a continuous investment program for that portion of the Fund&#146;s assets that the Adviser will assign to the Subadviser, and Subadviser is willing to render such services subject to the terms and conditions set forth in this Agreement,</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:43.2px; font-family:Arial; font-size:12pt" align=justify>NOW, THEREFORE, the parties do mutually agree and promise as follows with respect to each Fund:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">1.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Appointment as Subadviser</U>. &nbsp;The Adviser hereby appoints the Subadviser to act as investment adviser for and to manage certain of the assets of the Fund (the &#147;Subadviser Assets&#148;) subject to the supervision of the Adviser and the Board of Trustees of the Trust and subject to the terms of this Agreement; and the Subadviser hereby accepts such appointment. &nbsp;In such capacity, the Subadviser shall be responsible for the investment management of the Subadviser Assets. &nbsp;It is recognized that the Subadviser and certain of its affiliates may act as investment adviser to one or more other entities, including without limitation, investment companies and other managed accounts, and that the Adviser and the Trust do not object to such activities.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">2.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Duties of Subadviser</U>.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Investments</U>. &nbsp;The Subadviser is hereby authorized and directed and hereby agrees, subject to the stated investment policies and restrictions of the Fund as set forth in the Fund&#146;s prospectus (&#147;Prospectus&#148;) and statement of additional information (&#147;SAI&#148;) as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented or amended from time to time and subject to the directions of the Adviser and the Trust&#146;s Board of Trustees, to monitor on a continuous basis the performance of the Subadviser Assets and to conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Subadviser Assets. &nbsp;The Adviser agrees to provide the Subadviser with such assistance as may be reasonably requested by the Subadviser in connection with the Subadviser&#146;s activities under this Agreement, including, without limitation, providing information concerning the Fund, its funds available, or to become available, for investment and generally as to the conditions of the Fund&#146;s or the Trust&#146;s affairs.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Compliance with Applicable Laws and Governing Documents</U>. &nbsp;In the performance of its services under this Agreement, the Subadviser shall act in conformity with the Prospectus, SAI and the Trust&#146;s Agreement and Declaration of Trust and By-Laws as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented, amended and/or restated from time to time (referred to hereinafter as the &#147;Declaration of Trust&#148; and &#147;By-Laws,&#148; respectively) and with the instructions and directions received in writing from the Adviser or the Trustees of the Trust and will conform to, and comply with, the requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and all other applicable federal and state laws and regulations. &nbsp;Without limiting the preceding sentence, the Adviser promptly shall notify the Subadviser as to any act or omission of the Subadviser hereunder that the Adviser reasonably deems to constitute or to be the basis of any noncompliance or nonconformance with any of the Trust&#146;s Declaration of Trust and By-Laws, the Prospectus and the SAI, the instructions and directions received in writing from the Adviser or the Trustees of the Trust, the 1940 Act, the Code, and all other applicable federal and state laws and regulations. &nbsp;Notwithstanding the foregoing, the Adviser shall remain responsible for ensuring the Fund&#146;s and the Trust&#146;s overall compliance with the 1940 Act, the Code and all other applicable federal and state laws and regulations and the Subadviser is only obligated to comply with this subsection (b) with respect to the Subadviser Assets. &nbsp;The Adviser timely will provide the Subadviser with a copy of the minutes of the meetings of the Board of Trustees of the Trust to the extent they may affect the Fund or the services of the Subadviser, copies of any financial statements or reports made by the Fund to its shareholders, and any further materials or information which the Subadviser may reasonably request to enable it to perform its functions under this Agreement. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:4.8px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>The Adviser shall perform quarterly and annual tax compliance tests to ensure that the Fund is in compliance with Subchapter M of the Code. &nbsp;In this regard, the Adviser acknowledges that the Subadviser shall rely completely upon the Adviser&#146;s determination of whether and to what extent the Fund is in compliance with Subchapter M of the Code and that the Subadviser has no separate and independent responsibility to test the Fund for such compliance. &nbsp;In connection with such compliance tests, the Adviser shall inform the Subadviser at least ten (10) business days prior to a calendar quarter end if the Subadviser Assets are out of compliance with the diversification requirements under Subchapter M. &nbsp;If the Adviser notifies the Subadviser that the Subadviser Assets are not in compliance with such requirements noted above, the Subadviser will take prompt action to bring the Subadviser Assets back into compliance within the time permitted under the Code thereunder.</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:4.8px; text-indent:96px; font-family:Arial; font-size:12pt" align=justify>The Adviser will provide the Subadviser with reasonable advance notice of any change in the Fund&#146;s investment objectives, policies and restrictions as stated in the Prospectus and SAI, and the Subadviser shall, in the performance of its duties and obligations under this Agreement, manage the Subadviser Assets consistent with such changes, provided that the Subadviser has received prompt notice of the effectiveness of such changes from the Trust or the Adviser. &nbsp;In addition to such notice, the Adviser shall provide to the Subadviser a copy of a modified Prospectus and SAI reflecting such changes. &nbsp;The Adviser acknowledges and will ensure that the Prospectus and SAI will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust or the Fund, including, without limitation, the 1940 Act, and the rules and regulations thereunder, and that the Subadviser shall have no liability in connection therewith, except as to the accuracy of material information furnished in writing by the Subadviser to the Trust or to the Adviser specifically for inclusion in the Prospectus and SAI. &nbsp;The Subadviser hereby agrees to provide to the Adviser in a timely manner such information relating to the Subadviser and its relationship to, and actions for, the Trust as may be requested by the Adviser and required to be contained in the Prospectus, SAI or in the Trust&#146;s Registration Statement on Form N-1A and any amendments thereto.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Voting of Proxies</U>. &nbsp;The Adviser hereby delegates to the Subadviser the Adviser&#146;s discretionary authority to exercise voting rights with respect to the securities and other investments in the Subadviser Assets and authorizes the Subadviser to delegate further such discretionary authority to a designee identified in a notice given to the Trust and the Adviser. &nbsp;The Subadviser, including without limitation its designee, shall have the power to vote, either in person or by proxy, all securities in which the Subadviser Assets may be invested from time to time, and shall not be required to seek or take instructions from, the Adviser, the Fund or the Trust or take any action with respect thereto. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:4.8px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>The Subadviser will establish a written procedure for proxy voting in compliance with current applicable rules and regulations, including but not limited to Rule 30b1-4 under the 1940 Act. &nbsp;The Subadviser will provide the Adviser or its designee, a copy of such procedure and establish a process for the timely distribution of the Subadviser&#146;s voting record with respect to the Fund&#146;s securities and other information necessary for the Fund to complete information required by Form N-1A under the 1940 Act and the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), Form N-PX under the 1940 Act, and Form N-CSR under the Sarbanes-Oxley Act of 2002, as amended, respectively.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(d)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Agent</U>. &nbsp;Subject to any other written instructions of the Adviser or the Trust, the Subadviser is hereby appointed the Adviser&#146;s and the Trust&#146;s agent and attorney-in-&shy;fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Subadviser shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Subadviser Assets. &nbsp;The Subadviser agrees to provide the Adviser and the Trust with copies of any such agreements executed on behalf of the Adviser or the Trust.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(e)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Brokerage</U>. &nbsp;The Subadviser is authorized, subject to the supervision of the Adviser and the plenary authority of the Trust&#146;s Board of Trustees, to establish and maintain accounts on behalf of the Fund with, and place orders for the investment and reinvestment, including without limitation purchase and sale of the Subadviser Assets with or through, such persons, brokers (including, to the extent permitted by applicable law, any broker affiliated with the Subadviser) or dealers (collectively &#147;Brokers&#148;) as Subadviser may elect and negotiate commissions to be paid on such transactions. &nbsp;The Subadviser, however, is not required to obtain the consent of the Adviser or the Trust&#146;s Board of Trustees prior to establishing any such brokerage account. &nbsp;The Subadviser shall place all orders for the purchase and sale of portfolio investments for the Fund&#146;s account with Brokers selected by the Subadviser. &nbsp;In the selection of such Brokers and the placing of such orders, the Subadviser shall seek to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services, as provided below. &nbsp;In using its reasonable efforts to obtain for the Fund the most favorable price and execution available, the Subadviser, bearing in mind the best interests of the Fund at all times, shall consider all factors it deems relevant, including price, the size of the transaction, the breadth and nature of the market for the security, the difficulty of the execution, the amount of the commission, if any, the timing of the transaction, market prices and trends, the reputation, experience and financial stability of the Broker involved, and the quality of service rendered by the Broker in other transactions. &nbsp;The Subadviser shall not consider a Broker&#146;s sale of Fund shares when selecting the Broker to execute trades. &nbsp;Notwithstanding the foregoing, neither the Trust, the Fund nor the Adviser shall instruct the Subadviser to place orders with any particular Broker(s) with respect to the Subadviser Assets. &nbsp;Subject to such policies as the Trustees may determine, or as may be mutually agreed to by the Adviser and the Subadviser, the Subadviser is authorized but not obligated to cause, and shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused, the Fund to pay a Broker that provides brokerage and research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934) to the Subadviser an amount of commission for effecting a Subadviser Assets investment transaction that is in excess of the amount of commission that another Broker would have charged for effecting that transaction if, but only if, the Subadviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such Broker viewed in terms of either that particular transaction or the overall responsibility of the Subadviser with respect to the accounts as to which it exercises investment discretion.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>It is recognized that the services provided by such Brokers may be useful to the Subadviser in connection with the Subadviser&#146;s services to other clients. &nbsp;On occasions when the Subadviser deems the purchase or sale of a security to be in the best interests of the Fund with respect to the Subadviser Assets as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. &nbsp;In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other clients. &nbsp;It is recognized that in some cases, this procedure may adversely affect the price paid or received by the Fund or the size of the position obtainable for, or disposed of by, the Fund with respect to the Subadviser Assets.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(f)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Securities Transactions</U>. &nbsp;The Subadviser and any affiliated person of the Subadviser will not purchase securities or other instruments from or sell securities or other instruments to the Fund; provided, however, the Subadviser or any affiliated person of the Subadviser may purchase securities or other instruments from or sell securities or other instruments to the Fund if such transaction is permissible under applicable laws and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>The Subadviser, on its own behalf and with respect to its Access Persons (as defined in subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and comply with Rule 17j-1 and its Code of Ethics (which shall comply in all material respects with Rule 17j-1), as the same may be amended from time to time. &nbsp;On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which include (i) certifying to the Adviser and the Trust that the Subadviser and its Access Persons have complied with the Subadviser&#146;s Code of Ethics with respect to the Subadviser Assets and (ii) identifying any violations which have occurred with respect to the Subadviser Assets. &nbsp;The Subadviser will have also submitted its Code of Ethics for its initial approval by the Trust&#146;s Board of Trustees no later than the date of execution of this agreement and subsequently within six months of any material change thereto.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(g)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Books and Records</U>. &nbsp;The Subadviser shall maintain separate detailed records as are required by applicable laws and regulations of all matters hereunder pertaining to the Subadviser Assets (the &#147;Fund&#146;s Records&#148;), including, without limitation, brokerage and other records of all securities transactions. &nbsp;The Subadviser acknowledges that the Fund&#146;s Records are property of the Trust; except to the extent that the Subadviser is required to maintain the Fund&#146;s Records under the Advisers Act or other applicable law and except that the Subadviser, at its own expense, is entitled to make and keep a copy of the Fund&#146;s Records for its internal files. &nbsp;The Fund&#146;s Records shall be available to the Adviser or the Trust at any time upon reasonable request during normal business hours and shall be available for delivery promptly to the Adviser during any day that the Fund is open for business as set forth in the Prospectus.