<SEC-DOCUMENT>0001580642-15-000956.txt : 20150302
<SEC-HEADER>0001580642-15-000956.hdr.sgml : 20150302
<ACCEPTANCE-DATETIME>20150227174158
ACCESSION NUMBER:		0001580642-15-000956
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150302
DATE AS OF CHANGE:		20150227
EFFECTIVENESS DATE:		20150302

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		15660997

	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>497
<SEQUENCE>1
<FILENAME>classa497.htm
<DESCRIPTION>497
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<TITLE>GemCom, LLC</TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class A Shares (MSFDX)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated March 1, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: 1px solid #000000">to the Prospectus and Statement of Additional
Information dated July 1, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">All references to &ldquo;RJL Capital Management, LLC&rdquo; should be replaced with &ldquo;Lucia
Capital Management.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Adviser (as defined in the Prospectus) has determined to take on full and sole responsibility
for management of the portfolio of Multi-Strategy Growth &amp; Income Fund (the &ldquo;Fund&rdquo;) and has terminated its sub-advisory
agreement with First Allied Asset Management, Inc. (&ldquo;First Allied&rdquo;). As a result, all references to &ldquo;First Allied
Asset Management, Inc.&rdquo; or the &ldquo;sub-adviser&rdquo; in the Prospectus and Statement of Additional Information should
be disregarded. In addition, all references in the Prospectus and Statement of Additional Information to Jeffrey J. Mindlin, a
First Allied employee and a former portfolio manager for the Fund, should also be disregarded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The following language is added to the Prospectus under <B>Portfolio Managers</B>, after the biographical
information of Raymond J. Lucia, Jr.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; text-align: justify"><B>Mark C. Scalzo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">Mr. Scalzo, Chief Investment Officer
of the Adviser, is the portfolio manager for the equity portion of the Fund&rsquo;s investment portfolio. Mr. Scalzo has been employed
by the Adviser since June 2014, has served the Fund since March 1, 2015 and is responsible for investment management, investment
strategy creation, and research communications. Mr. Scalzo is also a Registered Principal of Lucia Securities, LLC, a registered
broker-dealer and member of FINRA/SIPC, as well as serving since November 2012 as Chief Investment Officer for, and a Managing
Partner of, Validus Growth Investors, LLC, a registered investment adviser. Prior to joining the Adviser, Mr. Scalzo was Executive
Vice President, Co-Portfolio Manager and Director of Research, from November 2008 to October 2012, for Aletheia Securities, Inc.,
a brokerage firm. Before that, he served as Group Vice President, Mergers &amp; Acquisitions, for Fisher Asset Management, LLC,
a registered investment adviser. Mr. Scalzo graduated cum laude from The Wharton School at the University of Pennsylvania with
a B.S. in economics. He holds the Series 65 (Investment Advisor Representative) license with Lucia Capital Management and FINRA
Series 7 and 24 licenses with Lucia Securities, LLC.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The following language replaces the disclosure under <B>PORTFOLIO MANAGERS</B> in the Statement
of Additional Information:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>Raymond J. Lucia, Jr.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Mr. Lucia is the Fund&rsquo;s portfolio
manager. Mr. Lucia has primary responsibility for management of the Fund&rsquo;s investment portfolio and has served the Fund in
this capacity since it commenced operations in 2012. Mr. Lucia receives a salary, retirement plan benefits and performance-based
bonus from the Adviser. Because the portfolio manager may manage assets for other pooled investment vehicles and/or other accounts
(including institutional clients, pension plans and certain high net worth individuals) (collectively &ldquo;Client Accounts&rdquo;),
or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in
conflicts of interest. For example, the Adviser may, directly or indirectly, receive fees from Client</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Accounts that are higher than the fee
it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. In those instances,
a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Adviser has adopted trade allocation
and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. As
of March 1, 2015, Mr. Lucia beneficially owned Fund shares in the range of $100,001 to $500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">As of February 28, 2015, Mr. Lucia
was not responsible for the management of any registered investment companies, pooled vehicles or accounts other than the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>Mark C. Scalzo</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Mr. Scalzo is the portfolio manager
for the equity portion of the Fund&rsquo;s investment portfolio and has served in this capacity since March 1, 2015. Mr. Scalzo
receives a salary, a discretionary bonus and is eligible for retirement plan benefits from the Adviser. Because the portfolio manager
may manage assets for other Client Accounts, or may be affiliated with such Client Accounts, there may be an incentive to favor
one Client Account over another, resulting in conflicts of interest. For example, the Adviser may, directly or indirectly, receive
fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a
performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive to not favor the Fund
over the Client Accounts. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably
designed to address these and other conflicts of interest. As of March 1, 2015, Mr. Scalzo owned no Fund shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">As of January 31, 2015, Mr. Scalzo
was responsible for the management of accounts other than the Fund as provided below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other Accounts By Type</FONT></TD>
    <TD STYLE="width: 14%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total Number of Accounts by Account Type</FONT></TD>
    <TD STYLE="width: 14%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total Assets</FONT><BR>
<FONT STYLE="font-size: 10pt">By Account</FONT><BR>
<FONT STYLE="font-size: 10pt">Type</FONT></TD>
    <TD STYLE="width: 23%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Number of Accounts by Type Subject to a Performance Fee</FONT></TD>
    <TD STYLE="width: 26%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total Assets By Account Type Subject to a Performance Fee</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other Accounts</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,787,043</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Adviser has determined to no longer use option trading as a principal investment strategy.
As a result, all references to &ldquo;writing covered call options&rdquo; as part of the Fund&rsquo;s investment objective and
policies on pages 1 and 11 of the Prospectus should be disregarded. In addition, the risk factor &ldquo;Covered Call Option Risk&rdquo;
