<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>NSARLetter.txt
<DESCRIPTION>MSGI 2.28.15 NSAR LETTER
<TEXT>





REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



To the Board of Trustees and the Shareholders of
Multi-Strategy Growth & Income Fund


In planning and performing our audit of the financial statements of Multi-
Strategy Growth & Income Fund (the "Fund"), as of February 28, 2015
and for the year then ended, in accordance with the standards of the
Public Company Accounting Oversight Board (United States)
("PCAOB"), we considered internal control over financial reporting,
including control activities over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.  A
companys internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in
the United States of America ("GAAP").  A companys internal control
over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of the
financial statements in accordance with GAAP, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and trustees of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys assets that
could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting
may not prevent or detect misstatements.  Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions or
that the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis.  A material
weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the Funds annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the internal control over financial
reporting and operations, including controls over safeguarding securities
that we consider to be material weaknesses, as defined above, as of
February 28, 2015.

This report is intended solely for the information and use of
management, the shareholders and the Board of Trustees of Multi-
Strategy Growth & Income Fund and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.






							BBD, LLP


Philadelphia, Pennsylvania
April 28, 2015

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</DOCUMENT>