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(h)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Information Concerning Subadviser Assets and Subadviser</U>. &nbsp;From time to time as the Adviser or the Trust reasonably may request in good faith, the Subadviser will furnish the requesting party reports on portfolio transactions and reports on the Subadviser Assets, all in such reasonable detail as the parties may reasonably agree in good faith. &nbsp;The Subadviser will also inform the Adviser in a timely manner of material changes in portfolio managers responsible for Subadviser Assets, any changes in the ownership or management of the Subadviser, or of material changes in the control of the Subadviser. &nbsp;Upon the Trust&#146;s or the Adviser&#146;s reasonable request, the Subadviser will make available its officers and employees to meet with the Trust&#146;s Board of Trustees to review the Subadviser Assets via telephone on a quarterly basis and on a less frequent basis as agreed upon by the parties in person.</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:4.8px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>Subject to the other provisions of this Agreement, the Subadviser will also provide such information or perform such additional acts with respect to the Subadviser Assets as are reasonably required for the Trust or the Adviser to comply with their respective obligations under applicable laws, including without limitation, the Code, the 1940 Act, the Advisers Act, and the Securities Act, and any rule or regulation thereunder.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(i)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Custody Arrangements</U>. &nbsp;The Trust or the Adviser shall notify the Subadviser of the identities of its custodian banks and the custody arrangements therewith with respect to the Subadviser Assets and shall give the Subadviser written notice of any changes in such custodian banks or custody arrangements. &nbsp;The Subadviser shall on each business day provide the Adviser and the Trust&#146;s custodian such information as the Adviser and the Trust&#146;s custodian may reasonably request in good faith relating to all transactions concerning the Subadviser Assets. &nbsp;The Trust shall instruct its custodian banks to (A) carry out all investment instructions as may be directed by the Subadviser with respect to the Subadviser Assets (which instructions may be orally given if confirmed in writing); and (B) provide the Subadviser with all operational information necessary for the Subadviser to trade the Subadviser Assets on behalf of the Fund. &nbsp;The Subadviser shall have no liability for the acts or omissions of the authorized custodian(s), unless such act or omission is required by and taken in reliance upon instructions given to the authorized custodian(s) by a representative of the Subadviser properly authorized (pursuant to written instruction by the Adviser) to give such instructions.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">3.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Independent Contractor</U>. &nbsp;In the performance of its services hereunder, the Subadviser is and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund, the Trust or the Adviser in any way or otherwise be deemed an agent of the Fund, the Trust or the Adviser.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">4.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Expenses</U>. &nbsp;During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement. &nbsp;The Subadviser shall, at its sole expense, employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. &nbsp;The Subadviser shall not be responsible for the Trust&#146;s, the Fund&#146;s or Adviser&#146;s expenses, which shall include, but not be limited to, the cost of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased for the Fund and any losses incurred in connection therewith, expenses of holding or carrying Subadviser Assets, including, without limitation, expenses of dividends on stock borrowed to cover a short sale and interest, fees or other charges incurred in connection with leverage and related borrowings with respect to the Subadviser Assets, organizational and offering expenses (which include, but are not limited to, out-of-pocket expenses, but not overhead or employee costs of the Subadviser); expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund&#146;s custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC; expenses of registering or qualifying securities of the Fund for sale in the various states; freight and other charges in connection with the shipment of the Fund&#146;s portfolio securities; fees and expenses of non-interested Trustees; salaries of shareholder relations personnel; costs of shareholders meetings; insurance; interest; brokerage costs; and litigation and other extraordinary or non-recurring expenses. &nbsp;The Trust or the Adviser, as the case may be, shall reimburse the Subadviser for any expenses of the Fund or the Adviser as may be reasonably incurred by such Subadviser on behalf of the Fund or the Adviser. &nbsp;The Subadviser shall keep and supply to the Trust and the Adviser reasonable records of all such expenses.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">5.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Investment Analysis and Commentary</U>. &nbsp;The Subadviser will provide quarterly performance analysis and market commentary (the &#147;Investment Report&#148;) during the term of this Agreement. &nbsp;The Investment Reports are due within 30 days after the end of each quarter. &nbsp;In addition, interim Investment Reports shall be issued at such times as may be mutually agreed upon by the Adviser and Subadviser; provided however, that any such interim Investment Report will be due within 10 business days of the end of the month in which such agreement is reached between the Adviser and Subadviser. &nbsp;The subject of each Investment Report shall be mutually agreed upon. &nbsp;The Adviser is freely able to publicly distribute the Investment Report. &nbsp;In addition, the Subadviser will co-author a white paper covering the investment strategy of the Fund. &nbsp;The co-authored white paper will be completed at a mutually agreed upon deadline, and will be updated as needed should the investment strategy of the Fund materially change.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">6.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Compensation</U>. &nbsp;For the services provided pursuant to this Agreement, the Subadviser is entitled to an annual fee equal to 0.50% of the Subadviser Assets. &nbsp;Such fee will be computed daily and paid no later than the seventh (7<SUP>th</SUP>) business day following the end of each month, from the Adviser or the Trust, calculated at an annual rate based on the Subadviser Assets&#146; average daily net assets.</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:9.6px; text-indent:48px; font-family:Arial; font-size:12pt; clear:left" align=justify>The method of determining the net asset value of the Subadviser Assets for purposes hereof shall be the same as the method of determining net asset value for purposes of establishing the offering and redemption price of the shares of the Trust as described in the Fund&#146;s Prospectus and/or SAI. &nbsp;If this Agreement shall be effective for only a portion of a month with respect to the Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">7.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Exclusivity</U>. &nbsp;The Subadviser will not subadvise or license the Fund&#146;s investment strategy for another regulated investment company as defined in the Code under Subchapter M without mutual consent of both the Adviser and Subadviser for a period of 12 months. &nbsp;Exclusivity is not applicable to the sub-investment strategies that combined, constitute the Fund&#146;s investment strategy.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">8.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Representations and Warranties of Subadviser</U>. &nbsp;The Subadviser represents and warrants to the Adviser and the Trust as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Subadviser is registered as an investment adviser under the Advisers Act;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Subadviser is a corporation duly organized and properly registered and operating under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The execution, delivery and performance by the Subadviser of this Agreement are within the Subadviser&#146;s powers and have been duly authorized by all necessary actions of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Subadviser for execution, delivery and performance by the Subadviser of this Agreement, and the execution, delivery and performance by the Subadviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Subadviser&#146;s governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Subadviser; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(d)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Form ADV of the Subadviser provided to the Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Subadviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">9.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Representations and Warranties of Adviser</U>. &nbsp;The Adviser represents and warrants to the Subadviser as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Adviser is registered as an investment adviser under the Advisers Act;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Adviser is a limited liability company duly organized and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The execution, delivery and performance by the Adviser of this Agreement are within the Adviser&#146;s powers and have been duly authorized by all necessary action on the part of its directors, shareholders or managing unitholder, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Adviser&#146;s governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(d)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Form ADV of the Adviser provided to the Subadviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(e)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Adviser acknowledges that it received a copy of the Subadviser&#146;s Form ADV prior to the execution of this Agreement; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(f)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Adviser and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, including without limitation, the appointment of a subadviser with respect to assets of the Fund, including without limitation the Adviser&#146;s entering into and performing this Agreement;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(g)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Prospectus and SAI (i) have been prepared and filed with the SEC, (ii) conform in all material respects, and during the term of this Agreement will be amended as necessary to conform in all material respects, to all of the applicable securities laws, rules and regulations, including without limitation, the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, (iii) are in effect, (iv) will remain in effect at all times during the term of this Agreement, and the SEC has not issued an order preventing or suspending the use of the Prospectus or SAI contained in any Registration Statement nor instituted proceeding for that purpose, (v) and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(h)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The arrangements described herein, and the amount and form of fees and other compensation payable to Advisor hereunder comply fully with, and are accurately, fairly and adequately disclosed in compliance with, all applicable laws, rules and regulations.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt; clear:left" align=justify>(i)</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">10.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Survival of Representations and Warranties; Duty to Update Information</U>. &nbsp;All representations and warranties made by the Subadviser and the Adviser pursuant to the recitals above and Sections 8 and 9, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material effects.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">11.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Liability and Indemnification</U>.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Liability</U>. &nbsp;The Subadviser shall exercise its best judgment in rendering its services in accordance with the terms of this Agreement, but otherwise, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Subadviser or a reckless disregard of its duties hereunder, the Subadviser, each of its affiliates and all respective shareholders, partners, officers, directors and employees (&#147;Affiliates&#148;) and each person, if any, who within the meaning of the Securities Act controls the Subadviser (&#147;Controlling Persons&#148;), if any, shall not be subject to any expenses or liability to the Adviser, the Trust or the Fund or any of the Fund&#146;s shareholders, in connection with the matters to which this Agreement relates, including without limitation for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. &nbsp;The Adviser shall exercise its best judgment in rendering its obligations in accordance with the terms of this Agreement, but otherwise (except as set forth in Section 11(c) below), in the absence of misfeasance, bad faith or negligence on the part of the Adviser or a disregard of its duties hereunder, the Adviser, any of its Affiliates and each of the Adviser&#146;s Controlling Persons, if any, shall not be subject to any liability to the Subadviser, for any act or omission in the case of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. &nbsp;Notwithstanding the foregoing, nothing herein shall relieve the Adviser and the Subadviser from any of their obligations under applicable law, including, without limitation, the federal and state securities laws.