appearing on pages 6 and 18-19 of the Prospectus should be disregarded as a principal investment strategy risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The following language replaces the disclosure under <B>DISTRIBUTION POLICY</B> in the Prospectus:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">The Fund&rsquo;s distribution policy
is to make monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed,
but is expected to represent an annual rate of approximately 6.00% of the Fund&rsquo;s current net asset value per share. However,
this distribution policy is subject to change. Shareholders receiving periodic payments from the Fund may be under the impression
that they are receiving net profits. However, all or a portion of a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">distribution may consist of a return
of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. A return of capital is
not taxable to a shareholder unless it exceeds a shareholder&rsquo;s tax basis in the shares. Returns of capital reduce a shareholder&rsquo;s
tax cost (or &ldquo;tax basis&rdquo;). Once a shareholder&rsquo;s tax basis is reduced to zero, any further return of capital would
be taxable. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase
the taxable gain, if any, upon disposition of their shares. As required under the Investment Company Act of 1940, the Fund will
provide a notice to shareholders at the time of distribution when such distribution does not consist solely of net income. Additionally,
each distribution payment will be accompanied by a written statement which discloses the source or sources of each distribution.
The IRS requires you to report these amounts, excluding returns of capital, on your income tax return for the year declared. The
Fund will provide disclosures, with each distribution, that estimate the percentages of the current and year-to-date distributions
that represent (1) net investment income, (2) capital gains and (3) return of capital. At the end of the year, the Fund may be
required under applicable law to re-characterize distributions made previously during that year among (1) ordinary income, (2)
capital gains and (3) return of capital for tax purposes. An additional distribution may be made in December, and other additional
distributions may be made with respect to a particular fiscal year in order to comply with applicable law. Distributions declared
in December, if paid to shareholders by the end of January, are treated for federal income tax purposes as if received in December.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">The dividend rate may be modified by
the Board from time to time. If, for any quarterly distribution, investment company taxable income (which term includes net short-term
capital gain), if any, and net tax-exempt income, if any, is less than the amount of the distribution, then the difference will
generally be a tax-free return of capital distributed from the Fund&rsquo;s assets. The Fund&rsquo;s final distribution for each
calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year,
as well as all net capital gain realized during the year. If the total distributions made in any calendar year exceed investment
company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary
dividend income to the extent of the Fund&rsquo;s current and accumulated earnings and profits. Distributions in excess of the
earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the shares. After such
adjusted tax basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital
assets). This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders
because it may result in a return of capital resulting in less of a shareholder&rsquo;s assets being invested in the Fund and,
over time, increase the Fund&rsquo;s expense ratio. The distribution policy also may cause the Fund to sell a security at a time
it would not otherwise do so in order to manage the distribution of income and gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Unless the registered owner of shares
elects to receive cash, all distributions declared on shares will be automatically reinvested in additional shares of the Fund.
See &ldquo;Distribution Reinvestment Policy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">The distribution described above may
result in the payment of approximately the same amount or percentage to the Fund&rsquo;s shareholders each month. Section 19(a)
of the 1940 Act and Rule 19a-1 thereunder require the Fund to provide a written statement accompanying any such payment that adequately
discloses its source or sources. Thus, if the source of the dividend or other distribution were the original capital contribution
of the shareholder, and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to
that effect. Nevertheless, persons who periodically receive the payment of a distribution may be under the impression that they
are receiving net profits when they are not. Shareholders should read any written disclosure provided pursuant to Section 19(a)
and Rule 19a-1 carefully and should not assume that the source of any distribution from the Fund is net profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">The Board reserves the right to
change the monthly distribution policy from time to time.</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">The following risk factor is added to the list of risks under <B>Summary of Risks</B> in the Prospectus:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><B><I>Distribution Policy Risk</I></B><I>.
</I>The Fund&rsquo;s distribution policy is expected to result in distributions that equal a fixed percentage of the Fund&rsquo;s
current net asset value per share. All or a portion of a distribution may consist of a return of capital (i.e. from your original
investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should
note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition
of their shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: black">8.</FONT></TD><TD STYLE="text-align: justify">The following risk factor is added to the list of risks under <B>RISK FACTORS</B> in the Prospectus:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; text-align: justify"><B><I>Distribution Policy Risk.</I>
</B>The Fund&rsquo;s distribution policy is expected to result in distributions that equal a fixed percentage of the Fund&rsquo;s
current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they
are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Return of capital is
the portion of a distribution that is a return of your original investment dollars in the Fund. Shareholders should not assume
that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the
tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; border-bottom: 1px solid #000000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>This Supplement, as well as the Prospectus
and Statement of Additional Information both dated July 1, 2014, provide relevant information for all shareholders and should be
retained for future reference. These documents have been filed with the Securities and Exchange Commission and are incorporated
herein by reference. These documents can be obtained without charge by calling toll-free 1-855-747-9559 or by visiting www.growthandincomefund.com.
</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">791320.1</P>

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