<SEC-DOCUMENT>0000910472-12-003410.txt : 20121113
<SEC-HEADER>0000910472-12-003410.hdr.sgml : 20121112
<ACCEPTANCE-DATETIME>20121113122400
ACCESSION NUMBER:		0000910472-12-003410
CONFORMED SUBMISSION TYPE:	N-CSRS/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120831
FILED AS OF DATE:		20121113
DATE AS OF CHANGE:		20121113
EFFECTIVENESS DATE:		20121113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Multi-Strategy Growth & Income Fund
		CENTRAL INDEX KEY:			0001523289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		N-CSRS/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		121197290

	BUSINESS ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS/A
<SEQUENCE>1
<FILENAME>ncsr_signed.htm
<DESCRIPTION>N-CSRS/A
<TEXT>
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<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="StrassJM">
<META NAME="date" CONTENT="11/06/2012">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. &nbsp;20549<BR>
<BR>
<B>FORM N-CSR<BR>
<BR>
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>
INVESTMENT COMPANIES</B></P>
<P style="margin-top:0px; margin-bottom:-2px; width:240px; font-size:11pt; float:left">Investment Company Act file number </P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>811-22572</U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:48px; font-size:11pt"><U>The Multi-Strategy Growth &amp; Income Fund</U></P>
<P style="margin:0px; text-indent:48px; font-size:11pt">(Exact name of registrant as specified in charter)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:632px; font-size:11pt; float:left"><U>13520 Evening Creek Drive N. Suite 300 San Diego, CA 92128</U></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><U></U></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:432px; font-size:11pt; clear:left; float:left">(Address of principal executive offices)(Zip code)</P>
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<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:48px; font-size:11pt"><U>James Ash, Gemini Fund Services, LLC.</U></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">&nbsp;</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>450 Wireless Blvd., Hauppauge, NY 11788</U></P>
<P style="margin:0px; font-size:11pt; clear:left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name and address of agent for service)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:336px; font-size:11pt; float:left">Registrant's telephone number, including area code:</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>631-470-2619</U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-size:11pt; float:left">Date of fiscal year end:</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>1/31</U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Date of reporting period: <U>8/31/12</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Item 1. &nbsp;Reports to Stockholders. &nbsp;</B></P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:36pt" align=center><B>The Multi-Strategy Growth &amp; Income Fund</B></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" align=center><BR></P>
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<P style="margin:0px; padding-top:4px; padding-bottom:4px; font-family:Calibri,Times New Roman; font-size:16pt; border-top:2px solid #000000; border-bottom:0px solid #000000" align=center><B>Semi-Annual Report </B></P>
<P style="margin:0px; padding-top:4px; padding-bottom:4px; font-family:Calibri,Times New Roman; font-size:14pt; border-top:0px solid #000000; border-bottom:2px solid #000000" align=center>August 31, 2012</P>
<P style="margin:0px" align=center><BR></P>
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<P style="margin:0px; padding-left:-36px; padding-right:-24px; font-family:Calibri,Times New Roman" align=center><I>Investor Information: 1-855-601-3841</I></P>
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<P style="margin:0px; padding-left:-36px; padding-right:-24px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. &nbsp;Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of The Multi-Strategy Growth &amp; Income Fund. &nbsp;Such offering is made only by prospectus, which includes details as to offering price and other material information.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:-36px; padding-right:-24px; font-family:Calibri,Times New Roman; font-size:8pt">Distributed by Northern Lights Distributors, LLC</P>
<P style="margin:0px; padding-left:-36px; padding-right:-24px; font-family:Calibri,Times New Roman; font-size:8pt">Member FINRA</P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund </B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>PORTFOLIO REVIEW (Unaudited)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>Since Inception Through August 31, 2012*</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman">The Fund&#146;s performance figures for the period ending August 31, 2012, compared to its benchmarks:</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=323.067 /><TD width=80.667 /></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=top width=323.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=80.667><P style="margin:0px; padding-right:7.2px; font-family:Calibri,Times New Roman" align=center><B>Since Inception*</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=323.067><P style="margin:0px; padding-right:7.2px; font-family:Calibri,Times New Roman">The Multi-Strategy Growth &amp; Income Fund</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=80.667><P style="margin:0px; padding-right:7.2px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=323.067><P style="margin:0px; padding-right:7.2px; font-family:Calibri,Times New Roman">S&amp;P 500</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=80.667><P style="margin:0px; padding-right:7.2px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:8pt">________________</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>* The Fund commenced operations March 16, 2012.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The S&amp;P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. &nbsp;Investors cannot invest directly in an index or benchmark. </P>
<P style="margin:0px; padding-bottom:4px; border-bottom:0px solid #000000" align=justify><BR></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:1px solid #000000" align=justify>Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor&#146;s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. &nbsp;The Fund&#146;s total gross annual operating expenses, including underlying funds, are 2.13%. &nbsp;The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the fund shares. &nbsp;</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:0px solid #000000" align=justify><BR></P>
<P style="margin:0px; padding-left:144px; font-family:Calibri,Times New Roman; font-size:14pt"><B>&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0px; padding-left:0px; font-family:Calibri,Times New Roman; font-size:12pt" align="center"><B>&nbsp;Portfolio Composition as of August 31, 2012</B></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=226.667 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt"><B>Sector</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt"><B>Percent of Net Assets</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Real Estate Investment Trusts</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>52.70%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Common Stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>24.46%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Business Development Corporations</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>13.32%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Structured Notes</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>4.78%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Short-term Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>3.42%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Exchange Traded Fund</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>1.64%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Other Assets Less Liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>0.70%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">&nbsp;&nbsp;Call Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>(1.02)%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=226.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt"><B>Net Assets</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right><B>100.00%</B></P>
</TD></TR>
</TABLE>
</div>
<P style="margin:0px; padding-left:144px; font-family:Calibri,Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0px; padding-left:144px; font-family:Calibri,Times New Roman; font-size:12pt" align="center">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR>
<BR></P>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799"><TR height=0 style="font-size:0">
	<TD width=100 /><TD width=15 /><TD width=135 /><TD width=161.333 /><TD width=101.333 /><TD width=88 /><TD width=17.467 />
	<TD width=182 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>PORTFOLIO OF INVESTMENTS (Unaudited)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>August 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Shares</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Security</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Market Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=135><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=161.333><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>COMMON STOCK ^ - 24.46 %</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>AEROSPACE/DEFENSE - 1.45 %</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,500</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Boeing Co.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392,700 </P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=135><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=161.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>AGRICULTURE - 1.65 %</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,000</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Bunge Ltd. </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>445,550</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=135><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=161.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>BANKS - 1.67 %</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,200</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Bank of New York Mellon Corp. </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>455,308</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>CHEMICALS - 1.62 %</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,600</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Mosaic Co.</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>440,116</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>DIVERSIFIED FINANCIAL SERVICES - 1.76 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,700</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">CME Group, Inc. - Cl. A </P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>477,630</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>ELECTRIC - 1.63 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>14,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Public Service Enterprise Group, Inc. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>443,240</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>FOOD - 2.06 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Campbell Soup Co. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>105,420</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Kellogg Co. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>455,850</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>561,270</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>HEALTHCARE-PRODUCTS - 1.47 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,500</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Stryker Corp. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>399,450</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>OIL &amp; GAS - 3.47 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>12,400</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Noble Corp. &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>472,936</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,600</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Transocean Ltd. </P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>470,688</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>943,624</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>OIL &amp; GAS SERVICES - 1.66 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13,800</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Halliburton Co. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>452,088</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>SEMICONDUCTORS - 1.51 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,700</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">QUALCOMM, Inc. </P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>411,782</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>SOFTWARE - 1.64 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>14,300</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Adobe Systems, Inc. *</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>447,161</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TELECOMMUNICATIONS - 2.87 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>22,900</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Juniper Networks, Inc. &nbsp;* &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>399,376</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13,200</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Vodafone Group PLC - ADR</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>381,744</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>781,120</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL COMMON STOCK</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>6,651,039</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $6,561,342)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>EXCHANGE TRADED FUND ^ &nbsp;- 1.64 %</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>COMMODITY FUND - 1.64 %</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>14,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">iShares Silver Trust </P>
</TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>446,455</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $386,278)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
			<p align="center">&nbsp;</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>August 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Shares</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Security</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Market Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>REAL ESTATE INVESTMENT TRUSTS - 52.70 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>155,400</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">American Realty Capital Healthcare Trust #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,437,450 </P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>64,919</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">American Realty Capital New York Recovery #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>600,500</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>231,076</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">American Realty Capital Trust III #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,137,450</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>94,984</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Carey Watermark Investors, Inc. #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>878,599</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>67,568</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">CV Mission Critical REIT #</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>625,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>103,632</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Hines Global REIT, Inc #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>958,600</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>259,481</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">NorthStar Real Estate Income Trust #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,400,200</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>103,632</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Phillips Edison Shopping Center REIT #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>958,600</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>248,222</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Steadfast Income REIT #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,350,659</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>107,138</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">United Development Funding IV #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,982,050</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL REAL ESTATE INVESTMENT TRUSTS</B></P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>14,329,108</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan="2"><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $14,275,500)</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>BUSINESS DEVELOPMENT CORPORATIONS - 13.32 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>125,776</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Business Development Corporation of America #</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,214,619</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>239,632</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Corporate Capital Trust #</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,405,903</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL BUSINESS DEVELOPMENT CORPORATIONS </B></P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>3,620,522</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan="2"><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $3,601,150)</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Principal</P>
</TD><TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Interest Rate (%)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Maturity Date</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>STRUCTURED NOTES - 4.78 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>DIVERSIFIED FINANCIAL SERVICES - 4.78 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;400,000 </P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Credit Suisse, 15 Month High/Low Callable Yield Note</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>10.0000%</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>11/4/2013</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>395,280</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>200,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Credit Suisse, 15 Month High/Low Callable Yield Note</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>10.2500</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7/15/2013</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>199,260</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>500,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Credit Suisse, 15 Month High/Low Callable Yield Note</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>11.0000</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9/5/2013</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>504,500</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>200,000</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Credit Suisse, 15 Month High/Low Callable Yield Note</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>11.0000</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10/3/2013</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>200,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL STRUCTURED NOTES </B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>1,299,040</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan="2"><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $1,300,000)</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Shares</P>
</TD><TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>SHORT-TERM INVESTMENTS - 3.42 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>MONEY MARKET FUND - 3.42 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>928,066</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">AIM STIT-Government &amp; Agency Portfolio</P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>0.0200+</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>928,066</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL SHORT-TERM INVESTMENTS </B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $928,066)</B></P>
</TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL INVESTMENTS - 100.32 % </B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Cost - $27,051,336) (a)</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,274,230 </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>CALL OPTIONS WRITTEN - (1.02)%</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276,793)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>OTHER ASSETS LESS LIABILITIES - 0.70 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190,442 </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>NET ASSETS - 100.00 %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,187,879 </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman">* Non-income producing.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"># Market Value estimated using Fair Valuation Procedures adopted by the Board of Trustees.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman">+ Money market fund; interest rate reflects the seven-day effective yield on August 31, 2012.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=617.733 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman">^ Each stock position is subject to written call options.</P>
</TD><TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=512.267 colspan=5><P style="margin:0px; font-family:Calibri,Times New Roman">ADR - American Depository Receipt</P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=799 colspan="8"><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
	<p align="center">&nbsp;</p>
	<P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>August 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman">(a) Represents cost for financial reporting purposes. &nbsp;Aggregate cost for federal tax purposes is substantially the same and differs from market value by net unrealized appreciation (depreciation) of securities as follows:</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Unrealized appreciation: &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302,253 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Unrealized depreciation: &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&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;(79,359)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=397 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Net unrealized depreciation: &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,894 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=135><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Contracts </B><FONT style="font-size:9pt"><B>(1)</B></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>SCHEDULE OF CALL OPTIONS WRITTEN - (1.02) %</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Market Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>143</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Adobe Systems, Inc. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,446 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration October 2012, Exercise Price $32.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>202</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Bank of New York Mellon Corp. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13,130</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $24.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>55</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Boeing Co. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,315</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration November 2012, Exercise Price $75.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>70</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Bunge Ltd.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10,290</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration October 2012, Exercise Price $65.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>30</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Campbell Soup Co.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,050</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration November 2012, Exercise Price $33.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>87</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">CME Group, Inc.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,880</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $55.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>138</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Halliburton Co.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,934</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration October 2012, Exercise Price $36.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>145</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">IShares Silver Trust </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>19,140</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration September 2012, Exercise Price $30.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>229</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Juniper Networks, Inc. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>33,434</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration January 2013, Exercise Price $19.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>90</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Kellogg Co.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,750</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $52.50</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>124</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Noble Corp. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>50,220</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $36.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>140</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Public Service Enterprise Group, Inc.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>23,100</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration September 2012, Exercise Price $30.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>67</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">QUALCOMM, Inc.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,087</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration October 2012, Exercise Price $65.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>75</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Stryker Corp.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,125</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $57.50</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>76</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">The Mosaic Co.</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>21,204</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration December 2012, Exercise Price $60.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>96</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Transocean Ltd. </P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>25,728</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration November 2012, Exercise Price $50.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>132</P>