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Indemnification</U>. &nbsp;The Subadviser shall indemnify the Adviser, the Trust and the Fund, and their respective Affiliates and Controlling Persons for any liability and expenses, including without limitation reasonable attorneys&#146; fees and expenses, which the Adviser, the Trust and/or the Fund and their respective Affiliates and Controlling Persons may sustain as a result of the Subadviser&#146;s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws. &nbsp;Unless otherwise obligated under applicable law, the Subadviser shall not be liable for indirect, punitive, special or consequential damages arising out of this Agreement. </P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-family:Arial; font-size:12pt; clear:left" align=justify>The Adviser shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys&#146; fees and expenses, which may be sustained (i) as a result of the Adviser&#146;s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws, or (ii) arising out of or in connection with assets other than Subadviser Assets or duties and responsibilities other than those of Subadviser hereunder.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Subadviser shall not be liable to the Adviser for acts of the Subadviser which result from acts of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate and current information with respect to any records maintained by the Adviser, which records are not also maintained by or otherwise available to the Subadviser upon reasonable request. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">12.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Duration and Termination</U>.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Duration</U>. &nbsp;Unless sooner terminated, this Agreement shall continue for an initial period of no more than two years following the [date and year upon which the Fund commences investment operations], and thereafter shall continue automatically for successive annual periods with respect to the Fund, provided such continuance is specifically approved at least annually by the Trust&#146;s Board of Trustees or vote of the lesser of (a) 67% of the shares of the Fund represented at a meeting if holders of more than 50% of the outstanding shares of the Fund are present in person or by proxy or (b) more than 50% of the outstanding shares of the Fund; provided that in either event its continuance also is approved by a majority of the Trust&#146;s Trustees who are not &#147;interested persons&#148; (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Termination</U>. &nbsp;Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to the Fund, without payment of any penalty:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:144px; width:192px; font-size:12pt; clear:left; float:left">(i)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>By vote of a majority of the Trust&#146;s Board of Trustees, or by &#147;vote of a majority of the outstanding voting securities&#148; of the Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days&#146; written notice to the Subadviser;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:144px; width:192px; font-size:12pt; clear:left; float:left">(ii)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>By any party hereto upon written notice to the other party in the event of a breach of any provision of this Agreement by the other party if the breach is not cured within 15 days of written notice of the breach; or</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:144px; width:192px; font-size:12pt; clear:left; float:left">(iii)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>By the Subadviser upon not more than 60 days&#146; written notice to the Adviser and the Trust.</P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:4.8px; text-indent:49.867px; font-family:Arial; font-size:12pt; clear:left" align=justify>This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">13.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Duties of the Adviser</U>. &nbsp;The Adviser shall continue to have responsibility for all services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the Subadviser&#146;s performance of its duties under this Agreement. &nbsp;Nothing contained in this Agreement shall obligate the Adviser to provide any funding or other support for the purpose of directly or indirectly promoting investments in the Fund.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">14.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Reference to Adviser and Subadviser</U>.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>The Subadviser grants, subject to the conditions below, the Adviser non-exclusive rights to reasonably use, display and promote trademarks of the Subadviser in conjunction with any activity associated with the Fund. &nbsp;In addition, the Adviser may promote the identity of and services provided by the Subadviser to the Adviser, which references shall not differ in substance from those included in the Prospectus, SAI and this Agreement, in any advertising or promotional materials. &nbsp;The Adviser shall protect the goodwill and reputation of the Subadviser in connection with marketing and promotion of the Fund. &nbsp;The Adviser shall submit to the Subadviser for its review and approval all such public informational materials relating to the Fund that refer to any recognizable variant or any registered mark or logo or other proprietary designation of the Subadviser. &nbsp;Approval shall not be unreasonably withheld by the Subadviser and notice of approval or disapproval will be provided in a timely manner. &nbsp;Subsequent advertising or promotional materials having very substantially the same form as previously approved by the Subadviser may be used by the Adviser without obtaining the Subadviser&#146;s consent unless such consent is withdrawn in writing by the Subadviser.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>Neither the Subadviser nor any Affiliate or agent of Subadviser shall make reference to or use the name of the Adviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Subadviser to the Adviser or to the Fund, which references shall not differ in substance from those included in the Prospectus, SAI and this Agreement, in any advertising or promotional materials without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed. &nbsp;The Subadviser hereby agrees to make all reasonable efforts to cause any Affiliate of the Subadviser to satisfy the foregoing obligation.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">15.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Amendment</U>. &nbsp;This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust&#146;s Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund (as required by the 1940 Act), and (b) the vote of a majority of those Trustees of the Trust who are not &#147;interested persons&#148; of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">16.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Confidentiality</U>. &nbsp;Subject to the duties of the Adviser, the Trust and the Subadviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential and shall not disclose any and all information pertaining to the Fund and the actions of the Subadviser, the Adviser and the Fund in respect thereof; except to the extent:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Authorized</U>. &nbsp;The Adviser or the Trust has authorized such disclosure;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Court or Regulatory Authority</U>. &nbsp;Disclosure of such information is expressly required or requested by a court or other tribunal of competent jurisdiction or applicable federal or state regulatory or self-regulatory authorities;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Publicly Known Without Breach</U>. &nbsp;Such information becomes known to the general public without a breach of this Agreement or a similar confidential disclosure agreement regarding such information;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(d)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Already Known</U>. &nbsp;Such information already was known by the party prior to the date hereof;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(e)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Received From Third Party</U>. &nbsp;Such information was or is hereafter rightfully received by the party from a third party (expressly excluding the Fund&#146;s custodian, prime broker and administrator) without restriction on its disclosure and without breach of this Agreement or of a similar confidential disclosure agreement regarding them; or</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(f)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Independently Developed</U>. &nbsp;The party independently developed such information.</P>
<P style="margin:0px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left" align=justify>In addition, the Subadviser and its officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund&#146;s portfolio holdings. &nbsp;The Subadviser agrees, consistent with its Code of Ethics, that neither it nor its officers, directors or employees may engage in personal securities transactions based on non-public information about the Fund&#146;s portfolio holdings. </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">17.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Notice</U>. &nbsp;Any notice that is required to be given by the parties to each other under the terms of this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile with acknowledgment of receipt, to the parties at the following addresses or facsimile numbers, which may from time to time be changed by the parties by notice to the other party:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; clear:left; float:left">(a)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>If to the Subadviser:</P>
<P style="margin:0px; padding-left:48px; text-indent:96px; font-family:Arial; font-size:12pt; clear:left"><B>Jeffrey Mindlin, COO, First Allied Asset Management, Inc</B></P>
<P style="margin:0px; padding-left:144px; font-family:Arial; font-size:12pt">Phone: &nbsp;619-819-9056</P>
<P style="margin:0px; padding-left:144px; font-family:Arial; font-size:12pt">Email: <U>jmindlin@firstallied.com</U> </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(b)</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify>If to the Adviser:</P>
<P style="margin:0px; padding-left:96px; text-indent:48px; font-family:Arial; font-size:12pt; clear:left"><B>Brent Rivard, President, RJL Capital Management, LLC</B></P>
<P style="margin:0px; padding-left:96px; text-indent:48px; font-family:Arial; font-size:12pt">Phone: &nbsp;858-726-0808</P>
<P style="margin-top:0px; margin-bottom:16px; padding-left:96px; padding-right:48px; text-indent:48px; font-family:Arial; font-size:12pt">Email: &nbsp;brivard@rjlwm.com</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; float:left">18.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Jurisdiction</U>. &nbsp;This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. &nbsp;In the case of any conflict, the 1940 Act shall control.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">19.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Counterparts</U>. &nbsp;This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">20.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Certain Definitions</U>. &nbsp;For the purposes of this Agreement and except as otherwise provided herein, &#147;interested person,&#148; &#147;affiliated person,&#148; and <SUP>&#147;</SUP>assignment<SUP>&#148;</SUP> shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">21.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Captions</U>. &nbsp;The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">22.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Severability</U>. &nbsp;If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-family:Arial; font-size:12pt; clear:left; float:left">23.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-family:Arial; font-size:12pt" align=justify><U>Entire Agreement</U>. &nbsp;This Agreement, together with all exhibits, attachments and appendices, contains the entire understanding and agreement of the parties with respect to the subject matter hereof.</P>
<P style="margin-top:0px; margin-bottom:16px; clear:left" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<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-top:31.2px; margin-bottom:16px; text-indent:48px; font-family:Arial,Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:120px; font-family:Arial,Times New Roman; font-size:12pt"><B>ADVISER</B></P>
<P style="margin:0px; text-indent:120px; font-family:Arial,Times New Roman; font-size:12pt">RJL CAPITAL MANAGEMENT, LLC</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;By: &nbsp;<U>/s/Brent Rivard</U></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;Name: &nbsp;Brent Rivard</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;Title: &nbsp;President </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">&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;&nbsp;&nbsp;&nbsp;<B>SUB-ADVISER</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;FIRST ALLIED ASSET MANAGEMENT, INC. </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">&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;&nbsp;&nbsp;&nbsp;&nbsp;By: &nbsp;<U>/s/Jeffrey Mindlin</U></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;Name: &nbsp;Jeffrey Mindlin</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;Title: &nbsp;COO</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
</BODY>
<!-- EDGAR Validation Code: AD68D926 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>coverletter004.gif
<TEXT>
begin 644 coverletter004.gif
M1TE&.#EA``1=`'```"'Y!`$``"\`+```````!%T`A?___P```"DA*8R$A%):
M4K6UM<[.Q4I*0DI*4KV]Q1`0&3$Z.M;>UN_F[ZVEG*V<O0`(`.;>WO?W[RDQ
M,7-[<VMK8XQ[:WM[A)REI3I".IR<E&-:8R$9&0@``&-:4M[W[VMK<\[.UC%*
M&8R4C(1[G/_W_Q`0"!!"$(2<G-;>[WMK<^;.YC$9$$IS6E)*&0``````````
M``````````````````````````````````````````````````````````;_
M0$`@(!@8C\BD<FDD!`J`J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\+A\
M3J_;[_B\'F\8^O^`@8*#!GN&AXB)BHN,C8Z/D)&2DY25EGD#@YJ;@U"7GZ"A
MHJ.DI::GJ*FJJVJ90P<(!`2QM+,'@+.YM0B`":R_P,'"P\3%QL?(R5@*`0J>
M6`F`608&"T//RMG:V]S=WM_@X93-$5M]?UL-UH7B[>[O\/'R\_2D`0-<T>A;
M#D_U_P`#"AQ(L&`\`EW.^>'R(`"#40T,2IQ(L:+%B_\*2-L2`1O&CR!#BAQ)
M$J3"(253JES)LJ5+;_H6OG04<:;-FSASJCP9`&=-_YU`@PH=2O2*QGVA?G*1
M4+2ITZ=0H[;A*;6JU:M8LP:+B1)+@:]@P6H)"_:!QRL=!RR8(&#"@@IFE6[Q
M4(Y,A;I5"C@@2Y9=N@(5%G!@>V`OWBP=+;"=P/9"`;]:#F```W9O6+E:,VO>
M7)2J4<&!%IR5XF""H`R0J30HL$#`I@R/N40@0D9#@-126G/*L`&WE-76!CG(
M`IR#)@6P#UNQ-MS+`==_.&3@3+VZ=9M'96)I0.&/!BX%H`?@\!"+`2=#)E@&
M.X&9GP*8J<P.,%F,:P_;N_N!30&T'PR8-7#+>!2`-0!TS5EA0`9#**!>6*6Y
M=TU\43`8P'=>-("!A!1>Y__AAR`:Y%D6V2W@A6U#3'=%`S%5\`%:%?R!$&)#
M<"`&!D-40.,0`DS!W1_X4-$/$2_Z:,T#5JQF7`!WH>7!'Q4P9<62_GPQ8((A
M9JGEEO-PU=,6T/78!8H!6("%?@I@F(4#5&807T3S!8!E%TL>H(6%8D[ARC54
M,*B`<E'T,5J,S<QI10$2'A"?A7R>.(2:7$8JZ:39C)C%DGEN0:8O"K[71002
MSFC%@`&```:9.E[*HQ6F#2$J`.=,8%254^!(SJ<2;K#<'R9Z<0ZDE`8K[+"H
M9->5%M#9V(6MM$X1P9+X>6%LD%4\Z4>17*CCAP`=`A"<`E8P@!0`1V4JI'(&
MN)?_:A=#/EI%<'Y,T.T4(0Q!+;'XYJNO))9BL:0(CC9*Q0;IA:'?$(`"P(L?
MZV[!+,)9M"KKKL<",&2O75B+L1>$5AR%<:0&D(&46ORZ[\DHI[R'EUR$&7"S
M433@AZ$<2=BP%.CYD;`5UNH<<8U7D#I%0T/0G*2G8(#JQPA]!O``F0$L,"^L
M[JIL]=58J]'O%4MNK,6F5:#WIQB,@JN::?#>C%:#/F/A\JA`2Z&0`#M3,>#8
M8;3:#!760-%S``3,>PX)61=N^.%;&/LELG%SP>Q9[DT<AK&IS7>@'[Y106B<
MY5W1JME5#.BU"'_4+85[=HK1;@"',0?`!^*)W&V]%R)N__OMAV\]Y1!>9T&F
M1^WV_ND?%U#QZP5^F+JCF7Y0\#-M%'L$M0*91]%NZF&$("'34ICFB=+[D5S%
M.=SC;O[Y^[*\1:L"4./^8PD8`+\!\1\LO1\(D)'SS99+\$?U``!!,U[D!^P!
M("(D"XZRJ%``X_2N!"%C$A;V5!\QD.I>KHM"!&('K"F8#'T@#"&E=%<%"7&"
M$%0@@1\X9<'F44$?D^F9VN0V!.<)P56J"H#DIK"DT0@($!?`UA0Z!L#(^`&#
MS0+?$)#4J7N(\(E0#)'B6N8'#BA``5:\8A:QJ$4)>811H^E"SLPT!16:K0$2
MRIP`%5"3`CYO@3%#S[U4$T'J5?_A?_I+WA0R*(4-_F$T'XRB(`>9&1)2`3H[
MU,+CJ/"'SH6!5,6;PBU`1RKER8<9-@3`@/*'!?8=4`(%T)C1IJ`W'BD'CV-@
MU+V,HS8EPHQJ`2`<(6=)RZBHCW$Z]$*[/"*A1'Z!8$.P9!1N`8$^NL>.#+Q5
M%/94/>B<0&9^N,`HWP4(#D"&>'D<0B2C8`US+1,0<YI/!VM)SG+>Q)!3\(/P
MKD"FU)!IG5S(62:'N3<I+$R"5&#&QI`'L2N\C0R*$^:>#`@&5>X1>E4XF,!@
M63YS.O2A+)GB^@HV)J1)0844%4/.YL@+T`%`B9`9$C;VQ,(J_!.@?\`;`$:P
M'S)<<`K_#/*E%/:T1!K6#J(XS2DP)(`"(_1T`#\%H`%(,(`1#$`#))BF>3:B
MA27)E)T6C0+4BH@%4BGE''`$@'B$"3(J,+.3JSJ#L;9)4T=^@5%4,(TWIZ#0
MD06J:I*835V:05=F,&,`(&#&!#IH``X<1F:.U`#()DE7$S0C3Z\4B086R]B.
M,%8#-2G`8R>[V+H8@+*,-4`('IN"*C#`(]1PUF,O2UFE2J0"=BTL`BH8,_5$
M`;4ZK(MM4FM8NXK)`!Y(K0`2I`$W_2:W`:#`U!P:@1@)@``>(("ZDL2@XVZ`
M`,$9[@N9F@7HP+,*OZ."!"0T3R_$R5SGF&.[\':4.5$0K/4\_P.S//H',H)A
M!>ILVE-G^@=%`8!V<WQ$C&8D``8TH!]LC`!W`,",006`H`N=C08H,((&^-$!
M#6A`JG`DKY*P*0`(@(5I,"`!C+*P`0+$,`(X<("C!"YF0TC`)D=\@0;PLP#B
MBX(`N#4%`9947*S34(IBT:!H@01'4HL``Q9F7^N-A[ZWB4)W!-#@!K@&0,4%
M@`:NF``!$RI:MI':%`3@XXD(R#4).@"U,J``+1M@`G_MCA7=5($U-Z>W1#!5
M!03@('PTP*]Z6H`"#L`.!\R8"$280`D`[9I"R\EZ?Z9SDSZ&#0R0.0.CS(2H
M),!/@OYP`N(KP'RG05U_A94+8&M:C?^D.X5VS3&0W6/8QT16A0_@S],(-8,$
MG$K*;;TI"RR%JXQSJ06%(J`!J'Z$0C08!8U([D7,`-1\%-`Y:#I$"M'`0&>C
MP`Q.S;6?(HD&,J-`@.8,02GS*38^"+9`VQ!.([W2P&1L0U`C'UH*,=HV`)0K
MA6]'X0/ZR6]%V#T%])3'R46+&8-TA2CAGN[9'\7Q80CU(HRZ5<G=E8CEHA`-
MR76G+@RZUWA"$`$-B,D)\[P%M0H<!1PKQ3:>>%(&&&"`#SA`,!*8P`<,T)T,
MS+P``'(-!83L`&;0+0H+S42,O8I/>P[!D0"6BP2Z+*U.^S.C#HMJL8$4AGO*
M)=@6^X/+%UK_[Q2A=ZU8,!V*X&BLAG:!4<II+A<42@!]C),1>>4%EC1B+F;@
M9D]8&D_1X'3379<41S'2U4AXT=T4>,+>??28/CP1HZF;B]]5D!A;+>J$@Q_&
M/:0&"(Y4I$$<`B`FED24G#*`YBV_&P#=L?1=`;"A5]2$`A&7B!.4AQY/<(``
M3&&`>Z:0[&4JN>B:['OO/]HV<CD-`*Z0CZQD>^#?I'X*HE=>@["QN"M(VG@Y
MDJ3'B!T&=$J!UA7E>H7&!9XC5H%H'6R`WN9\X/BX\>FQ7E_=B&8N>'$@\]GI
MH%J[H-!6H4`2ZI<!2P9]O"8%$)!D5$!BW5%A!Q0`:#0$NM('D')T_T.D`#BB
M4A\Q'W6#>)W'.A$0`A&A?K'4@$%"=Q'P@1%A&YSD(X"F4A1``,:A``9';U%@
M6)"1?"`!>3B#3\IE*S^Q)Q[A&BPD0!'G!/@``AZ`(@?`%""P3161"0(@`7?&
M#':2`DX$`!D@';22(I#1'<)T"VIR@.4Q&S['#AH!'\Q@*(>A@HGG@)I33WI7
M):ZF!<@C>.E4*C`57&K@)6]G>O'G.U)'<7_@6V?W:=K7=Z46"&'D'IP7>=K!
M!0AH!?I@+L929%14@`<%=E:@4/8B"1JA`?!U>M%0=P$0`D)"'^GR;OYS0-!!
M`'W`6J[Q##+C`0_(=!?A:FYX!1Q(?'2%3_^S)0'=(05'X1[XH(-2T!T-P"#8
MHP+"M22Z0H,W9(IWF'G_T`^-"`#(@Q"@<A?6L"ZP@XF[]@S=88?PIH<*@!`H
M(BNP]Q$(HQ&V4@#!*&.RT'R_%TRO1P2Y`$QJP@S_YA"J%@T.@(N:0H\-6'T=
M"'1^Y`P-J`771P7=T3"\H&]CP(FQ-P4Q`3#AAX=60%,/1QP#0F..>'H^4DJ6
MR$BFQ#5#@)&@%HEA(WZ^EBT?&1^FL6D)!0BLU0@2`!V1(XS@:'>'5%>\)C,=
M&#4>!0#&X1>3!`&U18W_,!\5>4-*@6.O51,B.``3@#WHQFU2A6%W)``5,$DU
MT80?Y1ZR8(?#AV+_`3!T%($C!-6-\P:4U=<W=X1P`*`"NZ@P3@0!@J>$(/"4
M!7$+&Q`+LR8G7[F5!:`/?G$PJ9)ZZH8!'D<?4F!8TJA[`(!C]W"&T/0,$;`!
M%;`!EL2&!XE]X(*,#T@]0ID%F:`VQJ$"VE>490`O0\"::[(M+P-/N98B\V(M
M&'B(VP$EL)98X*.)53`D";-L"<.1\[(P/U<%S_*'O>8=D:`1-G04D15_/DD:
M>FA\R+0X$M8X?H=BJ:,TID40$F`-\S4$0A1N+<D@+$1W5&",J'</(T`"QM$<
M%*`\?@17U_E:X&@1FY>(#@@JJ0--"<)'J98@1P$I\U$(YR@%S.*7!)$)_Z91
M"&0228%@0-TI)EZH??N(@*<9)VO!B\*$8YVC@]#$=+-13)GP(OFI$0P).%0P
M:,VR,&&4-"84-5H0/+6)FH!@<#5YDE:@-)L&3`9)!;>I;^TBG%1@*[NI$&:E
M)X`P`/%A`;8V*\KD!52J:XV`6MAB&JEB;%1P@+(4`2A@EP>E(S(S3\A3E!3(
M>@'`0C%"DP9Q,3]A`*F#>$(F+J`CI1UH0&`:!:8"FN0B!!BC9J_5B/JA)H:%
M%[A8HQ*A@YKF#_W`0@N8:DS$0W0)`*V"(2G@&N4!?+8"H03!(Q'QC5]B&V_6
M%?CI(%%@EPT#AI97<J!C``MC(C%7,?V0*8)ZJ__7R"`(@3PUD9]%2@7(<S/6
MJ!I+DAJNU04D,&6",`%'H!S%]0<>0%6IZ$)8D).`(``:,``6`&?F-T&JMB(U
ME`4Y`WS\R3!4E74-<@#=J@$#P@$:H)8.&CM1@U3?RB@3<)/.TC$'8#H;V8F.
M$`).P`$)HA\78`"$PF?68UCU=6`LE*4$P""P,0535FK,P`%X);#&!SCK.A!#
M,@%&)4##<13>B@)/8"O=BK)XX038T!T*\%,]@2(5@%2P02M*HR,,0G08,A\5
M8`0AYJ@&\3#J!`4XLEL\&35Z$8.0TGJ(R!.HL97!]1/E*4P6<0O_QVWTB(PQ
MXQKXX(:C^'L0*7P(J&#_0X2C`%">`5>9%6.,(5L3*C0CF?`3^1D%!'-W_>1B
MC2(`>%:A&E0!LA(C100UF]`PI>0'6%2C5R0(PJD!'?.L`.(V-YI>5,`+6G"X
M"F`"=D*X?[0%(28(!#!M6B`!CKL)"P!A6!``![BM3K@%R-.'AB"%#5`"XA-A
M(6B[OQ%ALFN[#4`RO-N[`3(%G56JNJL4L\N4`"%AG5D!G1D"#@`"G;D!G%D!
MT,N9TENS/M(P`\"\&^`!G>D`"5"]G4D`U%L!F51<G4D!G`D"XD,"A0`8S.N5
MG*D"R%L/*5`"P&8`N!L%$D"[QON[!P1N!S3`/@*\_QMA*J%">`%?`Q`"O"`:
M_U(`3!?(#*[8`$H(6>3B&A8H9>GQ%:9!`-)HMY(C`41*EE)`L-KT$]IB5PH0
M)'9Z8,_`4U_"(,JA`??4BQ50`EUG;41*5R9",!+Y&R<XQ$1<Q,R9`D2,Q*93
MQ"<HA0#[41(F"U+L`!&@PXC!Q`AL!1(`L"7`Q`*F00[F8"?X`=)5`@P@Q02@
M*$_,G,6%QMWVQ5H@Q@(VQ/0:=O6K4\!PQQ=AQ2&RQ?)Q0">8Q8#\`4:L02D@
MQO=&Q`"@Q&,\Q'(A%Q%PR!%`QCX2R4U<R8J<R('\QQ:SFV/L`/KK8$DB'V&\
MR82,QZB<RJH\"A70NJO\RK`<R\7PL;)<R[9\R[0DRO^&H,>XW,N^_!$%<`"!
MZ0$(L`'"C`#$;,S*+,S,')C*C`!?60'%?`#2_,S&'"C'3,S1C,S0?`"B*HP9
M]I7+_,P$8$,.T`+>.PO)50$E93T*8+5C40$$L`'H#`('``()$@'"3``M@%SD
M*\\>(+W>S(#+1,W,+,[9[,S2*[WS;,SRC%S&3,QIC-#*C,;/K,W'+,[(/,_'
M7);'W-&YP-'3')@@'0LB_<PE[=$CG6&!Z='#O-+)W,PR/<["K,PV/=,';=`4
MC=/+;-+,[-/&#-2P(`L_3=1!;=1#G<9'K=1)7=1,+=10C=11_=127=54?=5.