</TD><TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">Vodafone Group PLC - ADR</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,960</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expiration October 2012, Exercise Price $30.00</P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=485 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>TOTAL CALL OPTIONS WRITTEN</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=182><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>276,793</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=100><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=296 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>( Proceeds - $250,451)</B></P>
</TD><TD style="margin-top:0px" valign=top width=101.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=182><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=799 colspan=8><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt">(1)<FONT style="font-size:10pt"> Each option contract allows the holder of the option to purchase 100 shares of the underlying stock.</FONT></P>
</TD></TR>
</TABLE>
	</div>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR>
	</P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799">
<TR><TD style="margin-top:0px" valign=bottom width=799><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
			<P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
	<P style="margin-top:0px; margin-bottom:12.2px">
<BR></P>
<P style="margin-top:0px; margin-bottom:12.2px; page-break-before:always"><BR></P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="759"><TR height=0 style="font-size:0">
	<TD width=15 /><TD width=15 /><TD width=11 /><TD width=15 /><TD width=344 />
	<TD width=10 /><TD width=84 /><TD width=116 /><TD width=1 /><TD width=5 />
	<TD width=143 />
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>STATEMENT OF ASSETS AND LIABILITIES (Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>August 31, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=114.733 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=5><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Assets:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=483.867 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman">Investments in Securities at Market Value (identified cost $27,051,336)</P>
</TD><TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;$ &nbsp;27,274,230 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Dividends and Interest Receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,301 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Receivable for Securities Sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371,670 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Receivable for Fund Shares Sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,040 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Due from Investment Advisor</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,851 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Prepaid Expenses and Other Assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,544 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Total Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,952,636 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Liabilities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Call Options Written, at value (proceeds $250,451)</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276,793 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Payable for Securities Purchased</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,936 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Shareholder Servicing Fees Payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,345 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Payable to Other Affiliates</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,531 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Other Accrued Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,152 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Total Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764,757 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Assets </B>(Unlimited shares of no par value interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=483.867 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman">authorized; 1,798,096 shares of beneficial interest outstanding)</P>
</TD><TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;27,187,879 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Asset Value and Redemption Price Per Share</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=483.867 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman">($27,187,879/ 1,798,096 shares of beneficial interest outstanding)</P>
</TD><TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Maximum Offering Price Per Share</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">($15.12/0.945)</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.00 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Composition of Net Assets:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=369.133 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">At August 31, 2012, Net Assets consisted of:</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Paid-in-Capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;26,777,184 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Undistributed Net Investment Income </P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,332 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Accumulated Net Realized Gain on Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,811 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Net Unrealized Appreciation (Depreciation) on:</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,894 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=41 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=354.333 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,342)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=410.133 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.733 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=5>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$
	&nbsp;27,187,879 </P>
</TD></TR>
</TABLE>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799">
<TR><TD style="margin-top:0px" valign=bottom width=799><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
	<P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
<p style="font-family: Calibri,'Times New Roman'; margin: 0px" align="right">&nbsp;</p>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="759">
<TR><TD style="margin-top:0px" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>
	The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	STATEMENT OF OPERATIONS (Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">
	<b>Since Inception* Through August 31, 2012 *</b></P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=94.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=116><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Investment Income:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Dividend Income </P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337,012 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Interest Income </P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,459 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Total Investment Income </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,471 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Expenses:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Investment Advisory Fees </P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,830 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Legal Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,433 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Registration &amp; Filing Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,142 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Administration Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,083 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Shareholder Servicing Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,943 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Chief Compliance Officer Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,739 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Trustees' Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,096 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Fund Accounting Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,185 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Audit Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,171 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Transfer Agent Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,814 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Printing Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,672 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Insurance Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,247 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Custody Fees</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,185 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Miscellaneous Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,251 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Total Expenses</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206,791 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Less: Fees Waived/Reimbursed by Adviser</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94,612)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Expenses</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112,179 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Investment Income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239,292 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=758 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Realized and Unrealized Gain (Loss) on Investments:</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Net Realized Gain (Loss) on:</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,530 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,719)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Total Net Realized Gain</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,811 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=479 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">
	Net Change in Unrealized Appreciation (Depreciation) on:</P>
</TD><TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=149>
			<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
			&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,894 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,342)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	Total Net Change in Unrealized Appreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,552 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Realized and Unrealized Gain on Investments</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,363 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=399.8 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>
	Net Increase in Net Assets Resulting From Operations</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=149>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493,655 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=370.2><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=149><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=385 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">
	* The Fund commenced operations March 16, 2012.</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=116><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=149><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
		<p style="margin: 0px; padding: 0px">&nbsp;</p>
		<p style="margin: 0px; padding: 0px">&nbsp;</div>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799">
<TR><TD style="margin-top:0px" valign=bottom width=799><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
	<P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
<P style="margin-top:0px; margin-bottom:12.2px"><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:12.2px; page-break-before:always"><BR></P>
<A NAME="RANGE!A1:G38"></A>
	<div align="center">
		<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="730"><TR height=0 style="font-size:0"><TD width=17.467 /><TD width=17.467 /><TD width=355.4 /><TD width=35.733 /><TD width=123.733 />
			<TD width=43 /><TD width=138 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>STATEMENT OF CHANGES IN NET ASSETS (Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=355.4><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=35.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=123.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=43><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>
	<b>Since Inception*</b></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>