MC<8/+<_/Q=7D.\]?'9A<7<S_9>G09DW-`AV]:&W69RW6:+W6;]V9<<W07TV^
M.1W4$LW4>"W4>XW4?:W7L)#7,LW-?AW8?&W8A4W8@*W8@RW8/>W8=QW7,\W-
M0?V5W7S9T7S04DS3G(W3`?W3/1W:H#W:02W:I4W:L&#:J8W:([W:I_W:KAW;
MK3W;JCW-EJW1FXW3TAS3+]W9%VW;,-W:#GW0P[W,"+W;P:W1#CW2-YW6S@S2
MXUS1A#W='H#.W$S,V&W;Y&@%*'M"WOW=`?`B3C:Y@#!#*V*O@(!)%$>X+0PH
M^M!NV]%3L#D`^=Q3WZT4YPK>^KW?_-W?_OW?`![@`C[@!%[@!G[@")[@"K[@
M#-[@_P[^X!`>X1(^X11>X8'PHA(N%X]+JF/0G8`@:./S!^T,;7[PI"7S'U8:
M-0-P`49P`0<C/C=LX3(^XS1>XS9^XSB>XSJ^XSS>XS[^XT`>X%J0`+!7Y$9^
MY$B>Y$I^Y#,$FRP9!B+82%?`B-#0N5^`'EDPKDVC%`ZPY%[^Y6`>YF(^YF1>
MYF9^YFB>YFJ^YFS>YF[^YG`>YW(^YW1>YW9^YWB>YWJ^YWS>YVY>"7_SY&&0
MWSOS?H<""+2,E\.*E@&PW4IFWK\<Z9(>*1N>Z%:PX3NSDU?`$XEU!5A^!?[C
M><,YZ:1>ZERRX2$\!C&>Z:_@%3R"N",>-)2K&EINZK9^Z_]9\KE#8.E5\+B$
M6$)0-UT"H.L*,)[6DJU^X.BXONS,GAF/>UU=$#+*'@6K"]]31Y@I-34=U9L0
MV.S>_NU8\;C6_@6/^RKY%.P>-`234>[S\NE:7.O@'N_R+A1_8^YB<,.0CCJN
M_F[G:HMVLWV_D>SS/O`$CQ.ZOH)DT,/C3N566D'B7L=.X)I2$.J-OB(B%`+,
MF_'X;``JP+PJ4`@/@"41T/',"&T9[_%UR;SX+%78P/'4BP][X2P=W\H6B2'*
M>_(9KP+06P&R*1(7@//KTF$GWQPA,/,JP"D4H/(8\KP\/QP4L`*]7A,:L/,9
M'Q%XQ;R15``=#P(8XKC4.Y[@\,C_`1S`MTN5QJL:5#GV,:/V98_VM_L;;*_V
MYE3N9Q`RD-Y25HHEYSKMBL[M%?\NWXPUF:``1+7B>F@K5OPDV)`"5E1LUL`!
MA=_X6/CWP7<8_1!)!+/X'&`N1%`.`W``1&6>%T`"SF`K(_'"&S``1&4:5C\>
M+9X>?">2MX#P-O8Q!*41=HA1),`@J8(\<(2RWY$"S!#Z/3\/\`49*.**G,@!
M,>$75WAG]`B$U^X\-*5#GL"YU]\@Y1"G?#KW?X#P8_"X?,_P323R)F3MA(+L
MG`#IAF,;(!D%%\":_8`QA'*IFJ0LMS`GJ1.W1M<L$\!X0!`(%`!%P(%C!&B$
M%X"#420%_S;%R%6HU&ZY7>\7'!:/R6)%8*`--"(*1<-8$%:*F8!#R3PH*P&C
M((!"Z2"`SBI+SE!.("]@!<"@L"@!I,SR$C/S,D(H08EBH:@AJT@P18BDB`G!
MJ$^IX4QQ"*!/L%1H`FYAUH$48)>H-U23N-CX&#E96=E#2(C`&,$Y@+7+1&BO
M2RX`0\O@S#E;B]"O:W0:7<AVF;W=_1V^3"A-"P\C0+Q/B*CH0`$@@1`X2O``
M&!``6C]G!OXPI.6,WY%_1L")*W+0T*%R\3AV+,-$P,`X`.9IH2`DPJ\`#QI5
M*^(*`*<`'%(4V5:E2*1_D0P%9&3D8,J`"C1X-`HODA"'``H,._^WA4"`H@#`
M,>2$0HN^!J-"Z=&B0@B>706%2"C"80@GBT?9MG7[-@R(:2XU;9CFP0NX"5X"
M<MO29EI")<TV;I'@C,#6"!_8`!()%W)DR9?.+*T78!@`$*"$+(!S@-%)G%P.
MCB8P`%``3P`F\*O`.4"&STD.$3BS^B)"):<*3_9=C$F&+I6WH`1@IZ`J?$KD
M%NFEKM^N`"ECAA52$^#,1BD!4['\&_RAU/P2./4%-`NG7:QZ132RZW4`LVC7
M&7FFDLBY@;LP')`='L``!>Q"G_N*(6<.+\+Q8IODE/AF&GJ,L*NW5YS)R(A1
M!MR00WC.H&Z+>_(9H`'I#FB`$`!.6DO_B8,26N&.#\;[9;4*2&A@`FPD6.`G
M``C@H(&H++I`$B-DZA!)+589+H#O2)I.)0>7;*4<D&9J0([GL$N*`$"`9"J`
M'@&8@CJ9A(@B2;AZ*0&M)IG:"X!S!%!``$-D:J`"`0YJTA\N(`RDB`^WZ*.*
M7=*(:BH`4E,`Q#0=?=2=`JDQ1E*ZM`!'N"[ZZL9/</91(JJ)N#C,0#4@/155
M+DJ]#$Y:TBA1B`PR2..D`#[HPL6<I`*@!$!,*,^U-';$9@%ZSN'QT]Q&JZ["
M5']C`LHMT%JV"..0:\0BF"[(`$(*0'N2NA`"^*<!0.B(1$PFT(R3`D#P<K8C
MNW@=KSQ1E(J`_P"7"!E`@30`&:#8+FHM(5`JMI@"&ND`L6@70`1H%-Z()=Z"
M,(@,*.#BBQ,PP`$#$L#X`8TY]MAC!(ODXIK8O$C*06\\56`IN9JU-\$M'IL8
MYP!S9%2+FD1LQ5@$\9`)PYAN+4U73B,`A#A714&0I2.&P!B01(E<]LB<)WM`
MB'<S9`VSQYXC.,>HE:.K.:I8B2JL)_G1*3=H%E%B!"@-<`B%`"K1FAT$)FH`
M+04H<(%F(XTX"9#<DMT"[B(`6<`L)>A3:8!MG'!\B(9OY9OS4V5.!_301<<F
MKU@9%(+3+OY4ZA!1#7.&VLYE]PT6?$`<H!)AC`"!-N=0+T+F"@9*@?^`E'*%
M9%<K9J2E=P#NN:-:P:`=Z'B-9H?K)`4<&`CP$K8YL0@98:[#KS@Q>&XUP,OA
M@!69?NHC&TXF.@D:"`O"T>YL>BGZ^DRBRC`UM-&/*#)D.@!(P&%>>(I-VE;`
M-T0)``R`#GX*<`:>]0^#`)+4Z#@H.O[9AW3:$$*B<#4-`5CE/%HXA\$RV$*W
M%"!'^$!`5`2Q)P.P00B;*\(]DJ./`Q#`-O]8&D)2(`&N'4"'$3@)0Y)",",P
MH0`-.$AR4K"P#T0`+8D)7ZVVXL*.-(`"9U@``4`C'Z;L(@,S!`1UMC%&T-1P
M7&1T`QS:`#Z[%(1()XJ`/H`X$WX\;P,(R-'_:@(2R#DYR8MB\)L2AIB-<VC@
M"@?`C1U`9`<);4$.KCN(X*[0AO&IA%-L2P-:\-"7AR42E6V1E``TT$I7OA*6
ML72E=(00.XK@XG3E^P+;A""`**90#:M*Y3#940`,'%,#&"A`!%YI@&1JX)),
MP8XH6HD!#3B@*"BP9BN=Z<IZI*`!SXSF,@N`@E9FZ)7F;.4`;E6`5^*&F.P(
M9SJ-D()JGM,*UW2E-1V"35=2QY5$D$#JTOE*:VHA`?=<RCP/&D\Q.&`""CB`
M>P:P!S!:<%QN*@*1'C0++FA@3H*+B`-V84$".`0U9Z`'VRH0T7Y!PC8(@9A#
M:5H,20E&$[R<%)-4_R9"Z(5!IQG(&A=6^,&:'A6I257J4IG:5*=J9B[&H%#-
MN-"F3/GI=V+0J31F=D#8/16L817K6,E:5K.VI6*Z*89.;5DM`W)A&ZD#:CH4
MB!@%W>RL>=7K7OG:5[_VKU)2G0:+;AFF:6IA&T;MPE2!:012Q0:OU9GI7RE;
M6<M>%K.9A<=-C:%3Q:;,HY@40O.TZ@S7J7`:[C$"`B`06<V^%K:QE>UL^?JY
MG1*#L98RPG-&V`5>3O8+!?("D::AS`(<MP!VN"IMF=M<YSX7NBY,*T[]-PW^
M10!9T\@`"<JD`5J&::)DP%-CD^NIT=4GNNE5[WK9V][?!+88C*5N3!:P@/\)
M.*``_JDO=5(@JPEH`(83R(#7QM!2+I0G`Q0X[@)<P"/[.I@#B'3OA"E<80M?
M.`R<76M@,-QA#W\8Q"$.D&UU>PG&*E;$*5;QBEG<XB],M[/3:*N+:5QC&]^8
MO:MT+1D82U@<_QC(01:R7S<H83+HU#.(M<``F-QD)S\9RDVF`),O0&4K1[G*
M4=:RDRVPXR%_&<QA%K,F;*O1NJ`#8F7NX)K9W.9T`'?,<9;SG..<5C-7=QII
M=O.>^<QF.-,9T($6=(N+'%\T:Z$_^?HA`A;=:$4_FM&0=G2D*3UI1Q]@AI@F
M8Z8YC<1!?QK4H0;Q!D.PX3R+&M6I5O6J+5%F(X]2@;$!*#6K:5UK6X=ZA0LA
M1NU.?6M?_QK80\ZU$/:6B:18-]C)5O:R0]P`"8).>'#PL@J[@PX0;&7:S-;V
8MKE]V0V*+II>^';HL-)M<Y\;W6D*`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>coverletter008.gif
<TEXT>
begin 644 coverletter008.gif
M1TE&.#EA``15`'```"'Y!`$``#8`+```````!%4`A1D9$!D9`!`9&1D("!`(
M&?___^;W__?WYO_W_^_F[^_FWH2$C&MC8WN4>][WYI2,E'M[>[V]O7-S:Y2<
ME+6MI;6MM:6MI4I*0A`I$"$0",7%Q0@("&-C4M[6WM;6SC$I(2$9&3HZ,2DI
M(0```$I22CHZ0EI24BDQ,;V,G+WFWJ6<G-[FWKV]K5)C8\7%UEHQ0GM[:YR$
M:S%:0EI:*9Q:<[6,O0````````````````````````````````````````;_
M0(`0$!@2AT5A,JDT,I]-I%,:91ZI5RCVREU&N]/J-VL$8#;>,F#0++K78S:9
MT"18C_;C.\#>YP-_>D1]>G^!>X1NAGMZB42+@FZ.@(J,E8*$DT=R5GV'F(5%
MGI:)>:.1FZ%P@%\!&X-(=)0`>5FR=$JF6$ER<F5:;VU*KW>\CU=]KV"PN8]%
MM4NW:<%-IY:KSJN?LZ6BJ)+9WK/7W=JDX>9;KEQU5;AP[$+0\GC%>?/RTT/X
MZW5WM-&DU$*"9LPQ*ZS6I6F6T$BO=O#^L6J435.?1-908:RH$1:X<1T_ZKK&
MAR*WD!XS,MI8LN2N`@8.%(`I$^;,!#1MYC0P,V;/_YL[>\KDF=/FT`)'@Q;E
MF92ISJ-)<3HEZG,JT*I7?QJ=J;-JS:XUI2+5*;9I39]/QSHM@!/G3+-/J895
M*S1N7;9TK6)56_,H4;%;Q^:EBU0NT*-EWQIF^G<KVJE]'>/%.G<NU:N5LTZF
M6]GJ4)F?BPJ.^K:TVYU0P6Z5&OKRYJUG2:,-/38UY-*X28_N^I,T:,FM!>/\
M?7MSY+V/=Q=_'#PS8:*6::-MBQOY6:XR`1=7O31I];N\1;O^7=HK5^@Z^:87
MG-SV;NZS@:MNJMYRSN!&%Q?UV_NR3_R,U<73?^$%:!.!R&F%%8+T'>!?:/3E
M]Y-UJA'%U8489JCAAAQVZ/_AAR"&N.%7(I9HXHDA6HCBBBRVZ.*+,,8HXXPT
MUFBCBR3>J...//;HXX]`!BGDD$2&F&.12":IY)),-NGDDU!&*>645%9I)8^G
M7:GEEEP*>6278(;Y(0)BELGBEV:FJ::7:[;IYIMP<D4FF'/&:>>=>.:I)XIH
M[NGGGX`&>F.=4QY`J(E]"JKHHB(>&J6CB3(J:8:.#AGII)AF*FBEFJK)J9XJ
M[GBIAEEVNF>HICZ:ZJJL9E@JD:.V>F6L-R60@`*VOHJCK1[>FBNOM?[ZZ8;`
M?F@KKK<.NZ>RLD8)`0,-')N``[XJ\``$)1JJ)*$&(#NM`N?AZJVK3S+;+(P1
M,*#_[KKL,N"`N7'J6@`#SZH[P4WUVBLFO.>:2$$%&"9@000;DGG`!0%@T`?!