	<b>Through</b></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;August 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Operations:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Net Investment Income</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239,292 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Net Realized Gain on Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; font-family:Calibri,Times New Roman">and Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,811 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Net Change in Unrealized Appreciation </P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; font-family:Calibri,Times New Roman">on Investments and Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>196,552 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Increase in Net Assets </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Resulting From Operations</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>493,655 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Distributions to Shareholders From:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Net Investment Income ($0.07 per share)</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(82,960)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Total Distributions to Shareholders</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(82,960)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>From Shares of Beneficial Interest:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Proceeds from Shares Issued (1,786,481 shares)</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,604,061 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Distributions Reinvested (4,948 shares)</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,123 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=531 colspan=4><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Increase in Net Assets From Shares of Beneficial Interest </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>26,677,184 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Total Increase in Net Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,087,879 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Assets:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">Beginning of Period</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=372.867 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">End of Period</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=138>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,187,879 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=355.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=407 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">Undistributed Net Investment Income at End of Period</P>
</TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=138>
			<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,332 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">_______</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.333 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">*The Fund commenced operations on March 16, 2012.</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=43><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=138>
			<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
</TABLE>
	</div>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR>
	</P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799">
<TR><TD style="margin-top:0px" valign=bottom width=799><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
	<P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
	<P style="margin-top:0px; margin-bottom:12.2px">
<BR></P>
<P style="margin-top:0px; margin-bottom:12.2px; page-break-before:always"><BR></P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="714"><TR height=0 style="font-size:0"><TD width=14.8 /><TD width=307.933 /><TD width=17.467 /><TD width=51.733 /><TD width=123.733 />
	<TD width=44 /><TD width=143 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=714 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>FINANCIAL HIGHLIGHTS (Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.467><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=51.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=123.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=44><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=714 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt"><I>The table below sets forth financial data for one share of capital stock outstanding throughout the period presented.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>
	<b>Since Inception*</b></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>
	<b>Through</b></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;August 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Asset Value, Beginning of Period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Increase From Operations:</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;Net investment income (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&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;0.26 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;Net gain (loss) from investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(both realized and unrealized) </P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&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;(0.07)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Total from operations</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&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;0.19 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Less Distributions:</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; text-indent:13.333px; font-family:Calibri,Times New Roman">From net investment income</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&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;(0.07)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Total Distributions</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&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;(0.07)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net Asset Value, End of Period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Total Return (b)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.24%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Ratios/Supplemental Data</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Net assets, end of period (in 000's)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,188 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Ratio to average net assets:</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3.22%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.75%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=376 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, Net of Reimbursement (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3.72%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">Portfolio turnover rate</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>31%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">__________</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=701 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman">*The Fund commenced operations on March 16, 2012.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=714 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman">(a) Per share amounts are calculated using the average shares method, which more appropriately presents</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=307.933><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;the per share data for the period. &nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=714 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman">(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=686 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;capital gains distributions, if any. &nbsp;Had the Adviser not absorbed a portion of Fund expenses, total returns</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=714 colspan=7><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;would have been lower. &nbsp;Total returns for periods less than one year are not annualized.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=322.733 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">(c) Annualized for periods less than one year.</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=123.733><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=44><P style="margin:0px; padding:0px">&nbsp;</P></TD>
			<TD style="margin-top:0px" valign=bottom width=143><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR>
	</P>
	<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="799">
<TR><TD style="margin-top:0px" valign=bottom width=799><P style="margin:0px; padding:0px">&nbsp;</P>
	<p align="center">The accompanying notes are an integral part of these
	financial statements.</p>
	<P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
	</div>
	<P style="margin-top:0px; margin-bottom:12.2px">
&nbsp;</P>
<P style="margin-top:0px; margin-bottom:12.2px">
<BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>1.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman"><B>ORGANIZATION</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Multi-Stratgey Growth &amp; Income Fund (the &#147;Fund&#148;) was organized as a Delaware statutory trust on June 3, 2011 and is registered under the Investment Company Act of 1940, as amended, (the &#147;1940 Act&#148;), as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. &nbsp;The investment objective of the Fund is to seek returns from capital appreciation and income with an emphasis on income generation. The Fund pursues its investment objective by investing primarily in the income-producing securities of: real estate investment trusts and alternative investment funds, as well as common stocks and structured notes, notes, bonds and asset-backed securities. The Fund commenced operations on March 16, 2012. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. &nbsp;These policies are in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Security Valuation </I>&#150; Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (&#147;NOCP&#148;). &nbsp;In the absence of a sale such securities shall be valued at the mean of the closing bid and asked prices on the day of valuation. &nbsp;Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the
RJL Capital Management, LLC (the &quot;Advisor&quot;), those securities will be valued at &#147;fair value&#148; as determined in good faith by the Advisor&#146;s Valuation Committee using procedures adopted by and under the supervision of the Fund&#146;s Board of Trustees (the &#147;Board&#148;). There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate a Fund&#146;s NAV.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. A Fund may use the fair value of a security to calculate its NAV when, for example, (1)&nbsp;a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2)&nbsp;trading in a portfolio security is suspended and not resumed prior to the normal market close, (3)&nbsp;a portfolio security is not traded in significant volume for a substantial period, or (4)&nbsp;the Advisor determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The &#147;fair value&#148; of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1)&nbsp;evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2)&nbsp;comparison to the values and current pricing of securities that have comparable characteristics; (3)&nbsp;knowledge of historical market information with respect to the security; (4)&nbsp;other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing </P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Fund invests in some securities which are not traded and the Valuation Committee has established a methodology for fair value of each type of security. Generally, the Real Estate Investment Trusts (REITs) are publicly registered but not traded. When the REIT is in the public offering period the Fund values the REIT at cost. The Fund generally purchases REITs at Net Asset Value (NAV) or without a commission. Once a REIT closes to new investments, the Fund values the security based on the movement of an appropriate market index or traded comparable until the REIT issues an updated market valuation. The Private Investments are monitored for any independent audits of the security or impairments reported on the potential value of the security. The Valuation Committee meets frequently to discuss the valuation methodology and will adjust the value of a security if there is a public update to such valuation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. &nbsp;GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Level 1</B> &#150; Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Level 2</B> &#150; Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. &nbsp;These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Level 3 &#150; </B>Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund&#146;s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. &nbsp;Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. &nbsp;In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. &nbsp;The following tables summarize the inputs used as of August 31, 2012 for the Fund&#146;s assets and liabilities measured at fair value:</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_1278514563"></A><A NAME="_1279114204"></A><A NAME="_1279531887"></A><A NAME="_1279531919"></A><A NAME="_1279532048"></A><A NAME="_1279532077"></A><A NAME="_1279532174"></A><A NAME="_1279532200"></A><A NAME="_1280324332"></A><A NAME="_1294141975"></A><A NAME="_1294755266"></A><A NAME="_1295158216"></A><A NAME="_1295444174"></A><A NAME="_1295444202"></A><A NAME="_1295444287"></A><A NAME="_1295444319"></A><A NAME="_1310197563"></A><A NAME="_1310197765"></A><A NAME="_1311662296"></A><A NAME="_1311662430"></A><A NAME="_1311662839"></A><A NAME="_1311663045"></A><A NAME="_1311663730"></A><A NAME="_1311667716"></A><A NAME="_1311667780"></A><A NAME="_1311756167"></A><A NAME="_1312097164"></A><A NAME="_1312097191"></A><A NAME="_1312097370"></A><A NAME="_1312097381"></A><A NAME="_1312097423"></A><A NAME="_1312097447"></A><A NAME="_1312097458"></A><A NAME="_1312275061"></A><A NAME="_1314530791"></A><A NAME="_1314530818"></A><A NAME="_1328514645"></A><A NAME="_1328514648"></A><A NAME="_1328514665"></A><A NAME="_1341837599"></A><A NAME="_1356961101"></A><A NAME="_1359866932"></A><A NAME="_1359964369"></A><A NAME="_1359964381"></A><A NAME="_1359964395"></A><A NAME="_1359977093"></A><A NAME="_1359977099"></A><A NAME="_1359977151"></A><A NAME="_1359977308"></A><A NAME="_1359977669"></A><A NAME="_1360761446"></A><A NAME="_1362836208"></A><A NAME="_1364121320"></A><A NAME="_1372060814"></A><A NAME="_1372060890"></A><A NAME="_1372060971"></A><A NAME="_1374482400"></A><A NAME="_1376142227"></A><A NAME="_1388475589"></A><A NAME="_1391349956"></A><A NAME="_1391349964"></A><A NAME="_1392731395"></A><A NAME="_1403348224"></A><A NAME="_1403348376"></A><A NAME="_1403348706"></A><A NAME="_1403348802"></A><A NAME="_1406352738"></A>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center width="643"><TR height=0 style="font-size:0">
	<TD width=195 /><TD width=118 /><TD width=106 /><TD width=112 />
	<TD width=112 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=195 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Assets*</P>
</TD><TD style="margin-top:0px" valign=bottom width=118 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=center>Level 1</P>
</TD><TD style="margin-top:0px" valign=bottom width=106 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=center>Level 2</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=center>Level 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Common Stock</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 6,651,039&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
		<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ - &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
		<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ - &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
		<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 6,651,039&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Exchange Traded Fund</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;446,455&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;446,455&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Real Estate Investment Trusts</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;14,329,108&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;14,329,108&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=193 height=43><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Business Development Corporations</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=43><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=43>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=43>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;3,620,522&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=43>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;3,620,522&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Structured Notes</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;1,299,040&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;1,299,040&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Short-Term Investments</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;928,066&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;928,066&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>Total</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 8,025,560&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000" valign=bottom width=105 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 1,299,040&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000" valign=bottom width=111 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 17,949,630&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000" valign=bottom width=111 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 27,274,230&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=195 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Liabilities</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=118 height=21>
	<P style="margin:0px; padding:0px; font-size:9pt" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=106 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=112 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=112 height=21>
	<P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=193 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt">Call Options Written</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=117 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 276,793&nbsp;</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=105 height=21>
	<P style="margin:0px; padding:0px; font-size:9pt" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21>
	<P style="margin:0px; padding:0px; font-size:9pt" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=111 height=21><P style="margin:0px; font-family:Gill Sans MT,Times New Roman; font-size:9pt" align=right>&nbsp;$ 276,793&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=195 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=118 height=17>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=106 height=17>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=112 height=17>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=112 height=17>
	<P style="margin:0px; padding:0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=195 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=118 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=106 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman">*Refer to the Consolidated Portfolio of Investments for industry classifications.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;There were no transfers into or out of Level 1 and Level 2 during the current period presented.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;&nbsp;&nbsp;It is the Fund&#146;s policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:24px; font-family:Calibri,Times New Roman" align=justify>The following is a reconciliation of assets in which level 3 inputs were used in determining value: &nbsp;</P>
<P style="margin:0px; padding-left:24px; padding-right:24px" align=justify>&nbsp;</P>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="640"><TR height=0 style="font-size:0"><TD width=221.333 />
	<TD width=133 /><TD width=133 /><TD width=151 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=bottom width=133><P style="margin:0px; font-family:Arial; font-size:9pt" align=center>Real Estate Investment Trusts</P>
</TD><TD style="margin-top:0px" valign=bottom width=133><P style="margin:0px; font-family:Arial; font-size:9pt" align=center>Business Development Corporations</P>
</TD><TD style="margin-top:0px" valign=bottom width=151><P style="margin:0px; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Beginning Balance </P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;- </P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;- </P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;- </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Total realized gain (loss)</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Appreciation (Depreciation)</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,608 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,372 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,980 </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Cost of Purchases</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,274,500 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,601,150 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,875,650 </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Proceeds from Sales</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Accrued Interest</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Net transfers in/out of level 3</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&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;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=221.333><P style="margin:0px; font-family:Arial; font-size:9pt">Ending Balance</P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,329,108 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=132><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,620,522 </P>
</TD>
	<TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,949,630 </P>
</TD></TR>
</TABLE>
	</div>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
	<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Security Transactions and Investment Income</I> &#150; Investment security transactions are accounted for on a trade date basis. &nbsp;Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. &nbsp;Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. &nbsp;Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Option Transactions &#150; </I>The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. &nbsp;When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. &nbsp;The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. &nbsp;If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. &nbsp;If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. &nbsp;As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Fund may purchase put and call options. &nbsp;Put options are purchased to hedge against a decline in the value of securities held in the Fund&#146;s portfolio. &nbsp;If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. &nbsp;The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise </P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. &nbsp;In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. &nbsp;Written and purchased options are non-income producing securities. &nbsp;With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange&#146;s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>As of August 31, 2012, the amount of unrealized depreciation and realized loss on option contracts subject to equity price risk amounted to $26,342 and $88,719, respectively. &nbsp;Such figures can be found on the Statement of Assets &amp; Liabilities and Statement of Operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Federal Income Taxes</I> &#150; The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any to shareholders. &nbsp;Accordingly, no provision for Federal income taxes is required in the financial statements. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Fund recognizes the tax benefits of uncertain tax positions only when the position is &#147;more likely than not&#148; to be sustained assuming examination by tax authorities.&nbsp; Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds&#146; 2012 tax returns. &nbsp;The Fund identifies its major tax jurisdiction as U.S. Federal.&nbsp; The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Distributions to Shareholders</I> &#150;Distributions from investment income are declared and paid quarterly. &nbsp;Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. &nbsp;The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Indemnification &#150; </I>The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. &nbsp;Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. &nbsp;The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. &nbsp;However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>3.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman"><B>ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Advisory Fees</I> &#150; Pursuant to the Investment Advisory Agreement (the &#147;Advisory Agreement&#148;), investment advisory services are provided to the Fund by RJL Capital Management, LLC (the &#147;Advisor&#148;). &nbsp;Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated at an annual rate of 0.75% of the average daily net assets of the Fund. &nbsp;For the period ended August 31, 2012, the Advisor earned advisory fees of $47,830. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The
Advisor has contractually agreed to waive all or part of its management fees
and/or make payments to limit Fund expenses (including offering costs but
exclusive of any front-end or contingent deferred loads, taxes, leverage
interest, brokerage commissions, expenses incurred in connection with any merger
or reorganization, dividend expense on securities sold short, acquired fund fees
and expenses, or extraordinary expenses such as litigation) at least until March
31, 2013, so that the total annual operating expenses of the Fund do not exceed
1.75% of the Fund&#146;s average daily net assets. &nbsp;Waivers and expense payments may
be recouped by the Advisor from the Fund, to the extent that overall expenses
fall below the expense limitation, within three years of when the amounts were
waived or reimbursed. &nbsp;During the period ended August 31, 2012, the Advisor
waived fees of $94,612, all of which will expire in 2015.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Pursuant to separate servicing agreements with GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12pt; margin:0px; font-family:Calibri,Times New Roman">In addition, certain affiliates of GFS provide ancillary services to the Fund(s) as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12pt; margin:0px; font-family:Calibri,Times New Roman"><I>Northern Lights Compliance Services, LLC &nbsp;(&#147;NLCS&#148;)</I> - NLCS, an affiliate of GFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund. </P>
<P style="line-height:12pt; margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-family:Calibri,Times New Roman"><I>GemCom, LLC (&#147;GemCom&#148;)</I> - GemCom, an affiliate of GFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. &nbsp;&nbsp;For the provision of these services, GemCom receives customary fees from the Fund. </P>