M,FK`0``,<_CP"`,480)7#^O1`89])@!!`-A^Z`$(`V``$*IWTMHO=DUJ``#)
M)6]0,4"T?'"CRBQ28`<E&W!%`1MYW&LCSBL7N8$("RS`P`@C7+#``Q>,H`&K
M$S`=,E<+,"UTF$07W2'(%U)00@!;:W@!``Q#```#,X8@A`5`<6@"`%=?*`3#
M'31P[[`,K,&VAQV$<`*X!9`0``J3HNQU`?SN2`'97$&PP0.19Q`"F*@^`(`(
M&L[]=P$21+LXGD=>0%0*3%,^DP4==`!!T@V$K,'K"S2@_SI7#\2>].T73K!Q
MAKYS%8$$M=,.P>\ST:YWAJ_KO@"&$)0:@>YP:_@`TU-?V`#31+F>-`00U!3\
MA1'0?F\"NJ>O0H>-CWYC`A<,\'P!'?0M1-D!TWWA!1?0J#;`'UH`V`+F"N&Q
MH7H=B@``&O"A"J#-;G7+$P(4Y[XH,>!BD1O`[3KP`0S2J'TN\D``+I>ALU&`
M*VSX&\ZTA2$05E!('6#:_"[4`0",(`2GT<`&FG8:$XP`!.HB`=,&$+&97``$
M&;+`"(JHQ!&8H&\CR`!7F/;$#9S@0CX4@;JB-@(`9*\```@!\A@G`2=RJFI2
MPU#61H"\#H!@!!^P4`A`,,8"7/_O`SB9X`=&<`)UE:`$.W+A"Y,GA)!U@'B:
MP]]YP-@_KG1@ABP:P%<T`#$036!M&D*#6UP700YATD,1&.!,6(!`#5Q11A$`
M))6ZEBIY!0D"*H)`!AC(%1*0,$T=",`I,62"`2"P`0QPY8<H.$@B*<L#,M20
M$'E7@#U&+(O(TX`(L"<\IB%P)F]LY!1'P),FP@T"(_B;!AJ9@"Q:R&5=_)T-
M<7@A)7XN0VO\8O*8-L:E\>X$(Q#!&",P`&W.:P0A2Q?@&&"'"P!0`R8H:/92
M*80+$(".Q3R1`BL@RIDH8`"*?$L"")"!:[JHG`$@WP,#J#\,&4`(*ZKHAEBP
MN2)R!7[_MWQ1X/R9)$%&M$A]XQW_UN0RSI5PI#>%$S%C.`)(<L6'S`S!"*I'
MU#H259L18-HN"U`!IL6T`/2DGPW7!TYMND4#3"L56)TX$QO><(SAY!`:Y5D`
M<++Q0BT8`2UGHM1\CG$#_EQ:R(3IR+!BJ`0C6)_=0F"`I?4LJ"$*P;T^Z4@`
M,!-#(<A`!D!@`;868&`6J`#A/#`P@G4@`@.#"0,R`+$*>*``+K,`!4"[,5TM
M@+%V`\!I$J!91U:`!13H@`58H$X(1."V+N5*"D0`@C!&`'GP&T`(;KLQ%GB@
M`\QEW,`H(,\(L*`"3(U?"'Y;1R?9%%.HTBUH;879C8&V`MAE_P'!.!L!"AC@
MLYC%;G-!.S4-K-:C7)%`!B!Y@3A>EP*G?>ETKRFP!-B7!5,[KSQU6X#_%A&[
M$8B8?;$;X)MH5@/7E6<*7M:Y`%PS`E^,\&7'R[B96!>[G'(!:$5L8@@7,0&\
MU4`%5EN`"(>698A%T5@S&C7\*95A2\,`JGS(31,S;00GG,DT1Z#*;;8%G]]D
M&@-<`-=\FHUI975K"4Z3U@U=+Y\A"/,)W,:T%6"QJ!<Z@=KLRA41D.!">BT1
M43,$6,%R!0#]JR$&<MPK$Y"`)P&8ZTQRF5%'NBT#+^/`:1I```C,+01PB\#9
M&,B""V3@S10X6PCXAZV>;GH`^MR0`/\W70+^;?H#?."*!4+@X>2)X`(34*[;
M,+BY5V_.SA="0`10C>@0A*P!+PBC"2Y@@?B98&QHB\"837`"$4PM`2T``?\&
M@"T)E*"?_`LNF_B\(0M\`-0*\,#8*GEM_JWA8A,X`:@/8$H1E+ID)^PE)B$@
M@A/0-+\8X*\(7C#'S66OG!B-WP5.N^LP2EN7#[CTR^"6``:((``E^,`%1.!+
MI$C@U7-4``(JD($+/``$'X@>:E$=@A*8(``92`%7/`#J4I>:?Q,?```5<+:_
MT9L`FP[!`##8<!$,NZ08BL"KYR8"@@D]!`L(@19E$@&WA4#BH%Z`M">[M>_>
ME*A&G8D/&:#_@:YW?9K5VZ$$-+2T$=3$AS8,657-6L2L5HV=-63:VMJ2=@W%
M=00SV0`$T,A.K+9`K5J+L.#+7D^`7B@$)JAJ/LW,R`N5T01=A_R'5H!E#$4-
MUP4X@2I]R&T./8YA0)^)`PA0:$=.8.*(O@!.&D#MU0&@!#49P%QW"A,`0-)E
MJB^``#LYDTN:0/`@!C%IW6*!:U<O`"*0B0I\J0&W#.`#"<8YAUSGMC7(#J@(
M6YL)3%#.#.!D`@&XF`4P6M8`;(R2\B2F,8OYE:\@X`.A3C@!<!+*;@+@8@@8
M&P89T,A>GM!E`,`";*%8'/(QO$,"`#`!!Y``$C``;--]U0,!#HA:_VP@>0P`
M:CCA;20$`1]`-QMC`<05`08P`%062I\E`H3%.-]V6M+T>C*1<)]S41\0?((W
M3@!0/32'`7_3-QE`.0E0`@!P6A6@03/!!D4T02'P-\O'`+MV`FWA-E/3`107
M`E.C-LY68Q^`1%K1>2&"3&B6(4)4:\V&3R,`,`D@91I21D56`&%6=CPA.2K`
M-&W'1A8P0A8BA4=F`N^%AAE"9#7F1`905^S491JR1E1V(6Y5>#,$5H1%9"*`
M$Z\&9UUT`F]TB!TR9W^U5!B"9Y?UA5QX(=)T/!W`<A+0`81#/Y`#(I)V-PH0
M`#9S5``@6`1P.YMV$XX%BI6491O2`*''%?]%`(I$I(LUYD47@@%78TL?HD"(
M1G^Y6%8>E$M(MP`7$&8TEP$0$#MA1CD40(Q,,D$9PDKGTH$$$S\)R(88I`&6
M<P"Y-``98``:``*"U0!@\P"NT#\+D`%]8H#[HTW@]SPL$`#OA&@;<TD,HT,Q
MP!6(AS4A=50!4`$',``ET`$&X)!*]T6^-Q,J``!)5@"M9V(`\(J6UY`7HD4]
M\71<,0$9L#$UUP!)AW080H];HP$'DP%?-'X8-'Y,E0&?PP%7]8D@@CJ>>&9)
MI8D%P$6O4G8U47)$%3[A%%5E>"'8HP(JX``94@%+%@$'4WD84G9V1%8_*%58
MQ7N]1TT7LD9C%%?_<U55EV,`1+8!!K`!'@0ZAE<`$V!9&8*)^Q-8&-)Q"W`"
M`.23D2,SD?",Y;@AA95K.F<!!A``O.,R:RE*M)<``'"07.$R?PE;%P*#&7)2
MLK5R-UA6?U.'130`8Z=U/4D_=>,`;'!^,C>2G[-A^&4"IZE`;`6.@-DBJ&(!
M&`!Y(G!)_1.,6G>#CJ8V*K!J9X%2O3E''6`"$/`I#2AHTV@W8T>;O8-)"A0Q
MUL@5T4E(U0DW^B59]\)L&/)PY_>92O8Y-0226&2>YXDQ/G59YE<`LNDA?=.'