<P style="line-height:12pt; margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Distributor</I> &#150; The distributor of the Fund is Northern Lights Distributors, LLC (the &#147;Distributor&#148;). &nbsp;The Board of Trustees has adopted, on behalf of the Fund, a Shareholder Services Plan under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. &nbsp;&nbsp;Under the Shareholder Services Plan, the Fund may pay 0.25% per year of its average daily net assets for such services. &nbsp;For the period ended August 31, 2012, the Fund incurred distribution fees of $15,943. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Distributor acts as the Fund&#146;s principal underwriter in a continuous public offering of the Fund&#146;s shares. &nbsp;&nbsp;The Distributor is an affiliate of GFS. For the period ended August 31, 2012, the Distributor received $5,830 in underwriting commissions for sales of the Fund&#146;s shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Trustees </I>&#150; The Fund pays each Trustee who is not affiliated with the Trust or Advisor a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending meetings. &nbsp;The &#147;interested persons&#148; who serve as Trustees of the Trust receive no compensation for their services as Trustees. &nbsp;None of the executive officers receive compensation from the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>4.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman"><B>INVESTMENT TRANSACTIONS</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended August 31, 2012 amounted to $30,825,943 and $4,500,753, respectively. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Transactions in option contracts written during the year ended April 30, 2012 were as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_1326897559"></A><A NAME="_1326897572"></A><A NAME="_1326897688"></A><A NAME="_1326897721"></A><A NAME="_1326897836"></A><A NAME="_1326897860"></A><A NAME="_1326897894"></A><A NAME="_1326898230"></A><A NAME="_1335698601"></A><A NAME="_1338106010"></A><A NAME="_1338106316"></A><A NAME="_1351690590"></A><A NAME="_1351690862"></A><A NAME="_1351690884"></A><A NAME="_1351690976"></A><A NAME="_1351690989"></A><A NAME="_1351691104"></A><A NAME="_1351691174"></A><A NAME="_1351691214"></A><A NAME="_1351691706"></A><A NAME="_1351691720"></A><A NAME="_1351691781"></A><A NAME="_1351691797"></A><A NAME="_1351693182"></A><A NAME="_1367052559"></A><A NAME="_1367052650"></A><A NAME="_1367052673"></A><A NAME="_1369220056"></A><A NAME="_1370694388"></A><A NAME="_1397917921"></A><A NAME="_1398168200"></A>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="525"><TR height=0 style="font-size:0">
	<TD width=255 /><TD width=107 /><TD width=163 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; padding:0px">&nbsp;</P></TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=107><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Contracts</B></P>
</TD>
	<TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Premium</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Outstanding at Beginning of Period</P>
</TD><TD style="margin-top:0px" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Options Written</P>
</TD><TD style="margin-top:0px" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,423 </P>
</TD><TD style="margin-top:0px" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,488,321 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Options Closed</P>
</TD><TD style="margin-top:0px" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,464)</P>
</TD><TD style="margin-top:0px" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,219,421)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Options Exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60)</P>
</TD><TD style="margin-top:0px" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,449)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Options Expired</P>
</TD><TD style="margin-top:0px" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&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;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255><P style="margin:0px; font-family:Calibri,Times New Roman">Outstanding at End of Period</P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=107>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,899 </P>
</TD>
	<TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=163>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align="right">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,451 </P>
</TD></TR>
</TABLE>
</div>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>5. &nbsp;&nbsp;</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman"><B>REPURCHASE OFFERS</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Pursuant to Rule&nbsp;23c-3 under the Investment Company Act of 1940, as amended, the Fund offers shareholders on a quarterly basis the option of redeeming shares, at net asset value, of no less than 5% and no more than 25% of the shares outstanding. &nbsp;There is no guarantee that shareholders will be able to sell all of the shares they desire in</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase up to and including 5% of such shareholder's shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>During the period ended August 31, 2012, there were no shares repurchased. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>6.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify><B>NEW ACCOUNTING PRONOUNCEMENTS</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>In December 2011, FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.&nbsp; The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented.&nbsp; Management is currently evaluating the impact this amendment may have on the Fund&#146;s financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-family:Calibri,Times New Roman; float:left"><B>7.</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify><B>SUBSEQUENT EVENTS</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. &nbsp;&nbsp;For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. &nbsp;&nbsp;Management has determined that there were no subsequent events to report through the issuance of these financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt"><B>The Multi-Strategy Growth &amp; Income Fund</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:0px solid #000000"><B>
DISCLOSURE OF FUND EXPENSES (Unaudited)</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; border-bottom:2px solid #000000"><B>August 31, 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; text-indent:-2px; font-family:Calibri,Times New Roman">&nbsp;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>As a shareholder of the Fund you incur ongoing costs, including management fees, shareholder service fees and other Fund operating expenses. &nbsp;This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. &nbsp;Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>This example is based on an investment of $1,000 invested for the period of time as indicated in the table below.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B><U>Actual Expenses</U></B>: &nbsp;The first line of the table provides information about actual account values and actual expenses. &nbsp;You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. &nbsp;Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled &#147;Expenses Paid During the Period&#148; to estimate the expenses you paid on your account during the period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B><U>Hypothetical Examples for Comparison Purposes</U></B>: &nbsp;The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund&#146;s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund&#146;s actual return. &nbsp;The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. &nbsp;You may use this information to compare the ongoing costs of investing in the Fund and other funds. &nbsp;To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. &nbsp;Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. &nbsp;In addition, if these transactional costs were included, your costs would have been higher. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=190.533 /><TD width=105.4 /><TD width=114.467 /><TD width=158.333 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=190.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=105.4><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Beginning</B></P>
	<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Account Value (3/16/12)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.467><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Ending Account Value</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;(8/31/12)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=158.333><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>Expenses Paid </B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>During the Period</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>(3/16/12 to 8/31/12)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=190.533><P style="margin:0px; font-family:Calibri,Times New Roman">Actual*</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=105.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>$1,000.00</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,012.40</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=158.333><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.10</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=190.533><P style="margin:0px; font-family:Calibri,Times New Roman">Hypothetical**</P>
<P style="margin:0px; font-family:Calibri,Times New Roman">(5% return before expenses)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=105.4><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=center>$1,000.00</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,016.38</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=158.333><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.89</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>* &nbsp;Expenses Paid During Period are equal to Fund&#146;s annualized expense ratio of 1.75%, multiplied by the number of days in the period from March 16, 2012 through August 31, 2012 (168) divided by the number of days in the fiscal year (365).</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>**Expenses Paid During Period are equal to Fund&#146;s annualized expense ratio of 1.75%, multiplied by the number of days in the period from March 1, 2012 through August 31, 2012 (184) divided by the number of days in the fiscal year (365).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B><U>Approval of Investment Advisory Agreement</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify>At a meeting held on September 19, 2011, the Board of Trustees (the &#147;Board&#148;) of The Multi-Strategy Growth &amp; Income Fund (the &#147;Fund&#148;) including a majority of the Trustees who are not interested persons of the Trust, approved the Advisory Agreement between the Adviser and the Trust on behalf of the Fund. &nbsp;In its consideration of the Agreement, the Board, did not identify any single factor as all-important or controlling, and the following summary does not detail all the matters considered. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Nature, Extent and Quality of Services</I>. &nbsp;The Board examined the nature, extent and quality of the services to be provided by the Adviser to the Fund. &nbsp;The Board reviewed a copy of the Adviser&#146;s draft Form ADV, which was subject to completion, and information regarding the Adviser&#146;s organizational structure. &nbsp;The Trustees considered a presentation given by a representative of the Adviser regarding the Fund&#146;s investment strategies. &nbsp;The Trustees discussed the nature of the Adviser&#146;s operations, the quality of the Adviser&#146;s compliance infrastructure and the experience of its fund management personal. &nbsp;The Board then reviewed the capitalization of the Adviser based on financial information provided in the Board materials. The Trustees concluded that the Adviser has the ability to provide a level of service consistent with the Board&#146;s expectations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Performance of the Adviser</I>. &nbsp;Because the Fund has not yet commenced operations, the Trustees could not consider its investment performance of the Fund. &nbsp;However, the Board considered the Adviser&#146;s past performance with an existing pooled fund client, noting its performance was above a broad-based securities marked index, the Barclays Capital U.S. MBS Index. &nbsp;The Board concluded that the Adviser has potential to deliver favorable performance. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Fees and Expenses</I>. &nbsp;The Board noted that the Adviser proposed a