M5_5PIZ4`[$F2,^%PMRDB7OA813D"^(-/::,U&;(TC41)@%1VX*1D1#D3_TQ#
ME1B"0!V``4]9=K$Y`F]6-3PGB"/@2E_&5F[%>%KGB4IT2UPT39;X3V*I(7N(
M=YF(>6[VGQ4Z`18P`5*)9Y756*67``MYD@'0?/*#B$7ZD#.4D&R1BC-!21$C
M>[M(FM^X!J`(``!D:0:0`#HG3]EIFAK2=!?"EO@XC$4$="SW3D84:A4ZI$YR
M).I7-(<BA28@C0\I`HY6G1,0`B@`?@P0`K@&A$.(`)&%DMV%B+>HG?X$-MM8
M1-=F=$"U0(C*%0UP6$TJD@<P`5D(``I0`C$52J:#6E9Z9U?C,E.EG:W99I_C
MG[TW`%0Y<84:.0%@5-MI8BC($ZG59J4Y+^]IH_]]@G6=,P)#B4!,\X@7<H9+
M-!-513#&VF5*-559!3UI]I0&,*PJ0E13<SUO5DU^M2%KI4;/VI]S254W="$N
M<&3R5$97,SX<H@!:J9UZ.9)-9J,:$JL84D.E=P#TBC6^E`!H<"$D,``"6`#Y
M6I3D9'M5BD"8B36]F'<!<!HN8)XN0%IK@#\;D*LFH)["$P`!&YSEN;%@A)Y\
M8)'PPUCM-8QV*:])(H&5I#90>AY`*`(\(0(*(T\:D$+#B`&W)`%'\IS[>"%@
MHT#^A`$-6V/-2(1&I$T"=!IG8P$6\'?S8GX($S&75)J6R14ZZ$C(USGLF7G9
M.B\@F9$;,S<>!%KT(S3_%TA3<X-`*I`!&%1#=B8"'."><8.R&3)6]S:@73L3
M^/273BD"U0."3*9JQ_I/,IIY?`25(=J'JI1+&_`[%#"L`#0!;X1!'HHABN=*
M:V14;E4V2S-#*8HAZ%1X))1+VD9#9&D"&P-8U5,"/,&)=)LA*E6':$H^18`W
M(*!*$MA('[-7?!`!'O`PO>D!!]!%!>`"3`=4*J6="[N8&Q!B&CD3)'"WPE@X
M,543$$``)_`[+E.:"G0YV0,`N5H`'"!9#[``%XL`E'1_Y?M`X]<_)QLDE<)7
M1?,J=9BM=0@`?9B*<^.TL<434C@`4W,`A<0\C-FSHDI7D%J4S6MBN0BD,T1[
M_VW%IFQAIVP!P)<%`!U`22)0@LI5F:U6A#-T21AK1.![(5TJG^]Y2>6IOJP'
M6A6CK$)``L?%?[F$P:@U0I7)GB=L`KOZNL7J5@`5,:YS9`_@665'-@O%14=V
M`5*[0PS06N%*AJ@K:4SS`0LP1D`\`A@P1A6@Q$Q#`MFC`4+4F_N4N!J"4,-Z
MQ2;&15:\`AYS9+Y5/R.P`6I<F6G$%FMT9./:(6^LQR/@`7ELKD3VQ#Y\9Y]S
M-@/P"@,P`/1;/B5#!"9PBFH3?@-+54?@<.'G`09P-F&TR6S@2PHT!/6T"@$0
M8!U`6K*`P>2X.6"$41/PRM6C.410BI&E,/A3Q`R@,/\9T)$%H``G8#$-L,M"
M^SL&4`)GX(I$(<M\$+`=<`*[G+>%3"14^!:5?!-?&Y]JE*O(:$03>!-`N`1,
M>!$3($"B7#\#8&_`67T08P$9@`87<`#?7'%JLP9H$#(&0`*[O`%"DZ=L"Y&U
M)`<JT``B``"6,WY*0'YT);$3*W5"@%&2Q<H"(+'W<DF#<$)2F(L4@(`H%VJK
MAF>O1Q3X/+$N8S)X9`)"B]"W24$+:"LQ02()D*4L72LP'3"_8E(+:`!_\16_
M$A,LO8`FA0`)X"!?<M-!3=/30B[$\BM%#1,][1:YDJ4.\M(+F".$HM0OK7XK
M/=59RA96S=0Q'<TXC1TOS=+_PM33FYDK9RT5IQ'5H#'32LTQ0#W686HH03T<
M,(T3ZOS)S_,KV5'7'.(@:'$>P'+7%W(`Y/%2/%VL#L(D;\IM+(07I%*L&D(B
MBRT4=;+28[W8F<W5:!TLLS73,1'72"'7!<!Z0JTBAO+8-V'88>K74YT`9,+7
M%@+8MA(;,6$`"!#5C+/93+W5M3+7..W263K;+3T30.T3F=W8T?Q!0V)U)>+<
MR]UYRI("'\`!K8.^<Z0C(`3=.W**T?TCW"TBUULN-?7=YGW>Z-TY5[7-$:7<
MZ4TEK/?>\CW?]`TH!P!_8Q0"T,P^(F*;5!+>]:TD'^/?`6XF!%[@""XKZ=9!
MPT8"_R9`*P=N)]Y=3``.)N4T:P*Z(NYMF`G>X1[^X8,&6A2`8"U2X5MBXIVR
MX7%B`+@U8^_+(BH^-"!^+BH2XS-^XQ&%XH$RX27&9Q&.XS"BXT`^Y$3^/D6^
M)C:^(C_>XSBNVD?^Y.V-U)@BOW`*Y1V2Y%:^)KK2)_Z]Y%GN)'_9)EE"Y6'"
MXU]^YFB>YHNS`.Q(<;S\(QKP8N$W`0_PR@NPD1$PSBI0*A5@YV0>(V:NYD%2
M*C.#!H@V`""P-9@JO4NR`,%E6AV2=2_5.Z[U8@OPRJ7;I';N5)<^`1.>YPN@
M`I\^SA/PYX)^ZBC+SHIF`+K9=^NJ`J4G(BG``!*'B$\@6?\8%`$@(`&Y?`&G
MB([,V7&FSB.!OB?%/CJG^-*1%0$(4#\`L`$,%`&2-<)+HFP?\&$G5WH"I(H2
M[$@?\`%;8P`<<`%].@"85SE$D`$?@#P7R`>NN#4<I"X@UT8ZR0`@1SA>CNI$
M,NR3?B-8GN73:"'W>.PUQ@9ACB@J``(9<+4WP3^MTSK>1G\@0$OT6#TL1?$B
M^23=DB<;;Z,?@`%?=(')9P`4\`'[K232'E,K(,N%F2$18`<?<LH`T**4E((W
M@<_9,W'!Y0&.Y0!"AP%)E@(8E0!"Y[JZ7IK_*#0*%#))_^1OF@+>9R<Q7C^6
MIJ3ZKB/]-5LF0*$<D@)/=!JY8R+_V[>$+Z6'6(1!LH3O3X<3/-P7K\;O,@+W
M5X\B*A(_$7-20TNP3W)TA-(!Y"Z!&;4")(._'A(",[MR*#A&'H"SJN:ZO3.V
M%:=[<8NL+VQ'I:R=(``N;(X\:Z_O2Q/K9<)*43.[<S\C\>/I+<)!X0LB1'$"
MD_^E5RB9NZIS'>``(#!5;I/I-"+WI3\C'?A%'<`&",GH0X*.Q*HAP:](Y40"
M]1GI'Z`Y`98`Q74H(J2VX7>7R`."#*..+R4#%0<"05J4G_D!4J2\&RGHT[0!
MO!\G/@3ZO<\B]@/NR-4!+K!0GS4GZM@6U\8`'I`";G%<0!!1%(A%8T%D.AI-
MI4/!`<HP_P$3!69:#`%82^\7'`8;Q&7S&9T^*A#'A!H>E\_IWZVF",D`W@52
MJ*/#!<\H,"*PL*/@,.*HXY"P($%#40P"8&$L8&(I0N0`(B`L`<#%(H!P`D/)
M;>"BR"*#]4OA(N2K0^1C"("OB*&*%.")")BS#CE9>9D9&6($NK)`PN3"NOK"
MXMKZPH2SPP0[^ZVB&KNE;R*3J(.ANX#!W+JB^[6`WMN`NMK"J\.^0+AMW<@8
MN3#B@9<(L\Q5@M#OGK4^S2A6M'C18@(2&?8$8/"F5H!;!4"("/`FPH4`_6:`
M*!D"A`<-%W3IDN;E`X,O$0)T*=!A0!8B%0!<Z`!`A)$(13&&&?_2%.J<@E&I
M5CVSI5&"!0$RJ-#R`2S'8_<`?.!0%B*P#!Q$<(28@`&(L!2(?)`EQD-9%O$L
M3&0WP*O2#YR`@4F0LX`%`(H4V'7!P5L?#1F2$ED`@`.82P,:>6$1H$0!`P$`
M&-$@TL``445.C[3Z&K958H:3D!C!ZM\$%0=UNX.@;D0+%>HT0/O]8,.(+!9&
M_`XQXMB$$1(*=D!(1/KO!A6*C^A77,FS%@[">6'@O<#,"1-.C!A^8381$]>7
M'.R<`%HC!P,&%`$`,;8`!1RPC`E$$&&#`#ZHA($/BG@@`$4,'`"B"3:8S80,
MWG@```:F6D($G;RHICJDC"#*J+*,4`S_H`&?(A#&&&6$PZ\M0@SAP+'\R"`3
M#4QZ0P.PVM``A),*"&$/3C10#;N5?@(`A+H`D$",R40R4,$7?]KDB!!8@:"_
M+_0@@H(`&ND``P`RF""$`$!PJ"@*(!`!,S`6$$&*2`P"H#,`C&2G+`/4G$H#
M`%R;$=%$X;`.N!%N@F>$)1@MXJ")\!NA$15&P$.Z8Q:`I@%V1EA'NILJ&.&6
M"TX@XP(""-%35%2/H`D,WCJ!!J``1DBA@$\W+>"9#Q4=EMAD-#`AS<P"<K!)
MR0"H@`@(VT@/J086F`&``1"8=HD.O2A4V2TK(\*"`4Q(88`35C3W-2U'*789
MO^"==XD/IES/_XL+2"BB@=)(RL`%?@.`H``%1-C7LM7H9&`!";"(+CXO0CFA
MD@RI+.*HP.0+P0$B+OEB`E3(!0`/#D'H@X$`6#%@`8Y,\%-C+U:`B5DC4E[G
M@%ZFBF"`#W+VEXA"#Z67:$3G(P+7(\Y;(@7Z"H"RXSQ&T(DY/.9+Y8/D")ZT
M`.D8AH#7`DIHC@!/H2FALR-:0'4$OT@`>HGYUC&B!$,CQ6Z$T*P9X95WN"T:
M<*(MN`D895NH>8+%V'&R``B=I>L,Q.(>8"(T-S`B%$K4Q'P`6"^2-W"*W`V=
M7B0]IQ2@K<@(`6'_?+$FCS!#"!>."P`@&+L$I7&`2R)2:),`T@)0K?]M(Q*P
MG;1>!NA%S5E.(1G$`<(&XZC_"A$!D")4FVV"#"P0=#7+*"2=_-@\@`9]5/U:
M^HCSCWG@-J6;*T#3$-&+EH%"F[,NE>"`@?Q4\2,"7-"7M@&"8`+/N!@1+B"`
M6D''$2"PP-K6H8$-?,`"&PA@`4;PM_)]4$8AT%.A1&0"URQ@``7A&;2`10#)
M#`!W9@"!B$P3@%!A+`#JT@(J.A"`<2$A``&SBK",!T(C'M$(=ZB5:QXP@"=(
M+FB&(@+KBB"!U9S@`J#SPNA"8<`]1.U)8]$`#1I`1@C4K0$-B$\"(-#&-KZ,
M80S``(".U+DCO$Q'M1)!)#I``(X58327*P+_"<QT`-5,!2M(5*0:B'@$347`
M``F(`#1TQ+Y"0)`(`!B!$(D@@>DDAF_SH>'4"N`"39H@?*7Z"2>?\R@V"1`6
MZ2N>?.!VQU$=X5,$@$;X1``-G:P-2HU<Y#`O0H*:_40$RC)A$4+6AQ18KVM_
M*I0(I#$!+=:E!7$+0,S@,8"YE8":W1P+CD9'3'B5TYRP:=/I&)BZU80``Y'8
MRCKTE0=_F41C&O``N;3X(IZYQD(T_`D!$B*F,!'A$%Y0S#X3D($H(10`LV`'
M!@Z5@&.H(&U`<8T'P-*!-E#@%@_(0`Q-\"9@P;`()MAC.EF:A@0<R"`C.,%$
M/+F$XHQE;+0;6S\T_Q6P@^".E.E)#M#@5PEYSK)7`[QE$1(`@@L@H`,*I%0M
M8TK#"?"$`1TPP$$**AU,_<0X+14K,Q*`H[FEK&)52(R:)H`'#XRO``T80*CV
M:8(!A,`"%)#`,1T!`!+$YS0`$%8/3[!/N:XC+PLZZ=R:@LXM&D$!PC2B9,<*
ME5PH[@L?F$4HR.4*(`W`"5/<K+\FL+P)6$`%(,"#O7`GS`Z`(`1]X$!7C/`9
M@1Y!`D#;0HM@$41)?``#Q`A%#)?U@8FD0`K]4-D`/R""SJAT!J>EP`0(*@D?