0.75% annual advisory fee based on the average net assets of the Fund. &nbsp;The Trustees reviewed comparative fee information for three distinct peer groups, each of which the Adviser believed were relevant to the Board&#146;s deliberations. &nbsp;They noted proposed fee was above the average of a group of closed-end funds pursuing a real estate investment strategy, based upon information derived from a Lipper database. &nbsp;However, the Trustees noted the advisory fee was within the range of reasonable fees charged by the advisers to the reference groups of funds. &nbsp;The Trustees also noted the Adviser is capping Fund expenses at 1.75%. &nbsp;The Trustees further noted that the expense cap distinguishes the Fund from the reference groups which do not uniformly benefit from an expense cap. The Trustees concluded that the Fund&#146;s advisory fee, as well as its overall projected expense ratio, was acceptable in light of the quality of the services the Fund expects to receive from the Adviser and the level of fees paid by similar funds. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Economies of Scale</I>. &nbsp;The Board considered whether there will be economies of scale in respect of the management of the Fund. &nbsp;It was the consensus of the Board that based on the anticipated size of Fund for the initial two years of the Advisory Agreement, economies of scale was not a relevant consideration at this time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Profitability</I>. &nbsp;The Board considered the anticipated profits to be realized by the Adviser in connection with the operation of the Fund and whether the amount of profit is a fair entrepreneurial profit for the management of the Fund. &nbsp;They also noted any projection of profits is speculative. &nbsp;They considered the proposed advisory fee, expected asset levels and other benefits to the Adviser to be derived from a security servicing agreement with the Fund. &nbsp;The Board also considered the expected impact of the expense limitation agreement on the Adviser. The Board concluded that the Adviser&#146;s expected level of profitability from its relationship with the Fund would not be excessive.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Conclusion</I>. &nbsp;Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the proposed Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including the Independent Trustees, concluded that the advisory fee structure is reasonable and in light of such services and expenses and such other matters as the Trustees have considered to be relevant in the exercise of their reasonable judgment, approved the Advisory Agreement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Calibri,Times New Roman" align=justify><B><U>Approval of Sub-Advisory Agreement</U></B></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify>At a meeting held on September 19, 2011, the Board of Trustees (the &#147;Board&#148;) of The Multi-Strategy Growth &amp; Income Fund (the &#147;Fund&#148;), including a majority of the Trustees who are not interested persons of the Trust &nbsp;approved the Sub-Advisory Agreement between the Adviser and First Allied Asset Management, Inc. (the &#147;Sub-Adviser&#148;) on behalf of the Fund. &nbsp;In its deliberations, the Board did not identify any single piece of information that was all-important or controlling. &nbsp;Matters considered by the Board in connection with its approval of the Sub-Advisory Agreement included the following: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><I>Nature, Extent and Quality of Services to be provided by the Sub-Adviser.</I> &nbsp;As to the nature, quality and extent of the services to be provided by the Sub-Adviser, the Board noted the experience of the portfolio management personnel of the Sub-Adviser, including their experience in the investment field. &nbsp;The Board then discussed the financial condition of the Sub-Adviser and reviewed financial information provided. &nbsp;The Board also reviewed the presentation materials prepared by the Sub-Adviser describing its investment process. &nbsp;The Board discussed the Sub-Adviser&#146;s compliance structure and broker selection process. &nbsp;It was the consensus of the Trustees that the Sub-Adviser has adequate experience and expertise to manage that portion of the Fund for which it acts as sub-adviser in a reasonable manner.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Performance. </I>&nbsp;As to the investment performance of the Sub-Adviser, the Board reviewed the performance of the Sub-Adviser&#146;s yield strategy and covered call strategy as compared to a broad-based securities market index over various time periods. &nbsp;The Board concluded that the performance of the Sub-Adviser was promising. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Fees and Expenses. &nbsp;</I>The Board next reviewed the sub-advisory fee as compared to fees charged by the Sub-Adviser for its separate clients. &nbsp;They also discussed the fee in the context of the overall Advisory fee. &nbsp;The Board found the fees reasonable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Profitability</I>. &nbsp;As to profitability, the Trustees discussed the total fees expected to be paid to the Sub-Adviser based on information provided by the Sub-Adviser, and the Trustees concluded the Sub-Adviser would not reap excessive profits from its relationship with the Fund. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Economies of Scale</I>. &nbsp;The Board considered whether there will be economies of scale in respect of the management of the Fund. &nbsp;It was the consensus of the Board that based on the anticipated size of the Fund for the initial two years of the Sub-Advisory Agreement, economies of scale was not a relevant consideration at this time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Calibri,Times New Roman" align=justify><I>Conclusion.</I>
During the Board&#146;s deliberations, it was noted that the Board did not identify
any single piece of information that was all-important or controlling with
respect to the Sub-Advisory Agreement. &nbsp;Based on the Board&#146;s deliberations and
its evaluation of the information described above, the Board, including all of
the Independent Trustees, unanimously approved the Sub-Advisory Agreement. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc265828653"></A><A NAME="_Toc270334917"></A><P style="margin:0px"><BR>
<BR></P>
<div align="center">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="782"><TR height=0 style="font-size:0"><TD width=15.333 /><TD width=45.8 /><TD width=46.133 /><TD width=46.267 /><TD width=133.933 /><TD width=62.733 /><TD width=120.267 /><TD width=89.133 />
	<TD width=220 /></TR>
<TR><TD style="margin-top:0px" width=782 colspan=9><P style="margin-top:0px; margin-bottom:14.667px; font-family:Arial; font-size:11pt" align=center><B><I>PRIVACY NOTICE</I></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt"><B>FACTS</B></P>
</TD><TD style="margin-top:0px" width=720 colspan=7><P style="margin:0px; font-size:11pt" align=justify><B>WHAT DOES THE MULTI-STRATEGY GROWTH &amp; INCOME FUND DO WITH YOUR PERSONAL INFORMATION?</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt"><B>Why?</B></P>
</TD><TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; font-size:11pt" align=justify>Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=61.133 colspan=2 bgcolor="#6F6F6F"><B>What?</B></TD>
	<TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; text-indent:-9.333px; font-size:11pt" align=justify>
	The types of personal information we collect and share depend on the product
	or service you have with us. This information can include:</P>
<P style="margin:0px; padding-left:9.333px; text-indent:-9.333px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Social Security number</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Purchase History</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Assets</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Account Balances</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Retirement Assets</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Account Transactions</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Transaction History</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Wire Transfer Instructions</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Checking Account Information</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:-9.333px; font-size:11pt" align=justify>&nbsp;&nbsp;When you are <I>no longer</I> our customer, we continue to share your information as described in this notice.</P>
			</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=61.133 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt"><B>How?</B></P>
</TD><TD style="margin-top:0px" valign=top width=720 colspan=7><P style="margin:0px; font-size:11pt" align=justify>All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Multi-Strategy Growth &amp; Income Fund chooses to share; and whether you can limit this sharing.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=61.133 colspan=2><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=289.067 colspan=4><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=120.267><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=309 colspan=2><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=bottom width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>Reasons we can share your personal information</B></P>
</TD><TD style="margin-top:0px; background-color:#6F6F6F" valign=bottom width=120.267><P style="margin:0px; font-size:11pt" align=center><B>Does The Multi-Strategy Growth &amp; Income Fund share?</B></P>
</TD>
	<TD style="margin-top:0px; background-color:#6F6F6F" valign=bottom width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Can you limit this sharing?</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For our everyday business purposes &#150; </B>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>Yes</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For our marketing purposes &#150; </B>to offer our products and services to you</P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>We don't share</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For joint marketing with other financial companies</B></P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>We don't share</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For our affiliates' everyday business purposes &#150; </B>information about your transactions and experiences</P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>We don't share</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For our affiliates' everyday business purposes &#150; </B>information about your creditworthiness</P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>We don't share</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=350.2 colspan=6><P style="margin:0px; font-size:11pt"><B>For nonaffiliates to market to you</B></P>
</TD><TD style="margin-top:0px" width=120.267><P style="margin:0px; font-size:11pt" align=center>No</P>
</TD><TD style="margin-top:0px" width=309 colspan=2><P style="margin:0px; font-size:11pt" align=center>We don't share</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=107.267 colspan=3><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" width=673 colspan=6><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=107.267 colspan=3><P style="margin:0px; font-size:11pt"><B>Questions?</B></P>
</TD><TD style="margin-top:0px" width=673 colspan=6><P style="margin:0px; font-size:11pt">Call 1-855-601-3841</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=107.267 colspan=3><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD>
	<TD style="margin-top:0px" width=673 colspan=6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=782 colspan=9><P style="margin:0px; font-size:11pt"><B>Who we are</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>Who is providing this notice?</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; font-size:11pt">The Multi-Strategy Growth &amp; Income Fund </P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=782 colspan=9><P style="margin:0px; font-size:11pt"><B>What we do</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>How does The Multi-Strategy Growth &amp; Income Fund protect my personal information?</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; font-size:11pt" align=justify>To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.</P>
<P style="margin:0px; font-size:11pt" align=justify>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>How does The Multi-Strategy Growth &amp; Income Fund collect my personal information?</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; font-size:11pt">We collect your personal information, for example, when you</P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Open an account</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Provide account information</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Give us your contact information</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Make deposits or withdrawals from your account</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Make a wire transfer</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Tell us where to send the money</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Tells us who receives the money</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Show your government-issued ID</FONT></P>
<P style="margin:0px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman">Show your driver's license</FONT></P>
<P style="margin:0px; font-size:11pt">We also collect your personal information from other companies.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>Why can't I limit all sharing?</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; padding-left:29.133px; text-indent:-24px; font-size:11pt">Federal law gives you the right to limit only</P>
<P style="margin:0px; padding-left:29.067px; text-indent:-24px; font-size:11pt"><B><font style='font-family:Arial Unicode MS,Times New Roman'>&#9642;</font></B>&nbsp;&nbsp;&nbsp;Sharing for affiliates' everyday business purposes <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font> information about your creditworthiness</P>
<P style="margin:0px; padding-left:29.067px; text-indent:-24px; font-size:11pt"><B><font style='font-family:Arial Unicode MS,Times New Roman'>&#9642;</font></B>&nbsp;&nbsp;&nbsp;Affiliates from using your information to market to you</P>
<P style="margin:0px; padding-left:29.067px; text-indent:-24px; font-size:11pt"><B><font style='font-family:Arial Unicode MS,Times New Roman'>&#9642;</font></B>&nbsp;&nbsp;&nbsp;Sharing for nonaffiliates to market to you</P>
<P style="margin:0px; padding-left:29.067px; text-indent:-24px; font-size:11pt">State laws and individual companies may give you additional rights to limit sharing.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#6F6F6F" valign=top width=782 colspan=9><P style="margin:0px; font-size:11pt"><B>Definitions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>Affiliates</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; text-indent:-12px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.</P>
<P style="margin:0px; padding-left:17.933px; text-indent:-12px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman"><I>The Multi-Strategy Growth &amp; Income Fund does not share with our affiliates.</I></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>Nonaffiliates</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; padding-left:17.933px; text-indent:-12px; font-size:11pt">Companies not related by common ownership or control. They can be financial and nonfinancial companies</P>