M-J)[(B+%2CETV\I^%V^,]>I8;/.H4]%PDGRK0#GHPYQ^N$!K!1A`-H,F`/^@
M>?("$;``#>>3M@LLH`+,T1%S.L,<1XFF;H]**30"7`'[5<*K1=!%0>83,?!>
MV`P:D,"=;(&C@J;G`R()`<T>P(`3&.H5%)!""$+E`GOY*7M+>`!8>A&"#Q#B
M$MYM'(Y*@-(B+(#'(\7PC#PXY*;@",8?,.`B+@`"O\)#!'=M@#X^`((Y&3<Q
M*I&%`;9@*#RT8'FD@<@66@?((_CH`R/>P%@:1*>[8OD(8$JI*[Q``3M*X@2P
MM=<"#V`7:QJASVK=@HT_D-]H,:\7PX.S"G"T!0\Q<]#>,O(B#U!DCS4A?T6(
M0`A*X`WZE:#3`/J'-6+H@B:4X`,D$*(&6E"""RC_Z0(E.*,)`'0LA,:Z!"&X
M`'TC\(%0>VS$_S7"`[PT-VLP`!2@SG0A(!!K9W.Z!"0XQ@%<_>@69'1HD]:V
M%PZ@`7W*JP/ZC"0B/"`32@3-!=((M[==NVYO:X`8X;[F)+R]!'KO$UZ4-:)C
MMZT,;Z=@W<*:1+CWJ4]]5D(!!)\6O1%A<`\H8N#G'J`&^(TQ@]_$W>%6<`%6
M$`D$/-P+!M"3`KP=;B.('-]&@*H&WL!P/75;`^F.N03HR'!YP;P#%N[WSGG>
M<Y\CRM+FG$C0?UYTHQ\=Z4E7^M*9?N%KKJ'I49?ZU*G^=*I?'>M9/X(!B*YU
MKR_#75;_^MC)7G:SEUW?_V=7^]K9WG:WOQWN:1A"UY&8=JW3749VC_O>^=YW
MOR.JXO8>:^#_7GC#'Q[QB:^LV!7?>,<_'O*1E_SD_TYXRE\>\YG/>N`MKWG/
M?Q[TH=>V10N=9LU&X(9>F):&>4N'"#`@VZ);0)IM'`(&I%P2$_@`-Y>@=X7X
M)0+!CX!?)!D!%FP\H84(/@OTB\$S).#XG0#=\I?,CNIKG?9I?D'I4:WS9DCR
M40JX/E/'[XCI'2$">BI^\G'!_.$[POW7?`2X-RYZ^]_?*C,!`0G>K0*3P/D+
M[L2;E*$Q]J`I-"()WHT$7")M&B`#YLH+/(#]XJ!<*B$!)``$5,,C^J#7=,5-
MUO_A#3Q`#_*(9S9`-09`!/`NRP;#-$B`,X[@`6`+272D`W2O];2.$J+,`MZM
M`;:`\>H@)5AP@"P@S<*@`1Y*#&9H"3P`)L;B`!K$QC*@_A:@2`(@`$A@(J@P
M>*X0='1/L=BA98@+_\:0#"\B`J0@C_P/`"#G"S1L390A`2Q`!#``(XXG`V`E
M!I""$"(@MSZ,"41B#AS`7BJ!9Z[J$@*`Z\HJOSR!,LC@`"(@`PC@#4U#M30@
M^+SO"%C`%;AE!6H@>2)!`4(&#[@L!(BAU]1$Q[P.N/1$!=3*#&&+4+8@`VX0
MH4!`A\(@9,30`^3"4I`%#YKJ`U;`I@8F`EHFGA`J`!;_0`.,$59*BX;$S\DP
M0`S+D!JKL0Y$*O84@XZ^P(:80<XNX@(P@';RP$TJ833\,`]"((94D&[VH&+F
MQHH4(4CZX`H&0$GVCP,&`!TW30T@,8N,8`)FJ`3,Q`B6BPA48)N(X`34,:+4
M3HF,@!HN@DA*,8D8,O9^PBY^R`L29P`6""-/0$O\D9DD#7-HB$,Z`P),\LZ:
M1*`.(P0DP,>L429G,@U\1&1&I/P&"`!BP!N%@B(.(,K*Z;(((0$"`!V3H7LX
M``.>(@*$T3*&01)\0CXR0*`0H'>*(-72@&<N0)AX(A+*)89:XPA"Q"%7DAW8
M"1EZ[0.V)5]N,`%,R)C"8`5R_X)',(8RG%+3;C*N!L:F4JY<7L4O,:MKV(4;
M&8LF#Q,QT4^*S""R%,`O!"43#L``(HL(&K,('%,T,+,Q_8*S"F8B)K,/0!.R
M1!,,5."NKJG'[*$H'T`R,1/03FXSP\"04B!Q-HXOO>!MI!(*KI((2"`RSR`<
M\T@I^.3';J<(T.46B2`)'/(FF>_D/),(6K,/6JX`6K,,K$@X44<AUI(!-%)I
M=((JBW,:>6*!("05L3(5-:L(#L!VT/(V$Q,^$Y,G:!'][BI;LFJ`^-*N[K``
M5,(H/>9`&$`U2(:02..LBL(*_U,!I,!?-+`S0F9X0D"R.$2B,K$A)<$5!A3.
MB!!HSO\0+`*``]@I`4Y`"4PS/@P`3`+`^P)@`_Y&`3:`FY#$3RX`+1$*>U(@
M!AY`P2@`>CSF/0."<:9H',<N!.RHK,8"N094"5`H`#"@`U@@0:*D2`W3IG1!
M`R!@`7"OG3H!@0J``_@*(*7P:6[HM?;(6M)F*0"B7Z:17Y9'P>3J3[HFHCS`
M6D#'..,33VGR-$)##.:3"!H`$(D@&9&1$$9C'5Z,`SI`,0+@%7+A)H$!#^Z$
M(*<!:$Y!$5)`!`+&<<!`,>C+"RJ`4?.3(.7H%LIJ>8C`Q4)@"%KQH)2F,D+F
M)M@3!#8@MI8`A3QR2_)('2XA6R@.#+KGKE`IJ/*R`6,R(`#_(XG*C.S@:7G\
MY!@X*B&XK&;\Y!$"@$IRQEK%0#$RX`.LZ`KO"$S-@@B^%!>@Z38G@UOAE"+[
M,Z(TH(D(X#R1A3+<Y64PX&2*85:]Q`KS*%OSU%^KD2<&@(6^H"@)((F(,P$&
M<*V($@`**D@0AMH.2C$(H3M[2T0D0"@F]B<&X&)QD5&]3S$0)@$P8&Z\I(K\
MI4BD@0'6;`D",A4$$Q8R0`!2#Z$PH/6.(CLE80MPIP878#WP)4,D]"?:A(Y8
M@#@]1F'E8XZ,@"S/KBU8#O8"`U89R#4B0`!L81W/LXJXM6-,54=@QV9J-2!B
MKP.@Z#:I<*7$1LA^0HXR`$DFM0T%_^`NT(\RE.``-@)A/$$O#?5?^Y8,EP(`
M:-;>`M<T!.`6<N:&C)8H(7"*6N=CR.0F(4"0TD,$[$$"QN44]DD!VN0$E@UD
M_(239H7.K&N<`*(SU;,('"`#`D!+[!`FD"S/EJRT!N`F4&E@+[-A.74#>#(]
M)(`#XB$>"B!)?@%*C(!'Y>E."P`!FFPL*Y1(>_0W+E,29NR'\I$^P:!-/@P#
M6S76KL=ML:?&D/`@,0![L`<%10`"9F`MF`D+\%(R"X`TQ*X"G*SZRH5DT"0#
MTB8$"*!%?M1O__?SM@HIRDF22$&\.%8T_C,Q[FPU*<5Q);9'+S>)6($M8*$4
MV`&5D`(3@?\2@24%!##@/A3X2#9K-920-6;1$4R``2`#]E2&`^0%`6`K:C3"
M>_S!'L'@`#+@*),H`V9CFFJK1_<RAGAB:*"H[!XRDC!&]YKM4+:"*]7`=M0-
M`\*G/UO$`E28`W[7+E8XSN*!`UI@MHKM$B(AAS/@0YX0KL0`1S;N`T"R`T[@
MATZAS/P7@.L8\XP6*1[E`*JA*,77=GRB(PF5"/AVBDPW?'B&$')+TPZFDS`7
M`/9I.$JI3:P..41@&P?ST20!$[1@L\+D0*3A$JCT"!*G8QYQ(DY!1)X0FA`@
MQG8S9^7TD@%R2LB1N(@B;4CA7JFE0DWV[!YR5GH"RAY$!"!$HG+_<F1H:"N(
M*R[!@`,.)0(L[4Y/8Q94(`-:`+`"=8`Z@_W.<"2V>6ZM"$#>A@V?1FOMV)P;
M#R[4)`0D4)^(T`2>X"P*2L7>V;H*2C$\I`-@L@$(@9>!)7PTMIM8Z"2+X3]G
M@D("`02>`(7(H!J\:ZM0L"^(8`7,TWBN<CD[B0Y[Q5K)P$=450P2!R5N6!)@
M"P\JP,;:2@)1%Z)B"/R"1@224Z$N>H^AJ4G&F0$R(%3>DC^9JG+5SEY.![80
MP$,[8`6*<@$.`$>R0B5>&:$&H'7P:#US#1.7B8$(=PG.%7OZX!(^[`#VZH\0
MRBXH[C838`96JH=PYWB<ZRG1^D"FYRC*__F<XQKQ+*!NF"<H3*`Z+L`5_`\+
MN^9EO"0!'OH"TFQY0J`"OA1]>V4+3&`2]/H""`8",$"S3$#)6,,DNO/$DB`7
M;,_VIF@/EFQ;V(113>`/FA8[4`FO+K"Y.*`"8&\6O^=M+D`%%K+^`#)"?H(C
M2*`%;$P1/(!..$)->H$0&L"$LJ4:'G$/3.!++R#PFJ@;H%H^NA,IRD,TVL0:
M)`@68,]/2,#0OBX<Z"0<ELRZ;2%;1DRM+L!E.%AP%<H5PD%AC\4%1SN6*W:*
M.O@(DC=-PX$D_P$$%N`F;!*23((#K*$$WB(#P=C&#"AEXH$F(&<"BGL6C4*N
M)QSR\JK!/">O+/^@UBP@P-Y"P_$@KS@NPR/@`#*<.Q15OQI!`U@@P-+O"%*`
M`@:G`RC@52Q`OS0M''43T#H\KQY%`S2<`@)!P_5+42T<W_0KQG]0`6H-R0$D
M#M?+QBT``L)%OQHLP!"JRF-Y)Z+<@#H\QH-/*6)<3SR`P\L\HK\NQLT\8I#<
M`$H\P"B`.Q9A!_'`%&K;-"R`!6S\,LM<OZ+/IC)J!Q4*]WZ<Q6M.SSLAHLG\
MS=L'SS5<H6(\SH,FREO\!RG<TB_]#.;$SC&=TSO=TS\]&7)AAT&=U$O=U$\]
MB9@:U5>=U5O=U5\=UF-=UF>=UFO=UF\=UW-=UW>=UWO=UW\=V(-=V(<DG=B+
CW=B/'=F37=F7G=F;W=F?'=JC7=JGG=JKW=JO'=O7+@@``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