<P style="margin:0px; padding-left:17.933px; text-indent:-12px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman"><I>The Multi-Strategy Growth &amp; Income Fund</I> <I>does not share with nonaffiliates so they can market to you.</I></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=153.533 colspan=4><P style="margin:0px; font-size:11pt"><B>Joint marketing</B></P>
</TD><TD style="margin-top:0px" valign=top width=626 colspan=5><P style="margin:0px; padding-left:17.933px; text-indent:-12px; font-size:11pt">A formal agreement between nonaffiliated financial companies that together market financial products or services to you.</P>
<P style="margin:0px; padding-left:17.933px; text-indent:-12px; font-family:Wingdings; font-size:11pt">&#167; <FONT style="font-family:Times New Roman"><I>The Multi-Strategy Growth &amp; Income Fund does not jointly market.</I></FONT></P>
</TD></TR>
</TABLE>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center><B>Investment Adviser</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>RJL Capital Management</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>13520 Evening Creek Drive N. Suite 300</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>San Diego, CA 92128</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center><B>Distributor</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>Northern Lights Distributor, LLC</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>17605 Wright Street Suite 2</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>Omaha, NE 68130</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center><B>Legal Counsel</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>Thompson Hine LLC</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>41 South High Street, Suite 1700</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>Columbus, OH 43215</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center><B>Independent Registered Public Accounting Firm</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>BBD, LLP</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>1835 Market Street, 26<SUP>th</SUP> Floor</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center>Philadelphia, PA 19103</P>
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<P style="margin:0px; padding-left:-36px; padding-right:-24px; font-family:Calibri,Times New Roman; font-size:9pt" align=center>__________________________________________________________________________________________________________</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=center><B>How to Obtain Proxy Voting Information</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>Information regarding how the Fund votes proxies relating to portfolio securities for the 12 month period ended June 30<SUP>th</SUP> as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-855-601-3841 or by referring to the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website at <U>http://www.sec.gov</U>. </P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=center><B>How to Obtain 1<SUP>st</SUP> and 3<SUP>rd</SUP> Fiscal Quarter Portfolio Holdings</B></P>
<P style="margin:0px; padding-right:-24px; font-family:Calibri,Times New Roman; font-size:9pt" align=justify>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. &nbsp;Form N-Q is available on the SEC&#146;s website at <U>http://www.sec.gov</U> and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC (1-800-SEC-0330). &nbsp;The information on Form N-Q is available without charge, upon request, by calling 1-855-601-3841.</P>
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<P style="margin:0px; font-size:11pt"><B>Item 2. Code of Ethics. &nbsp;</B>Not applicable.</P>
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<P style="margin:0px; font-size:11pt"><B>Item 3. Audit Committee Financial Expert. &nbsp;</B>Not applicable.</P>
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<P style="margin:0px; font-size:11pt"><B>Item 4. Principal Accountant Fees and Services. &nbsp;</B>Not applicable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Item 5. Audit Committee of Listed Companies. &nbsp;</B>Not applicable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Item 6. &nbsp;Schedule of Investments. &nbsp;</B>Schedule of investments in securities of unaffiliated issuers is included under Item 1.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.</B> &nbsp;<FONT style="font-size:12pt">Not applicable.</FONT></P>
<P style="margin:0px; font-size:11pt"><B>Item 8. &nbsp;Portfolio Managers of Closed-End Management Investment Companies.</B> &nbsp;<FONT style="font-size:12pt">Not applicable.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Item 9. &nbsp;Purchases of Equity Securities by Closed-End Funds.</B> &nbsp;Not applicable. </P>
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<P style="margin:0px; font-size:11pt"><B>Item 10.</B> &nbsp;<B>Submission of Matters to a Vote of Security Holders.</B> &nbsp;None</P>
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<P style="margin:0px; font-size:11pt"><B>Item 11. &nbsp;Controls and Procedures. &nbsp;</B></P>
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<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(a)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Based on an evaluation of the Registrant&#146;s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant&#146;s management, including the Registrant&#146;s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(b)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">There were no significant changes in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</P>
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<P style="margin:0px; font-size:11pt"><B>Item 12. &nbsp;Exhibits. &nbsp;</B></P>
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<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(a)(1)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Not applicable.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(a)(2)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(a)(3)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Not applicable.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(b)</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.</P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0px; font-size:11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Registrant) <U>The Multi-Strategy Growth &amp; Income Fund</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">By (Signature and Title)</P>
<P style="margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Raymond J. Lucia, Jr.</U></P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond J. Lucia, Jr., President</P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">Date<U> </U></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>11/09/12</U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>
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<P style="margin:0px; font-size:11pt">By (Signature and Title)</P>
<P style="margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Raymond J. Lucia, Jr.</U></P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond J. Lucia, Jr., President</P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">Date<U> </U></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>11/09/12</U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">By (Signature and Title)</P>
<P style="margin:0px; text-indent:48px; font-size:11pt"><U>/s/Stephanie Pimentel</U></P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephanie Pimentel, Treasurer</P>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">Date<U> </U></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>11/09/12</U></P>
<P style="margin:0px; clear:left"><BR>
</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="Peter Grass">
<META NAME="date" CONTENT="11/07/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center>CERTIFICATIONS</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">I, Raymond J. Lucia, Jr., certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">1.</P>
<P style="margin:0px; text-indent:-2px">I have reviewed this report on Form N-CSR of The Multi-Strategy Growth &amp; Income Fund;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">2.</P>
<P style="margin:0px; text-indent:-2px">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">3.</P>
<P style="margin:0px; text-indent:-2px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">4.</P>
<P style="margin:0px; text-indent:-2px">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">a)</P>
<P style="margin:0px; text-indent:-2px">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">b)</P>
<P style="margin:0px; text-indent:-2px">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">c)</P>
<P style="margin:0px; text-indent:-2px">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">d)</P>
<P style="margin:0px; text-indent:-2px">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">5.</P>
<P style="margin:0px; text-indent:-2px">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">a)</P>
<P style="margin:0px; text-indent:-2px">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">b)</P>
<P style="margin:0px; text-indent:-2px">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">Date:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; float:left"><U>11/09/12</U></P>
<P style="margin-top:0px; margin-bottom:-2px; width:192px; float:left">&nbsp;</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>/s/ Raymond J. Lucia, Jr. </U></P>
<P style="margin:0px; padding-left:240px; text-indent:48px; clear:left">Raymond J. Lucia, Jr.</P>
<P style="margin:0px; padding-left:240px; text-indent:48px">President</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; page-break-before:always">I, Stephanie Pimentel, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">1.</P>
<P style="margin:0px; text-indent:-2px">I have reviewed this report on Form N-CSR of The Multi-Strategy Growth &amp; Income Fund;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">2.</P>
<P style="margin:0px; text-indent:-2px">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">3.</P>
<P style="margin:0px; text-indent:-2px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">4.</P>
<P style="margin:0px; text-indent:-2px">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">a)</P>
<P style="margin:0px; text-indent:-2px">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">b)</P>
<P style="margin:0px; text-indent:-2px">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">c)</P>
<P style="margin:0px; text-indent:-2px">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">d)</P>
<P style="margin:0px; text-indent:-2px">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">5.</P>
<P style="margin:0px; text-indent:-2px">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">a)</P>
<P style="margin:0px; text-indent:-2px">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">b)</P>
<P style="margin:0px; text-indent:-2px">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">Date:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:240px; float:left"><U>
&nbsp;&nbsp;&nbsp;&nbsp;11/09/12 &nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>&nbsp;/s/ Stephanie Pimentel </U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:240px; text-indent:48px; clear:left">Stephanie Pimentel</P>
<P style="margin:0px; padding-left:240px; text-indent:48px; clear:left">Treasurer</P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>cert2.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>GemCom, LLC</TITLE>
<META NAME="author" CONTENT="Peter Grass">
<META NAME="date" CONTENT="11/07/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>CERTIFICATION</B></P>
<P style="margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Raymond J. Lucia, Jr., President, and Stephanie Pimentel, Treasurer of The Multi-Strategy Growth &amp; Income Fund (the &#147;Registrant&#148;), each certify to the best of his knowledge that:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">1.</P>
<P style="margin-top:0px; margin-bottom:14.667px; text-indent:-2px; font-size:11pt">The Registrant&#146;s periodic report on Form N-CSR for the period ended August 31, 2012 (the &#147;Form N-CSR&#148;) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; clear:left; float:left">2.</P>
<P style="margin-top:0px; margin-bottom:14.667px; text-indent:-2px; font-size:11pt">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:432px; font-size:11pt; clear:left; float:left">President</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Treasurer</P>
<P style="margin-top:0px; margin-bottom:-2px; width:432px; font-size:11pt; clear:left; float:left">The Multi-Strategy Growth &amp; Income Fund</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">The Multi-Strategy Growth &amp; Income Fund</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:336px; float:left"><U>&nbsp;/s/ Raymond J. Lucia, Jr. </U></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>/s/ Stephanie Pimentel </U></P>
<P style="margin-top:0px; margin-bottom:-2px; width:336px; font-size:11pt; clear:left; float:left">Raymond J. Lucia, Jr.</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">Stephanie Pimentel</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; clear:left; float:left">Date:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; font-size:11pt; float:left"><U>11/09/12</U></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">Date:</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><U>11/09/12 </U></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the The Multi-Strategy Growth &amp; Income Fund and will be retained by the The Multi-Strategy Growth &amp; Income Fund and furnished to the Securities and Exchange Commission (the &#147;Commission&#148;) or its staff upon request.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">This certification is being furnished to the Commission solely pursuant to 18 U.S.C. &#167; 1350 and is not being filed as part of the Form N-CSR filed with the Commission. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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</SEC-DOCUMENT>
